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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

INVESCO HIGH YIELD MUNICIPAL FUND

ACTNX | Fund

$8.64

$7.87 B

5.46%

$0.47

1.28%

Vitals

YTD Return

6.2%

1 yr return

11.6%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

0.8%

Net Assets

$7.87 B

Holdings in Top 10

8.0%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.28%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

INVESCO HIGH YIELD MUNICIPAL FUND

ACTNX | Fund

$8.64

$7.87 B

5.46%

$0.47

1.28%

ACTNX - Profile

Distributions

  • YTD Total Return 6.2%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.98%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    INVESCO HIGH YIELD MUNICIPAL FUND
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    Apr 30, 2012
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Phillips

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities at the time of investment. The policy stated in the foregoing sentence is a fundamental policy of the Fund and may not be changed without shareholder approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (1940 Act). In complying with this 80% investment requirement, the Fund may invest in derivatives and other instruments that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.
Municipal securities include debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax, at the time of issuance, in the opinion of bond counsel or other counsel to the issuers of such securities.
The principal types of municipal debt securities purchased by the Fund are revenue obligations and general obligations. To meet its investment objective, the Fund invests in different types of general obligation and revenue obligation securities, including fixed and variable rate securities, municipal notes, variable rate demand notes, municipal leases, custodial receipts, and participation certificates. The Fund may invest in these and other types of municipal securities. Under normal market conditions, the Fund invests primarily in municipal securities classified as revenue bonds.
Invesco Advisers, Inc. (Invesco or the Adviser) generally seeks to achieve the Fund’s investment objective by investing at least 75% of its net assets in higher yielding municipal securities, specifically medium- and lower-grade municipal securities. Investment grade securities are: (i) securities rated BBB- or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Adviser to be of comparable quality, each at the time of purchase. Medium- and lower-grade municipal securities are securities rated by S&P or Fitch, Inc. (Fitch) as BBB+ through D (inclusive) for bonds or SP-2 or lower for notes; by Moody’s as Baa1 through D (inclusive) for bonds or MIG3 or VMIG3 or lower for notes; or unrated municipal securities determined by the Adviser to be of comparable quality, each at the time of purchase. If two or more NRSROs have assigned different ratings to a security, the Adviser uses the lowest rating assigned. Medium- and lower-grade securities are, therefore, inclusive of some securities rated investment grade. Most of the municipal securities in which the Fund currently invests are rated “below investment-grade” at the time of purchase. “Below investment-grade” securities are those rated below the four highest rating categories of S&P, Moody's, Fitch or another NRSRO (or, in the case of unrated securities,
determined by the Adviser to be comparable to securities rated below investment-grade). Securities rated below investment grade are commonly referred to as junk bonds.
At times, the market conditions in the municipal securities markets may be such that the Adviser may invest in higher-grade issues, particularly when the difference in returns between quality classifications is very narrow or when the Adviser expects interest rates to increase. Higher-grade securities are securities that are rated higher than medium- or lower-grade securities by Moody’s, S&P, or Fitch, or considered by the Adviser to be of comparable quality, including municipal securities rated A-, SP-1 or higher by S&P or rated A3, MIG2, VMIG2 or higher by Moody’s and tax-exempt commercial paper rated A-3 or higher by S&P or rated P-3 or higher by Moody’s or unrated securities determined by the Adviser to be of comparable quality.
The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry.
The Fund has no policy limiting its investments in municipal securities whose issuers are located in the same state. However, it is not the present intention of the Fund to invest more than 25% of the value of its net assets in issuers located in the same state.
The Fund may invest up to 20% of its net assets (plus borrowings for investment purposes) in investments that generate income subject to income taxes. Taxable investments include many of the types of securities the Fund would buy for temporary defensive purposes. The Fund does not anticipate investing substantial amounts of its assets in taxable investments under normal market conditions or as part of its normal trading strategies and policies.
Under normal market conditions, the Fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax (AMT). From time to time, the Fund temporarily may invest up to 10% of its net assets in tax exempt money market funds and such instruments will be treated as investments in municipal securities.
The Fund may invest in illiquid or thinly traded investments. The Fund may also invest in securities that are subject to resale restrictions and/or exempt from registration under the Securities Act of 1933, as amended (Securities Act), such as those contained in Rule 144A promulgated under the Securities Act. The Fund’s investments may include securities that do not produce immediate cash income, such as zero coupon securities and payment-in-kind securities.
The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that the Fund may buy or sell a security with payment and delivery taking place in the future.
The Fund can invest in inverse floating rate interests (Inverse Floaters) issued in connection with tender option bond (TOB) financing transactions to generate leverage for the Fund. The Fund’s investments in Inverse Floaters are included for purposes of the 80% policy described above.
The Fund may invest in distressed debt securities and defaulted securities.
The Fund can invest in derivative instruments, including futures contracts and swap contracts.
The Fund can use futures contracts, including interest rate futures, to reduce exposure to interest rate changes and to manage duration.
The Fund can use swap contracts, including interest rate swaps, to hedge its exposure to interest rates.
The Fund can borrow money to purchase additional securities, another form of leverage. The Fund may also borrow to meet redemption obligations or for temporary and emergency purposes. Although the amount of borrowing will vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund’s total assets.
The Fund can invest up to 25% of its total assets in tobacco settlement revenue bonds,which make payments only from a state’s interest in the Master Settlement Agreement (MSA), and up to 25% of its total assets in tobacco bonds subject to a state’s appropriation pledge,which make payments fromboth MSA revenue and a state’s appropriation pledge.
The Adviser buys and sells securities for the Fund’s portfolio with a view towards seeking a high level of interest income exempt from federal income tax and selects securities that the Adviser believes entail reasonable credit risk considered in relation to the investment policies of the Fund. As a result, the Fund will not necessarily invest in the highest yielding municipal securities permitted by its investment policies if the Adviser determines that market risks or credit risks associated with such investments would subject the Fund’s portfolio to undue risk.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund’s macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund’s exposure to a particular security or issuer, degradation of an issuer’s credit quality, or general liquidity needs of the Fund. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.
Read More

