Schedule of Investments
May 31, 2019
(Unaudited)
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Municipal Obligations–163.23%(a) | |||||
| New York–155.86% | |||||
| Albany (County of), NY Airport Authority; Series 2010 A, Ref. RB (INS -AGM)(b) | 5.00% | 12/15/2025 | $ 500 | $ 517,460 | |
| Albany Capital Resource Corp. (St. Peter’s Hospital); Series 2011, RB (c)(d) | 6.25% | 11/15/2020 | 2,360 | 2,523,383 | |
| Amherst Development Corp. (Daemen College); Series 2018, Ref. RB | 5.00% | 10/01/2048 | 980 | 1,097,708 | |
| Battery Park City Authority; Series 2009 B, RB | 5.00% | 11/01/2034 | 3,700 | 3,751,689 | |
| Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB | 5.25% | 11/01/2036 | 1,010 | 1,163,863 | |
| Brooklyn Arena Local Development Corp. (Barclays Center); | |||||
| Series 2009, RB (c)(d) | 6.25% | 01/15/2020 | 1,565 | 1,612,873 | |
| Series 2009, RB (c)(d) | 6.37% | 01/15/2020 | 1,025 | 1,057,134 | |
| Series 2009, RB (e) | 0.00% | 07/15/2034 | 8,315 | 5,029,993 | |
| Series 2016 A, Ref. RB (f)(g) | 5.00% | 07/15/2042 | 10,055 | 11,419,464 | |
| Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB | 5.00% | 11/15/2037 | 2,465 | 2,664,887 | |
| Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); | |||||
| Series 2017 A, RB | 5.00% | 08/01/2037 | 500 | 541,725 | |
| Series 2017 A, RB | 5.00% | 08/01/2047 | 1,500 | 1,611,345 | |
| Build NYC Resource Corp.; Series 2015, RB | 5.00% | 07/01/2045 | 2,840 | 3,251,658 | |
| Build NYC Resource Corp. (Bronx Charter School for Excellence); Series 2013 A, RB | 5.50% | 04/01/2043 | 1,260 | 1,356,907 | |
| Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); | |||||
| Series 2017 A, RB (h) | 5.00% | 06/01/2037 | 500 | 542,670 | |
| Series 2017 A, RB (h) | 5.00% | 06/01/2047 | 1,225 | 1,313,776 | |
| Series 2017 A, RB (h) | 5.00% | 06/01/2052 | 1,250 | 1,336,550 | |
| Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB (h)(i) | 5.00% | 01/01/2035 | 2,700 | 2,947,050 | |
| Build NYC Resource Corp. (YMCA of Greater New York); | |||||
| Series 2012, RB | 5.00% | 08/01/2032 | 650 | 699,810 | |
| Series 2012, RB | 5.00% | 08/01/2042 | 2,250 | 2,409,570 | |
| Erie (County of), NY Industrial Development Agency (City of Buffalo School District); | |||||
| Series 2011 A, RB (g) | 5.25% | 05/01/2028 | 2,500 | 2,675,300 | |
| Series 2011 A, RB (g) | 5.25% | 05/01/2030 | 2,710 | 2,897,884 | |
| Series 2011 A, RB (g) | 5.25% | 05/01/2031 | 1,000 | 1,069,330 | |
| Series 2015, Ref. RB (g) | 5.00% | 05/01/2026 | 5,000 | 6,118,100 | |
| Series 2015, Ref. RB (g) | 5.00% | 05/01/2027 | 2,500 | 3,049,075 | |
| Series 2015, Ref. RB (g) | 5.00% | 05/01/2028 | 2,500 | 3,038,975 | |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 3,225 | 3,224,968 | |
| Hempstead Town Local Development Corp. (Molloy College); Series 2009, RB (c)(d) | 5.75% | 07/01/2019 | 3,115 | 3,125,279 | |
| Hudson Yards Infrastructure Corp.; | |||||
| Series 2012 A, RB (c)(d) | 5.75% | 02/15/2021 | 1,955 | 2,100,530 | |
