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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Invesco Trust for Investment Grade New York Municipals | NYSE:VTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.71 | 10.76 | 10.68 | 10.68 | 21,089 | 21:00:05 |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
| ||
Semiannual Report to Shareholders | August 31, 2023 | |
Invesco Trust for Investment Grade New York Municipals | ||
NYSE: VTN |
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Performance summary |
| |||
Cumulative total returns, 2/28/23 to 8/31/23 |
| |||
Trust at NAV |
1.37 | % | ||
Trust at Market Value |
-0.74 | |||
S&P Municipal Bond Index▼ (Broad Market Index) |
1.22 | |||
S&P Municipal Bond New York 5+ Year Investment Grade Index▼ (Style-Specific Index) |
1.40 | |||
Lipper Closed-End New York Municipal Debt Funds Index∎ (Peer Group Index) |
0.72 | |||
Market Price Discount to NAV as of 8/31/23 |
-15.27 | |||
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. |
| |||
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. The S&P Municipal Bond New York 5+ Year Investment Grade Index seeks to measure the performance of investment-grade, New York-issued US municipals with maturities equal to or greater than five years. The Lipper Closed-End New York Municipal Debt Funds Index is an unmanaged index considered representative of closed-end New York municipal debt funds tracked by Lipper. These Funds limit assets to those securities that are exempt from taxation in New York (double tax-exempt) or a city in New York (triple tax-exempt). The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
|
∎ | Mark Paris |
∎ | Michael Camarella |
∎ | Jack Connelly |
∎ | Scott Cottier |
∎ | Mark DeMitry |
∎ | Tim O’Reilly |
∎ | John Schorle |
∎ | Julius Williams |
2 | Invesco Trust for Investment Grade New York Municipals |
1. | Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of |
the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. |
2. | Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares. |
1. | If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay. |
2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
3 | Invesco Trust for Investment Grade New York Municipals |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Municipal Obligations–158.41%(a) |
||||||||||||||
New York–155.00% |
||||||||||||||
Albany Capital Resource Corp. (College of Siant Rose (The)); Series 2021, Ref. RB |
4.00% | 07/01/2051 | $ | 605 | $ | 332,333 | ||||||||
|
||||||||||||||
Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB |
5.00% | 12/01/2042 | 325 | 314,829 | ||||||||||
|
||||||||||||||
Amherst Development Corp. (Daemen College); Series 2018, Ref. RB |
5.00% | 10/01/2048 | 980 | 923,910 | ||||||||||
|
||||||||||||||
Brookhaven Local Development Corp. (Jefferson’s Ferry); |
||||||||||||||
Series 2016, Ref. RB |
5.25% | 11/01/2036 | 1,010 | 1,018,976 | ||||||||||
|
||||||||||||||
Series 2020 B, RB |
4.00% | 11/01/2055 | 350 | 269,043 | ||||||||||
|
||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB(b) |
0.00% | 07/15/2034 | 8,315 | 5,052,396 | ||||||||||
|
||||||||||||||
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB |
4.00% | 07/01/2031 | 250 | 229,393 | ||||||||||
|
||||||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB |
5.00% | 11/15/2037 | 2,465 | 2,464,819 | ||||||||||
|
||||||||||||||
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); |
||||||||||||||
Series 2017 A, RB |
5.00% | 08/01/2037 | 500 | 476,830 | ||||||||||
|
||||||||||||||
Series 2017 A, RB |
5.00% | 08/01/2047 | 1,500 | 1,352,926 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (Children’s Aid Society (The)); |
||||||||||||||
Series 2019, RB |
4.00% | 07/01/2044 | 45 | 41,185 | ||||||||||
|
||||||||||||||
Series 2019, RB |
4.00% | 07/01/2049 | 1,300 | 1,163,731 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (Grand Concourse Academy Charter School); Series 2022 A, RB |
5.00% | 07/01/2056 | 100 | 93,722 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds); Series 2023, RB |
5.25% | 07/01/2062 | 1,000 | 999,859 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(c)(d) |
5.00% | 01/01/2035 | 2,700 | 2,728,728 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (The Children’s Aid Society); Series 2015, RB |
5.00% | 07/01/2045 | 2,840 | 2,740,977 | ||||||||||
|
||||||||||||||
Build NYC Resource Corp. (Whin Music Community Charter School); Series 2022, RB(c) |
6.50% | 07/01/2057 | 1,355 | 1,287,585 | ||||||||||
|
||||||||||||||
Dutchess County Local Development Corp. (Bard College); Series 2020 A, Ref. RB |
5.00% | 07/01/2051 | 1,000 | 1,000,478 | ||||||||||
|
||||||||||||||
Dutchess County Local Development Corp. (Marist College); Series 2022, RB |
4.00% | 07/01/2049 | 600 | 535,677 | ||||||||||
|
||||||||||||||
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB |
4.00% | 07/01/2049 | 2,375 | 1,982,195 | ||||||||||
|
||||||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB |
5.00% | 06/01/2045 | 3,225 | 2,987,010 | ||||||||||
|
||||||||||||||
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); Series 2022 A, Ref. RB |
5.25% | 12/01/2052 | 725 | 736,742 | ||||||||||
|
||||||||||||||
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS - AGM)(e) |
4.00% | 02/15/2047 | 1,425 | 1,322,503 | ||||||||||
|
||||||||||||||
Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB |
4.00% | 11/01/2047 | 1,245 | 833,012 | ||||||||||
|
||||||||||||||
Long Island (City of), NY Power Authority; |
||||||||||||||
Series 2016 B, Ref. RB |
5.00% | 09/01/2036 | 1,345 | 1,400,523 | ||||||||||
|
||||||||||||||
