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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., Suite 1800    Atlanta, Georgia 30309

 

(Address of principal executive offices)  (Zip code)

Sheri Morris    1555 Peachtree Street, N.E., Suite 1800    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:      11/30/17                     


Item 1. Schedule of Investments.


 

Invesco Trust for Investment Grade Municipals

Quarterly Schedule of Portfolio Holdings

November 30, 2017

 

 

        

 

        

 

 

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  invesco.com/us           VK-CE-IGMUNI-QTR-1    11/17     Invesco Advisers, Inc.


Schedule of Investments

November 30, 2017

(Unaudited)

 

      Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
    
Value
 

Municipal Obligations–166.54%(a)

           

Alabama–4.19%

           

Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB

     5.00%        11/15/2046      $ 4,875      $ 5,554,769  

Alabaster (City of) Board of Education;
Series 2014 A, Limited Special Tax GO Wts.(INS-AGM) (b)

     5.00%        09/01/2039        1,275        1,464,758  

Series 2014 A, Limited Special Tax GO Wts.(INS-AGM) (b)

     5.00%        09/01/2044        1,275        1,460,512  

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

     5.00%        06/01/2039        3,225        3,227,548  

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

     5.25%        07/01/2030        2,500        2,707,475  

Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB

     5.75%        06/01/2045        755        833,890  

Birmingham (City of) Water Works Board;
Series 2015 A, Ref. Water RB(c)

     5.00%        01/01/2042        4,995        5,664,929  

Series 2016 B, Ref. Sub. Water RB

     5.00%        01/01/2043        1,260        1,450,235  

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

     5.50%        01/01/2043        2,525        2,148,447  

Lower Alabama Gas District (The); Series 2016 A, Gas Project RB(c)

     5.00%        09/01/2046        2,700        3,328,776  

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

     6.25%        11/01/2033        3,395        3,685,782  
                                  31,527,121  

Alaska–0.70%

           

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

     5.50%        10/01/2041        4,755        5,246,382  

Arizona–3.76%

           

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB

     5.00%        12/01/2042        2,210        2,519,798  

Arizona (State of) Transportation Board;
Series 2008 B, Highway RB(d)(e)

     5.00%        07/01/2018        2,560        2,614,963  

Series 2008 B, Highway RB(c)(d)(e)

     5.00%        07/01/2018        3,835        3,917,337  

Glendale (City of) Industrial Development Authority (Midwestern University);
Series 2010, RB

     5.00%        05/15/2035        750        799,575  

Series 2010, RB

     5.13%        05/15/2040        1,500        1,600,260  

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

     5.25%        01/01/2032        1,775        1,780,094  

Phoenix (City of) Industrial Development Authority (Career Success Schools);
Series 2009, Education RB

     7.00%        01/01/2039        970        994,483  

Series 2009, Education RB

     7.13%        01/01/2045        925        949,670  

Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, Education Facility RB(f)

     6.50%        07/01/2034        510        579,900  

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

     5.00%        06/01/2042        3,175        3,466,497  

Phoenix Civic Improvement Corp.;
Series 2017 A, Sr. Lien Airport RB(c)(g)

     5.00%        07/01/2042        1,585        1,827,125  

Series 2017 A, Sr. Lien Airport RB(c)(g)

     5.00%        07/01/2047        2,535        2,915,478  

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

     5.00%        01/01/2019        3,145        3,261,554  

Yuma (City of) Industrial Development Authority (Regional Medical Center); Series 2014 A, Hospital RB

     5.00%        08/01/2029        1,000        1,126,480  
                                  28,353,214  

California–17.15%

           

Alameda (County of) Corridor Transportation Authority; Series 2016 B, Ref. Second Sub. Lien RB

     5.00%        10/01/2037        2,300        2,616,020  

Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB(c)(d)(e)

     5.00%        04/01/2018        6,000        6,075,000  

Series 2017, Ref. Sub. Toll Bridge RB

     4.00%        04/01/2037        2,200        2,361,040  

Series 2017 F-1, Toll Bridge RB(c)

     5.00%        04/01/2056        2,550        2,928,522  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

California–(continued)

           

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

   0.00%      08/01/2028      $ 1,250      $ 932,338  

California (County of) Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, Tobacco Settlement Sub. CAB RB(h)

   0.00%      06/01/2055        11,260        482,716  

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

   6.00%      07/01/2019        1,500        1,604,895  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB

   5.00%      11/15/2056        1,770        2,034,686  

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

   5.50%      08/15/2026        1,000        1,108,930  

California (State of) Pollution Control Finance Authority;
Series 2012, Water Furnishing RB(f)(g)

   5.00%      07/01/2027        1,415        1,574,782  

Series 2012, Water Furnishing RB(f)(g)

   5.00%      07/01/2030        1,650        1,818,234  

Series 2012, Water Furnishing RB(f)(g)

   5.00%      07/01/2037        3,610        3,921,254  

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

   5.00%      04/01/2019        2,000        2,090,920  

California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB

   5.25%      12/01/2044        875        958,440  

Series 2016 A, RB(f)

   5.00%      12/01/2041        1,380        1,499,232  

California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds

   5.75%      04/01/2031        1,800        1,903,374  

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds(d)(e)

   5.25%      07/01/2019        1,845        1,954,058  

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds(d)(e)

   5.25%      07/01/2019        1,055        1,117,361  

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.00%      04/01/2042        2,790        3,119,080  

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.25%      04/01/2035        3,800        4,329,454  

Series 2013, Ref. Various Purpose Unlimited Tax GO Bonds

   5.25%      09/01/2030        2,500        2,938,575  

Series 2013, Various Purpose Unlimited Tax GO Bonds

   5.00%      04/01/2037        1,850        2,098,936  

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%      12/15/2047        550        550,809  

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

   5.00%      06/01/2020        5,580        6,058,764  

Foothill-Eastern Transportation Corridor Agency;
Series 1995 A, Sr. Lien Toll Road CAB RB(d)(h)

   0.00%      01/01/2023        10,750        9,785,940  

Series 2015, Ref. CAB Toll Road RB(INS-AGM) (b)(h)

   0.00%      01/15/2034        4,225        2,278,162  

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   5.00%      06/01/2033        5,570        5,569,889  

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   5.13%      06/01/2047        2,855        2,855,000  

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

   5.00%      06/01/2030        1,400        1,610,336  

Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB

   5.00%      06/01/2040        5,000        5,738,750  

Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB(c)

   5.00%      05/15/2035        1,000        1,076,270  

Series 2010 B, Sub. RB

   5.00%      05/15/2040        2,000        2,149,040  

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

   5.00%      07/01/2022        1,800        1,898,550  

M-S-R Energy Authority; Series 2009 B, Gas RB

   6.13%      11/01/2029        1,000        1,263,860  

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

   5.50%      03/01/2018        50        50,360  

Palomar Pomerado Health; Series 2009, COP(d)(e)

   6.75%      11/01/2019        1,700        1,867,246  

Poway Unified School District (Election of 2008 - School Facilities Improvement District No. 2007-1); Series 2011 B, Unlimited Tax CAB GO Bonds(h)

   0.00%      08/01/2046        5,065        1,590,967  

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

   5.00%      07/01/2040        3,415        3,656,611  

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB

   7.50%      12/01/2041        1,000        1,165,640  

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

   5.00%      08/01/2021        6,210        6,966,626  

San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2011 F, Ref. Second Series RB(g)

   5.00%      05/01/2025        1,165        1,279,170  

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

   5.00%      05/01/2026        2,335        2,560,608  

Series 2016 B, Second Series RB(g)

