Invesco Limited Term Municipal Income Fund
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| ATFAX | 0.59% |
| AITFX | 0.34% |
| ATFIX | 0.36% |
| ATFYX | 0.34% |
| ATFCX | 1.34% |
| ATFSX | 0.28% |
Portfolio turnover 42.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.75% |
Latest quarter
What changed since the fund's previous filing
Largest new: University of Massachusetts Building Authority, Ohio State University (The), County of King WA Sewer Revenue, Maricopa County Industrial Development Authority, District of Columbia, New Jersey (State of) Transportation Trust Fund Authority, University of Illinois Auxiliary Facilities System, St Tammany Parish Hospital Service District No 1
Largest exited: Atlanta (City of), GA, University of Vermont and State Agricultural College, Illinois (State of), University of Illinois Auxiliary Facilities System, American Municipal Power, Inc. (Prairie State Energy Campus), University of Kansas Hospital Authority (KU Health System), Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), South Florida Water Management District
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 |
|---|---|---|---|---|---|
| +4.68% | +9.99% | +8.26% | 1.81% | -2.05% | |
| +5.04% | +10.82% | +9.72% | 1.90% | -2.07% | |
| +4.92% | +10.75% | +9.65% | 1.79% | -1.99% | |
| +5.04% | +10.92% | +9.72% | 1.80% | -2.08% | |
| +3.99% | +7.54% | +4.36% | 1.90% | -2.23% | |
| +5.11% | +11.13% | +10.05% | 1.90% | -2.06% |
These classes hold the same portfolio, so the 5.69pp spread over 5 years is the cost difference between them — roughly 1.14pp 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 | 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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 District5.00% · 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), TX5.00% · due 2036-11-15 | 0.71% | $19.75M | — |
| — | Kansas (State of) Development Finance Authority5.00% 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 | — |
Top 10 positions are 7.55% of net assets, top 25 15.16%, across 597 issuers.
See more of this fund's book
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