Invesco Municipal Trust Business Summary

Invesco Municipal Trust (VKQ) is a diversified, closed-end management investment company that generates revenue primarily through interest income derived from a leveraged portfolio of municipal obligations. The Trust’s business model centers on providing common shareholders with high current income exempt from federal income tax by investing at least 80% of its total assets in investment-grade municipal securities, including general obligation and revenue bonds issued by U.S. states, counties, and territories. To enhance yield, VKQ employs financial leverage—typically through the issuance of Variable Rate Muni Term Preferred Shares—to capitalize on the spread between short-term borrowing costs and long-term municipal bond yields. Within the competitive landscape of municipal closed-end funds, VKQ competes directly with the Nuveen Quality Municipal Income Fund (NAD), BlackRock Municipal Income Trust (BFK), and Eaton Vance Municipal Bond Fund (EIM), positioning itself as a high-conviction vehicle that utilizes Invesco’s proprietary fundamental credit research to optimize risk-adjusted tax-free returns. The Trust is managed by Invesco Advisers, Inc., under the broader executive leadership of Invesco Ltd. CEO Andrew Schlossberg, who has led the firm since 2023 following his tenure as Head of the Americas. Colin D. Meadows serves as the Trust’s President and Principal Executive Officer, while the day-to-day investment strategy is spearheaded by a specialized municipal team led by Mark Paris, Managing Director and Head of Municipal Strategies. This portfolio management team includes senior members such as Julius Williams, Tim O'Reilly, and John Schorle, who collectively oversee a diversified portfolio of over 500 holdings. The Trust is governed by a Board of Trustees and benefits from the institutional scale of Invesco Ltd., one of the world’s largest independent investment managers, with oversight from Chairperson G. Richard Wagoner Jr.