   5.00%      05/01/2041        5,000        5,758,250  

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

   5.00%      11/01/2036        5,070        5,671,403  

 

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)

           

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

   5.50%      09/01/2032      $ 710      $ 784,252  

Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB Turbo RB(h)

   0.00%      06/01/2041        3,560        883,734  

Southern California Metropolitan Water District; Series 2009 A, RB

   5.00%      01/01/2034        2,500        2,592,925  

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

   5.25%      07/01/2029        1,440        1,613,376  

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

   5.13%      08/01/2019        680        709,553  

Series 2009 A, Electric System RB

   5.13%      08/01/2021        1,595        1,684,192  
                              129,138,130  

Colorado–3.38%

           

Colorado (State of) Board of Governors;
Series 2012 A, University Enterprise System RB(c)(d)(e)

   5.00%      03/01/2022        3,000        3,402,090  

Series 2012 A, University Enterprise System RB(c)(d)(e)

   5.00%      03/01/2022        2,650        3,005,180  

Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB(c)(d)(e)

   5.00%      05/01/2018        7,300        7,410,449  

Colorado (State of) Health Facilities Authority (The Evangelical Lutheran Good Samaritan Society); Series 2017, Ref. Hospital RB

   5.00%      06/01/2042        600        667,026  

Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, Health & Residential Care Facilities RB

   5.25%      07/01/2027        670        670,174  

Series 2007 A, Health & Residential Care Facilities RB

   5.30%      07/01/2037        505        505,015  

Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); Series 2017, RB

   5.00%      12/31/2051        1,035        1,129,496  

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB

   6.00%      01/15/2034        1,700        1,866,362  

Series 2010, Private Activity RB

   6.50%      01/15/2030        2,100        2,347,422  

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

   5.00%      11/15/2037        1,750        1,984,622  

Series 2016 A, Ref. Dedicated Tax and Improvement RB

   5.00%      08/01/2044        1,240        1,426,806  

Prairie Center Metropolitan District No. 3; Series 2017 A, Ref. Limited Property Tax Supported RB(f)

   5.00%      12/15/2041        985        1,010,876  
                              25,425,518  

Connecticut–0.74%

           

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

   6.60%      07/01/2024        3,580        3,589,057  

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

   5.50%      04/01/2021        1,800        1,987,560  
                              5,576,617  

District of Columbia–4.53%

           

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

   5.00%      10/01/2045        2,245        2,256,315  

District of Columbia (Sibley Memorial Hospital);
Series 2009, Hospital RB(d)(e)

   6.38%      10/01/2019        3,650        3,960,067  

Series 2009, Hospital RB(d)(e)

   6.50%      10/01/2019        1,100        1,195,909  

District of Columbia Water & Sewer Authority;
Series 2008 A, Ref. Public Utility Sub. Lien RB(c)(d)(e)

   5.00%      10/01/2018        2,350        2,420,876  

Series 2008 A, Ref. Public Utility Sub. Lien RB(c)(d)(e)

   5.00%      10/01/2018        1,150        1,184,684  

Series 2013 A, Sub. Lien Public Utility RB(c)

   5.00%      10/01/2044        3,080        3,447,013  

District of Columbia;
Series 2014 C, Unlimited Tax GO Bonds(c)

   5.00%      06/01/2034        3,525        4,068,308  

Series 2014 C, Unlimited Tax GO Bonds(c)

   5.00%      06/01/2035        7,050        8,122,869  

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2014 A, Ref. Sr. Lien Dulles Toll Road RB

   5.00%      10/01/2053        6,975        7,483,896  
                              34,139,937  

Florida–8.88%

           

Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR

   5.88%      11/15/2036        1,000        1,001,640  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

Florida–(continued)

           

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

   8.13%      11/15/2041      $ 1,000      $ 1,138,640  

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

   5.25%      10/01/2038        2,380        2,747,996  

Series 2015 A, Airport System RB(g)

   5.00%      10/01/2045        2,250        2,553,278  

Collier (County of) Industrial Development Authority (The Arlington of Naples);
Series 2014 A, Continuing Care Community RB(f)

   7.75%      05/15/2035        1,340        1,478,074  

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

   6.00%      04/01/2042        1,450        1,654,885  

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

   5.95%      07/01/2020        50        55,371  

Florida (State of) North Broward Hospital District; Series 2017 B, Ref.

   5.00%      01/01/2048        3,425        3,673,792  

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

   5.13%      06/01/2027        2,475        2,737,226  

Gramercy Farms Community Development District; Series 2011, Ref. Special Assessment Conv. CAB RB(i)

   6.75%      05/01/2039        2,145        1,244,100  

Hillsborough (County of) Aviation Authority;
Series 2008 A, RB(INS-AGC) (b)(c)(g)

   5.38%      10/01/2033        1,450        1,489,556  

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

   5.50%      10/01/2038        3,260        3,350,628  

JEA; Series 2012 Three B, Electric System RB(c)

   5.00%      10/01/2039        4,600        5,041,508  

Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center); Series 2014, Ref. RB

   5.00%      11/15/2044        955        1,028,611  

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

   5.00%      07/01/2040        4,250        4,539,637  

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

   6.13%      08/01/2020        715        795,488  

Series 2010, Ref. Hospital RB

   6.13%      08/01/2042        255        279,778  

Miami-Dade (County of);
Series 2012 A, Ref. Aviation RB(g)

   5.00%      10/01/2028        1,000        1,120,670  

Series 2012 B, Ref. Sub. Special Obligation RB

   5.00%      10/01/2032        1,180        1,322,957  

Series 2016 A, Ref. Aviation RB

   5.00%      10/01/2041        2,855        3,299,523  

Series 2017 B, Ref. Aviation RB(g)

   5.00%      10/01/2040        3,810        4,380,624  

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

   7.00%      10/01/2025        855        861,096  

Orlando (City of) Greater Orlando Aviation Authority; Series 2017 A, Priority Sub. Airport Facilities RB(c)(g)

   5.00%      10/01/2047        3,430        3,949,954  

Overoaks Community Development District;
Series 2004 A, Capital Improvement Special Assessment RB(j)

   6.13%      05/01/2035        190        16,150  

Series 2010 A-2, Capital Improvement RB

   6.13%      05/01/2035        175        175,235  

Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB(INS-BHAC) (b)(c)

   5.50%      10/01/2023        4,000        4,279,400  

Series 2011, Ref. RB(c)

   5.00%      10/01/2031        3,860        4,291,818  

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

   5.35%      05/01/2018        4,675        4,745,779  

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

   5.80%      05/01/2036        348        3  

Series 2015-2, Special Assessment RB

   6.60%      05/01/2036        440        451,871  

St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2014 A, Ref. Health Care RB(j)

   5.38%      01/01/2049        1,875        1,263,488  

Series 2014 B, Ref. Sub. Health Care RB(j)

   2.50%      01/01/2049        694        7  

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

   6.20%      05/01/2035        1,149        804,447  

Sumter (County of) Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, Hospital RB

   5.25%      07/01/2044        1,000        1,100,940  
                              66,874,170  

Georgia–3.56%

           

Atlanta (City of) (Beltline);
Series 2009 B, Tax Allocation RB(d)(e)

   6.75%      01/01/2019        440        456,526  

Series 2009 B, Tax Allocation RB(d)(e)

   6.75%      01/01/2019        240        249,048  

Series 2009 B, Tax Allocation RB(d)(e)

   7.38%      01/01/2019        310        329,136  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

