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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number     811-06471
Invesco Trust for Investment Grade Municipals
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices)            (Zip code)
Colin Meadows     1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)

 

Registrant’s telephone number, including area code:        (713) 626-1919              

 

Date of fiscal year end:    2/28  
Date of reporting period:      11/30/13                              


Item 1. Schedule of Investments.


  

 

Invesco Trust for Investment Grade Municipals

   Quarterly Schedule of Portfolio Holdings
  

November 30, 2013

 

 

 

 

 

  

LOGO

 

invesco.com/us                            VK-CE-IGMUNI-QTR-1     11/13

   Invesco Advisers, Inc.


Schedule of Investments

November 30, 2013

(Unaudited)

 

      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Municipal Obligations–167.01%(a)

          

Alabama–1.58%

          

Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INS-AGC) (b)(c)

   5.00%   06/01/39      $            3,225       $ 3,238,352   

Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (b)

   5.25%   07/01/30      2,500         2,617,400   

Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB

   5.50%   01/01/43      2,525         2,035,807   

Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB

   6.25%   11/01/33      3,395         3,635,162   
               11,526,721   

Alaska–0.80%

          

Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB (c)

   5.50%   10/01/41      4,755         4,982,669   

Matanuska-Susitna (Borough of) (Public Safety Building Lease); Series 2000, COP (INS-AGM) (b)

   5.75%   03/01/16      855         858,916   
         5,841,585   

Arizona–4.32%

          

Arizona (State of) Transportation Board;

          

Series 2008 B, Highway RB

   5.00%   07/01/25      2,560         2,887,782   

Series 2008 B, Highway RB (c)

   5.00%   07/01/26      3,835         4,315,832   

Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network); Series 2005 B, Ref. Hospital RB

   5.00%   12/01/37      2,065         2,037,990   

Glendale (City of) Industrial Development Authority (Midwestern University);

          

Series 2010, RB

   5.00%   05/15/35      750         750,803   

Series 2010, RB

   5.13%   05/15/40      1,500         1,494,585   

Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement RB (INS-AMBAC) (b)

   5.25%   01/01/32      1,775         1,794,560   

Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB (d)

   5.00%   07/01/14      3,330         3,421,309   

Navajo County Pollution Control Corp.;

          

Series 2009 C, PCR (d)

   5.50%   06/01/14      900         921,069   

Series 2009 E, PCR (d)

   5.75%   06/01/16      1,035         1,145,538   

Phoenix (City of) Industrial Development Authority (Career Success Schools);

          

Series 2009, Education RB

   7.00%   01/01/39      970         830,524   

Series 2009, Education RB

   7.13%   01/01/45      925         792,697   

Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB

   5.00%   06/01/42      3,175         3,076,543   

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB (e)

   6.55%   12/01/37      3,400         3,401,156   

Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric System RB (c)

   5.00%   01/01/28      3,145         3,397,606   

University Medical Center Corp.; Series 2005, Hospital RB

   5.00%   07/01/35      1,205         1,199,433   
         31,467,427   

California–18.46%

          

Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease RB (INS-AGM) (b)

   6.00%   09/01/16      1,300         1,440,062   

Bay Area Toll Authority (San Francisco Bay Area);

          

Series 2008 F-1, Toll Bridge RB (c)

   5.00%   04/01/39      4,500         4,657,455   

Series 2008 F-1, Toll Bridge RB (c)

   5.00%   04/01/39      1,500         1,552,485   

Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds (f)

   0.00%   08/01/28      1,250         666,162   

California (State of) Department of Water Resources (Central Valley);

          

Series 2008 AE, Water System RB (c)

   5.00%   12/01/24      1,175         1,341,874   

Series 2008 AE, Water System RB (c)

   5.00%   12/01/25      1,500         1,708,830   

Series 2008 AE, Water System RB (c)

   5.00%   12/01/26      1,500         1,705,725   

Series 2008 AE, Water System RB (c)

   5.00%   12/01/27      875         974,908   

Series 2008 AE, Water System RB (c)

   5.00%   12/01/28      1,500         1,668,555   

California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB

   6.00%   07/01/34      1,500         1,634,745   

California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB

   5.50%   08/15/26      1,000         1,108,640   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

California–(continued)

          

California (State of) Housing Finance Agency;

          

Series 2008 K, Home Mortgage RB (e)

   5.30%   08/01/23      $            2,525       $ 2,549,240   

Series 2008 K, Home Mortgage RB (e)

   5.45%   08/01/28      5,500         5,475,470   

California (State of) Pollution Control Finance Authority;

          

Series 2012, Water Furnishing RB (e)

   5.00%   07/01/27      1,415         1,342,637   

Series 2012, Water Furnishing RB (e)

   5.00%   07/01/30      1,650         1,503,926   

Series 2012, Water Furnishing RB (e)

   5.00%   07/01/37      3,610         3,116,585   

California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2002 B, Solid Waste Disposal RB (e)

   5.00%   07/01/27      1,500         1,529,925   

California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility RB

   5.00%   03/01/30      2,700         2,710,395   

California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB

   5.00%   08/15/28      1,580         1,627,653   

California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2009 A, RB

   5.00%   04/01/19      2,000         2,338,820   

California (State of);

          

Series 2004 B-2, VRD Unlimited Tax GO Bonds (LOC-Citibank, N.A.) (g)(h)

   0.04%   05/01/34      4,000         4,000,000   

Series 2009, Various Purpose Unlimited Tax GO Bonds

   5.75%   04/01/31      1,800         2,006,712   

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds

   5.25%   07/01/21      2,900         3,439,922   

Series 2012, Ref. Unlimited Tax GO Bonds

   5.25%   02/01/30      3,000         3,226,560   

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.00%   04/01/42      2,790         2,841,224   

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.25%   04/01/35      3,800         4,031,382   

Series 2013, Ref. Unlimited Tax GO Bonds

   5.00%   10/01/24      2,650         2,940,307   

Series 2013, Ref. Various Purpose Unlimited Tax GO Bonds

   5.25%   09/01/30      2,500         2,718,600   

Series 2013, Various Purpose Unlimited Tax GO Bonds

   5.00%   04/01/37      1,850         1,905,555   

Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB

   6.50%   12/15/47      570         537,379   

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB (c)

   5.00%   06/01/36      5,580         6,007,037   

Florin Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INS-NATL) (b)

   5.00%   09/01/33      1,550         1,480,266   

Foothill-Eastern Transportation Corridor Agency;

          

Series 1995 A, Sr. Lien Toll Road CAB RB (f)(i)

   0.00%   01/01/23      10,750         8,312,007   

Series 1999, Ref. Toll Road CAB RB (INS-NATL) (b)(f)

   0.00%   01/15/17      2,000         1,675,040   

Golden State Tobacco Securitization Corp.;

          

Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB

   5.00%   06/01/45      4,000         3,799,560   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

   5.00%   06/01/30      1,400         1,437,296   

Los Angeles (City of) Department of Airports (Los Angeles International Airport);

          

Series 2010 A, Sr. RB (c)

   5.00%   05/15/35      1,000         1,039,110   

Series 2010 B, Sub. RB

   5.00%   05/15/40      2,000         2,043,120   

Los Angeles (City of) Department of Water & Power; Series 2012 B, Waterworks RB

   5.00%   07/01/37      1,700         1,790,882   

Los Angeles Unified School District (Election of 2002); Series 2009 D, Unlimited Tax GO Bonds

   5.00%   07/01/22      1,800         2,074,212   

Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB (j)