Series 2017, RB |
5.00% | 09/01/2047 | 1,000 | 1,031,423 | ||||||||||
|
||||||||||||||
Series 2021 A, Ref. RB |
3.00% | 09/01/2040 | 1,150 | 927,707 | ||||||||||
|
||||||||||||||
Long Island (City of), NY Power Authority (Green Bonds); |
||||||||||||||
Series 2023 E, RB |
5.00% | 09/01/2048 | 500 | 534,469 | ||||||||||
|
||||||||||||||
Series 2023 E, RB |
5.00% | 09/01/2053 | 1,000 | 1,063,843 | ||||||||||
|
||||||||||||||
Metropolitan Transportation Authority; |
||||||||||||||
Series 2013 E, RB(f)(g) |
5.00% | 11/15/2023 | 2,750 | 2,759,003 | ||||||||||
|
||||||||||||||
Series 2017 D, Ref. RB |
4.00% | 11/15/2042 | 2,950 | 2,741,888 | ||||||||||
|
||||||||||||||
Metropolitan Transportation Authority (Green Bonds); |
||||||||||||||
Series 2017 A-1, RB |
5.25% | 11/15/2057 | 3,975 | 4,021,197 | ||||||||||
|
||||||||||||||
Series 2017 B-1, RB |
5.25% | 11/15/2057 | 2,065 | 2,158,880 | ||||||||||
|
||||||||||||||
Series 2017 C-2, Ref. RB(b) |
0.00% | 11/15/2040 | 8,250 | 3,501,095 | ||||||||||
|
||||||||||||||
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB |
4.00% | 12/01/2046 | 300 | 249,868 | ||||||||||
|
||||||||||||||
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB |
5.50% | 06/01/2034 | 1,000 | 1,013,363 | ||||||||||
|
||||||||||||||
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB |
4.00% | 07/01/2050 | 3,730 | 3,452,408 | ||||||||||
|
||||||||||||||
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB |
5.00% | 11/15/2051 | 11,095 | 11,113,205 | ||||||||||
|
||||||||||||||
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); |
||||||||||||||
Series 2021, RB (Acquired 12/14/2007-02/28/2018; Cost $1,419,798)(h) |
5.00% | 01/01/2058 | 1,219 | 364,835 | ||||||||||
|
||||||||||||||
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $600,000)(c)(h)(i) |
9.00% | 01/01/2041 | 600 | 570,000 | ||||||||||
|
||||||||||||||
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB |
5.00% | 07/01/2033 | 1,000 | 1,007,085 | ||||||||||
|
||||||||||||||
Nassau County Tobacco Settlement Corp.; Series 2006 A-3, RB |
5.00% | 06/01/2035 | 1,250 | 1,150,594 | ||||||||||
|
4 | Invesco Trust for Investment Grade New York Municipals |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
New York & New Jersey (States of) Port Authority; |
||||||||||||||
Series 2021, Ref. RB(d) |
4.00% | 07/15/2051 | $ | 360 | $ | 325,798 | ||||||||
|
||||||||||||||
Series 2021, Ref. RB(d) |
5.00% | 07/15/2056 | 490 | 505,050 | ||||||||||
|
||||||||||||||
Two Hundred Thirty One Series 2022, Ref. RB(d) |
5.50% | 08/01/2042 | 7,770 | 8,537,995 | ||||||||||
|
||||||||||||||
Two Hundredth Series 2017, Ref. RB |
5.25% | 10/15/2057 | 6,880 | 7,109,993 | ||||||||||
|
||||||||||||||
New York (City of), NY; |
||||||||||||||
Series 2018 E-1, GO Bonds |
5.25% | 03/01/2035 | 1,000 | 1,080,967 | ||||||||||
|
||||||||||||||
Series 2020 D-1, GO Bonds |
5.00% | 03/01/2038 | 600 | 641,949 | ||||||||||
|
||||||||||||||
Series 2020 D-1, GO Bonds |
4.00% | 03/01/2050 | 10,000 | 9,435,305 | ||||||||||
|
||||||||||||||
Series 2021 A-1, GO Bonds |
4.00% | 08/01/2050 | 500 | 471,516 | ||||||||||
|
||||||||||||||
Series 2024 A, GO Bonds |
5.00% | 08/01/2051 | 1,050 | 1,111,736 | ||||||||||
|
||||||||||||||
Subseries 2019 A-1, GO Bonds |
5.00% | 08/01/2045 | 2,120 | 2,203,810 | ||||||||||
|
||||||||||||||
Subseries 2019 D-1, GO Bonds |
5.00% | 12/01/2037 | 2,000 | 2,117,167 | ||||||||||
|
||||||||||||||
Subseries 2022 D-1, RB(j) |
5.25% | 05/01/2043 | 1,700 | 1,855,985 | ||||||||||
|
||||||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium); |
||||||||||||||
Series 2020, Ref. RB |
4.00% | 03/01/2045 | 500 | 451,134 | ||||||||||
|
||||||||||||||
Series 2020, Ref. RB (INS - AGM)(e) |
4.00% | 03/01/2045 | 200 | 186,860 | ||||||||||
|
||||||||||||||
Series 2020, Ref. RB (INS - AGM)(e) |
4.00% | 03/01/2045 | 4,240 | 3,961,423 | ||||||||||
|
||||||||||||||
New York (City of), NY Municipal Water Finance Authority; |
||||||||||||||
Series 2017 DD, RB |
5.25% | 06/15/2047 | 3,600 | 3,759,145 | ||||||||||
|
||||||||||||||
Series 2019 CC-1, RB |
4.00% | 06/15/2040 | 300 | 296,671 | ||||||||||
|
||||||||||||||
Series 2020 AA-2, RB |
4.00% | 06/15/2043 | 3,500 | 3,397,171 | ||||||||||
|
||||||||||||||
Series 2020, Ref. RB |
5.00% | 06/15/2050 | 500 | 524,139 | ||||||||||
|
||||||||||||||
Series 2021 CC-1, RB |
4.00% | 06/15/2051 | 9,000 | 8,490,837 | ||||||||||
|
||||||||||||||
New York (City of), NY Transitional Finance Authority; |
||||||||||||||
Series 2018 S-3, RB |
5.00% | 07/15/2043 | 2,115 | 2,201,292 | ||||||||||
|
||||||||||||||
Series 2018 S-3, RB |
5.25% | 07/15/2045 | 690 | 726,307 | ||||||||||
|
||||||||||||||
Series 2019 B-1, RB |
4.00% | 11/01/2042 | 2,575 | 2,512,799 | ||||||||||
|
||||||||||||||
Series 2019 B-1, RB |
4.00% | 11/01/2045 | 1,300 | 1,248,136 | ||||||||||
|
||||||||||||||
Series 2019 C, RB(j) |
4.00% | 11/01/2042 | 8,000 | 7,806,753 | ||||||||||
|
||||||||||||||
Series 2020 C-1, RB |
4.00% | 05/01/2036 | 100 | 101,273 | ||||||||||
|
||||||||||||||
Series 2020 C-1, RB |
4.00% | 05/01/2040 | 100 | 98,854 | ||||||||||
|
||||||||||||||
Series 2020 C-1, RB |
4.00% | 05/01/2045 | 1,065 | 1,023,892 | ||||||||||
|
||||||||||||||
Series 2020 D, RB |
4.00% | 11/01/2040 | 560 | 553,269 | ||||||||||
|
||||||||||||||
Series 2020, RB |
4.00% | 05/01/2044 | 1,475 | 1,425,133 | ||||||||||
|
||||||||||||||
Series 2020, RB |
4.00% | 05/01/2045 | 885 | 850,840 | ||||||||||
|
||||||||||||||
Series 2020, RB |
4.00% | 05/01/2046 | 2,000 | 1,913,424 | ||||||||||
|
||||||||||||||
Series 2022 F-1, RB |
5.00% | 02/01/2044 | 1,000 | 1,067,602 | ||||||||||
|
||||||||||||||
