Invesco Trust for Investment Grade New York Municipals

Regulatory Filings • Jan 7, 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: 10/31

Date of reporting period: 10/31/10

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link2 "Item 1. Reports to Stockholders."

Item 1. Reports to Stockholders.

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Annual Report to Shareholders October 31, 2010

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

2	Performance Summary
2	Management Discussion
4	Supplement Information
5	Dividend Reinvestment Plan
6	Schedule of Investments
10	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
20	Auditor’s Report
21	Approval of Investment Advisory and Sub-Advisory Agreements
23	Tax Information
24	Results of Proxy
T-1	Trustees and Officers

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Management’s Discussion of Trust Performance

Performance summary

As part of Invesco’s June 1, 2010, acquisition of Morgan Stanley’s retail asset management businesses, including Van Kampen Investments, Van Kampen Trust for Investment Grade New York Municipals was renamed Invesco Van Kampen Trust for Investment Grade New York Municipals.

The Trust’s return can be calculated based upon 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. Market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. Main contributors to returns on an NAV basis included our exposure to the long-end of the curve, our allocation to BBB-rated bonds and non-rated bonds, and our exposure health care bonds.

Performance

Total returns, 10/31/09 to 10/31/10

Trust at NAV	14.90
Trust at Market Value	15.14
Market Price Premium to NAV as of 10/31/10	2.93
Barclays Capital New York Municipal Bond Index ▼	7.75

▼ FactSet Research Systems, Inc.

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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.

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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, with liquidity and safety of principal, primarily through investment in a nondiversified portfolio of investment grade New York 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 may also 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

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

Market conditions during the 12-month period covered in this report were influenced by two broad themes: private sector recovery and concerns over sovereign creditworthiness. In the U.S. and across 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. Recently, however, investor skepticism of global governments’ abilities to retire huge amounts of debt without affecting economic growth rates caused sovereign debt distress (especially for Greece and other southern eurozone countries) and became a focal point of investor concern in the first half of 2010.

In the U.S., economic recovery was present, although uneven and possibly slowing, as stubbornly high unemployment and export weakness continued to weigh on the U.S. economy. Real gross domestic product (GDP), the broadest measure of overall U.S. economic activity, increased at an annual rate of 2.5% in the third quarter of 2010. 1 In the second quarter, real GDP increased at an annual rate of 1.7%. 1 The U.S. Federal Reserve Board (the Fed) maintained a very accommodative monetary policy throughout the period, with the federal funds target rate unchanged in its range of zero to 0.25%. 2 The Fed recently described its view of the U.S. economy by stating: “Financial conditions have become less

Portfolio Composition

By credit sector, based on total investments

Revenue Bonds	88.7
General Obligation Bonds	8.0
Pre-refunded Bonds	3.3
Cash/Other	0.0

Total Net Assets	$228.0 million
Total Number of Holdings	137

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Top Five Sectors

Based on total net assets applicable to common shares

1.	Public Transportation	27.5
2.	General Purpose	22.6
3.	Hospital	17.5
4.	Higher Education	16.1
5.	Water & Sewer	13.9

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

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supportive of economic growth on balance, largely reflecting developments abroad.” 2 As such, it was widely expected that the Fed would continue to keep rates low for an extended period.

Historically, the state of New York has benefited from its broad-based and wealthy economy. However, the economic slowdown and concerns on Wall Street, as well as the volatility in the financial markets posed challenges for the state and its financial position. Like many states, New York is currently looking for solutions to compensate for declines in revenues, particularly falling personal income taxes.

Municipal fund flows remained elevated after a strong 2009, providing a positive catalyst for both the net asset values and market prices of closed-end municipal funds. In addition, year-to-date municipal issuance during the reporting period was about 2% ahead of last year’s pace, at $339.7 billion versus $333.0 billion. 3 However, approximately 30% of the supply since the beginning of the year was in the form of taxable municipals, which further supported tax-exempt municipal bond prices by decreasing their relative supply. 3

In terms of the yield curve positioning, the Trust’s exposure to the 15-to-20 year portion of the curve and the long portion of the curve (20+ years) contributed to Trust performance. The Trust’s long duration profile was also a contributor as yields declined 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 can potentially enhance yield.

During the reporting period lower rated tax-exempt bonds experienced greater price increases relative to high quality issues. Our allocation to BBB-rated bonds and non-rated bonds was a positive contributor to performance for the reporting period.

At a sector level, our exposure to industrial development revenue/pollution control revenue bonds and to health care bonds contributed to Trust performance for the reporting period. Our exposure to tax-supported 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 in several ways. The Trust achieves a leveraged position through both borrowings and the use of financial instruments, which include auction preferred shares. During the reporting period, the Trust benefited from the use of leverage.

As stated earlier, the Trust trades at a market price and also has a NAV. During the reporting period, the Trust fluctuated between trading at a premium and trading at a discount to its NAV. After a market rally that began in June, the Trust traded at a premium, which corresponded with the peak in the rally. At the close of the reporting period, the Trust traded at a premium.

After the close of the Trust’s fiscal year, market volatility increased significantly across the municipal asset class. Since the November elections, there are expectations that the Bush federal income tax cuts will be extended, which may diminish investor appetite for tax-free bonds. Additionally, market volatility was amplified as U.S. Treasury yields increased while states and municipalities flooded the market with new issues, including large issuance from the state of California.

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
3	Barclays Capital

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 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 June 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 2002 to June 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 June 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 1994 to June 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 June 2010. He was associated with the Trust’s previous investment adviser or its investment advisory affiliates in an investment capacity from 2000 to June 2010 and began managing the Trust in 2009. He earned a B.A. in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.

3 Invesco Van Kampen Trust for Investment Grade New York Municipals

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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 October 31, 2010, and is based on total net assets.

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 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.
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 obtain a copy of the Plan Brochure and enroll in the Plan by visiting invesco.com, 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.

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 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.

