Invesco Trust for Investment Grade Municipals (VGM)
Invesco Trust for Investment Grade Municipals is a closed-ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade municipal securities which include municipal bonds, municipal notes, municipal commercial paper, and lease obligations. It employs fundamental analysis with bottom-up security selection approach to create its portfolio. The fund was formerly known as Invesco Van Kampen Trust for Investment Grade Municipals. Invesco Trust for Investment Grade Municipals was formed on January 24, 1992 and is domiciled in the United States.
Industry: Asset Management
Invesco Trust for Investment Grade Municipals
NYSE:VGMFinancial Services · Asset Management
-1.21%$9.01
AH Close$9.01+0.00%vs close
AH Close$9.01+0.00%vs close
Mkt Cap$488.63M
Float40.18M
O/S54.23M
Inst Own22.2%
SI0.4%
Div Yield8.60%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$36.55M
Net Income$17.03M
Total Assets$907.17M
Free Cash Flow$24.77M
Debt & Equity
Debt 36%
Equity 64%
Total Debt$324.63M
Total Equity$574.58M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in VGM's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$907.17M
Liabilities$332.58M
Accounts Receivable$9.62M
Accounts Payable$7.1M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 |
| Revenue | $36.55M | $34.31M | $43.42M | -$92.52M | -$2.16M | $7.2M | $92.21M | $19.99M | $27.85M | $56.71M | $59.43M | $59.64M | $59M | $59.68M |
| YoY Growth | 6.5% | -21.0% | -146.9% | 4174.4% | -130.1% | -92.2% | 361.2% | -28.2% | -50.9% | -4.6% | -0.3% | 1.1% | -1.1% | - |
| Cost of Revenue | $5.06M | $13.32M | $5.44M | $6M | $7.08M | -$41.59M | $18.81M | $18.22M | $16.19M | $7.56M | $7.53M | $0 | $0 | $0 |
| Gross Profit | $31.49M | $21M | $43.42M | -$98.52M | -$9.25M | $48.79M | $73.4M | $1.77M | $11.66M | $49.14M | $51.91M | $59.64M | $59M | $59.68M |
| Gross Margin | 86.2% | 61.2% | 100.0% | 106.5% | 427.2% | 677.9% | 79.6% | 8.9% | 41.9% | 86.7% | 87.3% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $385K | $668K | $374K | $293K | $304K | $320K | $443K | $477K | $457K | $7.74M | $7.85M | $7.94M | $7.8M | $8.18M |
| Other | $1.77M | $44K | $0 | -$76.41M | $69K | -$22.36M | $469K | $487K | $446K | $57K | -$5.3M | $0 | $0 | $0 |
| Total Operating Expenses | $2.16M | $712K | $415K | $343K | $373K | $352K | $570K | $759K | $836K | $47.64M | $5.3M | $37M | $72.54M | $17.3M |
| Operating Income (EBIT) | $29.34M | $20.29M | $37.82M | $38.31M | $36.97M | $41.62M | $42.98M | $44.97M | $13.05M | $11.37M | $46.61M | $51.7M | $51.2M | $51.5M |
| Operating Margin | 80.3% | 59.1% | 87.1% | -41.4% | -1707.9% | 578.4% | 46.6% | 225.0% | 46.9% | 20.0% | 78.4% | 86.7% | 86.8% | 86.3% |
| Interest Expense | $12.31M | $13.32M | $15.26M | $11.09M | $4.6M | $6.37M | $11.57M | $11.1M | $8.76M | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $43.26M | $42.27M | $43.39M | $44.38M | $44.16M | $48.79M | $50.34M | $52.44M | $57.63M | $0 | $0 | $4.86M | $4.66M | $4.65M |
| Other Income (Expense) | -$12.31M | -$13.32M | $9.37M | -$86.87M | $7.08M | -$34.78M | $48.66M | -$25.93M | -$23.03M | -$47.52M | $0 | $40.08M | -$69.4M | $20.83M |
| Income Before Tax (EBT) | $17.03M | $20.29M | $47.19M | -$92.86M | -$2.54M | $6.84M | $91.64M | $19.23M | $27.02M | $3.74M | $41.95M | $91.78M | -$18.2M | $72.33M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$25.74M | $21.81M | -$7.63M | -$4.66M | $0 | $0 | $20.83M |
| Net Income | $17.03M | $20.29M | $47.19M | -$92.86M | -$2.54M | $6.84M | $91.64M | $19.23M | $27.02M | $3.74M | $41.95M | $91.78M | -$18.2M | $72.25M |
| Net Income Margin | 46.6% | 59.1% | 108.7% | 100.4% | 117.2% | 95.1% | 99.4% | 96.2% | 97.0% | 6.6% | 70.6% | 153.9% | -30.8% | 121.1% |
| Supplementary Data | ||||||||||||||
| EPS | 0.31 | 0.37 | 0.87 | -1.71 | -0.05 | 0.13 | 1.69 | 0.35 | 0.49 | 0.07 | 0.77 | 1.69 | -0.34 | 1.33 |
| Diluted EPS | 0.31 | 0.37 | 0.87 | -1.71 | -0.05 | 0.13 | 1.69 | 0.35 | 0.49 | 0.07 | 0.77 | 1.69 | -0.34 | 1.33 |
| Weighted Average OS | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M | 54.23M |
