Fund Evaluator:
Invesco Municipal Income Investor (VMINX)
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Best Performing in Muni National Long Over the Last Year
| 7.5% | Victory Tax Exempt Long-Term (USTEX) |
| 7.3% | Vanguard High-Yield Tax-Exempt Adm (VWALX) |
| 7.2% | Vanguard High-Yield Tax-Exempt (VWAHX) |
| 7.1% | Thrivent Municipal Bond S (TMBIX) |
| 7.0% | T. Rowe Price Core Municipal Bond (PRTAX) |
Fund Details
Invesco Municipal Income Investor Overview
Invesco Municipal Income Investor (VMINX) is an actively managed Municipal Bond Muni National Long fund. Invesco launched the fund in 2013.
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. It may invest up to 20% of its net assets in municipal securities below investment grade. The fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax.
About Invesco Municipal Income Investor (VMINX)
There are 7 members of the management team with an average tenure of 9.11 years: Mark Paris (2015), Julius Williams (2015), Elizabeth Mossow (2020), Tim O’Reilly (2016), John Schorle (2018), Joshua Cooney (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 5+ Y Investment Grade TR USD index with a weighting of 100%. Invesco Municipal Income Investor has 561 securities in its portfolio. The top 10 holdings constitute 7.2% 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 Municipal Income Investor is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Municipal Income Investor has 1.5% 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 97.9% (96.4% domestic bond, 1.5% foreign bond and 0.0% convertible bond). Invesco Municipal Income Investor has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $57 million in total assets, which is below the $1 billion average for the Muni National Long 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.
VMINX 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 Municipal Income Investor expense ratio is high compared to funds in the Muni National Long category. Invesco Municipal Income Investor has an expense ratio of 1.00%, which is 28% 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 Municipal Income Investor has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.
Recently, in the month of July 2026, Invesco Municipal Income Investor returned -1.8%, which earned it a grade of C, as the Muni National Long category had an average return of -1.9%. 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 Municipal Income Investor has a trailing yield of 4.27%, which is above the 3.72% category average. The fund normally distributes its income monthly.
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 Municipal Income Investor Grades
Year to date, the fund has returned 1.4%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 7.0% over the past year (grade of B), 3.1% over the past three years (grade of D) and -0.1% per year over the past five years (grade of D) and 1.8% per year over the past 10 years (grade of C).
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VMINX 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 |
|
| VMINX Return (NAV) | -1.8% | -0.1% | 7.0% | 3.1% | -0.1% | 1.8% |
| VMINX Grade | C | B | B | D | D | C |
| +/- Category | 0.0% | 0.2% | 0.7% | -0.2% | -0.1% | 0.1% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| VMINX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
VMINX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VMINX Return (NAV) | 1.4% | 1.8% | 2.8% | 7.3% | -12.4% | 3.6% | 4.8% | 8.5% | 0.3% | 6.4% | 0.2% |
| VMINX Grade | A | F | B | B | D | A | C | B | D | B | C |
| +/- Category | 0.6% | -1.2% | 0.3% | 0.4% | -0.8% | 0.8% | 0.1% | 0.4% | -0.4% | 0.6% | -0.0% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.9% |
| Total Risk Index: | 0.56 - Below Average |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (79% Rank) |
| Beta: | 1.17 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2610 Mil |
| Fund Total Assets: | $ 58 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 11.4 years | |||
| Average Tenure: 9.1 years | |||
| Managers (Year): Paris Mark (2015), Williams Julius (2015), O’Reilly Tim (2016), Connelly Jack (2016), Schorle John (2018), Cooney Joshua (2020), Mossow Elizabeth (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 561 |
| % in Top 10 Holdings: | 7.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.4% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | July 15, 2013 |
| 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: | 0.14% |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Invesco Municipal Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