Series 2023 A, RB |
4.00% | 05/01/2045 | 2,000 | 1,923,707 | ||||||||||
|
||||||||||||||
Subseries 2021 S-1, Ref. RB |
4.00% | 07/15/2037 | 1,000 | 994,874 | ||||||||||
|
||||||||||||||
New York (City of), NY Trust for Cultural Resources (Carnegie Hall); |
||||||||||||||
Series 2019, Ref. RB |
5.00% | 12/01/2035 | 450 | 492,484 | ||||||||||
|
||||||||||||||
Series 2019, Ref. RB |
5.00% | 12/01/2037 | 275 | 296,384 | ||||||||||
|
||||||||||||||
Series 2019, Ref. RB |
5.00% | 12/01/2038 | 250 | 268,449 | ||||||||||
|
||||||||||||||
Series 2019, Ref. RB |
5.00% | 12/01/2039 | 375 | 401,055 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority; |
||||||||||||||
Series 2009 C, RB (INS - AGC)(e) |
5.00% | 10/01/2024 | 35 | 35,051 | ||||||||||
|
||||||||||||||
Series 2011, RB |
5.00% | 10/01/2025 | 20 | 20,018 | ||||||||||
|
||||||||||||||
Series 2013 A, RB |
5.00% | 05/01/2028 | 680 | 680,375 | ||||||||||
|
||||||||||||||
Series 2014 C, RB |
5.00% | 03/15/2041 | 6,000 | 6,033,718 | ||||||||||
|
||||||||||||||
Series 2015 A, Ref. RB(j) |
5.00% | 07/01/2048 | 10,000 | 10,169,763 | ||||||||||
|
||||||||||||||
Series 2018, RB(f)(g) |
5.00% | 07/01/2028 | 645 | 704,815 | ||||||||||
|
||||||||||||||
Series 2018, RB |
5.00% | 07/01/2048 | 855 | 881,523 | ||||||||||
|
||||||||||||||
Series 2022, RB(j) |
4.00% | 03/15/2049 | 6,500 | 6,113,971 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2019 A, Ref. RB |
4.00% | 07/01/2045 | 1,750 | 1,222,583 | ||||||||||
|
5 | Invesco Trust for Investment Grade New York Municipals |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
New York (State of) Dormitory Authority (City of New York); |
||||||||||||||
Series 2005 A, RB (INS - AMBAC)(e) |
5.50% | 05/15/2027 | $ | 700 | $ | 755,251 | ||||||||
|
||||||||||||||
Series 2005 A, RB (INS - AMBAC)(e) |
5.50% | 05/15/2030 | 1,750 | 1,994,986 | ||||||||||
|
||||||||||||||
Series 2005 A, RB (INS - AMBAC)(e) |
5.50% | 05/15/2031 | 445 | 514,396 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB |
5.00% | 10/01/2048 | 1,000 | 1,118,299 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS - NATL)(e) |
5.25% | 07/01/2028 | 2,065 | 2,117,541 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Fordham University); |
||||||||||||||
Series 2014, RB |
5.00% | 07/01/2044 | 1,000 | 1,005,834 | ||||||||||
|
||||||||||||||
Series 2021 A, Ref. RB |
3.00% | 07/01/2038 | 610 | 491,515 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref. RB |
5.00% | 07/01/2045 | 2,835 | 2,847,524 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB |
5.00% | 08/01/2030 | 2,000 | 1,997,686 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (New School (The)); Series 2022 A, Ref. RB |
4.00% | 07/01/2052 | 575 | 493,475 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (New York University); |
||||||||||||||
Series 2001-1, RB (INS - BHAC)(e) |
5.50% | 07/01/2031 | 1,115 | 1,246,835 | ||||||||||
|
||||||||||||||
Series 2001-1, RB (INS - AMBAC)(e) |
5.50% | 07/01/2031 | 2,500 | 2,795,594 | ||||||||||
|
||||||||||||||
Series 2021 A, Ref. RB |
3.00% | 07/01/2041 | 1,000 | 799,399 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Orange Regional Medical Center); |
||||||||||||||
Series 2015, Ref. RB(c) |
5.00% | 12/01/2045 | 1,075 | 986,347 | ||||||||||
|
||||||||||||||
Series 2017, Ref. RB(c) |
5.00% | 12/01/2036 | 900 | 878,377 | ||||||||||
|
||||||||||||||
Series 2017, Ref. RB(c) |
5.00% | 12/01/2037 | 1,500 | 1,441,306 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Pace University); |
||||||||||||||
Series 2013 A, RB |
5.00% | 05/01/2025 | 1,120 | 1,120,422 | ||||||||||
|
||||||||||||||
Series 2013 A, RB |
5.00% | 05/01/2029 | 1,270 | 1,270,691 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB |
4.00% | 07/01/2044 | 1,985 | 1,860,173 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Wagner College); Series 2022, Ref. RB |
5.00% | 07/01/2057 | 2,280 | 2,169,205 | ||||||||||
|
||||||||||||||
New York (State of) Dormitory Authority (Yeshiva University); Series 2022 A, Ref. RB |
5.00% | 07/15/2050 | 1,000 | 969,531 | ||||||||||
|
||||||||||||||
New York (State of) Mortgage Agency (Social Bonds); |
||||||||||||||
Series 2023 252, RB |
4.45% | 10/01/2043 | 75 | 73,934 | ||||||||||
|
||||||||||||||
Series 2023 252, RB |
4.55% | 10/01/2048 | 125 | 121,689 | ||||||||||
|
||||||||||||||
Series 2023 252, RB |
4.65% | 10/01/2053 | 150 | 144,118 | ||||||||||
|
||||||||||||||
New York (State of) Power Authority (Green Bonds); Series 2020 A, Ref. RB |
4.00% | 11/15/2060 | 3,300 | 3,064,742 | ||||||||||
|
||||||||||||||
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2022, RB (INS - AGM)(e) |
4.00% | 11/15/2061 | 5,000 | 4,562,325 | ||||||||||
|
||||||||||||||
New York (State of) Thruway Authority; |
||||||||||||||
Series 2014 J, RB |
5.00% | 01/01/2034 | 4,085 | 4,102,349 | ||||||||||
|
||||||||||||||
Series 2019 B, RB (INS - AGM)(e) |
4.00% | 01/01/2040 | 2,340 | 2,294,200 | ||||||||||
|
||||||||||||||
Series 2019 B, RB |
4.00% | 01/01/2050 | 2,000 | 1,831,604 | ||||||||||
|
||||||||||||||
Series 2020 N, RB |
5.00% | 01/01/2040 | 2,000 | 2,125,841 | ||||||||||
|
||||||||||||||
New York (State of) Utility Debt Securitization Authority (Green Bonds); |
||||||||||||||
Series 2022, Ref. RB |
5.00% | 12/15/2049 | 550 | 595,049 | ||||||||||
|
||||||||||||||
Series 2022, Ref. RB |
5.00% | 09/15/2052 | 250 | 269,856 | ||||||||||
|
||||||||||||||
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB |
4.80% | 02/01/2053 | 1,620 | 1,625,965 | ||||||||||
|
||||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured); |
||||||||||||||
Series 2016 B, RB(b) |