   5.50%   03/01/18      170         180,355   

Palm Springs (City of) Financing Authority (Convention Center Expansion); Series 2004 A, Lease RB (INS-NATL) (b)

   5.50%   11/01/35      3,500         3,551,625   

Palomar Pomerado Health; Series 2009, COP

   6.75%   11/01/39      1,700         1,743,112   

Sacramento (County of); Series 2010, Sr. Airport System RB

   5.00%   07/01/40      3,415         3,424,357   

San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds(c)

   5.00%   08/01/36      6,210         6,566,019   

San Francisco (City & County of) Airport Commission (San Francisco International Airport);

          

Series 2011 F, Ref. Second Series RB (e)

   5.00%   05/01/25      1,165         1,251,024   

Series 2011 F, Ref. Second Series RB (e)

   5.00%   05/01/26      2,335         2,486,238   

San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB (c)

   5.00%   11/01/36      5,070         5,347,785   

San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB

   5.00%   11/01/33      3,340         3,554,595   

Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, Special Tax RB

   5.50%   09/01/32      710         712,059   

Southern California Metropolitan Water District; Series 2009 A, RB

   5.00%   01/01/34      2,500         2,650,600   

Southern California Public Power Authority (Milford Wind Corridor Phase II); Series 2011-1, RB (c)

   5.25%   07/01/29      1,440         1,549,930   

Vernon (City of); Series 2009 A, Electric System RB

   5.13%   08/01/21      3,250         3,519,555   
             134,497,517   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Colorado–3.58%

          

Colorado (State of) Board of Governors;

          

Series 2012 A, University Enterprise System RB

   5.00%   03/01/38      $            3,000       $ 3,125,400   

Series 2012 A, University Enterprise System RB

   5.00%   03/01/41      2,650         2,757,033   

Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2003, Ref. & Improvement Charter School RB (INS-SGI) (b)

   5.25%   12/01/23      3,405         3,408,780   

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB
(INS-AGM) (b)(c)

   5.00%   09/01/36      7,300         7,338,471   

Colorado (State of) Health Facilities Authority (Volunteers of America Care);

          

Series 2007 A, Health & Residential Care Facilities RB

   5.25%   07/01/27      670         582,552   

Series 2007 A, Health & Residential Care Facilities RB

   5.30%   07/01/37      505         407,510   

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);

          

Series 2010, Private Activity RB

   6.00%   01/15/34      1,700         1,754,162   

Series 2010, Private Activity RB

   6.50%   01/15/30      2,100         2,267,097   

Denver (City & County of); Series 2012 B, Airport System RB

   5.00%   11/15/37      1,750         1,777,755   

Montezuma (County of) Hospital District; Series 2007, Ref. RB

   5.90%   10/01/37      900         813,789   

Salida (City of) Hospital District; Series 2006, RB

   5.25%   10/01/36      1,922         1,850,117   
         26,082,666   

Connecticut–0.77%

          

Connecticut (State of) (Bradley International Airport); Series 2000 A, Special Obligation Parking RB (INS-ACA) (b)(e)

   6.60%   07/01/24      3,580         3,590,060   

Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, Water Facilities RB (e)

   5.50%   04/01/21      1,800         2,011,140   
         5,601,200   

District of Columbia–2.65%

          

District of Columbia (Friendship Public Charter School, Inc.); Series 2003, RB (INS-ACA) (b)

   5.75%   06/01/18      2,000         2,022,360   

District of Columbia (Provident Group - Howard Properties LLC); Series 2013, Student Dormitory RB

   5.00%   10/01/45      2,245         1,921,989   

District of Columbia (Sibley Memorial Hospital);

          

Series 2009, Hospital RB

   6.38%   10/01/34      3,650         3,915,428   

Series 2009, Hospital RB

   6.50%   10/01/29      1,100         1,200,287   

District of Columbia Water & Sewer Authority;

          

Series 2007 A, Public Utility Sub. Lien RB (INS-AGM) (b)

   5.50%   10/01/41      6,000         6,521,640   

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (b)(c)

   5.00%   10/01/29      1,150         1,239,183   

Series 2008 A, Ref. Public Utility Sub. Lien RB (INS-AGC) (b)(c)

   5.00%   10/01/34      2,350         2,465,291   
               19,286,178   

Florida–16.66%

          

Alachua (County of) (North Florida Retirement Village, Inc.);

          

Series 2007, IDR

   5.25%   11/15/17      1,000         987,870   

Series 2007, IDR

   5.88%   11/15/36      1,000         820,910   

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB

   8.13%   11/15/41      1,000         1,084,860   

Brevard (County of) Health Facilities Authority (Health First, Inc.) Series 2005, Health Care Facilities RB

   5.00%   04/01/34      4,960         4,888,080   

Broward (County of); Series 2013 C, Airport System RB

   5.25%   10/01/38      2,380         2,459,278   

Citizens Property Insurance Corp. (High Risk Account);

          

Series 2010 A-1, Sr. Sec. RB

   5.00%   06/01/14      4,000         4,095,520   

Series 2010 A-1, Sr. Sec. RB

   5.25%   06/01/17      3,410         3,867,656   

Davie (Town of) (Nova Southeastern University); Series 2013 A, Educational Facilities RB

   6.00%   04/01/42      1,450         1,509,522   

Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program); Series 2000, RB (INS-AMBAC) (b)

   5.95%   07/01/20      375         396,319   

Florida (State of) Board of Education; Series 2005 D, Public Education Capital Outlay Unlimited Tax GO Bonds (c)

   4.75%   06/01/35          15,000         15,131,700   

Florida (State of) Department of Transportation;

          

Series 2008 A, Ref. Turnpike RB (c)

   5.00%   07/01/26      1,910         2,146,840   

Series 2008 A, Ref. Turnpike RB (c)

   5.00%   07/01/27      1,935         2,132,486   

Series 2008 A, Ref. Turnpike RB (c)

   5.00%   07/01/28      2,100         2,300,886   

Series 2008 A, Ref. Turnpike RB (c)

   5.00%   07/01/32      2,500         2,698,325   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Florida–(continued)

          

Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB (e)

   5.13%   06/01/27      $            2,475       $ 2,659,536   

Florida Housing Finance Corp. (Home Ownership Mortgage); Series 1991 B, RB (e)

   8.60%   11/01/18      65         65,460   

Gainesville (City of); Series 1980, Utility System RB (i)

   8.13%   10/01/14      70         73,931   

Gramercy Farms Community Development District;

          

Series 2007 B, Special Assessment RB (k)

   5.10%   05/01/14      550         6   

Series 2011, Ref. Special Assessment Conv. CAB RB (l)

   6.75%   05/01/39      2,145         282,732   

Hillsborough (County of) Aviation Authority;

          

Series 2008 A, RB (INS-AGC) (b)(c)(e)

   5.38%   10/01/33      1,450         1,536,710   

Series 2008 A, RB (INS-AGC) (b)(c)(e)

   5.50%   10/01/38      3,260         3,460,946   

Hillsborough (County of) Industrial Development Authority (Tampa General Hospital); Series 2006, Hospital RB

   5.25%   10/01/41          10,600         10,667,204   

Hillsborough (County of);

          

Series 2000, Capacity Special Assessment RB (INS-AGM) (b)

   5.00%   03/01/15      750         752,977   

Series 2000, Capacity Special Assessment RB (INS-AGM) (b)

   5.00%   09/01/15      750         752,977   

Series 2006 A, Solid Waste & Resource Recovery RB (INS-BHAC) (b)(e)