5 Invesco Van Kampen Trust for Investment Grade New York Municipals

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Schedule of Investments

October 31, 2010

			Par
			Amount
Coupon	Maturity		(000)	Value
Municipal Bonds–165.5%
New York–157.2%
Albany, NY Indl Dev Agy Civic Fac Rev Saint Peters Hosp Proj,
Ser D	5.750 %	11/15/27	$ 1,000	$ 1,035,640
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj	*	07/15/34	6,700	1,727,059
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj	6.250 %	07/15/40	825	895,859
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj	6.375 %	07/15/43	825	899,192
Chautauqua Cnty, NY Indl Dev Agy Exempt Fac Rev Nrg Dunkirk Pwr
Proj	5.875 %	04/01/42	1,500	1,574,400
Dutchess Cnty, NY Indl Dev Agy Civic Fac Rev Elant Fishkill Inc,
Ser A	5.250 %	01/01/37	950	728,013
East Rochester, NY Hsg Auth Rev Sr Living Woodland Vlg Proj Rfdg	5.500 %	08/01/33	2,400	2,114,040
Essex Cnty, NY Indl Dev Agy Solid Waste Disp Rev Intl Paper
Rfdg, Ser A (AMT)	5.200 %	12/01/23	2,150	2,143,829
Hempstead Town, NY Indl Dev Agy Civic Fac Rev Adelphi Univ Civic
Fac	5.500 %	06/01/32	2,000	2,034,240
Hempstead Town, NY Loc Dev Corp Rev Molloy College Proj	5.750 %	07/01/39	1,655	1,766,547
Islip, NY Res Recovery Agy Rev 1985 Fac, Ser B (AMBAC Insd) (AMT)	7.250 %	07/01/11	2,000	2,081,460
Long Island Pwr Auth NY Elec Sys Rev Gen, Ser C (CIFG Insd)	5.250 %	09/01/29	400	462,812
Long Island Pwr Auth NY Elec Sys Rev Gen, Ser E	5.000 %	12/01/17	1,975	2,255,233
Long Island Pwr Auth NY Elec Sys Rev, Ser A	6.250 %	04/01/33	1,860	2,174,061
Madison Cnty, NY Indl Dev Agy Civic Fac Rev Colgate Univ Proj,
Ser A (AMBAC Insd)	5.000 %	07/01/35	1,620	1,683,083
Madison Cnty, NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc
Proj, Ser A	5.500 %	02/01/32	750	706,072
Madison Cnty, NY Indl Dev Agy Morrisville St College Fndtn, Ser
A (CIFG Insd)	5.000 %	06/01/28	1,000	1,016,030
Metropolitan Trans Auth NY Dedicated Tax Fd, Ser B	5.250 %	11/15/27	1,535	1,708,962
Metropolitan Trans Auth NY Rev Rfdg, Ser A (AMBAC Insd)	5.500 %	11/15/19	4,000	4,307,880
Metropolitan Trans Auth NY Rev, Ser B (BHAC
Insd) (a)	5.000 %	11/15/31	10,000	10,557,700
Montgomery Cnty, NY Indl Dev Agy Lease Rev HFM Boces, Ser A
(Syncora Gtd)	5.000 %	07/01/34	1,500	1,395,645
Nassau Cnty, NY Gen Impt, Ser C (AGL Insd)	5.000 %	10/01/27	2,935	3,263,867
Nassau Cnty, NY Indl Dev Agy Continuing Care Retirement
Amsterdam at Harborside, Ser A	6.700 %	01/01/43	5,000	5,041,750
New York City Hlth & Hosp Corp Rev Hlth Sys Rev, Ser A	5.000 %	02/15/30	2,230	2,369,509
New York City Indl Dev Agy Civic Fac Rev Polytechnic Univ Proj
(ACA Insd)	5.250 %	11/01/37	3,500	3,489,955
New York City Indl Dev Agy Civic Fac Rev Staten Island Univ Hosp
Proj, Ser B	6.375 %	07/01/31	1,735	1,750,771
New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser B	6.750 %	03/01/15	2,000	2,032,940
New York City Indl Dev Agy Rev Liberty Iac/Interactive Corp.	5.000 %	09/01/35	1,940	1,799,660
New York City Indl Dev Agy Rev Queens Baseball Stadium Pilot
(AGL Insd)	6.500 %	01/01/46	2,000	2,244,680
New York City Indl Dev Agy Rev Queens Baseball Stadium Pilot
(AMBAC Insd)	5.000 %	01/01/36	2,000	1,860,560
New York City Indl Dev Agy Spl Fac Rev NY Stk Exchange Proj
Rfdg, Ser A	5.000 %	05/01/21	2,445	2,714,683
New York City Indl Dev Agy Spl Fac Rev NY Stk Exchange Proj
Rfdg, Ser A	5.000 %	05/01/25	500	537,990
New York City Indl Dev Agy Spl Fac Rev NY Stk Exchange Proj
Rfdg, Ser A	5.000 %	05/01/29	1,500	1,571,955
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn Proj
(AMT) (b)	5.500 %	01/01/19	3,710	3,983,612
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn Proj
(AMT) (b)	5.500 %	01/01/20	3,000	3,196,650
New York City Indl Dev Agy Spl Fac Rev Term One Group Assn Proj
(AMT) (b)	5.500 %	01/01/21	4,000	4,229,720
New York City Indl Dev Civic Fac Rev YMCA Gtr NY Proj	5.800 %	08/01/16	1,125	1,127,610
New York City Muni Wtr Fin Auth Wtr & Swr Rev, Ser FF-2	5.500 %	06/15/40	1,500	1,696,035
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser
C (a)	5.000 %	06/15/31	10,000	10,541,800
New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev, Ser
D (a)	5.000 %	06/15/37	12,000	12,502,320
New York City, Ser F1	5.500 %	11/15/28	3,300	3,720,981

