Invesco Rochester New York Municipals Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Invesco Rochester New York Municipals Fund held 569 positions with $3.87B in net assets. Its ten largest holdings made up 15.1% of the fund. The IORUX share class costs 0.86% a year. Over the 12 months to May 2026, IORUX returned 7.5%, with dividends reinvested. In 2026 Q2 it added 20 new positions and exited 24.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
New York (City of), NY Transitional Finance Authority 5.00% · due 2053-05-01 | 3.16% | $122.42M | — |
New York State Dormitory Authority 5.25% · due 2050-03-15 | 1.93% | $74.64M | — |
University of Puerto Rico 5.00% · due 2036-06-01 | 1.68% | $64.91M | — |
New York (State of) Thruway Authority 5.00% · due 2051-03-15 | 1.47% | $56.86M | — |
New York (City of), NY Municipal Water Finance Authority 5.25% · due 2052-06-15 | 1.36% | $52.58M | — |
MTA Hudson Rail Yards Trust Obligations 5.00% · 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 Authority 4.00% · 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 | — |
The 200 largest of 569 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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%.
How it has done
IORUX share class · total returns with dividends reinvested
Volatility over the last 12 months: 6.27%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.86% | +7.45% | +11.08% | +1.52% | -9.11% | |
| 0.91% | +7.48% | +10.90% | +1.31% | -9.06% | |
| 1.91% | +6.41% | +7.68% | -3.61% | -9.32% | |
| 1.15% | +7.15% | +10.04% | +0.10% | -9.11% |
These classes hold the same portfolio, so the 5.13pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.86% – 1.91%· IORUX 0.86%
- Portfolio turnover
- 26.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
20 new· the largest 7
24 exited· the largest 7
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.
Understand how this fund fits with the rest.
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