ACTNX - Performance

Return Ranking - Trailing

Period ACTNX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -2.0% 12.4% 35.29%
1 Yr 11.6% 1.0% 18.7% 29.90%
3 Yr -1.0%* -8.8% 3.0% 58.21%
5 Yr 0.8%* -5.0% 3.8% 71.07%
10 Yr 1.7%* -0.4% 155.6% 85.27%

* Annualized

Return Ranking - Calendar

Period ACTNX Return Category Return Low Category Return High Rank in Category (%)
2023 0.1% -6.2% 7.5% 89.71%
2022 -17.7% -26.9% -3.5% 59.20%
2021 2.2% -1.9% 5.6% 47.98%
2020 -1.3% -4.0% 4.2% 86.29%
2019 5.0% -0.7% 9.1% 58.12%

Total Return Ranking - Trailing

Period ACTNX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -2.0% 12.4% 35.29%
1 Yr 11.6% 1.0% 18.7% 29.90%
3 Yr -1.0%* -8.8% 3.0% 58.21%
5 Yr 0.8%* -5.0% 3.8% 71.07%
10 Yr 1.7%* -0.4% 155.6% 85.27%

* Annualized

Total Return Ranking - Calendar

Period ACTNX Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -4.1% 10.9% 67.65%
2022 -13.5% -26.9% 4.3% 39.80%
2021 6.9% -1.9% 10.0% 16.16%
2020 1.0% -2.6% 8.2% 86.29%
2019 8.3% -0.7% 1028633.9% 56.02%

NAV & Total Return History

ACTNX - Holdings

Concentration Analysis

ACTNX Category Low Category High ACTNX % Rank
Net Assets 7.87 B 9.79 K 15.6 B 15.35%
Number of Holdings 1272 1 3325 24.88%
Net Assets in Top 10 636 M -102 M 3.51 B 16.92%
Weighting of Top 10 8.03% 4.6% 98.8% 96.00%

Top 10 Holdings

  1. Children's Trust Fund, Series 2005 A, RB 1.16%
  2. Inland Empire Tobacco Securitization Corp., Series 2007 C-1, RB 1.02%
  3. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB 0.93%
  4. Chicago (City of), IL, Series 2017 A, Ref. GO Bonds 0.84%
  5. Iowa (State of) Tobacco Settlement Authority, Series 2021 B-2, Ref. RB 0.75%
  6. Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB 0.74%
  7. Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB 0.70%
  8. Golden State Tobacco Securitization Corp., Series 2021 B-2, Ref. RB 0.67%
  9. Children's Trust Fund, Series 2008 B, RB 0.62%
  10. California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB 0.60%

Asset Allocation

Weighting Return Low Return High ACTNX % Rank
Bonds 		107.87% 0.00% 146.69% 8.33%
Stocks 		0.01% 0.00% 99.62% 28.92%
Preferred Stocks 		0.00% -47.61% 0.00% 4.98%
Other 		0.00% -5.59% 5.07% 86.07%
Convertible Bonds 		0.00% 0.00% 0.00% 94.53%
Cash 		0.00% -0.64% 100.00% 97.51%

