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Invesco Limited Term Municipal Income
mutual fund
AITFX
Payout Change
Pending
Price as of:
$10.93
+0.0
+0.0%
primary theme
Municipal Bond
share class
AITFX (Mutual Fund)
Invesco Limited Term Municipal Income
Payout Change
Pending
Price as of:
$10.93
+0.0
+0.0%
primary theme
Municipal Bond
share class
AITFX (Mutual Fund)
Invesco Limited Term Municipal Income
Payout Change
Pending
Price as of:
$10.93
+0.0
+0.0%
primary theme
Municipal Bond
share class
Name
As of 12/23/2024Price
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
Vitals
YTD Return
2.4%
1 yr return
2.4%
3 Yr Avg Return
1.2%
5 Yr Avg Return
1.5%
Net Assets
$2.91 B
Holdings in Top 10
7.0%
52 WEEK LOW AND HIGH
$10.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.34%
SALES FEES
Front Load 1.00%
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
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
AITFX - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return 1.2%
- 5 Yr Annualized Total Return 1.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.30%
- Dividend Yield 3.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameInvesco Limited Term Municipal Income
-
Fund Family NameINVESCOFDS
-
Inception DateMay 11, 1987
-
Shares OutstandingN/A
-
Share ClassA2
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Paris
Fund Description
Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in investments the income from which is exempt from federal income tax under regular tax rules. The policy stated in the foregoing sentence 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).
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in municipal debt securities that (1) pay interest that is excluded from gross income for federal income tax purposes, and (2) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. 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.
At least 80% of the Fund’s net assets will normally be invested in investment grade municipal debt 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 Invesco Advisers, Inc. (Invesco or 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 highest rating assigned. At the present time, the Fund will not invest in municipal debt securities if the interest on such securities is subject to the federal alternative minimum tax.
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 also invest in other types of municipal securities. Under normal market conditions, the Fund invests primarily in municipal securities classified as revenue bonds.
Up to 20% of the Fund’s net assets may be invested in municipal debt securities that are determined to be below investment grade quality. This
restriction is applied at the time of purchase and the Fund may continue to hold a security whose credit rating has been downgraded or, in the case of an unrated security, after the Fund’s Adviser, Invesco Adviser, Inc. (Invesco or the Adviser) has changed its assessment of the security’s credit quality. As a result, credit rating downgrades or other market fluctuations may cause the Fund’s holdings of below-investment grade securities to exceed, at times significantly, this restriction for an extended period of time. These types of securities are commonly referred to as junk bonds. With respect to such investments, the Fund has not established any limit on the percentage of its portfolio that may be invested in securities in any one rating category.
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 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 municipal 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 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 Adviser actively manages the Fund’s portfolio and adjusts the average maturity of portfolio investments based upon its expectations regarding the direction of interest rates and other economic factors. The Adviser seeks to identify those securities that it believes entail reasonable credit risk considered in relation to the Fund’s investment policies. In selecting securities for investment, the Adviser uses its extensive research capabilities to assess potential investments and considers a number of factors, including general market and economic conditions and interest rate, credit and prepayment risks. Each security considered for investment is subjected to an in-depth credit analysis to evaluate the level of risk it presents.
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 Fund will attempt to maintain a dollar-weighted average effective portfolio maturity of five years or less. However, it can buy securities with maturities of more than five years. Because of events affecting the bond markets and interest rate changes, the maturity of the portfolio might not meet the target at all times.
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.
