VGM 11-30-2012 N-Q
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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:        11/30/12   

 

2411215

012213 (1) BO


Item 1.  Schedule of Investments.


 

 

Invesco Trust for Investment Grade Municipals

 

Effective December 3, 2012, Invesco Van Kampen Trust for

Investment Grade Municipals was renamed Invesco Trust for

Investment Grade Municipals.

 

Quarterly Schedule of Portfolio Holdings

November 30, 2012

 

LOGO

     
  invesco.com/us                             VK-CE-IGMUNI-QTR-1    11/12    Invesco Advisers, Inc.


Schedule of Investments

November 30, 2012

(Unaudited)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
    
Value
 

Municipal Obligations–159.53%

          

Alabama–2.46%

          

Alabama (State of) Board of Education (Southern Union State Community College); Series 2003, Ref. & Improvement RB (INS-NATL) (a)

     5.25     07/01/20       $ 3,660       $ 3,675,482   

Alabama (State of) Incentives Financing Authority; Series 2012 A, Special Obligation RB

     5.00     09/01/42         2,650         3,062,393   

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

     5.00     06/01/39         3,225         3,644,379   

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

     5.25     07/01/30         2,500         2,885,475   

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

     5.50     01/01/43         2,525         2,535,858   

Phenix City (City of) Industrial Development Board (MeadWestvaco Coated Board); Series 2012, Ref. Environmental Improvement RB (c)

     4.13     05/15/35         1,000         1,014,850   

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

     6.25     11/01/33         3,395         3,973,304   
          

 

 

 
             20,791,741   
          

 

 

 

Alaska–0.81%

          

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

     5.50     10/01/41         4,755         5,698,059   

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

     5.75     03/01/16         1,110         1,114,962   
          

 

 

 
             6,813,021   
          

 

 

 

Arizona–4.02%

          

Arizona (State of) Transportation Board;

          

Series 2008 B, Highway RB

     5.00     07/01/25         2,560         3,063,859   

Series 2008 B, Highway RB (b)

     5.00     07/01/26         3,835         4,541,445   

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

     5.00     12/01/37         2,065         2,144,503   

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

          

Series 2010, RB

     5.00     05/15/35         750         818,393   

Series 2010, RB

     5.13     05/15/40         1,500         1,634,610   

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

     5.25     01/01/32         1,775         1,898,895   

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

     5.00     07/01/14         3,330         3,523,040   

Navajo County Pollution Control Corp.;

          

Series 2009 C, PCR (d)(e)

     5.50     06/01/14         900         953,334   

Series 2009 E, PCR (d)(e)

     5.75     06/01/16         1,035         1,166,683   

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

          

Series 2009, Education RB

     7.00     01/01/39         970         1,064,507   

Series 2009, Education RB

     7.13     01/01/45         925         1,019,119   

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

     5.00     06/01/42         3,175         3,542,220   

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

     6.55     12/01/37         3,400         3,583,872   

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

     5.00     01/01/28         3,145         3,771,799   

University Medical Center Corp.; Series 2005, Hospital RB

     5.00     07/01/35         1,205         1,244,608   
          

 

 

 
             33,970,887   
          

 

 

 

California–16.73%

          

ABAG Finance Authority for Non-profit Corps. (Jewish Home of San Francisco); Series 2005, VRD RB (LOC-Wells Fargo Bank
N.A.) 
(f)(g)

     0.13     11/15/35         2,940         2,940,000   

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

     6.00     09/01/16         1,300         1,499,589   

Bay Area Toll Authority (San Francisco Bay Area);

          

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

     5.00     04/01/39         1,500         1,734,450   

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

     5.00     04/01/39         4,500         5,203,350   

 

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)

          

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

     0.00     08/01/28       $ 1,250       $ 724,075   

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

          

Series 2008 AE, Water System RB (b)

     5.00     12/01/24         1,175         1,429,012   

Series 2008 AE, Water System RB (b)

     5.00     12/01/25         1,500         1,819,785   

Series 2008 AE, Water System RB (b)

     5.00     12/01/26         1,500         1,815,315   

Series 2008 AE, Water System RB (b)

     5.00     12/01/27         875         1,039,990   

Series 2008 AE, Water System RB (b)

     5.00     12/01/28         1,500         1,779,345   

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

     6.00     07/01/34         1,500         1,812,390   

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

     5.50     08/15/26         1,000         1,227,120   

California (State of) Housing Finance Agency;

          

Series 2008 K, Home Mortgage RB (c)

     5.30     08/01/23         3,920         4,100,712   

Series 2008 K, Home Mortgage RB (c)

     5.45     08/01/28         5,500         5,775,825   

California (State of) Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 B, Ref. VRD RB (LOC-Mizuho Corporate Bank) (f)(g)

     0.17     11/01/26         5,000         5,000,000   

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

     5.00     07/01/27         1,500         1,614,840   

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

     5.00     03/01/30         2,700         2,901,960   

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

     5.00     08/15/28         1,580         1,767,546   

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

     5.00     04/01/19         2,000         2,408,540   

California (State of);

          

Series 2009, Various Purpose Unlimited Tax GO Bonds

     5.75     04/01/31         1,800         2,199,168   

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

     5.25     07/01/21         2,900         3,618,910   

Series 2012, Ref. Unlimited Tax GO Bonds

     5.00     02/01/38         1,880         2,190,050   

Series 2012, Ref. Unlimited Tax GO Bonds

     5.25     02/01/30         3,000         3,690,150   

Series 2012, Various Purpose Unlimited Tax GO Bonds

     5.00     04/01/42         2,790         3,249,959   

Series 2012, Various Purpose Unlimited Tax GO Bonds

     5.25     04/01/35         2,790         3,362,034   

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         575         594,130   

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

     5.00     06/01/36         5,580         6,674,350   

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

     5.00     09/01/33         1,550         1,572,397   

Foothill-Eastern Transportation Corridor Agency;

          

