Fund Evaluator:
Invesco Intermediate Term Muni Inc C (VKLCX)
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Best Performing in Muni National Interm Over the Last Year
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Fund Details
Invesco Intermediate Term Muni Inc C Overview
Invesco Intermediate Term Muni Inc C (VKLCX) is an actively managed Municipal Bond Muni National Interm fund. Invesco launched the fund in 1993.
The investment seeks to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital. 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 65% of the fund's net assets in investment grade municipal securities. The fund may invest up to 35% of its net assets in municipal securities rated below investment grade and unrated municipal securities determined by the Adviser to be of comparable quality at the time of purchase.
About Invesco Intermediate Term Muni Inc C (VKLCX)
There are 8 members of the management team with an average tenure of 8.73 years: Mark Paris (2015), Julius Williams (2015), Elizabeth Mossow (2020), Tim O’Reilly (2016), John Schorle (2018), Joshua Cooney (2020), Rebecca Setcavage (2020), 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 Municp 2-17Y Investment Grade TR USD index with a weighting of 100%. Invesco Intermediate Term Muni Inc C has 834 securities in its portfolio. The top 10 holdings constitute 8.8% 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 Intermediate Term Muni Inc C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Intermediate Term Muni Inc C has 4.2% 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 99.9% (95.7% domestic bond, 4.2% foreign bond and 0.0% convertible bond). Invesco Intermediate Term Muni Inc C has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $1 billion average for the Muni National Interm 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.
VKLCX 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 Intermediate Term Muni Inc C expense ratio is high compared to funds in the Muni National Interm category. Invesco Intermediate Term Muni Inc C has an expense ratio of 1.53%, which is 126% 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. Invesco Intermediate Term Muni Inc C has a portfolio turnover rate of 31%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Invesco Intermediate Term Muni Inc C returned -1.4%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. 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 Intermediate Term Muni Inc C has a trailing yield of 2.89%, which is below the 3.27% 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 Intermediate Term Muni Inc C Grades
Year to date, the fund has returned 0.3%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.3% over the past year (grade of D), 2.8% over the past three years (grade of D) and -0.0% per year over the past five years (grade of F) and 1.1% per year over the past 10 years (grade of F).
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VKLCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VKLCX Return (NAV) | -1.4% | -0.4% | 4.3% | 2.8% | -0.0% | 1.1% |
| VKLCX Grade | B | B | D | D | F | F |
| +/- Category | 0.2% | 0.1% | -0.3% | -0.4% | -0.6% | -0.6% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| VKLCX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
VKLCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VKLCX Return (NAV) | 0.3% | 3.5% | 2.2% | 4.9% | -9.7% | 1.9% | 2.8% | 6.1% | 0.1% | 4.4% | -0.9% |
| VKLCX Grade | C | F | B | F | F | C | F | D | F | D | F |
| +/- Category | -0.1% | -0.7% | 0.3% | -0.9% | -1.5% | 0.2% | -1.5% | -0.6% | -0.7% | -0.3% | -0.8% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.79 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2181 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 31% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 11.4 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Paris Mark (2015), Williams Julius (2015), Connelly Jack (2016), O’Reilly Tim (2016), Schorle John (2018), Cooney Joshua (2020), Setcavage Rebecca (2020), Mossow Elizabeth (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 834 |
| % in Top 10 Holdings: | 8.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.7% |
| Foreign Bond: | 4.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | October 19, 1993 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.53% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Invesco Intermediate Term Muni Inc A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
