Invesco Trust for Investment Grade New York Municipals

Regulatory Filings • May 9, 2011

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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 Van Kampen Trust for Investment Grade New York Municipals

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Colin Meadows 1555 Peachtree Street, N.E., 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: 2/28/11

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link2 "Item 1. Reports to Stockholders."

Item 1. Reports to Stockholders.

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Annual Report to Shareholders February 28, 2011

Invesco Van Kampen Trust for Investment Grade New York Municipals NYSE: VTN

2	Performance Summary
2	Management Discussion
4	Supplemental Information
5	Dividend Reinvestment Plan
6	Schedule of Investments
11	Financial Statements
14	Notes to Financial Statements
20	Financial Highlights
22	Auditor’s Report
23	Tax Information
T-1	Trustees and Officers

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Management’s Discussion of Trust Performance

Performance summary

Please note that the fiscal year-end for Invesco Van Kampen Trust for Investment Grade New York Municipals has changed to February 28. Therefore, the period covered by this report is from October 31, 2010, the date of the last annual report, through February 28, 2011, the Trust’s new fiscal year-end.

The Trust’s return can be calculated based on either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the reporting period. A main contributor to the Trust’s return on an NAV basis was its exposure to dedicated tax bonds.

Performance

Cumulative total returns, 10/31/10 to 2/28/11

Trust at NAV	-8.42
Trust at Market Value	-10.76
Barclays Capital New York Municipal Bond Index ▼	-2.88
Market Price Premium to NAV as of 2/28/11	0.30

▼ Lipper Inc.

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, net asset value and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in net asset value (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.

 

How we invest

We seek to provide investors with a high level of current income exempt from federal income tax, as well as New York state and New York City income taxes, primarily through investment in a diversified portfolio of investment grade municipal securities.

We seek to achieve the Trust’s investment objective by investing primarily in New York municipal securities that are rated BBB or higher by Standard & Poor’s (S&P) or Baa or higher by Moody’s at the

time of purchase. Municipal securities include long-term obligations (“municipal bonds”), short-term municipal notes, participation certificates, municipal leases and tax-exempt commercial paper. The Trust also may invest in securities rated BB/Ba or B by S&P, Moody’s or Fitch, as well as unrated securities that we determine to be of comparable or higher quality. From time to time, we may invest in New York municipal securities that pay interest that is subject to the federal alternative minimum tax.

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds	89.8
General Obligation Bonds	8.6
Pre-refunded Bonds	1.0
Other	0.6

 

Total Net Assets
Applicable to Common Shares	$204.0 million
Total Number of Holdings	140

 

Top Five Fixed Income Holdings

1.	Port Authority of New York &
	New Jersey	17.0 %
2.	New York (City of) Municipal Water
	Finance Authority	5.8
3.	New York (City of) Trust for Cultural
	Resources (American Museum of
	Natural History)	5.2
4.	New York (City of)	5.0
5.	New York (City of)	5.0

 

The Trust’s holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.

We employ a bottom-up, research-driven approach to identify securities that have attractive risk/reward characteristics for the sectors in which we invest. We also integrate macroeconomic analysis and forecasting into our evaluation and ranking of various sectors and individual securities. Finally, we employ leverage in an effort to enhance the Trust’s income and total return.

	Sell decisions are based on:
n	A deterioration or likely deterioration of an individual issuer’s capacity to meet its debt
obligations on a timely basis.
n	A deterioration or likely deterioration of the broader fundamentals of a particular industry or
sector.
n	Opportunities in the secondary or primary market to purchase a security with better relative
value.

Market conditions and your Trust

In the U.S. and most of the developed world, a gradual and somewhat lackluster recovery continued, with central banks keeping interest rates at low levels and with few of them withdrawing their quantitative easing measures. This helped private sector companies improve their balance sheets and earnings following the global financial crisis that began to dissipate in early 2009. However, investor skepticism of global governments’ abilities to retire huge amounts of debt without affecting economic growth rates caused sovereign debt distress (especially for eurozone countries) and became a focal point of investor concern.

In the U.S., economic recovery was present, although the pace was modest as stubbornly high unemployment and export weakness continued to weigh on the economy. Real gross domestic product, the broadest measure of overall U.S. economic activity, increased at an annual rate of 3.1% in the fourth quarter of 2010, a marked improvement from the 2.6% decrease in 2009. 1 The U.S. Federal Reserve (the Fed) maintained a very accommodative monetary policy throughout the period, with the federal funds target rate unchanged in a range of zero to 0.25%. 2 The Fed recently described its view of the U.S. economy by stating: “The Committee will maintain the target range for the federal funds rate at 0 to 1 / 4 percent and continues to anticipate that

2 Invesco Van Kampen Trust for Investment Grade New York Municipals

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economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.” 2

During the four-month period covered by this report, municipal bond mutual funds experienced extensive net outflows. Market volatility was heightened across the municipal asset class as U.S. Treasury yields increased, and the market was flooded with new issuance during the last two months of 2010 in anticipation of the Build America Bond (BAB) program ending. These factors contributed to rising investor fears regarding the health of municipal finances leading to redemptions and lower municipal bond prices.

In terms of yield curve positioning, the Trust’s exposure to the 15- to 20-year portion of the curve , as well as the long end of the curve (20+ years), detracted from returns as yields increased during most of the reporting period. Some of our yield curve and duration positioning was obtained through the use of inverse floating rate securities. Inverse floating rate securities are instruments which have an inverse relationship to a referenced interest rate. Inverse floating rate securities can be a more efficient means by which to manage duration, yield curve exposure, credit exposure and potentially can enhance yield.

Sector performance was driven by quality spread widening for most of the reporting period before tightening in February, largely a result of increased volatility and higher tax-exempt issuance. As a result, BBB-rated and lower credit quality sectors underperformed and detracted from Trust performance as we held exposure to these market segments.

At a sector level, our exposure to dedicated tax and water/sewer bonds contributed to returns for the reporting period. Our exposure to higher education and health care bonds detracted from returns.

We employ leverage in an effort to enhance the Trust’s income and total return. Leverage simply magnifies the performance of the Trust, either up or down, and can be implemented several ways. The Trust achieves a leveraged position through both borrowings and the use of financial instruments, which include auction rate preferred shares. During the reporting period, the use of leverage detracted from returns.

As stated earlier, the Trust trades at a market price and also has an NAV. For most of the reporting period, the Trust fluctuated between trading at a premium and trading at a discount to its underlying NAV.

Thank you for investing in Invesco Van Kampen Trust for Investment Grade New York Municipals and for sharing our long-term investment horizon.

1 Bureau of Economic Analysis 2 U.S. Federal Reserve

The views and opinions expressed in management’s discussion of Trust performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Trust and, if applicable, index disclosures later in this report.

Mark Paris Chartered Financial Analyst, portfolio manager, is manager of Invesco Van Kampen Trust for Investment Grade New York Municipals. Mr. Paris joined Invesco in 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 2002 to 2010 and began managing the Trust in 2007. He earned a B.B.A. in finance from Baruch College – The City University of New York.

Robert Stryker Chartered Financial Analyst, portfolio manager, is manager of Invesco Van Kampen Trust for Investment Grade New York Municipals. Mr. Stryker joined Invesco in 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 1994 to 2010 and began managing the Trust in 2007. He earned a B.S. in finance from the University of Illinois, Chicago.

Julius Williams Portfolio manager, is manager of Invesco Van Kampen Trust for Investment Grade New York Municipals. Mr. Williams joined Invesco in 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 2000 to 2010 and began managing the Trust in 2009. He earned a B.A. in economics and sociology, as well as a Master of Education degree in educational psychology from the University of Virginia.

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Invesco Van Kampen Trust for Investment Grade New York Municipals’ investment objective is to seek to provide a high level of current income exempt from federal as well as New York State and New York City income taxes, consistent with preservation of capital.

| n | Unless otherwise stated, information presented in this report is as of February 28, 2011, and
is based on total net assets applicable to common shares. |
| --- | --- |
| n | Unless otherwise noted, all data provided by Invesco. |
| n | To access your Trust’s reports, visit invesco.com/fundreports. |

Principal risks of investing in the Trust

n	The prices of securities held by the Trust may decline in response to market risks.
n	Other risks are described and defined later in this report.

About indexes used in this report

| n | The Barclays Capital New York Municipal Bond Index is an index of New York investment grade
municipal bonds. |
| --- | --- |
| n | The Trust is not managed to track the performance of any particular index, including the
index(es) defined here, and consequently, the performance of the Trust may deviate significantly
from the performance of the index(es). |
| n | 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. |

Other information

| n | The Chartered Financial Analyst ® (CFA ® ) designation is globally
recognized and attests to a charterholder’s success in a rigorous and comprehensive study
program in the field of investment management and research analysis. |
| --- | --- |
| n | The returns shown in management’s discussion of Trust performance are based on net asset values
calculated for shareholder transactions. Generally accepted accounting principles require
adjustments to be made to the net assets of the Trust at period end for financial reporting
purposes, and as such, the net asset values for shareholder transactions and the returns based on
those net asset values may differ from the net asset values and returns reported in the Financial
Highlights. |

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

NYSE Symbol VTN

4 Invesco Van Kampen Trust for Investment Grade New York Municipals

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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 Trust. Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase your investment over time.

Plan benefits

n	Add to your account
	You may increase the amount of shares in your Trust easily and automatically with the Plan.
n	Low transaction costs
	Shareholders who participate in the Plan are 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 a Trust, there is no fee, and when shares are bought in
blocks on the open market, the per share fee is shared among all Participants.
n	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 via the Internet. To do this, please go to
invesco.com/us.
n	Safekeeping
	The Agent will hold the shares it has acquired for you in safekeeping.

How to participate in the Plan

If you own shares in your own name, you can participate directly 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

To enroll in the Plan, please read the Terms and Conditions in the Plan Brochure. You can enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in writing at Invesco Van Kampen Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include your 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 such Distributions are paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distributions.

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:

| 1. | Premium: If the Trust is trading at a premium – a market price that is higher than its NAV
– you’ll pay either the NAV or 95 percent of the market price, whichever is greater. When
the Trust trades at a premium, you’ll pay less for your reinvested shares than an investor
purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may
be taxable because you are receiving shares at less than market price. |
| --- | --- |
| 2. | Discount: If the Trust is trading at a discount – a market price that is lower than 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 your Trust. If your 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 your Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of 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 U.S. 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, visiting invesco.com/us or by writing to Invesco Van Kampen Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. 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 have signed these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

| 1. | If you opt to continue to hold your non-certificated whole shares (Investment Plan Book
Shares), they will be held by the Agent electronically as Direct Registration Book-Shares
(Book-Entry Shares) and fractional shares will be sold at the then-current market price.
Proceeds will be sent via check to your address of record after deducting applicable fees. |
| --- | --- |
| 2. | If you opt to sell your shares through the Agent, we will sell all full and fractional
shares and send the proceeds via check to your address of record after deducting a $2.50 per
share fee and applicable per share fee. Per share fees include any applicable brokerage
commissions the Agent is required to pay. |
| 3. | You may sell your shares through your financial adviser through the Direct Registration
System (DRS). DRS is a service within the securities industry that allows Trust shares to be
held in your name in electronic format. You retain full ownership of your shares, without
having to hold a stock certificate. You should contact your financial adviser to learn more
about any restrictions or fees that may apply. |