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

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			Par
			Amount
Coupon	Maturity		(000)	Value
New York City, Ser
I-1 (a)	5.000 %	02/01/26	$ 10,000	$ 10,823,400
New York City, Subser
L-1 (a)	5.000 %	04/01/27	10,000	10,799,700
New York City Tr Cultural Res Rev Carnegie Hall, Ser A	5.000 %	12/01/39	1,500	1,561,170
New York City Transitional Cultural Res Rev Amern Museum Nat
History Rfdg, Ser A (NATL
Insd) (a)	5.000 %	07/01/44	10,890	11,188,604
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-1	5.500 %	07/15/38	2,950	3,283,350
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-2	6.000 %	07/15/33	1,350	1,565,892
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-3	5.250 %	01/15/27	4,500	4,988,115
New York City Transitional Fin Auth Bldg Aid Rev Fiscal 2009,
Ser S-3	5.250 %	01/15/39	1,000	1,084,140
New York Liberty Dev Corp Priority Bk American Rfdg	6.375 %	07/15/49	2,230	2,395,979
New York, NY Sub, Ser I-1	5.250 %	04/01/32	4,700	5,167,556
New York St Dorm Auth Lease Rev Master Boces Pgm, Ser A (AGM
Insd)	5.250 %	08/15/17	1,000	1,031,160
New York St Dorm Auth Lease Rev Univ Dorm Facs A	5.000 %	07/01/35	735	784,613
New York St Dorm Auth Rev Catholic Hlth L.I. Oblig Group	5.000 %	07/01/27	2,200	2,229,282
New York St Dorm Auth Rev City Univ Sys Cons, Ser A	5.625 %	07/01/16	3,000	3,425,460
New York St Dorm Auth Rev Cons City Univ Sys Second Gen, Ser A	5.750 %	07/01/13	1,925	2,076,709
New York St Dorm Auth Rev Dept Hlth, Ser A (CIFG Insd)	5.000 %	07/01/25	1,500	1,586,850
New York St Dorm Auth Rev Hosp (NATL Insd)	5.000 %	08/01/33	1,950	2,002,864
New York St Dorm Auth Rev Insd Brooklyn Law Sch, Ser B (Syncora
Gtd)	5.375 %	07/01/23	2,340	2,412,259
New York St Dorm Auth Rev Insd John T Mather Mem Hosp Rfdg
(Connie Lee Insd)	6.500 %	07/01/11	1,720	1,757,462
New York St Dorm Auth Rev Mem Sloan Kettering Cancer Ctr, Ser C
(NATL Insd)	5.500 %	07/01/23	3,750	4,431,488
New York St Dorm Auth Rev Non St Supported Debt Court Fac Lease
NYC Issue, Ser A (AMBAC Insd)	5.500 %	05/15/30	6,000	6,945,240
New York St Dorm Auth Rev Non St Supported Debt Fordham Univ,
Ser B (AGL Insd)	5.000 %	07/01/33	915	973,331
New York St Dorm Auth Rev Non St Supported Debt Insd Fit Student
Hsg Corp (NATL Insd)	5.250 %	07/01/28	1,655	1,764,362
New York St Dorm Auth Rev Non St Supported Debt Insd Providence
Rest (ACA Insd)	5.000 %	07/01/35	2,000	1,356,460
New York St Dorm Auth Rev Non St Supported Debt Insd Providence
Rest (ACA Insd)	5.125 %	07/01/30	2,525	1,855,016
New York St Dorm Auth Rev Non St Supported Debt L.I. Jewish, Ser
A	5.000 %	11/01/26	4,000	4,108,880
New York St Dorm Auth Rev Non St Supported Debt Manhattan
College, Ser A (Radian Insd)	5.000 %	07/01/41	2,315	2,296,874
New York St Dorm Auth Rev Non St Supported Debt Mount Sinai Sch
Of Medicine	5.125 %	07/01/39	1,750	1,783,005
New York St Dorm Auth Rev Non St Supported Debt North Shore LI
Jewish, Ser A	5.500 %	05/01/37	1,250	1,310,513
New York St Dorm Auth Rev Non St Supported Debt NY Univ, Ser C	5.000 %	07/01/38	2,870	3,035,484
New York St Dorm Auth Rev Non St Supported Debt NYU Hosp Ctr,
Ser A	5.000 %	07/01/36	1,500	1,507,500
New York St Dorm Auth Rev Non St Supported Debt Orange Regl Med
Ctr	6.125 %	12/01/29	1,000	1,030,440
New York St Dorm Auth Rev Non St Supported Debt Orange Regl Med
Ctr	6.500 %	12/01/21	3,000	3,203,670
New York St Dorm Auth Rev Non St Supported Debt Rochester Inst
Technology	5.000 %	07/01/40	1,350	1,421,874
New York St Dorm Auth Rev Non St Supported Debt Sch Dist Bd Fin
Prog, Ser D (AGL Insd)	5.750 %	10/01/24	2,000	2,295,520
New York St Dorm Auth Rev Non St Supported Debt, Ser C (AGL Insd)	5.125 %	07/01/39	600	634,812
New York St Dorm Auth Rev Non St Supported Debt St Francis
College	5.000 %	10/01/40	750	756,398
New York St Dorm Auth Rev Non St Supported Debt St Josephs
College	5.250 %	07/01/35	1,000	1,028,960
New York St Dorm Auth Rev NY Univ Insd, Ser 1 (AMBAC Insd)	5.500 %	07/01/31	2,000	2,438,920
New York St Dorm Auth Rev Secondarily Insd NY Univ, Ser 1 (BHAC
Insd)	5.500 %	07/01/31	830	988,040
New York St Dorm Auth Rev St Supported Debt Lease St Univ Dorm
Fac, Ser A	5.000 %	07/01/25	2,205	2,400,980
New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc Fac
Impt, Ser A (AGM Insd)	5.000 %	02/15/27	2,000	2,127,360
New York St Dorm Auth Rev St Supported Debt Mental Hlth Svc, Ser
C (AGM Insd) (AMT)	5.250 %	02/15/28	2,000	2,054,520
New York St Dorm Auth Rev St Univ Ed Fac, Ser A (NATL Insd)	5.250 %	05/15/15	3,600	4,046,472
New York St Dorm Auth Rev St Univ Ed Fac, Ser B	5.250 %	05/15/19	5,010	5,693,815

