N-Q 1 y50487dnvq.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) 522 Fifth Avenue, New York, New York 10036 (Address of principal executive offices) (Zip code) Ronald E. Robison 522 Fifth Avenue, New York, New York 10036 (Name and address of agent for service) Registrant's telephone number, including area code: 212-296-6990 Date of fiscal year end: October 31, 2008 Date of reporting period: January 31, 2008 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, 2008 (UNAUDITED)
PRINCIPAL AMOUNT IN COUPON MATURITY THOUSANDS RATE DATE VALUE --------- ------ -------- ------------ TAX-EXEMPT MUNICIPAL BONDS (159.0%) ALABAMA (1.1%) $ 2,000 Jefferson County, Alabama, School Ser 2004 A 5.50% 01/01/22 $ 2,160,420 ------------ ALASKA (3.2%) 4,000 North Slope Borough, Alaska, Ser 2000 B (MBIA Insd) 0.00 06/30/09 3,869,240 3,000 Northern Tobacco Securitization Corporation, Alaska, Asset Backed Ser 2006 A 5.00 06/01/46 2,526,300 ------------ 6,395,540 ------------ CALIFORNIA (21.3%) 4,000 California, Economic Recovery Ser 2004 (MBIA Insd) 5.00 07/01/16 5,372,800 3,000 California Health Facilities Financing Authority, Cedars-Sinai Medical Center Ser 2005 5.00 11/15/34 2,973,540 2,000 California Infrastructure & Economic Development Bank, The Scripps Research Institute Ser 2005 A 5.00 07/01/29 2,059,220 3,000 California Statewide Communities Development, John Muir Health Ser 2006 A 5.00 08/15/32 2,987,340 3,000 California, Various Purpose dtd 05/01/03 5.00 02/01/24 3,096,690 2,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (AMBAC Insd) 5.00 06/01/45 1,926,280 3,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2005 A (AMBAC Insd) 5.00 06/01/29 3,007,320 4,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2007 A-1 5.75 06/01/47 3,834,720 4,000 Golden State Tobacco Securitization Corporation, California, Enhanced Asset Backed Ser 2007 A-1## 5.13 06/01/47 3,464,692 1,920 Los Angeles Department of Water & Power, California, Water 2004 Ser C (MBIA Insd) 5.00 07/01/23 2,021,434 2,000 Los Angeles, California, Ser 2004 A (MBIA Insd) 5.00 09/01/24 2,103,920 4,000 Oxnard Financing Authority, California, Wastewater 2004 Ser A (FGIC Insd) 5.00 06/01/29 4,127,840 4,000 San Francisco City & County, California, Laguna Honda Hospital Ser 2005 I (FSA Insd)## 5.00 06/15/30 4,148,780 2,000 Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corporation Ser 2006 A-1 5.00 06/01/37 1,724,120 ------------ 42,848,696 ------------ COLORADO (4.1%) 1,585 Colorado Educational & Cultural Facilities Authority, Peak to Peak Charter School Refg & Impr Ser 2004 (XLCA Insd) 5.25 08/15/34 1,607,269 240 Colorado Housing & Finance Authority, 2000 Ser D-2 (AMT) 6.90 04/01/29 251,878 5,000 Colorado Springs, Colorado, Utilities Ser 2001 A 5.00 11/15/29 5,076,300 1,500 University of Colorado Hospital Authority, Ser A 5.00 11/15/37 1,389,570 ------------ 8,325,017 ------------ DISTRICT OF COLUMBIA (2.6%) 2,000 District of Columbia Ballpark, Ser 2006 B-1 (FGIC Insd) 5.00 02/01/31 2,004,580 3,000 Metropolitan Washington Airports Authority, District of Columbia & Virginia, Ser 2004 C-1 (AMT) (FSA Insd) # 5.00 10/01/20 3,127,860 ------------ 5,132,440 ------------ FLORIDA (16.1%) 6,890 Florida State Board of Education, Capital Outlay Refg Ser 2001 D 5.38 06/01/18 7,490,119 3,000 Highlands County Health Facilities Authority, Florida, Adventist Health Refg Ser 2005 C 5.00 11/15/31 2,983,260 1,900 Jacksonville, Florida, Sales Tax Ser 2001 (AMBAC Insd) 5.50 10/01/18 2,042,804 2,000 Martin County, Florida, Utilities Ser 2001 (FGIC Insd) 5.00 