0.00% | 11/15/2044 | 1,730 | 560,058 | ||||||||||
|
||||||||||||||
Series 2016, RB(b) |
0.00% | 11/15/2056 | 5,000 | 799,294 | ||||||||||
|
||||||||||||||
New York Counties Tobacco Trust IV; Series 2010 A, RB(c) |
6.25% | 06/01/2041 | 870 | 870,007 | ||||||||||
|
||||||||||||||
New York Counties Tobacco Trust V; |
||||||||||||||
Series 2005 S-1, RB(b) |
0.00% | 06/01/2038 | 8,430 | 3,408,932 | ||||||||||
|
||||||||||||||
Series 2005 S-2, RB(b) |
0.00% | 06/01/2050 | 14,850 | 2,047,886 | ||||||||||
|
||||||||||||||
New York Liberty Development Corp. (3 World Trade Center); |
||||||||||||||
Series 2014, Class 1, Ref. RB(c) |
5.00% | 11/15/2044 | 4,895 | 4,684,952 | ||||||||||
|
||||||||||||||
Series 2014, Class 3, Ref. RB(c) |
7.25% | 11/15/2044 | 1,085 | 1,094,799 | ||||||||||
|
||||||||||||||
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2019, Ref. RB |
2.80% | 09/15/2069 | 2,785 | 2,491,132 | ||||||||||
|
||||||||||||||
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2007, RB |
5.50% | 10/01/2037 | 2,845 | 3,185,464 | ||||||||||
|
||||||||||||||
New York Liberty Development Corp. (Green Bonds); |
||||||||||||||
Series 2021 A, Ref. RB |
2.75% | 11/15/2041 | 925 | 709,774 | ||||||||||
|
||||||||||||||
Series 2021 A, Ref. RB |
2.88% | 11/15/2046 | 1,175 | 854,901 | ||||||||||
|
||||||||||||||
New York State Environmental Facilities Corp.; Series 2019 B, Ref. RB |
4.00% | 06/15/2049 | 2,405 | 2,291,928 | ||||||||||
|
6 | Invesco Trust for Investment Grade New York Municipals |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
New York State Urban Development Corp.; |
||||||||||||||
Series 2019 A, RB |
5.00% | 03/15/2042 | $ | 1,345 | $ | 1,413,200 | ||||||||
|
||||||||||||||
Series 2019 A, Ref. RB |
4.00% | 03/15/2042 | 4,950 | 4,803,651 | ||||||||||
|
||||||||||||||
New York State Urban Development Corp. (Bidding Group 3); |
||||||||||||||
Series 2021, Ref. RB |
4.00% | 03/15/2046 | 1,320 | 1,263,126 | ||||||||||
|
||||||||||||||
Series 2021, Ref. RB(j) |
4.00% | 03/15/2046 | 9,000 | 8,612,223 | ||||||||||
|
||||||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); |
||||||||||||||
Series 2016, Ref. RB(d) |
5.00% | 08/01/2026 | 1,485 | 1,488,280 | ||||||||||
|
||||||||||||||
Series 2016, Ref. RB(d) |
5.00% | 08/01/2031 | 800 | 801,993 | ||||||||||
|
||||||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment); Series 2018, RB(d) |
5.00% | 01/01/2036 | 5,455 | 5,562,187 | ||||||||||
|
||||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB(d)(j)(k) |
5.00% | 07/01/2046 | 7,000 | 6,977,804 | ||||||||||
|
||||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); |
||||||||||||||
Series 2020 A, Ref. RB(d) |
5.00% | 12/01/2031 | 200 | 213,263 | ||||||||||
|
||||||||||||||
Series 2020 C, Ref. RB |
5.00% | 12/01/2036 | 640 | 678,057 | ||||||||||
|
||||||||||||||
Series 2022, RB(d) |
5.00% | 12/01/2041 | 2,000 | 2,055,238 | ||||||||||
|
||||||||||||||
Niagara Area Development Corp. (Catholic Health System, Inc.); Series 2022, RB |
5.00% | 07/01/2052 | 450 | 334,239 | ||||||||||
|
||||||||||||||
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(c)(d) |
4.75% | 11/01/2042 | 1,820 | 1,591,046 | ||||||||||
|
||||||||||||||
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB(d) |
5.00% | 04/01/2028 | 1,000 | 1,003,762 | ||||||||||
|
||||||||||||||
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB |
5.25% | 05/15/2040 | 725 | 725,186 | ||||||||||
|
||||||||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS - AGM)(e) |
4.00% | 12/01/2049 | 2,000 | 1,710,655 | ||||||||||
|
||||||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); |
||||||||||||||
Series 2019, Ref. RB |
5.00% | 12/01/2045 | 1,410 | 1,496,480 | ||||||||||
|
||||||||||||||
Series 2019, Ref. RB |
4.00% | 12/01/2049 | 4,260 | 3,964,391 | ||||||||||
|
||||||||||||||
Rockland Tobacco Asset Securitization Corp.; |
||||||||||||||
Series 2001, RB |
5.75% | 08/15/2043 | 1,375 | 1,395,280 | ||||||||||
|
||||||||||||||
Series 2005 A, RB(b)(c) |
0.00% | 08/15/2045 | 8,065 | 2,263,295 | ||||||||||
|
||||||||||||||
Series 2005 C, RB(b)(c) |
0.00% | 08/15/2060 | 96,000 | 6,048,288 | ||||||||||
|
||||||||||||||
Suffolk County Economic Development Corp. (Catholic Health Services); Series 2014 C, RB |
5.00% | 07/01/2032 | 1,085 | 1,092,941 | ||||||||||
|
||||||||||||||
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); |
||||||||||||||
Series 2013 A, RB(i) |
5.00% | 07/01/2027 | 1,000 | 350,000 | ||||||||||
|
||||||||||||||
Series 2013 A, RB(i) |
5.00% | 07/01/2032 | 750 | 262,500 | ||||||||||
|
||||||||||||||
Series 2013 A, RB(i) |
5.00% | 07/01/2038 | 2,000 | 700,000 | ||||||||||
|
||||||||||||||
Triborough Bridge & Tunnel Authority; |
||||||||||||||
Series 2013 A, Ref. RB(b) |
0.00% | 11/15/2032 | 2,000 | 1,380,441 | ||||||||||
|
||||||||||||||
Series 2021 A-1, Ref. RB |
4.00% | 05/15/2046 | 815 | 781,460 | ||||||||||
|
||||||||||||||
Subseries 2021 B-1, Ref. RB |
4.00% | 05/15/2056 | 1,000 | 930,885 | ||||||||||
|
||||||||||||||
Triborough Bridge & Tunnel Authority (Green Bonds); Series 2022 D-2, RB |
5.25% | 05/15/2047 | 5,545 | 6,034,713 | ||||||||||
|
||||||||||||||
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds); Subseries 2022 D-2, RB |
5.50% | 05/15/2052 | 350 | 386,420 | ||||||||||
|
||||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |
||||||||||||||
Series 2020 A, RB |
5.00% | 11/15/2054 | 1,000 | 1,043,465 | ||||||||||
|
||||||||||||||
Series 2021 A, RB |
5.00% | 11/15/2056 | 1,120 | 1,170,054 | ||||||||||
|
||||||||||||||
Series 2021 C-1A, RB |
5.00% | 05/15/2051 | 2,255 | 2,377,966 | ||||||||||
|
||||||||||||||
Series 2022, RB(j) |
