N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

  Investment Company Act file number    

    811-06537
 

 

Invesco Trust for Investment Grade New York Municipals

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Suite 1800     Atlanta, Georgia 30309

(Address of principal executive offices)  (Zip code)

Sheri Morris     1555 Peachtree Street, N.E., Suite 1800     Atlanta, Georgia 30309

(Name and address of agent for service)

  Registrant’s telephone number, including area code:      (713) 626-1919        

  Date of fiscal year end:      2/28                        

  Date of reporting period:      11/30/18                

 


Item 1. Schedule of Investments.


    

 

Invesco Trust for Investment Grade New York Municipals

Quarterly Schedule of Portfolio Holdings

November 30, 2018

 

 

 

 

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Schedule of Investments

November 30, 2018

(Unaudited)

 

      Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Municipal Obligations-165.43%(a)

          

New York-158.73%

          

Albany (County of) Airport Authority; Series 2010 A, Ref. RB (INS -AGM)(b)

     5.00     12/15/2025      $ 500      $ 520,865  

Albany Capital Resource Corp. (St. Peter’s Hospital); Series 2011, RB (c)(d)

     6.25     11/15/2020        2,360        2,550,594  

Amherst Development Corp. (Daemen College); Series 2018, Ref. RB

     5.00     10/01/2048        980        1,024,051  

Battery Park City Authority; Series 2009 B, Sr. RB

     5.00     11/01/2034        3,700        3,802,749  

Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB

     5.25     11/01/2036        1,010        1,115,727  

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB (e)

     0.00     07/15/2034        8,315        4,272,746  

Series 2009, PILOT RB (c)(d)

     6.25     01/15/2020        1,565        1,641,951  

Series 2009, PILOT RB (c)(d)

     6.38     01/15/2020        1,025        1,076,814  

Series 2016A, Ref. PILOT RB (f)(g)

     5.00     07/15/2042        10,055        10,680,924  

Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB

     5.00     11/15/2037        2,465        2,579,672  

Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB

     5.00     08/01/2037        500        517,735  

Series 2017 A, RB

     5.00     08/01/2047        1,500        1,536,210  

Build NYC Resource Corp.; Series 2015, RB

     5.00     07/01/2045        2,840        3,116,162  

Build NYC Resource Corp. (Bronx Charter School for Excellence);
Series 2013 A, RB

     5.50     04/01/2043        1,260        1,312,454  

Build NYC Resource Corp. (Metropolitan Lighthouse Charter School);
Series 2017 A, RB (h)

     5.00     06/01/2037        500        512,865  

Series 2017 A, RB (h)

     5.00     06/01/2047        1,225        1,242,775  

Series 2017 A, RB (h)

     5.00     06/01/2052        1,250        1,259,087  

Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Solid Waste Disposal RB (h)(i)

     5.00     01/01/2035        2,700        2,844,261  

Build NYC Resource Corp. (YMCA of Greater New York);
Series 2012, RB

     5.00     08/01/2032        650        688,448  

Series 2012, RB

     5.00     08/01/2042        2,250        2,365,627  

Erie (County of) Industrial Development Agency (City of Buffalo School District);
Series 2011 A, School Facility RB (f)

     5.25     05/01/2028        2,500        2,683,350  

Series 2011 A, School Facility RB (f)

     5.25     05/01/2030        2,710        2,907,424  

Series 2011 A, School Facility RB (f)

     5.25     05/01/2031        1,000        1,072,600  

Series 2015, Ref. RB (f)

     5.00     05/01/2026        5,000        5,836,800  

Series 2015, Ref. RB (f)

     5.00     05/01/2027        2,500        2,909,750  

Series 2015, Ref. RB (f)

     5.00     05/01/2028        2,500        2,904,550  

Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB

     5.00     06/01/2045        3,225        3,083,938  

Hempstead Town Local Development Corp. (Molloy College); Series 2009, RB (c)(d)

     5.75     07/01/2019        3,115        3,186,115  

Hudson Yards Infrastructure Corp.;
Series 2012 A, Sr. RB (c)(d)