   4.50%   09/01/34      3,130         3,096,478   

JEA; Series 2012 Three B, Electric System RB

   5.00%   10/01/39      4,600         4,695,358   

Lakeland (City of) (Lakeland Regional Health Systems); Series 2006, Ref. Hospital System RB

   5.00%   11/15/25      5,105         5,212,869   

Lakeland (City of); Series 1989, Electric & Water RB (i)

   5.75%   10/01/19      2,230         2,406,794   

Miami-Dade (County of) (Miami International Airport);

          

Series 2002 A, Aviation RB (INS-AGM) (b)(e)

   5.13%   10/01/35      2,000         1,999,940   

Series 2005, Aviation RB (INS-AGC) (b)(e)

   5.00%   10/01/38      3,200         3,132,928   

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB

   5.00%   07/01/40      4,250         4,285,402   

Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB

   6.13%   08/01/42      970         1,038,278   

Miami-Dade (County of);

          

Series 2002 A, Aviation RB (INS-AGM) (b)(e)

   5.00%   10/01/33      1,140         1,139,943   

Series 2012 B, Ref. Sub. Special Obligation RB

   5.00%   10/01/32      1,180         1,212,167   

Series 2012 B, Ref. Sub. Special Obligation RB

   5.00%   10/01/35      1,870         1,887,167   

Midtown Miami Community Development District; Series 2004 A, Special Assessment RB

   6.00%   05/01/24      735         736,771   

Orange (County of) Housing Finance Authority (H.A.N.D.S., Inc.); Series 1995 A, Mortgage RB(j)

   7.00%   10/01/25      1,000         1,002,400   

Overoaks Community Development District;

          

Series 2004 A, Capital Improvement Special Assessment RB (k)

   6.13%   05/01/35      190         2   

Series 2010 A-2, Capital Improvement RB

   6.13%   05/01/35      195         187,902   

Series 2010 B, Capital Improvement RB

   5.13%   05/01/17      350         332,063   

Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB

   5.88%   11/15/37      1,650         1,651,105   

Palm Beach (County of) Solid Waste Authority;

          

Series 2009, Improvement RB (INS-BHAC) (b)(c)

   5.50%   10/01/23      4,000         4,719,280   

Series 2011, Ref. RB (c)

   5.00%   10/01/31      3,860         4,009,343   

Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INS-AMBAC) (b)(d)

   5.35%   05/01/18      4,675         5,359,373   

Reunion East Community Development District; Series 2005, Special Assessment RB (k)

   5.80%   05/01/36      880         612,040   

Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB (j)

   5.25%   10/01/27      600         618,180   

Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB

   5.88%   05/01/35      1,295         1,077,906   

St. Johns (County of) Industrial Development Authority (Glenmoor);

          

Series 2006 A, Health Care RB

   5.25%   01/01/26      1,000         445,000   

Series 2006 A, Health Care RB

   5.38%   01/01/40      1,500         667,500   

Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special Assessment RB

   6.20%   05/01/35      1,250         942,800   

Tallahassee (City of) (Tallahassee Memorial Health Care, Inc.); Series 2000, Health Facilities RB

   6.38%   12/01/30      1,000         1,000,580   

Village Center Community Development District;

          

Series 1993, Utility RB (i)

   6.00%   11/01/18      1,000         1,155,260   

Series 2003, Utility RB (INS-NATL) (b)

   5.25%   10/01/23      2,000         2,022,080   
             121,419,640   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Georgia–3.65%

          

Atlanta (City of) (Beltline);

          

Series 2009 B, Tax Allocation RB

   6.75%   01/01/20      $            885       $ 1,073,682   

Series 2009 B, Tax Allocation RB

   6.75%   01/01/20      485         588,402   

Series 2009 B, Tax Allocation RB

   7.38%   01/01/31      310         357,495   

Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB

   5.60%   01/01/30      1,000         1,041,300   

Atlanta (City of);

          

Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM) (b)(c)

   5.00%   01/01/33      5,250         5,340,090   

Series 2009 A, Water & Wastewater RB

   6.00%   11/01/27      1,850         2,136,546   

Series 2009 A, Water & Wastewater RB

   6.00%   11/01/28      2,000         2,303,940   

Series 2009 A, Water & Wastewater RB

   6.00%   11/01/29      1,850         2,143,058   

DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC

   6.00%   09/01/30      2,500         2,516,250   

Georgia (State of) Municipal Electric Authority;

          

Series 1997 A, Power RB (INS-NATL) (b)

   6.50%   01/01/20      2,385         2,731,183   

Series 1998 Y, Power RB (d)(i)

   6.50%   01/01/14      85         85,484   

Series 1998 Y, Power RB (d)(i)

   6.50%   01/01/17      240         251,750   

Series 1998 Y, Power RB (INS-NATL) (b)

   6.50%   01/01/17      5,575         6,015,815   
         26,584,995   

Hawaii–0.92%

          

Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group);

          

Series 2010 B, Special Purpose RB

   5.75%   07/01/40      1,480         1,531,933   

Series 2013 A, Ref. Special Purpose RB

   5.50%   07/01/43      2,000         2,039,460   

Hawaii (State of); Series 2010 A, Airport System RB

   5.00%   07/01/39      3,075         3,123,155   
         6,694,548   

Idaho–0.79%

          

Idaho (State of) Health Facilities Authority (St. Luke’s Health System);

          

Series 2008 A, RB

   6.50%   11/01/23      1,000         1,119,180   

Series 2008 A, RB

   6.75%   11/01/37      1,500         1,618,290   

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB

   6.13%   11/15/27      1,090         1,085,422   

Regents of the University of Idaho; Series 2011, Ref. General RB (d)

   5.25%   04/01/21      1,700         1,949,968   
         5,772,860   

Illinois–17.90%

          

Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB

   5.60%   01/01/23      1,910         1,804,549   

Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB

   5.50%   11/01/40      1,100         1,069,849   

Chicago (City of) (Midway Airport); Series 2013 A, Ref. Second Lien RB (e)

   5.50%   01/01/32      2,770         2,807,423   

Chicago (City of) (O’Hare International Airport);

          

Series 2005 A, Third Lien General Airport RB (INS-AGC) (b)(c)

   5.25%   01/01/24      4,400         4,639,140   

Series 2005 A, Third Lien General Airport RB (INS-AGC) (b)(c)

   5.25%   01/01/25          11,500               12,150,325   

Series 2008 A, Third Lien General Airport RB (INS-AGM) (b)(c)

   5.00%   01/01/33      5,700         5,716,473   

Chicago (City of) Board of Education;

          

Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) (b)(c)

   5.00%   12/01/27      5,775         5,689,299   

Series 2008 C, Ref. Unlimited Tax GO Bonds (INS-AGM) (b)

   5.00%   12/01/27      5,900         5,812,444   

Series 2011 A, Unlimited Tax GO Bonds (c)

   5.00%   12/01/41      1,860         1,678,910   

Series 2013 A3, Ref. Floating Rate Unlimited Tax GO Bonds (d)(m)

   0.88%   06/01/18      1,000         1,000,000   

Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB (c)

   5.25%   12/01/36      5,760         5,888,333   

Chicago (City of);

          

Series 1993 B, Unlimited Tax GO Bonds (d)(i)

   5.13%   01/01/14      170         170,756   

Series 1993 B, Unlimited Tax GO Bonds (INS-AMBAC) (b)

   5.13%   01/01/15      515         528,787   

Series 2008 A, Unlimited Tax GO Bonds (INS-AGC) (b)(c)