10/01/26 2,053,820 1,000 Miami-Dade County, Florida, Ser 2005 A (MBIA Insd) 0.00++ 10/01/30 773,620 8,000 South Miami Health Facilities Authority, Florida, Baptist Health Ser 2007## 5.00 08/15/42 7,932,760 1,000 St Johns, Florida, Industrial Development Authority, Glenmoor Refg 2006 Ser A 5.38 01/01/40 877,100 8,000 Tamp Bay Water Authority, Ser 2001 B (FGIC Insd) 5.00 10/01/31 8,115,760 ------------ 32,269,243 ------------ GEORGIA (11.5%) 3,000 Atlanta, Georgia, Airport Passenger Facilities Charge Airport Ser 2004 J (FSA Insd) 5.00 01/01/34 3,064,050 10,000 Georgia Road & Tollway Authority, Ser 2001 5.38 03/01/17 10,948,399 2,000 Georgia Road & Tollway Authority, Ser 2001 5.00 10/01/23 2,130,660 3,000 Georgia Road & Tollway Authority, Ser 2001 5.00 10/01/23 3,195,990 2,000 Municipal Electric Authority of Georgia, Combustion Turbine Ser 2002 A (MBIA Insd) 5.25 11/01/21 2,123,040 1,500 Municipal Electric Authority of Georgia, Combustion Turbine Ser 2002 A (MBIA Insd) 5.25 11/01/22 1,592,280 ------------ 23,054,419 ------------ HAWAII (3.8%) 7,000 Hawaii, Airports Second Ser of 1991 (AMT) (ETM) 6.90 07/01/12 7,681,660 ------------ IDAHO (0.4%)
1,000 Madison County Industrial Development Authority, Idaho, Madison Memorial Hospital Ser 2006 COPs 5.25 09/01/37 886,020 ------------ ILLINOIS (1.1%) 2,000 Chicago, Illinois, O' Hare Int'l Airport Third Lien Ser 2003 B-2 (AMT) (FSA Insd) 5.75 01/01/23 2,143,520 ------------ INDIANA (3.0%) 3,000 Indiana Health & Educational Facility Financing Authority, Clarian Health 2006 A 5.25 02/15/40 2,993,010 3,000 Indiana Health Facilities Financing Authority, Community Health Ser 2005 A (AMBAC Insd) 5.00 05/01/35 2,979,900 ------------ 5,972,910 ------------ IOWA (1.7%) 1,275 Coralville Iowa Urban Renewal Ser 2007 C 5.50 06/01/47 1,163,412 2,200 Coralville Iowa, Marriot Hotel & Convention Center Ser 2006 D COPs 5.25 06/01/26 2,280,960 ------------ 3,444,372 ------------ KENTUCKY (5.8%) 5,000 Louisville & Jefferson County Metropolitan Sewer District, Kentucky, Ser 1999 A (FGIC Insd) 5.75 05/15/33 5,223,250 2,925 Louisville & Jefferson County Metropolitan Sewer District, Kentucky, Ser 2001 A (MBIA Insd) 5.375 05/15/20 3,164,645 3,075 Louisville & Jefferson County Metropolitan Sewer District, Kentucky, Ser 1999 A (MBIA Insd) 5.375 05/15/21 3,284,377 ------------ 11,672,272 ------------ MARYLAND (7.3%) 1,000 Baltimore County, Maryland, Oak Crest Village Ser 2007 A 5.00 01/01/37 923,230 1,000 Maryland Health & Higher Edlucational Facilities Authority, University of Maryland Medical Ser 2006 A 5.00 07/01/41 985,570 1,500 Maryland Health & Higher Educational Facilities Authority, King Farm Presbyterian Community 2006 Ser B 5.00 01/01/17 1,494,600 3,000 Maryland Health & Higher Educational Facilities Authority, Medstar Health Refg Ser 2004 5.38 08/15/24 3,067,890 2,500 Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Ser 2001 5.25 07/01/11+ 2,726,750 2,000 Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical Ser 2002 5.75 07/01/12+ 2,258,100 3,000 Northeast Maryland Waste Disposal Authority, Montgomery County Ser 2003 (AMT) (AMBAC Insd) 5.50 04/01/16 3,241,410 ------------ 14,697,550 ------------ MASSACHUSETTS (0.5%) 415 Massachusetts Bay Transportation Authority, Assess 2000 Ser A 5.25 07/01/30 431,384 575 Massachusetts Bay Transportation Authority, Assess 2000 Ser A 5.25 07/01/10+ 614,434 ------------ 1,045,818 ------------ MICHIGAN (3.3%) 3,000 Michigan State Hospital Finance Authority, Henry Ford Health Refg Ser 2006 A 5.25 11/15/46 2,976,630 3,500 Michigan