5.25% | 05/15/2062 | 8,000 | 8,558,865 | ||||||||||
|
||||||||||||||
Triborough Bridge & Tunnel Authority( MTA Brdiges & Tunnels); Series 2023 A, RB(j) |
4.25% | 05/15/2058 | 10,000 | 9,612,789 | ||||||||||
|
||||||||||||||
TSASC, Inc.; |
||||||||||||||
Series 2016 B, Ref. RB |
5.00% | 06/01/2045 | 2,070 | 1,929,563 | ||||||||||
|
||||||||||||||
Series 2017 A, Ref. RB |
5.00% | 06/01/2036 | 2,885 | 2,951,828 | ||||||||||
|
||||||||||||||
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(c)(d) |
7.00% | 06/01/2046 | 1,030 | 883,383 | ||||||||||
|
||||||||||||||
Westchester County Local Development Corp. (Betheal Methodist); |
||||||||||||||
Series 2020 A, Ref. RB |
5.00% | 07/01/2040 | 150 | 122,911 | ||||||||||
|
||||||||||||||
Series 2020 A, Ref. RB |
5.13% | 07/01/2055 | 520 | 393,618 | ||||||||||
|
||||||||||||||
Westchester County Local Development Corp. (Kendal on Hudson); Series 2022, Ref. RB |
4.25% | 01/01/2045 | 420 | 352,211 | ||||||||||
|
||||||||||||||
Westchester County Local Development Corp. (Purchase Senior Learning Community Inc.); Series 2021, Ref. RB(c) |
4.50% | 07/01/2056 | 600 | 418,432 | ||||||||||
|
||||||||||||||
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB |
5.13% | 06/01/2051 | 2,705 | 2,727,193 | ||||||||||
|
7 | Invesco Trust for Investment Grade New York Municipals |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB(c) |
4.13% | 12/01/2041 | $ | 275 | $ | 204,352 | ||||||||
|
||||||||||||||
349,936,060 | ||||||||||||||
|
||||||||||||||
Puerto Rico–2.02% |
||||||||||||||
Children’s Trust Fund; |
||||||||||||||
Series 2002, RB |
5.50% | 05/15/2039 | 720 | 720,084 | ||||||||||
|
||||||||||||||
Series 2002, RB |
5.63% | 05/15/2043 | 145 | 145,728 | ||||||||||
|
||||||||||||||
Series 2005 A, RB(b) |
0.00% | 05/15/2050 | 2,000 | 362,618 | ||||||||||
|
||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS - NATL)(e) |
5.25% | 07/01/2030 | 500 | 492,586 | ||||||||||
|
||||||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||
Series 2018 A-1, RB(b) |
0.00% | 07/01/2029 | 565 | 442,041 | ||||||||||
|
||||||||||||||
Series 2018 A-1, RB(b) |
0.00% | 07/01/2031 | 650 | 464,657 | ||||||||||
|
||||||||||||||
Series 2018 A-1, RB |
5.00% | 07/01/2058 | 2,000 | 1,940,811 | ||||||||||
|
||||||||||||||
4,568,525 | ||||||||||||||
|
||||||||||||||
Guam–1.09% |
||||||||||||||
Guam (Territory of) International Airport Authority; |
||||||||||||||
Series 2013 C, RB(d)(f)(g) |
6.00% | 10/01/2023 | 680 | 681,066 | ||||||||||
|
||||||||||||||
Series 2013 C, RB(d)(f)(g) |
6.00% | 10/01/2023 | 270 | 270,423 | ||||||||||
|
||||||||||||||
Series 2013 C, RB(d)(f)(g) |
6.25% | 10/01/2023 | 595 | 596,039 | ||||||||||
|
||||||||||||||
Series 2013 C, RB(d)(f)(g) |
6.25% | 10/01/2023 | 905 | 906,580 | ||||||||||
|
||||||||||||||
2,454,108 | ||||||||||||||
|
||||||||||||||
Virgin Islands–0.30% |
||||||||||||||
Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB |
5.00% | 09/01/2044 | 785 | 687,490 | ||||||||||
|
||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(l)–158.41% (Cost $373,717,911) |
357,646,183 | |||||||||||||
|
||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(18.58)% |
||||||||||||||
Notes with interest and fee rates ranging from 4.61% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 11/01/2042 to 05/15/2062 (See Note 1J)(m) |
(41,955,000 | ) | ||||||||||||
|
||||||||||||||
VARIABLE RATE TERM PREFERRED SHARES–(40.03)% |
(90,384,939 | ) | ||||||||||||
|
||||||||||||||
OTHER ASSETS LESS LIABILITIES–0.20% |
464,614 | |||||||||||||
|
||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% |
$ | 225,770,858 | ||||||||||||
|
AGC | – Assured Guaranty Corp. | |
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
GO | – General Obligation | |
INS | – Insurer | |
NATL | – National Public Finance Guarantee Corp. | |
RB | – Revenue Bonds | |
Ref. | – Refunding |
8 | Invesco Trust for Investment Grade New York Municipals |
(a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
(b) | Zero coupon bond issued at a discount. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $25,950,897, which represented 11.49% of the Trust’s Net Assets. |
(d) | Security subject to the alternative minimum tax. |
(e) | Principal and/or interest payments are secured by the bond insurance company listed. |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(g) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(h) | Restricted security. The aggregate value of these securities at August 31, 2023 was $934,835, which represented less than 1% of the Trust’s Net Assets. |
(i) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2023 was $1,882,500, which represented less than 1% of the Trust’s Net Assets. |
(j) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(k) | Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $4,670,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(m) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Trust’s investments with a value of $59,708,153 are held by TOB Trusts and serve as collateral for the $41,955,000 in the floating rate note obligations outstanding at that date. |
Revenue Bonds |
93.06% | |||
|
||||
General Obligation Bonds |
5.29 | |||
|
||||
Pre-Refunded Bonds |
1.65 | |||
|
9 | Invesco Trust for Investment Grade New York Municipals |
Assets: |
||||
Investments in unaffiliated securities, at value (Cost $373,717,911) |
$ | 357,646,183 | ||
|
||||
Receivable for: |
||||
Interest |
3,799,498 | |||
|
||||
Investment for trustee deferred compensation and retirement plans |
8,972 | |||
|
||||
Total assets |
361,454,653 | |||
|
||||
Liabilities: |
||||