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			Par
			Amount
Coupon	Maturity		(000)	Value
New York St Dorm Auth St Pers Income Tax Rev Ed, Ser B	5.750 %	03/15/36	$ 2,150	$ 2,485,873
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr
Revolving Fd, Ser A (POL CTL-SRF
Insd) (c)	5.750 %	06/15/12	300	326,370
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr, Ser
02 (POL CTL-SRF
Insd) (c)	5.750 %	06/15/12	500	543,860
New York St Environmental Fac Corp Pollutn Ctl Rev St Wtr, Ser
02 (POL CTL-SRF Insd)	5.750 %	06/15/12	95	103,009
New York St Environmental Fac Corp Rev, Ser C	5.000 %	10/15/39	1,505	1,633,045
New York St Environmental Fac Corp St Clean Wtr &
Drinking Revolving Fd Muni Wtr Proj, Ser B	5.250 %	06/15/20	1,000	1,065,360
New York St Environmental Fac Corp St Clean Wtr &
Drinking, Ser
A (a)	5.125 %	06/15/38	2,100	2,278,038
New York St Mtg Agy Rev Homeowner Mtg, Ser 71 (AMT)	5.400 %	04/01/29	810	810,462
New York St Mtg Agy Rev Homeowner Mtg, Ser 145
(AMT)	5.050 %	10/01/29	1,555	1,583,954
New York St Twy Auth Gen Rev, Ser H (NATL Insd)	5.000 %	01/01/29	2,500	2,648,800
New York St Twy Auth Second Gen Hwy & Brdg Tr Fd, Ser B	5.000 %	04/01/27	2,000	2,176,360
New York St Urban Dev Corp Rev Correctional Fac Rfdg	5.500 %	01/01/13	1,250	1,298,288
New York St Urban Dev Corp Rev Correctional Fac Rfdg, Ser A	5.500 %	01/01/14	4,650	4,942,811
New York St Urban Dev Corp Rev Svc Contract, Ser B	5.250 %	01/01/25	2,000	2,195,500
Niagara Falls, NY Frontier Auth Trans Arpt Rev Buffalo Niagara
Intl Arpt, Ser A (NATL Insd) (AMT)	5.625 %	04/01/29	3,570	3,578,247
Niagara Falls, NY Wtr Treatment Plant (NATL Insd) (AMT)	7.250 %	11/01/10	1,060	1,060,403
Oneida Cnty, NY Indl Dev Agy Civic Fac Saint Elizabeth Med, Ser B	6.000 %	12/01/19	1,520	1,530,701
Onondaga, NY Civic Dev Corp Rev Le Moyne College Proj	5.375 %	07/01/40	1,950	1,985,919
Port Auth NY & NJ Cons
144th (a)	5.000 %	10/01/35	35,000	37,466,100
Port Auth NY & NJ Cons
152nd (a)	5.000 %	11/01/25	10,000	10,474,400
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)	5.750 %	12/01/22	2,000	2,004,280
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)	5.750 %	12/01/25	2,500	2,504,975
Rockland Cnty, NY Solid Waste Mgmt Auth, Ser B (AMBAC Insd) (AMT)	5.125 %	12/15/28	1,000	1,009,130
Saratoga Cnty, NY Indl Dev Agy Civic Fac Rev Saratoga Hosp Proj,
Ser B	5.125 %	12/01/27	1,000	1,006,150
Seneca Cnty, NY Indl Dev Agy Solid Waste Disp Rev Seneca Meadows
Inc Proj (GTY AGMT)
(AMT) (b)(d)	6.625 %	10/01/35	1,500	1,515,435
Sodus, NY Ctr Sch Dist Rfdg (NATL Insd)	5.125 %	06/15/17	1,250	1,331,963
Suffolk Cnty, NY Indl Dev Agy Civic Fac Rev Eastrn Long Island
Hosp
Assn (d)	5.375 %	01/01/27	2,085	1,697,169
Tompkins Cnty, NY Indl Dev Agy Rev Civic Fac Cornell Univ, Ser A	5.000 %	07/01/37	750	807,443
Triborough Brdg & Tunl Auth NY Rev Gen Purp, Ser A	5.000 %	01/01/32	15	15,497
Troy, NY Cap Resource Corp Rev Rensselaer Polytechnic, Ser A	5.000 %	09/01/30	2,000	2,090,000
Tsasc, Inc NY, Ser 1	5.000 %	06/01/34	2,000	1,758,360
Tsasc, Inc NY, Ser 1	5.125 %	06/01/42	6,000	5,267,520
United Nations Dev Corp NY Rev Rfdg, Ser A	5.000 %	07/01/25	1,000	1,083,670
Warren & Washington Cnty, NY Indl Dev Agy Civic Fac
Rev Glens Falls Hosp Proj, Ser A (AGM Insd)	5.000 %	12/01/35	1,360	1,377,204
Westchester Cnty, NY Indl Dev Agy Continuing Care Retirement Mtg
Kendal on Hudson Proj, Ser A (Prerefunded @ 1/01/13)	6.500 %	01/01/34	5,000	5,601,450
Westchester Tob Asset Sec Corp NY	5.125 %	06/01/45	5,500	4,495,535
				358,352,585
Guam–0.9%
Guam Govt Ltd Oblig Rev Sect 30, Ser A	5.625 %	12/01/29	750	786,660
Guam Govt Ltd Oblig Rev Sect 30, Ser A	5.750 %	12/01/34	500	521,160
Guam Pwr Auth Rev, Ser A	5.500 %	10/01/40	820	850,881
				2,158,701

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			Par
			Amount
Coupon	Maturity		(000)	Value
Puerto Rico–5.9%
Puerto Rico Comwlth Infrastructure Fin Auth Spl Tax Rev Rfdg,
Ser C (AMBAC Insd)	5.500 %	07/01/27	$ 1,225	$	1,328,427
Puerto Rico Elec Pwr Auth Pwr Rev, Ser TT	5.000 %	07/01/37	1,000		1,018,670
Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW	5.000 %	07/01/28	1,000		1,037,990
Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW	5.250 %	07/01/33	1,500		1,561,350
Puerto Rico Elec Pwr Auth Pwr Rev, Ser WW	5.500 %	07/01/21	1,000		1,110,760
Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd)
(Prerefunded @ 7/01/14)	5.250 %	07/01/33	75		86,419
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A	5.375 %	08/01/39	945		995,983
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A	6.375 %	08/01/39	1,500		1,719,090
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A
(Prerefunded @ 8/01/11) (b)	5.000 %	08/01/39	2,500		2,589,475
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser C	5.250 %	08/01/41	2,000		2,091,520
					13,539,684
U.S. Virgin Islands–1.5%
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A	6.375 %	10/01/19	1,500		1,518,240
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Diago, Ser A	6.625 %	10/01/29	1,600		1,825,296
					3,343,536
TOTAL INVESTMENTS–165.5% (Cost $360,861,298)					377,394,506
FLOATING RATE NOTE AND DEALER TRUST OBLIGATIONS RELATED TO
SECURITIES HELD–(29.0%)
Notes with interest rates ranging from 0.28% to 0.37% at 10/31/10, and contractual maturities of collateral ranging from 02/01/26 to 07/01/44 (See Note 1(I) in the Notes to Financial
Statements) (e)			(66,235	)	(66,235,000	)
OTHER ASSETS IN EXCESS OF LIABILITIES–1.7%					3,827,889
PREFERRED SHARES–(38.2%)					(87,000,000	)
NET ASSETS APPLICABLE TO COMMON SHARES–100.0%				$	227,987,395

Percentages are calculated as a percentage of net assets applicable to common shares.

Investment Abbreviations:

ACA	– American Capital Access
AGL	– Assured Guaranty Ltd.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– AMBAC Indemnity Corp.
AMT	– Alternative Minimum Tax
BHAC	– Berkshire Hathaway Assurance Corp.
CIFG	– CDC IXIS Financial Guaranty
Comwth	– Commonwealth of Puerto Rico
Connie Lee	– Connie Lee Insurance Co.
GTY AGMT	– Guarantee Agreement
NATL	– National Public Finance Guarantee Corp.
POL CTL-SRF	– State Water Pollution Control Revolving Fund
Radian	– Radian Asset Assurance
Syncora Gtd	– Syncora Guaranteed Limited

Notes to Schedule of Investments:

*	Zero coupon bond
(a)	Underlying security related to
Special Purpose Trusts entered into by the Trust. See Note 1(I)
in the Notes to Financial Statements.
(b)	Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
October 31, 2010.
(c)	Escrowed to Maturity
(d)	144A-Private Placement security
which is exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. These securities may only be
resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
(e)	Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at October 31, 2010. At October 31,
2010, the Trust’s investments with a value of $116,632,062
are held by the Dealer Trusts and serve as collateral for the
$66,235,000 in floating rate note and dealer trust obligations
outstanding at that date.