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

     0.00     01/01/23         10,750         8,896,592   

Series 1999, Ref. Toll Road CAB RB (INS-NATL) (a)(h)

     0.00     01/15/17         2,000         1,591,680   

Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB

     5.00     06/01/45         4,000         4,221,720   

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

          

Series 2010 A, Sr. RB (b)

     5.00     05/15/35         1,000         1,158,450   

Series 2010 B, Sub. RB

     5.00     05/15/40         2,000         2,284,900   

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

     5.00     07/01/37         1,700         2,032,231   

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

     5.00     07/01/22         1,800         2,203,902   

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

     5.50     03/01/18         205         212,733   

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

     5.50     11/01/35         3,500         3,697,925   

Palomar Pomerado Health; Series 2009, COP

     6.75     11/01/39         1,700         1,960,661   

Regents of the University of California; Series 2012 G, Limited Project RB

     5.00     05/15/37         2,450         2,941,347   

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

     5.00     07/01/40         3,415         3,844,402   

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

     5.00     08/01/36         6,210         7,362,576   

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

          

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

     5.00     05/01/25         1,165         1,377,310   

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

     5.00     05/01/26         2,335         2,741,804   

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

     5.00     11/01/36         5,070         6,035,227   

 

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)

          

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

     5.00     11/01/33       $ 3,340       $ 4,047,779   

Southern California Metropolitan Water District;

          

Series 2003 B-1, RB (d)(i)

     5.00     10/01/13         1,435         1,492,328   

Series 2003 B-1, RB (d)(i)

     5.00     10/01/13         65         67,597   

Series 2009 A, RB

     5.00     01/01/34         2,500         2,940,400   

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

     5.25     07/01/29         1,440         1,777,450   

Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(d)(e)

     3.50     05/31/13         1,000         1,002,570   

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

     5.13     08/01/21         3,250         3,708,802   
          

 

 

 
             141,345,378   
          

 

 

 

Colorado–3.43%

          

Colorado (State of) Board of Governors;

          

Series 2012 A, University Enterprise System RB

     5.00     03/01/38         3,000         3,546,660   

Series 2012 A, University Enterprise System RB

     5.00     03/01/41         2,650         3,125,754   

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

     5.25     12/01/23         3,405         3,485,937   

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

     5.00     09/01/36         7,300         7,962,110   

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

          

Series 2007 A, Health & Residential Care Facilities RB

     5.25     07/01/27         670         676,412   

Series 2007 A, Health & Residential Care Facilities RB

     5.30     07/01/37         505         504,288   

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

          

Series 2010, Private Activity RB

     6.00     01/15/34         1,700         2,047,157   

Series 2010, Private Activity RB

     6.50     01/15/30         2,100         2,635,815   

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

     5.00     11/15/37         1,750         2,048,532   

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

     5.90     10/01/37         920         953,911   

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

     5.25     10/01/36         1,930         1,981,049   
          

 

 

 
             28,967,625   
          

 

 

 

Connecticut–1.07%

          

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

     6.60     07/01/24         3,580         3,586,552   

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

     5.50     04/01/21         1,800         2,156,796   

Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB (c)

     5.00     05/15/31         2,340         2,580,739   

Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption RB

     6.13     01/01/14         695         696,230   
          

 

 

 
             9,020,317   
          

 

 

 

District of Columbia–2.24%

          

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

     5.75     06/01/18         2,000         2,079,620   

District of Columbia (Sibley Memorial Hospital);

          

Series 2009, Hospital RB

     6.38     10/01/34         3,650         4,352,589   

Series 2009, Hospital RB

     6.50     10/01/29         1,100         1,332,518   

District of Columbia Water & Sewer Authority;

          

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

     5.50     10/01/41         6,000         6,986,760   

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

     5.00     10/01/29         1,150         1,368,063   

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

     5.00     10/01/34         2,350         2,784,092   

District of Columbia; Series 1993 E, Unlimited Tax GO Bonds (i)

     6.00     06/01/13         5         5,024   
          

 

 

 
             18,908,666   
          

 

 

 

 

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–19.25%

          

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

          

Series 2007, IDR

     5.25     11/15/17       $ 1,000       $ 1,037,250   

Series 2007, IDR

     5.88     11/15/36         1,000         1,005,940   

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

     5.00     04/01/34         4,960         5,220,102   

Citizens Property Insurance Corp. (High Risk Account);

          

Series 2010 A-1, Sr. Sec. RB

     5.00     06/01/14         4,000         4,253,080   

Series 2010 A-1, Sr. Sec. RB

     5.25     06/01/17         3,410         3,969,786   

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

     5.95     07/01/20         415         437,261   

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

     4.75     06/01/35         15,000         16,390,050   

Florida (State of) Department of Transportation;

          

Series 2004 A, Turnpike RB (b)

     5.00     07/01/29         7,295         7,810,392   

Series 2008 A, Ref. Turnpike RB (b)

     5.00     07/01/26         1,910         2,224,405   

Series 2008 A, Ref. Turnpike RB (b)

     5.00     07/01/27         1,935         2,253,520   

Series 2008 A, Ref. Turnpike RB (b)

     5.00     07/01/28         2,100         2,453,850   

Series 2008 A, Ref. Turnpike RB (b)

     5.00     07/01/32         2,500         2,890,425   

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

     5.13     06/01/27         2,475         2,941,711   

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

     8.60     11/01/18         90         90,779   

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

     8.13     10/01/14         135         142,893   

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 (h)

     0.00     05/01/39         2,145         320,871   

Hillsborough (County of) Aviation Authority;

          

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

     5.38     10/01/33         1,450         1,599,568   

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

     5.50     10/01/38         3,260         3,625,870   

Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR (d)(e)

     5.15     09/01/13         1,225         1,264,408   

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

     5.25     10/01/41         10,600         11,215,118   

Hillsborough (County of);

          

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

     5.00     03/01/15         750         752,910   

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

     5.00     09/01/15         750         752,910   

Series 2006 A, Solid Waste & Resource Recovery RB (INS-BHAC) (a)(c)

