Mutual Funds

Invesco Municipal Income Fund

Fixed Income | US Fixed Income

Objective & Strategy

The fund seeks a high level of current income exempt from federal income tax, consistent with preservation of capital.

as of 05/31/2015

Morningstar Rating

Overall Rating - Muni National Long Category

As of 05/31/2015 the Fund had an overall rating of 3 stars out of 191 funds and was rated 3 stars out of 191 funds, 3 stars out of 179 funds and 3 stars out of 146 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2015 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 05/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
METROPOLITAN PIER & EXPOSITION 0.000 06/15/2022 0.90
MIAMIDADE CNTY FLA AVIATION 5.000 10/01/2038 0.70
TEXAS ST TRANS 10/01/2041 0.65
PUERTO RICO ELEC PWR AUTH PWR 0.000 07/01/2017 0.59
ILLINOIS FIN AUTH REV 5.500 05/15/2024 0.57
DISTRICT COLUMBIA BALLPARK REV 5.000 02/01/2031 0.53
INDIANA FIN AUTH IN WSTWTR UTIL REV 5.000 10/01/2041 0.52
RAILSPLITTER TOBACCO SETTLEMENT AUT 6.000 06/01/2028 0.51
J P MORGAN CHASE PUTTERS DRI 7.944 08/15/2015 0.50
SAN FRANCISCO CALIF CITY 5.000 05/01/2023 0.49

Holdings are subject to change and are not buy/sell recommendations.

as of 05/31/2015 03/31/2015

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 08/01/1990 N/A 5.20 0.42 4.11 3.68 5.03 3.86
Load 08/01/1990 4.25 5.01 -3.85 -0.30 2.19 4.12 3.41
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

as of 06/30/2015 06/30/2015

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
S&P Municipal Bond 5+ Year Investment Grade Index -0.19 -1.17 3.65 3.67 5.43 4.88
S&P Municipal Bond Index -0.33 -1.00 3.00 3.18 4.64 4.41
S&P Municipal Bond 5+ Year Investment Grade Index -0.19 -1.17 3.65 3.67 5.43 4.88
S&P Municipal Bond Index -0.33 -1.00 3.00 3.18 4.64 4.41