   5.25%   01/01/25      3,500         3,566,780   

Series 2011, COP

   7.13%   05/01/21      525         569,783   

Series 2011, COP

   7.13%   05/01/21      1,010         1,096,153   

Series 2011 A, Sales Tax RB (c)

   5.25%   01/01/38      2,910         2,965,523   

Series 2012, Second Lien Wastewater Transmission RB

   5.00%   01/01/42      2,745         2,660,317   

Series 2012 A, Unlimited Tax GO Bonds

   5.00%   01/01/33      2,275         2,136,361   

Cook (County of); Series 2012 C, Ref. Unlimited Tax GO Bonds

   5.00%   11/15/29      2,100         2,095,380   

Illinois (State of) Finance Authority (Adventist Health System); Series 1997 A, RB (INS-NATL)(b)

   5.50%   11/15/15      2,500         2,723,300   

Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2012 A, RB

   5.00%   03/01/34      1,000         1,021,630   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Illinois–(continued)

          

Illinois (State of) Finance Authority (Evangelical Hospitals); Series 1992 C, RB
(INS-AGM) (b)

   6.75%   04/15/17      $            1,035       $ 1,154,232   

Illinois (State of) Finance Authority (Kish Health System Obligated Group);
Series 2008, Ref. Hospital RB

   5.50%   10/01/22      1,860         1,971,674   

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);

     

Series 2009 A, RB (c)

   5.38%   08/15/24      3,500         3,919,125   

Series 2009 A, RB (c)

   5.75%   08/15/30      2,000         2,208,020   

Illinois (State of) Finance Authority (OSF Healthcare System); Series 2007 A, RB

   5.75%   11/15/37      4,500         4,648,365   

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB

   7.00%   11/15/15      2,700         2,655,315   

Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB

   6.25%   11/15/35      1,900         2,021,581   

Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB

   5.50%   04/01/37      1,000         999,270   

Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB

   7.25%   11/01/38      2,885         3,375,623   

Illinois (State of) Finance Authority (Sherman Health System); Series 2007 A, RB

   5.50%   08/01/37      4,500         4,649,670   

Illinois (State of) Finance Authority (South Suburban Hospital); Series 1992, RB (i)

   7.00%   02/15/18      1,430         1,631,744   

Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INS-AMBAC) (b)

   5.00%   11/15/31      2,535         2,498,040   

Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2010 A, Ref. RB

   6.00%   08/15/38      2,230         2,301,382   

Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB (c)

   5.50%   08/15/41      3,565         3,693,340   

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB (c)

   5.25%   10/01/52      3,720         3,834,613   

Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB (e)

   5.05%   08/01/29      1,330         1,350,150   

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, RB

   5.50%   06/15/50      3,375         3,426,739   

Illinois (State of) Toll Highway Authority; Series 2013 A, RB

   5.00%   01/01/38      3,875         3,858,686   

Illinois (State of); Series 2013, Unlimited Tax GO Bonds

   5.50%   07/01/38      2,525         2,528,585   

Peoria (County of); Series 2011, Unlimited Tax GO Bonds (c)

   5.00%   12/15/41      1,800         1,841,778   

Railsplitter Tobacco Settlement Authority; Series 2010, RB

   5.50%   06/01/23      5,475         6,017,901   

United City of Yorkville (City of) Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, Special Tax RB

   5.75%   03/01/28      1,445         1,346,364   

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB (e)

   7.00%   12/01/42      735         708,562   
             130,432,274   

Indiana–3.77%

          

Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6,
RB (c)

   5.00%   11/15/36      5,600         5,621,280   

Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB

   5.25%   10/01/31      3,505         3,736,400   

Indiana (State of) Finance Authority (Deaconess Hospital Obligated Group); Series 2009 A, Hospital RB

   6.75%   03/01/39      2,200         2,402,840   

Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB

   4.90%   01/01/16      2,500         2,689,150   

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);

     

Series 2013, Private Activity RB (e)

   5.00%   07/01/40      3,075         2,801,510   

Series 2013 A, Private Activity RB (e)

   5.00%   07/01/35      500         477,730   

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, Midwestern Disaster Relief RB

   5.00%   06/01/32      1,525         1,454,179   

Indiana (State of) Municipal Power Agency; Series 2013 A, Power Supply System RB

   5.25%   01/01/34      1,500         1,570,110   

Indianapolis Local Public Improvement Bond Bank; Series 2013 F, RB (c)

   5.00%   02/01/30      3,300         3,540,636   

North Adams Community Schools Renovation Building Corp.; Series 2000, First Mortgage CAB RB (INS-AGM) (b)(f)

   0.00%   01/15/19      1,280         1,153,574   

Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB (e)

   6.75%   01/01/34      1,500         1,516,215   

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB (j)

   5.75%   09/01/42      500         466,130   
         27,429,754   

Iowa–0.23%

          

Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB

   4.75%   08/01/42      2,000         1,695,760   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Kansas–0.76%

          

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB (c)

   5.75%   11/15/38      $            3,800       $ 4,080,744   

Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, Power Project RB

   5.75%   07/01/38      1,400         1,481,326   
         5,562,070   

Kentucky–2.42%

          

Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Subseries 2008 A-1, RB (INS-AGC) (b)

   5.75%   12/01/28      2,300         2,375,371   

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);

          

Series 2010 A, Hospital RB

   6.38%   06/01/40      1,850         1,933,490   

Series 2010 A, Hospital RB

   6.50%   03/01/45      2,400         2,519,736   

Kentucky (State of) Property & Building Commission (No. 93);

          

Series 2009, Ref. RB (INS-AGC) (b)

   5.25%   02/01/24      2,470         2,798,214   

Series 2009, Ref. RB (INS-AGC) (b)

   5.25%   02/01/25      2,780         3,140,761   

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.);

          

Series 2006, Health System RB

   5.25%   10/01/36      3,915         3,820,609   

Series 2013 A, Health System RB

   5.50%   10/01/33      1,000         1,013,950   
         17,602,131   

Louisiana–2.12%

          

Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB (k)

   5.25%   07/01/17      1,482         585,242   

Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB

   5.00%   06/01/30      1,700         1,766,878   

Louisiana Citizens Property Insurance Corp.; Series 2009 C-2, Assessment RB
(INS-AGC) (b)

   6.75%   06/01/26      3,100         3,551,143   

St. Charles (Parish of) (Valero Energy Corp.); Series 2010, Gulf Opportunity Zone RB (d)

   4.00%   06/01/22      1,000         992,380   

St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB

   5.13%   06/01/37      3,750         3,723,637   

Tobacco Settlement Financing Corp.;

          

Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/31      885         879,982   

Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/32      1,680         1,662,343   

Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/33      1,415         1,394,624   

Series 2013 A, Ref. Asset-Backed RB

   5.50%   05/15/30      885         901,824   
               15,458,053   

Maryland–0.76%

          

Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB

   5.00%   06/01/40      960         936,586   

Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB

   5.50%   07/01/42      1,915         1,886,409   

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB

   5.75%   06/01/35      1,565         1,582,997   

Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB

   5.38%   06/01/25      1,110         1,148,428   
         5,554,420   

Massachusetts–4.94%

          

Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB

   5.00%   01/01/35      1,455         1,518,496   

Massachusetts (State of) Department of Transportation; Series 2010 B, Sr. Metropolitan Highway System RB

   5.00%   01/01/32      6,000         6,199,920   

Massachusetts (State of) Development Finance Agency (Berklee College of Music); Series 2007 A, RB