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Statement of Assets and Liabilities

October 31, 2010

Assets: — Investments, at value (Cost $360,861,298)	$ 377,394,506
Cash	1,101,345
Receivables:
Interest	5,650,020
Total assets	384,145,871
Liabilities:
Payables:
Floating rate note and dealer trust obligations	66,235,000
Investments purchased	2,575,958
Income distributions — preferred shares	6,893
Affiliates	200,451
Accrued expenses	140,174
Total liabilities	69,158,476
Preferred shares	87,000,000
Net assets applicable to common shares	$ 227,987,395
Net asset value per common share ($227,987,395 divided by
15,189,326 shares outstanding)	$ 15.01
Net assets consist of:
Shares of beneficial interest ($0.01 par value with an unlimited
number of shares authorized, 15,189,326 shares issued and
outstanding)	$ 232,678,784
Net unrealized appreciation	16,533,208
Accumulated undistributed net investment income	6,328,895
Accumulated net realized loss	(27,553,492	)
Net assets applicable to common shares	$ 227,987,395
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 including preferred shares	$ 314,987,395

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Statement of Operations

For the Year Ended October 31, 2010

Investment income: — Interest	$ 18,539,048
Expenses:
Investment advisory fee	2,009,542
Preferred share maintenance	158,191
Trustees’ and officers’ fees and benefits	96,599
Custody	19,340
Transfer agent fees	28,295
Interest expense	591,983
Administrative services fees	86,678
Registration fees	13,969
Professional fees	111,581
Reports to shareholders	34,901
Other	33,362
Total expenses	3,184,441
Expense reduction	219,252
Net expenses	2,965,189
Net investment income	15,573,859
Realized and unrealized gain (loss):
Net realized gain (loss)	(551,101	)
Unrealized appreciation:
Beginning of the period	743,997
End of the period	16,533,208
Net unrealized appreciation during the period	15,789,211
Net realized and unrealized gain	15,238,110
Distributions to preferred shareholders	(235,168	)
Net increase in net assets applicable to common shares from
operations	$ 30,576,801

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Statement of Changes in Net Assets

| | For the year
ended — October 31, | October 31, | | |
| --- | --- | --- | --- | --- |
| | 2010 | 2009 | | |
| From investment activities: | | | | |
| Operations: | | | | |
| Net investment income | $ 15,573,859 | $ | 17,383,156 | |
| Net realized gain (loss) | (551,101 | ) | (13,844,667 | ) |
| Net unrealized appreciation during the period | 15,789,211 | | 50,317,595 | |
| Distributions to preferred shareholders: | | | | |
| Net investment income | (235,168 | ) | (635,620 | ) |
| Change in net assets applicable to common shares from operations | 30,576,801 | | 53,220,464 | |
| Distributions to common shareholders: | | | | |
| Net investment income | (15,200,294 | ) | (12,981,867 | ) |
| Net change in net assets applicable to common shares from
investment activities | 15,376,507 | | 40,238,597 | |
| From capital transactions: | | | | |
| Value of common shares issued through dividend reinvestment | 559,268 | | 63,163 | |
| Repurchase of shares | -0- | | (12,547 | ) |
| Net change in net assets applicable to common shares from
capital transactions | 559,268 | | 50,616 | |
| Total increase in net assets applicable to common shares | 15,935,775 | | 40,289,213 | |
| Net Assets applicable to common shares: | | | | |
| Beginning of the period | 212,051,620 | | 171,762,407 | |
| End of the period (including accumulated undistributed net
investment income of $6,328,895 and $6,197,052, respectively) | $ 227,987,395 | $ | 212,051,620 | |

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Statement of Cash Flows

For the year ended October 31, 2010

| Net increase in net assets applicable to common shares from
operations | $ | |
| --- | --- | --- |
| Adjustments to reconcile the change in net assets applicable to
common shares from operations to net cash provided by
operating activities: | | |
| Purchases of investments | (52,760,967 | ) |
| Proceeds from sales of investments | 59,879,553 | |
| Net sales of short-term investments | 3,790,000 | |
| Amortization of premium | 984,914 | |
| Accretion of discount | (374,579 | ) |
| Net realized loss on investments | 551,101 | |
| Net change in unrealized appreciation/depreciation on investments | (15,789,211 | ) |
| Decrease in interest receivables | 491,433 | |
| Decrease in other assets | 6,252 | |
| Increase in accrued expenses | 15,356 | |
| Increase in affiliates payable | 32,356 | |
| Decrease in trustees’ deferred compensation and retirement
plans | (812,360 | ) |
| Net cash provided by operating activities | 26,590,649 | |
| Cash flows from financing activities | | |
| Retirement of preferred shares | (12,500,000 | ) |
| Dividends paid (net of reinvested dividends $559,268) | (14,637,309 | ) |
| Net proceeds from and repayments of floating rate note
obligations | 1,400,000 | |
| Net cash used for financing activities | (25,737,309 | ) |
| Net change in cash | 853,340 | |
| Cash at the beginning of the period | 248,005 | |
| Cash at the end of the period | $ 1,101,345 | |
| Supplemental disclosures of cash flow information | | |
| Cash paid during the year for interest | $ 589,981 | |

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Financial Highlights

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

| | Year ended
October 31, — 2010 | 2009 | | 2008 | | 2007 | | 2006 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net asset value, beginning of the period | $ 14.00 | $ | 11.34 | $ | 15.80 | $ | 16.96 | $ | 16.81 | |
| Net investment
income (a) | 1.03 | | 1.15 | | 1.21 | | 1.10 | | 1.05 | |
| Net realized and unrealized gain (loss) | 1.00 | | 2.41 | | (4.59 | ) | (1.01 | ) | 0.47 | |
| Distributions paid to preferred shareholders: | | | | | | | | | | |
| Net investment income | (0.02 | ) | (0.04 | ) | (0.29 | ) | (0.32 | ) | (0.26 | ) |
| Net realized gain | -0- | | -0- | | -0- | | (0.04 | ) | (0.06 | ) |
| Total from investment operations | 2.01 | | 3.52 | | (3.67 | ) | (0.27 | ) | 1.20 | |
| Distributions paid to common shareholders: | | | | | | | | | | |
| Net investment income | (1.00 | ) | (0.86 | ) | (0.79 | ) | (0.78 | ) | (0.80 | ) |
| Net realized gain | -0- | | -0- | | -0- | | (0.11 | ) | (0.25 | ) |
| Net asset value, end of the period | $ 15.01 | $ | 14.00 | $ | 11.34 | $ | 15.80 | $ | 16.96 | |
| Common share market price at end of the period | $ 15.46 | $ | 14.38 | $ | 10.80 | $ | 14.91 | $ | 15.12 | |
| Total return at net asset
value (b) | 14.83 | % | | | | | | | | |
| Total return at market
value (c) | 15.14 | % | 43.22 | % | (23.21 | )% | 4.38 | % | 4.13 | % |
| Net assets applicable to common shares at end of the period (in
millions) | $ 228.0 | $ | 212.1 | $ | 171.8 | $ | 243.7 | $ | 262.6 | |
| Ratio of expenses to average net assets applicable to common
shares (d) | 1.35 | % (e) | 1.50 | % | 2.24 | % | 2.06 | % | 1.33 | % |
| Ratio of net investment income to average net assets applicable
to common
shares (d) | 7.07 | % (e) | 9.12 | % | 8.19 | % | 6.71 | % | 6.29 | % |
| Portfolio
turnover (h) | 14 | % | 28 | % | 43 | % | 19 | % | 39 | % |
| * If certain expenses had not been voluntarily assumed by
the adviser, total return would have been lower and the ratios
would have been as follows: | | | | | | | | | | |
| Ratio of expenses to average net assets applicable to common
shares (d) | 1.45 | % (e) | 1.68 | % | 2.41 | % | 2.21 | % | N/A | |
| Ratio of net investment income to average net assets applicable
to common
shares (d) | 6.97 | % (e) | 8.95 | % | 8.03 | % | 6.56 | % | N/A | |
| Supplemental ratios: | | | | | | | | | | |
| Ratio of expenses (excluding interest expense) to average net
assets applicable to common
shares (d) | 1.08 | % (e) | 1.14 | % | 0.97 | % | 1.04 | % | 1.25 | % |
| Ratio of net investment income to average net assets applicable
to common
shares (f) | 6.96 | % (e) | 8.79 | % | 6.25 | % | 4.78 | % | 4.72 | % |
| Senior securities: | | | | | | | | | | |
| Total preferred shares outstanding | 3,480 | | 3,980 | | 4,640 | | 5,800 | | 5,800 | |
| Asset coverage per preferred
share (g) | $ 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 | |