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.46
12b-1 Fee 0.25
Other Expenses 0.16
Interest/Dividend Exp 0.06
Total Other Expenses 0.22
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 0.93
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 0.93
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 0.93
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
06/30/2015 0.0480 N/A N/A 13.46
05/29/2015 0.0479 N/A N/A 13.54
04/30/2015 0.0479 N/A N/A 13.63
03/31/2015 0.0479 N/A N/A 13.75
02/27/2015 0.0479 N/A N/A 13.75
01/30/2015 0.0479 N/A N/A 13.92
12/31/2014 0.0479 N/A N/A 13.72
11/28/2014 0.0479 N/A N/A 13.66
10/31/2014 0.0479 N/A N/A 13.69
09/30/2014 0.0479 N/A N/A 13.64
08/29/2014 0.0469 N/A N/A 13.63
07/31/2014 0.0469 N/A N/A 13.49
06/30/2014 0.0469 N/A N/A 13.52
05/30/2014 0.0469 N/A N/A 13.56
04/30/2014 0.0469 N/A N/A 13.39
03/31/2014 0.0470 N/A N/A 13.25
02/28/2014 0.0470 N/A N/A 13.25
01/31/2014 0.0470 N/A N/A 13.14
12/31/2013 0.0470 N/A N/A 12.89
11/29/2013 0.0471 N/A N/A 12.96
10/31/2013 0.0471 N/A N/A 13.04
09/30/2013 0.0471 N/A N/A 12.99
08/30/2013 0.0471 N/A N/A 12.73
07/31/2013 0.0471 N/A N/A 13.00
06/28/2013 0.0471 N/A N/A 13.21
05/31/2013 0.0471 N/A N/A 13.76
04/30/2013 0.0471 N/A N/A 13.98
03/28/2013 0.0471 N/A N/A 13.87
02/28/2013 0.0471 N/A N/A 13.99
01/31/2013 0.0471 N/A N/A 13.98
12/31/2012 0.0471 N/A N/A 13.93
11/30/2012 0.0471 N/A N/A 14.19
10/31/2012 0.0471 N/A N/A 13.96
09/28/2012 0.0494 N/A N/A 13.95
08/31/2012 0.0494 N/A N/A 13.90
07/31/2012 0.0494 N/A N/A 13.92
06/29/2012 0.0494 N/A N/A 13.73
05/31/2012 0.0494 N/A N/A 13.78
04/30/2012 0.0494 N/A N/A 13.67
03/30/2012 0.0494 N/A N/A 13.55
02/29/2012 0.0494 N/A N/A 13.69
01/31/2012 0.0494 N/A N/A 13.71
12/30/2011 0.0494 N/A N/A 13.34
11/30/2011 0.0494 N/A N/A 13.12
10/31/2011 0.0494 N/A N/A 13.10
09/30/2011 0.0494 N/A N/A 13.18
08/31/2011 0.0494 N/A N/A 13.03
07/29/2011 0.0546 N/A N/A 12.88
06/30/2011 0.0546 N/A N/A 12.80
05/31/2011 0.0546 N/A N/A 12.78
04/29/2011 0.0546 N/A N/A 12.57
03/31/2011 0.0546 N/A N/A 12.43
02/28/2011 0.0546 N/A N/A 12.54
01/31/2011 0.0546 N/A N/A 12.41
12/31/2010 0.0545 N/A N/A 12.63
11/30/2010 0.0545 N/A N/A 12.98
10/29/2010 0.0545 N/A N/A 13.44
09/30/2010 0.0545 N/A N/A 13.52
08/31/2010 0.0545 N/A N/A 13.56
07/30/2010 0.0545 N/A N/A 13.26
06/30/2010 0.0615 N/A N/A 13.17
05/27/2010 0.0475 N/A N/A 13.23
04/30/2010 0.0545 N/A N/A 13.17
03/31/2010 0.0545 N/A N/A 13.03
02/26/2010 0.0545 N/A N/A 13.10
01/29/2010 0.0545 N/A N/A 12.99
12/31/2009 0.0545 N/A N/A 12.96
11/30/2009 0.0545 N/A N/A 12.91
10/30/2009 0.0588 N/A N/A 12.93
09/30/2009 0.0588 N/A N/A 13.34
08/31/2009 0.0588 N/A N/A 12.56
07/31/2009 0.0588 N/A N/A 12.22
06/30/2009 0.0588 N/A N/A 12.08
05/29/2009 0.0588 N/A N/A 12.24
04/30/2009 0.0588 N/A N/A 11.90
03/31/2009 0.0588 N/A N/A 11.64
02/27/2009 0.0637 N/A N/A 11.70
01/30/2009 0.0637 N/A N/A 11.59
11/28/2008 0.0637 N/A N/A 11.46
10/31/2008 0.0610 N/A N/A 11.61
09/30/2008 0.0610 N/A N/A 12.45
08/31/2007 0.0542 N/A N/A 14.10
12/29/2006 0.0542 N/A N/A 14.84
09/29/2006 0.0542 N/A N/A 14.84
08/31/2006 0.0542 N/A N/A 14.77
07/31/2006 0.0542 N/A N/A 14.60
05/31/2006 0.0542 N/A N/A 14.56
04/28/2006 0.0542 N/A N/A 14.53
03/31/2006 0.0542 N/A N/A 14.60
02/28/2006 0.0542 N/A N/A 14.72
01/31/2006 0.0542 N/A N/A 14.65
06/30/2005 0.0542 N/A N/A 14.89
08/31/2004 0.0530 N/A N/A 14.76
04/30/2004 0.0530 N/A N/A 14.51
01/30/2004 0.0530 N/A N/A 14.89
07/31/2003 0.0555 N/A N/A 14.29
07/31/2002 0.0585 N/A N/A 14.58
05/31/2002 0.0585 N/A N/A 14.35
04/30/2002 0.0585 N/A N/A 14.29
02/28/2002 0.0585 N/A N/A 14.46
01/31/2002 0.0585 N/A N/A 14.35
11/30/2001 0.0585 N/A N/A 14.41
10/31/2001 0.0585 N/A N/A 14.65
08/31/2001 0.0585 N/A N/A 14.68
07/31/2001 0.0585 N/A N/A 14.48
05/31/2001 0.0610 N/A N/A 14.25
04/30/2001 0.0610 N/A N/A 14.15
02/28/2001 0.0610 N/A N/A 14.39
01/31/2001 0.0610 N/A N/A 14.39
11/30/2000 0.0635 N/A N/A 14.06
10/31/2000 0.0635 N/A N/A 14.06
08/31/2000 0.0635 N/A N/A 14.23
07/31/2000 0.0635 N/A N/A 14.12
06/30/2000 0.0675 N/A N/A 14.01
05/31/2000 0.0675 N/A N/A 13.74
02/29/2000 0.0675 N/A N/A 13.93
01/31/2000 0.0675 N/A N/A 13.84
07/31/1998 0.0705 N/A N/A 15.69
07/31/1997 0.0705 N/A N/A 15.72
07/31/1996 0.0735 N/A N/A 15.03
07/31/1995 0.0735 N/A N/A 14.91
as of 05/31/2015