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

5 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Schedule of Investments

February 28, 2011

Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
Municipal Obligations–172.08%
New York–164.09%
Albany (City of) Capital Resource Corp. (St. Peters Hospital);
Series 2011, RB	6.25 %	11/15/38	$ 1,860	$ 1,859,777
Albany (City of) Industrial Development Agency (St. Peter’s
Hospital); Series 2008 D, Civic Facility IDR	5.75 %	11/15/27	1,000	985,140
Brooklyn (City of) Arena Local Development Corp. (Barclays
Center);
Series 2009,
CAB RB (a)	0.00 %	07/15/34	6,700	1,399,898
Series 2009, RB	6.25 %	07/15/40	825	807,560
Series 2009, RB	6.38 %	07/15/43	825	819,225
Chautauqua (County of) Industrial Development Agency
(NRG–Dunkirk Power); Series 2009, Exempt Facility IDR	5.88 %	04/01/42	2,340	2,252,695
Dutchess (County of) Industrial Development Agency (Elant
Fishkill, Inc.); Series 2007 A, Civic Facility IDR	5.25 %	01/01/37	920	636,300
East Rochester (City of) Housing Authority (Senior Living
Woodland Village); Series 2006, Ref. RB	5.50 %	08/01/33	2,400	1,886,952
Essex (County of) Industrial Development Agency (International
Paper); Series 2005 A, Solid Waste Disposal Ref.
IDR (b)	5.20 %	12/01/23	2,150	2,055,722
Hempstead (Town of) Industrial Development Agency (Adelphi
University); Series 2002, Civic Facility IDR	5.50 %	06/01/32	2,000	2,006,320
Hempstead (Town of) Local Development Corp. (Molloy College);
Series 2009, Corporate RB	5.75 %	07/01/39	1,655	1,669,034
Islip (City of) Resource Recovery Agency (1985 Facility);
Series 1994 B, RB
(INS–AMBAC) (b)(c)	7.25 %	07/01/11	2,000	2,041,100
Long Island (City of) Power Authority;
Series 2003 C, Electric System RB
(INS–CIFG) (c)	5.25 %	09/01/29	400	414,928
Series 2006 E, Electric System RB	5.00 %	12/01/17	1,975	2,181,269
Series 2009 A, Electric System RB	6.25 %	04/01/33	1,860	2,049,478
Madison (County of) Industrial Development Agency (Colgate
University); Series 2005 A, Civic Facility IDR
(INS–AMBAC) (c)	5.00 %	07/01/35	1,620	1,603,022
Madison (County of) Industrial Development Agency (Morrisville
State College Foundation); Series 2005 A, Civic
Facility IDR
(INS–CIFG) (c)	5.00 %	06/01/28	1,000	892,340
Madison (County of) Industrial Development Agency (Oneida Health
Systems, Inc.); Series 2007, Civic Facility IDR	5.50 %	02/01/32	750	654,015
Metropolitan Transportation Authority (Build America Bonds);
Series 2009 B, Dedicated Tax Federal RB	5.25 %	11/15/27	1,535	1,592,455
Metropolitan Transportation Authority; Series 2005 B,
RB
(INS–BHAC) (c)(d)	5.00 %	11/15/31	10,000	9,910,100
Montgomery (County of) Industrial Development Agency (Hamilton
Fulton Montgomery Board of Cooperative Educational Services);
Series 2005 A, Lease IDR
(INS–SYNCORA) (c)	5.00 %	07/01/34	1,500	1,247,160
Nassau (County of) Industrial Development Agency (Amsterdam at
Harborside); Series 2007 A, Continuing Care Retirement
Community IDR	6.70 %	01/01/43	5,000	4,456,850
New York (City of) Industrial Development Agency (7 World Trade
Center, LLC); Series 2005 B, Liberty RB	6.75 %	03/01/15	2,000	2,002,380
New York (City of) Industrial Development Agency
(IAC/Interactive Corp.); Series 2005, Liberty IDR	5.00 %	09/01/35	3,440	2,934,767
New York (City of) Industrial Development Agency (New York Stock
Exchange);
Series 2009 A, Special Facility Ref. IDR	5.00 %	05/01/21	2,445	2,659,060
Series 2009 A, Special Facility Ref. IDR	5.00 %	05/01/29	1,500	1,513,920
New York (City of) Industrial Development Agency (Polytechnic
University); Series 2007, Civic Facility RB
(INS–ACA) (c)	5.25 %	11/01/37	3,500	3,187,135
New York (City of) Industrial Development Agency (Queens
Baseball Stadium);
Series 2006, PILOT IDR
(INS–AMBAC) (c)	5.00 %	01/01/36	2,000	1,625,140
Series 2009, PILOT IDR
(INS–AGL) (c)	6.50 %	01/01/46	2,000	2,083,820
New York (City of) Industrial Development Agency (Staten Island
University Hospital); Series 2001 B, Civic Facility IDR	6.38 %	07/01/31	1,735	1,684,269
New York (City of) Industrial Development Agency (Terminal One
Group Association, L.P.);
Series 2005, Special Facility
IDR (b)(e)(f)	5.50 %	01/01/19	3,710	3,881,031
Series 2005, Special Facility
IDR (b)(e)(f)	5.50 %	01/01/20	3,000	3,096,090
Series 2005, Special Facility
IDR (b)(e)(f)	5.50 %	01/01/21	4,000	4,083,040
New York (City of) Industrial Development Agency (YMCA of
Greater New York); Series 1997, Civic Facility RB	5.80 %	08/01/16	1,125	1,127,453

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

6 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
New York–(continued)
New York (City of) Liberty Development Corp. (Bank of America
Tower at One Bryant Park); Series 2010, Ref. Second
Priority Liberty RB	6.38 %	07/15/49	$ 2,230	$ 2,232,052
New York (City of) Municipal Water Finance Authority;
Series 2005 C, Water & Sewer
System RB (d)	5.00 %	06/15/31	10,000	10,089,600
Series 2005 D, Water & Sewer
System RB (d)	5.00 %	06/15/37	12,000	11,903,640
Series 2009 FF-2, Water & Sewer System RB	5.50 %	06/15/40	1,500	1,546,710
New York (City of) Transitional Finance Authority;
Series 2008 S-2, Building Aid RB	6.00 %	07/15/33	1,350	1,457,865
Series 2009 S-1, Building Aid RB	5.50 %	07/15/38	2,950	3,029,856
Series 2009 S-3, Building Aid RB	5.25 %	01/15/27	4,500	4,680,720
Series 2009 S-3, Building Aid RB	5.25 %	01/15/39	2,000	2,017,220
New York (City of) Trust for Cultural Resources (American Museum
of Natural History); Series 2004 A, Ref. RB
(INS–NATL) (c)(d)	5.00 %	07/01/44	10,890	10,604,900
New York (City of) Trust for Cultural Resources (Carnegie Hall);
Series 2009 A, RB	5.00 %	12/01/39	1,500	1,427,460
New York (City of);
Series 2008 F-1, Unlimited Tax GO Bonds	5.50 %	11/15/28	3,300	3,496,284
Subseries 2008 I-1, Unlimited Tax GO
Bonds (d)	5.00 %	02/01/26	10,000	10,297,300
Subseries 2008 L-1, Unlimited Tax GO
Bonds (d)	5.00 %	04/01/27	10,000	10,248,400
New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2003 B, RB
(INS–SYNCORA) (c)	5.38 %	07/01/23	2,340	2,403,999
New York (State of) Dormitory Authority (Catholic Health
Services of Long Island–St. Francis Hospital);
Series 2004, Obligated Group RB	5.00 %	07/01/27	2,200	2,118,974
New York (State of) Dormitory Authority (City of New York
Issue); Series 2005 A, Court Facilities Lease Non
State Supported Debt RB
(INS–AMBAC) (c)	5.50 %	05/15/30	6,000	6,223,980
New York (State of) Dormitory Authority (City University System
Consolidated);
Series 1993 A, RB	5.75 %	07/01/13	1,925	2,024,522
Series 1995 A, RB	5.63 %	07/01/16	3,000	3,271,500
New York (State of) Dormitory Authority (Columbia University);
Series 2011, Non State Supported Debt RB	5.00 %	10/01/41	2,225	2,280,758
New York (State of) Dormitory Authority (Convent of The Sacred
Heart); Series 2011, Non State Supported Debt RB
(INS–AGM) (c)	5.75 %	11/01/40	1,255	1,271,277
New York (State of) Dormitory Authority (Department of Health);
Series 2005 A, Supported Debt Ref. RB
(INS–CIFG) (c)	5.00 %	07/01/25	1,500	1,534,530
New York (State of) Dormitory Authority (Education);
Series 2008 B, State Personal Income Tax RB	5.75 %	03/15/36	2,150	2,291,599
New York (State of) Dormitory Authority (FIT Student Housing
Corp.); Series 2007, Non State Supported Debt RB
(INS–NATL/FGIC) (c)	5.25 %	07/01/28	1,655	1,618,954
New York (State of) Dormitory Authority (Fordham University);
Series 2008 B, Non State Supported Debt RB
(INS–AGL) (c)	5.00 %	07/01/33	915	918,010
New York (State of) Dormitory Authority (John T. Mather Memorial
Hospital); Series 1996, RB (INS–CONNIE
LEE) (c)	6.50 %	07/01/11	1,720	1,739,230
New York (State of) Dormitory Authority (Maimonides Medical
Center); Series 2004, Mortgage Hospital RB
(INS–NATL) (c)	5.00 %	08/01/33	1,950	1,866,306
New York (State of) Dormitory Authority (Manhattan College);
Series 2007 A, Non State Supported Debt RB
(INS–RADIAN) (c)	5.00 %	07/01/41	2,315	1,931,543
New York (State of) Dormitory Authority (Memorial Sloan
Kettering Cancer Center); Series 1998 C, RB
(INS–NATL) (c)	5.50 %	07/01/23	3,750	4,146,150
New York (State of) Dormitory Authority (Mental Health Services
Facilities Improvement);
Series 2007 A, State Supported Debt RB
(INS–AGM) (c)	5.00 %	02/15/27	2,000	2,038,140
Series 2008 C, RB
(INS–AGM) (b)(c)	5.25 %	02/15/28	2,000	1,952,800
New York (State of) Dormitory Authority (Mount Sinai School of
Medicine); Series 2009, Non State Supported Debt RB	5.13 %	07/01/39	1,750	1,612,678
New York (State of) Dormitory Authority (New York University);
Series 2001 1, RB
(INS–AMBAC) (c)	5.50 %	07/01/31	2,000	2,154,080
Series 2001 1, RB
(INS–BHAC) (c)	5.50 %	07/01/31	830	875,235
Series 2008 C, Non State Supported Debt RB	5.00 %	07/01/38	2,870	2,813,203

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
New York–(continued)
New York (State of) Dormitory Authority (North Shore–Long
Island Jewish Obligated Group);
Series 2006 A, Non State Supported Debt RB	5.00 %	11/01/26	$ 4,000	$ 3,932,320
Series 2009 A, Non State Supported Debt RB	5.50 %	05/01/37	1,250	1,219,425
New York (State of) Dormitory Authority (NYU Hospitals Center);
Series 2007 A, Non State Supported Debt RB	5.00 %	07/01/36	1,500	1,328,880
New York (State of) Dormitory Authority (Orange Regional Medical
Center);
Series 2008, Non State Supported Debt RB	6.50 %	12/01/21	3,000	3,023,190
Series 2008, Non State Supported Debt RB	6.13 %	12/01/29	1,000	948,170
New York (State of) Dormitory Authority (Pratt Institution);
Series 2009 C, Non State Supported Debt RB
(INS–AGL) (c)	5.13 %	07/01/39	600	587,226
New York (State of) Dormitory Authority (Providence Rest);
Series 2005, Non State Supported Debt RB
(INS–ACA) (c)	5.13 %	07/01/30	2,525	1,679,984
Series 2005, Non State Supported Debt RB
(INS–ACA) (c)	5.00 %	07/01/35	2,000	1,215,160
New York (State of) Dormitory Authority (Rochester Institute of
Technology); Series 2010, Non State Supported Debt RB	5.00 %	07/01/40	1,350	1,305,558
New York (State of) Dormitory Authority (School District Revenue
Bond Financing Program); Series 2008 D, RB
(INS–AGL) (c)	5.75 %	10/01/24	2,000	2,190,120
New York (State of) Dormitory Authority (St. Francis College);
Series 2010, Non State Supported Debt RB	5.00 %	10/01/40	750	693,413
New York (State of) Dormitory Authority (St. Josephs College);
Series 2010, Non State Supported Debt RB	5.25 %	07/01/35	1,000	937,330
New York (State of) Dormitory Authority (State University
Dormitory Facilities Issue); Series 2010 A, Lease RB	5.00 %	07/01/35	735	719,249
New York (State of) Dormitory Authority (State University
Dormitory Facilities); Series 2008 A, State Supported
Debt Lease RB	5.00 %	07/01/25	2,205	2,278,713
New York (State of) Dormitory Authority (State University
Educational Facilities);
Series 1993 A, RB
(INS–NATL/IBC) (c)	5.25 %	05/15/15	3,600	3,960,324
Series 1993 B, RB	5.25 %	05/15/19	5,010	5,529,286
New York (State of) Dormitory Authority (The New School);
Series 2010, Non State Supported Debt RB	5.50 %	07/01/40	2,200	2,154,350
New York (State of) Dormitory Authority (Vassar College);
Series 2007, Non State Supported Debt RB	5.00 %	07/01/46	1,670	1,622,689
New York (State of) Environmental Facilities Corp. (New York
City Municipal Water Finance Authority);
Series 1994 A, State Water
PCR (g)	5.75 %	06/15/12	300	320,772
Series 1994 A, State Water
PCR (g)	5.75 %	06/15/12	500	534,555
Series 1994 A, State Water PCR	5.75 %	06/15/12	95	101,323
New York (State of) Environmental Facilities Corp. (State Clean
Water and Drinking Water); Series 2010 C, RB	5.00 %	10/15/39	1,505	1,509,831
New York (State of) Mortgage Agency;
Series 1998 71, Homeowner
Mortgage RB (b)	5.40 %	04/01/29	800	797,944
Series 2007 145, Homeowner
Mortgage RB (b)	5.05 %	10/01/29	1,555	1,477,561
New York (State of) Thruway Authority;
Series 2007 H, RB
(INS–NATL) (c)	5.00 %	01/01/29	2,500	2,522,175
Series 2008 B, Second General Highway &
Bridge Trust Fund RB	5.00 %	04/01/27	1,000	1,031,490
New York (State of) Urban Development Corp. (Correctional
Facility); Series 1994 A, Ref. RB	5.50 %	01/01/14	3,315	3,533,856
New York (State of) Urban Development Corp. (Rensselaer
Polytechnic Institute–Center for Industrial Innovation);
Series 1995, Ref. RB	5.50 %	01/01/13	855	889,174
New York (State of) Urban Development Corp.;
Series 2008 B, Service Contract Ref. RB	5.25 %	01/01/25	2,000	2,090,240
New York City (City of) Health & Hospital Corp.;
Series 2010 A, Health System RB	5.00 %	02/15/30	2,230	2,145,371
New York City (City of) Industrial Development Agency (New York
Stock Exchange); Series 2009 A, Ref. Special Facility
IDR	5.00 %	05/01/25	500	516,565
New York City (City of);
Subseries 1993 E-5, Unlimited Tax GO Bonds (LOC–JP Morgan Chase
Bank, N.A.) (h)	0.17 %	08/01/17	2,000	2,000,000
Subseries 2009 I-1, Unlimited Tax GO Bonds	5.25 %	04/01/32	4,700	4,822,811
Niagara Frontier Transportation Authority (Buffalo Niagara
International Airport); Series 1999 A, Airport RB
(INS–NATL) (b)(c)	5.63 %	04/01/29	3,570	3,502,313
Oneida (County of) Industrial Development Agency (St. Elizabeth
Medical Center Facility); Series 1999 B, Civic
Facility RB	6.00 %	12/01/19	1,355	1,349,390