   5.00%   10/01/32      2,700         2,837,943   

Massachusetts (State of) Development Finance Agency (Harvard University); Series 2008 B, RB (c)

   5.00%   10/01/38      7,000         7,387,170   

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);

          

Series 2011 A-1, RB

   6.25%   11/15/39      247         198,609   

Series 2011 A-1, RB

   6.25%   11/15/46      532         416,449   

Series 2011 A-2, RB

   5.50%   11/15/46      41         28,890   

Series 2011 B, CAB RB (f)

   0.00%   11/15/56      206         1,048   

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2008 A, RB

   5.00%   07/01/38      750         791,235   

Massachusetts (State of) Development Finance Agency (Tufts Medical Center);
Series 2011 I, RB

   7.25%   01/01/32      1,225         1,411,016   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Massachusetts–(continued)

          

Massachusetts (State of) School Building Authority;

          

Series 2005 A, Dedicated Sales Tax RB (c)(d)(i)

   5.00%   08/15/15      $            500       $ 540,280   

Series 2005 A, Dedicated Sales Tax RB (c)(d)(i)

   5.00%   08/15/15      3,200         3,457,792   

Series 2007 A, Dedicated Sales Tax RB (INS-AMBAC) (b)(c)

   4.50%   08/15/35      5,740         5,755,211   

Series 2012 A, Dedicated Sales Tax RB (INS-AGM) (b)(c)

   5.00%   08/15/30      150         156,339   

Massachusetts (State of) Water Resources Authority;

          

Series 2009 B, RB

   5.00%   08/01/22      1,800         2,052,810   

Series 2011 C, Ref. General RB (c)

   5.00%   08/01/31      3,000         3,260,370   
         36,013,578   

Michigan–2.04%

          

Detroit (City of); Series 2001 C-1, Ref. Sr. Lien Sewage Disposal System RB
(INS-AGM) (b)

   7.00%   07/01/27      3,925         4,136,714   

Grand Rapids (City of) Downtown Development Authority;

          

Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (b)(f)

   0.00%   06/01/15      3,500         3,285,625   

Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (b)(f)

   0.00%   06/01/16      2,765         2,477,882   

Kent (County of) Hospital Finance Authority (Spectrum Health System);

          

Series 2008 A, RB (d)

   5.25%   01/15/14      1,350         1,358,357   

Series 2008 A, RB (d)

   5.50%   01/15/15      600         633,618   

Saginaw (City of) Hospital Finance Authority (Covenant Medical Center, Inc.); Series 2010 H, Ref. RB

   5.00%   07/01/30      3,000         2,991,480   
               14,883,676   

Minnesota–1.05%

          

Minneapolis (City of) (Fairview Health Services);

          

Series 2008 A, Health Care System RB

   6.38%   11/15/23      2,750         3,218,875   

Series 2008 A, Health Care System RB

   6.63%   11/15/28      1,850         2,151,883   

Minnesota (State of) Agricultural & Economic Development Board; Series 1997 A, Health Care System RB (INS-NATL) (b)

   5.75%   11/15/26      50         50,053   

St. Paul (City of) Housing & Redevelopment Authority (Health Partners Obligated Group); Series 2006, Health Care Facilities RB

   5.25%   05/15/36      2,200         2,224,860   
         7,645,671   

Missouri–2.16%

          

Cass (County of); Series 2007, Hospital RB

   5.63%   05/01/38      1,700         1,626,067   

Cole (County of) Industrial Development Authority (Lutheran Senior Services-Heisinger); Series 2004, Senior Living Facilities RB

   5.50%   02/01/35      625         623,012   

Joplin (City of) Industrial Development Authority (Christian Homes, Inc. Obligated Group); Series 2007 F, Ref. RB

   5.75%   05/15/26      2,500         2,526,050   

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);

          

Series 2011 A, Ref. RB

   5.50%   09/01/27      1,100         1,200,331   

Series 2011 A, Ref. RB

   5.50%   09/01/28      2,290         2,463,193   

Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB

   5.50%   09/01/18      730         767,259   

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2010, Senior Living Facilities RB

   5.38%   02/01/35      1,200         1,202,400   

St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement District Tax Increment Allocation RB

   5.75%   11/01/27      900         870,759   

St. Louis (County of) Industrial Development Authority (Friendship Village of West County); Series 2007 A, Senior Living Facilities RB

   5.38%   09/01/21      1,250         1,287,812   

St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors);

          

Series 2007 A, Senior Living Facilities RB

   6.38%   12/01/30      975         948,168   

Series 2007 A, Senior Living Facilities RB

   6.38%   12/01/41      2,335         2,184,579   
         15,699,630   

Nebraska–0.77%

          

Central Plains Energy Project (No. 3);

          

Series 2012, Gas RB

   5.00%   09/01/32      1,500         1,485,270   

Series 2012, Gas RB

   5.00%   09/01/42      2,750         2,638,790   

Series 2012, Gas RB

   5.25%   09/01/37      1,500         1,508,100   
         5,632,160   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Nevada–2.17%

          

Clark (County of) (Southwest Gas Corp.);

          

Series 2003 D, IDR (INS-NATL) (b)(e)

   5.25%   03/01/38      $            1,000       $ 1,001,570   

Series 2004 A, IDR (INS-AMBAC) (b)(e)

   5.25%   07/01/34      3,000         3,002,790   

Nevada (State of);

          

Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (c)

   5.00%   06/01/22      4,300         4,805,637   

Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (c)

   5.00%   06/01/23      3,300         3,668,214   

Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB

   5.25%   06/01/37      3,460         3,353,294   
               15,831,505   

New Hampshire–0.10%

          

New Hampshire (State of) Business Finance Authority (Pennichuck Water Works, Inc.); Series 1997, Water Facility RB (INS-AMBAC) (b)(e)

   6.30%   05/01/22      700         702,961   

New Jersey–5.33%

          

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB

   5.88%   06/01/42      2,475         2,594,691   

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, Private Activity RB (e)

   5.13%   01/01/34      1,250         1,235,275   

New Jersey (State of) Economic Development Authority; Series 1992, RB (INS-NATL) (b)

   5.90%   03/15/21          25,000         29,106,250   

New Jersey (State of) Transportation Trust Fund Authority; Series 1999 A, Transportation System RB

   5.75%   06/15/17      2,095         2,440,340   

New Jersey (State of) Turnpike Authority; Series 2013 A, RB

   5.00%   01/01/38      3,375         3,486,679   
         38,863,235   

New Mexico–0.92%

          

Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR

   5.90%   06/01/40      3,125         3,209,750   

Jicarilla Apache Nation; Series 2003 A, RB (j)

   5.50%   09/01/23      1,250         1,207,437   

New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services); Series 2008 A, Hospital RB (c)

   6.38%   08/01/32      2,050         2,316,111   
         6,733,298   

New York–15.53%

          

Brooklyn Arena Local Development Corp. (Barclays Center);

          

Series 2009, PILOT RB

   6.25%   07/15/40      2,070         2,179,338   

Series 2009, PILOT RB

   6.38%   07/15/43      860         908,693   

Metropolitan Transportation Authority;

          

Series 2009 B, Dedicated Tax Fund RB

   5.25%   11/15/28      4,000         4,381,080   

Series 2010 D, RB

   5.25%   11/15/26      7,500         8,170,425   

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);

          

Series 1997, Special Obligation RB (INS-NATL) (b)(e)

   5.75%   12/01/22      3,000         3,029,790   

Series 1997 6, Special Obligation RB (INS-NATL) (b)(e)