| Series 2012 A, RB | 5.75% | 02/15/2047 | 1,205 | 1,286,554 | |
| Series 2017 A, Ref. RB (INS- AGM)(b) | 4.00% | 02/15/2047 | 1,425 | 1,548,676 | |
| Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB | 4.00% | 11/01/2047 | 1,245 | 1,268,804 | |
| Long Island (City of), NY Power Authority; Series 2017, RB | 5.00% | 09/01/2047 | 1,000 | 1,183,510 | |
| Long Island Power Authority; Series 2016 B, Ref. RB | 5.00% | 09/01/2036 | 1,345 | 1,592,063 | |
| Metropolitan Transportation Authority; | |||||
| Series 2009 B, RB (c)(d) | 5.00% | 11/15/2019 | 500 | 508,310 | |
| Series 2009 B, RB (c)(d) | 5.25% | 11/15/2019 | 1,535 | 1,562,216 | |
| Series 2012 H, RB | 5.00% | 11/15/2030 | 335 | 370,038 | |
| Series 2012 H, RB (c)(d) | 5.00% | 11/15/2030 | 415 | 467,344 | |
| Series 2013 E, RB (c)(d) | 5.00% | 11/15/2023 | 2,750 | 3,193,437 | |
| Subseries 2004 B-2, RB (c)(d) | 5.00% | 11/15/2021 | 1,360 | 1,482,182 | |
| Metropolitan Transportation Authority (Climate Bond Certified); | |||||
| Series 2017, RB | 5.25% | 11/15/2057 | 2,065 | 2,476,885 | |
| Subseries 2017 A-1, RB | 5.25% | 11/15/2057 | 3,975 | 4,672,573 | |
| Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. RB (e) | 0.00% | 11/15/2040 | 8,250 | 4,069,890 | |
| Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB (c)(d) | 5.50% | 10/01/2021 | 880 | 963,081 | |
| Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB | 5.50% | 06/01/2034 | 1,000 | 1,160,440 | |
See accompanying notes which are an integral
part of this schedule.
Invesco Trust for Investment Grade New York
Municipals
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| New York–(continued) | |||||
| Monroe County Industrial Development Corp. (University of Rochester); | |||||
| Series 2011 A, RB (c)(d) | 5.00% | 07/01/2021 | $2,030 | $2,184,990 | |
| Series 2013 A, RB (c)(d) | 5.00% | 07/01/2023 | 1,000 | 1,148,090 | |
| MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB (f)(g) | 5.00% | 11/15/2051 | 10,095 | 10,741,383 | |
| Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); | |||||
| Series 2014 A, RB | 6.50% | 01/01/2032 | 920 | 954,233 | |
| Series 2014 A, RB | 6.70% | 01/01/2049 | 420 | 426,229 | |
| Series 2014 C, RB (j) | 2.00% | 01/01/2049 | 152 | 24,630 | |
| Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB | 5.00% | 07/01/2033 | 1,000 | 1,109,900 | |
| Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB | 5.00% | 07/01/2037 | 1,000 | 1,073,770 | |
| Nassau County Local Economic Assistance Corp. (Winthrop University Hospital Association); Series 2012, Ref. RB | 5.00% | 07/01/2037 | 2,250 | 2,409,480 | |
| Nassau County Tobacco Settlement Corp.; Series 2006 A-3, RB | 5.00% | 06/01/2035 | 1,250 | 1,202,612 | |
| New York & New Jersey (States of) Port Authority; | |||||
| Two Hundred Series 2017, Ref. RB (g) | 5.25% | 10/15/2057 | 6,885 | 8,210,913 | |
| Two Hundred Seventh Series 2018, Ref. RB (g)(i) | 5.00% | 09/15/2028 | 9,000 | 11,254,230 | |
| New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); | |||||
