Summary

• Invesco High Yield Municipal Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the Custom Invesco High Yield Municipal Index.
• Overall, we have a constructive outlook on duration and are maintaining the fund's duration exposure, which we believe is opportunistic, following the steepening of the municipal yield curve in 2025.
• We maintain a positive outlook on fundamentals in the municipal market, as credit rating upgrades have continued to outpace downgrades.

Key takeaways

1 Fund performance

Invesco High Yield Municipal Fund Class A shares (ACTHX) at net asset value (NAV) underperformed its style-specific index, the Custom Invesco High Yield Municipal Index.

2 Seeking attractive opportunities through