Invesco High Yield Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco High Yield Municipal Fund held 1,203 positions with $6.58B in net assets. Its ten largest holdings made up 7.6% of the fund. The ACTHX share class costs 1.28% a year. Over the 12 months to May 2026, ACTHX returned 6.9%, with dividends reinvested. In 2026 Q2 it added 46 new positions and exited 55.
The Funds investment objective is to seek federal tax-exempt current income and taxable capital appreciation.
The fund invests at least 75% of its net assets in medium- and lower-grade municipal securities rated BBB+ through D or unrated equivalents, emphasizing revenue bonds and higher yields. It may invest up to 20% in taxable securities and employs leverage through borrowings up to one-third of total assets and inverse floating rate interests in tender option bond transactions. Because the fund concentrates in below-investment-grade municipal debt, credit deterioration among issuers can materially affect portfolio value. The fund has no geographic diversification limit and may invest more than 25% in a single municipal market segment if yields justify it.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Children's Trust Fund 0.00% · due 2050-05-15 | 1.09% | $71.98M | — |
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities) 7.00% · due 2046-06-01 | 0.81% | $53.64M | — |
Chicago (City of), IL 6.00% · due 2038-01-01 | 0.81% | $53.01M | — |
Illinois (State of) Finance Authority (Park Place of Elmhurst) 5.13% · due 2060-05-15 | 0.78% | $51.08M | — |
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 0.73% | $48.12M | — |
Tulsa (City of), OK Airports Improvement Trust 5.50% · due 2035-12-01 | 0.72% | $47.63M | — |
New York Liberty Development Corp. (3 World Trade Center) 7.25% · due 2044-11-15 | 0.71% | $46.57M | — |
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program) 0.00% · due 2046-06-01 | 0.69% | $45.53M | — |
Hillsborough (County of), FL Industrial Development Authority (Baycare Health System) 5.50% · due 2054-11-15 | 0.68% | $44.82M | — |
Nassau County Tobacco Settlement Corp. 5.13% · due 2046-06-01 | 0.62% | $40.52M | — |
The 200 largest of 1,203 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 107.20% |
| Stocks | 0.13% |
| Derivatives | 0.01% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
ACTHX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.06%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.28% | +6.93% | +13.66% | +1.93% | -8.62% | |
| 2.02% | +6.30% | +11.28% | -1.63% | -8.82% | |
| 1.03% | +7.20% | +14.52% | +3.14% | -8.66% | |
| 0.99% | +7.37% | +14.86% | +3.44% | -8.56% | |
| 0.99% | +7.25% | +14.81% | +3.44% | -8.56% |
These classes hold the same portfolio, so the 5.07pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
Fees & fund details
Invesco High Yield Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.99% – 2.02%· ACTHX 1.28%
- Portfolio turnover
- 26.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
46 new· the largest 6
55 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.6% |
| Zero-coupon or unclassified | 11.0% |
| Floating rate | 5.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 1.6% |
| 3-5y | 1.6% |
| 5-10y | 6.2% |
| 10y+ | 89.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.80 yr |
| Investment grade | +2.30 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.32 yr | 5% |
| 5 yr | 1.01 yr | 16% |
| 10 yr | 2.87 yr | 46% |
| 30 yr | 1.98 yr | 32% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.30 yr | 5% |
| 5 yr | 1.03 yr | 17% |
| 10 yr | 2.89 yr | 47% |
| 30 yr | 1.86 yr | 30% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.01 | +0.02 | $4.8k | $12.8k |
| 1 yr | +0.32 | +0.08 | +0.22 | $53.3k | $146.8k |
| 5 yr | +1.01 | +0.36 | +0.67 | $237.5k | $439.1k |
| 10 yr | +2.87 | +1.19 | +1.69 | $786.3k | $1.11m |
| 30 yr | +1.98 | +0.66 | +1.20 | $433.9k | $789.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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