Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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: 8/31/22

ITEM 1.

REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not Applicable.

LOGO



Semiannual Report to Shareholders		August 31, 2022

Invesco Trust for Investment Grade New York Municipals

NYSE: VTN



2		Trust Performance

2		Share Repurchase Program Notice

3		Dividend Reinvestment Plan

4		Schedule of Investments

10		Financial Statements

15		Notes to Financial Statements

20		Approval of Investment Advisory and Sub-Advisory Contracts

22		Proxy Results

Unless otherwise noted, all data is provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Trust Performance



Performance summary
Cumulative total returns, 2/28/22 to 8/31/22
Trust at NAV	-11.18	%
Trust at Market Value	-10.71
S&P Municipal Bond Index^▼ (Broad Market Index)	-5.44
S&P Municipal Bond New York 5+ Year Investment Grade Index^▼ (Style-Specific Index)	-7.35
Lipper Closed-End New York Municipal Debt Funds Index◾ (Peer Group Index)	-12.75
Market Price Discount to NAV as of 8/31/22	-10.20

Source(s): ^▼RIMES Technologies Corp.; ◾Lipper Inc.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price. Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market. The S&P Municipal Bond New York 5+ Year Investment Grade Index seeks to measure the performance of investment-grade, New York-issued US municipals with maturities equal to or greater than five years. The Lipper Closed-End New York Municipal Debt Funds Index is an unmanaged index considered representative of closed-end New York municipal debt funds tracked by Lipper. These Funds limit assets to those securities that are exempt from taxation in New York (double tax-exempt) or a city in New York (triple tax-exempt). The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Important Notice Regarding Share Repurchase Program


In September 2022, the Board of Trustees of the Trust approved a share repurchase program that allows the Trust to repurchase up to 25% of the 20-day average trading volume		of the Trust’s common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase		shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.


2		Invesco Trust for Investment Grade New York Municipals

Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.

Plan benefits

∎	Add to your account:

You may increase your shares in your Trust easily and automatically with the Plan.

∎	Low transaction costs:

Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.

∎	Convenience:

You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at invesco.com/closed-end.

∎	Safekeeping:

The Agent will hold the shares it has acquired for you in safekeeping.

Who can participate in the Plan

If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of

the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price.

Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares.

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/ closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.

If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.

You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.

The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.

To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.


3		Invesco Trust for Investment Grade New York Municipals

Schedule of Investments

August 31, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–164.09%^(a)
New York–159.94%

Albany Capital Resource Corp. (College of Siant Rose (The)); Series 2021, Ref. RB		4.00%		07/01/2051	$	605	$ 427,828

Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB		5.00%		12/01/2042		325	320,404

Amherst Development Corp. (Daemen College); Series 2018, Ref. RB		5.00%		10/01/2048		980	921,176
Brookhaven Local Development Corp. (Jefferson’s Ferry);

Series 2016, Ref. RB		5.25%		11/01/2036		1,010	1,055,168

Series 2020 B, RB		4.00%		11/01/2055		350	306,896

Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB^(b)		0.00%		07/15/2034		8,315	4,573,637

Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB		4.00%		07/01/2031		250	234,014

Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB		5.00%		11/15/2037		2,465	2,529,315
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);

Series 2017 A, RB		5.00%		08/01/2037		500	503,658

Series 2017 A, RB		5.00%		08/01/2047		1,500	1,474,753

Build NYC Resource Corp. (Bronx Charter School for Excellence); Series 2013 A, RB		5.50%		04/01/2043		1,260	1,267,611
Build NYC Resource Corp. (Children’s Aid Society (The));

Series 2019, RB		4.00%		07/01/2044		45	42,412

Series 2019, RB		4.00%		07/01/2049		1,300	1,217,445

Build NYC Resource Corp. (Grand Concourse Academy Charter School); Series 2022 A, RB		5.00%		07/01/2056		100	98,656

Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB^(c)(d)		5.00%		01/01/2035		2,700	2,762,386

Build NYC Resource Corp. (The Children’s Aid Society); Series 2015, RB		5.00%		07/01/2045		2,840	2,933,675

Build NYC Resource Corp. (Whin Music Community Charter School); Series 2022, RB^(c)		6.50%		07/01/2057		1,355	1,376,469

City of New York NY; Subseries 2022 D-1, RB^(e)		5.25%		05/01/2043		1,700	1,880,700

Dutchess County Local Development Corp. (Bard College); Series 2020 A, Ref. RB^(c)		5.00%		07/01/2051		1,000	1,006,371

Dutchess County Local Development Corp. (Marist College); Series 2022, RB		4.00%		07/01/2049		600	560,107

Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB		4.00%		07/01/2049		2,375	2,075,720
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District);