     4.50     09/01/34         3,130         3,305,030   

Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB

     5.00     10/01/30         1,700         2,043,043   

JEA; Series 2012 Three B, Electric System RB

     5.00     10/01/39         4,600         5,369,534   

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

     5.00     11/15/25         5,105         5,540,150   

Lakeland (City of);

          

Series 1989, Electric & Water RB (i)

     5.75     10/01/19         2,230         2,438,639   

Series 1990, Electric & Water CAB RB (h)(i)

     0.00     10/01/13         7,000         6,976,060   

Lee (County of) Industrial Development Authority (Lee County Community Charter Schools, LLC); Series 2007 A, IDR

     5.38     06/15/37         1,000         1,011,000   

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

          

Series 2000 B, Aviation RB (INS-NATL) (a)

     5.45     10/01/15         870         873,184   

Series 2000 B, Aviation RB (INS-NATL) (a)

     5.75     10/01/29         3,000         3,007,440   

Series 2002, Aviation RB (INS-AGC) (a)(c)

     5.38     10/01/27         2,000         2,004,240   

Series 2002, Aviation RB (INS-AGC) (a)(c)

     5.38     10/01/32         4,720         4,728,354   

Series 2002 A, Aviation RB (INS-AGM) (a)(c)

     5.00     10/01/33         2,000         2,002,760   

Series 2002 A, Aviation RB (INS-AGM) (a)(c)

     5.13     10/01/35         2,000         2,002,800   

Series 2005, Aviation RB (INS-AGC) (a)(c)

     5.00     10/01/38         3,200         3,360,608   

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

     5.00     07/01/40         4,250         4,760,000   

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

     6.13     08/01/42         970         1,174,398   

Miami-Dade (County of);

          

Series 2012 B, Ref. Sub. Special Obligation RB

     5.00     10/01/32         1,180         1,375,856   

Series 2012 B, Ref. Sub. Special Obligation RB

     5.00     10/01/35         1,870         2,156,316   

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

     6.00     05/01/24         780         795,233   

 

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)

          

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       $ 1,002,990   

Orange (County of); Series 1992, Ref. Improvement CAB RB (INS-AMBAC) (a)(h)

     0.00     10/01/13         1,000         993,840   

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         200         183,280   

Series 2010 B, Capital Improvement RB

     5.13     05/01/17         450         429,354   

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

     5.88     11/15/37         1,650         1,749,792   

Palm Beach (County of) Solid Waste Authority;

          

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

     5.50     10/01/23         4,000         5,014,360   

Series 2011, Ref. RB (b)

     5.00     10/01/31         3,860         4,608,879   

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

     5.35     05/01/18         4,675         5,584,474   

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

     5.80     05/01/36         880         396,519   

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

     5.25     10/01/27         600         648,252   

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

     5.88     05/01/35         1,325         1,029,830   

South Lake (County of) Hospital District (South Lake Hospital, Inc.); Series 2003, RB

     6.38     10/01/28         1,000         1,042,920   

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

          

Series 2006 A, Health Care RB

     5.25     01/01/26         1,000         989,700   

Series 2006 A, Health Care RB

     5.38     01/01/40         1,500         1,415,895   

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

     6.20     05/01/35         1,250         1,136,038   

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

     6.38     12/01/30         1,000         1,017,030   

Village Center Community Development District;

          

Series 1993, Utility RB (i)

     6.00     11/01/18         1,000         1,195,150   

Series 2001 A, Recreational RB (INS-NATL) (a)

     5.20     11/01/25         1,000         1,000,870   

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

     5.25     10/01/23         2,000         2,057,880   

Series 2004 A, Recreational RB (INS-NATL) (a)

     5.13     11/01/36         3,500         3,566,745   
          

 

 

 
             162,641,550   
          

 

 

 

Georgia–4.01%

          

Atlanta (City of) (Beltline);

          

Series 2009 B, Tax Allocation RB

     6.75     01/01/20         970         1,247,662   

Series 2009 B, Tax Allocation RB

     6.75     01/01/20         535         688,144   

Series 2009 B, Tax Allocation RB

     7.38     01/01/31         310         386,976   

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

     5.60     01/01/30         1,000         1,095,980   

Atlanta (City of);

          

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

     5.00     01/01/33         5,250         5,532,660   

Series 2009 A, Water & Wastewater RB

     6.00     11/01/27         1,850         2,319,826   

Series 2009 A, Water & Wastewater RB

     6.00     11/01/28         2,000         2,500,600   

Series 2009 A, Water & Wastewater RB

     6.00     11/01/29         1,850         2,295,554   

Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR (d)(e)

     2.50     03/01/13         2,585         2,597,460   

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

     6.00     09/01/30         2,500         3,027,750   

Georgia (State of) Municipal Electric Authority;

          

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

     6.50     01/01/20         2,635         3,102,950   

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

     6.50     01/01/14         85         90,734   

Series 1998 Y, Power RB (i)

     6.50     01/01/17         240         264,845   

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

     6.50     01/01/17         5,575         6,261,059   

Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996, PCR

     5.10     06/01/23         2,400         2,456,184   
          

 

 

 
             33,868,384   
          

 

 

 

Hawaii–0.61%

          

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         1,703,850   

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

     5.00     07/01/39         3,075         3,488,311   
          

 

 

 
             5,192,161   
          

 

 

 

 

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
 

Idaho–0.74%

          

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

          

Series 2008 A, RB

     6.50     11/01/23       $ 1,000       $ 1,205,540   

Series 2008 A, RB

     6.75     11/01/37         1,500         1,807,920   

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

     6.13     11/15/27         1,140         1,187,048   

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

     5.25     04/01/21         1,725         2,072,708   
          

 

 

 
             6,273,216   
          

 

 

 

Illinois–15.70%

          

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

     5.60     01/01/23         1,910         1,869,623   

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

     5.50     11/01/40         1,100         1,207,888   

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

          