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
New York–(continued)
Onondaga Civic Development Corp. (Le Moyne College);
Series 2010, RB	5.38 %	07/01/40	$ 1,950	$ 1,881,555
Port Authority of New York & New Jersey (JFK
International Air Terminal LLC); Series 2010, Special
Obligation RB	6.00 %	12/01/42	1,540	1,501,038
Port Authority of New York & New Jersey (JFK
International Air Terminal, LLC);
Series 1997, Special Obligation RB
(INS–NATL) (b)(c)	5.75 %	12/01/22	2,000	1,952,280
Series 1997, Special Obligation RB
(INS–NATL) (b)(c)	5.75 %	12/01/25	2,500	2,376,675
Port Authority of New York & New Jersey;
Series 2006 144th,
Consolidated RB (d)	5.00 %	10/01/35	35,000	34,680,450
Series 2008 152nd,
Consolidated RB (b)(d)	5.00 %	11/01/25	10,000	9,912,100
Rockland (County of) Solid Waste Management Authority;
Series 2003 B, RB
(INS–AMBAC) (b)(c)	5.13 %	12/15/28	1,000	945,220
Saratoga (County of) Industrial Development Agency (Saratoga
Hospital); Series 2007 B, Civic Facility IDR	5.13 %	12/01/27	1,000	944,550
Seneca (County of) Industrial Development Agency (Seneca
Meadows, Inc.); Series 2005, Solid Waste
Disposal RB (b)(e)(f)(i)	6.63 %	10/01/13	1,500	1,493,715
Sodus Central School District; Series 2002, Unlimited Tax
Ref. GO Bonds
(INS–NATL/FGIC) (c)	5.13 %	06/15/17	1,250	1,310,738
Suffolk (County of) Economic Development Corp. (Peconic Landing
at Southold, Inc.); Series 2010, Ref. RB	6.00 %	12/01/40	825	776,045
Suffolk (County of) Industrial Development Agency (Eastern Long
Island Hospital Association); Series 2007, Civic Facility
IDR (i)	5.38 %	01/01/27	1,995	1,523,202
Tompkins (County of) Industrial Development Agency (Cornell
University); Series 2008 A, Civic Facility IDR	5.00 %	07/01/37	750	754,680
Triborough Bridge & Tunnel Authority;
Series 2001 A, General Purpose RB	5.00 %	01/01/32	15	15,016
Troy (City of) Capital Resource Corp. (Rensselaer Polytechnic);
Series 2010 A, RB	5.00 %	09/01/30	2,000	1,929,940
TSASC, Inc.;
Series 2006 1, Tobacco Settlement RB	5.00 %	06/01/34	2,000	1,451,660
Series 2006 1, Tobacco Settlement RB	5.13 %	06/01/42	6,000	4,023,780
United Nations Development Corp. Series 2009 A, Ref. RB	5.00 %	07/01/25	1,000	1,029,840
Warren & Washington (County of) Industrial Development
Agency (Glens Falls Hospital); Series 2003 A, Civic
Facility IDR
(INS–AGM) (c)	5.00 %	12/01/35	1,360	1,276,374
Westchester (County of) Industrial Development Agency (Kendal on
Hudson); Series 2003 A, Continuing Care Retirement
Mortgage
IDR (f)(j)	6.50 %	01/01/13	3,000	3,309,900
Westchester (County of) Tobacco Asset Securitization Corp.;
Series 2005, RB	5.13 %	06/01/45	5,500	3,817,770
				334,796,206
Guam–1.41%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB	5.63 %	12/01/29	750	740,100
Series 2009 A, Limited Obligation RB	5.75 %	12/01/34	500	488,555
Guam (Territory of) Government Waterworks Authority;
Series 2010, Water & Wastewater System RB	5.63 %	07/01/40	1,010	893,557
Guam (Territory of) Power Authority; Series 2010 A, RB	5.50 %	10/01/40	820	756,073
				2,878,285
Puerto Rico–5.03%
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, Power RB	5.00 %	07/01/37	1,000	849,700
Series 2008 WW, Power RB	5.50 %	07/01/21	1,000	1,049,440
Series 2008 WW, Power RB	5.00 %	07/01/28	1,000	922,420
Series 2008 WW, Power RB	5.25 %	07/01/33	1,500	1,357,305
Series 2010 XX, Power RB	5.75 %	07/01/36	600	572,286
Puerto Rico (Commonwealth of) Infrastructure Financing
Authority; Series 2005 C, Ref. Special Tax RB
(INS–AMBAC) (c)	5.50 %	07/01/27	1,225	1,178,928
Puerto Rico (Commonwealth of) Public Buildings Authority
(Government Facilities);
Series 2004 I, RB (f)(j)	5.25 %	07/01/14	75	84,616
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
First Sub. Series 2009 A, Sales Tax RB	6.38 %	08/01/39	1,500	1,556,760

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
Puerto Rico–(continued)
First Sub. Series 2010 A, Sales Tax RB	5.38 %	08/01/39	$ 945	$ 874,522
Puerto Rico Sales Tax Financing Corp.; First Sub.
Series 2010 C, Sales Tax RB	5.25 %	08/01/41	2,000	1,809,320
				10,255,297
Virgin Islands–1.55%
Virgin Islands (Government of) Public Finance Authority (Gross
Receipts Taxes Loan Note); Series 1999 A, RB	6.38 %	10/01/19	1,500	1,517,535
Virgin Islands (Government of) Public Finance Authority (Virgin
Islands Matching Fund Loan Note–Diageo);
Series 2009 A, Sub. RB	6.63 %	10/01/29	1,600	1,645,072
				3,162,607
TOTAL
INVESTMENTS (k) –172.08%

(Cost $359,247,908) | | | | 351,092,395 | |
| FLOATING RATE NOTE OBLIGATIONS–(31.78)% | | | | | |
| Notes with interest rates ranging from 0.26% to 0.35% at 02/28/11, and contractual maturities of collateral ranging from 11/01/25 to 07/01/44 (See
Note 1I) (l) | | | | (64,835,000 | ) |
| OTHER ASSETS LESS LIABILITIES–2.34% | | | | 4,769,069 | |
| PREFERRED SHARES–(42.64)% | | | | (87,000,000 | ) |
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | | | | $ 204,026,464 | |

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGL	– Assured Guaranty Ltd.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.*
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bond
CIFG	– CIFG Assurance North America, Inc.
CONNIE LEE	– Connie Lee Insurance Corp.
FGIC	– Financial Guaranty Insurance Co.
GO	– General Obligation
IBC	– International Bancshares Corp.
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
PILOT	– Payment-in-Lieu-of-Tax
Radian	– Radian Asset Assurance, Inc.
RB	– Revenue Bonds
Ref.	– Refunding
SYNCORA	– Syncora Guarantee Inc.
Sub.	– Subordinated

Notes to Schedule of Investments:

| (a) | Zero coupon bond issued at a
discount. |
| --- | --- |
| (b) | Security subject to the alternative
minimum tax. |
| (c) | Principal and/or interest payments are secured by the bond insurance company
listed. |
| (d) | Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1I. |
| (e) | Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
February 28, 2011. |
| (f) | Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put. |
| (g) | Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral. |
| (h) | Demand security payable upon demand
by the Fund at specified time intervals no greater than thirteen
months. Interest rate is redetermined periodically. Rate shown
is the rate in effect on February 28, 2011. |
| (i) | Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. 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 February 28, 2011 was $3,016,917, which
represented 1.48% of the Trust’s net assets. |
| (j) | Advance refunded. |
| (k) | This table provides a listing of
those entities that have either issued, guaranteed, backed or
otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality
of a security, it is not primarily responsible for the
issuer’s obligations but may be called upon to satisfy the
issuer’s obligations. |

Entities
National Public Finance Guarantee Corp.	9.64 %

| (l) | Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at February 28, 2011. At February 28,
2011, the Trust’s investments with a value of $107,646,490
are held by Dealer Trusts and serve as collateral for the
$64,835,000 in the floating rate note obligations outstanding at
that date. |
| --- | --- |
| * | AMBAC filed for bankruptcy on
November 8, 2010. |

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Statement of Assets and Liabilities

February 28, 2011

Assets: — Investments, at value (Cost $359,247,908)	$ 351,092,395
Cash	497,030
Receivable for:
Interest	4,463,089
Total assets	356,052,514
Liabilities:
Floating rate note obligations	64,835,000
Payable for:
Dividends declared on preferred shares	15,356
Trustees’ deferred compensation and retirement plans	3,826
Accrued fees to affiliates	2,202
Accrued other operating expenses	169,666
Total liabilities	65,026,050
Preferred shares ($0.01 par value, authorized
100,000,000 shares, 3,480 issued with liquidation
preference of $25,000 per share)	87,000,000
Net assets applicable to common shares	$ 204,026,464
Net assets applicable to common shares consist of:
Shares of beneficial interest — common shares	$ 233,006,853
Undistributed net investment income	6,286,447
Undistributed net realized gain (loss)	(27,111,323	)
Unrealized appreciation (depreciation)	(8,155,513	)
	$ 204,026,464
Shares outstanding, $0.01 par value per common share with an
unlimited number of shares authorized:
Common shares outstanding	15,204,293
Net asset value per common share	$ 13.42
Market value per common share	$ 13.46

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Statement of Operations

For the period November 1, 2010 through February 28, 2011 and the year ended October 31, 2010

	For the four — months ended		For the — year ended
	February 28,		October 31,
	2011		2010
Investment income:
Interest	$ 6,206,545		$ 18,539,048
Expenses:
Advisory fees	635,799		2,009,542
Administrative services fees	16,438		86,678
Custodian fees	4,053		19,340
Interest, facilities and maintenance fees	220,013		750,174
Transfer agent fees	2,398		28,295
Trustees’ and officers’ fees and benefits	16,854		96,599
Other	17,309		193,813
Total expenses	912,864		3,184,441
Less: Fees waived and/or expenses reimbursed	—		219,252
Net expenses	912,864		2,965,189
Net investment income	5,293,681		15,573,859
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities	442,171		(551,101	)
Change in net unrealized appreciation (depreciation) of
investment securities	(24,688,721	)	15,789,211
Net realized and unrealized gain (loss)	(24,246,550	)	15,238,110
Distributions to preferred shareholders from net investment
income	(105,695	)	(235,168	)
Net increase (decrease) in net assets applicable to common
shares resulting from operations	$ (19,058,564	)	$ 30,576,801

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Statement of Changes in Net Assets

For the period November 1, 2010 through February 28, 2011, and the years ended October 31, 2010 and 2009

	For the four — months ended	year ended		year ended
	February 28,	October 31,		October 31,
	2011	2010		2009
Operations:
Net investment income	$ 5,293,681	$	15,573,859	$	17,383,156
Net realized gain (loss)	442,171		(551,101	)	(13,844,667	)
Change in net unrealized appreciation (depreciation)	(24,688,721	)	15,789,211		50,317,595
Distributions to preferred shareholders from net investment
income	(105,695	)	(235,168	)	(635,620	)
Net increase (decrease) in net assets applicable to common
shares from operations	(19,058,564	)	30,576,801		53,220,464
Distributions to common shareholders from net investment income	(5,105,451	)	(15,200,294	)	(12,981,867	)
Net increase (decrease) in net assets applicable to common
shares resulting from investment activities	(24,164,015	)	15,376,507		40,238,597
Share transactions–net:
Increase from transactions in common shares of beneficial
interest	203,084		559,268		50,616
Net increase (decrease) in net assets	(23,960,931	)	15,935,775		40,289,213
Net assets applicable to common shares:
Beginning of year	227,987,395		212,051,620		171,762,407
End of year (includes undistributed net investment income of
$6,286,447, $6,328,895 and $6,197,052, respectively)	$ 204,026,464	$	227,987,395	$	212,051,620

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Statement of Cash Flows

For the period November 1, 2010 through February 28, 2011 and the year ended October 31, 2010

	Four months — ended		Year ended
	February 28,		October 31,
	2011		2010
Net increase (decrease) in net assets applicable to common
shares resulting from operations	$ (19,058,564	)	$ 30,576,801
Adjustments to reconcile the change in net assets applicable to
common shares from operations to net cash provided by operating
activities:
Purchases of investments	(20,716,926	)	(52,760,967	)
Proceeds from sales of investments	20,107,194		59,879,553
Net (purchases)/sales of short-term investments	—		3,790,000
Amortization of premium	163,769		984,914
Accretion of discount	(74,434	)	(374,579	)
Net realized (gain)/loss on investments	(442,171	)	551,101
Net change in unrealized appreciation on investments	24,688,721		(15,789,211	)
(Decrease)/Increase in affiliates payable	(198,249	)	32,356
Decrease in interest receivable and other assets	1,186,931		497,685
Increase in accrued expenses and other payables	29,492		15,356
Increase/(decrease) in trustees’ deferred compensation and
retirement plans	3,826		(812,360	)
Net cash provided by operating activities	5,689,589		26,590,649
Cash flows provided by (used in) financing activities:
Retirement of preferred shares	—		(12,500,000	)
Dividends paid to common shareholders from net investment income	(4,893,904	)	(14,637,309	)
Net proceeds from and repayments of floating rate note
obligations	(1,400,000	)	1,400,000
Net cash provided by (used in) financing activities	(6,293,904	)	(25,737,309	)
Net increase (decrease) in cash	(604,315	)	853,340
Cash at the beginning of the period	1,101,345		248,005
Cash at the end of the period	$ 497,030		$ 1,101,345
Supplemental disclosures of cash flow information
Cash paid during the period for interest, facilities and
maintenance fees	$ 220,013		$ 589,981	†

† For the year ended October 31, 2010, facilities and maintenance fees were excluded.