Strategic Fund, Detroit Edison Co Ser 2001 C 5.45 09/01/29 3,578,995 ------------ 6,555,625 ------------ MISSOURI (1.0%) 915 Fenton, Missouri, Gravois Bluffs Refg Ser 2006 4.50 04/01/21 919,401 1,000 Missouri Health & Educational Facilities Authority, Lutheran Senior Services Ser 2005 A 5.38 02/01/35 1,003,470 ------------ 1,922,871 ------------ NEBRASKA (1.0%) 2,000 Nebraska Public Power District, Ser 2005 C (FGIC Insd) 5.00 01/01/41 2,021,420 ------------ NEVADA (3.1%) 2,000 Clark County, Nevada, Airport Sub Lien Ser 2004 A (AMT) (FGIC Insd) 5.50 07/01/22 2,112,600 2,925 Las Vegas Water District, Nevada, Impr and Refg Ser 2003 A (FGIC Insd) 5.25 06/01/22 3,121,151 1,000 Reno, Nevada, Renown Regional Medical Center Ser 2007 A 5.25 06/01/37 980,130 ------------ 6,213,881 ------------ NEW JERSEY (8.5%) 1,000 New Jersey Economic Development Authority, Cigarette Tax Ser 2004 5.75 06/15/34 996,690 5,000 New Jersey Turnpike Authority, Ser 2003 A (AMBAC Insd) 5.00 01/01/30 5,101,950 7,000 New Jersey, 2001 Ser H*** 5.25 07/01/19 7,978,179 3,000 Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1A 4.63 06/01/26 2,625,060 3,000 Tobacco Settlement Financing Corporation, New Jersey, Ser 2007-1B 0.00 06/01/41 320,310 ------------ 17,022,189 ------------ NEW YORK (15.4%) 2,000 Long Island Power Authority, New York, Ser 2004 A (AMBAC Insd) 5.00 09/01/34 2,004,920 3,000 Metropolitan Transportation Authority, New York, State Service Contract Refg Ser 2002 B (MBIA Insd) 5.50 07/01/20 3,267,180 3,000 Metropolitan Transportation Authority, New York, State Service Contract Refg Ser 2002 A (MBIA Insd) 5.50 01/01/19 3,267,180 3,000 Nassau County Tobacco Settlement Corporation, New York, Ser 2006 A-3 5.13 06/01/46 2,871,480 2,000 New York City Industrial Development Agency, Queens Baseball Stadium Ser 2006 (FGIC Insd) 5.00 03/01/46 2,000,600 3,000 New York City Municipal Water Finance Authority, 2003 Ser A 5.38 06/15/18 3,271,170 4,000 New York City Municipal Water Finance Authority, New York, 1998 Ser D (MBIA Insd) 4.75 06/15/25 4,026,480
5,000 New York City Municipal Water Finance Authority, New York, 2002 Ser G (FSA Insd) 5.00 06/15/34 5,094,400 2,000 New York City Transitional Finance Authority, New York, Refg 2003 Ser A 5.50++ 11/01/26 2,189,760 2,000 New York State Energy & Research Development Authority, Brooklyn Union Gas Co 1991 Ser B 9.26** 07/01/26 2,062,240 1,000 Seneca Nation of Indians, New York, Ser 2007 A**** 5.00 12/01/23 921,180 ------------ 30,976,590 ------------ NORTH CAROLINA (1.1%) 1,100 North Carolina Medical Care Commission, Salemtowne Refg Ser 2006 5.10 10/01/30 1,004,256 1,200 University of North Carolina, Chapel Hill Ser 2003 5.00 12/01/24 1,268,604 ------------ 2,272,860 ------------ OHIO (1.6%) 3,000 Lorain County, Ohio, Catholic Healthcare Partners Ser 2001 A 5.75 10/01/18 3,196,080 ------------ PENNSYLVANIA (7.3%) 2,000 Allegheny County Redevelopment Authority, Pennsylvania, West Penn Allegheny Health Ser 2007 A ## 5.38 11/15/40 1,743,340 5,000 Lehigh County General Purpose Authority, Pennsylvania, St Luke's Hospital of Bethlehem Ser 2003 5.25 08/15/13+ 5,606,150 5,000 Pennsylvania Turnpike Commission, Ser A 2004 (AMBAC Insd) 5.00 12/01/34 5,107,000 2,000 Pennsylvania, First Ser 2003 (MBIA Insd)## 5.00 01/01/13+ 2,210,910 ------------ 14,667,400 ------------ SOUTH CAROLINA (6.0%) 3,000 Charleston Educational Excellence Financing Corporation, South Carolina, Charleston County School District Ser 2005 5.25 12/01/29 3,088,050 40 Lexington County, South Carolina, Health Services District