Series 2015, RB^(e)		5.00%		05/01/2026		5,000	5,379,645

Series 2015, RB^(e)		5.00%		05/01/2027		2,500	2,686,663

Series 2015, RB^(e)		5.00%		05/01/2028		2,500	2,683,508

Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2045		3,225	3,224,642

Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); Series 2022 A, Ref. RB		5.25%		12/01/2052		725	745,595

Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS - AGM)^(f)		4.00%		02/15/2047		1,425	1,366,198

Hudson Yards Infrastructure Corp. (Green Bonds); Series 2021 A, Ref. RB		4.00%		02/15/2040		3,000	2,959,058

Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB		4.00%		11/01/2047		1,245	1,016,625
Long Island (City of), NY Power Authority;

Series 2016 B, Ref. RB		5.00%		09/01/2036		1,345	1,452,164

Series 2017, RB		5.00%		09/01/2047		1,000	1,072,364

Series 2019 A, RB		4.00%		09/01/2038		1,000	984,498

Series 2021 A, Ref. RB		3.00%		09/01/2040		1,150	927,873
Metropolitan Transportation Authority;

Series 2012 H, RB^(g)(h)		5.00%		11/15/2022		415	417,340

Series 2012 H, RB		5.00%		11/15/2030		335	336,691

Series 2013 E, RB^(g)(h)		5.00%		11/15/2023		2,750	2,837,230

Series 2017 D, Ref. RB		4.00%		11/15/2042		2,950	2,705,161

Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)^(i)(j)		0.82%		11/15/2050		3,000	3,000,000
Metropolitan Transportation Authority (Green Bonds);

Series 2017 A-1, RB		5.25%		11/15/2057		3,975	4,203,211

Series 2017 B-1, RB		5.25%		11/15/2057		2,065	2,204,148

Series 2017 C-2, Ref. RB^(b)		0.00%		11/15/2040		8,250	3,491,053

Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB		4.00%		12/01/2046		300	256,840

Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB		5.50%		06/01/2034		1,000	1,030,423
Monroe County Industrial Development Corp. (University of Rochester);

Series 2013 A, RB^(g)(h)		5.00%		07/01/2023		1,000	1,022,221

Series 2020 A, RB		4.00%		07/01/2050		3,730	3,483,654

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


4		Invesco Trust for Investment Grade New York Municipals


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)

MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB		5.00%		11/15/2051	$	11,095	$ 11,110,881
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);

Series 2021, RB (Acquired 12/14/2007-02/28/2018; Cost $1,426,691)^(k)		5.00%		01/01/2058		1,219	714,099

Series 2021, Ref. RB (Acquired 09/07/2021; Cost $600,000)^(c)(k)		9.00%		01/01/2041		600	527,269

Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB		5.00%		07/01/2033		1,000	1,020,443

Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB		5.00%		07/01/2037		1,000	1,001,261

Nassau County Tobacco Settlement Corp.; Series 2006 A-3, RB		5.00%		06/01/2035		1,250	1,202,583
New York & New Jersey (States of) Port Authority;

Series 2021, Ref. RB^(d)		4.00%		07/15/2051		360	321,911

Series 2021, Ref. RB^(d)		5.00%		07/15/2056		490	504,721

Two Hundred Seventh Series 2018, Ref. RB^(d)(e)(l)		5.00%		09/15/2028		9,000	9,831,830

Two Hundredth Series 2017, Ref. RB		5.25%		10/15/2057		6,880	7,385,158
New York (City of), NY;

Series 2018 E-1, GO Bonds		5.25%		03/01/2035		1,000	1,103,768

Series 2020 AA-2, RB		4.00%		06/15/2043		3,500	3,390,429

Series 2020 C, GO Bonds		4.00%		08/01/2041		200	194,872

Series 2020 D-1, GO Bonds		5.00%		03/01/2038		600	650,596

Series 2020 D-1, GO Bonds		4.00%		03/01/2050		1,000	947,158

Series 2021 A-1, GO Bonds		4.00%		08/01/2050		500	473,010

Subseries 2014 I-2, VRD GO Bonds⁽ⁱ⁾		0.80%		03/01/2040		3,900	3,900,000

Subseries 2019 A-1, GO Bonds		5.00%		08/01/2045		2,120	2,265,527

Subseries 2019 D-1, GO Bonds		5.00%		12/01/2037		2,000	2,164,755
New York (City of), NY Industrial Development Agency (Yankee Stadium);

Series 2020, Ref. RB		4.00%		03/01/2045		500	459,094

Series 2020, Ref. RB (INS - AGM)^(f)		4.00%		03/01/2045		200	185,571
New York (City of), NY Municipal Water Finance Authority;

Series 2013 DD, RB		5.00%		06/15/2035		3,000	3,058,504

Series 2017 DD, RB^(e)(l)		5.25%		06/15/2047		3,600	3,860,590

Series 2019 BB-1, RB		4.00%		06/15/2049		2,815	2,684,472

Series 2019 CC-1, RB		4.00%		06/15/2040		300	293,963

Series 2020, Ref. RB		5.00%		06/15/2050		500	535,181

Series 2021 CC-1, RB		4.00%		06/15/2051		6,000	5,691,808

Series 2022 CC-1, RB		4.00%		06/15/2052		3,000	2,838,295
New York (City of), NY Transitional Finance Authority;