Notes to Financial Statements

February 28, 2011

NOTE 1—Significant Accounting Policies

Invesco Van Kampen Trust for Investment Grade New York Municipals (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company. Effective June 1, 2010, the Trust changed its name from Van Kampen Trust for Investment Grade New York Municipals to Invesco Van Kampen Trust for Investment Grade New York Municipals.

The Trust’s investment objective is to seek to provide a high level of current income exempt from federal as well as New York State and New York City income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in New York municipal securities rated investment grade at the time of investment but may invest up to 20% of its assets in unrated securities which are believed to be of comparable quality to those rated investment grade.

On February 28, 2011, the Trust’s fiscal year-end changed from October 31 to February 28.

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

| A. |
| --- |
| Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Short- |

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| | term obligations, including commercial paper, having
60 days or less to maturity are recorded at amortized cost
which approximates value. Securities with a demand feature
exercisable within one to seven days are valued at par. Debt
securities are subject to interest rate and credit risks. In
addition, all debt securities involve some risk of default with
respect to interest and principal payments. |
| --- | --- |
| | Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trust’s officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances. |
| | Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuer’s assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments. |
| B. | Securities
Transactions and Investment Income —
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
| | 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 Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser. |
| C. | Country
Determination — For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located and/or credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuer’s securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States
of America, unless otherwise noted. |
| D. | 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 paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes. |
| E. | Federal Income
Taxes — The Trust intends to comply with
the requirements of Subchapter M of 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. |
| | In addition, the Trust intends to invest
in such municipal securities to allow it to qualify to pay
shareholders “exempt-interest 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. |
| F. | 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. |
| G. | 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 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. |
| H. | Securities
Purchased on a When-Issued and Delayed Delivery
Basis — The Trust may purchase and sell
interests in portfolio securities on a when-issued and delayed
delivery basis, with payment and delivery scheduled for a future
date. No income accrues to the Trust on such interests or
securities in connection with such transactions prior to the
date the Trust actually takes delivery of such interests or
securities. These transactions are subject to market
fluctuations and are subject to the risk that the value at
delivery may be more or less than the trade date purchase price.
Although the Trust will generally purchase these securities with
the intention of acquiring such securities, they may sell such
securities prior to the settlement date. |

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| I. | Floating Rate
Note Obligations — The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (“RIBs”) or Tender Option Bonds
(“TOBs”) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments 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. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (“Dealer
Trusts”) in exchange for cash and residual interests in the
Dealer Trusts’ assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interest in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) 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 Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts. |
| --- | --- |
| | 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 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 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. |
| | The Trust accounts for the transfer of
bonds to the Dealer 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
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 Dealer Trusts as a component of Interest,
facilities and maintenance fees on the Statement of
Operations. |
| | The Trust generally invest 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 the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security 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 interests created by the
special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such
interests for repayment of principal, may not be able to be
remarketed to third parties. In such cases, the special purpose
trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of
long-term fixed income bonds by the Trust, the Trust will then
be required to repay the principal amount of the tendered
securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio
holdings at a disadvantageous time to raise cash to meet that
obligation. |
| J. | 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. |
| K. | Other
Risks — The Trust may invest up to 20% of
its net assets in lower-quality debt securities, i.e.,
“junk bonds”. Investments in lower-rated securities or
unrated securities of comparable quality tend to be more
sensitive to economic conditions than higher rated securities.
Junk bonds involve a greater risk of default by the issuer
because such securities are generally unsecured and are often
subordinated to other creditors’ claims. |
| | The value of, payment of interest on,
repayment of principal for and the ability of the Trust 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. |
| L. | Interest,
Facilities and Maintenance Fees — Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees and other expenses
associated with lines of credit and interest and administrative
expenses related to establishing and maintaining Auction Rate
Preferred Shares and floating rate note obligations, if any. |

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate 0.55% of the Trust’s average daily net assets including current preferred shares and leverage entered into to retire preferred shares of the Trust. Prior to June 1, 2010, Van Kampen Asset Management (“VKAM”) had voluntarily agreed to waive investment advisory fees equal to 0.10% of the average daily net assets including current preferred shares and leverage. For the period November 1, 2009 to May 31, 2010, the Trust paid an advisory fee of $1,155,711 to VKAM based on the annual rate and the Trust’s average weekly net assets as discussed above.

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 Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provides discretionary investment management services to the Trust based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2012, to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 1.02%. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the

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following expenses are not taken into account, and could cause the Trust’s expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on June 30, 2012. For the period November 1, 2010 to February 28, 2011 and the year ended October 31, 2010, the Adviser waived fees and/or reimbursed expenses of $0 and $9,123, respectively during the period under this expense limitation.

Prior to June 1, 2010, VKAM voluntarily waived $210,129 of advisory fees of the Trust.

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. Prior to June 1, 2010, under separate accounting services and chief compliance officer (“COO”) employment agreements, Van Kampen Investments Inc. (“VKII”) provided accounting services and the COO provided compliance services to the Trust. Pursuant to such agreements, the Trust paid $18,333 to VKII. For the period November 1, 2010 to February 28, 2011 and the year ended October 31, 2010, expenses incurred under this agreement are shown in the Statement of Operations as administrative services fees.

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
Trust’s own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information. |

The following is a summary of the tiered valuation input levels, as of February 28, 2011. 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.

During the period November 1, 2010 to February 28, 2011, there were no significant transfers between investment levels.

	Level 1	Level 2	Level 3	Total
Municipal Obligations	$ —	$ 351,092,395	$ —	$ 351,092,395

NOTE 4—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.

For the period November 1, 2010 to February 28, 2011 and the year ended October 31, 2010, the Trust paid legal fees of $11,994 and $20,045, respectively for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

Prior to June 1, 2010, the Trust provided retirement plans for its independent trustees. Such plans were terminated and the amounts owed to the trustees were distributed.

NOTE 5—Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with The State Street Bank and Trust Company, the custodian bank. 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 Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the period November 1, 2010 to February 28, 2011 were $66,295,000 and 0.77%, respectively.

The Trust had entered into a $150 million joint revolving bank credit facility. The purpose of the facility was to provide availability of funds for short-term liquidity purposes. The revolving credit facility expired on September 3, 2010. The Trust had no borrowings under the facility during the year ended October 31, 2010.

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NOTE 6—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the period November 1, 2010 to February 28, 2011 and the years ended October 31, 2010 and 2009:

	Four months — ended	Year ended	Year ended
	February 28,	October 31,	October 31,
	2010	2010	2009
Ordinary income	$ —	$ 310,602	$ —
Tax-exempt income	5,211,146	15,124,860	13,726,071
Total distributions	$ 5,211,146	$ 15,435,462	$ 13,726,071

Tax Components of Net Assets at Period-End:

Undistributed ordinary income	2011 — $ 5,630,516
Net unrealized appreciation (depreciation) —
investments	(6,559,056	)
Capital loss carryforward	(28,051,849	)
Shares of beneficial interest — common shares	233,006,853
Total net assets applicable to common shares	$ 204,026,464

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Trust’s net unrealized appreciation (depreciation) difference is attributable primarily to book and tax accretion and amortization differences and inverse floater adjustments.

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 utilized $352,754 of capital loss carryforward in the current period to offset net realized capital gain for federal income tax purposes. The Trust has a capital loss carryforward as of February 28, 2011 which expires as follows:

	Capital Loss
Expiration	Carryforward*
February 28, 2015	$ 2,546,669
February 29, 2016	10,017,739
February 28, 2017	15,077,563
February 28, 2018	409,878
Total capital loss carryforward	$ 28,051,849

• Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the period November 1, 2010 to February 28, 2011 was $16,140,968 and $20,098,748, respectively. Cost of investments 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 Investment Securities on a Tax
Basis — Aggregate unrealized appreciation of investment securities | $ 8,935,345 | |
| --- | --- | --- |
| Aggregate unrealized (depreciation) of investment securities | (15,494,401 | ) |
| Net unrealized appreciation (depreciation) of investment
securities | $ (6,559,056 | ) |
| Cost of investments for tax purposes is $357,651,451. | | |

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of federal taxes paid, on February 28, 2011, undistributed net investment income (loss) was decreased by $124,983, undistributed net realized gain (loss) was decreased by $2 and shares of beneficial interest-common shares increased by $124,985. This reclassification had no effect on the net assets of the Trust.

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NOTE 9—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

February 28,	October 31,	October 31,
2011	2010	2009
Beginning shares	15,189,326	15,150,969	15,147,857
Shares issued through dividend reinvestment	14,967	38,357	4,512
Shares repurchased*	—	—	(1,400	)
Ending shares	15,204,293	15,189,326	15,150,969

• The Trust has a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust’s shares trade from its net asset value. For the period November 1, 2010 to February 28, 2011 and the year ended October 31, 2010, the Trust did not repurchase any of its shares. For the year ended October 31, 2009, the Trust repurchased 1,400 of its shares at an average discount of 20.11%, from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to review of the Trustees.

NOTE 10—Preferred Shares of Beneficial Interest

The Trust has issued Auction Rate Preferred Shares (“preferred shares”) which have a liquidation of $25,000 per share plus the redemption premium, if any, plus accumulated but unpaid dividends, whether or not declared, thereon to the date of distribution. The Trust may redeem such shares, in whole or in part, at the original purchase price of $25,000 per share plus accumulated but unpaid dividends, whether or not declared, thereon to the date of redemption.

Historically, the Trust paid annual fees equivalent to 0.25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. In the future, if auctions no longer fail, the Trust may return to an annual fee payment of 0.25% of the preferred share liquidation value. These fees are included as a component of interest, facilities and maintenance fees on the Statement of Operations.

Dividends, which are cumulative, are reset through auction procedures.

| Series | Shares† | Amount — (000’s
omitted)† | Rate† | Reset
Date | Range of — Dividend
Rates†† |
| --- | --- | --- | --- | --- | --- |
| A | 1,440 | 36,000 | 0.365 % | 03/09/2011 | 0.365-0.442 % |
| B | 1,080 | 27,000 | 0.199 % | 03/14/2011 | 0.199-0.243 % |
| C | 960 | 24,000 | 0.427 % | 03/02/2011 | 0.365-0.503 % |

†	As of February 28, 2011.
††	For the period November 1,
2010 to February 28, 2011.

Subsequent to February 28, 2011 and up through April 15, 2011, the Trust paid dividends to preferred shareholders at a rate ranging from 0.199% to 0.411% in the aggregate amount of $43,454.

The Trust is subject to certain restrictions relating to the preferred shares. 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 the mandatory redemption of preferred shares at liquidation value.

Beginning on February 13, 2008 and continuing through February 28, 2011 all series of preferred shares of the Trust were not successfully remarketed. As a result, the dividend rates of these preferred shares were reset to the maximum applicable rate.

The preferred shares, which are entitled to one vote per share, generally vote with the common shares but vote separately as a class to elect two Trustees and on any matters affecting the rights of the preferred shares.