Georgia–(continued)

           

Atlanta (City of);
Series 2009 A, Water & Wastewater RB(d)(e)

   6.00%      11/01/2019      $ 1,850      $ 2,003,088  

Series 2009 A, Water & Wastewater RB(d)(e)

   6.00%      11/01/2019        2,000        2,165,500  

Series 2009 A, Water & Wastewater RB(d)(e)

   6.00%      11/01/2019        1,850        2,003,088  

Series 2015, Ref. Water & Wastewater RB(c)

   5.00%      11/01/2040        12,580        14,538,077  

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

   6.00%      09/01/2030        2,500        2,730,350  

Fulton (County of) Development Authority (Wellstar Health System, Inc.); Series 2017, Anticipation Ctfs. Hospital RB

   5.00%      04/01/2042        1,000        1,138,900  

Georgia (State of) Municipal Electric Authority; Series 1997 A, Power RB (INS-NATL)(b)

   6.50%      01/01/2020        1,150        1,200,945  
                              26,814,658  

Hawaii–1.21%

           

Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group);
Series 2010 B, Special Purpose RB

   5.75%      07/01/2040        1,480        1,602,515  

Series 2013 A, Ref. Special Purpose RB

   5.50%      07/01/2043        2,000        2,255,440  

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

   5.00%      07/01/2039        3,075        3,297,353  

Series 2015 A, Airport System RB(g)

   5.00%      07/01/2045        1,740        1,962,894  
                              9,118,202  

Idaho–0.70%

           

Idaho (State of) Health Facilities Authority (St. Luke’s Health System);
Series 2008 A, RB

   6.50%      11/01/2023        1,000        1,045,330  

Series 2008 A, RB

   6.75%      11/01/2037        1,500        1,566,765  

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB

   5.25%      11/15/2047        885        911,240  

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

   5.25%      04/01/2021        1,580        1,735,251  
                              5,258,586  

Illinois–16.69%

           

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

   5.60%      01/01/2023        1,910        1,911,089  

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

   5.50%      01/01/2032        2,770        3,135,474  

Series 2014 A, Ref. Second Lien RB(g)

   5.00%      01/01/2041        1,275        1,411,897  

Chicago (City of) (O’Hare International Airport);
Series 2015 C, RB(g)

   5.00%      01/01/2046        865        955,937  

Series 2015 D, RB

   5.00%      01/01/2046        605        676,693  

Series 2016 C, Ref. Sr. Lien General Airport RB

   5.00%      01/01/2037        1,720        1,957,102  

Series 2017 D, Sr. Lien General Airport RB

   5.25%      01/01/2042        1,385        1,638,178  

Chicago (City of) Board of Education; Series 2017 H, Dedicated Unlimited Tax GO Bonds

   5.00%      12/01/2046        1,975        2,017,068  

Chicago (City of) Metropolitan Water Reclamation District (Green Bonds); Series 2016 E, Unlimited Tax GO Bonds

   5.00%      12/01/2045        1,785        2,001,717  

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

   5.25%      12/01/2036        5,760        6,203,635  

Series 2014, Sales Tax Receipts RB

   5.00%      12/01/2044        3,835        4,189,009  

Chicago (City of);
Series 2002 B, Unlimited Tax GO Bonds

   5.50%      01/01/2037        1,075        1,162,473  

Series 2005 D, Ref. Unlimited Tax GO Bonds

   5.50%      01/01/2040        435        469,287  

Series 2007 E, Ref. Unlimited Tax GO Bonds

   5.50%      01/01/2042        350        377,143  

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

   5.25%      01/01/2025        3,500        3,510,045  

Series 2011, Tax Increment Allocation Revenue COP

   7.13%      05/01/2021        1,010        1,026,322  

Series 2011, Tax Increment Allocation Revenue COP

   7.13%      05/01/2021        525        533,484  

Series 2011 A, Sales Tax RB

   5.25%      01/01/2038        2,910        3,093,796  

Series 2012, Second Lien Wastewater Transmission RB

   5.00%      01/01/2042        2,745        2,880,877  

Series 2012 A, Unlimited Tax GO Bonds(INS-BAM) (b)

   5.00%      01/01/2033        2,025        2,146,075  

Series 2014, Ref. Motor Fuel Tax RB(INS-AGM) (b)

   5.00%      01/01/2032        1,200        1,299,264  

Series 2014, Second Lien Waterworks RB

   5.00%      11/01/2044        895        973,286  

Series 2015 A, Unlimited Tax GO Bonds

   5.50%      01/01/2033        3,475        3,773,259  

Series 2017 A, Ref. Unlimited Tax GO Bonds

   6.00%      01/01/2038        2,075        2,383,054  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

Illinois–(continued)

           

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

   5.00%      03/01/2034      $ 1,000      $ 1,094,920  

Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB

   5.00%      09/01/2042        1,470        1,548,028  

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

   5.50%      10/01/2018        1,860        1,921,361  

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 A, RB(c)

   5.38%      08/15/2024        3,500        3,729,355  

Series 2009 A, RB(c)

   5.75%      08/15/2030        2,000        2,147,880  

Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB

   5.00%      11/15/2045        2,430        2,686,243  

Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2016, RB

   2.00%      05/15/2055        366        20,134  

Series 2016 B, RB

   5.63%      05/15/2020        1,761        1,751,072  

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

   6.25%      11/15/2019        1,145        1,245,966  

Series 2009, RB

   6.25%      11/15/2035        755        813,950  

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

   5.50%      04/01/2037        1,000        995,080  

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

   7.25%      11/01/2018        2,885        3,036,491  

Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB

   5.00%      11/15/2038        2,115        2,324,575  

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

   7.00%      02/15/2018        325        328,634  

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

   6.00%      02/15/2020        2,455        2,685,549  

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

   5.50%      02/15/2021        3,565        3,991,837  

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

   5.25%      10/01/2052        3,720        4,158,067  

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

   5.50%      06/15/2050        3,375        3,529,575  

Series 2015 A, RB

   5.50%      06/15/2053        1,800        1,990,368  

Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, Dedicated State Tax CAB RB (INS-AGM)(b)(h)

   0.00%      12/15/2029        2,800        1,740,760  

Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB(INS-AGM) (b)

   5.25%      06/15/2031        1,235        1,366,256  

Series 2014, Ref. RB(INS-AGM) (b)

   5.25%      06/15/2032        1,125        1,241,111  

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

   5.00%      01/01/2038        3,875        4,312,449  

Series 2015 A, RB(c)

   5.00%      01/01/2040        6,480        7,375,730  

Illinois (State of);
Series 2012 A, Unlimited Tax GO Bonds

   5.00%      01/01/2031        1,255        1,298,862  

Series 2013, Unlimited Tax GO Bonds(INS-BAM) (b)

   5.50%      07/01/2038        2,525        2,776,010  

Series 2014, Unlimited Tax GO Bonds

   5.00%      05/01/2035        1,300        1,356,368  

Series 2014, Unlimited Tax GO Bonds

   5.00%      05/01/2036        1,150        1,195,931  

Series 2014, Unlimited Tax GO Bonds

   5.25%      02/01/2034        1,300        1,379,118  

Series 2017 D, Unlimited Tax GO Bonds

   5.00%      11/01/2027        1,715        1,854,104  

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

   5.00%      12/15/2041        1,800        1,936,548  

Railsplitter Tobacco Settlement Authority; Series 2010, RB

   5.50%      06/01/2023        5,475        6,183,355  

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

   5.75%      03/01/2028        1,265        1,266,518  

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

   7.00%      12/01/2042        705        713,834  
                              125,722,203  