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

     5.25     01/01/24         4,400         4,921,884   

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

     5.25     01/01/25         11,500         12,838,140   

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

     5.00     01/01/33         5,700         6,500,736   

Chicago (City of) Board of Education;

          

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

     5.00     12/01/27         5,775         6,522,458   

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

     5.00     12/01/27         5,900         6,663,755   

Series 2011 A, Unlimited Tax GO Bonds (b)

     5.00     12/01/41         1,860         2,086,846   

Series 2012 A, Unlimited Tax GO Bonds

     5.00     12/01/42         1,000         1,133,350   

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

     5.25     12/01/36         5,760         6,793,286   

Chicago (City of);

          

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

     5.13     01/01/14         170         178,840   

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

     5.13     01/01/15         515         548,346   

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

     5.25     01/01/25         3,500         4,015,480   

Series 2011, COP

     7.13     05/01/21         1,010         1,117,908   

Series 2011, COP

     7.13     05/01/21         525         581,091   

Series 2011 A, Sales Tax RB (b)

     5.25     01/01/38         2,910         3,466,799   

Series 2012 A, Unlimited Tax GO Bonds

     5.00     01/01/33         3,800         4,405,340   

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

     5.00     11/15/29         2,100         2,534,343   

Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB (c)(d)(e)

     3.50     05/01/13         1,300         1,317,979   

Illinois (State of) Finance Authority (Adventist Health System);

          

Series 1997 A, RB (INS-NATL) (a)

     5.50     11/15/13         2,310         2,411,686   

Series 1997 A, RB (INS-NATL) (a)

     5.50     11/15/15         2,500         2,814,475   

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

     5.00     03/01/34         1,000         1,166,220   

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

     6.75     04/15/17         1,250         1,424,838   

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

     5.50     10/01/22         1,860         2,097,838   

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

          

Series 2009 A, RB (b)

     5.38     08/15/24         3,500         4,171,370   

Series 2009 A, RB (b)

     5.75     08/15/30         2,000         2,387,480   

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

     5.75     11/15/37         4,500         5,008,005   

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

     7.00     11/15/15         2,700         2,702,349   

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

     6.25     11/15/35         1,900         2,258,245   

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

     5.50     04/01/37         1,000         1,059,520   

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

     7.25     11/01/38         2,885         3,763,107   

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

     5.50     08/01/37         4,500         5,004,225   

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

     7.00     02/15/18         1,665         1,946,019   

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

     5.00     11/15/31         2,535         2,600,758   

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

     6.00     08/15/38         2,230         2,584,637   

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

     5.50     08/15/41         3,565         4,159,606   

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

     5.05     08/01/29         1,330         1,415,918   

 

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

     5.50     06/15/50       $ 3,375       $ 3,902,445   

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

     5.00     12/15/41         1,800         2,084,058   

Railsplitter Tobacco Settlement Authority; Series 2010, RB

     5.50     06/01/23         5,475         6,697,020   

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         1,470         1,506,250   

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

     7.00     12/01/42         750         790,620   
          

 

 

 
     132,660,781   
          

 

 

 

Indiana–2.26%

          

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

     5.00     11/15/36         5,600         6,235,992   

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

     5.25     10/01/31         3,505         4,150,341   

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

     6.75     03/01/39         2,200         2,644,114   

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

     4.90     01/01/16         2,500         2,741,475   

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

     5.00     06/01/32         1,525         1,664,858   

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

     0.00     01/15/19         1,280         1,148,339   

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

     5.75     09/01/42         500         522,955   
          

 

 

 
     19,108,074   
          

 

 

 

Iowa–0.25%

          

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

     4.75     08/01/42         2,000         2,102,820   
          

 

 

 

Kansas–0.54%

          

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

     5.75     11/15/38         3,800         4,532,032   
          

 

 

 

Kentucky–2.16%

          

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

     5.75     12/01/28         2,300         2,614,272   

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

          

Series 2010 A, Hospital RB

     6.38     06/01/40         1,850         2,242,478   

Series 2010 A, Hospital RB

     6.50     03/01/45         2,400         2,921,880   

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

          

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

     5.25     02/01/24         2,470         2,954,416   

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

     5.25     02/01/25         2,780         3,312,898   

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2006, Health System RB

     5.25     10/01/36         3,915         4,217,786   
          

 

 

 
     18,263,730   
          

 

 

 

Louisiana–1.69%

          

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

     5.25     07/01/17         1,482         593,170   

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

     5.00     06/01/30         1,700         1,851,283   

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

     6.75     06/01/26         3,100         3,940,007   

Rapides (Parish of) Finance Authority (Cleco Power LLC); Series 2007, RB (c)(d)(e)

     5.25     03/01/13         2,750         2,775,575   

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

     4.00     06/01/22         1,000         1,113,640   

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

     5.13     06/01/37         3,750         4,047,225   
          

 

 

 
     14,320,900   
          

 

 

 

 

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
 

Maryland–0.73%

          

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

     5.00     06/01/40       $ 960       $ 1,013,731   

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

     5.50     07/01/42         1,915         2,065,385   

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

     5.75     06/01/35         1,565         1,791,142   

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

     5.38     06/01/25         1,110         1,273,892   
          

 

 

 
     6,144,150   
          

 

 

 

Massachusetts–4.72%

          

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

     5.00     01/01/35         1,455         1,681,151   

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

     5.00     01/01/32         6,000         6,928,380   

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

     5.00     10/01/32         2,700         3,069,792   

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

     5.00     10/01/38         7,000         8,227,100   

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

          

Series 2011 A-1, RB

     6.25     11/15/39         247         188,181   

Series 2011 A-1, RB

     6.25     11/15/46         532         395,310   

Series 2011 A-2, RB

     5.50     11/15/46         41         26,377   

Series 2011 B, RB (h)

     0.00     11/15/56         206         1,091   

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

     5.00     07/01/38         750         875,333   

Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 B-2, Senior Living Facility RB