     5.75     02/15/2021        1,955        2,115,290  

Series 2012 A, Sr. RB

     5.75     02/15/2047        1,205        1,290,579  

Jefferson Civic Facility Development Corp. (Samaritan Medical Center);
Series 2017 A, Ref. RB

     4.00     11/01/2047        1,245        1,167,698  

Long Island (City of) Power Authority; Series 2017, Electric System General RB

     5.00     09/01/2047        1,000        1,103,360  

Long Island Power Authority;
Series 2009 A, Electric System General RB (c)(d)

     5.75     04/01/2019        635        643,255  

Series 2009 A, Electric System General RB (c)(d)

     6.25     04/01/2019        1,860        1,887,175  

Series 2016B, Ref. RB

     5.00     09/01/2036        1,345        1,499,043  

 

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)

          

Metropolitan Transportation Authority;
Series 2009 B, Dedicated Tax Fund RB (c)(d)

     5.00     11/15/2019      $ 500      $ 515,195  

Series 2009 B, Dedicated Tax Fund RB (c)(d)

     5.25     11/15/2019        1,535        1,585,241  

Series 2012 H, RB (c)(d)

     5.00     11/15/2022        415        462,024  

Series 2012 H, RB

     5.00     11/15/2030        335        360,018  

Series 2013 E, RB (c)(d)

     5.00     11/15/2023        2,750        3,128,400  

Subseries 2004 B-2, Dedicated Tax Fund RB (c)(d)

     5.00     11/15/2021        1,360        1,479,041  

Metropolitan Transportation Authority (Climate Bond Certified);
Series 2017, Dedicated Tax Fund Revenue Green Bonds

     5.25     11/15/2057        2,065        2,342,206  

Subseries 2017 A-1, Revenue Green Bonds

     5.25     11/15/2057        3,975        4,348,968  

Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. CAB RB (e)

     0.00     11/15/2040        8,250        3,399,990  

Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB (c)(d)

     5.50     10/01/2021        880        963,398  

Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB

     5.50     06/01/2034        1,000        1,127,870  

Monroe County Industrial Development Corp. (University of Rochester);
Series 2011 A, RB (c)(d)

     5.00     07/01/2021        2,030        2,187,386  

Series 2013 A, RB (c)(d)

     5.00     07/01/2023        1,000        1,129,120  

MTA Hudson Rail Yards Trust Obligations; Series 2016A, RB (f)(g)

     5.00     11/15/2051        10,095            10,642,755  

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, Continuing Care Retirement Community RB

     6.50     01/01/2032        920        959,578  

Series 2014 A, Continuing Care Retirement Community RB

     6.70     01/01/2049        420        438,430  

Series 2014 C, Continuing Care Retirement Community RB

     2.00     01/01/2049        152        25,767  

Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB

     5.00     07/01/2033        1,000        1,070,680  

Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB

     5.00     07/01/2037        1,000        1,061,380  

Nassau County Local Economic Assistance Corp. (Winthrop University Hospital Association); Series 2012, Ref. RB

     5.00     07/01/2037        2,250        2,361,195  

Nassau County Tobacco Settlement Corp.;
Series 2006A-2, Sr. Asset-Backed RB

     5.25     06/01/2026        1,000        1,000,030  

Series 2006A-3, Sr. Asset-Backed RB

     5.00     06/01/2035        1,250        1,192,175  

New York & New Jersey (States of) Port Authority;
Two Hundred Series 2017, Ref. Consolidated RB (f)

     5.25     10/15/2057        6,885        7,735,917  

Two Hundred Seventh Series 2018, Ref. Consolidated RB (f)(i)

     5.00     09/15/2028        9,000        10,495,890  

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, Special Obligation RB (INS -NATL)(b)(i)

     5.75     12/01/2022        1,645        1,706,293  

Series 1997 6, Special Obligation RB (INS -NATL)(b)(i)