Inc., Lexington Medical Center Ser 2007 5.00 11/01/16 42,804 205 Richland County Environmental Inprovement, South Carolina, 2007 Refg Ser A 4.60 09/01/12 207,485 1,500 South Carolina Public Service Authority, 2002 Refg Ser A (FSA Insd) 5.13 01/01/20 1,627,500 1,000 South Carolina Public Service Authority, 2002 Refg Ser A (FSA Insd) 5.13 01/01/21 1,069,850 4,000 South Carolina Public Service Authority, Santee Cooper Ser 2003 Refg A (Ambac Insd) 5.00 01/01/27 4,102,760 1,945 South Carolina ST Public Sevice Authority 5.00 01/01/29 1,963,264 ------------ 12,101,713 ------------ TENNESSEE (4.5%) 5,000 Sullivan County Health Educational & Housing Facilities Board, Tennessee, Wellmont Health Ser 2006 C 5.25 09/01/36 4,768,799 4,000 Tennessee Energy Acquisition Corporation, Ser 2006 A## 5.25 09/01/19 4,202,660 ------------ 8,971,459 ------------ TEXAS (14.8%) 1,090 Aldine Independent School District, Texas, Bldg & Refg Ser 2001 (PSF) 5.00 02/15/26 1,128,455 3,910 Aldine Independent School District, Texas, Bldg & Refg Ser 2001 (PSF) 5.00 02/15/11+ 4,202,038 2,000 Alliance Airport Authority, Texas, Federal Express Corp Refg Ser 2006 (AMT Insd) 4.85 04/01/21 1,941,320 1,000 Austin, Texas, Water & Wastewater, ROLS RR II R-674 (FSA Insd) 10.38** 05/15/27 1,098,460 5,000 Dallas-Fort Worth International Airport, Texas, Ser 2003 A (AMT) (FSA Insd) 5.38 11/01/22 5,221,200 10,000 Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (FGIC Insd) 5.25 05/15/23 10,515,100 4,500 Houston, Texas, Combined Utility First Lien Refg 2004 Ser A (MBIA Insd) 5.25 05/15/25 4,699,035 1,000 Tarrant County Cultural Educational Facilities Finance Corp, Texas, Air Force Village II Inc Ser 2007 5.13 05/15/37 958,980 ------------ 29,764,588 ------------ UTAH (1.5%) 3,000 Salt Lake City, Utah, IHC Hospital Inc. Refg Ser 1991 (AMBAC Insd) 8.86** 05/15/20 3,021,120 ------------ VIRGINIA (0.8%) 1,750 Fairfax County Economic Development Authority, Virginia, Residential Care Facilities, Goodwin House Inc Ser 2007 5.13 10/01/37 1,667,908 ------------ WASHINGTON (5.6%) 2,000 Grant County Public Utilities District #2, Washington, Wanapum 2005 Ser A (FGIC Insd) 5.00 01/01/29 2,046,260 2,000 Lewis County Public Utility District #1, Washington, Cowlitz Falls Refg Ser 2003 (MBIA Insd) 5.00 10/01/22 2,086,600 1,000 Port of Seattle, Washington, Passenger Facility Ser 1998 A (MBIA Insd)## 5.00 12/01/23 4,056,560 3,000 Port of Seattle, Washington, Sub Lien Ser 1999 A (FGIC Insd) 5.25 09/01/22 3,177,420 ------------ 11,366,840 ------------
TOTAL TAX-EXEMPT MUNICIPAL BONDS (Cost $312,568,370) 319,472,441 ------------
NUMBER OF SHARES (000) SHORT-TERM INVESTMENT (a) (2.3%) INVESTMENT COMPANY 4,599 Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class (Cost $4,599,389) 4,599,389 ------------ TOTAL INVESTMENTS (Cost $317,167,759) 324,071,830 ------------
PRINCIPAL AMOUNT IN THOUSANDS --------- FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (-10.6%) ($21,175) Notes with interest rates ranging from 2.23% to 3.78% at January 31, 2008 and contractual maturities of collateral ranging from 01/01/13 to 06/01/47 +++ (b) (Cost $(21,323,780)) (21,323,780) ------------ TOTAL NET INVESTMENTS (Cost $295,843,979) (b) (c) 150.7 302,748,050 OTHER ASSETS IN EXCESS OF LIABILITES 1.6 3,150,854 PREFERRED SHARES OF BENEFICIAL INTEREST (52.3) (105,022,148) ----- ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 100.0% 200,876,756 ===== ============