Indiana–5.05%

           

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

   5.25%      10/01/2031        3,505        3,948,558  

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

   6.75%      03/01/2019        2,200        2,339,788  

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);
Series 2013, Private Activity RB(g)

   5.00%      07/01/2040        3,960        4,283,373  

Series 2013 A, Private Activity RB(g)

   5.00%      07/01/2035        500        545,340  

Series 2013 A, Private Activity RB(g)

   5.00%      07/01/2048        590        634,144  

 

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
 

Indiana–(continued)

           

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

   5.00%      06/01/2032      $ 1,525      $ 1,570,689  

Series 2012 A, Midwestern Disaster Relief RB

   5.00%      06/01/2039        3,680        3,724,234  

Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 J, Ref. VRD Health System RB (LOC-Barclays Bank, PLC.)(k)(l)

   0.94%      11/01/2037        11,000        11,000,000  

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

   5.25%      07/01/2023        1,500        1,769,820  

Series 2016 A, Ref. Power Supply System RB

   5.00%      01/01/2042        1,260        1,450,285  

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

   5.00%      02/01/2030        3,300        3,707,022  

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

   0.00%      01/15/2019        1,280        1,256,512  

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

   6.75%      01/01/2034        1,500        1,782,720  
                              38,012,485  

Iowa–0.94%

           

Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, Midwestern Disaster Area RB

   5.00%      12/01/2019        1,290        1,338,762  

Series 2013, Midwestern Disaster Area RB(f)

   5.88%      12/01/2027        1,110        1,189,443  

Iowa (State of) Tobacco Settlement Authority;
Series 2005 C, Asset-Backed RB

   5.50%      06/01/2042        1,750        1,756,388  

Series 2005 C, Asset-Backed RB

   5.63%      06/01/2046        1,395        1,400,747  

Series 2005 E, Asset-Backed CAB RB(h)

   0.00%      06/01/2046        12,920        1,378,693  
                              7,064,033  

Kansas–1.14%

           

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

   5.75%      11/15/2038        3,800        4,115,400  

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

   5.75%      07/01/2038        1,400        1,629,040  

Wyandotte (County of) & Kansas City (City of) Unified Government; Series 2014 A, Ref. & Improvement Utility System RB

   5.00%      09/01/2044        2,470        2,831,040  
                              8,575,480  

Kentucky–2.81%

           

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

   5.75%      12/01/2028        2,300        2,328,382  

Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, Sr. RB

   5.00%      07/01/2040        1,365        1,483,619  

Series 2015 A, Sr. RB

   5.00%      01/01/2045        1,445        1,561,626  

Kentucky (State of) Economic Development Finance Authority (Owensboro Health Inc.);
Series 2017 A, Ref. Hospital RB

   5.00%      06/01/2045        1,035        1,116,920  

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB(d)(e)

   6.00%      06/01/2020        1,000        1,104,210  

Series 2010 A, Hospital RB(d)(e)

   6.38%      06/01/2020        1,850        2,059,642  

Series 2010 A, Hospital RB(d)(e)

   6.50%      06/01/2020        3,400        3,795,624  

Kentucky (State of) Property & Building Commission (No. 93);
Series 2009, Ref. RB(d)(e)

   5.25%      02/01/2019        2,190        2,281,060  

Series 2009, Ref. RB(d)(e)

   5.25%      02/01/2019        2,465        2,567,495  

Series 2009, Ref. RB(d)(e)

   5.25%      02/01/2019        280        291,642  

Series 2009, Ref. RB(d)(e)

   5.25%      02/01/2019        315        328,098  

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 A, First Tier Toll RB

   5.75%      07/01/2049        1,000        1,116,250  

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, Health System RB

   5.50%      10/01/2033        1,000        1,145,050  
                              21,179,618  

 

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
 

Louisiana–2.12%

           

Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2016 A, Lease RB

   5.00%      07/01/2056      $ 1,180      $ 1,294,531  

Louisiana Citizens Property Insurance Corp.; Series 2006 C-2, Assessment RB(d)(e)

   6.75%      06/01/2018        3,100        3,182,832  

New Orleans (City of); Series 2014, Ref. Water System RB

   5.00%      12/01/2044        1,260        1,398,575  

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

   4.00%      06/01/2022        1,000        1,068,180  

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

   5.13%      06/01/2037        3,750        3,756,038  

Tobacco Settlement Financing Corp.;
Series 2013 A, Ref. Asset-Backed RB

   5.25%      05/15/2031        885        959,402  

Series 2013 A, Ref. Asset-Backed RB

   5.25%      05/15/2032        1,680        1,837,718  

Series 2013 A, Ref. Asset-Backed RB

   5.25%      05/15/2033        1,415        1,534,935  

Series 2013 A, Ref. Asset-Backed RB

   5.50%      05/15/2030        885        954,641  
                              15,986,852  

Maryland–0.92%

           

Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2016, Ref. RB

   5.00%      07/01/2047        790        894,620  

Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB

   5.00%      07/01/2045        1,620        1,772,523  

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

   5.75%      06/01/2035        1,565        1,666,036  

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

   5.38%      06/01/2025        1,110        1,183,016  

Prince Georges (County of), Maryland (Collington Episcopal Life Care Community, Inc.);
Series 2017, Ref. RB

   5.00%      04/01/2028        750        815,160  

Series 2017, Ref. RB

   5.00%      04/01/2032        550        584,936  
                              6,916,291  

Massachusetts–2.60%

           

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

   5.00%      01/01/2035        1,455        1,547,552  

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

   5.00%      01/01/2032        6,000        6,377,880  

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

   5.00%      10/01/2032        185        185,546  

Massachusetts (State of) Development Finance Agency (Emerson College); Series 2016 A, RB

   5.00%      01/01/2047        5,985        6,757,125  

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

   7.25%      01/01/2021        735        857,179  

Series 2011 I, RB

   7.25%      01/01/2032        490        565,862  

Massachusetts (State of) Water Resources Authority; Series 2011 C, Ref. General RB(c)

   5.00%      08/01/2031        3,000        3,321,480  
                              19,612,624  

Michigan–3.87%

           

Michigan (State of) Building Authority (Facilities Program); Series 2016 I, Ref. RB(c)

   5.00%      04/15/2041        2,925        3,345,440  

Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB

   5.00%      11/01/2044        1,905        2,108,340  

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-1, Ref. Sr. Lien Local Government Loan Program RB

   5.00%      07/01/2044        1,275        1,388,348  

Series 2014 C-3, Ref. Local Government Loan Program RB(INS-AGM) (b)

   5.00%      07/01/2030        2,785        3,157,717  

Series 2014 C-6, Ref. Sr. Lien Local Government Loan Program RB

   5.00%      07/01/2033        640        711,411  

Series 2014 D-1, Ref. Local Government Loan Program RB(INS-AGM) (b)

   5.00%      07/01/2035        1,250        1,398,938  

Series 2014 D-4, Ref. Local Government Loan Program RB

   5.00%      07/01/2029        640        719,098  

Series 2015, Ref. Second Lien Local Government Loan Program RB

   5.00%      07/01/2035        1,305        1,452,595  

Michigan (State of) Finance Authority (MidMichigan Health Credit Group); Series 2014, Ref. Hospital RB

   5.00%      06/01/2039        2,330        2,613,747  

Michigan (State of) Finance Authority (Trinity Health Credit); Series 2017 MI, Ref. Hospital RB(c)

