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Invesco Rochester New York Municipals Fund Q4 2025 Commentary

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The Invesco Rochester New York Municipal Fund’s Class A shares underperformed its benchmark, the S&P Municipal Bond New York 5+ Year Investment Grade Index, in Q4 2025. Quarterly returns for municipals were positive, with investment-grade bonds yielding 1.42%, high-yield at 1.11%, and taxable municipals at 1.05%, while annual returns reached 4.25%, 2.46%, and 7.89%, respectively. The fund employs a bottom-up credit analysis, assessing individual issuers’ creditworthiness while incorporating macroeconomic trends to exploit market inefficiencies. Invesco’s team uses a collaborative approach, leveraging scale and experience to target better shareholder outcomes through selective bond opportunities. The commentary emphasizes the fund’s focus on fundamental credit research but notes performance lagged its index, reflecting challenges in the New York municipal bond market.
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Invesco Rochester New York Municipals Fund Q4 2025 Commentary

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Invesco US3.32K FollowersFollow5ShareSavePlay(6min)CommentsSummaryInvesco Rochester New York Municipal Fund Class A shares at net asset value underperformed its style-specific index, the S&P Municipal Bond New York 5+ Year Investment Grade Index.Invesco Municipal Bond team uses a collaborative management approach.Relying on our size and experience, we seek to identify the best opportunities to achieve potentially better outcomes for shareholders.Our team uses a bottom-up fundamental credit process focused on creditworthiness of individual issuers with an overlay of macroeconomic factors to capitalize on market inefficiencies. syahrir maulana/iStock via Getty Images Manager perspective and outlook In the fourth quarter, investment grade, high yield and taxable municipals delivered positive returns of 1.42%, 1.11% and 1.05%, with annual returns of 4.25%, 2.46% and 7.89%, respectively. 1 Despite This article was written byInvesco US3.32K FollowersFollowInvesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities.

Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

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Source: Seeking Alpha