N-Q 1 y30994cnvq.txt FORM N-Q 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: 811-06346 Morgan Stanley Quality Municipal Investment Trust (Exact name of registrant as specified in charter) 1221 Avenue of the Americas, New York, New York 10020 (Address of principal executive offices) (Zip code) Ronald E. Robison 1221 Avenue of the Americas, New York, New York 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: October 31, 2007 Date of reporting period: January 31, 2007 ITEM 1. SCHEDULE OF INVESTMENTS. The Trust's schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows: MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST PORTFOLIO OF INVESTMENTS January 31, 2007 (unaudited)
PRINCIPAL AMOUNT MATURITY IN THOUSANDS COUPON RATE DATE VALUE ------------ ----------- -------- -------------- TAX-EXEMPT MUNICIPAL BONDS (150.9%) General Obligation (19.1%) 4,000 North Slope Borough, Alaska, Ser 2000 B (MBIA) 0.00% 06/30/09 $3,648,720 3,000 California, Various Purpose dtd 05/01/03 5.00 02/01/24 3,139,620 2,000 Los Angeles, California, Ser 2004 A (MBIA) 5.00 09/01/24 2,111,560 4,000 San Francisco City & County, Laguna Honda Hospital, Ser 2005 I (FSA) @@ 5.00 06/15/30 4,189 260 Florida State Board of Education, 6,890 Capital Outlay Refg Ser 2001 D 5.375 06/01/18 7,372,989 3,000 Capital Outlay Refg Ser 2002 C (MBIA) 5.00 06/01/20 3,172,110 7,000 New Jersey, 2001 Ser H ++ 5.25 07/01/19 7,794,990 2,000 New York, New York, 2005 Ser G 5.00 12/01/23 2,111,220 2,000 Pennsylvania, First Ser 2003 (MBIA) @@ 5.00 01/01/19 2,129,860 5,000 Aldine Independent School District, Texas, Bldg & Refg Ser 2001 (PSF) 5.00 02/15/26 5,134,950 ------------ -------------- 38,890 40,805,279 ------------ -------------- Educational Facilities Revenue (3.3%) 2,000 California Infrastructure & Economic Development Bank, The Scripps Research Institute Ser 2005 A 5.00 07/01/29 2,095,760 1,585 Colorado Educational & Cultural Facilities Authority, Peak to Peak Charter School Refg & Impr Ser 2004 (XLCA) 5.25 08/15/34 1,687,882 2,000 Illinois Finance Authority, Fullerton Village Ser 2004 5.125 06/01/35 2,052,700 1,200 University of North Carolina, Chapel Hill Ser 2003 5.00 12/01/24 1,263,732 ------------ -------------- 6,785 7,100,074 ------------ -------------- Electric Revenue (12.2%) 5,000 Colorado Springs, Colorado, Utilities Ser 2001 A Municipal Electric Authority of Georgia, 5.00 11/15/29 5,159,550 2,000 Combustion Turbine Ser 2002 A (MBIA) 5.25 11/01/21 2,124,000 1,500 Combustion Turbine Ser 2002 A (MBIA) 5.25 11/01/22 1,593,000 2,000 Nebraska Public Power District, Ser 2005 C (FGIC) 5.00 01/01/41 2,091,400 2,000 Long Island Power Authority, New York, Ser 2004 A (Ambac) South Carolina Public Service Authority, Santee Cooper 5.00 09/01/34 2,096,040 1,500 2002 Refg Ser A (FSA) 5.125 01/01/20 1,596,150 1,000 2002 Refg Ser A (FSA) 5.125 01/01/21 1,063,340 4,000 2003 Refg Ser A (Ambac) 5.00 01/01/27 4,182,800 2,000 1997 Refg Ser A (MBIA) 5.00 01/01/29 2,034,320 2,000 Grant County Public Utilities District #2, Washington, Wanapum 2005 Ser A (FGIC) 5.00 01/01/29 2,096,440 Lewis County Public Utility District #1, Washington, Cowlitz 2,000 Falls Refg Ser 2003 (MBIA) 5.00 10/01/22 2,106,340 ------------ -------------- 25,000 26,143,380 ------------ --------------
Hospital Revenue (18.1%) 3,000 California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005 5.00 11/15/34 3,097,800 3,000 California Statewide Community Development Authority, John Muir Health Ser 2006 A 5.00 08/15/32 3,137,760 1,500 University of Colorado Hospital Authority, Ser 2006 A 5.00 11/15/37 1,528,920 3,000 Highlands County Health Facilities Authority, Florida, Adventist Health Refg Ser 2005 C 5.00 11/15/31 3,080,280 1,000 Madison County, Idaho, Madison Memorial Hospital Ser 2006 COPs 5.25 09/01/37 1,046,330 3,000 Indiana Health Facilities Financing Authority, Community Health Ser 2005 A (Ambac) 5.00 05/01/35 3,128,490 3,000 Indiana Health & Educational Facility Financing Authority, Clarian Health Ser 2006 A, 5.25 02/15/40 3,153,030 