Invesco High Yield Municipal Fund
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| ACTHX | 1.28% |
| ACTFX | 2.02% |
| ACTDX | 1.03% |
| ACTNX | 0.99% |
| ACTSX | 0.99% |
Portfolio turnover 26.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: Illinois Finance Authority, Dawson Trails Metropolitan District No 1, City of Austin TX Airport System Revenue ×2, City of Houston TX Hotel Occupancy Tax & Special Revenue ×2, AM BIDCO HOLDINGS LLC, Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.)
Largest exited: Miami-Dade (County of), FL, Tarrant County Cultural Education Facilities Finance Corp., Black Belt Energy Gas District, San Diego (County of), CA Regional Airport Authority, Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Virginia Commonwealth University Health System Authority, Illinois Finance Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.78% | +12.31% | +2.26% | 5.15% | -8.62% | |
| +5.02% | +9.95% | -1.30% | 5.09% | -8.82% | |
| +6.05% | +13.16% | +3.48% | 5.04% | -8.66% | |
| +6.22% | +13.48% | +3.78% | 5.07% | -8.56% | |
| +6.09% | +13.31% | +3.88% | 5.07% | -8.56% |
These classes hold the same portfolio, so the 5.19pp spread over 5 years is the cost difference between them — roughly 1.04pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Children's Trust Fund0.00% · 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), IL6.00% · 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 Authority5.00% · due 2055-06-01 | 0.73% | $48.12M | — |
| — | Tulsa (City of), OK Airports Improvement Trust5.50% · 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 | — |
Top 10 positions are 7.64% of net assets, top 25 15.40%, across 745 issuers.
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