Fund Evaluator:
Invesco SMA Municipal Bond (SMBMX)
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Best Performing in Miscellaneous Fixed Income Over the Last Year
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Fund Details
Invesco SMA Municipal Bond Overview
Invesco SMA Municipal Bond (SMBMX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Invesco launched the fund in 2023.
The investment seeks to provide high current income exempt from regular federal income taxes; taxable capital appreciation as a secondary objective. 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. 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. The fund is non-diversified.
About Invesco SMA Municipal Bond (SMBMX)
There are 5 members of the management team with an average tenure of 3.53 years: Mark Paris (2023), Tim Benzel (2023), John Schorle (2023), Galen True (2023), Jack Connelly (2023). Management tenure is more important for actively managed funds than passive index funds.
Invesco SMA Municipal Bond has 109 securities in its portfolio. The top 10 holdings constitute 25.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco SMA Municipal Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco SMA Municipal Bond has 0.0% 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 98.1% (98.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco SMA Municipal Bond has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $65 million in total assets, which is below the $716 million average for the Miscellaneous Fixed Income 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.
SMBMX 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 SMA Municipal Bond expense ratio is low compared to funds in the Miscellaneous Fixed Income category. Invesco SMA Municipal Bond has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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 SMA Municipal Bond. By way of comparison, the average portfolio turnover is 109% for the Miscellaneous Fixed Income category.
Recently, in the month of August 2026, Invesco SMA Municipal Bond returned 0.1%, which earned it a grade of D, as the Miscellaneous Fixed Income category had an average return of 0.5%. 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 SMA Municipal Bond has a trailing yield of 4.77%, which is below the 5.72% 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 SMA Municipal Bond Grades
Year to date, the fund has returned 2.4%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.5% over the past year (grade of B) and 4.8% over the past three years (grade of D).
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SMBMX 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 |
|
| SMBMX Return (NAV) | 0.1% | 0.1% | 5.5% | 4.8% | na | na |
| SMBMX Grade | D | C | B | D | na | na |
| +/- Category | -0.4% | -0.1% | 0.6% | -1.9% | na | na |
| Miscellaneous Fixed Income Avg | 0.5% | 0.3% | 4.9% | 6.7% | 1.8% | 2.9% |
| SMBMX Tax Cost Ratio | na | na | 1.3% | 1.2% | na | na |
SMBMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMBMX Return (NAV) | 2.4% | 4.6% | 4.3% | na | na | na | na | na | na | na | na |
| SMBMX Grade | B | D | D | na | na | na | na | na | na | na | na |
| +/- Category | 0.4% | -2.8% | -1.7% | na | na | na | na | na | na | na | na |
| Miscellaneous Fixed Income Avg | 2.0% | 7.5% | 6.0% | 8.6% | -10.2% | 2.2% | 6.0% | 8.7% | 0.4% | 5.0% | 4.1% |
| Risk Measures | |
| Standard Deviation: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.66 - Below Average |
| Category Risk Grade: | B (29% Rank) |
| Beta: | 0.49 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $65 Mil |
| Fund Total Assets: | $ 66 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Paris Mark (2023), Benzel Tim (2023), Schorle John (2023), True Galen (2023), Connelly Jack (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 109 |
| % in Top 10 Holdings: | 25.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com |
| Status: | Open |
| Inception Date: | February 21, 2023 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.26% |
| Share Class: | Invesco SMA Municipal Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
