Invesco Intermediate Term Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco Intermediate Term Municipal Income Fund held 824 positions with $2.19B in net assets. Its ten largest holdings made up 8.1% of the fund. The VKLMX share class costs 0.78% a year. Over the 12 months to May 2026, VKLMX returned 6.5%, with dividends reinvested. In 2026 Q2 it added 33 new positions and exited 58.
The Fund's investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
The fund invests at least 65% of assets in investment-grade municipal securities and seeks an intermediate-term portfolio maturity of 3 to 10 years, with active management adjusting duration based on interest rate expectations and credit analysis of individual issuers. Up to 35% may be held in below-investment-grade and unrated municipals, and the fund may use leverage through borrowing and inverse floating rate securities. Credit rating downgrades after purchase can cause below-investment-grade holdings to exceed the 35% limit for extended periods.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Invesco Intermediate Municipal ETF | 1.28% | $27.96M | 540.0K | $51.79 |
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport) 5.00% · due 2031-08-01 | 1.17% | $25.50M | — | — |
Port of Port Arthur Navigation District 1.70% floating · due 2026-06-05 | 1.14% | $25.00M | — | — |
Michigan (State of) Building Authority (Facilities Program) 1.67% floating · due 2026-06-05 | 0.73% | $16.00M | — | — |
Black Belt Energy Gas District 5.00% · due 2034-12-01 | 0.72% | $15.86M | — | — |
Houston (City of), TX (United Airlines, Inc.) 4.00% · due 2041-07-15 | 0.64% | $14.06M | — | — |
Kentucky Public Energy Authority 5.00% · due 2033-12-01 | 0.63% | $13.88M | — | — |
Cape Coral (City of), FL 4.00% · due 2042-10-01 | 0.62% | $13.65M | — | — |
Broward (County of), FL (Convention Center Expansion) 4.00% · due 2037-09-01 | 0.61% | $13.30M | — | — |
Harris County Cultural Education Facilities Finance Corp. 2.90% floating · due 2041-10-01 | 0.60% | $13.13M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 824 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 | 98.47% |
| Derivatives | 0.00% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
VKLMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.26%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.78% | +6.48% | +13.17% | +5.55% | -4.20% | |
| 1.53% | +5.60% | +10.61% | +1.68% | -4.47% | |
| 0.53% | +6.64% | +13.91% | +6.87% | -4.15% | |
| 0.48% | +6.80% | +14.20% | +7.19% | -4.13% |
These classes hold the same portfolio, so the 5.50pp spread over 5 years is the cost difference between them — roughly 1.10pp a year — not a difference in what they own.
Fees & fund details
Invesco Intermediate Term Municipal Income 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
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.48% – 1.53%· VKLMX 0.78%
- Portfolio turnover
- 31.00% 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.
33 new· the largest 8
58 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 | 86.4% |
| Floating rate | 9.9% |
| Zero-coupon or unclassified | 3.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.5% |
| 1-3y | 5.3% |
| 3-5y | 6.8% |
| 5-10y | 27.0% |
| 10y+ | 57.4% |
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.
| Investment grade | +3.60 yr |
| High yield | +1.22 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 | 0.04 yr | 1% |
| 1 yr | 0.40 yr | 8% |
| 5 yr | 1.26 yr | 26% |
| 10 yr | 2.56 yr | 53% |
| 30 yr | 0.61 yr | 13% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.40 yr | 8% |
| 5 yr | 1.31 yr | 27% |
| 10 yr | 2.52 yr | 52% |
| 30 yr | 0.55 yr | 11% |
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 | +0.04 | +0.02 | +0.01 | $5.3k | $2.8k |
| 1 yr | +0.40 | +0.28 | +0.12 | $60.4k | $26.5k |
| 5 yr | +1.26 | +0.95 | +0.36 | $209.1k | $77.9k |
| 10 yr | +2.56 | +1.94 | +0.58 | $424.2k | $127.9k |
| 30 yr | +0.61 | +0.41 | +0.14 | $89.7k | $31.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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