     6.25     06/01/14         1,015         507,500   

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

     7.25     01/01/32         1,225         1,577,482   

Massachusetts (State of) School Building Authority;

          

Series 2005 A, Dedicated Sales Tax RB (INS-AGM) (a)(b)

     5.00     08/15/30         3,850         4,257,677   

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

     4.50     08/15/35         5,740         6,288,170   

Massachusetts (State of) Water Resources Authority;

          

Series 2009 B, RB

     5.00     08/01/22         1,800         2,223,738   

Series 2011 C, Ref. General RB (b)

     5.00     08/01/31         3,000         3,679,530   
          

 

 

 
     39,926,812   
          

 

 

 

Michigan–2.17%

          

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

     7.00     07/01/27         3,925         4,981,767   

Grand Rapids (City of) Downtown Development Authority;

          

Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (a)(h)

     0.00     06/01/15         3,500         3,160,780   

Series 1994, Tax Increment Allocation CAB RB (INS-NATL) (a)(h)

     0.00     06/01/16         2,765         2,391,421   

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

          

Series 2008 A, RB (d)(e)

     5.25     01/15/14         1,350         1,417,459   

Series 2008 A, RB (d)(e)

     5.50     01/15/15         600         658,932   

Michigan (State of) Strategic Fund (Detroit Edison Co.); Series 2002 C, Ref. Limited Obligation RB (INS-SGI) (a)(c)

     5.45     12/15/32         2,500         2,505,400   

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

     5.00     07/01/30         3,000         3,263,070   
          

 

 

 
     18,378,829   
          

 

 

 

Minnesota–0.95%

          

Minneapolis (City of) (Fairview Health Services);

          

Series 2008 A, Health Care System RB

     6.38     11/15/23         2,750         3,363,910   

Series 2008 A, Health Care System RB

     6.63     11/15/28         1,850         2,262,531   

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

     5.75     11/15/26         50         50,105   

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

     5.25     05/15/36         2,200         2,333,188   
          

 

 

 
     8,009,734   
          

 

 

 

 

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
 

Missouri–2.27%

          

Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association); Series 2002, Health Facilities RB

     5.63     06/01/27       $ 245       $ 245,409   

Cass (County of); Series 2007, Hospital RB

     5.63     05/01/38         1,700         1,755,624   

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

     5.50     02/01/35         625         636,900   

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

     5.75     05/15/26         2,500         2,678,025   

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

          

Series 2011 A, Ref. RB

     5.50     09/01/27         1,100         1,346,499   

Series 2011 A, Ref. RB

     5.50     09/01/28         2,290         2,789,770   

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

     5.50     09/01/18         865         907,904   

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

     5.38     02/01/35         1,200         1,305,408   

Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2012, RB

     4.00     11/15/42         1,655         1,721,928   

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         918,261   

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         1,336,587   

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         1,041,778   

Series 2007 A, Senior Living Facilities RB

     6.38     12/01/41         2,335         2,473,769   
          

 

 

 
     19,157,862   
          

 

 

 

Nebraska–0.33%

          

Omaha (City of) Public Power District; Series 2006 A, Electric System RB (d)(i)

     5.00     02/01/14         2,615         2,758,459   
          

 

 

 

Nevada–2.30%

          

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

          

Series 2003 D, IDR (INS-NATL) (a)(c)

     5.25     03/01/38         3,500         3,632,335   

Series 2004 A, IDR (INS-AMBAC) (a)(c)

     5.25     07/01/34         3,000         3,077,880   

Nevada (State of);

          

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

     5.00     06/01/22         4,300         5,110,163   

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

     5.00     06/01/23         3,300         3,912,150   

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

     5.25     06/01/37         3,460         3,682,789   
          

 

 

 
     19,415,317   
          

 

 

 

New Hampshire–0.09%

          

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

     6.30     05/01/22         750         752,378   
          

 

 

 

New Jersey–4.23%

          

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         2,817,911   

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

     5.90     03/15/21         25,000         30,411,000   

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

     5.75     06/15/17         2,095         2,524,894   
          

 

 

 
     35,753,805   
          

 

 

 

New Mexico–0.86%

          

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

     5.90     06/01/40         3,125         3,523,844   

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

     5.50     09/01/23         1,250         1,292,375   

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

     6.38     08/01/32         2,050         2,494,625   
          

 

 

 
     7,310,844   
          

 

 

 

 

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–14.61%

             

Brooklyn Arena Local Development Corp. (Barclays Center);

             

Series 2009, PILOT RB

     6.25     07/15/40       $ 2,070       $           2,433,264   

Series 2009, PILOT RB

     6.38     07/15/43         860            1,016,468   

Metropolitan Transportation Authority;

             

Series 2009 B, Dedicated Tax Fund RB

     5.25     11/15/28         4,000            4,868,640   

Series 2010 D, RB

     5.25     11/15/26         7,500            9,075,675   

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

             

Series 1997, Special Obligation RB (INS-NATL) (a)(c)

     5.75     12/01/22         3,000            3,001,380   

Series 1997 6, Special Obligation RB (INS-NATL) (a)(c)

     5.75     12/01/25         3,000            3,001,080   

Series 2010 8, Special Obligation RB

     6.00     12/01/36         3,000            3,588,930   

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

     5.00     10/01/35         12,100            13,878,700   

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

     5.00     06/15/22         8,450            10,161,632   

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

     5.40     01/01/18         12,930            14,595,384   

New York (City of) Transitional Finance Authority;

             

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

     5.25     01/15/39         5,300            6,088,746   

Subseries 2012 E-1, Future Tax Sec. RB

     5.00     02/01/42         7,000            8,321,670   

Subseries 2012 F-1, Future Tax Sec. RB

     5.00     05/01/39         2,900            3,466,080   

New York (City of);

             