Percentages are calculated as a percentage of net assets. AMT Alternative Minimum Tax. COPs Certificates of Participation. ETM Escrowed to Maturity. PSF Taxas Permanent School Fund Guarantee Program. ROLS Reset Option Longs. + Prerefunded to call date shown. ++ Security is a "step-up" bond where the coupon increases on predetermined future date. +++ Floating rate note obligations related to securities held. The interest rate shown reflects the rate in effect at January 31, 2008. * Underlying securities related to inverse floaters entered into by the Trust. ** Current coupon rate for inverse floating rate municipal obligation. This rate resets periodically as the auction rate on the related security changes. Position in inverse floating rate municipal obligations have a total value of $6,181,820 which represents 3.1% of net assets applicable to common shareholders. *** All or a portion of this security has been physically segregated in connection with open futures contracts in the amount of $185,155. **** Resale is restricted to qualified institutional investors. # Joint exemption in locations shown. ## 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 Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. At January 31, 2008, Trust investments with a value of $27,759,702 are held by the Dealer Trusts and serve as collateral for the $21,323,780 in floating rate note obligations outstanding at that date. (a) The Trust invests in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class, an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Trust are reduced by an amount equal to the advisory and administrative services fees paid by Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class with respect to assets invested by the Trust in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class. For the period ended January 31, 2008, advisory fees paid were reduced by $988 relating to the Trust's investment in Morgan Stanley Institutional Liquidity Tax-Exempt Portfolio - Institutional Class. Income distributions earned by the Trust totaled $159,673, for the period ended January 31, 2008. (b) Securities have been designated as collateral in an amount equal to $87,811,922 in connection with open futures contracts. (c) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. 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 Assurance Inc. FUTURES CONTRACTS OPEN AT JANUARY 31, 2008:
UNREALIZED NUMBER OF LONG/ DESCRIPTION, DELIVERY UNDERLYING FACE APPRECIATION/ CONTRACTS SHORT MONTH AND YEAR AMOUNT AT VALUE (DEPRECIATION) --------- ----- ------------------------------- --------------- -------------- 41 Long U.S. Treasury Notes 2 Year, March 2008 $ 8,741,969 $ 21,002 13 Long U.S. Treasury Bonds 20 Year, March 2008 1,551,063 12,528 283 Long U.S. Treasury Swaps 10 Year, March 2008 32,213,361 541,064 144 Short U.S. Treasury Notes 5 Year, March 2008 (16,272,000) (388,043) 261 Short U.S. Treasury Notes 10 Year, March 2008 (30,463,594) (282,514) --------- NET UNREALIZED DEPRECIATION........................ $ (95,963) =========
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 ensure that information required to be disclosed by the Trust's in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's 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. (b) There were no changes in the Trust's internal control over financial reporting that occurred during the registrant's fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. 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 20, 2008 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 20, 2008 /s/ Francis Smith Francis Smith Principal Financial Officer March 20, 2008 3