(a)	Based on 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.
(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.
(d)	Ratios do not reflect the effect of
dividend payments to preferred shareholders.
(e)	Ratios are based on average net
assets applicable to common shares excluding preferred shares
(000’s omitted) of $220,418.
(f)	Ratios reflect the effect of
dividend payments to preferred shareholders.
(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)	Portfolio turnover is not
annualized for periods less than one year, if applicable.

N/A=Not Applicable

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Notes to Financial Statements

October 31, 2010

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’s name changed 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.

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

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

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| 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. |
| I. | Inverse Floating
Rate Obligations — The Trust may invest 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 obligations. 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 and dealer
trust 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 under the caption Interest expense on the Statement of Operations. |
| | The Trust generally invests in inverse
floating rate obligations that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate obligations
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 investments. 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. | Other
Risks — The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located. |
| | Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a fund’s investments in municipal securities. |
| | There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service. |

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

Effective June 1, 2010, 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 of 0.55% of the Trust’s average daily net assets including current preferred shares and leverage entered into to retire previously issued preferred shares of the Trust. Prior 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

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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 daily net assets as discussed above.

Effective June 1, 2010, 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 provide discretionary investment management services to the Trust based on the percentage of assets allocated to such Sub-Adviser(s).

Effective June 1, 2010, 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 following expenses are not taken into account, and could cause the Trust’s expenses to exceed the limit reflected above: (1) interest; (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.

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

For the year ended October 31, 2010, the Adviser waived advisory fees of $9,123.

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 (“CCO”) employment agreements, Van Kampen Investments Inc. (“VKII”) provided accounting services and the CCO provided compliance services to the Trust. Pursuant to such agreements, the Trust paid $18,333 to VKII. For the year ended October 31, 2010, expenses incurred under these agreements are shown in the Statement of Operations as administrative services fees. Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (“SSB”) serves as the custodian and fund accountant and provides certain administrative services to the Trust.

Prior to June 1, 2010, under a legal services agreement, VKII provided legal services to the Trust. Pursuant to such agreement, the Trust paid $22,662 to VKII.

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 October 31, 2010. 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.

	Level 1	Level 2	Level 3	Total
Municipal Securities	$ -0-	$ 377,394,506	$ -0-	$ 377,394,506

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 ended October 31, 2010, the Trust paid legal fees of $20,045 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 SSB, 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.

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Inverse floating rate note 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 ending October 31, 2010 were $65,908,143 and 0.88%, 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.

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

Distributions to Shareholders:

Tax Character of Distributions to Shareholders Paid During the Years Ended October 31, 2010 and 2009:

	2010	2009
Ordinary income	$ 310,602	$ -0-
Tax-exempt income	15,124,860	13,726,071
Total distributions	$ 15,435,462	$ 13,726,071

Tax Components of Net Assets at Period-End:

Undistributed ordinary income	2010 — $ 5,635,436
Net unrealized appreciation — investments	18,077,778
Capital loss carryforward	(28,404,603	)
Shares of beneficial interest	232,678,784
Total net assets	$ 227,987,395

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 bond premium 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 $0 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 October 31, 2010 which expires as follows:

	Capital Loss
Expiration	Carryforward*
October 31, 2015	$ 2,899,423
October 31, 2016	10,017,739
October 31, 2017	15,077,563
October 31, 2018	409,878
Total capital loss carryforward	$ 28,404,603

• 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 year ended October 31, 2010 was $53,650,310 and $59,879,553, 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 | $ 26,635,273 | |
| --- | --- | --- |
| Aggregate unrealized (depreciation) of investment securities | (8,557,495 | ) |
| Net unrealized appreciation of investment securities | $ 18,077,778 | |
| Cost of investments for tax purposes is $359,316,728. | | |

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NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of bond accretion, on October 31, 2010, accumulated undistributed net investment income was decreased by $6,554, and accumulated net realized loss was increased by $6,554. This reclassification had no effect on the net assets of the Trust.

NOTE 9—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

| October 31,
2010 | October 31,
2009 | | |
| --- | --- | --- | --- |
| Beginning shares | 15,150,969 | 15,147,857 | |
| Shares issued through dividend reinvestment | 38,357 | 4,512 | |
| Shares repurchased* | -0- | (1,400 | ) |
| Ending shares | 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 year ended October 31, 2010 the Trust did not repurchase any of its shares and 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

As of October 31, 2010, the Trust has outstanding 3,480 Auction Preferred Shares (APS) in three series. Series A contains 1,440 shares, Series B contains 1,080 shares and Series C contains 960 shares. Dividends are cumulative and the dividend rates are generally reset every 28 days for Series A and B, while Series C is generally reset every 7 days through an auction process. Beginning on February 13, 2008, and continuing through October 31, 2010, 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 on APS. The average rate in effect on October 31, 2010 was 0.369%. During the year ended October 31, 2010, the rates ranged from 0.133% to 0.472%.

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 “Preferred share maintenance” expense on the Statement of Operations.

The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption at the liquidation value if the tests are not met.

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

The Trust has the option to enter into additional inverse floating rate securities as an alternative form of leverage in order to redeem and retire a portion of its preferred shares. For the year ended October 31, 2010, transactions in preferred shares were as follows:

Shares		Value		Shares		Value		Shares		Value
Outstanding at October 31, 2009	1,680	$	42,000,000		1,260	$	31,500,000		1,040	$	26,000,000
Shares retired	(240	)	(6,000,000	)	(180	)	(4,500,000	)	(80	)	(2,000,000	)
Outstanding at October 31, 2010	1,440	$	36,000,000		1,080	$	27,000,000		960	$	24,000,000

NOTE 11—Change in Independent Registered Public Accounting Firm

The Audit Committee of the Board of Trustees of the Trust appointed, and the Board of Trustees ratified thereafter and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Trust for the fiscal year following May 31, 2010. Prior to May 31, 2010, the Trust’s financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”). The Board of Trustees selected a new independent auditor for the Trust’s current fiscal year in connection with the appointment of Invesco Advisers as investment adviser to the Trust (“New Advisory Agreement”).