Stock Sector Breakdown

Weighting Return Low Return High ACTNX % Rank
Utilities 		0.00% 0.00% 0.00% N/A
Technology 		0.00% 0.00% 0.00% N/A
Real Estate 		0.00% 0.00% 0.00% N/A
Industrials 		0.00% 0.00% 4.78% N/A
Healthcare 		0.00% 0.00% 0.00% N/A
Financial Services 		0.00% 0.00% 0.00% N/A
Energy 		0.00% 0.00% 0.00% N/A
Communication Services 		0.00% 0.00% 0.00% N/A
Consumer Defense 		0.00% 0.00% 0.00% N/A
Consumer Cyclical 		0.00% 0.00% 77.65% N/A
Basic Materials 		0.00% 17.58% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High ACTNX % Rank
US 		0.01% 0.00% 99.62% 29.35%
Non US 		0.00% 0.00% 0.00% 94.53%

Bond Sector Breakdown

Weighting Return Low Return High ACTNX % Rank
Municipal 		96.91% 0.00% 100.00% 72.14%
Corporate 		0.35% 0.00% 2.83% 38.81%
Derivative 		0.00% -7.53% 2.16% 84.08%
Cash & Equivalents 		0.00% 0.00% 100.00% 95.02%
Securitized 		0.00% 0.00% 22.44% 94.53%
Government 		0.00% 0.00% 0.09% 94.53%

Bond Geographic Breakdown

Weighting Return Low Return High ACTNX % Rank
US 		107.87% 0.00% 139.84% 8.46%
Non US 		0.00% 0.00% 13.35% 94.53%

ACTNX - Expenses

Operational Fees

ACTNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.28% 0.22% 3.44% 33.50%
Management Fee 0.51% 0.00% 1.41% 64.71%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

ACTNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

ACTNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ACTNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 121.00% 45.25%

ACTNX - Distributions

Dividend Yield Analysis

ACTNX Category Low Category High ACTNX % Rank
Dividend Yield 5.46% 0.00% 5.94% 3.92%

Dividend Distribution Analysis

ACTNX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ACTNX Category Low Category High ACTNX % Rank
Net Income Ratio 3.98% 1.11% 5.44% 13.24%

Capital Gain Distribution Analysis

ACTNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

ACTNX - Fund Manager Analysis

Managers

James Phillips

Start Date

Tenure

Tenure Rank

Mar 31, 2002

20.18

20.2%

James Phillips is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Phillips joined Invesco in 2010, when the firm combined with Van Kampen. At Van Kampen, which he joined in 1991, he was a portfolio manager for municipal strategies. He also served as a credit analyst and has specialized in researching nonrated municipal bonds across all sectors. Previously, he was at the Federal Deposit Insurance Corporation, where he managed a portfolio of distressed bank assets. He started in the municipal bond market at Underwood, Neuhaus & Co. in Houston, structuring municipal bond issues in the health care, senior living and special tax sectors. He entered the industry in 1985. Mr. Phillips earned a BA degree in American literature from Empire State College, the independent study division of the State University of New York, and an MBA in finance from the State University of New York at Albany.

Mark Paris

Start Date

Tenure

Tenure Rank

Dec 31, 2007

14.42

14.4%

Mark Paris is Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementationof all municipal bond strategies. Mr. Paris entered the financial industry in 1990 and joined Invesco in 2010 when the firm combined with Van Kampen investments. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the muncipal fixed income team at Morgan Stanley/Van Kampen, which he joing in 2002. He also was previously a trader and portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr. Paris earned a BBA in finance from Baruch College of the City University of New York.

Julius Williams

Start Date

Tenure

Tenure Rank

Mar 06, 2015

7.24

7.2%

Julius Williams is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Williams entered the industry in 2000. Prior to joining Invesco, he was a portfolio manager and trader for municipal funds at Van Kampen. He joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Williams earned a BA degree in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.

John Connelly

Start Date

Tenure

Tenure Rank

Apr 01, 2016

6.17

6.2%

John Connelly, has been associated with Invesco and/or its affiliates since 2016. From 1994 to 2015, he was employed by Raymond James & Associates, where he served as Senior Vice President of Municipal High Yield Trading from 2012 to 2015. Prior to 2012, he served as Director of the Municipal High Yield Trading Group.

Tim O’Reilly

Start Date

Tenure

Tenure Rank

Apr 01, 2016

6.17

6.2%

Tim O'Reilly is a Portfolio Manager for Invesco Municipal Strategies. Mr. O'Reilly joined Invesco in 2010 when the firm combined with Van Kampen, where he served as a senior unit trust fixed income portfolio manager, with responsibilities that included fixed income trading, risk management and credit analysis. He has a diverse knowledge base, with trading experience in municipals, corporates and equities. He joined Van Kampen in 2001. Mr. O'Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago. He holds the Series 7, 63 and 79 registrations.

John Schorle

Start Date

Tenure

Tenure Rank

Jun 28, 2018

3.93

3.9%

John Schorle, Portfolio Manager, who has been responsible for the Fund since 2018 and has been associated with Invesco and/or its affiliates since 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.55 2.52

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