     5.75     12/01/2025        2,500        2,593,225  

Series 2010, Special Obligation RB

     6.00     12/01/2042        1,930        2,055,392  

New York (City of);
Series 2014 I-2, VRD Unlimited Tax GO Bonds (j)

     1.74     03/01/2040        500        500,000  

Series 2018 E-1, Unlimited Tax GO Bonds

     5.25     03/01/2035        1,000        1,166,320  

Subseries 2008 G-1, Unlimited Tax GO Bonds (c)(d)

     6.25     12/15/2018        390        390,558  

Subseries 2008 G-1, Unlimited Tax GO Bonds

     6.25     12/15/2035        10        10,034  

Subseries 2009 I-1, Unlimited Tax GO Bonds (c)(d)

     5.25     04/01/2019        3,370        3,408,957  

Subseries 2009 I-1, Unlimited Tax GO Bonds

     5.25     04/01/2032        130        131,331  

Subseries 2012 G-7, VRD Unlimited Tax GO Bonds (LOC-MUFG Bank, Ltd.)(j)(k)

     1.73     04/01/2042        3,050        3,050,000  

New York (City of) Industrial Development Agency (Brooklyn Navy Yard Cogen Partners); Series 1997, Industrial Development RB (i)

     5.65     10/01/2028        1,125        1,135,609  

New York (City of) Industrial Development Agency (New York Stock Exchange); Series 2009 A, Ref. Special Facility RB

     5.00     05/01/2021        2,445        2,475,416  

New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006, PILOT RB (INS-AMBAC)(b)

     5.00     01/01/2036        2,860        2,866,807  

 

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 (City of) Municipal Water Finance Authority;
Series 2009 FF-2, Water & Sewer System RB

     5.50     06/15/2040      $ 3,000      $ 3,050,310  

Series 2010 FF, Second General Resolution Water & Sewer System RB

     5.00     06/15/2031        600        624,774  

Series 2013 DD, Water & Sewer System RB

     5.00     06/15/2035        3,000        3,272,310  

Series 2017 DD, Water & Sewer System RB (f)

     5.25     06/15/2047        3,600        4,072,680  

Subseries 2011 A-1, VRD Water & Sewer System RB (j)

     1.75     06/15/2044        5,600        5,600,000  

New York (City of) Transitional Finance Authority;
Series 2009 S-3, Building Aid RB (f)

     5.25     01/15/2027        4,500        4,518,315  

Series 2009 S-3, Building Aid RB (f)

     5.25     01/15/2039        2,500        2,510,175  

Series 2018 S-3, Building Aid RB

     5.25     07/15/2045        690        789,650  

Subseries 2009 A-1, Future Tax Sec. RB (f)

     5.00     05/01/2019        500        506,735  

Subseries 2009 A-1, Future Tax Sec. RB (f)

     5.00     05/01/2028        625        632,338  

Subseries 2009 A-1, Future Tax Sec. RB (f)

     5.00     05/01/2029        500        506,735  

Subseries 2011 D-1, Future Tax Sec. RB (f)

     5.00     11/01/2033        13,500            14,468,220  

Subseries 2011 E, Future Tax Sec. RB

     5.00     11/01/2024        1,135        1,208,854  

New York (City of) Trust for Cultural Resources (Carnegie Hall);
Series 2009 A, RB

     5.00     12/01/2039        1,880        1,929,670  

New York (City of) Trust for Cultural Resources (Wildlife Conservation Society); Series 2013 A, RB

     5.00     08/01/2033        2,000        2,202,780  

New York (Counties of) Tobacco Trust V;
Series 2005 S-1, Sub. Pass Through CAB RB (e)

     0.00     06/01/2038        8,430        2,516,271  

Series 2005 S-2, Sub. Pass Through CAB RB (e)

     0.00     06/01/2050        14,850        1,796,850  

New York (State of) Dormitory Authority;
Series 2009 C, School Districts Bond Financing Program RB (c)(d)

     5.00     10/01/2019        465        477,350  

Series 2009 C, School Districts Bond Financing Program RB (INS -AGC)(b)