   5.00%      12/01/2046        3,980        4,517,101  

Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, Sr. Asset-Backed RB

   6.00%      06/01/2048        3,365        3,374,085  

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

   5.00%      07/01/2030        3,000        3,202,800  

Wayne (County of) Airport Authority (Detroit Metropolitan Airport); Series 2017 B, RB(g)

   5.00%      12/01/2042        1,000        1,148,280  
                              29,137,900  

 

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
 

Minnesota–0.71%

           

Bethel (City of) (Spectrum High School); Series 2017 A, Ref. Charter School Lease RB

   4.38%      07/01/2052      $ 500      $ 501,735  

Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB(d)(e)

   6.38%      11/15/2018        2,750        2,880,680  

Series 2008 A, Health Care System RB(d)(e)

   6.63%      11/15/2018        1,850        1,942,241  
                              5,324,656  

Mississippi–0.13%

           

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(k)

   0.95%      12/01/2030        1,000        1,000,000  

Missouri–0.91%

           

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

   5.75%      05/15/2026        2,500        2,506,750  

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB

   5.50%      09/01/2028        2,290        2,570,457  

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. Retirement Community RB

   5.25%      05/15/2050        520        544,835  

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

   5.38%      02/01/2035        1,200        1,253,196  
                              6,875,238  

Nebraska–1.06%

           

Central Plains Energy Project (No. 3);
Series 2012, Gas RB

   5.00%      09/01/2032        1,500        1,656,750  

Series 2012, Gas RB

   5.00%      09/01/2042        2,750        2,998,903  

Series 2012, Gas RB

   5.25%      09/01/2037        1,500        1,677,615  

Douglas (County of) Hospital Authority No. 2 (Madonna Rehabilitation Hospital); Series 2014, RB

   5.00%      05/15/2036        1,500        1,625,220  
                              7,958,488  

Nevada–1.03%

           

Nevada (State of);
Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds(c)(d)(e)

   5.00%      06/01/2018        4,300        4,379,206  

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

   5.00%      06/01/2018        3,300        3,360,786  
                              7,739,992  

New Jersey–5.88%

           

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

   5.88%      06/01/2042        2,475        2,663,125  

New Jersey (State of) Economic Development Authority (School Facilities Construction);
Series 2013, Ref. Floating Rate RB (SIFMA Municipal Swap Index + 1.60%) (m)

   2.57%      03/01/2028        500        488,085  

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

   5.13%      01/01/2034        1,250        1,386,962  

Series 2013, Private Activity RB(g)

   5.38%      01/01/2043        1,000        1,114,520  

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

   5.90%      03/15/2021        15,775        16,322,235  

New Jersey (State of) Transportation Trust Fund Authority;
Series 2015 AA, Transportation System RB

   5.25%      06/15/2033        1,545        1,708,600  

Subseries 2016 A-1, Federal Highway Reimbursement RN

   5.00%      06/15/2028        1,035        1,158,351  

Subseries 2016 A-1, Federal Highway Reimbursement RN

   5.00%      06/15/2029        1,725        1,756,878  

Subseries 2016 A-2, Federal Highway Reimbursement RN

   5.00%      06/15/2028        1,725        1,757,430  

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

   5.00%      01/01/2038        900        1,006,596  

Tobacco Settlement Financing Corp.;
Series 2007 1-A, Asset-Backed RB

   5.00%      06/01/2029        4,120        4,127,746  

Series 2007 1-A, Asset-Backed RB

   5.00%      06/01/2041        4,130        3,991,521  

Series 2007 1A, Asset-Backed RB

   4.63%      06/01/2026        5,735        5,754,900  

Series 2007 1A, Asset-Backed RB

   4.75%      06/01/2034        1,070        1,028,570  
                              44,265,519  

 

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 Mexico–0.73%

           

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

   5.90%      06/01/2040      $ 3,125      $ 3,398,281  

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

   6.38%      08/01/2018        2,050        2,116,974  
                              5,515,255  

New York–17.37%

           

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB(d)(e)

   6.25%      01/15/2020        2,070        2,273,791  

Series 2009, PILOT RB(d)(e)

   6.38%      01/15/2020        860        946,894  

Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB

   5.00%      06/01/2045        3,100        2,966,173  

Metropolitan Transportation Authority;
Series 2009 B, Dedicated Tax Fund RB(d)(e)

   5.25%      11/15/2019        4,000        4,282,760  

Series 2010 D, RB(d)(e)

   5.25%      11/15/2020        7,500        8,284,950  

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, Special Obligation RB(INS-NATL) (b)(g)

   5.75%      12/01/2022        3,000        3,158,610  

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

   5.75%      12/01/2025        3,000        3,158,670  

Series 2010 8, Special Obligation RB

   6.00%      12/01/2036        3,000        3,336,600  

New York (City of) Industrial Development Agency (Brooklyn Navy Yard Cogen Partners);
Series 1997, Development RB(g)

   5.75%      10/01/2036        2,825        2,823,418  

New York (City of) Municipal Water Finance Authority; Series 2012 FF, Water & Sewer System RB(c)

   5.00%      06/15/2045        9,285        10,298,550  

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

   5.40%      01/01/2018        2,150        2,156,729  

New York (City of) Transitional Finance Authority;
Series 2009 S-3, Building Aid RB(c)

   5.25%      01/15/2039        5,300        5,512,053  

Series 2013, Sub. Future Tax Sec. RB(c)

   5.00%      11/01/2038        10,155        11,589,089  

Series 2013 I, Sub. Future Tax Sec. RB

   5.00%      05/01/2038        7,000        7,906,430  

New York (City of); Subseries 2008 I-1, Unlimited Tax GO Bonds(c)

   5.00%      02/01/2026        7,225        7,268,856  

New York (Counties of) Tobacco Trust VI; Subseries 2016 A-1, Ref. Tobacco Settlement Pass Through RB

   5.75%      06/01/2043        3,240        3,557,941  

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

   5.00%      03/15/2030        3,390        3,740,831  

Series 2013 A, State Personal Income Tax RB

   5.00%      02/15/2037        2,900        3,273,810  

Series 2017 A, Ref. State Personal Income Tax RB

   4.00%      02/15/2035        1,285        1,380,077  

New York (State of) Dormitory Authority;
Series 2009 C, School Districts Bond Financing Program RB(d)(e)

   5.00%      10/01/2019        2,775        2,949,159  

Series 2009 C, School Districts Bond Financing Program RB(INS-AGC) (b)

   5.00%      10/01/2024        225        237,697  

Series 2014 C, State Personal Income Tax RB(c)

   5.00%      03/15/2040        5,655        6,436,521  

New York (State of) Thruway Authority (Transportation);
Series 2009 A, Personal Income Tax RB(c)(d)(e)

   5.00%      03/15/2019        2,800        2,924,516  

Series 2009 A, Personal Income Tax RB(c)(d)(e)

   5.00%      03/15/2019        3,100        3,237,857  

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

   5.00%      04/01/2029        5,670        6,247,093  

Series 2016 A, Jr. Lien General RB

   5.25%      01/01/2056        1,770        2,055,059  

New York (State of) Utility Debt Securitization Authority; Series 2013 TE, Restructuring RB(c)

   5.00%      12/15/2031        2,910        3,400,015  

New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. Liberty RB(f)

   5.00%      11/15/2044        5,450        5,863,164  

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB(g)

   5.00%      08/01/2031        1,725        1,836,849  

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, Special Facilities RB(g)

   5.00%      07/01/2046        1,810        1,981,534  

Series 2016 A, Special Facilities RB(g)