Series 2018 S-3, RB		5.00%		07/15/2043		2,115	2,263,678

Series 2018 S-3, RB		5.25%		07/15/2045		690	744,845

Series 2019 B-1, RB		4.00%		11/01/2042		2,575	2,477,365

Series 2019 B-1, RB		4.00%		11/01/2045		1,300	1,234,167

Series 2020 C-1, RB		4.00%		05/01/2036		100	100,081

Series 2020 C-1, RB		4.00%		05/01/2037		175	173,675

Series 2020 C-1, RB		4.00%		05/01/2038		185	181,785

Series 2020 C-1, RB		4.00%		05/01/2039		165	161,147

Series 2020 C-1, RB		4.00%		05/01/2040		100	97,022

Series 2020 C-1, RB		4.00%		05/01/2045		1,065	1,011,753

Series 2020 D, RB		4.00%		11/01/2040		560	543,010

Series 2020, RB		4.00%		05/01/2044		1,475	1,405,717

Series 2020, RB		4.00%		05/01/2045		885	840,753

Series 2021 E-1, RB		4.00%		02/01/2046		2,000	1,894,718

Series 2022 F-1, RB		5.00%		02/01/2044		1,000	1,087,078

Subseries 2021 S-1, Ref. RB		4.00%		07/15/2037		1,000	991,516

Subseries 2021 S-1, Ref. RB		4.00%		07/15/2040		1,000	971,887
New York (City of), NY Trust for Cultural Resources (Carnegie Hall);

Series 2019, Ref. RB		5.00%		12/01/2035		450	505,578

Series 2019, Ref. RB		5.00%		12/01/2037		275	306,993

Series 2019, Ref. RB		5.00%		12/01/2038		250	278,178

Series 2019, Ref. RB		5.00%		12/01/2039		375	415,882

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


5		Invesco Trust for Investment Grade New York Municipals


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority;

Series 2009 C, RB (INS - AGC)^(f)		5.00%		10/01/2024	$	35	$ 35,081

Series 2011, RB		5.00%		10/01/2025		20	20,037

Series 2014 C, RB^(e)		5.00%		03/15/2041		6,000	6,191,074

Series 2018, RB^(g)(h)		5.00%		07/01/2028		645	732,862

Series 2018, RB		5.00%		07/01/2048		855	930,404

Series 2019 A, RB		5.00%		10/01/2034		1,980	2,161,169

New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2019 A, Ref. RB		4.00%		07/01/2045		1,750	1,368,755
New York (State of) Dormitory Authority (City of New York);

Series 2005 A, RB (INS - AMBAC)^(f)		5.50%		05/15/2027		700	791,506

Series 2005 A, RB (INS - AMBAC)^(f)		5.50%		05/15/2030		1,750	2,076,939

Series 2005 A, RB (INS - AMBAC)^(f)		5.50%		05/15/2031		445	532,947

New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB		5.00%		10/01/2048		1,000	1,178,509

New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS - NATL)^(f)		5.25%		07/01/2028		2,065	2,176,423
New York (State of) Dormitory Authority (Fordham University);

Series 2014, RB		5.00%		07/01/2044		1,000	1,028,006

Series 2021 A, Ref. RB		3.00%		07/01/2038		610	500,838

New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref. RB		5.00%		07/01/2045		2,835	2,899,426

New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 1998, RB (INS - NATL)^(f)		5.50%		07/01/2023		1,325	1,358,972

New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB		5.00%		08/01/2030		2,000	2,068,860

New York (State of) Dormitory Authority (New School (The)); Series 2022 A, Ref. RB		4.00%		07/01/2052		575	495,389
New York (State of) Dormitory Authority (New York University);

Series 2001 1, RB (INS - BHAC)^(f)		5.50%		07/01/2031		1,115	1,265,354

Series 2001 1, RB (INS - AMBAC)^(f)		5.50%		07/01/2031		2,500	2,829,292

Series 2021 A, Ref. RB		3.00%		07/01/2041		1,000	810,245

Series 2021 A, Ref. RB		5.00%		07/01/2051		1,140	1,238,815
New York (State of) Dormitory Authority (Orange Regional Medical Center);

Series 2015, Ref. RB^(c)		5.00%		12/01/2045		1,075	1,070,705

Series 2017, Ref. RB^(c)		5.00%		12/01/2036		900	906,417

Series 2017, Ref. RB^(c)		5.00%		12/01/2037		1,500	1,508,781
New York (State of) Dormitory Authority (Pace University);

