Fund Evaluator:
Invesco Short Term Municipal A (ORSTX)
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Fund Details
Invesco Short Term Municipal A Overview
Invesco Short Term Municipal A (ORSTX) is an actively managed Municipal Bond Muni National Short fund. Invesco launched the fund in 2010.
The investment seeks tax-free income. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It invests in municipal securities issued by the governments of states, their political subdivisions and the District of Columbia, U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities.
About Invesco Short Term Municipal A (ORSTX)
There are 5 members of the management team with an average tenure of 6.48 years: Mark Paris (2019), Julius Williams (2019), Tim O'Reilly (2019), Rebecca Setcavage (2019), Michael Magee (2021). 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 Short TR index with a weighting of 100%. Invesco Short Term Municipal A has 655 securities in its portfolio. The top 10 holdings constitute 9.7% 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 Short Term Municipal A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Short Term Municipal A has 0.1% 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 96.2% (96.0% domestic bond, 0.1% foreign bond and 0.0% convertible bond). Invesco Short Term Municipal A has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $500 million in total assets, which is below the $642 million average for the Muni National Short 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.
ORSTX 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 Short Term Municipal A expense ratio is above average compared to funds in the Muni National Short category. Invesco Short Term Municipal A has an expense ratio of 0.76%, which is 30% higher than its category average, making the fund expense ratio grade a F. 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. A portfolio turnover rate cannot be currently calculated for Invesco Short Term Municipal A. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of August 2026, Invesco Short Term Municipal A returned 0.2%, which earned it a grade of D, as the Muni National Short category had an average return of 0.3%. 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 Short Term Municipal A has a trailing yield of 2.82%, which is above the 2.78% 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 Short Term Municipal A Grades
Year to date, the fund has returned 1.0%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.3% over the past year (grade of C), 2.8% over the past three years (grade of F) and 1.9% per year over the past five years (grade of B) and 1.8% per year over the past 10 years (grade of B).
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ORSTX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ORSTX Return (NAV) | 0.2% | 0.1% | 2.3% | 2.8% | 1.9% | 1.8% |
| ORSTX Grade | D | C | C | F | B | B |
| +/- Category | -0.0% | 0.0% | -0.1% | -0.5% | 0.3% | 0.2% |
| Muni National Short Avg | 0.3% | 0.1% | 2.4% | 3.4% | 1.6% | 1.6% |
| ORSTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
ORSTX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ORSTX Return (NAV) | 1.0% | 3.4% | 2.4% | 3.1% | -0.3% | -0.1% | 2.7% | 2.7% | 1.4% | 2.4% | 0.6% |
| ORSTX Grade | D | F | D | F | A | D | C | D | B | B | A |
| +/- Category | -0.1% | -0.6% | -0.2% | -0.7% | 2.9% | -0.5% | 0.3% | -0.7% | 0.3% | 0.5% | 0.8% |
| Muni National Short Avg | 1.1% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 1.4% |
| Total Risk Index: | 0.11 - Low |
| Category Risk Index: | 0.68 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | 0.22 |
| R-Squared: | 84% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1622 Mil |
| Fund Total Assets: | $ 500 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.2 years | |||
| Average Tenure: 6.5 years | |||
| Managers (Year): Paris Mark (2019), Williams Julius (2019), O'Reilly Tim (2019), Setcavage Rebecca (2019), Magee Michael (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 655 |
| % in Top 10 Holdings: | 9.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.0% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-225-5677 |
| Website: | www.invesco.com |
| Status: | Open |
| Inception Date: | December 6, 2010 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.76% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | Invesco Short Term Municipal Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