Maryland Health & Higher Educatuional Facilities Authority, 3,000 Medstar Health Refg Ser 2004 5.375 08/15/24 3,186,870 2,000 University of Maryland Medical Ser 2002 5.75 07/01/17 2,157,760 2,500 University of Maryland Medical Ser 2001 5.25 07/01/34 2,588,925 1,000 University of Maryland Medical Ser 2006 A 5.00 07/01/41 1,038,390 3,000 Michigan State Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A 5.25 11/15/46 3,152,340 3,000 Lorain County, Ohio, Catholic Healthcare Partners Ser 2001 A 5.75 10/01/18 3,227,370 5,000 Sullivan County Health Educational & Housing Facilities Board, Tennessee, Wellmont Health Ser 2006 C 5.25 09/01/36 5,217,850 ------------ -------------- 37,000 38,742,115 ------------ -------------- Industrial Development/Pollution Control Revenue (8.2%) 3,500 Michigan Strategic Fund, Detroit Edison Co Ser 2001 C 5.45 09/01/29 3,665,550 2,000 New York State Energy & Research Development Authority, Brooklyn Union Gas Co 1991 Ser D (AMT) 9.767+++ 07/01/26 2,114,240 4,000 Tennessee Energy Acquisition Corporation, Ser 2006 A @@ 5.25 09/01/19 4,396,840 2,000 Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT) 4.85 04/01/21 2,025,280 5,000 Sabine River Authority, Texas, TXU Electric Co Refg Ser 2001 B (AMT) (Mandatory Tender 11/01/11) 5.75 05/01/30 5,296,650 ------------ -------------- 16,500 17,498,560 ------------ -------------- Mortgage Revenue - Single Family (0.1%) 285 Colorado Housing & Finance Authority, 2000 Ser D-2 (AMT) 6.90 04/01/29 286,097 ------------ -------------- Nursing & Health Related Facilities Revenue (0.8%) 1,500 New York State Dormitory Authority, Mental Health Ser 2003 B 5.25 02/15/17 1,606,800 ------------ -------------- Public Facilities Revenue (5.3%) 2,000 Jefferson County, Alabama, School Ser 2004 A 5.50 01/01/22 2,167,700 1,000 Phoenix Civic Improvement Corporation, Arizona, Phoenix Municipal Courthouse Sr Lien Excise Tax Ser 1999 A 5.25 07/01/24 1,038,280 1,900 Jacksonville, Florida, Sales Tax Ser 2001 (Ambac) 5.50 10/01/18 2,029,713
1,000 Miami-Dade County, Florida, Ser 2005 A (MBIA) 0.00 ## 10/01/30 745,360 2,000 Pennsylvania Public School Building Authority, Philadelphia School District Ser 2003 (FSA) 5.00 06/01/33 2,137,940 3,000 Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005 5.25 12/01/29 3,204,030 ------------ -------------- 10,900 11,323,023 ------------ -------------- Recreational Facilities Revenue (3.8%) 2,000 District of Columbia Ballpark, Ser 2006 B-1 (FGIC) 5.00 02/01/31 2,104,340 2,200 Coraville, Iowa, Coralville Marriott Hotel & Convention Center Ser 2006 D COPs 5.25 06/01/26 2,332,220 1,500 Baltimore, Maryland, Convention Center Hotel Ser 2006 A (XLCA) 5.25 09/01/39 1,622,535 2,000 New York City Industrial Development Agency, New York, Yankee Stadium Ser 2006 (FGIC) 5.00 03/01/46 2,099,320 ------------ -------------- 7,700 8,158,415 ------------ -------------- Resource Recovery Revenue (1.5%) 3,000 Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (Ambac) 5.50 04/01/16 3,207,750 ------------ -------------- Retirement & Life Care Facilities Revenue (2.2%) 1,000 St Johns County Industrial Development Authority, Florida, Glenmoor Ser 2006 A 5.375 01/01/40 1,017,450 1,500 Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B 5.00 01/01/17 1,503,465 1,000 Missouri Health & Educational Facilities Authority, Lutheran Senior Services Ser 2005 A 5.375 02/01/35 1,045,940 1,100 North Carolina Med Care Commission, Salemtowne Ser 2006 5.10 10/01/30 1,106,182 ------------ -------------- 4,600 4,673,037 ------------ -------------- Tax Allocation Revenue (0.5%) 1,000 Fenton, Missouri, Gravois Bluffs Refg Ser 2006 4.50 04/01/21 1,005,240 ------------ -------------- Tobacco Revenue (5.9%) 3,000 Northern Tobacco Securitization Corporation, Alaska, Ser 2006 A Asset Backed 5.00 06/01/46 3,015,330 2,000 Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2005 A-1 5.00 06/01/37 2,017,580 Tobacco Settlement Financing Corporation, New Jersey, 3,000 Ser 2007-1A 4.625 06/01/26 2,889,870 3,000 Ser 2007-1B 0.00 06/01/41 443,130 3,000 Nassau County Tobacco Settlement Corporation, New York, Assed Backed Ser 2006 A-3 5.125 06/01/46 3,062,280 1,000 Tobacco Settlement Financing Corporation, Virginia, Ser 2005 5.625 06/01/37 1,069,580 ------------ -------------- 15,000 12,497,770 ------------ -------------- Transportation Facilities Revenue (27.8%) 3,000 Metropolitan Washington Airports Authority, District of Columbia & Virginia, Ser 2004 C-1 (AMT) (FSA) # 5.00 10/01/20 3,131,760 3,000 Atlanta, Georgia, Airport Ser 2004 J (FSA) 5.00 01/01/34 3,130,320