The preferred shares are not listed on an exchange. Investors in preferred shares may participate in auctions through authorized broker-dealers; however, such broker-dealers are not required to maintain a secondary market in preferred shares, and there can be no assurance that a secondary market will develop, or if it does develop, a secondary market may not provide you with liquidity. When a preferred share auction fails, investors may not be able to sell any or all of their preferred shares and because of the nature of the market for preferred shares, investors may receive less than the price paid for their preferred shares if sold outside of the auction.

The Trust entered into additional floating rate note obligations as an alternative form of leverage in order to redeem and to retire a portion of its preferred shares. Transactions in preferred shares were as follows:

Outstanding at October 31, 2010	3,480	Value — $ 87,000,000
Shares retired	—	—
Outstanding at February 28, 2011	3,480	$ 87,000,000

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NOTE 11—Dividends

The Trust declared the following dividends from net investment income subsequent to February 28, 2011:

| Declaration
Date — March 1, 2011 | Amount Per
Share — $ 0.084 | March 15, 2011 | March 31, 2011 |
| --- | --- | --- | --- |
| April 1, 2011 | $ 0.084 | April 15, 2011 | April 29, 2011 |

NOTE 12—Financial Highlights

The following schedule presents financial highlights for one common share of the Trust outstanding throughout the periods indicated.

| | Four months
ended | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | February 28, | Year ended
October 31 | | | | | | | | | | |
| | 2011 | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | | |
| Net asset value per common share, beginning of period | $ 15.01 | $ | 14.00 | $ | 11.34 | $ | 15.80 | $ | 16.96 | $ | 16.81 | |
| Net investment
income (a) | 0.35 | | 1.03 | | 1.15 | | 1.21 | | 1.10 | | 1.05 | |
| Net realized and unrealized gains (losses) on securities | (1.59 | ) | 1.00 | | 2.41 | | (4.59 | ) | (1.01 | ) | 0.47 | |
| Distributions paid to preferred shareholders: | | | | | | | | | | | | |
| Net investment income | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.29 | ) | (0.32 | ) | (0.26 | ) |
| Net realized gain | -0- | | -0- | | -0- | | -0- | | (0.04 | ) | (0.06 | ) |
| Total income (loss) from investment operations | (1.25 | ) | 2.01 | | 3.52 | | (3.67 | ) | (0.27 | ) | 1.20 | |
| Less distributions to common shareholders from: | | | | | | | | | | | | |
| Net investment income | (0.34 | ) | (1.00 | ) | (0.86 | ) | (0.79 | ) | (0.78 | ) | (0.80 | ) |
| Net realized gains | -0- | | -0- | | -0- | | -0- | | (0.11 | ) | (0.25 | ) |
| Net asset value per common share, end of period | $ 13.42 | $ | 15.01 | $ | 14.00 | $ | 11.34 | $ | 15.80 | $ | 16.96 | |
| Market value, end of period | $ 13.46 | $ | 15.46 | $ | 14.38 | $ | 10.80 | $ | 14.91 | $ | 15.12 | |
| Total return at net asset
value (b) | (8.36 | )% | 14.83 | % | | | | | | | | |
| Total return at market
value (c) | (10.76 | )% | 15.14 | % | 43.22 | % | (23.21 | )% | 4.38 | % | 4.13 | % |
| Net assets applicable to common shares, end of period
(000’s omitted) | $ 204,026 | $ | 227,987 | $ | 212,052 | $ | 171,762 | $ | 243,701 | $ | 262,622 | |
| Portfolio turnover
rate (d) | 5 | % | 14 | % | 28 | % | 43 | % | 19 | % | 39 | % |
| Ratios/supplemental data based on average net assets applicable
to common shares: | | | | | | | | | | | | |
| Ratio of expenses: | | | | | | | | | | | | |
| With fee waivers and/or expense
reimbursements (e) | 1.34 | % (f)(h) | 1.35 | % | 1.50 | % | 2.24 | % | 2.06 | % | 1.33 | % |
| With fee waivers and/or expense reimbursements excluding interest, facilities and
maintenance
fees (e)(i) | 1.02 | % (f)(h) | 1.08 | % | 1.14 | % | 0.97 | % | 1.04 | % | 1.25 | % |
| Without fee waivers and/or expense
reimbursements (e) | 1.34 | % (f)(h) | 1.45 | % | 1.68 | % | 2.41 | % | 2.21 | % | N/A | |
| Ratio of net investment income before preferred share dividends | 7.79 | % (f) | 7.07 | % | 9.12 | % | 8.19 | % | 6.71 | % | 6.29 | % |
| Preferred share dividends | 0.15 | % (f) | | | | | | | | | | |
| Ratio of net investment income after preferred share dividends | 7.64 | % (f) | 6.96 | % | 8.79 | % | 6.25 | % | 4.78 | % | 4.72 | % |
| Senior Securities: | | | | | | | | | | | | |
| Total preferred shares outstanding | 3,480 | | 3,480 | | 3,980 | | 4,640 | | 5,800 | | 5,800 | |
| Total amount of preferred shares outstanding (000’s omitted) | $ 87,000 | $ | 87,000 | $ | 99,500 | $ | 116,000 | $ | 145,000 | $ | 145,000 | |
| Asset coverage per preferred
shares (g) | $ 83,628 | $ | 90,514 | $ | 78,280 | $ | 62,029 | $ | 67,031 | $ | 70,290 | |
| Liquidating preference per preferred share | $ 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |

| (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. 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 not
annualized for periods less than one year, if applicable. |
| (e) | Ratios do not reflect the effect of
dividend payments to preferred shareholders. |
| (f) | Ratios are annualized and based on
average net assets applicable to common shares (000’s
omitted) of $206,646. |
| (g) | Calculated by subtracting the
Trust’s total liabilities (not including the preferred
shares) from the Trust’s total assets and dividing this by
the number of preferred shares outstanding. |
| (h) | Ratio includes an adjustment for a
change in accounting estimate for professional services fees
during the period. Ratios excluding this adjustment would have
been higher by 0.06%. |
| (i) | For the years ended
October 31, 2010 and prior, ratio does not exclude
facilities and maintenance fees. |

N/A=Not applicable

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20 Invesco Van Kampen Trust for Investment Grade New York Municipals

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NOTE 13—Legal Matters

The Trust received a shareholder demand letter dated March 25, 2011, from one of the Trust’s shareholders, alleging that the Board and the officers of the Trust breached their fiduciary duty and duty of loyalty and wasted Trust assets by causing the Trust to redeem Auction Rate Preferred Securities (ARPS) at their liquidation value. Specifically, the shareholder claims that the Board and officers had no obligation to provide liquidity to the redeem ARPS shareholders, the redemptions were improperly motivated to benefit the prior adviser by preserving business relationships with the ARPS holders, i.e., institutional investors, and the market value and fair value of the ARPS were less than par at the time they were redeemed. The letter alleges that the redemption of the ARPS occurred at the expense of the Trust and its common shareholders. The letter demands that: 1) the Board take action against the prior adviser and trustees/officers to recover damages; 2) the Board refrain from authorizing further redemptions or repurchases of ARPS by the Trust at prices in excess of fair value or market value at the time of the transaction; and 3) if the Trust does not commence appropriate action, the shareholder will commence a shareholder derivative action on behalf of the Trust.

Management of Invesco and the Trust believe that the outcome of the proceedings described above will have no material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.

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21 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Invesco Van Kampen Trust for Investment Grade New York Municipals:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco Van Kampen Trust for Investment Grade New York Municipals (hereafter referred to as the “Trust”) at February 28, 2011, the results of its operations, the changes in its net assets, its cash flows, and the financial highlights for the period ended February 28, 2011 and the year ended October 31, 2010, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statement of changes in net assets and the financial highlights of the Trust for the periods ended October 31, 2009 and prior were audited by other independent auditors whose report dated December 21, 2009 expressed an unqualified opinion on those financial statements.

PRICEWATERHOUSECOOPERS LLP

April 21, 2011

Houston, Texas

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22 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Trust designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2011:

| Federal and State Income
Tax | |
| --- | --- |
| Long-Term Capital Gain Dividends | $ 0 |
| Qualified Dividend Income | 0.00% |
| Corporate Dividends Received Deduction | 0.00% |
| U.S. Treasury Obligations | 0.00% |
| Tax-Exempt Interest Dividends | 100% |

• The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

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23 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Trustees and Officers

The address of each trustee and officer is 1555 Peachtree, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.

			Number of
			Funds in
			Fund
			Complex
Name, Year of Birth and	Trustee and/	Principal Occupation(s)	Overseen by	Other Directorship(s)
Position(s) Held with the Trust	or Officer Since	During Past 5 Years	Trustee	Held by Trustee
Interested Persons
Colin Meadows — 1971 Trustee, President and Principal
Executive Officer	2010	Chief Administrative Officer, Invesco Advisers, Inc., since 2006; Prior to 2006, Senior Vice President of business
development and mergers and acquisitions at GE Consumer Finance; Prior to 2005, Senior Vice President of strategic
planning and technology at Wells Fargo Bank; From 1996 to 2003, associate principal with McKinsey & Company,
focusing on the financial services and venture capital industries, with emphasis in banking and asset management
sectors.	18	None
Independent Trustees
Wayne M. Whalen 1 — 1939 Trustee and Chair	1992	Of Counsel, and prior to 2010, partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to
funds in the Fund Complex	227	Director of the Abraham
Lincoln Presidential
Library Foundation
David C. Arch — 1945 Trustee	1992	Chairman and Chief Executive Officer of Blistex Inc., a consumer health care products manufacturer.	227	Member of the Heartland
Alliance Advisory Board, a
nonprofit organization
serving human needs based
in Chicago. Board member
of the Illinois
Manufacturers’ Association.
Member of the Board of
Visitors, Institute for the
Humanities, University of
Michigan
Jerry D. Choate — 1938 Trustee	2003	From 1995 to 1999, Chairman and Chief Executive Officer of the Allstate Corporation (‘‘Allstate’’) and Allstate
Insurance Company. From 1994 to 1995, President and Chief Executive Officer of Allstate. Prior to 1994,
various management positions at Allstate.	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director since 1998 and
member of the governance
and nominating
committee, executive
committee, compensation
and management
development committee
and equity award
committee, of Amgen Inc.,
a biotechnological
company. Director since
1999 and member of the
nominating and
governance committee and
compensation and
executive committee, of
Valero Energy Corporation,
a crude oil refining and
marketing company.
Previously, from 2006 to
2007, Director and
member of the
compensation committee
and audit committee, of
H&R Block, a tax
preparation services
company.
Rodney Dammeyer — 1940 Trustee	1992	President of CAC, LLC, a private company offering capital investment and management advisory services. Formerly: Prior to January 2004, Director of TeleTech Holdings Inc.; Prior to 2002, Director of Arris Group, Inc.;
Prior to 2001, Managing Partner at Equity Group Corporate Investments. Prior to 1995, Vice Chairman of Anixter
International. Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household
International, Inc, Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of
Arthur Andersen & Co.	227	Director of Quidel
Corporation and Stericycle,
Inc. Prior to May 2008,
Trustee of The Scripps
Research Institute. Prior to
February 2008, Director of
Ventana Medical Systems,
Inc. Prior to April 2007,
Director of GATX
Corporation. Prior to April
2004, Director of
TheraSense, Inc.

1 Mr. Whalen is considered an “interested person” (within the meaning of Section 2(a)(19) of the 1940 Act) of certain Funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such Funds in the Fund Complex.