Series 2013 A, RB^(g)(h)		5.00%		05/01/2023		25	25,432

Series 2013 A, RB^(g)(h)		5.00%		05/01/2023		30	30,518

Series 2013 A, RB		5.00%		05/01/2025		1,120	1,130,189

Series 2013 A, RB		5.00%		05/01/2029		1,270	1,280,544

New York (State of) Dormitory Authority (Pratt Institute); Series 2015 A, Ref. RB^(g)(h)		5.00%		07/01/2024		1,085	1,132,430
New York (State of) Dormitory Authority (Rochester Institute of Technology);

Series 2019 A, RB		4.00%		07/01/2044		275	259,229

Series 2019 A, RB		5.00%		07/01/2049		2,095	2,209,719

New York (State of) Dormitory Authority (Rockefeller University); Series 2022 A, Ref. RB		4.00%		07/01/2042		1,900	1,792,279

New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB^(g)(h)		5.50%		07/01/2024		2,130	2,157,682

New York (State of) Dormitory Authority (Wagner College); Series 2022, Ref. RB		5.00%		07/01/2057		2,280	2,252,686

New York (State of) Dormitory Authority (Yeshiva University); Series 2022 A, Ref. RB		5.00%		07/15/2050		1,000	1,013,684

New York (State of) Power Authority (Green Bonds); Series 2020 A, Ref. RB		4.00%		11/15/2055		3,300	3,040,506

New York (State of) Power Authority (Green Transmission); Series 2022, RB (INS - AGM)^(f)		4.00%		11/15/2061		5,000	4,684,733
New York (State of) Thruway Authority;

Series 2014 J, RB		5.00%		01/01/2034		4,085	4,192,472

Series 2019 B, RB (INS - AGM)^(f)		4.00%		01/01/2040		2,340	2,281,978

Series 2019 B, RB		4.00%		01/01/2050		2,000	1,855,192

Series 2020 N, RB		5.00%		01/01/2040		2,000	2,141,513

New York (State of) Utility Debt Securitization Authority; Series 2013 TE, RB^(e)		5.00%		12/15/2032		12,500	12,903,313

New York City Health and Hospitals Corp.; Series 2021 A, Ref. RB		4.00%		02/15/2045		250	239,307
New York Convention Center Development Corp. (Hotel Unit Fee Secured);

Series 2016 B, RB^(b)		0.00%		11/15/2044		1,730	545,531

Series 2016, RB^(b)		0.00%		11/15/2056		5,000	804,595

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Invesco Trust for Investment Grade New York Municipals


	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)

New York Counties Tobacco Trust IV; Series 2010 A, RB^(c)		6.25%		06/01/2041	$	870	$ 874,686
New York Counties Tobacco Trust V;

Series 2005 S-1, RB^(b)		0.00%		06/01/2038		8,430	3,318,791

Series 2005 S-2, RB^(b)		0.00%		06/01/2050		14,850	2,010,283

New York Liberty Development Corp.; Series 2021 1WTC, Ref. RB		2.75%		02/15/2044		925	667,432
New York Liberty Development Corp. (3 World Trade Center);

Series 2014, Class 1, Ref. RB^(c)		5.00%		11/15/2044		4,895	4,735,284

Series 2014, Class 3, Ref. RB^(c)		7.25%		11/15/2044		1,085	1,105,971

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2019, Ref. RB		2.80%		09/15/2069		2,785	2,504,756
New York Liberty Development Corp. (Goldman Sachs Headquarters);

Series 2005, Ref. RB		5.25%		10/01/2035		700	783,176

Series 2007, RB		5.50%		10/01/2037		2,145	2,462,260

New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB		2.88%		11/15/2046		1,175	868,014

New York State Dormitory Authority; Series 2022, RB^(e)		4.00%		03/15/2049		6,500	6,121,761

New York State Environmental Facilities Corp.; Series 2019 B, Ref. RB		4.00%		06/15/2049		2,405	2,293,484
New York State Urban Development Corp.;

Series 2019 A, RB		5.00%		03/15/2042		1,345	1,449,175

Series 2019 A, Ref. RB		4.00%		03/15/2042		4,950	4,759,872

New York State Urban Development Corp. (Bidding Group 3); Series 2021, Ref. RB		4.00%		03/15/2046		1,320	1,254,057
New York Transportation Development Corp. (American Airlines, Inc.);

Series 2016, Ref. RB^(d)		5.00%		08/01/2026		1,930	1,940,019

Series 2016, Ref. RB^(d)		5.00%		08/01/2031		800	804,153

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment); Series 2018, RB^(d)		5.00%		01/01/2036		5,455	5,615,355

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB^(d)(e)(l)		5.00%		07/01/2046		7,000	7,164,168
New York Transportation Development Corp. (Terminal 4 JFK International Airport);

Series 2020 A, Ref. RB^(d)		5.00%		12/01/2031		200	214,864

Series 2020, Ref. RB		5.00%		12/01/2036		640	682,305

Series 2022, RB^(d)		5.00%		12/01/2041		2,000	2,075,495

Niagara Area Development Corp. (Catholic Health System, Inc.); Series 2022, RB		5.00%		07/01/2052		200	179,363

Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB^(c)(d)		4.75%		11/01/2042		1,820	1,758,014

Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB^(d)		5.00%		04/01/2028		1,000	1,028,531

Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB		5.25%		05/15/2040		725	732,911

North Syracuse Central School District; Series 2007, Ref. GO Bonds (INS - NATL)^(f)		5.00%		06/15/2023		940	959,220

Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS - AGM)^(f)		4.00%		12/01/2049		1,000	953,206
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);

Series 2019, Ref. RB		5.00%		12/01/2043		1,320	1,453,920

Series 2019, Ref. RB		4.00%		12/01/2049		4,260	3,979,287
Rockland Tobacco Asset Securitization Corp.;

Series 2001, RB		5.75%		08/15/2043		1,375	1,386,986

Series 2005 A, RB^(b)(c)		0.00%		08/15/2045		8,185	2,167,055

Series 2005 C, RB^(b)(c)		0.00%		08/15/2060		96,000	5,609,702

Sales Tax Asset Receivable Corp.; Series 2014 A, RB^(e)(g)(h)		5.00%		10/15/2024		7,235	7,629,344

Suffolk County Economic Development Corp. (Catholic Health Services); Series 2014 C, RB		5.00%		07/01/2032		1,085	1,108,629
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);

Series 2013 A, RB^(m)		5.00%		07/01/2027		1,000	495,000

Series 2013 A, RB^(m)		5.00%		07/01/2032		750	371,250

Series 2013 A, RB^(m)		5.00%		07/01/2038		2,000	990,000
Triborough Bridge & Tunnel Authority;

Series 2013 A, Ref. RB^(b)		0.00%		11/15/2032		2,000	1,376,963

Series 2013 C, RB^(e)		5.00%		11/15/2038		7,210	7,313,080

Series 2021 A-1, Ref. RB		4.00%		05/15/2046		815	771,776

Series 2021 A-1, Ref. RB		5.00%		05/15/2051		5,545	5,947,595

Series 2021 C-1A, RB		5.00%		05/15/2051		2,255	2,426,531

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Trust for Investment Grade New York Municipals


	Interest Rate		Maturity Date		Principal Amount (000)		Value


New York–(continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);

Series 2020 A, RB		5.00%		11/15/2049	$	1,000	$	1,063,342



Series 2020 A, RB		5.00%		11/15/2054		200		210,664



Series 2021 A, RB		5.00%		11/15/2056		920		974,977



Series 2022 A, Ref. RB		4.00%		05/15/2051		1,000		937,750



Triborough Bridge & Tunnel Authority Sales Tax Revenue; Series 2022, RB^(e)		5.25%		05/15/2062		8,000		8,751,066


TSASC, Inc.;

Series 2016 B, Ref. RB		5.00%		06/01/2045		2,070		2,042,158



Series 2017 A, Ref. RB		5.00%		06/01/2036		2,885		3,016,778



Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB^(c)(d)		7.00%		06/01/2046		1,030		899,437


Westchester County Local Development Corp. (Betheal Methodist);

Series 2020 A, Ref. RB		5.00%		07/01/2040		150		135,220



Series 2020 A, Ref. RB		5.13%		07/01/2055		520		446,446



Westchester County Local Development Corp. (Kendal on Hudson); Series 2022, Ref. RB		4.25%		01/01/2045		420		385,833



Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.13%		06/01/2051		2,705		2,781,009



Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB^(c)		4.13%		12/01/2041		275		219,533



								369,418,058



Puerto Rico–2.74%
Children’s Trust Fund;

Series 2002, RB		5.50%		05/15/2039		820		832,812



Series 2005 A, RB^(b)		0.00%		05/15/2050		2,000		341,217



Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $523,810) (INS - NATL)^(f)(k)		5.25%		07/01/2030		500		504,274



Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 N, Ref. RB (INS - AGC)^(f)		5.25%		07/01/2034		1,800		1,831,036


Puerto Rico Sales Tax Financing Corp.;

Series 2018 A-1, RB^(b)		0.00%		07/01/2029		565		432,775



Series 2018 A-1, RB^(b)		0.00%		07/01/2031		650		450,307



Series 2018 A-1, RB		5.00%		07/01/2058		2,000		1,940,213



								6,332,634



Guam–1.10%
Guam (Territory of) International Airport Authority;

Series 2013 C, RB^(d)(g)(h)		6.00%		10/01/2023		680		704,727



Series 2013 C, RB^(d)(g)(h)		6.25%		10/01/2023		595		618,211



Series 2013 C, RB (INS - AGM)^(d)(f)		6.00%		10/01/2034		270		277,719



Series 2013 C, RB^(d)		6.25%		10/01/2034		905		930,335



								2,530,992



Virgin Islands–0.31%

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB		5.00%		09/01/2044		785		720,919