     5.00     10/01/2024        35        35,819  

Series 2011, School Districts Bond Financing Program RB (c)(d)

     5.00     10/01/2021        1,130        1,223,281  

Series 2011, School Districts Bond Financing Program RB

     5.00     10/01/2025        65        69,698  

Series 2014 C, State Personal Income Tax RB (f)(h)

     5.00     03/15/2041        6,000        6,597,120  

New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2009, Ref. RB

     5.75     07/01/2033        540        549,164  

New York (State of) Dormitory Authority (City of New York);
Series 2005 A, Court Facilities Lease RB (INS-AMBAC)(b)

     5.50     05/15/2027        700        847,735  

Series 2005 A, Court Facilities Lease RB (INS-AMBAC)(b)

     5.50     05/15/2030        1,750        2,165,450  

Series 2005 A, Court Facilities Lease RB (INS-AMBAC)(b)

     5.50     05/15/2031        445        552,503  

New York (State of) Dormitory Authority (Columbia University);
Series 2018 A, RB

     5.00     10/01/2048        1,000        1,278,450  

New York (State of) Dormitory Authority (Convent of The Sacred Heart); Series 2011, RB (INS-AGM)(b)

     5.75     11/01/2040        1,255        1,351,861  

New York (State of) Dormitory Authority (Cornell University); Series 2010 A, RB

     5.00     07/01/2040        1,000        1,040,410  

New York (State of) Dormitory Authority (Education); Series 2008 B, State Personal Income Tax RB (c)(d)

     5.75     03/15/2019        2,150        2,173,994  

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        2,346,005  

New York (State of) Dormitory Authority (Fordham University);
Series 2011 A, RB (c)(d)

     5.13     07/01/2021        500        540,330  

Series 2014, RB

     5.00     07/01/2044        1,000        1,080,080  

New York (State of) Dormitory Authority (General Purpose);
Series 2010 E, State Personal Income Tax RB (c)(d)

     5.00     02/18/2020        485        502,824  

Series 2010 E, State Personal Income Tax RB

     5.00     02/15/2040        15        15,443  

Series 2011 A, State Personal Income Tax RB (f)

     5.00     03/15/2030        3,000        3,187,800  

New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref. RB

     5.00     07/01/2045        2,835        3,091,454  

New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS-NATL)(b)

     5.50     07/01/2023        3,750        4,190,325  

New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB

     5.00     08/01/2030        2,000        2,259,900  

New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2011 A, RB

     5.00     07/01/2031        2,125        2,265,016  

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        1,783,215  

New York (State of) Dormitory Authority (New York University Hospitals Center); Series 2011 A, RB (c)(d)

     6.00     07/01/2020        500        531,735  

 

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 (New York University);
Series 2001 1, RB (INS-BHAC)(b)

     5.50     07/01/2031      $ 1,115      $ 1,337,231  

Series 2001 1, RB (INS-AMBAC)(b)

     5.50     07/01/2031        2,500        2,998,275  

New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group);
Series 2009 A, RB (c)(d)

     5.50     05/01/2019        1,250        1,269,375  

Series 2011 A, RB (c)(d)

     5.00     05/01/2021        500        535,820  

New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, Ref. RB (h)

     5.00     12/01/2045        1,075        1,136,114  

Series 2017, Ref. RB (h)

     5.00     12/01/2036        900        967,149  

Series 2017, Ref. RB (h)

     5.00     12/01/2037        1,500        1,608,255  

New York (State of) Dormitory Authority (Pace University);
Series 2013 A, RB (c)(d)

     5.00     05/01/2023        25        28,037  

Series 2013 A, RB (c)(d)

     5.00     05/01/2023        30        33,644  

Series 2013 A, RB

     5.00     05/01/2025        1,120        1,207,976  

Series 2013 A, RB

     5.00     05/01/2029        1,270        1,350,353  

New York (State of) Dormitory Authority (Pratt Institute);
Series 2009 C, RB (c)(d)