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

as of 05/31/2015

Fund Characteristics

3-Year Alpha 0.33%
3-Year Beta 0.90
3-Year R-Squared 0.99
3-Year Sharpe Ratio 0.84
3-Year Standard Deviation 4.30
Number of Securities 885
Total Assets $2,317,040,663.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  S&P Municipal Bond 5+ Year Investment Grade Index

as of 05/31/2015

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
METROPOLITAN PIER & EXPOSITION 0.000 06/15/2022 0.90
MIAMIDADE CNTY FLA AVIATION 5.000 10/01/2038 0.70
TEXAS ST TRANS 10/01/2041 0.65
PUERTO RICO ELEC PWR AUTH PWR 0.000 07/01/2017 0.59
ILLINOIS FIN AUTH REV 5.500 05/15/2024 0.57
DISTRICT COLUMBIA BALLPARK REV 5.000 02/01/2031 0.53
INDIANA FIN AUTH IN WSTWTR UTIL REV 5.000 10/01/2041 0.52
RAILSPLITTER TOBACCO SETTLEMENT AUT 6.000 06/01/2028 0.51
J P MORGAN CHASE PUTTERS DRI 7.944 08/15/2015 0.50
SAN FRANCISCO CALIF CITY 5.000 05/01/2023 0.49

Holdings are subject to change and are not buy/sell recommendations.

as of 04/30/2015

Top Sectors

  % of Total Assets
Hospital 16.63
Prerefunded/ETM 7.15
Airport 7.15
Brdg Tnl Tollroad 6.60
Special Tax District 6.49
Water / Sewer 6.03
Electric - Public 5.02
College & Univ 4.69
GO-School District 4.23
IDR/PCR Other 4.11

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

 About risk

Alternative Minimum Tax Risk. All or a portion of the Fund's otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

Call Risk. If interest rates fall, it is possible that issuers of securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund's income and distributions to shareholders.

Changing Fixed Income Market Conditions Risk.. There is a risk that the Federal Reserve Board (FRB) and central banks may raise the federal funds and equivalent foreign rates. This risk is heightened due to the potential "tapering" of the FRB’s quantitative easing program and other similar foreign central bank actions, which may expose fixed income investments to heightened volatility and reduced liquidity, particularly those with longer maturities. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also increase shareholder redemptions, which may increase portfolio turnover and fund transaction costs.