Effective June 1, 2010, the Prior Auditor resigned as the independent registered public accounting firm of the Trust. The Prior Auditor’s report on the financial statements of the Trust for the past two years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the period the Prior Auditor was engaged, there were no disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees 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 (formerly known as Van Kampen Trust For Investment Grade New York Municipals, hereafter referred to as the “Trust”) at October 31, 2010, the results of its operations, the changes in its net assets and of cash flows and the financial highlights for the year then ended, 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 audit. We conducted our audit 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 audit, which included confirmation of securities at October 31, 2010 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The statement of changes in net assets for the year ended October 31, 2009 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

December 22, 2010

Houston, Texas

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Investment Advisory Agreement Approval

During this reporting period, the Board approved the continuation of the investment advisory agreement with Van Kampen Asset Management for the period May 19-20, 2010 through June 1, 2010, the date of the closing of the Transaction (as defined below). Additionally, the Board approved an investment advisory agreement and investment sub-advisory agreements with Invesco Advisers, Inc. and its affiliates effective June 1, 2010 through June 30, 2011. Both approvals are discussed below.

Approval of Investment Advisory Agreement with Van Kampen Asset Management

Both the Investment Company Act of 1940 (the “1940 Act”) and the terms of the Fund’s investment advisory agreement with Van Kampen Asset Management require that the investment advisory agreement between the Fund and its investment adviser be approved annually by a majority of the Board of Trustees of the Fund and by a majority of the independent trustees voting separately.

At meetings held on May 19-20, 2010, the Board met to consider approving the continuation of the investment advisory agreement between the Fund and its then current investment adviser, Van Kampen Asset Management, until the closing of Invesco’s acquisition of Morgan Stanley’s asset management business, including Van Kampen Investments (the “Transaction”). Upon the closing of the Transaction on June 1, 2010, such investment advisory agreement terminated. The discussion in this section entitled “Approval of Investment Advisory Agreement with Van Kampen Asset Management” relates solely to the approval of the investment advisory agreement for the period prior to the closing of the Transaction. The Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. The Board considered the investment advisory agreement over a period of several months and the trustees held sessions with both the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement.

The Board’s Evaluation Process

In approving the investment advisory agreement, the Board considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser’s expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund’s shareholders, and the propriety of breakpoints in the Fund’s investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry versus historical and projected assets of the Fund. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and, after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered.

Factors and Conclusions and Summary of Evaluation of Investment Advisory Agreements

A. Nature, Extent and Quality of the Services Provided

On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and those specific to portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund’s portfolio management team over time. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement.

B. Performance, Fees and Expenses of the Fund

On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund’s performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund’s weighted performance is under the fund’s benchmark or peers, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund’s overall expense ratio. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement.

C. Investment Adviser’s Expenses in Providing the Service and Profitability

At least annually, the trustees review the investment adviser’s expenses in providing services to the Fund and other funds advised by the investment adviser and the profitability of the investment adviser. These profitability reports are put together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser’s expenses and profitability support its decision to approve the investment advisory agreement.

D. Economies of Scale

On a regular basis, the Board of Trustees considers the size of the Fund and how that relates to the Fund’s expense ratio and particularly the Fund’s advisory fee rate. In conjunction with its review of the investment adviser’s profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund’s portfolio and whether the advisory fee level is appropriate relative to current asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement.

E. Other Benefits of the Relationship

On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its

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affiliates derived from the investment adviser’s relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds’ portfolio trading, and in certain cases distribution or service related fees related to funds’ sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement.

Approval of Investment Advisory and Investment Sub-Advisory Agreements with Invesco Advisers, Inc. and its Affiliates

The current investment adviser for the Fund, effective June 1, 2010, is Invesco Advisers, Inc. (“Invesco”) pursuant to the investment advisory agreement approved by the Board on December 8, 2009 and approved by shareholders of the Fund on April 16, 2010.

The closing of the Transaction constituted an “assignment” of the Fund’s investment advisory agreement with Van Kampen Asset Management and, therefore, pursuant to the 1940 Act, resulted in the automatic termination of the Fund’s investment advisory agreement with Van Kampen Asset Management. The 1940 Act requires that shareholders of the Fund approve any new investment advisory agreement for the Fund.

In connection with the Transaction, the Fund’s Board of Trustees approved a new investment advisory arrangement between the Fund and the Invesco, which arrangement includes (i) a new advisory agreement with Invesco, which agreement allows Invesco to enter into subadvisory agreements and delegate any or all of its rights, duties or obligations to one or more wholly owned affiliates of Invesco Ltd. as subadvisers and (ii) that Invesco enter into a master subadvisory agreement with several of Invesco Ltd.’s wholly owned affiliates (collectively, the “New Advisory Agreements”). Shareholders approved the New Advisory Agreements with Invesco on April 16, 2010, which became effective on June 1, 2010. The discussion in this section entitled “Approval of Investment Advisory and Investment Sub-Advisory Agreement with Invesco Advisers, Inc. and its Affiliates” relates solely to the approval of the New Advisory Agreements for the period subsequent to the closing of the Transaction.

The Board’s Evaluation Process

At several in-person and telephonic meetings held in August, September, October, November and December 2009, the Board discussed and ultimately approved the New Advisory Agreements. At these meetings, the Board considered information provided by Morgan Stanley, Van Kampen Investments and Invesco regarding, among other things: Invesco’s organization and personnel; business strategy; ownership structure; financial strength; affiliations (including other asset management affiliations); asset management practices and capabilities; legal and regulatory matters; and compliance matters. Emphasis during these meetings focused on Invesco being a global investment management leader with momentum in the U.S. retail market, and that the combination of Invesco and Morgan Stanley’s retail asset management business, including Van Kampen Investments, can bring additional value to the Fund’s shareholders. The parties discussed Invesco’s independence as a publicly traded entity, its strategic focus solely on the investment management business (including Invesco’s investment reputation, broad product line, service quality, industry relationships and objective of putting investors’ interests first) and its significant depth in resources, diversification, performance and experience. The parties discussed how the current Invesco and Van Kampen Investments businesses compare and complement each other and the synergies of the combined organization which management believes will benefit the Fund’s shareholders. The parties discussed aligning the Fund and other funds currently advised by the Adviser together with other funds and products currently advised by Invesco and its affiliates towards using a single, common operating platform (which includes, among other things, common investment operating platforms, common global performance measurement and risk analysis, and common compliance policies and procedures).

Factors and Conclusions and Summary of Evaluation of the New Advisory Agreements

In connection with the Board’s consideration of the New Advisory Agreements, the trustees considered the factors discussed above as well as the following:

A. Nature, Extent and Quality of the Services to be Provided

The Board considered the roles and responsibilities of the investment adviser (and its affiliates) as a whole and those specific to portfolio management, support and trading functions anticipated to be servicing the Fund. The trustees discussed with Invesco the resources available in managing the Fund. The trustees also discussed certain other services that are to be provided by Invesco or its affiliates to the Fund including subadvisory services, certain global performance measurement and risk analysis, compliance, accounting, and administrative services. The Board has determined that the nature, extent and quality of the services to be provided by Invesco (and its affiliates) support its decision to approve the New Advisory Agreements.