   5.25%      01/01/2050        3,310        3,673,140  

TSASC, Inc.; Series 2016 B, Ref. Sub. Tobacco Settlement Turbo RB

   5.00%      06/01/2048        2,025        2,060,215  
                              130,819,051  

North Carolina–2.49%

           

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015, Ref. RB

   5.00%      10/01/2055        7,510        8,572,815  

 

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
 

North Carolina–(continued)

           

North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, Private Activity RB(g)

   5.00%      06/30/2054      $ 3,180      $ 3,407,338  

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

   5.00%      01/01/2019        6,510        6,744,165  
                              18,724,318  

North Dakota–0.14%

           

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

   5.15%      07/01/2040        1,000        1,051,860  

Ohio–9.18%

           

Akron, Bath & Copley Joint Township Hospital District; Series 2016, Ref. RB

   5.25%      11/15/2046        2,695        3,023,763  

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

   5.00%      02/15/2037        3,610        3,944,755  

American Municipal Power, Inc. (Combined Hydroelectric); Series 2016 A, Ref. RB

   5.00%      02/15/2037        1,470        1,669,597  

American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB

   5.00%      02/15/2046        545        616,057  

American Municipal Power, Inc.; Series 2015 A, Ref. RB

   5.00%      02/15/2042        1,105        1,253,136  

Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-2, Sr. Asset-Backed Turbo RB

   5.75%      06/01/2034        260        243,750  

Series 2007 A-2, Sr. Asset-Backed Turbo RB

   5.88%      06/01/2047        7,830        7,458,153  

Cleveland (City of) & Cuyahoga (County of) Port Authority (Constellation Schools);
Series 2014 A, Ref. & Improvement Lease RB(f)

   6.50%      01/01/2034        1,150        1,212,284  

Cuyahoga (County of) (Metrohealth System); Series 2017, Ref. Hospital RB

   5.50%      02/15/2052        1,730        1,922,307  

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

   5.00%      11/15/2036        3,685        4,037,912  

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB

   8.00%      07/01/2042        1,595        1,856,341  

Hamilton (County of) (Life Enriching Communities); Series 2016, Ref. Healthcare Improvement RB

   5.00%      01/01/2046        2,525        2,724,248  

Hamilton (County of) (Trihealth Inc. Obligated Group); Series 2017 A, Hospital Facilities RB

   5.00%      08/15/2047        2,520        2,835,050  

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

   6.25%      12/01/2034        1,200        1,374,672  

Lorain (County of) (Catholic Healthcare Partners);
Series 2003 C-1, Ref. Hospital Facilities RB(INS-AGM) (b)(c)

   5.00%      04/01/2024        4,800        4,880,880  

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

   5.00%      02/01/2024        4,500        4,575,330  

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

   5.00%      02/01/2024        4,525        4,601,246  

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

   6.50%      11/15/2037        3,500        4,151,980  

Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB(c)(d)(e)

   5.00%      04/28/2018        1,625        1,649,148  

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

   5.00%      02/15/2044        1,000        1,057,030  

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

   5.00%      01/01/2019        4,000        4,146,080  

Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB (INS-AGM)(b)(g)

   5.00%      12/31/2039        825        921,203  

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

   5.63%      06/01/2018        4,300        4,279,016  

Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, Exempt Facility RB(f)(g)

   4.25%      01/15/2038        600        615,324  

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

   5.75%      05/15/2020        385        422,703  

Series 2010, Hospital Facilities RB

   5.75%      11/15/2035        2,005        2,160,207  

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

   4.38%      06/01/2022        1,550        1,532,966  
                              69,165,138  

Oklahoma–1.22%

           

Edmond Public Works Authority;
Series 2017, Sales Tax and Utility System RB(c)

   5.00%      07/01/2042        2,780        3,234,669  

Series 2017, Sales Tax and Utility System RB(c)

   5.00%      07/01/2047        3,265        3,784,266  

Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources Inc.-Cross Village Student Housing); Series 2017, RB

   5.25%      08/01/2057        1,990        2,194,273  
                              9,213,208  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

Pennsylvania–3.02%

           

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

   5.50%      03/01/2021      $ 1,500      $ 1,684,545  

Delaware River Port Authority;
Series 2010 D, RB

   5.00%      01/01/2035        1,450        1,537,957  

Series 2010 D, RB

   5.00%      01/01/2040        1,500        1,590,045  

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

   5.38%      07/01/2042        2,900        3,121,270  

Pennsylvania (State of) Turnpike Commission;
Series 2009 A, Sub. RB(d)(e)

   5.00%      06/01/2019        840        882,437  

Series 2009 A, Sub. RB(d)(e)

   5.00%      06/01/2019        740        777,385  

Series 2009 A, Sub. RB(d)(e)

   5.00%      06/01/2019        245        257,377  

Subseries 2010 B-2, Sub. RB(d)(e)

   5.75%      12/01/2020        1,630        1,820,237  

Subseries 2010 B-2, Sub. RB(d)(e)

   5.75%      12/01/2020        885        988,288  

Subseries 2010 B-2, Sub. RB(d)(e)

   5.75%      12/01/2020        935        1,044,124  

Subseries 2010 B-2, Sub. RB(d)(e)

   6.00%      12/01/2020        300        337,191  

Subseries 2010 B-2, Sub. RB(d)(e)

   6.00%      12/01/2020        320        359,671  

Subseries 2010 B-2, Sub. RB(d)(e)

   6.00%      12/01/2020        1,480        1,663,476  

Subseries 2014 A-2, Sub. Conv. CAB Turnpike RB(i)

   5.13%      12/01/2039        1,000        834,540  

Subseries 2017 B-1, Sub. Turnpike RB

   5.25%      06/01/2047        2,400        2,759,712  

Philadelphia (City of) Industrial Development Authority (Thomas Jefferson University);
Series 2017 A, Ref. RB

   5.00%      09/01/2035        735        836,305  

Series 2017 A, Ref. RB

   5.00%      09/01/2047        865        970,279  

Philadelphia (City of); Series 2017 A, Water & Wastewater RB

   5.00%      10/01/2052        1,125        1,279,260  
                              22,744,099  

Puerto Rico–0.39%

           

Children’s Trust Fund; Series 2005 A, Tobacco Settlement Asset-Backed RB(h)

   0.00%      05/15/2050        6,050        682,319  

Puerto Rico Sales Tax Financing Corp.; Series 2007 A, CAB Sales Tax RB (INS-NATL)(b)(h)

   0.00%      08/01/2044        11,785        2,241,036  
                              2,923,355  

South Carolina–1.49%

           

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

   5.50%      02/01/2019        1,000        1,044,440  

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

   5.25%      08/01/2030        1,600        1,742,528  

South Carolina (State of) Ports Authority;
Series 2015, RB(g)

   5.25%      07/01/2050        1,905        2,133,162  

Series 2015, RB(g)

   5.25%      07/01/2055        1,380        1,545,282  

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

   5.00%      01/01/2033        4,500        4,754,565  
                              11,219,977  

South Dakota–0.46%

           

South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group);
Series 2014 B, RB

   5.00%      11/01/2044        1,660        1,821,452  

Series 2015, Ref. RB

   5.00%      11/01/2045        1,475        1,657,221  
                              3,478,673  

Tennessee–0.61%

           

Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare);
Series 2004 B, Ref. RB(c)(d)(e)

   5.25%      03/01/2018        4,550        4,593,680  

Texas–21.08%

           