Credit Risk. The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

Derivatives Risk. The performance of derivative instruments is tied to the performance of an underlying currency, security, index, commodity or other instrument. In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The Fund may lose more than the cash amount invested on investments in derivatives. Investors should bear in mind that, while the Fund intends to use derivative strategies, it is not obligated to actively engage in these transactions, generally or in any particular kind of derivative, if the Adviser elects not to do so due to availability, cost, market conditions or other factors.

High Yield Bond (Junk Bond) Risk. Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. The values of junk bonds fluctuate more than those of high-quality bonds in response to company, political, regulatory or economic developments. Values of junk bonds can decline significantly over short periods of time.

Income Risk. The income you receive from the Fund is based primarily on prevailing interest rates, which can vary widely over the short and long term. If interest rates drop, your income from the Fund may drop as well.

Interest Rate Risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on their individual characteristics, including duration.

Inverse Floating Rate Obligations Risk. Inverse floating rate obligations, including tender option bonds, may be subject to greater price volatility than a fixed income security with similar qualities. When short-term interest rates rise, they may decrease in value and produce less or no income. Additionally, these securities may lose principal. Similar to derivatives, inverse floating rate obligations have the following risks: counterparty, leverage, correlation, liquidity, market, interest rate, and management risks.

Leverage Risk. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction and the Fund could lose more than it invested. Leverage created from borrowing or certain types of transactions or instruments may impair the Fund's liquidity, cause it to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve its intended objective.

Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

Market Risk. The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

Medium- and Lower-Grade Municipal Securities Risk. Securities which are in the medium- and lower-grade categories generally offer higher yields than are offered by higher-grade securities of similar maturity, but they also generally involve more volatility and greater risks, such as greater credit risk, market risk, liquidity risk, management risk, and regulatory risk. Furthermore, many medium- and lower-grade securities are not listed for trading on any national securities exchange and many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations by any nationally recognized statistical rating organization. As a result, the Fund's portfolio may consist of a higher portion of unlisted or unrated securities as compared with an investment company that invests solely in higher-grade securities. Unrated securities are usually not as attractive to as many buyers as are rated securities, a factor which may make unrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the Fund and may also limit the ability of the Fund to sell such securities at their fair value either to meet redemption requests or in response to changes in the economy or the financial markets.

Municipal Issuer Focus Risk. The Fund generally considers investments in municipal securities not to be subject to industry concentration policies (issuers of municipal securities as a group is not an industry) and the Fund may invest in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences. As the similarity in issuers increases, the potential for fluctuation in the Fund's net asset value also increases.

Municipal Securities Risk. The Fund may invest in municipal securities. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell it. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Reinvestment Risk. Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

Variable-Rate Demand Notes Risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of the instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights.

When-Issued and Delayed Delivery Risks. When-issued and delayed delivery transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, an underlying fund is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the other party to complete the transaction may result in an underlying fund missing the opportunity of obtaining a price or yield considered to be advantageous.

Zero Coupon or Pay-In-Kind Securities Risk. The value, interest rates, and liquidity of non-cash paying instruments, such as zero coupon and pay-in-kind securities, are subject to greater fluctuation than other types of securities.

as of 07/06/2015

VKMMX

NAV Change ($)
$13.46 0.02
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 07/06/2015

Yield 

  • Distribution Yield
    with Sales Charge 4.10%
  • Distribution Yield
    without Sales Charge 4.28%
  • SEC 30-Day Yield 1.97%
  • Unsub. 30-Day Yield N/A

Fund Details

  • Distribution Frequency Monthly
  • NASDAQ VKMMX
  • WSJ Abrev. MunInA
  • CUSIP 001419555
  • Fund Type Fixed Income
  • Geography Type N/A
  • Inception Date 08/01/1990
  • Fiscal Year End 02/28
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1765
  • Tax ID 36-3710415

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