Georgia Road & Toll Authority, 10,000 Ser 2001 5.375 03/01/17 10,701,500 2,000 Ser 2004 5.00 10/01/22 2,115,920 3,000 Ser 2004 5.00 10/01/23 3,170,280 2,000 Chicago, Illinois, O' Hare Int'l Airport Third Lien Ser 2003 B-2 (AMT) (FSA) 5.75 01/01/23 2,186,840 990 Massachusetts Bay Transportation Authority, Assess 2000 Ser A 5.25 07/01/30 1,029,442 2,000 Clark County, Nevada, Airport Sub Lien Ser 2004 A (AMT) (FGIC) 5.50 07/01/22 2,152,260 5,000 New Jersey Turnpike Authority, Ser 2003 A (Ambac) 5.00 01/01/30 5,231,350 Metropolitan Transportation Authority, New York, 3,000 State Service Contract Ser 2002 A (MBIA) 5.50 01/01/19 3,245,160 3,000 State Service Contract Refg Ser 2002 B (MBIA) 5.50 07/01/20 3,245,160 5,000 Pennsylvania Turnpike Commission, Ser 2004 A (Ambac) 5.00 12/01/34 5,286,250 5,000 Dallas-Fort Worth International Airport, Texas, Ser 2003 A (AMT) (FSA) 5.375 11/01/22 5,308,350 2,000 Harris County, Texas, Toll Road Sr Lien Ser 2005 A (FSA) Port of Seattle, Washington, 5.25 08/15/35 2,077,020 3,000 Sub Lien Ser 1999 A (FGIC) 5.25 09/01/22 3,173,580 4,010 Passenger Facility Ser 1998 A (MBIA) @@ 5.00 12/01/23 4,100,960 ------------ -------------- 56,000 59,286,152 ------------ -------------- Water & Sewer Revenue (28.3%) 1,920 Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA) 5.00 07/01/23 2,028,845 4,000 Oxnard Financing Authority, California, Redwood Trunk Sewer & Headworks Ser 2004 A (FGIC) 5.00 06/01/29 4,198,680 2,000 Martin County, Florida, Utilities Ser 2001 (FGIC) 5.00 10/01/26 2,075,240 8,000 Tampa Bay Water, Florida, Ser 2001 B (FGIC) 5.00 10/01/31 8,235,760 Louisville & Jefferson County Metropolitan Sewer District, Kentucky, 2,925 Ser 2001 A (MBIA) 5.375 05/15/20 3,131,300 3,075 Ser 2001 A (MBIA) 5.375 05/15/21 3,284,254 5,000 Ser 1999 A (FGIC) 5.75 05/15/33 5,286,750 2,925 Las Vegas Water District, Nevada, Impr and Refg Ser 2003 A (FGIC) 5.25 06/01/22 3,111,820 New York City Municipal Water Finance Authority, New York, 3,000 2003 Ser 5.375 06/15/18 3,219,240 4,000 1998 Ser D (MBIA) 4.75 06/15/25 4,041,360 5,000 2002 Ser G (FSA) 5.00 06/15/34 5,151,950 1,000 Austin, Texas, Water & Wastewater ROLS RRII R-674 (FSA) 9.195+++ 05/15/27 1,151,540 Houston, Texas, 10,000 Combined Utility First Lien Refg 2004 Ser A (FGIC) 5.25 05/15/23 10,743,700 4,500 Combined Utility First Lien Refg 2004 Ser A (MBIA) 5.25 05/15/25 4,834,665 ------------ -------------- 57,345 60,495,104 ------------ -------------- Other Revenue (6.4%) 5,000 California Economic Recovery, Ser 2004 A 5.00 07/01/16 5,260,400 Golden State Tobacco Securitization Corporation, California, 3,000 Enhanced Asset Backed Ser 2005 A (Ambac) 5.00 06/01/29 3,102,570 2,000 Enhanced Asset Backed Ser 2005 A (Ambac) 5.00 06/01/45 2,066,620 1,000 New Jersey Economic Development Authority, Cigarette Tax Ser 2004 5.75 06/15/34 1,069,090
2,000 New York City Transitional Finance Authority, New York, Refg 2003 Ser A 5.50** 11/01/26 2,139,640 ------------ -------------- 13,000 13,638,320 ------------ -------------- Refunded (7.4%) 7,000 Hawaii, Airports Second Ser of 1991 (AMT) (ETM) 6.90 07/01/12 7,647,150 5,000 Lehigh County General Purpose Authority, Pennsylvania, St Luke's Hospital of Bethlehem Ser 2003 5.25 08/15/13+ 5,217,500 3,000 Salt Lake City, Utah, IHC Hospital Inc Refg Ser 1991 (Ambac) (ETM) 10.448+++ 05/15/20 3,014,280 ------------ -------------- 15,000 15,878,930 ------------ -------------- 309,505 TOTAL TAX-EXEMPT MUNICIPAL BONDS (COST $309,154,653) 322,346,046 ------------ -------------- SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS (1.8%) 1,000 Philadelphia Hospital & Higher Education Facilities Authority, Pennsylvania, Children's Hospital of Philadelphia 2002 Ser A (Demand 02/01/07) 3.71* 07/01/22 1,000,000 2,800 San Antonio Education Facilities Corporation, Texas, Trinity University Ser 2002 (Demand 02/01/07) 3.73* 06/01/33 2,800,000 ------------ -------------- 3,800 TOTAL SHORT-TERM TAX-EXEMPT MUNICIPAL OBLIGATIONS 3,800,000 (COST $3,800,000) ------------ -------------- 313,305 TOTAL INVESTMENTS (COST $312,954,653) 326,146,046 ------------ -------------- FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (-5.2%) (11,010) Notes with interest rates ranging from 3.61%to 3.66% at January 31, 2007 and contractual maturities of collateral ranging from 01/01/19 to 06/15/30 ~~ (c) (Cost $(11,199,260)) (11,199,260) -------------- $ 302,295 TOTAL NET INVESTMENTS (COST $301,755,393) (A) (B) 147.5% 314,946,786 ============ OTHER ASSETS IN EXCESS OF LIABILITIES 1.7 3,603,344 PREFERRED SHARES OF BENEFICIAL INTEREST (49.2) (105,048,328) -------- -------------- NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% $ 213,501,802 ======== ==============
---------- Note: The categories of investments are shown as a percentage of net assets applicable to common shareholders. AMT Alternative Minimum Tax. COPs Certificates of Participation. ETM Escrowed to Maturity. PSF Texas Permanent School Fund Guarantee Program. ROLS Reset Option Longs. # Joint exemption in locations shown. # # Currently a zero coupon security; will convert to 5.00% on October 1, 2013. + Prerefunded to call date shown. ++ A portion of this security has been physically segregated in connection with open futures contracts in the amount of $32,500. +++ Current coupon rate for inverse floating rate municipal obligations. This rate resets periodically as the auction rate on the related security changes. Positions in inverse floating rate municipal obligations have a total value of $6,280,060, which represents 2.9% of net assets applicable to common shareholders. @@ Underlying security related to inverse floaters entered into by the Trust. ~~ Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at January 31, 2007. * Current coupon of variable rate demand obligation. ** Currently a 5.50% coupon security: will convert to 14.00% on November 1, 2011. (A) Securities have been designated as collateral in an amount equal to $5,415,352 in connection with open futures contracts. (B) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $13,243,350 and the aggregate gross unrealized depreciation is $51,957, resulting in net unrealized appreciation of $13,191,393. (C) Floating Rate Note Obligations Related to Securities Held - The Trust enters into transactions in which it transfers to Dealer Trusts ("Dealer Trusts"), fixed rate bonds in exchange for cash and residual interests in the Dealer Trusts' assets and cash flows, which are in the form of inverse floating rate investments. The Dealer Trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The Trust enters into shortfall agreements with the Dealer Trusts which commit the Trust to pay the Dealer Trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the Dealer Trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts. The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust's investment assets, and the related floating rate notes reflected as Trust liabilities. The notes issued by the Dealer Trust have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trust for redemption at par at each reset date. At January 31, 2007, Trust investments with a value of $14,816,920 are held by the Dealer Trust and serve as collateral for the $11,199,260 in floating rate note obligations outstanding at that date. Contractual maturities of the floating rate note obligations and interest rates in effect at January 31, 2007 are presented in the "Portfolio of Investments". Bond Insurance: Ambac Ambac Assurance Corporation. FGIC Financial Guaranty Insurance Company. FSA Financial Security Assurance Inc. MBIA Municipal Bond Investors Assurance Corporation. XLCA XL Capital Corporation. FUTURES CONTRACTS OPEN AT JANUARY 31, 2007:
UNDERLYING NUMBER OF DESCRIPTION, DELIVERY FACE AMOUNT UNREALIZED CONTRACTS LONG/SHORT MONTH AND YEAR AT VALUE APPRECIATION --------- ---------- --------------------------- ------------ ------------ U.S. Treasury Notes 10 Year 50 Short March 2007 $(5,337,500) $110,214 ========
Geographic Summary of Investments Based on Market Value as a Percent of Total Investments Alabama 0.7% Alaska 2.1 Arizona 0.3 California 10.2 Colorado 2.8 District of Columbia 1.7 Florida 8.8 Georgia 7.3 Hawaii 2.4 Idaho 0.3 Illinois 1.3 Indiana 2.0 Iowa 0.7 Kentucky 3.7 Maryland 4.9 Massachusetts 0.3 Michigan 2.2 Missouri 0.7 Nebraska 0.7 Nevada 1.7 New Jersey 5.5 New York 10.8 North Carolina 0.8 Ohio 1.0 Pennsylvania 4.7 South Carolina 3.8 Tennessee 2.1 Texas 12.5 Utah 1.0 Virginia 1.3 Washington 2.7 Joint exemptions* (1.0) ----- Total+ 100.0% =====
---------- * Joint exemptions have been included in each geographic location. + Does not include open short futures contracts with an underlying face amount of $5,337,500 with a total unrealized appreciation of $110,214. ITEM 2. CONTROLS AND PROCEDURES. (a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to provide reasonable assurance that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's ("SEC") rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. The Trust's principal executive officer and principal financial officer have also concluded that the Trust's disclosure controls and procedures designed to ensure that information required to be disclosed by the Trust in this Form N-Q is accumulated and communicated to the Trust's management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure were effective. Management of the Trust has determined that as of and prior to January 31, 2007, the Trust's fiscal quarter end period, the Trust had a deficiency in its internal control over financial reporting related to the review, analysis and determination of whether certain transfers of municipal securities qualified for sale accounting under the provisions of Statement of Financial Accounting Standards No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities." Since January 31, 2007 and prior to the issuance of the Trust's quarterly schedule of portfolio holdings, management has revised its disclosure controls and procedures and its internal control over financial reporting in order to improve the controls' effectiveness to ensure that transactions in transfer of municipal securities are accounted for properly. Management notes that other investment companies investing in similar investments over similar time periods had been accounting for such investments in a similar manner as the Trust. Accordingly, other investment companies are also concluding that there was a material weakness in their internal control over financial reporting of such investments. There was no impact to the net asset value of the Trust's shares or the Trust's total return for any period as a result of the changes in financial reporting of such investments. (b) There were no changes in the Trust's internal control over financial reporting that occurred during the fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. However, as discussed above, subsequent to January 31, 2007, the Trust's internal control over financial reporting was revised. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto. 2 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. Morgan Stanley Quality Municipal Investment Trust /s/ Ronald E. Robison ------------------------------------ Ronald E. Robison Principal Executive Officer March 22, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Ronald E. Robison ------------------------------------ Ronald E. Robison Principal Executive Officer March 22, 2007 /s/ Francis Smith ------------------------------------ Francis Smith Principal Financial Officer March 22, 2007 3