OMB APPROVAL | ||
OMB Number: 3235-0570 | ||
Expires: January 31, 2014 | ||
Estimated average burden | ||
hours per response: 20.6 | ||
2 |
Letters to Shareholders | |
3 |
Trust Performance | |
4 |
Dividend Reinvestment Plan | |
5 |
Schedule of Investments | |
13 |
Financial Statements | |
16 |
Notes to Financial Statements | |
21 |
Financial Highlights | |
22 |
Approval of Investment Advisory and Sub-Advisory Agreements | |
23 |
Results of Proxy | |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
2 | Invesco Quality Municipal Investment Trust |
Trust at NAV |
10.28 | % | ||
Trust at Market Value |
12.04 | |||
Barclays Capital Municipal Bond Index▼ |
6.39 | |||
Market Price Discount to NAV as of 8/31/11 |
-3.76 | |||
▼Lipper, Inc. |
NYSE Symbol | IQT |
3 | Invesco Quality Municipal Investment Trust |
n | Add to your account: You may increase the amount of shares in your Trust easily and automatically with the Plan. |
|
n | Low transaction costs: Transaction costs are low because the new shares are bought in blocks and the brokerage commission is shared among all participants. |
|
n | Convenience: You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent) which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to invesco.com/us. |
|
n | Safekeeping: The Agent will hold the shares it has acquired for you in safekeeping. |
1. | If you opt to continue to hold your non-certificated shares, whole shares will be held by the Agent and fractional shares will be sold. The proceeds will be sent via check to your address of record after deducting per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. | |
3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a stock certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
4 | Invesco Quality Municipal Investment Trust |
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations151.42% |
||||||||||||||||
Alabama1.30% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)(a)
|
5.25 | % | 07/01/30 | $ | 550 | $ | 574,458 | |||||||||
Birmingham (City of) Water Works Board; Series 2011, RB
(INSAGM)(a)
|
5.00 | % | 01/01/36 | 1,800 | 1,865,790 | |||||||||||
2,440,248 | ||||||||||||||||
Arizona1.12% |
||||||||||||||||
Arizona (State of); Series 2008 A, COP
(INSAGM)(a)
|
5.00 | % | 09/01/24 | 985 | 1,052,108 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service
Co. Palo Verde); Series 2009 A, Ref.
PCR(b)(c)
|
6.00 | % | 05/01/14 | 400 | 440,336 | |||||||||||
Pima (County of) Industrial Development Authority (Tucson
Electric Power Co.); Series 2010 A, IDR
|
5.25 | % | 10/01/40 | 675 | 612,745 | |||||||||||
2,105,189 | ||||||||||||||||
California22.11% |
||||||||||||||||
Alhambra Unified School District (Election of 2004);
|
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)(a)(d)
|
0.00 | % | 08/01/35 | 985 | 219,330 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)(a)(d)
|
0.00 | % | 08/01/36 | 1,590 | 305,582 | |||||||||||
Alvord United School District (Election of 2007);
Series 2008 A, Unlimited Tax GO Bonds
(INSAGM)(a)
|
5.00 | % | 08/01/23 | 690 | 753,204 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area);
Series 2007 F, Toll Bridge RB
|
5.00 | % | 04/01/31 | 1,000 | 1,040,170 | |||||||||||
Beverly Hills Unified School District (Election of 2008);
|
||||||||||||||||
Series 2009, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/26 | 680 | 320,355 | |||||||||||
Series 2009, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/31 | 1,310 | 442,872 | |||||||||||
California (State of) Health Facilities Financing Authority
(Cedars-Sinai Medical Center); Series 2005, Ref. RB
|
5.00 | % | 11/15/34 | 555 | 555,794 | |||||||||||
California (State of) Statewide Communities Development
Authority (John Muir Health); Series 2006 A, RB
|
5.00 | % | 08/15/32 | 3,000 | 2,969,190 | |||||||||||
California (State of); Series 2003, Unlimited Tax GO Bonds
|
5.00 | % | 02/01/24 | 1,000 | 1,042,090 | |||||||||||
California Infrastructure & Economic Development Bank
(The Scripps Research Institute); Series 2005 A, RB
|
5.00 | % | 07/01/29 | 2,000 | 2,047,820 | |||||||||||
Clovis Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax CAB GO Bonds
(INSNATL)(a)(d)
|
0.00 | % | 08/01/29 | 340 | 118,300 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008);
|
||||||||||||||||
Series 2009 E, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/42 | 5,265 | 675,131 | |||||||||||
