ISHCX — Invesco Short Duration High Yield Municipal Fund
Data updated: 2026-07-30
ISHCX — Invesco Short Duration High Yield Municipal Fund. Long Corporate Bond · $1.53B AUM · 1.60% expense ratio. Holdings, fees, performance and SEC filings.
ISHCX Fund Overview
ISHCX — Invesco Short Duration High Yield Municipal Fund is a US mutual fund managed by Aim Counselor Series Trust (invesco Counselor Series Trust), categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Aim Counselor Series Trust (invesco Counselor Series Trust)
- Category: Long Corporate Bond
- Assets under management: $1.53B
- 1-year return: 5.5%
- Ticker: ISHCX
- SEC CIK: 0001112996
- SEC series ID: S000051015
- Share class ID: C000160736
ISHCX Investment Objective and Strategy
Invesco Short Duration High Yield Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Counselor Series Trust (invesco Counselor Series Trust).
Investment objective
The Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.
Principal investment strategy
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 Funds direct investments that are counted toward the 80% investment requirement. Municipal securities include debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax, at the time of issuance, in the opinion of bond counsel of the issuer or other counsel to the issuers of such securities. The principal types of municipal debt securities purchased by the Fund are revenue obligations and general obligations.
To meet its investment objective, the Fund invests in different types of general obligation and revenue obligation securities, including fixed and variable rate securities, municipal notes, variable rate demand notes, municipal leases, custodial receipts, and participation certificates. The Fund may invest in these and other types of municipal securities. Under normal market conditions, the Fund invests primarily in municipal securities classified as revenue bonds. Invesco Advisers, Inc. (Invesco or the Adviser) generally seeks to achieve the Funds investment objective by investing at least 75% of its net assets in higher yielding municipal securities, specifically medium- and lower-grade municipal securities. Investment grade securities are: (i) securities rated BBB- or higher by Standard & Poors Ratings Services (S&P) or Baa3 or higher by Moodys Investors Service, Inc.
(Moodys) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Adviser to be of comparable quality, each at the time of purchase. Medium- and lower-grade municipal securities are securities rated by S&P or Fitch, Inc. (Fitch) as BBB+ through D (inclusive) for bonds or SP-2 or lower for notes; by Moodys as Baa1 through D (inclusive) for bonds or MIG3 or VMIG3 or lower for notes; or unrated municipal securities determined by the Adviser to be of comparable quality, each at the time of purchase. Medium- and lower-grade securities are, therefore, inclusive of some securities rated investment grade. Securities rated below investment grade are commonly referred to as junk bonds.
At times, the market conditions in the municipal securities markets may be such that the Adviser may invest in higher-grade issues, particularly when the difference in returns between quality classifications is very narrow or when the Adviser expects interest rates to increase. Higher-grade securities are securities that are rated higher than medium- or lower-grade securities by Moodys, S&P, or Fitch, or considered by the Adviser to be of comparable quality, including municipal securities rated A-, SP-1 or higher by S&P or rated A3, MIG2, VMIG2 or higher by Moodys and in tax-exempt commercial paper rated A-3 or higher by S&P or rated P-3 or higher by Moodys or in unrated securities determined by the Adviser to be of comparable quality. The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment.
The Fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry. The Fund has no policy limiting its investments in municipal securities whose issuers are located in the same state. However, it is not the present intention of the Fund to invest more than 25% of the value of its net assets in issuers located in the same state. The Fund may from time to time invest temporarily up to 20% of its net assets in taxable securities of at least comparable quality to the municipal securities in which the Fund invests. Under normal market conditions, the Fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax. From time to time, the Fund temporarily may invest up to 10% of its net assets in tax exempt money market funds and such instruments will be treated as investments in municipal securities.
The Fund will not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Funds investments may include securities that do not produce immediate cash income, such as zero coupon securities and pay-in-kind securities. The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that a Fund buys or sells a security with payment and delivery taking place in the future. The Fund can invest in inverse floating rate municipal obligations issued in connection with tender option bond programs to generate leverage.
The Fund can invest in derivative instruments, including futures contracts and swap contracts. The Fund can use futures contracts, including treasury futures, to gain or reduce exposure to certain asset classes and to manage duration. The Fund can use swap contracts, including interest rate swaps, to hedge its exposure to interest rates. The Adviser buys and sells securities for the Funds portfolio with a view towards seeking a high level of interest income exempt from federal income tax and selects securities that the Adviser believes entail reasonable credit risk considered in relation to the investment policies of the Fund. As a result, the Fund will not necessarily invest in the highest yielding municipal securities permitted by its investment policies if the Adviser determines that market risks or credit risks associated with such investments would subject the Funds portfolio to undue risk.
The Fund will attempt to maintain a dollar-weighted average portfolio duration equal to or less than five years. Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Funds macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Funds exposure to a particular security or issuer, degradation of an issuers credit quality, or general liquidity needs of the Fund. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.
ISHCX Holdings
Top 10 holdings of Invesco Short Duration High Yield Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds) | 1.06% |
| District of Columbia Tobacco Settlement Financing Corp. | 0.95% |
| Indiana Finance Authority | 0.92% |
| New York (City of), NY Municipal Water Finance Authority | 0.71% |
| State of Connecticut Special Tax Revenue | 0.71% |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center) | 0.69% |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment) | 0.69% |
| PEFA, Inc. | 0.66% |
| Broward (County of), FL | 0.66% |
| Public Finance Authority | 0.62% |
ISHCX Portfolio Allocation
Asset-class allocation of Invesco Short Duration High Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.7% |
| Equity | 0.1% |
ISHCX Performance
Total returns for ISHCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.9% |
| 1 year | 5.5% |
| 3 years (annualised) | 4.0% |
| 5 years (annualised) | 0.8% |
ISHCX Risk Information
Risk metrics for ISHCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.8%
ISHCX Costs and Fees
ISHCX costs about $160 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.60%
- Gross expense ratio: 1.60%
- Portfolio turnover: 29%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
ISHCX Cashflows
Over the 12 months to 2026-05, Invesco Short Duration High Yield Municipal Fund had net inflows of $237.24M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $21.02M |
| 2026-04 | $17.09M |
| 2026-03 | $18.44M |
| 2026-02 | −$2.46M |
| 2026-01 | −$32.35M |
| 2025-12 | $97.80M |
ISHCX Debt Constituents
Largest debt holdings of Invesco Short Duration High Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds) | 1.06% |
| District of Columbia Tobacco Settlement Financing Corp. | 0.95% |
| Indiana Finance Authority | 0.92% |
| New York (City of), NY Municipal Water Finance Authority | 0.71% |
| State of Connecticut Special Tax Revenue | 0.71% |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center) | 0.69% |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment) | 0.69% |
| PEFA, Inc. | 0.66% |
| Broward (County of), FL | 0.66% |
| Public Finance Authority | 0.62% |
ISHCX Prospectus and SEC Filings
Official Invesco Short Duration High Yield Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-12-18
- Prospectus (485BPOS) — filed 2024-12-19
- Prospectus (485BPOS) — filed 2023-12-14
- Portfolio holdings (N-PORT) — filed 2026-07-30
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Portfolio holdings (N-PORT) — filed 2026-01-29
- Annual census (N-CEN) — filed 2025-11-14
- Annual census (N-CEN) — filed 2024-11-14
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.