Invesco California Municipal Fund Q4 2025 Commentary

Invesco US3.32K FollowersFollow5ShareSavePlay(6min)CommentsSummaryInvesco California Municipal Fund Class A shares at NAV underperformed its style-specific benchmark, the S&P Municipal Bond California 5+ Year Investment Grade Index.Invesco Municipal Bond team uses a collaborative management approach.Relying on our size and experience, we seek to identify the best opportunities to achieve potentially better outcomes for shareholders.Our team uses a bottom-up fundamental credit process focused on creditworthiness of individual issuers with an overlay of macroeconomic factors to capitalize on market inefficiencies. Andrii Dodonov/iStock via Getty Images Manager perspective and outlook In the fourth quarter, investment grade, high yield and taxable municipals delivered positive returns of 1.42%, 1.11% and 1.05%, with annual returns of 4.25%, 2.46% and 7.89%, respectively.1 Despite This article was written byInvesco US3.32K FollowersFollowInvesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities.

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