AITFX - Performance
Return Ranking - Trailing
| Period | AITFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.4% | -7.3% | 37.5% | 22.16% |
| 1 Yr | 2.4% | -7.4% | 37.6% | 27.94% |
| 3 Yr | 1.2%* | -11.8% | 5.1% | 4.92% |
| 5 Yr | 1.5%* | -7.4% | 1103.2% | 8.34% |
| 10 Yr | 1.2%* | -1.1% | 248.8% | 70.20% |
* Annualized
Return Ranking - Calendar
| Period | AITFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.9% | -1.4% | 41.0% | 96.09% |
| 2022 | -4.4% | -39.7% | 0.3% | 6.14% |
| 2021 | -0.9% | -5.6% | 6.9% | 68.87% |
| 2020 | 1.6% | -2.6% | 310.0% | 56.37% |
| 2019 | 1.8% | 0.0% | 26.0% | 92.08% |
Total Return Ranking - Trailing
| Period | AITFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.4% | -7.3% | 37.5% | 22.16% |
| 1 Yr | 2.4% | -7.4% | 37.6% | 27.94% |
| 3 Yr | 1.2%* | -11.8% | 5.1% | 4.92% |
| 5 Yr | 1.5%* | -7.4% | 1103.2% | 8.34% |
| 10 Yr | 1.2%* | -1.1% | 248.8% | 70.20% |
* Annualized
Total Return Ranking - Calendar
| Period | AITFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.5% | -1.3% | 41.0% | 75.49% |
| 2022 | -2.5% | -39.7% | 1.1% | 4.37% |
| 2021 | 0.7% | -4.8% | 23761504.0% | 71.48% |
| 2020 | 3.2% | -1.5% | 17057.9% | 68.35% |
| 2019 | 3.9% | 0.2% | 3514.6% | 87.98% |
NAV & Total Return History
AITFX - Holdings
Concentration Analysis
| AITFX | Category Low | Category High | AITFX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.91 B | 3.22 M | 71.9 B | 12.23% |
| Number of Holdings | 746 | 4 | 13418 | 15.04% |
| Net Assets in Top 10 | 204 M | -317 M | 3.09 B | 20.48% |
| Weighting of Top 10 | 7.00% | 1.8% | 100.3% | 91.47% |
Top 10 Holdings
- Washington (State of) Health Care Facilities Authority (Providence Health Services), Series 2012 A, RB 0.74%
- State of Texas, Series 2015, GO Bonds 0.74%
- Main Street Natural Gas, Inc., Series 2021 A, RB 0.72%
- Nashville (City of) Davidson (County of), TN Metropolitan Gov Health Educational Facilities Board (The) (Vanderbilt University Medical Center) 0.71%
- Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB 0.70%
- Atlanta (City of), GA, Series 2015, Ref. RB 0.69%
- Houston (City of), TX, Series 2015 A, Ref. RB 0.69%
- PEFA, Inc., Series 2019, RB 0.68%
- Kansas (State of) Development Finance Authority, Series 2021, Ref. RB 0.67%
- Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB 0.65%
Asset Allocation
| Weighting | Return Low | Return High | AITFX % Rank | |
|---|---|---|---|---|
| Bonds | 99.42% | 0.00% | 150.86% | 34.70% |
| Cash | 0.58% | -50.86% | 44.62% | 66.89% |
| Stocks | 0.00% | 0.00% | 99.77% | 35.44% |
| Preferred Stocks | 0.00% | 0.00% | 0.07% | 25.18% |
| Other | 0.00% | -3.69% | 53.54% | 35.39% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 24.81% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | AITFX % Rank | |
|---|---|---|---|---|
| Municipal | 96.74% | 44.39% | 100.00% | 68.58% |
| Derivative | 0.00% | -3.69% | 53.54% | 33.38% |
| Cash & Equivalents | 0.00% | 0.00% | 44.41% | 66.55% |
| Securitized | 0.00% | 0.00% | 5.93% | 26.23% |
| Corporate | 0.00% | 0.00% | 9.41% | 36.68% |
| Government | 0.00% | 0.00% | 52.02% | 31.09% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | AITFX % Rank | |
|---|---|---|---|---|
| US | 99.42% | 0.00% | 142.23% | 32.84% |
| Non US | 0.00% | 0.00% | 23.89% | 29.48% |
AITFX - Expenses
Operational Fees
| AITFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.34% | 0.01% | 8.02% | 92.67% |
| Management Fee | 0.22% | 0.00% | 1.20% | 7.52% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| AITFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 1.00% | 0.50% | 4.75% | 98.28% |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| AITFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
| AITFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 283.00% | 68.81% |
AITFX - Distributions
Dividend Yield Analysis
| AITFX | Category Low | Category High | AITFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.66% | 0.00% | 14.51% | 13.83% |
Dividend Distribution Analysis
| AITFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| AITFX | Category Low | Category High | AITFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.30% | -0.53% | 5.33% | 79.47% |