Series 2012 F, Ref. Unlimited Tax GO Bonds

     5.00     08/01/31         1,800            2,185,560   

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

     5.00     02/01/26         7,225            8,527,451   

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

     5.00     03/15/30         3,390            4,118,613   

New York (State of) Dormitory Authority (Maimonides Medical Center); Series 2004, Mortgage Hospital RB (INS-NATL) (a)

     5.00     08/01/33         2,500            2,661,150   

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

     5.00     10/01/24         3,000            3,550,200   

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

             

Series 2009 A, Personal Income Tax RB (b)

     5.00     03/15/26         2,800            3,413,480   

Series 2009 A, Personal Income Tax RB (b)

     5.00     03/15/27         3,100            3,766,686   

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

     5.00     04/01/29         5,670            6,837,056   

New York (State of) Urban Development Corp. (Rensselaer Polytechnic Institute—Center for Industrial Innovation); Series 1995, Ref. RB

     5.50     01/01/13         405            406,835   

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

     5.35     11/01/37         2,400            2,570,184   

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

     6.00     04/01/14         1,875            1,962,319   
             

 

 

 
     123,497,183   
             

 

 

 

North Carolina–1.02%

             

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

     5.00     01/01/26         6,510            7,556,938   

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

     5.75     10/01/37         1,050            1,064,480   
             

 

 

 
     8,621,418   
             

 

 

 

North Dakota–0.32%

             

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

     5.15     07/01/40         1,000            1,121,450   

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

     5.13     07/01/29         1,500            1,554,030   
             

 

 

 
     2,675,480   
             

 

 

 

Ohio–8.93%

             

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

     5.00     02/15/37         3,610            4,135,399   

Cleveland State University; Series 2012, RB

     5.00     06/01/37         1,000            1,146,150   

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

     5.75     05/15/27         450            469,805   

Franklin (County of) (Ohio Health Corp.); Series 2011 A, Hospital Facilities RB (b)

     5.00     11/15/36         3,685            4,196,478   

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

     6.25     12/01/34         1,200            1,452,180   

 

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
 

Ohio–(continued)

             

Lorain (County of) (Catholic Healthcare Partners);

             

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

     5.00     04/01/24       $ 4,800       $           5,438,592   

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

     5.00     02/01/24         4,500            5,100,435   

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

     5.00     02/01/24         4,525            5,129,042   

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

     6.50     11/15/37         3,500            4,489,310   

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

     5.00     10/01/41         1,625            1,762,930   

Montgomery (County of) (Miami Valley Hospital);

             

Series 2009 A, RB (d)(i)

     6.00     11/15/14         2,370            2,562,634   

Series 2009 A, RB (d)(i)

     6.25     11/15/14         1,465            1,595,458   

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

     5.00     01/01/27         4,000            4,577,040   

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

     4.80     09/01/36         8,000            8,447,440   

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);

             

Series 2006, Ref. PCR (d)(e)

     2.25     06/03/13         5,000            5,025,750   

Series 2009 C, Ref. PCR

     5.63     06/01/18         4,300            5,024,163   

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

     2.88     08/01/14         2,000            2,041,380   

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

     5.75     11/15/35         2,390            2,783,752   

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            3,399,450   

Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program);

             

Series 2008 D, Residential Mortgage RB (CEP-GNMA) (b)(c)

     5.30     09/01/28         472            490,272   

Series 2008 D, Residential Mortgage RB (CEP-GNMA) (b)(c)

     5.40     03/01/33         832            865,987   

Series 2008 F, Residential Mortgage RB (CEP-GNMA) (b)

     5.50     09/01/39         1,206            1,246,835   

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

     5.88     06/01/16         3,610            4,082,513   
             

 

 

 
     75,462,995   
             

 

 

 

Pennsylvania–1.93%

             

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

     5.50     03/01/28         1,500            1,772,865   

Delaware River Port Authority;

             

Series 2010 D, RB

     5.00     01/01/35         1,450            1,672,343   

Series 2010 D, RB

     5.00     01/01/40         1,500            1,715,400   

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

     5.38     07/01/42         2,900            3,246,115   

Pennsylvania (State of) Turnpike Commission;

             

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

     5.00     06/01/39         1,825            2,046,628   

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

     0.00     12/01/28         3,450            3,491,193   

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

     0.00     12/01/34         2,100            2,094,246   

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

     6.00     12/01/13         305            313,235   
             

 

 

 
     16,352,025   
             

 

 

 

Puerto Rico–2.87%

             

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;

             

Series 2012 A, Sr. Lien RB

     5.00     07/01/33         2,700            2,727,540   

Series 2012 A, Sr. Lien RB

     6.00     07/01/47         1,490            1,624,234   

Puerto Rico (Commonwealth of) Electric Power Authority;

             

Series 2010 CCC, RB

     5.25     07/01/27         3,200            3,421,600   

Series 2010 XX, RB

     5.25     07/01/40         3,050            3,158,824   

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

     5.25     07/01/14         50            53,801   

Puerto Rico Sales Tax Financing Corp.;

             

First Subseries 2010 A, RB

     5.38     08/01/39         3,100            3,366,259   

First Subseries 2010 A, RB

     5.50     08/01/42         3,500            3,798,130   

First Subseries 2010 C, RB

     5.25     08/01/41         5,700            6,133,143   
             

 

 

 
     24,283,531   
             

 

 

 

 

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
 

South Carolina–4.41%

          

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

     5.25     02/01/16       $ 2,020       $ 2,194,165   

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

          

Series 2005, Installment Purchase RB (b)

     5.25     12/01/25         3,375         3,770,483   

Series 2005, Installment Purchase RB (b)

     5.25     12/01/26         10,125         11,313,371   

Myrtle Beach (City of);

          

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

     5.38     06/01/21         1,840         1,964,807   

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

     5.38     06/01/22         1,935         2,063,852   

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

     5.50     02/01/38         1,000         1,124,520   

South Carolina (State of) Jobs-Economic Development Authority (Electric & Gas Co.); Series 2002 A, IDR (INS-AMBAC) (a)