| Series 1997 6, RB (INS -NATL)(b)(i) | 5.75% | 12/01/2022 | 1,645 | 1,704,845 | |
| Series 1997 6, RB (INS- NATL)(b)(i) | 5.75% | 12/01/2025 | 2,500 | 2,594,900 | |
| Series 2010, RB | 6.00% | 12/01/2042 | 1,930 | 2,043,580 | |
| New York (City of), NY; | |||||
| Series 2014 I-2, VRD GO Bonds (k) | 1.58% | 03/01/2040 | 500 | 500,000 | |
| Series 2015 F, VRD GO Bonds (k) | 1.58% | 06/01/2044 | 2,100 | 2,100,000 | |
| Series 2018 E-1, GO Bonds | 5.25% | 03/01/2035 | 1,000 | 1,249,200 | |
| Subseries 2012 G-7, VRD GO Bonds (LOC - BK Tokyo-Mitsubishi UFJ)(k)(l) | 1.48% | 04/01/2042 | 3,050 | 3,050,000 | |
| Subseries 2015 F-5, VRD GO Bonds (k) | 1.47% | 06/01/2044 | 400 | 400,000 | |
| Subseries 2019 D-1, GO Bonds | 5.00% | 12/01/2037 | 2,000 | 2,459,820 | |
| New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB (INS- AMBAC)(b) | 5.00% | 01/01/2036 | 2,860 | 2,867,093 | |
| New York (City of), NY Municipal Water Finance Authority; | |||||
| Series 2009 FF-2, RB | 5.50% | 06/15/2040 | 2,400 | 2,407,104 | |
| Series 2010 FF, RB | 5.00% | 06/15/2031 | 600 | 621,828 | |
| Series 2013 DD, RB | 5.00% | 06/15/2035 | 3,000 | 3,377,100 | |
| Series 2017 DD, RB (g) | 5.25% | 06/15/2047 | 3,600 | 4,334,292 | |
| Subseries 2012 A-1, VRD RB (k) | 1.47% | 06/15/2044 | 2,750 | 2,750,000 | |
| New York (City of), NY Transitional Finance Authority; | |||||
| Series 2018 S-3, RB | 5.00% | 07/15/2043 | 2,115 | 2,545,022 | |
| Series 2018 S-3, RB | 5.25% | 07/15/2045 | 690 | 849,459 | |
| Subseries 2011 D-1, RB (g) | 5.00% | 11/01/2033 | 13,500 | 14,575,410 | |
| Subseries 2011 E, RB | 5.00% | 11/01/2024 | 1,135 | 1,213,043 | |
| Subseries 2009 A-1, RB (c)(g) | 5.00% | 05/01/2028 | 345 | 345,928 | |
| New York (City of), NY Trust for Cultural Resources (Carnegie Hall); Series 2009 A, RB | 5.00% | 12/01/2039 | 1,880 | 1,910,832 | |
| New York (City of), NY Trust for Cultural Resources (Wildlife Conservation Society); Series 2013 A, RB | 5.00% | 08/01/2033 | 2,000 | 2,248,920 | |
| New York (Counties of), NY Tobacco Trust V; | |||||
| Series 2005 S-1, RB (e) | 0.00% | 06/01/2038 | 8,430 | 2,743,122 | |
| Series 2005 S-2, RB (e) | 0.00% | 06/01/2050 | 14,850 | 2,146,122 | |
| New York (State of) Dormitory Authority; | |||||
| Series 2009 C, RB (c)(d) | 5.00% | 10/01/2019 | 465 | 470,613 | |
| Series 2009 C, RB (INS- AGC)(b) | 5.00% | 10/01/2024 | 35 | 35,388 | |
| Series 2011, RB (c)(d) | 5.00% | 10/01/2021 | 1,130 | 1,225,157 | |
| Series 2011, RB | 5.00% | 10/01/2025 | 65 | 69,880 | |
| Series 2014 C, RB (g) | 5.00% | 03/15/2041 | 6,000 | 6,802,380 | |
| Series 2018 A, RB | 5.00% | 07/01/2048 | 1,500 | 1,795,470 | |
| Series 2019 A, RB | 5.00% | 10/01/2034 | 1,980 | 2,414,135 | |
| New York (State of) Dormitory Authority (Brooklyn Law School); Series 2009, Ref. RB | 5.75% | 07/01/2033 | 540 | 541,760 | |
| New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2019 A, Ref. RB | 4.00% | 07/01/2045 | 1,750 | 1,883,857 | |
See accompanying notes which are an integral part
of this schedule.