Capital Gain Distribution Analysis
| AITFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.033 | OrdinaryDividend |
| Oct 31, 2024 | $0.033 | OrdinaryDividend |
| Sep 30, 2024 | $0.033 | OrdinaryDividend |
| Aug 30, 2024 | $0.033 | OrdinaryDividend |
| Jul 31, 2024 | $0.033 | OrdinaryDividend |
| Apr 30, 2024 | $0.033 | OrdinaryDividend |
| Mar 28, 2024 | $0.033 | OrdinaryDividend |
| Jan 31, 2024 | $0.033 | OrdinaryDividend |
| Dec 29, 2023 | $0.033 | OrdinaryDividend |
| Nov 30, 2023 | $0.032 | OrdinaryDividend |
| Oct 31, 2023 | $0.031 | OrdinaryDividend |
| Sep 29, 2023 | $0.031 | OrdinaryDividend |
| Aug 31, 2023 | $0.031 | OrdinaryDividend |
| Jul 31, 2023 | $0.030 | OrdinaryDividend |
| Jun 30, 2023 | $0.030 | OrdinaryDividend |
| May 31, 2023 | $0.029 | OrdinaryDividend |
| Apr 28, 2023 | $0.029 | OrdinaryDividend |
| Mar 31, 2023 | $0.029 | OrdinaryDividend |
| Feb 28, 2023 | $0.027 | OrdinaryDividend |
| Jan 31, 2023 | $0.026 | OrdinaryDividend |
| Dec 30, 2022 | $0.025 | OrdinaryDividend |
| Nov 30, 2022 | $0.025 | OrdinaryDividend |
| Oct 31, 2022 | $0.023 | OrdinaryDividend |
| Sep 30, 2022 | $0.021 | OrdinaryDividend |
| Aug 31, 2022 | $0.018 | OrdinaryDividend |
| Jul 29, 2022 | $0.017 | OrdinaryDividend |
| Jun 30, 2022 | $0.016 | OrdinaryDividend |
| May 31, 2022 | $0.014 | OrdinaryDividend |
| Apr 29, 2022 | $0.010 | OrdinaryDividend |
| Mar 31, 2022 | $0.010 | OrdinaryDividend |
| Feb 28, 2022 | $0.010 | OrdinaryDividend |
| Jan 31, 2022 | $0.010 | OrdinaryDividend |
| Dec 31, 2021 | $0.011 | OrdinaryDividend |
| Nov 30, 2021 | $0.011 | OrdinaryDividend |
| Oct 29, 2021 | $0.011 | OrdinaryDividend |
| Sep 30, 2021 | $0.013 | OrdinaryDividend |
| Aug 31, 2021 | $0.013 | OrdinaryDividend |
| Jul 30, 2021 | $0.013 | OrdinaryDividend |
| Jun 30, 2021 | $0.015 | OrdinaryDividend |
| May 28, 2021 | $0.015 | OrdinaryDividend |
| Apr 30, 2021 | $0.015 | OrdinaryDividend |
| Mar 31, 2021 | $0.016 | OrdinaryDividend |
| Feb 26, 2021 | $0.016 | OrdinaryDividend |
| Jan 29, 2021 | $0.016 | OrdinaryDividend |
| Dec 31, 2020 | $0.019 | OrdinaryDividend |
| Nov 30, 2020 | $0.019 | OrdinaryDividend |
| Oct 30, 2020 | $0.020 | OrdinaryDividend |
| Sep 30, 2020 | $0.020 | OrdinaryDividend |
| Jul 31, 2020 | $0.020 | OrdinaryDividend |
| May 29, 2020 | $0.020 | OrdinaryDividend |
| Mar 31, 2020 | $0.020 | OrdinaryDividend |
| Jan 31, 2020 | $0.024 | OrdinaryDividend |
| Dec 31, 2019 | $0.024 | OrdinaryDividend |
| Nov 29, 2019 | $0.024 | OrdinaryDividend |
| Oct 31, 2019 | $0.024 | OrdinaryDividend |
| Sep 30, 2019 | $0.024 | OrdinaryDividend |
| Aug 30, 2019 | $0.024 | OrdinaryDividend |
| Jul 31, 2019 | $0.024 | OrdinaryDividend |
| Dec 12, 2008 | $0.005 | CapitalGainLongTerm |
| Dec 14, 2007 | $0.004 | CapitalGainShortTerm |
| Dec 14, 2007 | $0.074 | CapitalGainLongTerm |
| Dec 15, 2006 | $0.055 | CapitalGainLongTerm |
AITFX - Fund Manager Analysis
Managers
Mark Paris
Start Date
Tenure
Tenure Rank
Mar 06, 2015
7.24
7.2%
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.
James Phillips
Start Date
Tenure
Tenure Rank
Mar 06, 2015
7.24
7.2%
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.
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.
Rebecca Setcavage
Start Date
Tenure
Tenure Rank
Jun 29, 2020
1.92
1.9%
Rebecca Setcavage, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2019. Prior to that, Ms. Setcavage was associated with OppenheimerFunds, a global asset management firm, since 2017. From 2004 to 2017, she was employed by T. Rowe Price where she last served as a Portfolio Investment Analyst.
Joshua Cooney
Start Date
Tenure
Tenure Rank
Jun 29, 2020
1.92
1.9%
Joshua Cooney has been associated with Invesco and/or its affiliates since 1999.
Michael Magee
Start Date
Tenure
Tenure Rank
Jul 30, 2021
0.84
0.8%
Michael Magee, Portfolio Manager, who has been responsible for the Fund since 2021 and has been associated with Invesco and/or its affiliates since 2010.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.36 | 1.58 |