     5.20     11/01/27         4,500         4,515,975   

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities RB

     6.25     08/01/31         3,000         3,116,550   

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

          

Series 2012, Ref. RB

     6.00     11/15/32         535         412,327   

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

     0.00     11/15/47         229         1,150   

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         1,411,382   

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

     5.00     01/01/33         4,500         5,353,335   
          

 

 

 
             37,241,917   
          

 

 

 

South Dakota–0.01%

          

South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program); Series 1998 A, RB (INS-AMBAC) (a)

     5.40     08/01/13         75         75,532   
          

 

 

 

Tennessee–1.59%

          

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         4,472,221   

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         3,891,609   

Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare); Series 2004 B, RB (INS-AGM) (a)(b)

     5.25     09/01/27         4,550         5,110,924   
          

 

 

 
             13,474,754   
          

 

 

 

Texas–17.61%

          

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

     4.85     04/01/21         2,375         2,562,625   

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

          

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

     5.00     08/15/18         1,875         2,212,781   

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

     5.00     08/15/19         2,200         2,639,846   

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

     6.75     04/01/16         815         828,700   

Dallas Area Rapid Transit; Series 2012, Ref. Sr. Lien Sales Tax RB

     5.00     12/01/42         1,500         1,807,230   

Dallas-Fort Worth (Cities of) International Airport;

          

Series 2012 C, Ref. & Improvement Joint RB

     5.00     11/01/45         3,525         4,050,754   

Series 2012 G, Ref. RB

     5.00     11/01/34         1,500         1,740,420   

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

     5.00     08/15/37         7,960         8,983,736   

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

     5.00     08/15/32         1,000         1,194,710   

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

     7.25     12/01/35         1,200         1,523,940   

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

     5.00     02/01/23         1,550         1,765,373   

Houston (City of);

          

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

     5.00     11/15/36         12,800         14,860,672   

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

     5.00     11/15/31         1,215         1,488,569   

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

     5.00     11/15/33         3,120         3,785,777   

Series 2012, Ref. Floating Rate First Lien Combined Utility System RB (e)(i)

     0.91     06/01/17         2,400         2,400,000   

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

     5.00     02/01/37         5,025         5,657,396   

 

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)

             

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

     5.00     05/15/41       $ 2,100       $           2,427,810   

Lower Colorado River Authority;

             

Series 2010 A, Ref. RB

     5.00     05/15/40         2,425            2,787,998   

Series 2012 A, Ref. RB

     5.00     05/15/36         2,200            2,572,812   

Series 2012 B, Ref. RB

     5.00     05/15/32         2,335            2,770,968   

Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, RB

     5.50     02/15/32         1,650            1,746,855   

Mission Economic Development Corp. (Waste Management, Inc.); Series 2008, Solid Waste Disposal RB (c)(d)(e)

     6.00     08/01/13         1,500            1,555,755   

North Texas Tollway Authority;

             

Series 2008 B, Ref. First Tier System RB

     5.63     01/01/28         1,000            1,182,690   

Series 2008 B, Ref. First Tier System RB

     6.00     01/01/26         1,000            1,201,890   

Series 2008 B, Ref. First Tier System RB

     6.00     01/01/27         1,420            1,706,684   

Series 2008 F, Ref. Second Tier System RB

     5.75     01/01/33         4,300            4,883,123   

Series 2008 L-2, Ref. First Tier System RB (d)(e)(i)

     6.00     01/01/13         2,250            2,261,228   

Series 2011 A, Special Projects System RB (b)

     5.50     09/01/36         4,365            5,351,970   

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

     5.00     10/01/35         1,250            1,487,250   

Tarrant (County of) Regional Water District;

             

Series 2012, Ref. & Improvement RB

     5.00     03/01/37         5,000            5,987,850   

Series 2012, Ref. & Improvement RB

     5.00     03/01/42         6,050            7,217,831   

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

             

Series 2007, Retirement Facility RB

     5.63     11/15/27         1,000            1,059,360   

Series 2007, Retirement Facility RB

     5.75     11/15/37         825            865,128   

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

     5.25     11/15/37         7,000            7,346,570   

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

     5.75     02/15/25         650            662,656   

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

     6.25     07/01/28         4,900            5,976,138   

Texas (State of) Transportation Commission;

             

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

     5.00     04/01/28         8,700            10,228,851   

Series 2012 A, Ref. First Tier Turnpike System RB

     5.00     08/15/41         1,000            1,135,290   

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

     0.00     08/15/29         5,000            1,889,300   

Texas (State of) Water Development Board; Series 1999 B, Sr. Lien State Revolving Fund RB

     5.25     07/15/17         1,500            1,506,300   

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

     5.00     05/15/28         4,000            4,791,920   

Texas Municipal Gas Acquisition & Supply Corp.;

             

Series 2012, Gas Supply RB

     5.00     12/15/29         2,650            2,963,839   

Series 2012, Gas Supply RB

     5.00     12/15/30         1,410            1,573,208   

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            2,472,620   

Texas Public Property Finance Corp. (Mental Health & Retardation); Series 1993, Ref. RB (INS-AGM) (a)

     5.50     09/01/13         110            111,247   

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            3,546,420   
             

 

 

 
                148,774,090   
             

 

 

 

Utah–0.59%

             

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

     5.80     06/15/38         1,100            1,143,230   

Utah (State of) Transit Authority; Series 2012, Ref. Sales Tax RB

     5.00     06/15/42         3,000            3,493,260   

Utah Housing Corp.; Series 2007 E-1-CL I, Single Family Mortgage RB (c)

     5.25     01/01/39         365            372,800   
             

 

 

 
     5,009,290   
             

 

 

 

 

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  

Virgin Islands–0.52%

          

Virgin Islands (Government of) Public Finance Authority (Gross Receipts Taxes Loan Note); Series 1999 A, RB

