Fund Evaluator:
Invesco High Yield Municipal Y (ACTDX)
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Fund Details
Invesco High Yield Municipal Y Overview
Invesco High Yield Municipal Y (ACTDX) is an actively managed Municipal Bond High Yield Muni fund. Invesco launched the fund in 2006.
The investment seeks federal tax-exempt current income and taxable capital appreciation. 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. It invests at least 75% of its net assets in higher yielding municipal securities, specifically medium- and lower-grade municipal securities. 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.
About Invesco High Yield Municipal Y (ACTDX)
There are 5 members of the management team with an average tenure of 11.67 years: Mark Paris (2007), Julius Williams (2015), Tim O’Reilly (2016), John Schorle (2018), Jack Connelly (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Municipal Bond High Yield TR index with a weighting of 100%. Invesco High Yield Municipal Y has 1258 securities in its portfolio. The top 10 holdings constitute 7.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco High Yield Municipal Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco High Yield Municipal Y has 5.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.2% (91.7% domestic bond, 5.6% foreign bond and 0.0% convertible bond). Invesco High Yield Municipal Y has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $816 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ACTDX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco High Yield Municipal Y expense ratio is high compared to funds in the High Yield Muni category. Invesco High Yield Municipal Y has an expense ratio of 1.03%, which is 5% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco High Yield Municipal Y has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the High Yield Muni category.
Recently, in the month of June 2026, Invesco High Yield Municipal Y returned 1.4%, which earned it a grade of A, as the High Yield Muni category had an average return of 1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco High Yield Municipal Y has a trailing yield of 5.54%, which is above the 4.36% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco High Yield Municipal Y Grades
Year to date, the fund has returned 3.9%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 8.6% over the past year (grade of B), 5.0% over the past three years (grade of C) and 0.7% per year over the past five years (grade of C) and 2.8% per year over the past 10 years (grade of C).
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ACTDX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ACTDX Return (NAV) | 1.4% | 3.7% | 8.6% | 5.0% | 0.7% | 2.8% |
| ACTDX Grade | A | B | B | C | C | C |
| +/- Category | 0.2% | 0.5% | 1.1% | 0.1% | -0.1% | 0.1% |
| High Yield Muni Avg | 1.2% | 3.3% | 7.5% | 4.9% | 0.8% | 2.7% |
| ACTDX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
ACTDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ACTDX Return (NAV) | 3.9% | 2.9% | 5.3% | 5.5% | -13.8% | 6.5% | 3.5% | 10.1% | 1.6% | 9.4% | 1.6% |
| ACTDX Grade | B | C | C | D | C | A | C | B | C | B | B |
| +/- Category | 0.5% | 0.4% | 0.1% | -1.3% | -0.7% | 1.1% | -0.3% | 0.9% | -0.4% | 1.4% | 0.1% |
| High Yield Muni Avg | 3.4% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 7.6% |
| Total Risk Index: | 0.62 - Below Average |
| Category Risk Index: | 1.18 - Above Average |
| Category Risk Grade: | D (76% Rank) |
| Beta: | 1.30 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $6847 Mil |
| Fund Total Assets: | $1,739 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 18.5 years | |||
| Average Tenure: 11.7 years | |||
| Managers (Year): Paris Mark (2007), Williams Julius (2015), O’Reilly Tim (2016), Connelly Jack (2016), Schorle John (2018) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 1258 |
| % in Top 10 Holdings: | 7.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.7% |
| Foreign Bond: | 5.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | March 1, 2006 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.03% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Invesco High Yield Municipal A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
