Fund Evaluator:
Invesco Pennsylvania Municipal Y (OPAYX)
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Best Performing in Muni Pennsylvania Over the Last Year
| 6.7% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 6.7% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 5.0% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Invesco Pennsylvania Municipal Y Overview
Invesco Pennsylvania Municipal Y (OPAYX) is an actively managed Municipal Bond Muni Pennsylvania fund. Invesco launched the fund in 2010.
The investment seeks tax-free income. Under normal market conditions, and as a fundamental policy, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. Additionally, under normal market conditions, it invests at least 80% of its net assets (plus borrowings for investment purposes) in Pennsylvania municipal securities, and in derivatives and other instruments that have economic characteristics similar to such securities.
About Invesco Pennsylvania Municipal Y (OPAYX)
There are 5 members of the management team with an average tenure of 6.78 years: Mark Paris (2019), Julius Williams (2019), Elizabeth Mossow (2019), Tim O'Reilly (2019), Joshua Cooney (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Muni Bd Pennsylvania 5+Y IG TR USD index with a weighting of 100%. Invesco Pennsylvania Municipal Y has 236 securities in its portfolio. The top 10 holdings constitute 18.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco Pennsylvania Municipal Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Pennsylvania Municipal Y has 10.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (88.7% domestic bond, 10.4% foreign bond and 0.0% convertible bond). Invesco Pennsylvania Municipal Y has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $170 million in total assets, which is below the $189 million average for the Muni Pennsylvania category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OPAYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Pennsylvania Municipal Y expense ratio is high compared to funds in the Muni Pennsylvania category. Invesco Pennsylvania Municipal Y has an expense ratio of 1.02%, which is 22% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Pennsylvania Municipal Y has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Invesco Pennsylvania Municipal Y returned -2.2%, which earned it a grade of D, as the Muni Pennsylvania category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco Pennsylvania Municipal Y has a trailing yield of 4.79%, which is above the 3.51% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Pennsylvania Municipal Y Grades
Year to date, the fund has returned 0.8%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 6.1% over the past year (grade of D), 3.1% over the past three years (grade of C) and 0.6% per year over the past five years (grade of A) and 3.3% per year over the past 10 years (grade of A).
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OPAYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OPAYX Return (NAV) | -2.2% | -0.6% | 6.1% | 3.1% | 0.6% | 3.3% |
| OPAYX Grade | D | D | D | C | A | A |
| +/- Category | -0.2% | -0.1% | -0.2% | 0.0% | 0.5% | 1.6% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| OPAYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | -0.0% |
OPAYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OPAYX Return (NAV) | 0.8% | 2.1% | 3.1% | 6.6% | -9.6% | 4.7% | 5.4% | 12.0% | 11.5% | 0.3% | 3.2% |
| OPAYX Grade | B | F | A | A | B | A | A | A | A | F | A |
| +/- Category | 0.2% | -1.2% | 0.9% | 0.6% | 0.9% | 2.1% | 1.0% | 4.8% | 9.5% | -3.8% | 2.5% |
| Muni Pennsylvania Avg | 0.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 6.8% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 1.06 - Above Average |
| Category Risk Grade: | D (78% Rank) |
| Beta: | 1.15 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $653 Mil |
| Fund Total Assets: | $ 171 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 6.8 years | |||
| Managers (Year): Paris Mark (2019), Williams Julius (2019), Mossow Elizabeth (2019), O'Reilly Tim (2019), Cooney Joshua (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 236 |
| % in Top 10 Holdings: | 18.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.7% |
| Foreign Bond: | 10.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | November 29, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Invesco Pennsylvania Municipal A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