TOTAL INVESTMENTS IN SECURITIES⁽ⁿ⁾–164.09% (Cost $395,717,376)								379,002,603


FLOATING RATE NOTE OBLIGATIONS–(24.25)%
Notes with interest and fee rates ranging from 2.21% to 2.26% at 08/31/2022 and contractual maturities of collateral ranging from 05/01/2026 to 05/15/2062 (See Note 1J)^(o)								(56,020,000	)



VARIABLE RATE MUNI TERM PREFERRED SHARES–(39.12)%								(90,365,020	)



OTHER ASSETS LESS LIABILITIES–(0.72)%								(1,638,429	)



NET ASSETS APPLICABLE TO COMMON SHARES–100.00%							$	230,979,154

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		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
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)	Zero coupon bond issued at a discount.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2022 was $26,528,080, which represented 11.49% of the Trust’s Net Assets.

^(d)	Security subject to the alternative minimum tax.

^(e)	Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.

^(f)	Principal and/or interest payments are secured by the bond insurance company listed.

^(g)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

⁽ⁱ⁾	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 August 31, 2022.

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

^(k)	Restricted security. The aggregate value of these securities at August 31, 2022 was $1,745,642, which represented less than 1% of the Trust’s Net Assets.

^(l)

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 $13,070,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(m)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2022 was $1,856,250, which represented less than 1% of the Trust’s Net Assets.

⁽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 obligations but may be called upon to satisfy the 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 August 31, 2022. At August 31, 2022, the Trust’s investments with a value of $82,396,742 are held by TOB Trusts and serve as collateral for the $56,020,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2022


Revenue Bonds			91.30%


Pre-Refunded Bonds			4.57


General Obligation Bonds			2.31


Other			1.82

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Trust for Investment Grade New York Municipals

Statement of Assets and Liabilities

August 31, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $395,717,376)	$	379,002,603


Receivable for:
Interest		4,031,759


Investment for trustee deferred compensation and retirement plans		17,099


Total assets		383,051,461



Liabilities:

Floating rate note obligations		56,020,000


Variable rate muni term preferred shares ($0.01 par value, 904 shares issued with liquidation preference of $100,000 per share)		90,365,020


Payable for:
Investments purchased		396,854


Dividends		26,487


Amount due custodian		4,897,799


Accrued fees to affiliates		25,867


Accrued interest expense		191,896


Accrued trustees’ and officers’ fees and benefits		1,310


Accrued other operating expenses		128,467


Trustee deferred compensation and retirement plans		18,607


Total liabilities		152,072,307


Net assets applicable to common shares	$	230,979,154


Net assets applicable to common shares consist of:
Shares of beneficial interest – common shares	$	264,260,531


Distributable earnings (loss)		(33,281,377	)


	$	230,979,154



Common shares outstanding, no par value, with an unlimited number of common shares authorized:
Common shares outstanding		19,477,753


Net asset value per common share	$	11.86


Market value per common share	$	10.65

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Trust for Investment Grade New York Municipals

Statement of Operations

For the six months ended August 31, 2022

(Unaudited)


Investment income:

Interest	$	7,211,672



Expenses:
Advisory fees		1,064,606


Administrative services fees		18,438


Custodian fees		1,911


Interest, facilities and maintenance fees		1,269,631


Transfer agent fees		13,000


Trustees’ and officers’ fees and benefits		8,524


Registration and filing fees		10,712


Reports to shareholders		6,928


Professional services fees		49,680


Other		3,891


Total expenses		2,447,321


Net investment income		4,764,351



Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(5,389,331	)


Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(29,657,474	)


Net realized and unrealized gain (loss)		(35,046,805	)


Net increase (decrease) in net assets resulting from operations applicable to common shares	$	(30,282,454	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Trust for Investment Grade New York Municipals

Statement of Changes in Net Assets

For the six months ended August 31, 2022 and the year ended February 28, 2022

(Unaudited)


	August 31, 2022			February 28, 2022


Operations:
Net investment income	$	4,764,351		$	10,677,805


Net realized gain (loss)		(5,389,331	)		1,220,401


Change in net unrealized appreciation (depreciation)		(29,657,474	)		(11,433,076	)


Net increase (decrease) in net assets resulting from operations applicable to common shares		(30,282,454	)		465,130


Distributions to common shareholders from distributable earnings		(5,031,104	)		(11,094,528	)


Net increase (decrease) in net assets applicable to common shares		(35,313,558	)		(10,629,398	)



Net assets applicable to common shares:
Beginning of period		266,292,712			276,922,110


End of period	$	230,979,154		$	266,292,712

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Trust for Investment Grade New York Municipals

Statement of Cash Flows

For the six months ended August 31, 2022

(Unaudited)


Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations applicable to common shares	$	(30,282,454	)



Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:

Purchases of investments		(66,060,376	)