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Trustees and Officers – (continued)

	Trustee	Principal Occupation(s)	Number of	Other
	and/or	During Past 5 Years	Funds in	Directorship(s)
Name, Year of Birth and	Officer		Fund	Held by Trustee
Position(s) Held with the	Since		Complex
Trust			Overseen by
			Trustee
Independent Trustees
Linda Hutton Heagy — 1948 Trustee	2003	Prior to June 2008, Managing Partner of Heidrick & Struggles, the second largest global executive search firm, and
from 2001-2004, Regional Managing Director of U.S. operations at Heidrick & Struggles. Prior to 1997, Managing
Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO,
N.A., a bank holding company, with oversight for treasury management operations including all non-credit product
pricing. Prior to 1990, experience includes Executive Vice President of The Exchange National Bank with oversight
of treasury management including capital markets operations, Vice President of Northern Trust Company and an
Associate at Price Waterhouse.	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex. Prior to
2010, Trustee on the
University of Chicago
Medical Center Board, Vice
Chair of the Board of the
YMCA of Metropolitan
Chicago and a member of
the Women’s Board of the
University of Chicago.
R. Craig Kennedy — 1952 Trustee	2003	Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to
deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans
and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that
invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and
member of the Investment Committee of the Joyce Foundation, a private foundation.	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director of First Solar, Inc.
Howard J Kerr — 1935 Trustee	1992	Retired. Previous member of the City Council and Mayor of Lake Forest, Illinois from 1988 through 2002. Previous
business experience from 1981 through 1996 includes President and Chief Executive Officer of Pocklington
Corporation, Inc., an investment holding company, President and Chief Executive Officer of Grabill Aerospace, and
President of Custom Technologies Corporation. United States Naval Officer from 1960 through 1981, with
responsibilities including Commanding Officer of United States Navy destroyers and Commander of United States
Navy Destroyer Squadron Thirty-Three, White House experience in 1973 through 1975 as military aide to Vice
Presidents Agnew and Ford and Naval Aid to President Ford, and Military Fellow on the Council of Foreign Relations
in 1978-through 1979.	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Director of the Lake Forest
Bank & Trust. Director of
the Marrow Foundation.
Jack E. Nelson — 1936 Trustee	2003	President of Nelson Investment Planning Services, Inc., a financial planning company and registered investment
adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of the Financial Industry
Regulatory Authority (“FINRA”), Securities Investors Protection Corp. and the Municipal Securities Rulemaking
Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated
companies.	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Hugo F. Sonnenschein — 1940 Trustee	1994	President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service
Professor in the Department of Economics at the University of Chicago. Prior to July 2000, President of the University
of Chicago.	227	Trustee of the University of
Rochester and a member
of its investment
committee. Member of the
National Academy of
Sciences, the American
Philosophical Society and
a fellow of the American
Academy of Arts and
Sciences
Suzanne H. Woolsey, Ph.D. — 1941 Trustee	2003	Chief Communications Officer of the National Academy of Sciences and Engineering and Institute of
Medicine/National Research Council, an independent, federally chartered policy institution, from 2001 to November
2003 and Chief Operating Officer from 1993 to 2001. Executive Director of the Commission on Behavioral and Social
Sciences and Education at the National Academy of Sciences/National Research Council from 1989 to 1993. Prior to
1980, experience includes Partner of Coopers & Lybrand (from 1980 to 1989), Associate Director of the US Office of
Management and Budget (from 1977 to 1980) and Program Director of the Urban Institute (from 1975 to 1977).	18	Trustee/Director/Managing
General Partner of funds in
the Fund Complex.
Independent Director and
audit committee
chairperson of Changing
World Technologies, Inc.,
an energy manufacturing
company, since July 2008.
Independent Director and
member of audit and
governance committees of
Fluor Corp., a global
engineering, construction
and management
company, since January
2004. Director of
Intelligent Medical
Devices, Inc., a private
company which develops
symptom-based diagnostic
tools for viral respiratory
infections. Advisory Board
member of ExactCost LLC,
a private company
providing activity-based
costing for hospitals,
laboratories, clinics, and
physicians, since 2008.

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Trustees and Officers – (continued)

	Trustee	Principal Occupation(s)	Number of	Other
	and/or	During Past 5 Years	Funds in	Directorship(s)
Name, Year of Birth and	Officer		Fund	Held by Trustee
Position(s) Held with the	Since		Complex
Trust			Overseen by
			Trustee
Independent Trustees
				Chairperson of the Board
of Trustees of the Institute
for Defense Analyses,
afederally funded research
and development center,
since 2000. Trustee from
1992 to 2000 and 2002 to
present, current
chairperson of the finance
committee, current
member of the audit
committee, strategic
growth committee and
executive committee, and
former Chairperson of the
Board of Trustees
(from 1997 to 1999), of the
German Marshall Fund of
the United States, a public
foundation. Lead
Independent Trustee of the
Rocky Mountain Institute,
a non-profit energy and
environmental institute;
Trustee since 2004.
Chairperson of the Board
of Trustees of the Colorado
College; Trustee since
1995. Trustee of California
Institute of Technology.
Previously, Independent
Director and member of
audit committee and
governance committee of
Neurogen Corporation
from 1998 to 2006; and
Independent Director of
Arbros Communications
from 2000 to 2002
Other Officers
John M. Zerr — 1962 Senior Vice President, Chief Legal
Officer and Secretary	2010	Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as
Invesco Aim Management Group, Inc.), Van Kampen Investments Inc. and Van Kampen Exchange Corp., Senior Vice
President, Invesco Advisers, Inc. formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);
Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.);
Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment
Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice
President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds;
Manager, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Van Kampen
Asset Management; Director and Secretary, Van Kampen Advisors Inc.; Secretary and General Counsel, Van Kampen
Funds Inc.; and Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; and
Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II,
PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust Formerly: Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior
Vice President, General Counsel and Secretary, Invesco Advisers, Inc.; Director, Vice President and Secretary, Fund
Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim
Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment
adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an
investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a
broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual
Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old
Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an
investment company)	N/A	N/A
Lisa O. Brinkley — 1959 Vice President	2010	Global Compliance Director, Invesco Ltd.; Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as
Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment
Services, Inc.) and Van Kampen Investor Services Inc.; and Vice President, The Invesco Funds Formerly: Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance
Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim
Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund
Management Company	N/A	N/A

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Trustees and Officers – (continued)

	Trustee	Principal Occupation(s)	Number of	Other
Name, Year of Birth and	and/or	During Past 5 Years	Funds in	Directorship(s)
Position(s) Held with the	Officer		Fund Complex	Held by
Trust	Since		Overseen by	Trustee
			Trustee
Other Officers
Karen Dunn Kelley — 1960 Vice President	2010	Head of Invesco’s World Wide Fixed Income and Cash Management Group; Senior Vice President, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) and Van Kampen Investments
Inc.; Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Senior
Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); and
Director, Invesco Mortgage Capital Inc.; Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust
(Invesco Treasurer’s Series Trust) and Short-Term Investments Trust); President and Principal Executive Officer, The
Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) and Short-Term Investments Trust
only). Formerly: Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of
Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.;
President and Principal Executive Officer, Tax-Free Investments Trust; Director and President, Fund Management
Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing
Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice
President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series
Trust), Short-Term Investments Trust and Tax-Free Investments Trust only)	N/A	N/A
Sheri Morris — 1964 Vice President, Principal Financial
Officer and Treasurer	2010	Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; and Vice President, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) Formerly: Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset
Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President,
Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.	N/A	N/A
Lance A. Rejsek — 1967 Anti-Money Laundering
Compliance Officer	2010	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.),
Inc.) (registered investment adviser); Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.),
Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.), The Invesco Funds,
PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Trust II, PowerShares India Exchange-
Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, Van Kampen Asset Management,
Van Kampen Investor Services Inc., and Van Kampen Funds Inc. Formerly: Anti-Money Laundering Compliance Officer, Fund Management Company, Invesco Advisers, Inc., Invesco
Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.	N/A	N/A
Todd L. Spillane — 1958 Chief Compliance Officer	2010	Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.),
Van Kampen Investments Inc. and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer,
Invesco Advisers, Inc. (registered investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief
Compliance Officer, The Invesco Funds, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded
Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund
Trust, INVESCO Private Capital Investments, Inc. (holding company), and Invesco Private Capital, Inc. (registered
investment adviser); Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.),
Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and Van Kampen
Investor Services Inc. Formerly: Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and Invesco Aim Capital
Management, Inc.; Chief Compliance Officer, Invesco Global Asset Management (N.A.), Inc. and Invesco Senior
Secured Management, Inc. (registered investment adviser); Vice President, Invesco Aim Capital Management, Inc. and
Fund Management Company	N/A	N/A

Office of the Fund	Investment Adviser	Auditors	Custodian
1555 Peachtree Street, N.E.	Invesco Advisers, Inc.	PricewaterhouseCoopers LLP	State Street Bank and Trust Company
Atlanta, GA 30309	1555 Peachtree Street, N.E.	1201 Louisiana Street, Suite 2900	225 Franklin
	Atlanta, GA 30309	Houston, TX 77002-5678	Boston, MA 02110-2801
Counsel to the Fund	Transfer Agent
Skadden, Arps, Slate, Meagher & Flom, LLP	Computershare Trust Company, N.A.
155 West Wacker Drive	P.O. Box 43078
Chicago, IL 60606	Providence, RI 02940-3078

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Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Trust holdings and proxy voting information

The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Trust’s semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trust’s Forms N-Q on the SEC website at sec.gov. Copies of the Trust’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is 811-06537.

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/proxyguidelines. 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 12 months ended June 30, 2010, is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

VK-CE-IGNYM-AR-1 Invesco Distributors, Inc.

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ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the Registrant had adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy. Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Fees Billed by PWC Related to the Registrant

PWC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

		Percentage of Fees — Billed Applicable		Percentage of Fees
		to Non-Audit		Billed Applicable to
		Services Provided		Non-Audit Services
	Fees Billed for	for fiscal year end	Fees Billed for	Provided for fiscal
	Services Rendered	2/28/2011 Pursuant	Services Rendered	year end 10/31/2010
	to the Registrant	to Waiver of Pre-	to the Registrant for	Pursuant to Waiver
	for fiscal year end	Approval	fiscal year end	of Pre-Approval
	2/28/2011	Requirement (1)	10/31/2010	Requirement (1)
Audit Fees	$ 19,250	N/A	$ 35,000	N/A
Audit-Related Fees (2)	$ 4,000	0 %	$ 0	0 %
Tax Fees (3)	$ 2,300	0 %	$ 4,300	0 %
All Other Fees (4)	$ 1,667	0 %	$ 0	0 %
Total Fees	$ 27,217	0 %	$ 39,300	0 %

PWC billed the Registrant aggregate non-audit fees of $7,967 for the fiscal year ended February 28, 2011, and $4,300 for the fiscal year ended October 31, 2010, for non-audit services rendered to the Registrant.

| (1) | With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the
attention of the Registrant’s Audit Committee and approved by the Registrant’s Audit Committee
prior to the completion of the audit. |
| --- | --- |
| (2) | Audit-Related fees for the fiscal year end February 28, 2011 includes fees billed for agreed
upon procedures related to auction rate preferred securities. |
| (3) | Tax fees for the fiscal year end February 28, 2011 includes fees billed for reviewing tax
returns. Tax fees for the fiscal year end October 31, 2010 includes fees billed for reviewing
tax returns. |
| (4) | All Other fees for the fiscal year end February 28, 2011 includes fees billed for completing
professional services related to benchmark analysis. |

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Fees Billed by PWC Related to Invesco and Invesco Affiliates

PWC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as follows:

	Fees Billed for Non- — Audit Services		Fees Billed for Non- — Audit Services
	Rendered to Invesco	Percentage of Fees	Rendered to Invesco	Percentage of Fees
	and Invesco	Billed Applicable to	and Invesco	Billed Applicable to
	Affiliates for fiscal	Non-Audit Services	Affiliates for fiscal	Non-Audit Services
	year end 2/28/2011	Provided for fiscal	year end 10/31/2010	Provided for fiscal
	That Were Required	year end 2/28/2011	That Were Required	year end 10/31/2010
	to be Pre-Approved	Pursuant to Waiver	to be Pre-Approved	Pursuant to Waiver
	by the Registran’s	of Pre-Approval	by the Registrant’s	of Pre-Approval
	Audit Committee	Requirement (1)	Audit Committee	Requirement (1)
Audit-Related Fees	$ 0	0 %	$ 0	0 %
Tax Fees	$ 0	0 %	$ 0	0 %
All Other Fees	$ 0	0 %	$ 0	0 %
Total Fees (2)	$ 0	0 %	$ 0	0 %

| (1) | With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such
services are promptly brought to the attention of the Registrant’s Audit Committee and
approved by the Registrant’s Audit Committee prior to the completion of the audit. |
| --- | --- |
| (2) | Including the fees for services not required to be pre-approved by the registrant’s audit
committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $0 for the
fiscal year ended February 28, 2011, and $0 for the fiscal year ended October 31, 2010, for
non-audit services rendered to Invesco and Invesco Affiliates. |
| | The Audit Committee also has considered whether the provision of non-audit services that
were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved
pursuant to SEC regulations, if any, is compatible with maintaining PWC’s independence.
To the extent that such services were provided, the Audit Committee determined that the
provision of such services is compatible with PWC maintaining independence with respect to
the Registrant. |

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PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES POLICIES AND PROCEDURES As adopted by the Audit Committees of the Invesco Funds (the “Funds”) Last Amended May 4, 2010

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committees of the Funds’ (the “Audit Committees”) Board of Trustees (the “Board”) are responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committees pre-approve the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committees (“general pre-approval”) or require the specific pre-approval of the Audit Committees (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committees before payment is made. The Audit Committees will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committees will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally on an annual basis. The term of any general pre-approval runs from the date of such pre-approval through September 30 th of the following year, unless the Audit Committees consider a different period and state otherwise. The Audit Committees will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committees in fulfilling their responsibilities.

Delegation

The Audit Committees may from time to time delegate pre-approval authority to one or more of its members who are Independent Trustees. All decisions to pre-approve a service by a delegated member shall be reported to the Audit Committees at the next quarterly meeting.

Audit Services

The annual audit services engagement terms will be subject to specific pre-approval of the Audit Committees. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committees will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committees may grant either general or specific pre-approval of other audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the

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inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committees may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committees’ general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; and agreed-upon procedures related to mergers, compliance with ratings agency requirements and interfund lending activities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committees will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committees will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committees’ pre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committees, which writing may be in the form of the proposed engagement letter:

| a. | The scope of the service, the fee structure for the engagement, and
any side letter or amendment to the engagement letter, or any other agreement
between the Auditor and the Fund, relating to the service; and |
| --- | --- |
| b. | Any compensation arrangement or other agreement, such as a referral
agreement, a referral fee or fee-sharing arrangement, between the Auditor and any
person (other than the Fund) with respect to the promoting, marketing, or
recommending of a transaction covered by the service; |

| 2. | Discuss with the Audit Committees the potential effects of the services on the
independence of the Auditor; and |
| --- | --- |
| 3. | Document the substance of its discussion with the Audit Committees. |

All Other Auditor Services

The Audit Committees may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

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Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committees. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committees at the quarterly Audit Committees meeting and will require specific approval by the Audit Committees before payment is made. The Audit Committees will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

Generally on an annual basis, Invesco Advisers, Inc. (“Invesco”) will submit to the Audit Committees for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committees will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice and whether such services and fees had been pre-approved and if so, by what means.