Floating rate note obligations |
41,955,000 | |||
|
||||
Variable rate muni term preferred shares ($0.01 par value, 904 shares issued with liquidation preference of $100,000 per share) |
90,384,939 | |||
|
||||
Payable for: |
||||
Dividends |
23,125 | |||
|
||||
Amount due custodian |
2,841,414 | |||
|
||||
Accrued fees to affiliates |
19,671 | |||
|
||||
Accrued interest expense |
338,171 | |||
|
||||
Accrued trustees’ and officers’ fees and benefits |
1,220 | |||
|
||||
Accrued other operating expenses |
109,775 | |||
|
||||
Trustee deferred compensation and retirement plans |
10,480 | |||
|
||||
Total liabilities |
135,683,795 | |||
|
||||
Net assets applicable to common shares |
$ | 225,770,858 | ||
|
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest – common shares |
$ | 263,616,712 | ||
|
||||
Distributable earnings (loss) |
(37,845,854 | ) | ||
|
||||
$ | 225,770,858 | |||
|
||||
Common shares outstanding, no par value, with an unlimited number of common shares authorized: |
||||
Common shares outstanding |
19,477,753 | |||
|
||||
Net asset value per common share |
$ | 11.59 | ||
|
||||
Market value per common share |
$ | 9.82 | ||
|
10 | Invesco Trust for Investment Grade New York Municipals |
Investment income: |
||||
Interest |
$ | 7,577,752 | ||
|
||||
Expenses: |
||||
Advisory fees |
999,188 | |||
|
||||
Administrative services fees |
17,134 | |||
|
||||
Custodian fees |
2,828 | |||
|
||||
Interest, facilities and maintenance fees |
2,723,864 | |||
|
||||
Transfer agent fees |
10,722 | |||
|
||||
Trustees’ and officers’ fees and benefits |
9,219 | |||
|
||||
Registration and filing fees |
10,712 | |||
|
||||
Reports to shareholders |
8,217 | |||
|
||||
Professional services fees |
48,545 | |||
|
||||
Other |
1,718 | |||
|
||||
Total expenses |
3,832,147 | |||
|
||||
Net investment income |
3,745,605 | |||
|
||||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from unaffiliated investment securities |
(2,168,855 | ) | ||
|
||||
Change in net unrealized appreciation of unaffiliated investment securities |
923,085 | |||
|
||||
Net realized and unrealized gain (loss) |
(1,245,770 | ) | ||
|
||||
Net increase in net assets resulting from operations applicable to common shares |
$ | 2,499,835 | ||
|
11 | Invesco Trust for Investment Grade New York Municipals |
August 31, | February 28, | |||||||
2023 | 2023 | |||||||
|
||||||||
Operations: |
||||||||
Net investment income |
$ 3,745,605 | $ 8,847,366 | ||||||
|
||||||||
Net realized gain (loss) |
(2,168,855 | ) | (8,464,622 | ) | ||||
|
||||||||
Change in net unrealized appreciation (depreciation) |
923,085 | (29,937,514 | ) | |||||
|
||||||||
Net increase (decrease) in net assets resulting from operations applicable to common shares |
2,499,835 | (29,554,770 | ) | |||||
|
||||||||
Distributions to common shareholders from distributable earnings |
(3,905,290 | ) | (8,919,120 | ) | ||||
|
||||||||
Return of capital applicable to common shares |
– | (642,509 | ) | |||||
|
||||||||
Total distributions |
(3,905,290 | ) | (9,561,629 | ) | ||||
|
||||||||
Net increase (decrease) in net assets applicable to common shares |
(1,405,455 | ) | (39,116,399 | ) | ||||
|
||||||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
227,176,313 | 266,292,712 | ||||||
|
||||||||
End of period |
$225,770,858 | $227,176,313 | ||||||
|
12 | Invesco Trust for Investment Grade New York Municipals |
Cash provided by operating activities: |
||||
Net increase in net assets resulting from operations applicable to common shares |
$ | 2,499,835 | ||
|
||||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: |
||||
Purchases of investments |
(38,582,658 | ) | ||
|
||||
Proceeds from sales of investments |
41,359,828 | |||
|
||||
Purchases of short-term investments, net |
(6,900,000 | ) | ||
|
||||
Amortization of premium on investment securities |
1,025,597 | |||
|
||||
Accretion of discount on investment securities |
(802,653 | ) | ||
|
||||
Net realized loss from investment securities |
2,168,855 | |||
|
||||
Net change in unrealized appreciation on investment securities |
(923,085 | ) | ||
|
||||
Change in operating assets and liabilities: |
||||
|
||||
Decrease in receivables and other assets |
28,512 | |||
|
||||
Decrease in accrued expenses and other payables |
(20,057 | ) | ||
|
||||
Net cash provided by (used in) operating activities |
(145,826 | ) | ||
|
||||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from distributable earnings |
(3,907,311 | ) | ||
|
||||
Increase in payable for amount due custodian |
2,841,414 | |||
|
||||
Proceeds of TOB Trusts |
16,175,000 | |||
|
||||
Repayments of TOB Trusts |
(16,395,000 | ) | ||
|
||||
Net cash provided by (used in) financing activities |
(1,285,897 | ) | ||
|
||||
Net decrease in cash and cash equivalents |
(1,431,723 | ) | ||
|
||||
Cash and cash equivalents at beginning of period |
1,431,723 | |||
|
||||
Cash and cash equivalents at end of period |
$ | – | ||
|
||||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for taxes |
$ | 1,308 | ||
|
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 2,661,005 | ||
|
13 | Invesco Trust for Investment Grade New York Municipals |
Six Months Ended August 31, |
Years Ended February 28, |
Year Ended February 29, |
Year Ended February 28, |
|||||||||||||||||||||
2023 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
|
||||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ 11.66 | $ 13.67 | $ 14.22 | $ 15.03 | $ 13.90 | $ 14.15 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net investment income(a) |
0.19 | 0.45 | 0.55 | 0.58 | 0.57 | 0.62 | ||||||||||||||||||
|