Proceeds from sales of investments		67,141,456


Purchases of short-term investments, net		(4,519,893	)


Amortization of premium on investment securities		1,641,779


Accretion of discount on investment securities		(755,805	)


Net realized loss from investment securities		5,389,331


Net change in unrealized depreciation on investment securities		29,657,474


Change in operating assets and liabilities:


Decrease in receivables and other assets		288,471


Increase in accrued expenses and other payables		161,512


Net cash provided by operating activities		2,661,495


Cash provided by (used in) financing activities:

Dividends paid to common shareholders from distributable earnings		(5,034,279	)


Increase in payable for amount due custodian		4,897,799


Proceeds of TOB Trusts		14,440,000


Repayments of TOB Trusts		(18,095,000	)


Net cash provided by (used in) financing activities		(3,791,480	)


Net decrease in cash and cash equivalents		(1,129,985	)


Cash and cash equivalents at beginning of period		1,129,985


Cash and cash equivalents at end of period	$	–



Supplemental disclosure of cash flow information:


Cash paid during the period for interest, facilities and maintenance fees	$	1,142,774

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Trust for Investment Grade New York Municipals

Financial Highlights

August 31, 2022

(Unaudited)

The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated:


	Six Months Ended August 31,				Years Ended February 28,						Year Ended February 29,			Years Ended February 28,
	2022				2022			2021			2020			2019			2018


Net asset value per common share, beginning of period		$	13.67		$	14.22		$	15.03		$	13.90		$	14.15		$	14.40


Net investment income^(a)			0.24			0.55			0.58			0.57			0.62			0.69


Net gains (losses) on securities (both realized and unrealized)			(1.79	)		(0.53	)		(0.84	)		1.16			(0.19	)		(0.25	)


Total from investment operations			(1.55	)		0.02			(0.26	)		1.73			0.43			0.44


Less:
Dividends paid to common shareholders from net investment income			(0.26	)		(0.57	)		(0.55	)		(0.56	)		(0.63	)		(0.69	)


Return of capital			–			–			–			(0.04	)		(0.05	)		–


Total distributions			(0.26	)		(0.57	)		(0.55	)		(0.60	)		(0.68	)		(0.69	)


Net asset value per common share, end of period		$	11.86		$	13.67		$	14.22		$	15.03		$	13.90		$	14.15


Market value per common share, end of period		$	10.65		$	12.21		$	13.00		$	13.58		$	12.96		$	13.06


Total return at net asset value^(b)			(11.18	)%		0.30	%		(1.13	)%		13.00	%		3.69	%		3.36	%


Total return at market value^(c)			(10.71	)%		(2.00	)%		0.03	%		9.50	%		4.74	%		1.92	%


Net assets applicable to common shares, end of period (000’s omitted)		$	230,979		$	266,293		$	276,922		$	292,817		$	270,756		$	275,540


Portfolio turnover rate^(d)			17	%		1	%		14	%		12	%		6	%		13	%



Ratios/supplemental data based on average net assets applicable to common shares outstanding:

Ratio of expenses:


With fee waivers and/or expense reimbursements			2.01	%^(e)		1.48	%		1.79	%		2.45	%		2.53	%		2.34	%


With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees			0.97	%^(e)		0.95	%		0.98	%		1.00	%		1.04	%		1.06	%


Without fee waivers and/or expense reimbursements			2.01	%^(e)		1.48	%		1.79	%		2.45	%		2.53	%		2.34	%


Ratio of net investment income to average net assets			3.91	%^(e)		3.79	%		4.15	%		3.93	%		4.43	%		4.74	%



Senior securities:

Total amount of preferred shares outstanding (000’s omitted)		$	90,400		$	90,400		$	90,400		$	90,400		$	90,400		$	90,400


Asset coverage per preferred share^(f)		$	355,508		$	394,572		$	406,330		$	423,912		$	399,509		$	404,801


Liquidating preference per preferred share		$	100,000		$	100,000		$	100,000		$	100,000		$	100,000		$	100,000

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)

Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Annualized.

^(f)	Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Trust for Investment Grade New York Municipals

Notes to Financial Statements

August 31, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Trust for Investment Grade New York Municipals (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company.

The Trust’s investment objective is to provide common shareholders with a high level of current income exempt from federal as well as from New York State and New York City income taxes, consistent with preservation of capital.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 and not representative of market value in the Adviser’s judgment (“unreliable”) are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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.

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.	Distributions – The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.

Federal Income Taxes – The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.


15		Invesco Trust for Investment Grade New York Municipals

In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt dividends”, as defined in the Internal Revenue Code.

The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares (“VMTP Shares”). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust’s servicing agreements, that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.	Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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 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.


16		Invesco Trust for Investment Grade New York Municipals

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.

During the period, the Trust experienced a low interest rate environment created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Trust’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Trust that holds securities of that entity will be adversely impacted.

The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Trust’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust’s financial statements for purposes of GAAP).

