Invesco Rochester New York Municipals Fund
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Invesco Rochester New York Municipals Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
The Funds investment objective is to seek tax-free income.
The fund invests at least 80% of its assets in New York municipal securities whose interest is exempt from federal and state income tax, selecting securities based on relative value, credit fundamentals, and market opportunities rather than an index. The fund may hold up to 25% in below-investment-grade securities at purchase, and holdings may exceed this limit if credit ratings decline; it also employs leverage through inverse floating-rate securities and borrowings up to one-third of assets. The fund focuses on longer-term securities to seek higher yields and may concentrate more than 25% of assets in a single municipal market segment if the adviser determines yields justify the additional risk.
| Share class | Expense ratio |
|---|---|
| IORUX | 0.86% |
| RMUYX | 0.91% |
| RMUCX | 1.91% |
| RMUNX | 1.15% |
Portfolio turnover 26.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 107.95% |
These positions come to 107.95% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Latest quarter
What changed since the fund's previous filing
Largest new: New York (State of) Dormitory Authority, City of New York NY, New York State Dormitory Authority ×2, Triborough Bridge & Tunnel Authority, Tender Option Bond Trust Receipts/Certificates, Empire State Development Corp., Geneva Development Corp.
Largest exited: Metropolitan Transportation Authority (Green Bonds), Triborough Bridge & Tunnel Authority ×2, Build NYC Resource Corp. (The Chapin School, Ltd.), New York & New Jersey (States of) Port Authority, New York State Urban Development Corp. (Bidding Group 4), New York State Urban Development Corp., New York (City of), NY
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.01% | +9.67% | +2.21% | 6.62% | -9.11% | |
| +5.02% | +9.56% | +1.94% | 6.57% | -9.06% | |
| +3.97% | +6.30% | -3.01% | 6.59% | -9.32% | |
| +4.78% | +8.78% | +0.79% | 6.60% | -9.11% |
These classes hold the same portfolio, so the 5.22pp spread over 5 years is the cost difference between them — roughly 1.04pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 92.8% |
| Zero-coupon or unclassified | 7.0% |
| Floating rate | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 0.2% |
| 3-5y | 1.2% |
| 5-10y | 2.3% |
| 10y+ | 95.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.15 yr |
| High yield | +2.29 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 4% |
| 5 yr | 1.37 yr | 16% |
| 10 yr | 3.80 yr | 44% |
| 30 yr | 3.11 yr | 36% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.30 yr | 4% |
| 5 yr | 1.43 yr | 17% |
| 10 yr | 3.78 yr | 45% |
| 30 yr | 2.91 yr | 34% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.01 | $5.2k | $1.9k |
| 1 yr | +0.32 | +0.21 | +0.08 | $82.9k | $32.5k |
| 5 yr | +1.37 | +1.15 | +0.28 | $445.0k | $109.7k |
| 10 yr | +3.80 | +2.98 | +0.80 | $1.16m | $308.9k |
| 30 yr | +3.11 | +1.79 | +1.11 | $693.8k | $431.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | New York (City of), NY Transitional Finance Authority5.00% · due 2053-05-01 | 3.16% | $122.42M | — |
| — | New York State Dormitory Authority5.25% · due 2050-03-15 | 1.93% | $74.64M | — |
| — | University of Puerto Rico5.00% · due 2036-06-01 | 1.68% | $64.91M | — |
| — | New York (State of) Thruway Authority5.00% · due 2051-03-15 | 1.47% | $56.86M | — |
| — | New York (City of), NY Municipal Water Finance Authority5.25% · due 2052-06-15 | 1.36% | $52.58M | — |
| — | MTA Hudson Rail Yards Trust Obligations5.00% · due 2056-11-15 | 1.19% | $46.00M | — |
| — | New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment)5.25% · due 2050-01-01 | 1.13% | $43.90M | — |
| — | New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal One) (Green Bonds)5.13% · due 2060-06-30 | 1.09% | $42.29M | — |
| — | New York (State of) Thruway Authority4.00% · due 2050-01-01 | 1.07% | $41.27M | — |
| — | New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds)5.25% · due 2054-12-31 | 1.06% | $41.06M | — |
Top 10 positions are 15.14% of net assets, top 25 27.77%, across 220 issuers.
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