||||||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(0.06 | ) | (1.97 | ) | (0.53 | ) | (0.84 | ) | 1.16 | (0.19) | ||||||||||||||
|
||||||||||||||||||||||||
Total from investment operations |
0.13 | (1.52 | ) | 0.02 | (0.26 | ) | 1.73 | 0.43 | ||||||||||||||||
|
||||||||||||||||||||||||
Less: |
||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income |
(0.20 | ) | (0.46 | ) | (0.57 | ) | (0.55 | ) | (0.56 | ) | (0.63) | |||||||||||||
|
||||||||||||||||||||||||
Return of capital |
– | (0.03 | ) | – | – | (0.04 | ) | (0.05) | ||||||||||||||||
|
||||||||||||||||||||||||
Total distributions |
(0.20 | ) | (0.49 | ) | (0.57 | ) | (0.55 | ) | (0.60 | ) | (0.68) | |||||||||||||
|
||||||||||||||||||||||||
Net asset value per common share, end of period |
$ 11.59 | $ 11.66 | $ 13.67 | $ 14.22 | $ 15.03 | $ 13.90 | ||||||||||||||||||
|
||||||||||||||||||||||||
Market value per common share, end of period |
$ 9.82 | $ 10.09 | $ 12.21 | $ 13.00 | $ 13.58 | $ 12.96 | ||||||||||||||||||
|
||||||||||||||||||||||||
Total return at net asset value(b) |
1.37 | % | (10.65 | )% | 0.30 | % | (1.13 | )% | 13.00 | % | 3.69% | |||||||||||||
|
||||||||||||||||||||||||
Total return at market value(c) |
(0.74 | )% | (13.43 | )% | (2.00 | )% | 0.03 | % | 9.50 | % | 4.74% | |||||||||||||
|
||||||||||||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) |
$225,771 | $227,176 | $266,293 | $276,922 | $292,817 | $270,756 | ||||||||||||||||||
|
||||||||||||||||||||||||
Portfolio turnover rate(d) |
11 | % | 23 | % | 1 | % | 14 | % | 12 | % | 6% | |||||||||||||
|
||||||||||||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares outstanding: |
||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
3.30 | %(e) | 2.56 | % | 1.48 | % | 1.79 | % | 2.45 | % | 2.53% | |||||||||||||
|
||||||||||||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
0.95 | %(e) | 0.98 | % | 0.95 | % | 0.98 | % | 1.00 | % | 1.04% | |||||||||||||
|
||||||||||||||||||||||||
Without fee waivers and/or expense reimbursements |
3.30 | %(e) | 2.56 | % | 1.48 | % | 1.79 | % | 2.45 | % | 2.53% | |||||||||||||
|
||||||||||||||||||||||||
Ratio of net investment income to average net assets |
3.22 | %(e) | 3.79 | % | 3.79 | % | 4.15 | % | 3.93 | % | 4.43% | |||||||||||||
|
||||||||||||||||||||||||
Senior securities: |
||||||||||||||||||||||||
Total amount of preferred shares outstanding (000’s omitted) |
$ 90,400 | $ 90,400 | $ 90,400 | $ 90,400 | $ 90,400 | $ 90,400 | ||||||||||||||||||
|
||||||||||||||||||||||||
Asset coverage per preferred share(f) |
$349,747 | $351,301 | $394,572 | $406,330 | $423,912 | $399,509 | ||||||||||||||||||
|
||||||||||||||||||||||||
Liquidating preference per preferred share |
$100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | ||||||||||||||||||
|
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. |
(c) | Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
(f) | Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding. |
14 | Invesco Trust for Investment Grade New York Municipals |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders. |
E. | Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
15 | Invesco Trust for Investment Grade New York Municipals |
F. | Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
J. | Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
16 | Invesco Trust for Investment Grade New York Municipals |
K. | Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. |
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |||
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |||
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
17 | Invesco Trust for Investment Grade New York Municipals |
Capital Loss Carryforward* | ||||||||||||
|
||||||||||||
Expiration | Short-Term | Long‑Term | Total | |||||||||
|
||||||||||||
Not subject to expiration |
$ | 10,020,410 | $ | 9,663,935 | $ | 19,684,345 | ||||||
|
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
|
||||
Aggregate unrealized appreciation of investments |
$ | 5,265,327 | ||
|
||||
Aggregate unrealized (depreciation) of investments |
(21,083,906 | ) | ||
|
||||
Net unrealized appreciation (depreciation) of investments |
$ | (15,818,579 | ) | |
|
Six Months Ended August 31, |
Year Ended February 28, |
|||||||
2023 | 2023 | |||||||
|
||||||||
Beginning shares |
19,477,753 | 19,477,753 | ||||||
|
||||||||
Shares issued through dividend reinvestment |
– | – | ||||||
|
||||||||
Ending shares |
19,477,753 | 19,477,753 | ||||||
|
Issue Date | Shares Issued | Term Redemption Date | Extension Date | |||||
|
||||||||
05/09/2012 |
904 | 06/03/2024 | 12/21/2021 | |||||
|
18 | Invesco Trust for Investment Grade New York Municipals |
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||
|
||||||||||
September 1, 2023 |
$0.0320 | September 15, 2023 | September 29, 2023 | |||||||
|
||||||||||
October 2, 2023 |
$0.0320 | October 16, 2023 | October 31, 2023 | |||||||
|
19 | Invesco Trust for Investment Grade New York Municipals |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Investment Performance |
20 | Invesco Trust for Investment Grade New York Municipals |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
21 | Invesco Trust for Investment Grade New York Municipals |
Matters | Votes For | Votes Withheld |
||||||||
|
||||||||||
(1). | Beth Ann Brown | 13,003,873.14 | 2,285,446.00 | |||||||
Joel W. Motley | 13,007,743.14 | 2,281,576.00 | ||||||||
Teresa M. Ressel | 13,013,779.14 | 2,275,540.00 | ||||||||
(2). | Anthony J. LaCava, Jr. | 904.00 | 0.00 |
22 | Invesco Trust for Investment Grade New York Municipals |
SEC file number(s): 811-06537 | VK-CE-IGNYM-SAR-1 |
(b) Not applicable.