Each request to provide services that require specific approval by the Audit Committees shall be submitted to the Audit Committees jointly by the Fund’s Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the policies and procedures and the SEC Rules.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committees will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committees the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committees for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committees have designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committees on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management of Invesco will immediately report to the chairman of the Audit Committees any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management of Invesco.

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Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

| • | Bookkeeping or other services related to the accounting records or financial
statements of the audit client |
| --- | --- |
| • | Financial information systems design and implementation |
| • | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
| • | Actuarial services |
| • | Internal audit outsourcing services |

Categorically Prohibited Non-Audit Services

•	Management functions
•	Human resources
•	Broker-dealer, investment adviser, or investment banking services
•	Legal services
•	Expert services unrelated to the audit
•	Any service or product provided for a contingent fee or a commission
•	Services related to marketing, planning, or opining in favor of the tax treatment
of confidential transactions or aggressive tax position transactions, a significant
purpose of which is tax avoidance
•	Tax services for persons in financial reporting oversight roles at the Fund
•	Any other service that the Public Company Oversight Board determines by regulation
is impermissible.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

| (a) | The registrant has a separately-designed standing audit
committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934, as amended. Members of the audit committee are: Jerry
D. Choate, Linda Hutton Heagy and R. Craig Kennedy. |
| --- | --- |
| (a) | 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.

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I.2. PROXY POLICIES AND PROCEDURES — RETAIL

Applicable to	Retail Accounts
Risk Addressed by Policy	breach of fiduciary duty to client under
Investment Advisers Act of 1940 by placing
Invesco personal interests ahead of client
best economic interests in voting proxies
Relevant Law and Other Sources	Investment Advisers Act of 1940
Last Tested Date
Policy/Procedure Owner	Advisory Compliance
Policy Approver	Fund Board
Approved/Adopted Date	January 1, 2010

The following policies and procedures apply to certain funds and other accounts managed by Invesco Advisers, Inc. (“Invesco”).

A. POLICY STATEMENT

Introduction

Our Belief

The Invesco Funds Boards of Trustees and Invesco’s investment professionals expect a high standard of corporate governance from the companies in our portfolios so that Invesco may fulfill its fiduciary obligation to our fund shareholders and other account holders. Well governed companies are characterized by a primary focus on the interests of shareholders, accountable boards of directors, ample transparency in financial disclosure, performance-driven cultures and appropriate consideration of all stakeholders. Invesco believes well governed companies create greater shareholder wealth over the long term than poorly governed companies, so we endeavor to vote in a manner that increases the value of our investments and fosters good governance within our portfolio companies.

In determining how to vote proxy issues, Invesco considers the probable business consequences of each issue and votes in a manner designed to protect and enhance fund shareholders’ and other account holders’ interests. Our voting decisions are intended to enhance each company’s total shareholder value over Invesco’s typical investment horizon.

Proxy voting is an integral part of Invesco’s investment process. We believe that the right to vote proxies should be managed with the same care as all other elements of the investment process. The objective of Invesco’s proxy-voting activity is to promote good governance and advance the economic interests of our clients. At no time will Invesco exercise its voting power to advance its own

January 2010 I.2 — 1

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commercial interests, to pursue a social or political cause that is unrelated to our clients’ economic interests, or to favor a particular client or business relationship to the detriment of others.

B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES

Proxy administration

The Invesco Retail Proxy Committee (the “Proxy Committee”) consists of members representing Invesco’s Investments, Legal and Compliance departments. Invesco’s Proxy Voting Guidelines (the “Guidelines”) are revised annually by the Proxy Committee, and are approved by the Invesco Funds Boards of Trustees. The Proxy Committee implements the Guidelines and oversees proxy voting.

The Proxy Committee has retained outside experts to assist with the analysis and voting of proxy issues. In addition to the advice offered by these experts, Invesco uses information gathered from our own research, company managements, Invesco’s portfolio managers and outside shareholder groups to reach our voting decisions.

Generally speaking, Invesco’s investment-research process leads us to invest in companies led by management teams we believe have the ability to conceive and execute strategies to outperform their competitors. We select companies for investment based in large part on our assessment of their management teams’ ability to create shareholder wealth. Therefore, in formulating our proxy-voting decisions, Invesco gives proper consideration to the recommendations of a company’s Board of Directors.

Important principles underlying the Invesco Proxy Voting Guidelines

I. Accountability

Management teams of companies are accountable to their boards of directors, and directors of publicly held companies are accountable to their shareholders. Invesco endeavors to vote the proxies of its portfolio companies in a manner that will reinforce the notion of a board’s accountability to its shareholders. Consequently, Invesco votes against any actions that would impair the rights of shareholders or would reduce shareholders’ influence over the board or over management.

The following are specific voting issues that illustrate how Invesco applies this principle of accountability.

• Elections of directors. In uncontested director elections for companies that do not have a controlling shareholder, Invesco votes in favor of slates if they are comprised of at least a majority of independent directors and if the boards’ key committees are fully independent. Key committees include the Audit, Compensation and Governance or Nominating Committees. Invesco’s standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the companies they serve.

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Contested director elections are evaluated on a case-by-case basis and are decided within the context of Invesco’s investment thesis on a company.

| • | Director performance. Invesco withholds votes from directors who exhibit a lack of
accountability to shareholders, either through their level of attendance at meetings or by
enacting egregious corporate-governance or other policies. In cases of material financial
restatements, accounting fraud, habitually late filings, adopting shareholder rights plan
(“poison pills”) without shareholder approval, or other areas of poor performance, Invesco
may withhold votes from some or all of a company’s directors. In situations where
directors’ performance is a concern, Invesco may also support shareholder proposals to take
corrective actions such as so-called “clawback” provisions. |
| --- | --- |
| • | Auditors and Audit Committee members. Invesco believes a company’s Audit Committee has a
high degree of responsibility to shareholders in matters of financial disclosure, integrity
of the financial statements and effectiveness of a company’s internal controls.
Independence, experience and financial expertise are critical elements of a
well-functioning Audit Committee. When electing directors who are members of a company’s
Audit Committee, or when ratifying a company’s auditors, Invesco considers the past
performance of the Committee and holds its members accountable for the quality of the
company’s financial statements and reports. |
| • | Majority standard in director elections. The right to elect directors is the single most
important mechanism shareholders have to promote accountability. Invesco supports the
nascent effort to reform the U.S. convention of electing directors, and votes in favor of
proposals to elect directors by a majority vote. |
| • | Classified boards. Invesco supports proposals to elect directors annually instead of
electing them to staggered multi-year terms because annual elections increase a board’s
level of accountability to its shareholders. |
| • | Supermajority voting requirements. Unless proscribed by law in the state of
incorporation, Invesco votes against actions that would impose any supermajority voting
requirement, and supports actions to dismantle existing supermajority requirements. |
| • | Responsiveness. Invesco withholds votes from directors who do not adequately respond to
shareholder proposals that were approved by a majority of votes cast the prior year. |
| • | Cumulative voting. The practice of cumulative voting can enable minority shareholders to
have representation on a company’s board. Invesco supports proposals to institute the
practice of cumulative voting at companies whose overall corporate-governance standards
indicate a particular need to protect the interests of minority shareholders. |

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• Shareholder access. On business matters with potential financial consequences, Invesco votes in favor of proposals that would increase shareholders’ opportunities to express their views to boards of directors, proposals that would lower barriers to shareholder action and proposals to promote the adoption of generally accepted best practices in corporate governance.

II. Incentives

Invesco believes properly constructed compensation plans that include equity ownership are effective in creating incentives that induce managements and employees of our portfolio companies to create greater shareholder wealth. Invesco supports equity compensation plans that promote the proper alignment of incentives, and votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of an account’s investment.

Following are specific voting issues that illustrate how Invesco evaluates incentive plans.

| • | Executive compensation. Invesco evaluates compensation plans for executives within the
context of the company’s performance under the executives’ tenure. Invesco believes
independent compensation committees are best positioned to craft executive-compensation
plans that are suitable for their company-specific circumstances. We view the election of
those independent compensation committee members as the appropriate mechanism for
shareholders to express their approval or disapproval of a company’s compensation
practices. Therefore, Invesco generally does not support shareholder proposals to limit or
eliminate certain forms of executive compensation. In the interest of reinforcing the
notion of a compensation committee’s accountability to shareholders, Invesco supports
proposals requesting that companies subject each year’s compensation record to an advisory
shareholder vote, or so-called “say on pay” proposals. |
| --- | --- |
| • | Equity-based compensation plans. When voting to approve or reject equity-based
compensation plans, Invesco compares the total estimated cost of the plans, including stock
options and restricted stock, against a carefully selected peer group and uses multiple
performance metrics that help us determine whether the incentive structures in place are
creating genuine shareholder wealth. Regardless of a plan’s estimated cost relative to its
peer group, Invesco votes against plans that contain structural features that would impair
the alignment of incentives between shareholders and management. Such features include the
ability to reprice or reload options without shareholder approval, the ability to issue
options below the stock’s current market price, or the ability to automatically replenish
shares without shareholder approval. |

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| • | Employee stock-purchase plans. Invesco supports employee stock-purchase plans that are
reasonably designed to provide proper incentives to a broad base of employees, provided
that the price at which employees may acquire stock is at most a 15 percent discount from
the market price. |
| --- | --- |
| • | Severance agreements. Invesco generally votes in favor of proposals requiring advisory
shareholder ratification of executives’ severance agreements. However, we oppose proposals
requiring such agreements to be ratified by shareholders in advance of their adoption. |

III. Capitalization

Examples of management proposals related to a company’s capital structure include authorizing or issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or reverse stock split. On requests for additional capital stock, Invesco analyzes the company’s stated reasons for the request. Except where the request could adversely affect the fund’s ownership stake or voting rights, Invesco generally supports a board’s decisions on its needs for additional capital stock. Some capitalization proposals require a case-by-case analysis within the context of Invesco’s investment thesis on a company. Examples of such proposals include authorizing common or preferred stock with special voting rights, or issuing additional stock in connection with an acquisition.

IV. Mergers, Acquisitions and Other Corporate Actions

Issuers occasionally require shareholder approval to engage in certain corporate actions such as mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and reincorporations. Invesco analyzes these proposals within the context of our investment thesis on the company, and determines its vote on a case-by-case basis.

V. Anti-Takeover Measures

Practices designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they create conflicts of interests among directors, management and shareholders. Except under special issuer-specific circumstances, Invesco votes to reduce or eliminate such measures. These measures include adopting or renewing “poison pills”, requiring supermajority voting on certain corporate actions, classifying the election of directors instead of electing each director to an annual term, or creating separate classes of common or preferred stock with special voting rights. Invesco generally votes against management proposals to impose these types of measures, and generally votes for shareholder proposals designed to reduce such measures. Invesco supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote.

VI. Shareholder Proposals on Corporate Governance

Invesco generally votes for shareholder proposals that are designed to protect shareholder rights if a company’s corporate-governance standards indicate that such additional protections are warranted.

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VII. Shareholder Proposals on Social Responsibility

The potential costs and economic benefits of shareholder proposals seeking to amend a company’s practices for social reasons are difficult to assess. Analyzing the costs and economic benefits of these proposals is highly subjective and does not fit readily within our framework of voting to create greater shareholder wealth over Invesco’s typical investment horizon. Therefore, Invesco abstains from voting on shareholder proposals deemed to be of a purely social, political or moral nature.

VIII. Routine Business Matters

Routine business matters rarely have a potentially material effect on the economic prospects of fund holdings, so we generally support the board’s discretion on these items. However, Invesco votes against proposals where there is insufficient information to make a decision about the nature of the proposal. Similarly, Invesco votes against proposals to conduct other unidentified business at shareholder meetings.

Summary

These Guidelines provide an important framework for making proxy-voting decisions, and should give fund shareholders and other account holders insight into the factors driving Invesco’s decisions. The Guidelines cannot address all potential proxy issues, however. Decisions on specific issues must be made within the context of these Guidelines and within the context of the investment thesis of the funds and other accounts that own the company’s stock. Where a different investment thesis is held by portfolio managers who may hold stocks in common, Invesco may vote the shares held on a fund-by-fund or account-by-account basis.

Exceptions

In certain circumstances, Invesco may refrain from voting where the economic cost of voting a company’s proxy exceeds any anticipated benefits of that proxy proposal.

