In plain terms — Invesco Municipal Trust
Shares currently cost about 1.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.1% discount, so today's level is not high for this fund (Z-score +0.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.5% a year of the share price (8.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.02 of assets — a ReinvestCapture™ rate of 8.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.7% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -1.22% | 1.63% | -0.61 | 55 |
| 6 months | -1.84% | 1.54% | -0.25 | 108 |
| 1 year | -3.06% | 1.88% | +0.44 | 206 |
| 3 years | -7.63% | — | — | — |
| 5 years | -8.39% | — | — | — |
Current contemporaneous premium/discount -2.23% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.04% to +0.72%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -8.11% | -13.73% | -10.78% | -11.96% | +0.63% | -8.22% |
| Market price total return | -6.77% | -11.32% | -4.08% | -3.50% | +8.38% | -2.09% |
| NAV return | -3.65% | -10.47% | -11.35% | -12.56% | -3.55% | -7.85% |
| NAV total return | -3.65% | -9.29% | -6.18% | -5.74% | +2.91% | -2.43% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco Municipal Trust functions as a closed-end mutual fund, focusing its investments on fixed income. It was initiated by Invesco Ltd. A group of Invesco entities collectively manages the fund, including Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. The fund primarily allocates capital to high-grade municipal securities, such as municipal bonds, notes, commercial paper, and lease obligations. Its portfolio is built using a strategy of fundamental analysis combined with bottom-up security selection. Formerly, it was recognized as Invesco Van Kampen Municipal Trust. This trust was founded on September 27, 1991, and is legally based in the United States.
CEF Explorer research page for Invesco Municipal Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.