Invesco Limited Term Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco Limited Term Municipal Income Fund held 868 positions with $2.79B in net assets. Its ten largest holdings made up 7.6% of the fund. The ATFAX share class costs 0.59% a year. Over the 12 months to May 2026, ATFAX returned 4.7%, with dividends reinvested. In 2026 Q2 it added 86 new positions and exited 42.
The Funds investment objective is federal tax-exempt current income.
The fund invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax and not subject to the alternative minimum tax, with active management adjusting portfolio maturity based on interest rate expectations and credit analysis of individual issuers. The fund may hold up to 20% in below-investment-grade municipal securities, and credit downgrades or other market moves may cause below-investment-grade holdings to exceed this limit for extended periods. The fund uses leverage through borrowings and inverse floating rate securities, with borrowings capped at one-third of total assets, and maintains a target dollar-weighted average maturity of five years or less.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PEFA, Inc. 5.00% floating · due 2026-09-01 | 0.91% | $25.24M | — |
Black Belt Energy Gas District (The) (No. 7) 4.00% floating · due 2026-12-01 | 0.82% | $22.97M | — |
Omaha (City of), NE Public Power District 5.00% · due 2042-02-01 | 0.80% | $22.38M | — |
Washington (State of) Health Care Facilities Authority (Providence Health & Services) 5.00% · due 2042-10-01 | 0.78% | $21.65M | — |
Main Street Natural Gas, Inc. 4.00% floating · due 2027-09-01 | 0.76% | $21.14M | — |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt Univ Medical Center) 5.00% · due 2026-07-01 | 0.73% | $20.37M | — |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System) 5.00% · due 2041-02-15 | 0.71% | $19.89M | — |
Houston (City of), TX 5.00% · due 2036-11-15 | 0.71% | $19.75M | — |
Kansas (State of) Development Finance Authority 5.00% floating · due 2031-11-15 | 0.68% | $19.06M | — |
New York (State of), NY Housing Development Corp. (Green Bonds) 3.40% floating · due 2026-12-22 | 0.65% | $18.01M | — |
The 200 largest of 868 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 | 98.75% |
How it has done
ATFAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.81%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.59% | +4.68% | +10.84% | +8.54% | -2.05% | |
| 0.34% | +5.03% | +11.67% | +9.91% | -2.07% | |
| 0.36% | +5.01% | +11.71% | +9.94% | -1.99% | |
| 0.34% | +5.04% | +11.67% | +9.91% | -2.08% | |
| 1.34% | +3.99% | +8.37% | +4.54% | -2.23% | |
| 0.28% | +5.10% | +11.88% | +10.24% | -2.06% |
These classes hold the same portfolio, so the 5.71pp spread over 5 years is the cost difference between them — roughly 1.14pp a year — not a difference in what they own.
Fees & fund details
Invesco Limited 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
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.28% – 1.34%· ATFAX 0.59%
- Portfolio turnover
- 42.00% 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.
86 new· the largest 8
42 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 | 73.7% |
| Floating rate | 24.9% |
| Zero-coupon or unclassified | 1.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 12.7% |
| 1-3y | 8.2% |
| 3-5y | 9.1% |
| 5-10y | 18.3% |
| 10y+ | 51.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 51% |
| Credit spreads | 49% |
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 | +3.45 yr |
| High yield | +0.29 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 | 0.06 yr | 1% |
| 1 yr | 0.36 yr | 9% |
| 5 yr | 0.99 yr | 26% |
| 10 yr | 1.85 yr | 48% |
| 30 yr | 0.56 yr | 15% |
| 3 mo | 0.06 yr | 2% |
| 1 yr | 0.36 yr | 10% |
| 5 yr | 1.02 yr | 27% |
| 10 yr | 1.79 yr | 48% |
| 30 yr | 0.51 yr | 14% |
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 | +0.06 | +0.05 | +0.00 | $14.8k | $1.0k |
| 1 yr | +0.36 | +0.33 | +0.04 | $91.1k | $10.5k |
| 5 yr | +0.99 | +0.91 | +0.11 | $253.0k | $30.3k |
| 10 yr | +1.85 | +1.67 | +0.12 | $464.7k | $34.2k |
| 30 yr | +0.56 | +0.49 | +0.02 | $137.1k | $5.9k |
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.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — ATFAX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”