   5.75%   12/01/25      3,000         3,014,790   

Series 2010 8, Special Obligation RB

   6.00%   12/01/36      3,000         3,234,210   

New York & New Jersey (States of) Port Authority; One Hundred Forty-Fourth Series 2006, Consolidated RB (c)

   5.00%   10/01/35      12,100         12,601,546   

New York (City of) Municipal Water Finance Authority; Series 2008 AA, Water & Sewer System RB (c)

   5.00%   06/15/22      8,450         9,793,297   

New York (City of) Transit Authority (Livingston Plaza); Series 1993, Ref. Transit Facilities RB(i)

   5.40%   01/01/18      12,930         14,102,880   

New York (City of) Transitional Finance Authority;

          

Series 2009 S-3, Building Aid RB (c)

   5.25%   01/15/39      5,300         5,685,628   

Subseries 2013 I, Future Tax Sec. RB

   5.00%   05/01/38      7,000         7,370,580   

New York (City of);

          

Series 2012 F, Ref. Unlimited Tax GO Bonds

   5.00%   08/01/31      1,800         1,913,256   

Subseries 2008 I-1, Unlimited Tax GO Bonds (c)

   5.00%   02/01/26      7,225         8,055,731   

New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB (c)

   5.00%   03/15/30      3,390         3,640,148   

New York (State of) Dormitory Authority (Maimonides Medical Center); Series 2004, Mortgage Hospital RB (d)(i)

   5.00%   08/01/14      2,500         2,581,550   

New York (State of) Dormitory Authority (School Districts Financing Program); Series 2009 C, RB (INS-AGC) (b)

   5.00%   10/01/24      3,000         3,282,870   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

New York–(continued)

          

New York (State of) Dormitory Authority; Series 2013 A, General Purpose Personal Income Tax RB

   5.00%   02/15/37      $            2,900       $ 3,050,626   

New York (State of) Thruway Authority (Transportation);

     

Series 2009 A, Personal Income Tax RB (c)

   5.00%   03/15/26      2,800         3,162,516   

Series 2009 A, Personal Income Tax RB (c)

   5.00%   03/15/27      3,100         3,421,904   

New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB (c)

   5.00%   04/01/29      5,670         6,132,105   

New York City Housing Development Corp.; Series 2007 E-1, MFH RB (e)

   5.35%   11/01/37      2,400         2,433,744   

New York Local Government Assistance Corp.; Series 1993 E, Ref. RB

   6.00%   04/01/14      965         984,136   
             113,130,843   

North Carolina–1.09%

          

North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power System RB

   5.00%   01/01/26      6,510         6,980,217   

North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB

   5.75%   10/01/37      1,050         984,039   
         7,964,256   

North Dakota–0.34%

          

McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB

   5.15%   07/01/40      1,000         1,002,170   

Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB

   5.13%   07/01/29      1,500         1,496,745   
         2,498,915   

Ohio–8.68%

          

American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB

   5.00%   02/15/37      3,610         3,650,937   

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB

   5.75%   05/15/27      450         439,087   

Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB (c)

   5.00%   11/15/36      3,685         3,730,768   

Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB

   6.25%   12/01/34      1,200         1,292,520   

Lorain (County of) (Catholic Healthcare Partners);

     

Series 2003 C-1, Ref. Hospital Facilities RB (INS-AGM) (b)(c)

   5.00%   04/01/24      4,800         5,181,840   

Series 2006 A, Hospital Facilities RB (INS-AGM) (b)(c)

   5.00%   02/01/24      4,500         4,857,165   

Series 2006 B, Hospital Facilities RB (INS-AGM) (b)(c)

   5.00%   02/01/24      4,525         4,884,195   

Lucas (County of) (ProMedica Healthcare); Series 2011 A, Hospital RB

   6.50%   11/15/37      3,500         3,953,985   

Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB
(INS-AGM) (b)(c)

   5.00%   10/01/41      1,625         1,626,528   

Montgomery (County of) (Miami Valley Hospital);

     

Series 2009 A, RB (d)(i)

   6.00%   11/15/14      2,370         2,501,511   

Series 2009 A, RB (d)(i)

   6.25%   11/15/14      1,465         1,549,809   

Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB

   5.00%   02/15/48      1,000         768,970   

Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2009 B, Hospital RB (c)

   5.00%   01/01/27      4,000         4,287,760   

Ohio (State of) Air Quality Development Authority (Dayton Power); Series 2006, RB (INS-BHAC) (b)(c)(e)

   4.80%   09/01/36      8,000         7,741,200   

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR

   5.63%   06/01/18      4,300         4,700,330   

Ohio (State of) Air Quality Development Authority (Ohio Power Co. Galvin); Series 2010 A, Ref. RB (d)(e)

   2.88%   08/01/14      2,000         2,020,080   

Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB

   5.75%   11/15/35      2,390         2,481,872   

Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB (d)(i)

   6.75%   01/15/15      3,000         3,221,220   

Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program); Series 2008 F, Residential Mortgage RB (CEP-GNMA) (c)

   5.50%   09/01/39      472         479,840   

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (d)

   5.88%   06/01/16      3,610         3,901,471   
         63,271,088   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Pennsylvania–2.07%

          

Allegheny (County of) Higher Education Building Authority (Duquesne University); Series 2011 A, University RB

   5.50%   03/01/28      $            1,500       $ 1,638,405   

Delaware River Port Authority;

          

Series 2010 D, RB

   5.00%   01/01/35      1,450         1,504,593   

Series 2010 D, RB

   5.00%   01/01/40      1,500         1,539,495   

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB

   5.38%   07/01/42      2,900         2,922,243   

Pennsylvania (State of) Turnpike Commission;

          

Series 2009 A, Sub. RB (INS-AGC) (b)

   5.00%   06/01/39      1,825         1,838,961   

Subseries 2010 B-2, Sub. Conv. CAB RB (l)

   5.75%   12/01/28      3,450         3,314,725   

Subseries 2010 B-2, Sub. Conv. CAB RB (l)

   6.00%   12/01/34      2,100         1,978,452   

Ridley Park (Borough of) Hospital Authority (Taylor Hospital); Series 1993 A, RB (i)

   6.00%   12/01/13      305         305,098   
         15,041,972   

Puerto Rico–1.80%

          

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB

   5.00%   07/01/33      1,700         1,189,167   

Puerto Rico (Commonwealth of) Electric Power Authority;

          

Series 2010 AAA, RB

   5.25%   07/01/31      3,050         2,214,971   

Series 2010 CCC, RB

   5.25%   07/01/27      1,500         1,098,765   

Series 2010 ZZ, Ref. RB

   5.25%   07/01/25      1,700         1,253,835   

Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 I, Government Facilities RB (d)(i)

   5.25%   07/01/14      50         51,475   

Puerto Rico Sales Tax Financing Corp.;

          

First Subseries 2010 A, RB

   5.50%   08/01/42      2,590         1,970,446   

First Subseries 2010 C, RB

   5.25%   08/01/41      7,230         5,310,001   
         13,088,660   

South Carolina–4.03%

          

Berkeley County School District (Berkeley School Facilities Group Inc.); Series 1995, COP (i)

   5.25%   02/01/16      1,655         1,762,608   

Charleston Educational Excellence Finance Corp. (Charleston County School District);

          

Series 2005, Installment Purchase RB (c)

   5.25%   12/01/15      3,375         3,706,155   

Series 2005, Installment Purchase RB (c)

   5.25%   12/01/15          10,125         11,118,465   

Myrtle Beach (City of);

          

