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Invesco Intermediate Term Muni Inc Y VKLIX

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Invesco Intermediate Term Municipal Income Ratings Unchanged Following Manager Departure

Associate Analyst

Analyst Note

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The departure of comanager Charles Pulire from the management roster on Invesco Intermediate Term Municipal Income effective July 30, 2021, does not impact the strategy’s ratings; it retains its People Pillar rating of Average. Pulire joined the management team in 2019 through Invesco’s acquisition of OppenheimerFunds, where he spent roughly 14 years. The remaining nine-person management team, led by Invesco’s head of municipal strategies, Mark Paris, will continue to take a team-based approach to managing assets, leveraging both top-down macro analysis and bottom-up credit research to construct this portfolio. While many in the group are experienced, they are still building a record of navigating a variety of muni market environments together.

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