ITEM 2. | CODE OF ETHICS. |
Not applicable for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
As of August 31, 2023, the following individuals are jointly and primarily responsible for the day-to-day management of the Trust:
• | Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2015 and has been associated with Invesco and/or its affiliates since 2010. |
• | Michael Camarella, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. From 2003 to 2019, Mr. Camarella was associated with OppenheimerFunds, a global asset management firm. |
• | John Connelly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2016. |
• | Scott Cottier, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. From 2002 to 2019, Mr. Cottier was associated with OppenheimerFunds, a global asset management firm. |
• | Mark DeMitry, Portfolio Manager, who has been responsible for the Trust since 2021 and has been associated with Invesco and/or its affiliates since 2019. From 2001 to 2019, Mr. DeMitry was associated with OppenheimerFunds, a global asset management firm. |
• | Tim O’Reilly, Portfolio Manager, who has been responsible for the Trust since 2016 and has been associated with Invesco and/or its affiliates since 2010. |
• | John Schorle, Portfolio Manager, who has been responsible for the Trust since 2018 and has been associated with Invesco and/or its affiliates since 2010. |
• | Julius Williams, Portfolio Manager, who has been responsible for the Trust (or the predecessor Trust) since 2009 and has been associated with Invesco and/or its affiliates since 2010. |
Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The ‘Investments’ chart reflects the portfolio managers’ investments in the Fund(s) that they manage and includes investments in the Fund’s shares beneficially owned by a portfolio manager, as determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio manager’s immediate family members sharing the same household). The ‘Assets Managed’ chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies; (ii) other pooled investment vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars using the exchange rates as of the applicable date.
Investments
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Dollar Range of Investments in the Fund | |
Invesco Trust for Investment Grade New York Municipals | ||
Mark Paris | None | |
Michael Camarella | None | |
John Connelly | None | |
Scott Cottier | None | |
Mark DeMitry | None | |
Tim O’Reilly | None | |
John Schorle | None | |
Julius Williams | None |
Assets Managed
The following information is as of August 31, 2023 (unless otherwise noted):
Portfolio Managers |
Other Registered Investment Companies Managed |
Other Pooled Investment Vehicles Managed |
Other Accounts Managed |
|||||||||||||||||
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
Number of Accounts |
Assets (in millions) |
|||||||||||||||
Invesco Trust for Investment Grade New York Municipals | ||||||||||||||||||||
Mark Paris |
26 | $ | 46,467.1 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||
Michael Camarella |
7 | $ | 18,308.1 | None | None | 2 | $ | 869.0 | ||||||||||||
John Connelly |
14 | $ | 23,567.8 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||
Scott Cottier |
7 | $ | 18,308.1 | None | None | 2 | $ | 869.0 | ||||||||||||
Mark DeMitry |
7 | $ | 18,308.1 | None | None | 2 | $ | 869.0 | ||||||||||||
Tim O’Reilly |
26 | $ | 46,486.5 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||
John Schorle |
16 | $ | 23,607.3 | None | None | 2 | 1 | $ | 224.1 | 1 | ||||||||||
Julius Williams |
26 | $ | 46,486.5 | None | None | 2 | 1 | $ | 224.1 | 1 |
Potential Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:
• | The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds. |
• | If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures for allocating portfolio transactions across multiple accounts. |
• | The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved. |
• | The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities. None of the Invesco Fund accounts managed have a performance fee. |
• | In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing Fund and an affiliated underlying fund in which the investing Fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing Fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying Fund, potentially for a prolonged period of time, which may adversely affect the Fund. |
The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each Sub-Adviser
The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:
Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.
Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).
Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
Sub-Adviser |
Performance time period1 | |
Invesco 2 Invesco Canada3 Invesco Deutschland3 Invesco Hong Kong3 Invesco Asset Management3 Invesco India3 Invesco Listed Real Assets Division3 |
One-, Three- and Five-year performance against Fund peer group | |
Invesco Senior Secured3, 3 |
Not applicable | |
Invesco Capital3,4 | ||
Invesco Japan | One-, Three- and Five-year performance |
High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.
With respect to Invesco Capital, there is no policy regarding, or agreement with, the Portfolio Managers or any other senior executive of the Adviser to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the Portfolio Managers.
1 | Rolling time periods based on calendar year-end. |
2 | Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period. |
3 | Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance. |
4 | Portfolio Managers for Invesco Capital base their bonus on Invesco results as well as overall performance of Invesco Capital. |
Deferred / Long Term Compensation. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.
Retirement and health and welfare arrangements. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of October 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) | Not applicable. |
13(a) (2) |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable. |
13(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Trust for Investment Grade New York Municipals
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 6, 2023 |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | November 6, 2023 |
I, Glenn Brightman, Principal Executive Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco Trust for Investment Grade New York Municipals;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
5. The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: November 6, 2023 | /s/ Glenn Brightman | |||||
Glenn Brightman, Principal Executive Officer |
I, Adrien Deberghes, Principal Financial Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco Trust for Investment Grade New York Municipals;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
4. The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
5. The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: November 6, 2023 | /s/ Adrien Deberghes | |||||
Adrien Deberghes, Principal Financial Officer |
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco Trust for Investment Grade New York Municipals (the Company) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the Report), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 6, 2023 | /s/ Glenn Brightman | |||||
Glenn Brightman, Principal Executive Officer |
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco Trust for Investment Grade New York Municipals (the Company) on Form N-CSR for the period ended August 31, 2023, as filed with the Securities and Exchange Commission (the Report), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 6, 2023 | /s/ Adrien Deberghes | |||||
Adrien Deberghes, Principal Financial Officer |
N-2 |
6 Months Ended | ||
---|---|---|---|
Aug. 31, 2023 | |||
Cover [Abstract] | |||
Entity Central Index Key | 0000883265 | ||
Amendment Flag | false | ||
Document Type | N-CSRS | ||
Entity Registrant Name | Invesco Trust for Investment Grade New York Municipals | ||
General Description of Registrant [Abstract] | |||
Investment Objectives and Practices [Text Block] | The Trust’s investment objective is to provide common shareholders with a high level of current income exempt from federal as well as from New York State and New York City income taxes, consistent with preservation of capital. | ||
Risk Factors [Table Text Block] |
Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential. The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
|
||
Other Risks [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] |
Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Trust’s portfolio turnover rate and transaction costs. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Trust’s operations, universe of potential investment options, and return potential. The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
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