Series 2004 A, Hospitality Fee RB (INS-NATL) (b)

   5.38%   06/01/21      1,840         1,885,172   

Series 2004 A, Hospitality Fee RB (INS-NATL) (b)

   5.38%   06/01/22      1,935         1,981,498   

South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2009 B, Ref. & Improvement Hospital RB (INS-AGC) (b)

   5.50%   02/01/38      1,000         1,060,860   

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. Hospital RB

   5.25%   08/01/30      1,600         1,617,424   

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);

          

Series 2012, Ref. RB

   6.00%   11/15/32      535         336,382   

Series 2012, Ref. Sub. CAB RB (f)

   0.00%   11/15/47      229         229   

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB

   5.30%   10/01/36      1,400         1,208,522   

South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref.
RB (c)

   5.00%   01/01/33      4,500         4,678,920   
               29,356,235   

Tennessee–1.71%

          

Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series 2005 A, Ref. Sr. RB

   5.13%   10/01/35      4,345         4,024,556   

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB

   5.50%   07/01/36      3,620         3,673,359   

Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, Ref. RB (INS-BHAC) (b)(c)

   5.25%   09/01/27      4,550         4,793,607   
         12,491,522   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Texas–20.00%

          

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(e)

   4.85%   04/01/21      $            2,375       $ 2,479,239   

Dallas (City of) (Civic Center Convention Complex);

          

Series 2009, Ref. & Improvement RB (INS-AGC) (b)

   5.00%   08/15/18      1,875         2,140,706   

Series 2009, Ref. & Improvement RB (INS-AGC) (b)

   5.00%   08/15/19      2,200         2,514,204   

Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds

   6.75%   04/01/16      610         611,897   

Dallas-Fort Worth (Cities of) International Airport;

          

Series 2012 G, Ref. RB

   5.00%   11/01/34      1,500         1,521,840   

Series 2012 G, Ref. RB

   5.00%   11/01/35      3,525         3,568,040   

Series 2013 B, Joint Improvement RB

   5.00%   11/01/38      1,900         1,903,990   

El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds (INS-AGC)(b)(c)

   5.00%   08/15/37      7,960         8,136,871   

Harris (County of); Series 2009 A, Sr. Lien Toll Road RB (c)

   5.00%   08/15/32      1,000         1,067,380   

Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB

   7.25%   12/01/35      1,200         1,550,712   

Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB

   5.00%   02/01/23      1,550         1,653,308   

Houston (City of);

          

Series 2007 A, Ref. First Lien Combined Utility System RB (INS-AGM) (b)(c)

   5.00%   11/15/36          12,800               13,258,240   

Series 2011 D, First Lien Combined Utility System RB (c)

   5.00%   11/15/31      1,215         1,310,001   

Series 2011 D, First Lien Combined Utility System RB (c)

   5.00%   11/15/33      3,120         3,324,298   

Series 2012, Ref. Floating Rate First Lien Combined Utility System RB (d)(m)

   0.80%   06/01/17      2,400         2,400,000   

Judson Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (INS-AGC) (b)(c)

   5.00%   02/01/37      5,025         5,112,335   

Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB

   5.00%   05/15/41      2,100         2,093,721   

Lower Colorado River Authority;

          

Series 2010 A, Ref. RB

   5.00%   05/15/40      2,425         2,421,411   

Series 2012 A, Ref. RB

   5.00%   05/15/30      2,395         2,481,867   

Series 2012 A, Ref. RB

   5.00%   05/15/36      2,200         2,230,250   

Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas);

          

Series 2007, RB

   5.50%   02/15/32      1,650         1,617,330   

Series 2009, Ref. & Improvement RB

   6.25%   02/15/37      1,450         1,481,117   

North Texas Tollway Authority;

          

Series 2008 B, Ref. First Tier System RB

   5.63%   01/01/28      1,000         1,088,140   

Series 2008 B, Ref. First Tier System RB

   6.00%   01/01/26      1,000         1,138,130   

Series 2008 B, Ref. First Tier System RB

   6.00%   01/01/27      1,420         1,590,286   

Series 2008 F, Ref. Second Tier System RB

   5.75%   01/01/33      4,300         4,549,486   

Series 2011 A, Special Projects System RB (c)

   5.50%   09/01/36      4,365         4,727,993   

San Antonio (City of); Series 2013, Jr. Lien Electric & Gas Systems RB

   5.00%   02/01/38      2,695         2,809,591   

Southwest Higher Education Authority, Inc. (Southern Methodist University); Series 2010, RB

   5.00%   10/01/35      1,250         1,364,300   

Tarrant (County of) Regional Water District;

          

Series 2012, Ref. & Improvement RB

   5.00%   03/01/37      5,000         5,279,900   

Series 2012, Ref. & Improvement RB

   5.00%   03/01/42      6,050         6,341,307   

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);

          

Series 2007, Retirement Facility RB

   5.63%   11/15/27      1,000         986,910   

Series 2007, Retirement Facility RB

   5.75%   11/15/37      825         775,055   

Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility RB

   5.25%   11/15/37      7,000         6,683,250   

Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2007, Retirement Facility RB

   5.75%   02/15/25      650         631,911   

Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health); Series 2008 A, Ref. RB (INS-AGC) (b)

   6.25%   07/01/28      4,900         5,445,762   

Texas (State of) Transportation Commission;

          

Series 2008, Mobility Fund Unlimited Tax GO Bonds (c)

   5.00%   04/01/28      8,700         9,415,488   

Series 2012 A, Ref. First Tier Turnpike System RB

   5.00%   08/15/41      4,850         4,792,285   

Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, CAB RB (INS-AMBAC) (b)(f)

   0.00%   08/15/29      5,000         1,968,600   

Texas A&M University System Board of Regents; Series 2009 A, Financing System RB

   5.00%   05/15/28      4,000         4,414,600   

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB

   6.25%   12/15/26      1,000         1,149,420   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

Texas–(continued)

          

Texas Municipal Gas Acquisition & Supply Corp. III;

          

Series 2012, Gas Supply RB

   5.00%   12/15/27      $            1,500       $ 1,494,345   

Series 2012, Gas Supply RB

   5.00%   12/15/28      1,410         1,382,477   

Series 2012, Gas Supply RB

   5.00%   12/15/29      1,325         1,290,881   

Series 2012, Gas Supply RB

   5.00%   12/15/31      4,860         4,675,271   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB

   6.88%   12/31/39      2,000         2,167,320   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB (e)

   7.00%   12/31/38      1,500         1,612,815   

Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB

   5.38%   11/01/37      3,285         3,063,263   
           145,717,543   

Utah–0.15%

          

Utah (State of) Charter School Finance Authority (Summit Academy);
Series 2007 A, Charter School RB

   5.80%   06/15/38      1,100         1,055,538   

Virgin Islands–0.40%

          

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB

   5.00%   10/01/25      2,775         2,925,460   

Virginia–1.35%

          

Route 460 Funding Corp.; Series 2012 A, Sr. Lien Toll Road RB

   5.13%   07/01/49      870         805,237   

Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB (i)

   5.50%   06/01/26      555         585,603   

Virginia (State of) Small Business Financing Authority (Carilion Clinic Obligated Group); Series 2008 A, VRD Hospital RB (g)

   0.07%   07/01/42      4,000         4,000,000   

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB (e)

   5.50%   12/23/13      2,060         2,030,892   

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC); Series 2012, Sr. Lien RB (e)

   5.00%   07/01/34      1,250         1,156,087   

White Oak Village Shops Community Development Authority; Series 2007, Special Assessment RB