| EBITDA | $29.34M | $20.29M | $37.82M | -$126.08M | -$44.52M | $13.22M | $91.64M | $19.23M | $27.02M | $3.74M | $41.95M | $51.7M | $51.2M | $0 |
| EBITDA Margin | 80.3% | 59.1% | 87.1% | 136.3% | 2056.9% | 183.6% | 99.4% | 96.2% | 97.0% | 6.6% | 70.6% | 86.7% | 86.8% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $0 | $4.45M | $1.53M | $32.48M | $4.27M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Short-Term Investments | $6.49M | $0 | $0 | $0 | $0 | -$342.09M | -$383.44M | -$325.97M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $6.49M | $4.45M | $1.53M | $32.48M | $4.27M | -$342.09M | -$383.44M | -$325.97M | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $9.62M | $9.85M | $11.41M | $17.35M | $15.19M | $14.63M | $16.19M | $16.87M | $16.39M | $21.88M | $18.34M | $17.38M | $17.06M | $23.94M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $355.31M | $399.63M | $342.84M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $358K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $16.48M | $14.3M | $12.95M | $49.83M | $19.46M | $13.22M | $16.19M | $16.87M | $16.39M | $21.88M | $18.34M | $17.38M | $17.06M | $23.94M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $890.65M | $874.62M | $934.12M | $940.45M | $1.18B | $1.23B | $1.29B | $1.19B | $1.24B | $842.99M | $1.31B | $854.61M | $852.78M | $1.3B |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $43K | $874.88M | $73.37M | -$157.68M | -$310.3M | -$342.09M | -$383.44M | -$325.97M | -$1.24B | $429.39M | $25K | $467.91M | $385.81M | $287K |
| Total Long-Term Assets | $890.69M | $874.88M | $1.01B | $782.78M | $869.17M | $888.65M | $902.1M | $868.73M | $1.24B | $1.27B | $1.31B | $1.32B | $1.24B | $1.3B |
| Other Assets | $0 | $0 | -$73.37M | $157.68M | $310.3M | $343.5M | $383.47M | $325.99M | $12K | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $907.17M | $889.18M | $947.06M | $990.29M | $1.2B | $1.25B | $1.3B | $1.21B | $1.26B | $1.29B | $1.33B | $1.34B | $1.26B | $1.32B |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $7.1M | $4.41M | $8.91M | $14.99M | $11.81M | $1.6M | $6.35M | $1.63M | $482K | $0 | $2.83M | $948K | $4.51M | $2M |
| Short-Term Debt | $6.41M | $0 | $0 | $0 | $0 | $209K | $242K | $2.12M | $940K | $268K | $2.52M | $4.73M | $3.44M | $4.69M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | -$209K | -$242K | -$2.12M | -$940K | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$7.1M | $4.56M | $1.01M | -$16.03M | -$12.22M | $118K | $66K | -$2.04M | $579K | $93K | $111K | $120K | $149K | $432K |
| Total Current Liabilities | $6.41M | $4.41M | $9.92M | $16.07M | $12.33M | $2.14M | $7.61M | $3.83M | $2.95M | $1.38M | $5.8M | $6.15M | $8.46M | $7.12M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $318.22M | $52.74M | $319.78M | $0 | $0 | $216.72M | $240.74M | $212.53M | $243.68M | $539.93M | $529.05M | $534.85M | $492.08M | $494.44M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $7.95M | $232.43M | $26K | $0 | $0 | -$216.72M | -$240.74M | -$212.53M | -$243.68M | $6K | $3K | $1K | $0 | -$494.44M |
| Total Long-Term Liabilities | $326.17M | $285.17M | $319.81M | $380.93M | $470.82M | $490.01M | $514.03M | $485.83M | $516.97M | $539.94M | $529.06M | $534.85M | $492.08M | $494.44M |
| Other Liabilities | $0 | $0 | $186K | $29K | $35K | $26K | $20K | $17K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $332.58M | $289.59M | $329.91M | $397.04M | $483.18M | $492.17M | $521.66M | $489.67M | $519.92M | $541.32M | $534.86M | $541M | $500.55M | $501.56M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $669.18M | $685.79M | $700.65M | $701.38M | $703.63M | $703.8M | $703.54M | $705.06M | $716.76M | $725.02M | $764.54M | $818.52M | $829.8M | $829.82M |
| Retained Earnings | -$94.6M | -$86.19M | -$83.5M | -$108.13M | $12.12M | $49.39M | $76.56M | $16.86M | $1.22M | $2.02M | $3.62M | -$19.62M | -$74.69M | -$6.84M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $56.46M | $25.89M | $24.96M | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $20.58M | $25.89M | $24.96M | $0 | $0 | $0 |