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)(b) | 5.50% | 05/15/2027 | $700 | $893,599 | |
| Series 2005 A, RB (INS -AMBAC)(b) | 5.50% | 05/15/2030 | 1,750 | 2,334,815 | |
| Series 2005 A, RB (INS -AMBAC)(b) | 5.50% | 05/15/2031 | 445 | 596,612 | |
| New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB | 5.00% | 10/01/2048 | 1,000 | 1,490,730 | |
| New York (State of) Dormitory Authority (Convent of The Sacred Heart); Series 2011, RB (INS -AGM)(b) | 5.75% | 11/01/2040 | 1,255 | 1,350,731 | |
| New York (State of) Dormitory Authority (Cornell University); Series 2010 A, RB | 5.00% | 07/01/2040 | 1,000 | 1,034,510 | |
| New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS- NATL)(b) | 5.25% | 07/01/2028 | 2,065 | 2,502,202 | |
| New York (State of) Dormitory Authority (Fordham University); | |||||
| Series 2011 A, RB (c)(d) | 5.13% | 07/01/2021 | 500 | 539,450 | |
| Series 2014, RB | 5.00% | 07/01/2044 | 1,000 | 1,120,950 | |
| New York (State of) Dormitory Authority (General Purpose); | |||||
| Series 2010 E, RB (c)(d) | 5.00% | 02/18/2020 | 485 | 497,450 | |
| Series 2010 E, RB | 5.00% | 02/15/2040 | 15 | 15,355 | |
| Series 2011 A, RB (g) | 5.00% | 03/15/2030 | 3,000 | 3,178,980 | |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref. RB | 5.00% | 07/01/2045 | 2,835 | 3,227,052 | |
| New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS -NATL)(b) | 5.50% | 07/01/2023 | 3,750 | 4,234,425 | |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB | 5.00% | 08/01/2030 | 2,000 | 2,449,180 | |
| New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2011 A, RB | 5.00% | 07/01/2031 | 2,125 | 2,261,085 | |
| New York (State of) Dormitory Authority (Mount Sinai School of Medicine of New York University); Series 2009, RB (c)(d) | 5.13% | 07/01/2019 | 1,750 | 1,754,900 | |
| New York (State of) Dormitory Authority (New York University Hospitals Center); Series 2011 A, RB (c)(d) | 6.00% | 07/01/2020 | 500 | 525,000 | |
| New York (State of) Dormitory Authority (New York University); | |||||
| Series 2001 1, RB (INS- BHAC)(b) | 5.50% | 07/01/2031 | 1,115 | 1,450,292 | |
| Series 2001 1, RB (INS -AMBAC)(b) | 5.50% | 07/01/2031 | 2,500 | 3,251,775 | |
| New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group); Series 2011 A, RB (c)(d) | 5.00% | 05/01/2021 | 500 | 534,655 | |
| New York (State of) Dormitory Authority (Orange Regional Medical Center); | |||||
| Series 2015, Ref. RB (h) | 5.00% | 12/01/2045 | 1,075 | 1,193,680 | |
| Series 2017, Ref. RB (h) | 5.00% | 12/01/2036 | 900 | 1,036,062 | |
| Series 2017, Ref. RB (h) | 5.00% | 12/01/2037 | 1,500 | 1,721,985 | |
| New York (State of) Dormitory Authority (Pace University); | |||||
| Series 2013 A, RB (c)(d) | 5.00% | 05/01/2023 | 25 | 28,462 | |
| Series 2013 A, RB (c)(d) | 5.00% | 05/01/2023 | 30 | 34,155 | |
| Series 2013 A, RB | 5.00% | 05/01/2025 | 1,120 | 1,231,070 | |
| Series 2013 A, RB | 5.00% | 05/01/2029 | 1,270 | 1,380,084 | |
| New York (State of) Dormitory Authority (Pratt Institute); | |||||
| Series 2009 C, RB (INS -AGC)(c)(d) | 5.13% | 07/01/2019 | 1,000 | 1,002,800 | |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2044 | 1,085 | 1,216,784 | |
| New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, RB | 5.00% | 07/01/2040 | 1,750 | 1,809,815 | |
