VGM - Invesco Trust for Investment Grade Municipals
A closed-end fund run by Invesco. Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Not right now - Karpus was in this fund until June 6, 2025 and has since sold down.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Karpus owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.
Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.
What happened, and when
-
July 31, 2025
The fund said it will repay some borrowed money on Sept 4, 2025.
Original document → -
June 6, 2025
Karpus sold down below 5% and stopped reporting.
Original document → -
May 15, 2025
RiverNorth sold down below 5% and stopped reporting.
Original document → -
Feb 14, 2025
RiverNorth now owns 5.2%, as a passive investor.
Original document → -
Oct 3, 2024
Sit Investment sold down below 5% and stopped reporting.
Original document →
Show all 11 events
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Sept 24, 2024
Saba sold down below 5% and stopped reporting.
Original document → -
Aug 14, 2024
Sit Investment now owns 5.7%, as a passive investor.
Original document → -
June 14, 2024
Saba raised its stake to 5.6% (from 5.3%). It has said it may push for changes.
Original document → -
May 6, 2024
Saba raised its stake to 5.3% (from 5.1%). It has said it may push for changes.
Original document → -
April 26, 2024
Saba now owns 5.1%. It has said it may push for changes.
Original document → -
Feb 13, 2024
Karpus now owns 5.9%, as a passive investor.
Original document →
About this fund
- Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
- Size: about $562 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 36% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. About 57% of that is money the fund has borrowed by selling preferred shares. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.8% a year in management fees; 3% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.78 a share. $0.47 of that was income; $0.31 was your own money back, not income. As of Feb 28, 2026, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Feb 28, 2026): $10.59. The shares traded at $10.52, about 0.7% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
- How the holdings did: down 0.3% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +9.6%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Feb 28, 2026): the value of the holdings returned +3.5%. How the share price did: the shares returned +10.9% over the same year, counting payouts and the change in the market price. As of Feb 28, 2026, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Almost all tax-free municipal bonds (99%). About 100% issued in the U.S.
0.7% of holdings are in default.
- New York City Municipal Water Finance Authority, Subseries 2025 AA-1, RB - 1.9%
- City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue, Series 2025, RB - 1.4%
- California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB - 1.2%
- South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB - 1.2%
- Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB - 1.1%
- New York (State of) Dormitory Authority, Series 2018, RB - 1.1%
- New York Liberty Development Corp. (3 World Trade Center), Series 2014-1, Ref. RB - 1%
- Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds - 1%
- Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB - 1%
- County of Franklin OH, Series 2025, Ref. RB - 0.9%
Show all 25
- County of Miami-Dade FL Water & Sewer System Revenue, Series 2025 A, RB - 0.9%
- Regents of the University of California Medical Center, Series 2022 P, RB - 0.9%
- Seattle (City of), WA, Series 2022, Ref. RB - 0.9%
- Louisiana (State of), Series 2023 A-1, Ref. VRD RB - 0.9%
- New York (State of) Thruway Authority, Series 2019 B, RB - 0.9%
- Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2019 B, RB - 0.9%
- Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB - 0.9%
- California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB - 0.8%
- Salt Verde Financial Corp., Series 2007, RB - 0.8%
- Miami-Dade (County of), FL, Series 2024 A, RB - 0.8%
- Pennsylvania Turnpike Commission, Series 2025 B, RB - 0.8%
- Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB - 0.8%
- Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3), Series 2017, RB - 0.8%
- Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB - 0.8%
- Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB - 0.7%
As of May 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| June 6, 2025 | Karpus | 3.8% | Sold down below 5% |
| May 15, 2025 | RiverNorth | 4.9% | Sold down below 5% |
| Feb 14, 2025 | RiverNorth | 5.2% | Passive investor |
| Oct 3, 2024 | Sit Investment | 4.6% | Sold down below 5% |
| Sept 24, 2024 | Saba | 5% | Sold down below 5% |
| Aug 14, 2024 | Sit Investment | 5.7% | Passive investor |
| June 14, 2024 | Saba | 5.6% | Updated notice |
| May 6, 2024 | Saba | 5.3% | Updated notice |
| April 26, 2024 | Saba | 5.1% | May push for changes |
| Feb 13, 2024 | Karpus | 5.9% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| July 31, 2025 | Repaying borrowed money | Sept 4, 2025 | Original document → |
- Run by
- Invesco Advisers, Inc.
- Fund family
- INVESCOFDS
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-06471
- Auditor
- PricewaterhouseCoopers LLP
- Fiscal year end
- Feb 28, 2026
- Number of holdings
- 534
- Preferred share classes
- 1
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