Share-lending programs

One reason that some portion of Invesco’s position in a particular security might not be voted is the securities lending program. When securities are out on loan and earning fees for the lending fund, they are transferred into the borrower’s name. Any proxies during the period of the loan are voted by the borrower. The lending fund would have to terminate the loan to vote the company’s proxy, an action that is not generally in the best economic interest of fund shareholders. However, whenever Invesco determines that the benefit to shareholders or other account holders of voting a particular proxy outweighs the revenue lost by terminating the loan, we recall the securities for the purpose of voting the fund’s full position.

“Share-blocking”

Another example of a situation where Invesco may be unable to vote is in countries where the exercise of voting rights requires the fund to submit to short-term trading restrictions, a practice known as “share-blocking.” Invesco generally

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refrains from voting proxies in share-blocking countries unless the portfolio manager determines that the benefit to fund shareholders and other account holders of voting a specific proxy outweighs the fund’s or other account’s temporary inability to sell the security.

International constraints

An additional concern that sometimes precludes our voting non-U.S. proxies is our inability to receive proxy materials with enough time and enough information to make a voting decision. In the great majority of instances, however, we are able to vote non-U.S. proxies successfully. It is important to note that Invesco makes voting decisions for non-U.S. issuers using these Guidelines as our framework, but also takes into account the corporate-governance standards, regulatory environment and generally accepted best practices of the local market.

Exceptions to these Guidelines

Invesco retains the flexibility to accommodate company-specific situations where strictly adhering to the Guidelines would lead to a vote that the Proxy Committee deems not to be in the best interest of the funds’ shareholders and other account holders. In these situations, the Proxy Committee will vote the proxy in the manner deemed to be in the best interest of the funds’ shareholders and other account holders, and will promptly inform the funds’ Boards of Trustees of such vote and the circumstances surrounding it.

Resolving potential conflicts of interest

A potential conflict of interest arises when Invesco votes a proxy for an issuer with which it also maintains a material business relationship. Examples could include issuers that are distributors of Invesco’s products, or issuers that employ Invesco to manage portions of their retirement plans or treasury accounts. Invesco reviews each proxy proposal to assess the extent, if any, to which there may be a material conflict between the interests of the fund shareholders or other account holders and Invesco.

Invesco takes reasonable measures to determine whether a potential conflict may exist. A potential conflict is deemed to exist only if one or more of the Proxy Committee members actually knew or should have known of the potential conflict.

If a material potential conflict is deemed to exist, Invesco may resolve the potential conflict in one of the following ways: (1) if the proposal that gives rise to the potential conflict is specifically addressed by the Guidelines, Invesco may vote the proxy in accordance with the predetermined Guidelines; (2) Invesco may engage an independent third party to determine how the proxy should be voted; or (3) Invesco may establish an ethical wall or other informational barrier between the persons involved in the potential conflict and the persons making the proxy-voting decision in order to insulate the potential conflict from the decision makers.

Because the Guidelines are pre-determined and crafted to be in the best economic interest of shareholders and other account holders, applying the Guidelines to vote client proxies should, in most instances, adequately resolve any potential conflict of

January 2010 I.2 — 7

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interest. As an additional safeguard against potential conflicts, persons from Invesco’s marketing, distribution and other customer-facing functions are precluded from becoming members of the Proxy Committee.

On a quarterly basis, the Invesco Funds Boards of Trustees review a report from Invesco’s Internal Compliance Controls Committee. The report contains a list of all known material business relationships that Invesco maintains with publicly traded issuers. That list is cross-referenced with the list of proxies voted over the period. If there are any instances where Invesco’s voting pattern on the proxies of its material business partners is inconsistent with its voting pattern on all other issuers, they are brought before the Trustees and explained by the Chairman of the Proxy Committee.

Personal conflicts of interest. If any member of the Proxy Committee has a personal conflict of interest with respect to a company or an issue presented for voting, that Proxy Committee member will inform the Proxy Committee of such conflict and will abstain from voting on that company or issue.

Funds of funds . Some Invesco Funds offering diversified asset allocation within one investment vehicle own shares in other Invesco Funds. A potential conflict of interest could arise if an underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because Invesco’s asset-allocation funds or target-maturity funds may be large shareholders of the underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and target maturity funds vote their shares in the same proportion as the votes of the external shareholders of the underlying fund.

C. RECORDKEEPING

Records are maintained in accordance with Invesco’s Recordkeeping Policy.

Policies and Vote Disclosure

A copy of these Guidelines and the voting record of each Invesco Fund are available on our web site, www.invesco.com . In accordance with Securities and Exchange Commission regulations, all funds file a record of all proxy-voting activity for the prior 12 months ending June 30th. That filing is made on or before August 31st of each year.

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ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The following individuals are jointly and primarily responsible for the day-to-day management of the Trust:

| • | Mark Paris, Portfolio Manager, who has been responsible for the Trust since 2007 and
has been with Invesco and/or its affiliates since 2010. From 2002 to 2010, Mr. Paris was
associated with Morgan Stanley Investment Advisors Inc. or its investment advisory
affiliates in an investment management capacity. |
| --- | --- |
| • | Robert Stryker, Portfolio Manager, who has been responsible for the Trust since 2007
and has been with Invesco and/or its affiliates since 2010. From 1994 to 2010, Mr. Stryker
was associated with Morgan Stanley Investment Advisors Inc. in an investment management
capacity. |
| • | Julius Williams, Portfolio Manager, who has been responsible for the Trust since 2009
and has been associated with Invesco and/or its affiliates since 2010. From 2000 to 2010,
Mr. Williams was associated with Morgan Stanley Investment Advisors Inc. or its investment
advisory affiliates in an investment management capacity. |

Portfolio Manager Fund Holdings and Information on Other Managed Accounts

Invesco’s portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The following chart reflects the portfolio managers’ investments in the Funds that they manage. The chart also reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three categories: (i) other registered investment companies, (ii) other pooled investment vehicles and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. Dollars using the exchange rates as of the applicable date.

The following information is as of February 28, 2011:

		Other Registered		Other Pooled
		Investment Companies		Investment Vehicles		Other Accounts
	Dollar Range of	Managed (assets in millions)		Managed (assets in millions)		Managed (assets in millions)
	Investments	Number		Number		Number
Portfolio	in Each	of		of		of
Manager	Fund 1	Accounts	Assets	Accounts	Assets	Accounts	Assets
Invesco Van Kampen Trust for Investment Grade New York Municipals
Mark Paris	None	12	$ 6,507.2	None	None	None	None
Robert Stryker	None	33	$ 11,168.4	None	None	None	None
Julius Williams	None	8	$ 1,232.3	None	None	None	None

1 This column reflects investments in a Fund’s shares owned directly by a portfolio manager or beneficially owned by a portfolio manager (as determined in accordance with Rule 16a-1(a) (2) under the Securities Exchange Act of 1934, as amended). A portfolio manager is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the same household.

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Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:

| • | The management of multiple Funds and/or other accounts may result
in a portfolio manager devoting unequal time and attention to the
management of each Fund and/or other account. The Adviser and
each Sub-Adviser seek to manage such competing interests for the
time and attention of portfolio managers by having portfolio
managers focus on a particular investment discipline. Most other
accounts managed by a portfolio manager are managed using the same
investment models that are used in connection with the management
of the Funds. |
| --- | --- |
| • | If a portfolio manager identifies a limited investment opportunity
which may be suitable for more than one Fund or other account, a
Fund may not be able to take full advantage of that opportunity
due to an allocation of filled purchase or sale orders across all
eligible Funds and other accounts. To deal with these situations,
the Adviser, each Sub-Adviser and the Funds have adopted
procedures for allocating portfolio transactions across multiple
accounts. |
| • | The Adviser and each Sub-Adviser determine which broker to use to
execute each order for securities transactions for the Funds,
consistent with its duty to seek best execution of the
transaction. However, for certain other accounts (such as mutual
funds for which Invesco or an affiliate acts as sub-adviser, other
pooled investment vehicles that are not registered mutual funds,
and other accounts managed for organizations and individuals), the
Adviser and each Sub-Adviser may be limited by the client with
respect to the selection of brokers or may be instructed to direct
trades through a particular broker. In these cases, trades for a
Fund in a particular security may be placed separately from,
rather than aggregated with, such other accounts. Having separate
transactions with respect to a security may temporarily affect the
market price of the security or the execution of the transaction,
or both, to the possible detriment of the Fund or other account(s)
involved. |
| • | Finally, the appearance of a conflict of interest may arise where
the Adviser or Sub-Adviser has an incentive, such as a
performance-based management fee, which relates to the management
of one Fund or account but not all Funds and accounts for which a
portfolio manager has day-to-day management responsibilities. |

The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Description of Compensation Structure

For the Adviser and each affiliated Sub-Adviser

The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive bonus opportunity and an equity compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager’s compensation consists of the following three elements:

Base Salary. Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser’s intention is to be competitive in light of the particular portfolio manager’s experience and responsibilities.

Annual Bonus. The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee of

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Invesco Ltd. reviews and approves the amount of the bonus pool available for the Adviser and each of the Sub-Adviser’s investment centers. The Compensation Committee considers investment performance and financial results in its review. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager’s compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1

Sub-Adviser	Performance time period 2
Invesco 3,4,5 Invesco Australia Invesco Deutschland	One-, Three- and Five-year performance
against Fund peer group.
Invesco Senior Secured	N/A
Invesco Trimark 3	One-year performance against Fund peer group.
	Three- and Five-year performance against
entire universe of Canadian funds.
Invesco Hong Kong 3 Invesco Asset Management	One-, Three- and Five-year performance
against Fund peer group.
Invesco Japan 6	One-, Three- and Five-year performance
against the appropriate Micropol benchmark.

Invesco Senior Secured’s bonus is based on annual measures of equity return and standard tests of collateralization performance.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

| 2 | Rolling time periods based on calendar
year-end. |
| --- | --- |
| 3 | Portfolio Managers may be granted a
short-term award that vests on a pro-rata basis over a four year period and
final payments are based on the performance of eligible Funds selected by the
portfolio manager at the time the award is granted. |
| 4 | Portfolio Managers for Invesco Global
Real Estate Fund, Invesco Real Estate Fund, Invesco Select Real Estate Income
Fund and Invesco V.I. Global Real Estate Fund base their bonus on new operating
profits of the U.S. Real Estate Division of Invesco. |
| 5 | Portfolio Managers for Invesco Balanced
Fund, Invesco Basic Balanced Fund, Invesco Basic Value Fund, Invesco
Fundamental Value Fund, Invesco Large Cap Basic Value Fund, Invesco Large Cap
Relative Value Fund, Invesco Mid Cap Basic Value Fund, Invesco Mid-Cap Value
Fund, Invesco U.S. Mid Cap Value Fund, Invesco Value Fund, Invesco Value II
Fund, Invesco V.I. Basic Balanced Fund, Invesco V.I. Basic Value Fund, Invesco
V.I. Select Dimensions Balanced Fund, Invesco V.I. Income Builder Fund, Invesco
Van Kampen American Value Fund, Invesco Van Kampen Comstock Fund, Invesco Van
Kampen Equity and Income Fund, Invesco Van Kampen Growth and Income Fund,
Invesco Van Kampen Value Opportunities Fund, Invesco Van Kampen V.I. Comstock
Fund, Invesco Van Kampen V.I. Growth and Income Fund, Invesco Van Kampen V.I.
Equity and Income Fund, Invesco Van Kampen V.I. Mid Cap Value Fund and Invesco
Van Kampen V.I. Value Fund’s compensation is based on the one-, three- and
five-year performance against the Fund’s peer group. Furthermore, for the
portfolio manager(s) formerly managing the predecessor funds to the Funds in
this footnote 5, they also have a ten-year performance measure. |
| 6 | Portfolio Managers for Invesco Pacific
Growth Fund’s compensation is based on the one-, three- and five-year
performance against the appropriate Micropol benchmark. Furthermore, for the
portfolio manager(s) formerly managing the predecessor fund to Invesco Pacific
Growth Fund, they also have a ten-year performance measure. |

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Equity-Based Compensation. Portfolio managers may be granted an award that allows them to select receipt of shares of certain Invesco Funds with a vesting period as well as common shares and/or restricted shares of Invesco Ltd. stock from pools determined from time to time by the Compensation Committee of Invesco Ltd.’s Board of Directors. Awards of equity-based compensation typically vest over time, so as to create incentives to retain key talent.

Portfolio managers also participate in benefit plans and programs available generally to all employees.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

| (a) | As of March 21, 2011, 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
March 21, 2011, 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 second fiscal quarter of 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. EXHIBITS.

12(a) (1)	Code of Ethics.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.

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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 Van Kampen Trust for Investment Grade New York Municipals

By:
Colin Meadows
Principal Executive Officer

Date: May 9, 2011

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:
Colin Meadows
Principal Executive Officer

Date: May 9, 2011

By:
Sheri Morris
Principal Financial Officer

Date: May 9, 2011

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link2 "EXHIBIT INDEX"

EXHIBIT INDEX

12(a)(1)	Code of Ethics.
12(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.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2(b) under the
Investment Company Act of 1940.

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