Austin (City of); Series 2012, Ref. Water & Wastewater System RB

   5.00%      11/15/2042        1,750        1,966,247  

Dallas (City of) (Civic Center Convention Complex);
Series 2009, Ref. & Improvement RB(INS-AGC) (b)

   5.00%      08/15/2018        1,875        1,922,156  

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

   5.00%      08/15/2019        2,200        2,322,034  

Dallas-Fort Worth (Cities of) International Airport;
Series 2012 G, Ref. RB

   5.00%      11/01/2035        3,525        3,823,321  

Series 2013 A, Joint Improvement RB(g)

   5.00%      11/01/2030        1,700        1,896,792  

Series 2014 A, Ref. RB(g)

   5.25%      11/01/2026        1,000        1,157,890  

 

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)

           

El Paso (County of) Hospital District; Series 2008 A, Limited Tax GO Bonds(c)(d)(e)

   5.00%      08/15/2018      $ 7,960      $ 8,163,617  

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

   5.00%      08/15/2019        1,000        1,057,200  

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

   7.25%      12/01/2018        1,200        1,269,384  

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

   5.00%      12/01/2019        1,550        1,650,378  

Houston (City of) (United Airlines, Inc. Terminal E); Series 2014, Ref. Airport System RB(g)

   4.75%      07/01/2024        1,260        1,376,109  

Houston (City of);
Series 2011 D, First Lien Combined Utility System RB(c)

   5.00%      11/15/2031        1,215        1,346,329  

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

   5.00%      11/15/2033        3,120        3,446,040  

Series 2015 C, Ref. Airport System RB(g)

   5.00%      07/15/2020        865        922,073  

La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(f)

   5.50%      08/15/2045        1,360        1,399,114  

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

   5.00%      05/15/2041        2,100        2,266,572  

Lower Colorado River Authority;
Series 2012 A, Ref. RB(d)(e)

   5.00%      05/15/2022        5        5,672  

Series 2012 A, Ref. RB

   5.00%      05/15/2030        2,390        2,663,416  

Lufkin Health Facilities Development Corp. (Memorial Health System of East Texas);
Series 2009, Ref. & Improvement RB(d)(e)

   6.25%      02/15/2019        1,450        1,529,416  

New Hope Cultural Education Facilities Corp. (CHF-Collegiate Housing College Station I, LLC-Texas A&M University); Series 2014 A, Student Housing RB (INS-AGM)(b)

   5.00%      04/01/2046        2,055        2,223,592  

New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook);
Series 2017 B, Sr. Living RB

   4.75%      07/01/2042        1,115        1,150,468  

Series 2017 B, Sr. Living RB

   5.00%      07/01/2052        495        506,326  

North Texas Tollway Authority;
Series 2008, Ref. First Tier System RB(d)(e)

   5.63%      01/01/2018        875        877,861  

Series 2008, Ref. First Tier System RB

   5.63%      01/01/2028        125        125,409  

Series 2008, Ref. First Tier System RB(d)(e)

   6.00%      01/01/2018        875        878,106  

Series 2008, Ref. First Tier System RB(d)(e)

   6.00%      01/01/2018        1,245        1,249,420  

Series 2008, Ref. First Tier System RB

   6.00%      01/01/2026        125        125,444  

Series 2008, Ref. First Tier System RB

   6.00%      01/01/2027        175        175,621  

Series 2008 F, Ref. Second Tier System RB(d)(e)

   5.75%      01/01/2018        4,300        4,314,620  

Series 2008I, Ref. CAB First Tier System RB(INS-AGC) (b)

   6.20%      01/01/2042        1,000        1,254,030  

Series 2011 A, Special Projects System RB(c)(d)(e)

   5.50%      09/01/2021        4,365        4,955,235  

Series 2015 B, Ref. RB(c)

   5.00%      01/01/2040        10,095        11,194,144  

Series 2017 B, Ref. Second Tier System RB(c)

   5.00%      01/01/2048        5,850        6,639,048  

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

   5.00%      02/01/2038        2,695        3,014,923  

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

   5.00%      10/01/2035        1,250        1,349,600  

Tarrant (County of) Regional Water District;
Series 2012, Ref. & Improvement RB

   5.00%      03/01/2037        5,000        5,578,900  

Series 2012, Ref. & Improvement RB

   5.00%      03/01/2042        6,050        6,716,710  

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. Retirement Facilities RB

   5.00%      05/15/2037        1,035        1,093,343  

Series 2016, Ref. Retirement Facilities RB

   5.00%      05/15/2045        2,360        2,462,330  

Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facility RB

   5.63%      11/15/2027        1,000        1,000,200  

Series 2007, Retirement Facility RB

   5.75%      11/15/2037        825        811,520  

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

   5.75%      02/15/2025        650        651,606  

Series 2017A, Retirement Facility RB

   6.38%      02/15/2048        2,600        2,779,660  

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

   6.25%      07/01/2028        4,900        5,132,652  

Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System);
Series 2016 A, Ref. RB

   5.00%      02/15/2041        4,315        4,921,516  

 

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

Invesco Trust for Investment Grade Municipals


      Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
    
Value
 

Texas–(continued)

           

Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2012 A, Ref. First Tier RB

   5.00%      08/15/2041      $ 3,780      $ 4,194,439  

Series 2015 B, Ref. CAB RB(h)

   0.00%      08/15/2036        3,555        1,615,463  

Series 2015 B, Ref. CAB RB(h)

   0.00%      08/15/2037        4,635        2,006,909  

Series 2015 C, Ref. Sub. RB

   5.00%      08/15/2042        1,730        1,922,912  

Texas (State of) Transportation Commission;
Series 2008, Mobility Fund Unlimited Tax GO Bonds(c)(d)(e)

   5.00%      04/01/2018        8,700        8,805,879  

Series 2016 A, Highway Improvement Unlimited Tax GO Bonds

   5.00%      04/01/2044        1,730        2,009,430  

Texas A&M University System Board of Regents; Series 2009 A, Financing System RB(d)(e)

   5.00%      05/15/2019        4,000        4,196,120  

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

   6.25%      12/15/2026        5,970        7,267,878  

Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, Gas Supply RB

   5.00%      12/15/2027        1,500        1,683,000  

Series 2012, Gas Supply RB

   5.00%      12/15/2028        1,410        1,574,237  

Series 2012, Gas Supply RB

   5.00%      12/15/2029        1,325        1,477,348  

Series 2012, Gas Supply RB

   5.00%      12/15/2031        4,860        5,401,793  

Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, Sr. Lien RB(g)

   5.00%      12/31/2055        1,170        1,283,864  

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

   6.88%      12/31/2039        2,000        2,201,460  

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

   7.00%      12/31/2038        1,500        1,793,235  
                              158,800,011  

Utah–2.78%

           

Salt Lake City (City of); Series 2017 A, Airport RB(c)(g)

   5.00%      07/01/2047        2,770        3,185,749  

University of Utah; Series 2013 A, RB(c)(d)(e)

   5.00%      08/01/2023        14,235        16,674,879  

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

   5.80%      06/15/2038        1,100        1,102,112  
                              20,962,740  

Virgin Islands–0.22%

           

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

   5.00%      10/01/2025        675        410,063  

Series 2010 A, Sr. Lien RB

   5.00%      10/01/2029        2,100        1,275,750  
                              1,685,813  

Virginia–2.03%

           

Virginia (State of) Small Business Financing Authority (95 Express Lanes, LLC); Series 2017, Sr. Lien RB(g)