   5.30%   03/01/17      1,147         1,227,818   
         9,805,637   

Washington–4.75%

          

Chelan (County of) Public Utility District No. 1;

          

Series 2011 A, Ref. Consolidated RB (e)

   5.50%   07/01/25      1,080         1,211,382   

Series 2011 A, Ref. Consolidated RB (e)

   5.50%   07/01/26      1,175         1,308,057   

Goat Hill Properties (Government Office Building); Series 2005, Lease RB (INS-NATL) (b)

   5.00%   12/01/33      1,000         1,015,470   

Kalispel Tribe of Indians; Series 2008, RB

   6.63%   01/01/28      1,950         1,748,351   

Seattle (Port of);

          

Series 2012 A, Ref. Intermediate Lien RB

   5.00%   08/01/30      1,455         1,548,586   

Series 2012 A, Ref. Intermediate Lien RB

   5.00%   08/01/33      1,500         1,575,255   

Washington (State of) (SR 520 Corridor Program - Toll Revenue);

          

Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds (c)

   5.00%   06/01/32      2,000         2,141,960   

Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds (c)

   5.00%   06/01/41      13,370         13,991,170   

Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A, RB (c)

   5.00%   02/01/41      3,495         3,436,109   

Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A, RB (d)(i)

   6.25%   05/15/21      1,525         1,958,115   

Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit CR RB (j)

   6.00%   01/01/27      2,325         2,351,249   

Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB

   5.25%   06/01/33      2,250         2,305,800   
         34,591,504   

West Virginia–1.10%

          

Ohio (County of) (Fort Henry Centre Financing District); Series 2007 A, Tax Increment Allocation RB

   5.63%   06/01/22      250         256,918   

Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR

   5.25%   10/15/37      1,290         1,249,830   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


      Interest
Rate
  Maturity
Date
       Principal    
Amount
(000)
    
Value
 

West Virginia–(continued)

          

West Virginia (State of) Hospital Finance Authority (Thomas Health System);

          

Series 2008, RB

   6.00%   10/01/20      $            1,500       $ 1,534,545   

Series 2008, RB

   6.25%   10/01/23      1,695         1,715,238   

West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group);

          

Series 2009 C, Ref. & Improvement RB

   5.50%   06/01/34      1,630         1,691,402   

Series 2009 C, Ref. & Improvement RB

   5.50%   06/01/39      1,535         1,581,587   
         8,029,520   

Wisconsin–1.84%

          

Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. Sales Tax RB (i)

   5.50%   12/15/20      2,000         2,451,060   

Superior (City of) (Superior Water, Light & Power Co.);

          

Series 2007 A, Ref. Collateralized Utility RB (e)

   5.38%   11/01/21      700         741,195   

Series 2007 B, Collateralized Utility RB (e)

   5.75%   11/01/37      625         632,938   

Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
Series 2009 B, RB (d)

   5.13%   08/15/16      1,400         1,564,066   

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB

   6.63%   02/15/39      1,825         1,971,985   

Wisconsin (State of) Housing & Economic Development Authority; Series 2008 A, Home Ownership RB (c)(e)

   5.30%   09/01/23      4,100         4,281,466   

Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB

   5.38%   05/01/25      1,545         1,793,760   
         13,436,470   

Wyoming–0.55%

          

Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal RB (e)

   5.60%   12/01/35      2,000         2,031,760   

Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR

   5.25%   07/15/26      1,850         1,981,535   
         4,013,295   

TOTAL INVESTMENTS(n)–167.01% (Cost $1,180,454,487)

            1,216,933,971   

FLOATING RATE NOTE OBLIGATIONS–(30.84)%

          

Notes with interest and fee rates ranging from 0.57% to 1.04% at 11/30/13 and contractual maturities of collateral ranging from 06/01/22 to 10/01/52 (See Note 1D)(o)

              (224,740,000

VARIABLE RATE MUNI TERM PREFERRED SHARES–(37.51)%

  

     (273,300,000

OTHER ASSETS LESS LIABILITIES–1.34%

  

     9,765,476   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

  

   $ 728,659,447   

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


Investment Abbreviations:

 

ACA    —ACA Financial Guaranty Corp.
AGC    —Assured Guaranty Corp.
AGM    —Assured Guaranty Municipal Corp.
AMBAC    —American Municipal Bond Assurance Corp.
BHAC    —Berkshire Hathaway Assurance Corp.
CAB    —Capital Appreciation Bonds
CEP    —Credit Enhancement Provider
Conv.    —Convertible
COP    —Certificates of Participation
CR    —Custodial Receipts
GNMA    —Government National Mortgage Association
GO    —General Obligation
IDR    —Industrial Development Revenue Bonds
INS    —Insurer
Jr.    —Junior
LOC    —Letter of Credit
MFH    —Multi-Family Housing
NATL    —National Public Finance Guarantee Corp.
PCR    —Pollution Control Revenue Bonds
PILOT    —Payment-in-Lieu-of-Tax
RAC    —Revenue Anticipation Certificates
RB    —Revenue Bonds
Ref.    —Refunding
Sec.    —Secured
SGI    —Syncora Guarantee, Inc.
Sr.    —Senior
Sub.    —Subordinated
TEMPS    —Tax-Exempt Mandatory Paydown Securities
VRD    —Variable Rate Demand
 

 

Notes to Schedule of Investments:

 

(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

 

(b)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(c)  Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.

 

(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(e)  Security subject to the alternative minimum tax.

 

(f)  Zero coupon bond issued at a discount.

 

(g)  Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2013.

 

(h)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

 

(i)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

 

(j)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2013 was $5,825,751, which represented less than 1% of the Trust’s Net Assets.

 

(k)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at November 30, 2013 was $1,197,290, which represented less than 1% of the Trust’s Net Assets.

 

(l)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

 

(m)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2013.

 

(n)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entities    Percentage  

Assured Guaranty Corp.

     6.8%   

Assured Guaranty Municipal Corp.

     6.8      

National Public Finance Guarantee Corp.

     5.5      

 

(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2013. At November 30, 2013, the Trust’s investments with a value of $386,737,795 are held by Dealer Trusts and serve as collateral for the $224,740,000 in the floating rate note obligations outstanding at that date.

 

See accompanying notes which are an integral part of this schedule.

 

Invesco Trust for Investment Grade Municipals


Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

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, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became 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.

 

Invesco Trust for Investment Grade Municipals


D. Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests 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 (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. 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 Trust’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

 

Invesco Trust for Investment Grade Municipals


NOTE 2 -- Additional Valuation Information

Generally Accepted Accounting Principles (“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.

As of November 30, 2013, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 3 -- 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 nine months ended November 30, 2013 was $121,912,942 and $107,449,277, 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

   $ 60,828,144   

Aggregate unrealized (depreciation) of investment securities

     (26,082,928)   

Net unrealized appreciation of investment securities

   $         34,745,216   

Cost of investments for tax purposes is $1,182,188,755.

  

 

Invesco Trust for Investment Grade Municipals


Item 2. Controls and Procedures.

 

  (a) As of November 19, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“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 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 19, 2013, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.


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 Trust for Investment Grade Municipals

 

By:   /s/ Colin Meadows
  Colin Meadows
  Principal Executive Officer
Date:   January 29, 2014

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:   /s/ Colin Meadows
  Colin Meadows
  Principal Executive Officer
Date:   January 29, 2014
By:   /s/ Sheri Morris
  Sheri Morris
  Principal Financial Officer
Date:   January 29, 2014


EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.