| Total Equity | $574.58M | $599.6M | $617.15M | $593.26M | $715.76M | $753.19M | $780.1M | $721.92M | $738.57M | $752.93M | $793.12M | $798.9M | $755.11M | $822.98M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $907.17M | $889.18M | $947.06M | $990.29M | $1.2B | $1.25B | $1.3B | $1.21B | $1.26B | $1.29B | $1.33B | $1.34B | $1.26B | $1.32B |
| Supplementary Data | ||||||||||||||
| Total Debt | $324.63M | $52.74M | $319.78M | $107.65M | $197.55M | $216.72M | $240.74M | $212.53M | $243.68M | $540.2M | $531.58M | $539.58M | $495.53M | $499.13M |
| Net Debt | $324.63M | $48.3M | $318.25M | $75.17M | $193.28M | $216.72M | $240.74M | $212.53M | $243.68M | $540.2M | $531.58M | $539.58M | $495.53M | $499.13M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-02-28 | 2025-02-28 | 2024-02-28 | 2023-02-28 | 2022-02-28 | 2021-02-28 | 2020-02-28 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-28 | 2015-02-28 | 2014-02-28 | 2013-02-28 |
| Operating Activities | ||||||||||||||
| Net Income | $17.03M | $20.29M | $47.19M | -$92.86M | -$2.54M | $6.84M | $91.64M | $19.23M | $27.02M | $3.74M | $41.95M | $91.78M | -$18.2M | $72.33M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $130K | $207K | -$16K | $2.02M | $1.25M | $14K | $47K | $1.25M | $5.49M | $987K | $209K | -$552K | -$358K | $433K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.3M | $0 | $0 | $0 | $0 |
| Other Working Capital | -$72K | -$354K | $102K | $609K | -$128K | -$148K | $85K | $142K | -$4.54M | $1.14M | $199K | -$7K | -$70K | $65K |
| Total Working Capital Change | $58K | -$147K | $86K | $2.63M | $1.12M | -$135K | $132K | $1.39M | $956K | $1.14M | $199K | -$559K | -$428K | $498K |
| Other Non-Cash Items | $7.68M | $55.3M | $6.21M | $238.04M | $59.94M | $51.08M | -$84.64M | $45.23M | $35.7M | $42.91M | $7.75M | -$87.25M | $71.75M | -$2.97M |
| Net Cash from Operating | $24.77M | $75.44M | $53.49M | $147.8M | $58.53M | $57.79M | $7.13M | $65.86M | $63.68M | $47.8M | $49.9M | $3.97M | $53.12M | $69.86M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$247.17M | -$97.66M | -$322.08M | -$402.15M | -$151.08M | -$252.77M | -$163.3M | -$174.06M | -$194.61M | -$199.98M | -$122.44M | $0 | $0 | $0 |
| Sales of Investments | $266.73M | $155.07M | $358.83M | $542.58M | $176.81M | $281.04M | $116.15M | $214.91M | $224.49M | $184.86M | $128.27M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $19.56M | $57.4M | $36.74M | $140.43M | $25.73M | $28.26M | -$47.15M | $40.85M | $29.88M | -$15.12M | $5.83M | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$33.2M | -$6.25M | $61.15M | $89.9M | $19.16M | $24.02M | -$28.21M | $31.14M | $22.96M | -$10.88M | $5.79M | -$42.77M | $2.35M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$16.61M | -$55.86M | -$730K | -$2.25M | $0 | $0 | -$1.49M | -$1.27M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$25.46M | -$22.9M | -$22.56M | -$27.44M | -$34.88M | -$33.73M | -$31.98M | -$34.62M | -$41.39M | -$43.95M | -$47.73M | -$48.02M | -$49.52M | -$54.76M |
| Other Financing Activities | $0 | $0 | $0 | $0 | -$209K | -$33K | -$1.88M | $1.18M | $672K | -$2.26M | -$2.2M | $1.28M | -$1.24M | -$15.1M |
| Net Cash from Financing | -$2.45M | -$72.52M | -$84.44M | -$119.59M | -$54.26M | -$57.79M | -$7.13M | -$65.86M | -$63.68M | -$35.33M | -$55.72M | -$3.97M | -$53.12M | -$69.86M |
| Forex Effect | -$46.32M | $0 | $0 | -$140.43M | -$25.73M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$4.45M | $2.91M | -$30.95M | $28.21M | $4.27M | $28.26M | -$47.15M | $40.85M | $29.88M | -$2.65M | $0 | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $24.77M | $75.44M | $53.49M | $147.8M | $58.53M | $57.79M | $7.13M | $65.86M | $63.68M | $47.8M | $49.9M | $3.97M | $53.12M | $69.86M |
| Capital Expenditure | $3 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $24.77M | $75.44M | $53.49M | $147.8M | $58.53M | $57.79M | $7.13M | $65.86M | $63.68M | $47.8M | $49.9M | $3.97M | $53.12M | $69.86M |
| Cash at Beginning | $4.45M | $1.53M | $32.48M | $4.27M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $0 | $4.45M | $1.53M | $32.48M | $4.27M | $28.26M | -$47.15M | $40.85M | $29.88M | -$2.65M | $0 | $0 | $0 | $0 |