   5.00%      01/01/2040        2,405        2,581,479  

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

   5.50%      01/01/2042        3,650        4,057,085  

Series 2012, Sr. Lien RB(g)

   6.00%      01/01/2037        820        931,167  

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

   5.00%      07/01/2034        3,605        3,893,905  

Virginia (State of) Small Business Financing Authority (Transform 66 P3); Series 2017, Sr. Lien Private Activity RB(g)

   5.00%      12/31/2056        3,425        3,795,619  
                              15,259,255  

Washington–4.36%

           

Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. Consolidated RB(g)

   5.50%      07/01/2025        1,080        1,204,632  

Series 2011 A, Ref. Consolidated RB(g)

   5.50%      07/01/2026        1,175        1,308,445  

Kalispel Tribe of Indians; Series 2008, RB

   6.63%      01/01/2028        1,840        1,852,181  

Seattle (Port of); Series 2017 C, Intermediate Lien RB(g)

   5.25%      05/01/2042        1,200        1,419,864  

Washington (State of) (SR 520 Corridor Program - Toll Revenue);
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds(c)

   5.00%      06/01/2032        2,000        2,207,080  

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

   5.00%      06/01/2041        13,370        14,649,910  

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

   5.00%      02/01/2041        3,495        3,668,457  

 

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
 

Washington–(continued)

           

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

   6.25%      05/15/2021      $ 1,525      $ 1,761,344  

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

   6.00%      01/01/2027        2,325        2,333,161  

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

   5.25%      06/01/2033        2,250        2,458,282  
                              32,863,356  

West Virginia–0.98%

           

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

   5.25%      10/15/2037        1,290        1,289,935  

West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB

   6.00%      10/01/2020        995        1,010,194  

Series 2008, RB

   6.25%      10/01/2023        1,695        1,725,120  

West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group);
Series 2009 C, Ref. & Improvement RB(d)(e)

   5.50%      06/01/2019        1,535        1,622,664  

Series 2009 C, Ref. & Improvement RB(d)(e)

   5.50%      06/01/2019        1,630        1,723,089  
                              7,371,002  

Wisconsin–2.41%

           

Public Finance Authority (American Dream at Meadowlands);
Series 2017, Limited Obligation Grant RB(f)

   6.75%      08/01/2031        640        696,749  

Series 2017, Limited Obligation PILOT RB(f)

   6.75%      12/01/2042        2,190        2,533,348  

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

   5.50%      12/15/2020        2,000        2,227,940  

Superior (City of) (Superior Water, Light & Power Co.);
Series 2007 A, Ref. Collateralized Utility RB(g)

   5.38%      11/01/2021        700        702,044  

Series 2007 B, Collateralized Utility RB(g)

   5.75%      11/01/2037        625        626,712  

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

   6.63%      02/15/2019        1,825        1,933,040  

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, Lease Development RB(c)

   5.00%      03/01/2046        6,060        6,825,742  

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2015, Ref. RB

   5.75%      04/01/2035        895        986,218  

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

   5.38%      05/01/2019        145        152,569  

Series 2009 A, General Fund Annual Appropriation RB

   5.38%      05/01/2025        1,400        1,474,690  
                              18,159,052  

Wyoming–0.92%

           

Lincoln (County of), (Exxon Corp.); Series 2014, Ref. VRD PCR(k)

   0.94%      10/01/2044        2,400        2,400,000  

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

   5.25%      07/15/2026        1,850        1,959,779  

Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. Power Supply RB (INS-BAM)(b)

   5.00%      01/01/2047        2,250        2,544,030  
                              6,903,809  

TOTAL INVESTMENTS IN SECURITIES(n)–166.54% (Cost $1,184,640,121)

                            1,254,297,566  

FLOATING RATE NOTE OBLIGATIONS–(32.39)%

Notes with interest and fee rates ranging from 1.50% to 1.89% at 11/30/2017 contractual maturities of collateral ranging from 06/01/2022 to 04/01/2056 (See Note 1D)(o)

              (243,955,000

VARIABLE RATE MUNI TERM PREFERRED SHARES–(36.29)%

                            (273,299,017

OTHER ASSETS LESS LIABILITIES–2.14%

                            16,109,941  

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                          $ 753,153,490  

 

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

Invesco Trust for Investment Grade Municipals


Investment Abbreviations:

 

ACA    —ACA Financial Guaranty Corp.   LOC    —Letter of Credit
AGC    —Assured Guaranty Corp.   MFH    —Multi-Family Housing
AGM    —Assured Guaranty Municipal Corp.   NATL    —National Public Finance Guarantee Corp.
AMBAC    —American Municipal Bond Assurance Corp.   PCR    —Pollution Control Revenue Bonds
BAM    —Build America Mutual Assurance Co.   PILOT    —Payment-in-Lieu-of-Tax
BHAC    —Berkshire Hathaway Assurance Corp.   RAC    —Revenue Anticipation Certificates
CAB    —Capital Appreciation Bonds   RB    —Revenue Bonds
Conv.    —Convertible   Ref.    —Refunding
COP    —Certificates of Participation   RN    —Revenue Notes
CR    —Custodial Receipts   Sec.    —Secured
GO    —General Obligation   SIFMA    —Securities Industry and Financial Markets Association
IDR    —Industrial Development Revenue Bonds   Sr.    —Senior
INS    —Insurer   Sub.    —Subordinated
Jr.    —Junior   VRD    —Variable Rate Demand
     Wts.    —Warrants

Notes to Schedule of Investments:

 

(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
(b)  Principal and/or interest payments are secured by the bond insurance company listed.
(c)  Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.
(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2017 was $28,636,395, which represented 3.80% of the Trust’s Net Assets.
(g)  Security subject to the alternative minimum tax.
(h)  Zero coupon bond issued at a discount.
(i)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(j)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2017 was $1,279,648, which represented less than 1% of the Trust’s Net Assets.
(k)  Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on November 30, 2017.
(l)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(m)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2017.
(n)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.
(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2017. At November 30, 2017, the Trust’s investments with a value of $386,232,876 are held by TOB Trusts and serve as collateral for the $243,955,000 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, 2017

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

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 (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind income received in the form of securities in-lieu of cash is recorded as interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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 the Statement of Changes in Net Assets, or the net investment income per share and the 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

 

Invesco Trust for Investment Grade Municipals


C. Country Determination – (continued)

 

  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 Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB 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 TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) 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 TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities 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.

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 decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities 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 notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Trust accounts for the transfer of fixed rate bonds to the TOB 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 carrying amount of the Trust’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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 TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

 

Invesco Trust for Investment Grade Municipals


D. Floating Rate Note Obligations – (continued)

 

Further, the SEC and various banking agencies recently adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, 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.

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 the 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.

NOTE 2 -- Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

  Level 1 – Prices are determined using quoted prices in an active market for identical assets.
  Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of November 30, 2017, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Trust’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended November 30, 2017, there were no material transfers between valuation levels.

 

Invesco Trust for Investment Grade Municipals


Item 2. Controls and Procedures.

 

  (a) As of November 17, 2017, 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 17, 2017, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Trust for Investment Grade Municipals

 

By:

 

  /s/ Sheri Morris

 

  Sheri Morris

 

  Principal Executive Officer

Date:  

 

  January 29, 2018

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/ Sheri Morris

 

  Sheri Morris

 

  Principal Executive Officer

Date:

 

  January 29, 2018

By:

 

  /s/ Kelli Gallegos

 

  Kelli Gallegos

 

  Principal Financial Officer

Date:

 

  January 29, 2018


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.