| New York (State of) Dormitory Authority (Rockefeller University); Series 2010 A, RB | 5.00% | 07/01/2041 | 1,870 | 1,936,647 | |
| New York (State of) Dormitory Authority (St. John’s University); | |||||
| Series 2012, RB (c)(d) | 5.00% | 07/01/2022 | 1,330 | 1,477,856 | |
| Series 2012, RB (c)(d) | 5.00% | 07/01/2022 | 5 | 5,548 | |
| Series 2012, RB | 5.00% | 07/01/2030 | 1,445 | 1,589,413 | |
| New York (State of) Dormitory Authority (St. Joseph’s College); Series 2010, RB | 5.25% | 07/01/2035 | 1,500 | 1,527,120 | |
| New York (State of) Dormitory Authority (State University of New York); Series 2013 A, RB | 5.00% | 07/01/2029 | 2,815 | 3,179,908 | |
| New York (State of) Dormitory Authority (The New School); | |||||
| Series 2010, RB (c)(d) | 5.50% | 07/01/2020 | 2,755 | 2,878,093 | |
| Series 2011, Ref. RB | 5.00% | 07/01/2031 | 1,750 | 1,862,350 | |
| New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB | 5.50% | 01/01/2044 | 2,130 | 2,365,131 | |
| New York (State of) Housing Finance Agency; Series 2009 B, VRD RB (LOC - Landesbank Hessen-thrgn)(k)(l) | 1.60% | 05/01/2042 | 600 | 600,000 | |
| New York (State of) Housing Finance Agency (160 Madison Avenue); Series 2013 A, VRD RB (LOC - Landesbank Hessen-thrgn)(k)(l) | 1.59% | 11/01/2046 | 400 | 400,000 | |
| New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB (k) | 1.36% | 11/01/2044 | 3,400 | 3,400,000 | |
See accompanying notes which are an integral part
of this schedule.
Invesco Trust for Investment Grade New York
Municipals
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| New York–(continued) | |||||
| New York (State of) Metropolitan Transportation Authority; Subseries A-2, RB (SIFMA Municipal Swap Index + 0.58%)(d)(m) | 2.00% | 06/01/2020 | $ 5,000 | $ 5,000,000 | |
| New York (State of) Power Authority; Series 2011 A, RB | 5.00% | 11/15/2038 | 1,770 | 1,907,901 | |
| New York (State of) Thruway Authority; Series 2014 J, RB | 5.00% | 01/01/2034 | 4,085 | 4,624,669 | |
| New York (State of) Utility Debt Securitization Authority; Series 2013 TE, RB (g) | 5.00% | 12/15/2032 | 12,500 | 14,340,125 | |
| New York City Health & Hospital Corp.; Series 2010 A, RB | 5.00% | 02/15/2030 | 2,780 | 2,843,634 | |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured); | |||||
| Series 2016 B, RB (e) | 0.00% | 11/15/2044 | 1,730 | 720,164 | |
| Series 2016, RB (e) | 0.00% | 11/15/2056 | 5,000 | 1,307,550 | |
| New York Liberty Development Corp. (3 World Trade Center); | |||||
| Series 2014, Class 1, Ref. RB (h) | 5.00% | 11/15/2044 | 4,895 | 5,352,634 | |
| Series 2014, Class 3, Ref. RB (h) | 7.25% | 11/15/2044 | 1,085 | 1,295,859 | |
| New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB | 5.00% | 11/15/2031 | 2,125 | 2,300,907 | |
| New York Liberty Development Corp. (7 World Trade Center); | |||||
| Series 2012, Class 1, Ref. RB (g) | 5.00% | 09/15/2040 | 14,445 | 15,746,928 | |
| Series 2012, Class 2, Ref. RB | 5.00% | 09/15/2043 | 3,215 | 3,475,093 | |
| New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. RB | 6.37% | 07/15/2049 | 2,785 | 2,866,545 | |
| New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2007, RB | 5.50% | 10/01/2037 | 2,145 | 2,927,732 | |