     5.12     07/01/2019        1,000        1,018,980  

Series 2015 A, Ref. RB

     5.00     07/01/2044        1,085        1,174,751  

New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, RB

     5.00     07/01/2040        1,750        1,819,055  

New York (State of) Dormitory Authority (Rockefeller University);
Series 2010 A, RB

     5.00     07/01/2041        1,870        1,951,775  

New York (State of) Dormitory Authority (St. John’s University);
Series 2012, RB (c)(d)

     5.00     07/01/2022        1,330        1,466,498  

Series 2012, RB (c)(d)

     5.00     07/01/2022        5        5,504  

Series 2012, RB

     5.00     07/01/2030        1,445        1,562,117  

New York (State of) Dormitory Authority (St. Joseph’s College); Series 2010, RB

     5.25     07/01/2035        1,500        1,523,520  

New York (State of) Dormitory Authority (State University Educational Facilities); Series 1993 B, RB

     5.25     05/15/2019        285        289,460  

New York (State of) Dormitory Authority (State University of New York); Series 2013 A, RB

     5.00     07/01/2029        2,815        3,136,726  

New York (State of) Dormitory Authority (The New School);
Series 2010, RB (c)(d)

     5.50     07/01/2020        2,755        2,908,564  

Series 2011, Ref. RB

     5.00     07/01/2031        1,750        1,855,262  

New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB

     5.50     01/01/2044        2,130        2,279,398  

New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB (j)

     1.66     11/01/2044        3,400        3,400,000  

New York (State of) Power Authority; Series 2011 A, RB

     5.00     11/15/2038        1,770        1,904,874  

New York (State of) Thruway Authority; Series 2014 J, RB

     5.00     01/01/2034        4,085        4,480,959  

New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB (c)(d)

     5.00     03/15/2019        410        413,780  

New York (State of) Utility Debt Securitization Authority; Series 2013 TE, Restructuring RB (f)

     5.00     12/15/2032        12,500        13,906,000  

New York City Health & Hospital Corp.; Series 2010 A, Health System RB

     5.00     02/15/2030        2,780        2,869,822  

New York Convention Center Development Corp. (Hotel Unit Fee Secured);
Series 2016B, CAB Sub. Lien RB (e)

     0.00     11/15/2044        1,730        546,611  

Series 2016, Sub. Lien CAB RB (e)

     0.00     11/15/2056        5,000        886,850  

New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. Liberty RB (h)

     5.00     11/15/2044        2,895        2,959,124  

Series 2014, Class 3, Ref. Liberty RB (h)

     7.25     11/15/2044        1,085        1,253,208  

New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. Liberty RB

     5.00     11/15/2031        2,125        2,266,886  

New York Liberty Development Corp. (7 World Trade Center);
Series 2012, Class 1, Ref. Liberty RB (f)

     5.00     09/15/2040        14,445        15,551,487  

Series 2012, Class 2, Ref. Liberty RB

     5.00     09/15/2043        3,215        3,428,830  

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB

     6.38     07/15/2049        2,785        2,891,164  

New York Liberty Development Corp. (Goldman Sachs Headquarters);
Series 2007, RB

     5.50     10/01/2037        2,145        2,688,500  

New York State Dormitory Authority; Series 2018 A, RB

     5.00     07/01/2048        1,500        1,676,505  

New York State Environmental Facilities Corp. (2010 Master Financing Program); Series 2010 C, RB

     5.00     10/15/2039        1,905        1,976,228  

 

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 Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, State Clean Water & Drinking Water Revolving Funds RB

     5.00     06/15/2031      $ 1,570      $ 1,674,813  

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB (i)

     5.00     08/01/2026        2,055        2,141,002  

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); Series 2018, Special Facilities RB (i)

     5.00     01/01/2036        3,455        3,743,043  

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016A, Special Facilities RB (f)(g)(i)

     5.00     07/01/2046        7,000        7,346,500  

Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. Solid Waste Disposal Facilities RB (h)(i)