B. Projected Fees and Expenses of the Fund

The Board considered that the advisory fee rate for the Fund would remain the same under the New Advisory Agreements as they were under the previous advisory agreement. The Board had previously determined that such fees were acceptable under such advisory agreement. The Board has determined that the projected fees and expenses of the Fund support its decision to approve the New Advisory Agreements.

C. Investment Adviser’s Expenses in Providing the Service and Profitability

At least annually, the trustees expect to review Invesco’s expenses in providing services to the Fund and other funds advised by Invesco and the profitability of Invesco. In connection with the Fund, the trustees discussed with Invesco its projected revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, and other costs. The Board has determined that the analysis of Invesco’s projected expenses and profitability support its decision to approve the New Advisory Agreements.

D. Economies of Scale

The Board noted that economies of scale were already reflected in the advisory fees. In future determinations of whether to approve the continuation of the advisory agreement, the Board will consider whether economies of scale exist and should be passed along to shareholders.

E. Other Benefits of the Relationship

The Board considered other benefits to Invesco and its affiliates derived from its relationship with the Fund and other funds advised by Invesco. These benefits include, among other things, fees for administrative services (which is reimbursement of Invesco’s cost or such reasonable compensation as may be approved by the Board). The trustees reviewed with Invesco these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by Invesco or its affiliates support its decision to approve the New Advisory Agreements.

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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 October 31, 2010:

| Federal and State Income
Tax | |
| --- | --- |
| Tax-Exempt Interest Dividends* | 99.23% |

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

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Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Van Kampen Trust for Investment Grade New York Municipals was held on Friday, July 16, 2010. The Meeting was held for the following purpose:

(1) Elect four Class III Trustees, three by the holders of the Common Shares and one by the holders of the Preferred Shares, each of whom will serve for a three year term or until a successor has been duly elected and qualified.

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

| | Matter | Votes
For | Votes — Withheld |
| --- | --- | --- | --- |
| (1) | R. Craig Kennedy | 14,258,571 | 46,478 |
| | Jack E. Nelson | 14,237,915 | 67,134 |
| | Colin D. Meadows | 14,251,464 | 53,585 |
| | Hugo F.
Sonnenschein (P) | 2,492 | 148 |

(P) Election of trustee by preferred shareholders only.

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Trustees and Officers

The address of each trustee and officer is 1555 Peachtree, N.E., Atlanta, Georgia 30309. The trustees serve for the life of the Fund, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Fund’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and	Trustee and/	Principal Occupation(s)	Number of Funds — in Fund Complex	Other Directorship(s)
Position(s) Held with the Trust	or Officer Since	During Past 5 Years	Overseen by 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	225	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.	225	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. 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, Chief Executive Officer of Itel Corporation. 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.	225	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)

			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
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.	225	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)

			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
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.; Director,
Vice President,
Secretary and General
Counsel, Van Kampen
Investor Services
Inc.; and General
Counsel, 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	N/A	N/A
		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)
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	N/A	N/A
		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

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			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
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 Management
Group, Inc. (formerly
known as Invesco Aim
Management Group,
Inc.), 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.);
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);
and President and
Principal Executive
Officer, The Invesco
Funds (AIM Treasurer’s
Series Trust (Invesco
Treasurer’s Series
Trust) and Short-Term
Investments Trust
only).	N/A	N/A
		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)
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)	N/A	N/A
		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.
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.	N/A	N/A
		Formerly: Anti-Money
Laundering Compliance
Officer, Fund
Management Company,
Invesco Advisers,
Inc., Invesco Aim
Capital Management,
Inc. and Invesco Aim
Private Asset
Management, Inc.
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.	N/A	N/A
		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

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. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. 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 800 959 4246 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”). The Code was amended in June, 2010, to (i) add an individual to Exhibit A and (ii) update the names of certain legal entities. 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 Principal Accountant Related to the Registrant

The information set forth below for the 2010 fiscal year relates to fees billed by the Fund’s Prior and Current Auditors:

		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	10/31/2010	Services Rendered	year end 10/31/2009
	to the Registrant	Pursuant to Waiver	to the Registrant for	Pursuant to Waiver
	for fiscal year end	of Pre-Approval	fiscal year end	of Pre-Approval
	10/31/2010	Requirement (1)	10/31/2009	Requirement (1)
Audit Fees	$ 35,000	N/A	$ 31,435	N/A
Audit-Related Fees (2)	$ 0	0 %	$ 415	0 %
Tax Fees (3)	$ 4,300	0 %	$ 2,750	0 %
All Other Fees	$ 0	0 %	$ 0	0 %
Total Fees	$ 39,300	0 %	$ 34,600	0 %

PWC billed the Registrant aggregate non-audit fees of $4,300 for the fiscal year ended October 31, 2010. D&T billed the Registrant aggregate non-audit fees of $3,165 for the fiscal year ended October 31, 2009.

| (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 October 31, 2009 represent assurance and related
services provided that are reasonably related to the performance of the audit of the financial
statements of the Registrant, specifically annual agreed upon procedures for rating agencies. |
| (3) | Tax fees for the fiscal year end October 31, 2010 includes fees billed for reviewing tax
returns. Tax fees for the fiscal year end October 31, 2009 includes fees billed for reviewing
tax returns. |

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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 10/31/2010	Provided for fiscal	year end 10/31/2009	Provided for fiscal
	That Were Required	year end 10/31/2010	That Were Required	year end 10/31/2009
	to be Pre-Approved	Pursuant to Waiver	to be Pre-Approved	Pursuant to Waiver
	by the Registrant'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 October 31, 2010, and $0 for the fiscal year ended October 31, 2009, 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

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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 October 31, 2010:

		Other Registered		Other Pooled
		Investment Companies		Investment Vehicles		Other Accounts
		Managed (assets in		Managed (assets in		Managed
	Dollar Range	millions)		millions)		(assets in millions)
	of	Number		Number		Number
Portfolio	Investments	of		of		of
Manager	in Each Fund 1	Accounts	Assets	Accounts	Assets	Accounts	Assets
Invesco Van Kampen Trust for Investment Grade New York Municipals
Mark Paris	None	12	$ 7,601.2	None	None	None	None
Robert Stryker	None	33	$ 11,343.4	None	None	None	None
Julius Williams	None	8	$ 1,224.3	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:

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

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

| 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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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.

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 December 14, 2010, 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
December 14, 2010, 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: January 7, 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: January 7, 2011

By:
Sheri Morris
Principal Financial Officer

Date: January 7, 2011

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Item 1. Reports to Stockholders.
EXHIBIT INDEX

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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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