| New York State Environmental Facilities Corp. (2010 Master Financing Program); Series 2010 C, RB | 5.00% | 10/15/2039 | 1,905 | 1,959,483 | |
| New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, RB | 5.00% | 06/15/2031 | 1,570 | 1,678,864 | |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); | |||||
| Series 2016, Ref. RB (i) | 5.00% | 08/01/2019 | 1,765 | 1,772,801 | |
| Series 2016, Ref. RB (i) | 5.00% | 08/01/2026 | 2,055 | 2,171,683 | |
| Series 2016, Ref. RB (i) | 5.00% | 08/01/2031 | 2,170 | 2,281,994 | |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); Series 2018, RB (i) | 5.00% | 01/01/2036 | 5,455 | 6,378,477 | |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB (f)(g)(i) | 5.00% | 07/01/2046 | 7,000 | 7,688,240 | |
| Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB (h)(i) | 4.75% | 11/01/2042 | 1,820 | 1,878,404 | |
| Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB (i) | 5.00% | 04/01/2028 | 1,000 | 1,128,570 | |
| Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB | 5.25% | 05/15/2040 | 725 | 770,312 | |
| North Syracuse Central School District; Series 2007, Ref. GO Bonds (INS -NATL)(b) | 5.00% | 06/15/2023 | 940 | 1,063,112 | |
| Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB | 5.37% | 07/01/2040 | 2,435 | 2,516,280 | |
| Onondaga Civic Development Corp. (St. Joseph’s Hospital Health Center); Series 2014 A, RB (c)(d) | 5.13% | 07/01/2019 | 2,250 | 2,256,300 | |
| Rockland Tobacco Asset Securitization Corp.; | |||||
| Series 2001, RB | 5.75% | 08/15/2043 | 1,375 | 1,410,076 | |
| Series 2005 A, RB (e)(h) | 0.00% | 08/15/2045 | 8,500 | 1,481,890 | |
| Series 2005 C, RB (e)(h) | 0.00% | 08/15/2060 | 96,000 | 3,794,880 | |
| Sales Tax Asset Receivable Corp.; Series 2014 A, Ref. RB (g) | 5.00% | 10/15/2031 | 7,235 | 8,496,133 | |
| Suffolk (County of), NY Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, RB (h) | 5.37% | 01/01/2027 | 1,235 | 1,235,049 | |
| Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB | 6.00% | 12/01/2040 | 1,035 | 1,086,626 | |
| Suffolk Economic Development Corp. (Catholic Health Services); Series 2014 C, RB | 5.00% | 07/01/2032 | 1,085 | 1,206,455 | |
| Syracuse (City of), NY; Series 2011 A, GO Bonds (i) | 5.00% | 11/01/2036 | 500 | 533,460 | |
| Syracuse (City of), NY Industrial Development Agency (Carousel Center); | |||||
| Series 2016 A, Ref. RB (i) | 5.00% | 01/01/2032 | 1,500 | 1,597,395 | |
| Series 2016 A, Ref. RB (i) | 5.00% | 01/01/2035 | 1,745 | 1,845,861 | |
| Tompkins (County of), NY Industrial Development Agency (Cornell University); Series 2008 A, RB | 5.00% | 07/01/2037 | 750 | 776,482 | |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); | |||||
| Series 2013 A, RB | 5.00% | 07/01/2027 | 1,000 | 1,007,650 | |
| Series 2013 A, RB | 5.00% | 07/01/2032 | 750 | 747,120 | |
| Series 2013 A, RB | 5.00% | 07/01/2038 | 2,000 | 1,916,860 | |
| Triborough Bridge & Tunnel Authority; | |||||
| Series 2013 A, Ref. RB (e) | 0.00% | 11/15/2032 | 2,000 | 1,377,200 | |
| Series 2013 C, RB (g) | 5.00% | 11/15/2038 | 7,210 | 8,043,332 | |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); | |||||
| Series 2010 A, RB | 5.00% | 09/01/2030 | 2,500 | 2,597,825 | |
| Series 2010 A, RB | 5.13% | 09/01/2040 | 985 | 1,024,420 | |
See accompanying notes which are an integral part
of this schedule.