     4.75     11/01/2042        1,820        1,751,950  

Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB (i)

     5.00     04/01/2028        1,000        1,094,620  

Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. Asset Backed RB

     5.25     05/15/2040        725        756,327  

North Syracuse Central School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS-NATL)(b)

     5.00     06/15/2023        940        1,046,887  

Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB

     5.38     07/01/2040        2,435        2,512,993  

Onondaga Civic Development Corp. (St. Joseph’s Hospital Health Center); Series 2014 A, RB (c)(d)

     5.13     07/01/2019        2,250        2,292,705  

Rockland Tobacco Asset Securitization Corp.;
Series 2001, Tobacco Settlement Asset-Backed RB

     5.75     08/15/2043        1,375        1,409,512  

Series 2005 A, First Sub. Tobacco Settlement Asset-Backed RB (e)(h)

     0.00     08/15/2045        8,500        1,259,955  

Series 2005 C, Third Sub. Tobacco Settlement Asset-Backed RB (e)(h)

     0.00     08/15/2060        96,000        2,986,560  

Sales Tax Asset Receivable Corp.; Series 2014 A, Ref. RB (f)

     5.00     10/15/2031        7,235        8,165,132  

Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB (h)

     5.38     01/01/2027        1,370        1,351,875  

Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB

     6.00     12/01/2040        1,035        1,089,865  

Suffolk Economic Development Corp. (Catholic Health Services);
Series 2014 C, RB

     5.00     07/01/2032        1,085        1,164,986  

Syracuse (City of); Series 2011 A, Airport Terminal Security & Access Improvement Unlimited Tax GO Bonds (i)

     5.00     11/01/2036        500        525,435  

Syracuse (City of) Industrial Development Agency (Carousel Center);
Series 2016A, Ref. PILOT RB (i)

     5.00     01/01/2032        1,500        1,616,490  

Series 2016A, Ref. PILOT RB (i)

     5.00     01/01/2035        1,745        1,852,649  

Tompkins (County of) Industrial Development Agency (Cornell University); Series 2008 A, Civic Facility RB

     5.00     07/01/2037        750        780,660  

Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB

     5.00     07/01/2027        1,000        1,004,020  

Series 2013 A, RB

     5.00     07/01/2032        750        732,285  

Series 2013 A, RB

     5.00     07/01/2038        2,000        1,878,680  

Triborough Bridge & Tunnel Authority;
Series 2013 A, Ref. Sub. CAB RB (e)

     0.00     11/15/2032        2,000        1,202,680  

Series 2013 C, RB (f)

     5.00     11/15/2038        7,210        7,897,257  

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute);
Series 2010 A, RB

     5.00     09/01/2030        2,500        2,600,550  

Series 2010 A, RB

     5.13     09/01/2040        985        1,024,991  

TSASC, Inc.;
Series 2016B, Ref. Sub. Tobacco Settlement Turbo RB

     5.00     06/01/2048        2,070        1,974,904  

Series 2017 A, Ref. Tobacco Settlement RB

     5.00     06/01/2036        2,885        3,078,122  

United Nations Development Corp.;
Series 2009 A, Ref. RB

     5.00     07/01/2025        1,000        1,016,760  

Series 2009 A, Ref. RB

     5.00     07/01/2026        815        828,610  

Westchester (County of) Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, Special Facility RB (h)(i)

     7.00     06/01/2046        1,030        1,076,690  

Westchester Tobacco Asset Securitization Corp.; Series 2016C, Ref. Sub. RB

     5.13     06/01/2051        2,705        2,730,021  

Yonkers Economic Development Corp. (Charter School of Educational Excellence); Series 2010 A, Educational RB

     6.25     10/15/2040        1,200        1,230,372  
                                 422,223,437  

 

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  

Guam-4.93%

          

Guam (Territory of);
Series 2011 A, Business Privilege Tax RB

     5.25     01/01/2036      $ 1,125      $ 1,178,370  

Series 2011 A, Business Privilege Tax RB

     5.13     01/01/2042        435        447,802  

Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB (c)(d)