     6.38     10/01/19       $ 1,235       $ 1,239,582   

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

     5.00     10/01/25         2,775         3,117,629   
          

 

 

 
     4,357,211   
          

 

 

 

Virginia–0.55%

          

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

     5.50     06/01/26         715         771,971   

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

     5.50     01/01/42         2,060         2,328,480   

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

     5.30     03/01/17         1,395         1,508,818   
          

 

 

 
     4,609,269   
          

 

 

 

Washington–4.65%

          

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

          

Series 2011 A, Ref. Consolidated RB (c)

     5.50     07/01/25         1,080         1,332,698   

Series 2011 A, Ref. Consolidated RB (c)

     5.50     07/01/26         1,175         1,442,277   

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

     5.00     12/01/33         1,000         1,061,590   

Kalispel Tribe of Indians; Series 2008, RB

     6.63     01/01/28         1,950         1,948,928   

Seattle (Port of);

          

Series 2012 A, Ref. Intermediate Lien RB

     5.00     08/01/30         1,455         1,770,560   

Series 2012 A, Ref. Intermediate Lien RB

     5.00     08/01/33         1,500         1,802,430   

Spokane (City of) Public Facilities District; Series 2003, Hotel, Motel & Sales Use Tax RB (INS-NATL) (a)

     5.25     09/01/33         3,000         3,118,620   

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

          

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

     5.00     06/01/32         2,000         2,443,380   

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

     5.00     06/01/41         13,370         15,775,798   

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

     5.00     02/01/41         3,495         3,958,717   

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

     6.25     05/05/21         1,525         2,133,567   

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

     6.00     01/01/27         2,325         2,523,625   
          

 

 

 
     39,312,190   
          

 

 

 

West Virginia–1.03%

          

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

     5.63     06/01/22         250         263,638   

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

     5.25     10/15/37         1,290         1,378,687   

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

          

Series 2008, RB

     6.00     10/01/20         1,500         1,619,040   

Series 2008, RB

     6.25     10/01/23         1,695         1,825,820   

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         1,849,039   

Series 2009 C, Ref. & Improvement RB

     5.50     06/01/39         1,535         1,728,794   
          

 

 

 
     8,665,018   
          

 

 

 

Wisconsin–1.76%

          

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

     5.50     12/15/20         2,000         2,626,740   

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

          

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

     5.38     11/01/21         700         775,831   

Series 2007 B, Collateralized Utility RB (c)

     5.75     11/01/37         625         672,519   

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

     5.13     08/15/16         1,400         1,561,056   

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

     6.63     02/15/39         1,825         2,188,521   

 

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
 

Wisconsin–(continued)

          

Wisconsin (State of) Housing & Economic Development Authority;

          

Series 2008 A, Home Ownership RB (b)(c)

     5.30     09/01/23       $ 4,100       $ 4,495,240   

Series 2008 A, Home Ownership RB (b)(c)

     5.50     09/01/28         600         649,494   

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

     5.38     05/01/25         1,545         1,902,096   
          

 

 

 
             14,871,497   
          

 

 

 

Wyoming–0.51%

          

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

     5.60     12/01/35         2,000         2,134,620   

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

     5.25     07/15/26         1,850         2,145,667   
          

 

 

 
             4,280,287   
          

 

 

 

TOTAL INVESTMENTS(l) –159.53% (Cost $1,207,085,089)

             1,347,953,160   
          

 

 

 

FLOATING RATE NOTE OBLIGATIONS–(26.82)%

          

Notes with interest rates ranging from 0.15% to 0.32% at 11/30/2012 and contractual maturities of collateral ranging from 06/01/2022 to 12/15/2041 (See Note 1D)(m)

             (226,610,000
          

 

 

 

VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.35)%

             (273,300,000
          

 

 

 

OTHER ASSETS LESS LIABILITIES–(0.36)%

             (3,070,946
          

 

 

 

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

           $ 844,972,214   
          

 

 

 

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 Revenue Bonds
INS      Insurer
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)

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

(b)

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

(c)

Security subject to the alternative minimum tax.

(d)

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

(e)

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2012.

(f)

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, 2012.

(g)

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

(h)

Zero coupon bond issued at a discount.

(i)

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

 

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

Invesco Trust for Investment Grade Municipals


 

(j)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. 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, 2012 was $6,202,930, 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, 2012 was $989,697, which represented less than 1% of the Trust’s Net Assets.

(l)

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 Municipal Corp.

     7.5

National Public Finance Guarantee Corp.

     6.8   

Assured Guaranty Corp.

     6.7   

 

(m)

Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2012. At November 30, 2012, the Trust’s investments with a value of $425,158,646 are held by Dealer Trusts and serve as collateral for the $226,610,000 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, 2012

(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, yield (for debt obligations), quality, coupon rate (for debt obligations), maturity (for debt obligations), type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. 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 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.

 

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.

 

Invesco Trust for Investment Grade Municipals


D. Floating Rate Note Obligations-(continued)

 

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, 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.

The following is a summary of the tiered valuation input levels, as of November 30, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1      Level 2      Level 3      Total  

Municipal Obligations

   $ —         $ 1,347,953,160       $ —         $ 1,347,953,160   
  

 

 

    

 

 

    

 

 

    

 

 

 

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, 2012 was $95,883,452 and $75,530,822, 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

   $ 142,818,888   
  

 

 

 

Aggregate unrealized (depreciation) of investment securities

     (3,328,653
  

 

 

 

Net unrealized appreciation of investment securities

   $ 139,490,235   
  

 

 

 

Cost of investments for tax purposes is $1,208,462,925.

  

 

Invesco Trust for Investment Grade Municipals


Item 2.  Controls and Procedures.

 

  (a) As of November 19, 2012, 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, 2012, 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.

 

 

 

2411146

012213 (1) BO


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, 2013

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, 2013

 

By:   /s/ Sheri Morris
  Sheri Morris
  Principal Financial Officer
Date:       January 29, 2013

 

2287071

011713 (1) BO


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.