Invesco Trust for Investment Grade New York
Municipals
| Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
| New York–(continued) | ||||||
| TSASC, Inc.; | ||||||
| Series 2016 B, Ref. RB | 5.00% | 06/01/2048 | $2,070 | $2,020,072 | ||
| Series 2017 A, Ref. RB | 5.00% | 06/01/2036 | 2,885 | 3,266,830 | ||
| United Nations Development Corp.; | ||||||
| Series 2009 A, Ref. RB | 5.00% | 07/01/2025 | 1,000 | 1,002,740 | ||
| Series 2009 A, Ref. RB | 5.00% | 07/01/2026 | 815 | 817,233 | ||
| Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB (h)(i) | 7.00% | 06/01/2046 | 1,030 | 1,148,460 | ||
| Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB | 5.12% | 06/01/2051 | 2,705 | 2,789,937 | ||
| Yonkers Economic Development Corp. (Charter School of Educational Excellence); Series 2010 A, RB | 6.25% | 10/15/2040 | 1,200 | 1,238,976 | ||
| 436,809,613 | ||||||
| Guam–4.70% | ||||||
| Guam (Territory of); | ||||||
| Series 2011 A, RB | 5.25% | 01/01/2036 | 1,125 | 1,182,161 | ||
| Series 2011 A, RB | 5.13% | 01/01/2042 | 435 | 453,622 | ||
| Guam (Territory of) (Section 30); | ||||||
| Series 2009 A, RB (c)(d) | 5.62% | 12/01/2019 | 860 | 878,086 | ||
| Series 2009 A, RB (c)(d) | 5.75% | 12/01/2019 | 500 | 510,820 | ||
| Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 1,000 | 1,126,730 | ||
| Guam (Territory of) International Airport Authority; | ||||||
| Series 2013 C, RB (INS -AGM)(b)(i) | 6.00% | 10/01/2034 | 950 | 1,109,961 | ||
| Series 2013 C, RB (i) | 6.25% | 10/01/2034 | 1,500 | 1,734,960 | ||
| Guam (Territory of) Power Authority; | ||||||
| Series 2010 A, RB (c)(d) | 5.50% | 10/01/2020 | 1,020 | 1,073,999 | ||
| Series 2012 A, Ref. RB | 5.00% | 10/01/2034 | 1,370 | 1,460,817 | ||
| Guam (Territory of) Waterworks Authority; Series 2010, RB (c)(d) | 5.62% | 07/01/2020 | 3,500 | 3,655,260 | ||
| 13,186,416 | ||||||
| Puerto Rico–1.48% | ||||||
| Children’s Trust Fund; Series 2002, RB | 5.50% | 05/15/2039 | 820 | 828,626 | ||
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS -NATL)(b) | 5.25% | 07/01/2030 | 500 | 543,660 | ||
| Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 N, Ref. RB (INS -AGC)(b) | 5.25% | 07/01/2034 | 1,800 | 1,979,370 | ||
| Puerto Rico Sales Tax Financing Corp.; | ||||||
| Series 2018 A-1, RB (e) | 0.00% | 07/01/2029 | 565 | 387,737 | ||
| Series 2018 A-1, RB (e) | 0.00% | 07/01/2031 | 650 | 400,966 | ||
| 4,140,359 | ||||||
| Virgin Islands–1.19% | ||||||
| Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB | 5.00% | 09/01/2044 | 785 | 694,285 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, RB | 6.63% | 10/01/2029 | 1,570 | 1,568,038 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB | 5.00% | 10/01/2025 | 1,055 | 1,062,913 | ||
| 3,325,236 | ||||||
| TOTAL INVESTMENTS IN SECURITIES(n)–163.23% (Cost $428,776,044) | 457,461,624 | |||||
| FLOATING RATE NOTE OBLIGATIONS–(32.00)% | ||||||
| Notes with interest and fee rates ranging from 1.84% to 1.92% at 05/31/2019 and contractual maturities of collateral ranging from 05/01/2026 to 10/15/2057 (See Note 1D)(o) | (89,685,000) | |||||
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.25)% | (90,392,093) | |||||
| OTHER ASSETS LESS LIABILITIES–1.02% | 2,874,817 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $280,259,348 | |||||
See accompanying notes which are an integral part
of this schedule.
Invesco Trust for Investment Grade New York
Municipals
Investment Abbreviations:
| 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 |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| SIFMA | – Securities Industry and Financial Markets Association |
| VRD | – Variable Rate Demand |
Notes to Schedule of Investments:
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (c) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (e) | Zero coupon bond issued at a discount. |
| (f) | 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 $18,100,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
| (g) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1D. |
| (h) | 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 May 31, 2019 was $26,278,949, which represented 9.38% of the Trust’s Net Assets. |
| (i) | Security subject to the alternative minimum tax. |
| (j) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at May 31, 2019 represented less than 1% of the Trust’s Net Assets. |
| (k) | Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on May 31, 2019. |
| (l) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (m) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2019. |
| (n) | 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 obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (o) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2019. At May 31, 2019, the Trust’s investments with a value of $144,026,402 are held by TOB Trusts and serve as collateral for the $89,685,000 in the floating rate note obligations outstanding at that date. |
See accompanying notes which are an integral part
of this schedule.
Invesco Trust for Investment Grade New York
Municipals
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2019
(Unaudited)
NOTE 1—Significant Accounting
Policies
| A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
Securities
are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on
quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt
obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations
assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.
Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities
for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures
approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on
transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Trust may
invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific
securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or
liquidity of certain Trust investments.
Valuations
change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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. |
The Trust may
periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage
commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are
included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and
unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s
total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the
net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the
investment adviser.
| 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 and the country that has the primary market for the issuer’s securities, 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. | 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. |
The Trust
generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities
are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption
provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate
Invesco Trust for Investment Grade New York
Municipals
| D. | Floating Rate Note Obligations — (continued) securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust. |
The Trust
accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as
Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Trust’s floating rate note obligations as reported on the Statement of
Assets and Liabilities approximates its fair value. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any
administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules
implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and
limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing
services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as
“sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The
new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed
remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be
the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any
liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
Further, the
SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of
a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk
Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
There can be
no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain
current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment
objective.
TOBs are
presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the
“1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical,
these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of
such securities.
| E. | 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.
NOTE 2—Additional Valuation
Information
Generally Accepted Accounting
Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current
market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets
(Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other
investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
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.
Invesco Trust for Investment Grade New York
Municipals
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 Trust’s own 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.
As of May 31,
2019, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the
risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
Invesco Trust for Investment Grade New York
Municipals