     5.63     12/01/2019        860        891,407  

Series 2009 A, Limited Obligation RB (c)(d)

     5.75     12/01/2019        500        518,870  

Series 2016A, Ref. Ltd. Obligation RB

     5.00     12/01/2031        1,000        1,089,420  

Guam (Territory of) International Airport Authority;
Series 2013 C, General RB (INS-AGM)(b)(i)

     6.00     10/01/2034        950        1,085,594  

Series 2013 C, General RB (i)

     6.25     10/01/2034        1,500        1,691,910  

Guam (Territory of) Power Authority;
Series 2010 A, RB (c)(d)

     5.50     10/01/2020        1,020        1,083,821  

Series 2012 A, Ref. RB

     5.00     10/01/2034        1,370        1,427,211  

Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB (c)(d)

     5.63     07/01/2020        3,500        3,696,245  
                                 13,110,650  

Virgin Islands-1.26%

          

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB

     5.00     09/01/2044        785        700,613  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB

     6.63     10/01/2029        1,570        1,591,195  

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. Sr. Lien RB

     5.00     10/01/2025        1,055        1,062,912  
                                 3,354,720  

Puerto Rico-0.51%

          

Children’s Trust Fund; Series 2002, Tobacco Settlement Asset-Backed RB

     5.50     05/15/2039        820        821,919  

Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS -NATL)(b)

     5.25     07/01/2030        500        525,090  
                                 1,347,009  

TOTAL INVESTMENTS IN SECURITIES(l)-165.43% (Cost $425,247,887)

                               440,035,816  

FLOATING RATE NOTE OBLIGATIONS-(35.95)%

          

Notes with interest and fee rates ranging from 2.21% to 2.29% at 11/30/2018 and contractual maturities of collateral ranging from 05/01/2026 to 10/15/2057 (See Note 1D)(m)

                               (95,615,000

VARIABLE RATE MUNI TERM PREFERRED SHARES-(33.98)%

                              
(90,387,416

OTHER ASSETS LESS LIABILITIES-4.50%

                               11,959,879  

NET ASSETS APPLICABLE TO COMMON SHARES-100.00%

                             $ 265,993,279  

Investment Abbreviations:

 

AGC

   - Assured Guaranty Corp.

AGM

   - Assured Guaranty Municipal Corp.

AMBAC

   - American Municipal Bond Assurance Corp.

BHAC

   - Berkshire Hathaway Assurance Corp.

CAB

   - Capital Appreciation Bonds

GO

   - General Obligation

INS

   - Insurer

NATL

   - National Public Finance Guarantee Corp.

PILOT

   - Payment-in-Lieu-of-Tax

RB

   - Revenue Bonds

Ref.

   - Refunding

Sec.

   - Secured

Sr.

   - Senior

Sub.

   - Subordinated

VRD

   - Variable Rate Demand

 

See accompanying notes which are an integral part of this schedule.

Invesco Trust for Investment Grade New York Municipals


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) 

Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

(g) 

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 $11,400,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

(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 November 30, 2018 was $28,806,988, which represented 10.83% of the Trust’s Net Assets.

(i) 

Security subject to the alternative minimum tax.

(j) 

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 November 30, 2018.

(k) 

Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

(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 obligation but may be called upon to satisfy 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 November 30, 2018. At November 30, 2018, the Trust’s investments with a value of $147,736,454 are held by TOB Trusts and serve as collateral for the $95,615,000 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

November 30, 2018

(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 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 November 30, 2018, 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


Item 2. Controls and Procedures.

 

  (a)

As of January 25, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“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 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of January 25, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

 Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.


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/ Sheri Morris

    Sheri Morris
    Principal Executive Officer
Date:     January 29, 2019

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/ Sheri Morris

    Sheri Morris
    Principal Executive Officer
Date:     January 29, 2019

 

By:  

  /s/ Kelli Gallegos

    Kelli Gallegos
    Principal Financial Officer
Date:     January 29, 2019


EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.