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2022, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust’s custodian.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

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.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2022, 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.

NOTE 4–Security Transactions with Affiliated Funds

The Trust is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2022, the Trust engaged in securities purchases of $11,902,788 and securities sales of $8,304,097, which did not result in any net realized gains (losses).


17		Invesco Trust for Investment Grade New York Municipals

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and “Trustees’ and Officers’ Fees and Benefits” includes amounts accrued by the Trust to fund such deferred compensation amounts.

NOTE 6–Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2022 were $52,710,000 and 1.64%, respectively.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Trust had a capital loss carryforward as of February 28, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	6,075,375	$	4,347,822	$	10,423,197

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2022 was $64,164,715 and $67,141,456, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	5,801,877


Aggregate unrealized (depreciation) of investments		(23,140,632	)


Net unrealized appreciation (depreciation) of investments	$	(17,338,755	)

Cost of investments for tax purposes is $396,341,358.

NOTE 9–Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:


	Six Months Ended August 31,		Year Ended February 28,
	2022		2022


Beginning shares		19,477,753		19,477,753


Shares issued through dividend reinvestment		–		–


Ending shares		19,477,753		19,477,753

The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 10–Variable Rate Muni Term Preferred Shares

The Trust issued Series 2015/6-VTN VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2022, the VMTP Shares outstanding were as follows:


Issue Date	Shares Issued	Term Redemption Date	Extension Date


05/09/2012	904	06/03/2024	12/21/2021

VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.

The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in the value of Variable rate muni term preferred shares on the Statement of Assets and Liabilities.


18		Invesco Trust for Investment Grade New York Municipals

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the “SIFMA” Index). As of August 31, 2022, the dividend rate is equal to the SIFMA Index plus a spread of 0.95%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2022 were $90,400,000 and 1.76%, respectively.

The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remain unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust’s yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.

The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the “spread” on the VMTP Shares (determined in accordance with the VMTP Shares’ governing document) remains unchanged. At period-end, the Trust’s Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.

NOTE 11–Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2022:


Declaration Date	Amount per Share	Record Date		Payable Date


September 1, 2022	$0.0421		September 15, 2022		September 30, 2022


October 3, 2022	$0.0421		October 17, 2022		October 31, 2022


19		Invesco Trust for Investment Grade New York Municipals

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of Invesco Trust for Investment Grade New York Municipals (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund

counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A.	Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed-end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems

preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond New York 5+ Year Investment Grade Index (Index). The Board noted that the Fund’s performance was in the second quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one, three and five year periods. The Board noted the small size of the Fund’s performance universe. The Board considered that the Fund’s credit and leverage exposure had detracted from its long-term performance relative to peers. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as


20		Invesco Trust for Investment Grade New York Municipals

other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that there were only six funds (including the fund) in the expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other client accounts with investment strategies comparable to those of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D.	Economies of Scale and Breakpoints

The Board noted that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial asset growth after the initial public offering. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services

provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.

The Board considered that the Fund’s uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash.


21		Invesco Trust for Investment Grade New York Municipals

Proxy Results

A Joint Annual Meeting (“Meeting”) of Shareholders of Invesco Trust For Investment Grade New York Municipals (the “Fund”) was held on August 8, 2022. The Meeting was held for the following purpose:

(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.

(2). Election of Trustees by Preferred Shareholders voting as a separate class.

The results of the voting on the above matters were as follows:


	Matter	Votes For	Votes Withheld


(1).	Cynthia Hostetler	904.00	0.00
	Eli Jones	904.00	0.00
	Ann Barnett Stern	904.00	0.00
	Daniel S. Vandivort	904.00	0.00
(2).	Prema Mathai-Davis	904.00	0.00


22		Invesco Trust for Investment Grade New York Municipals

(This page intentionally left blank)

Correspondence information

Send general correspondence to Computershare Trust Company, N.A., P.O. Box 505000, Louisville, KY 40233-5000.

Trust holdings and proxy voting information

The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust’s Form N-PORT filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-06537		VK-CE-IGNYM-SAR-1

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of October 18, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 18, 2022, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.

13(a) (1)

Not applicable.

13(a) (2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)

Not applicable.

13(a) (4)

Not applicable.

13(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

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:		November 4, 2022

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:		November 4, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 4, 2022

Invesco Trust for Invest... (NYSE:VTN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024

Haga Click aquí para más Gráficas Invesco Trust for Invest....

Invesco Trust for Invest... (NYSE:VTN)
Gráfica de Acción Histórica
De May 2023 a May 2024

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

VTN Invesco Trust for Investment Grade New York Municipals

Noticias sobre Invesco Trust for Investment Grade New York Municipals VTN

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación

Tendencias Ahora

Listas Principales

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

VTN Invesco Trust for Investment Grade New York Municipals

Noticias sobre Invesco Trust for Investment Grade New York Municipals VTN

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación