Invesco Municipal Income 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 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
Fund profile
As filed in the prospectus · 2026 Q2
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 80% of assets in investment-grade municipal securities selected through active management, with the adviser conducting in-depth credit analysis and adjusting portfolio duration based on interest rate expectations and relative value considerations. The fund may hold up to 20% in below-investment-grade municipal securities at purchase, and because the fund may continue to hold securities after downgrade, below-investment-grade exposure can exceed this limit significantly over time. The fund uses leverage through borrowing (up to one-third of total assets) and inverse floating rate securities in tender option bond transactions to enhance returns.
| Share class | Expense ratio |
|---|---|
| VKMMX | 1.11% |
| VMICX | 1.86% |
| VMIIX | 0.86% |
| VMINX | 1.00% |
| VKMSX | 0.81% |
Portfolio turnover 30.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 107.59% |
| 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: New Jersey Health Care Facilities Financing Authority, Lansing (City of), MI Board of Water & Light, Louisiana Stadium & Exposition District, New York State Dormitory Authority, Illinois Finance Authority, City of Austin TX Airport System Revenue, Arapahoe County School District No 5 Cherry Creek, Dawson Trails Metropolitan District No 1
Largest exited: Harris County Cultural Education Facilities Finance Corp., Oklahoma (State of) Turnpike Authority (Senior Bonds), San Diego (County of), CA Regional Airport Authority, New Hope Cultural Education Facilities Finance Corp., San Diego (City of), CA Public Facilities Financing Authority, Greater Orlando Aviation Authority, Michigan (State of) Building Authority (Facilities Program), Cypress-Fairbanks Independent School 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 |
|---|---|---|---|---|---|
| +5.04% | +10.17% | +1.54% | 5.06% | -6.97% | |
| +4.17% | +7.71% | -2.20% | 5.12% | -7.26% | |
| +5.21% | +10.90% | +2.73% | 5.09% | -6.99% | |
| +5.12% | +10.48% | +1.96% | 5.11% | -6.94% | |
| +5.26% | +11.08% | +3.01% | 5.10% | -6.98% |
These classes hold the same portfolio, so the 5.22pp 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 | 87.1% |
| Zero-coupon or unclassified | 6.7% |
| Floating rate | 6.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 2.7% |
| 3-5y | 1.7% |
| 5-10y | 8.0% |
| 10y+ | 85.4% |
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 | +5.43 yr |
| High yield | +1.36 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 | 0.36 yr | 5% |
| 5 yr | 1.33 yr | 19% |
| 10 yr | 3.25 yr | 47% |
| 30 yr | 1.93 yr | 28% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 5% |
| 5 yr | 1.40 yr | 21% |
| 10 yr | 3.22 yr | 47% |
| 30 yr | 1.78 yr | 26% |
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 | +0.02 | +0.01 | $4.7k | $2.3k |
| 1 yr | +0.36 | +0.26 | +0.10 | $70.3k | $26.1k |
| 5 yr | +1.33 | +1.18 | +0.23 | $315.2k | $60.3k |
| 10 yr | +3.25 | +2.63 | +0.58 | $704.2k | $156.0k |
| 30 yr | +1.93 | +1.34 | +0.44 | $358.2k | $118.2k |
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 |
|---|---|---|---|---|
| — | Miami-Dade (County of), FL4.00% · due 2045-10-01 | 0.98% | $26.16M | — |
| — | Metropolitan Washington Airports Authority4.00% · due 2049-10-01 | 0.86% | $23.04M | — |
| — | Lower Alabama Gas District (The)5.00% · due 2046-09-01 | 0.82% | $21.84M | — |
| — | Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion)5.25% · due 2053-07-01 | 0.77% | $20.58M | — |
| — | TSASC, Inc.5.00% · due 2045-06-01 | 0.71% | $19.08M | — |
| — | Board of Regents of the University of Texas System5.00% · due 2049-08-15 | 0.62% | $16.58M | — |
| — | Columbus Regional Airport Authority (John Glenn Columbus International Airport)5.50% · due 2055-01-01 | 0.62% | $16.52M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 0.60% | $16.18M | — |
| — | New Jersey Health Care Facilities Financing Authority2.15% floating · due 2061-07-01 | 0.60% | $16.00M | — |
| — | Denver (City & County of), CO5.00% · due 2048-12-01 | 0.59% | $15.85M | — |
Top 10 positions are 7.17% of net assets, top 25 15.29%, across 392 issuers.
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