Series 2009 E, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/43 | 770 | 92,107 | |||||||||||
Dry Creek Joint Elementary School District (Election of
2008-Measure E); Series 2009, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/41 | 430 | 59,099 | |||||||||||
East Bay Municipal Utility District; Series 2010 A,
Ref. Sub. Water System RB
|
5.00 | % | 06/01/36 | 1,275 | 1,361,968 | |||||||||||
El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/31 | 1,775 | 514,040 | |||||||||||
Golden State Tobacco Securitization Corp.;
|
||||||||||||||||
Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
|
5.00 | % | 06/01/45 | 1,500 | 1,325,010 | |||||||||||
Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
(INSAMBAC)(a)
|
5.00 | % | 06/01/29 | 3,000 | 2,821,410 | |||||||||||
Series 2007
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.13 | % | 06/01/47 | 2,700 | 1,742,256 | |||||||||||
Indio (City of) Redevelopment Agency (Indio Merged
Redevelopment); Series 2008 A, Sub. Tax Allocation
Bonds
|
5.00 | % | 08/15/24 | 585 | 524,534 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles
International Airport); Series 2010 A, Sr. RB
|
5.00 | % | 05/15/35 | 1,325 | 1,364,975 | |||||||||||
Los Angeles (City of) Department of Water & Power;
Series 2004 C, Water System RB
(INSNATL)(a)(e)
|
5.00 | % | 07/01/25 | 1,920 | 2,083,315 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO
Bonds
(INSNATL)(a)
|
5.00 | % | 09/01/24 | 2,000 | 2,160,500 | |||||||||||
Menifee Union School District (Election of 2008);
Series 2009 C, Unlimited Tax CAB GO Bonds
(INSAGC)(a)(d)
|
0.00 | % | 08/01/34 | 975 | 229,388 | |||||||||||
Moreland School District (Crossover); Series 2014 C,
Ref. Unlimited Tax CAB GO Bonds
(INSAMBAC)(a)(d)
|
0.00 | % | 08/01/29 | 1,090 | 358,120 | |||||||||||
Oak Grove School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds(d) |
0.00 | % | 08/01/28 | 790 | 283,531 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Oakland (Port of);
|
||||||||||||||||
Series 2002 L, RB(b)(f)(g)
|
5.00 | % | 11/01/12 | $ | 110 | $ | 115,793 | |||||||||
Series 2002 L, RB
(INSNATL)(a)(g)
|
5.00 | % | 11/01/21 | 890 | 900,279 | |||||||||||
Oxnard (City of) Finance Authority (Redwood Trunk
Sewer & Headworks); Series 2004 A, RB
(INSNATL)(a)
|
5.00 | % | 06/01/29 | 4,000 | 4,160,480 | |||||||||||
Poway Unified School District (Election of 2008School
Facilities Improvement District
No. 2007-1);
|
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/27 | 1,965 | 758,608 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/31 | 2,455 | 710,968 | |||||||||||
San Diego Community College District (Election of 2006);
Series 2011, Unlimited Tax GO Bonds
|
5.00 | % | 08/01/36 | 2,700 | 2,830,059 | |||||||||||
San Francisco (City & County of) (Laguna Honda
Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds
(INSAGC)(a)(e)
|
5.00 | % | 06/15/28 | 540 | 559,451 | |||||||||||
San Francisco (City & County of) Airports Commission
(San Francisco International Airport);
|
||||||||||||||||
Second Series 2011 F,
Ref. RB(g)
|
5.00 | % | 05/01/25 | 265 | 270,690 | |||||||||||
Second Series 2011 F,
Ref. RB(g)
|
5.00 | % | 05/01/26 | 530 | 536,450 | |||||||||||
San Francisco (City & County of) Public Utilities
Commission (Water System Improvement Program);
Subseries 2011 A, RB
|
5.00 | % | 11/01/36 | 1,155 | 1,217,543 | |||||||||||
San Jose Evergreen Community College District (Election of
2004); Series 2008 B, Unlimited Tax GO Bonds
(INSAGM)(a)(d)
|
0.00 | % | 09/01/30 | 3,300 | 1,042,041 | |||||||||||
Southern California Tobacco Securitization Authority;
Series 2006
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.00 | % | 06/01/37 | 1,000 | 677,850 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited
Tax CAB GO
BAN(d)
|
0.00 | % | 04/01/14 | 850 | 798,787 | |||||||||||
William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds(d)
|
0.00 | % | 08/01/32 | 6,300 | 1,593,837 | |||||||||||
41,582,927 | ||||||||||||||||
Colorado1.33% |
||||||||||||||||
Colorado (State of) Educational & Cultural Facilities
Authority (Peak to Peak Charter School); Series 2004, Ref.
Improvement RB
(INSSGI)(a)
|
5.25 | % | 08/15/34 | 1,585 | 1,525,658 | |||||||||||
Colorado (State of) Housing & Finance Authority
(Single Family Program); Series 2000
D-2, RB(g)
|
6.90 | % | 04/01/29 | 115 | 122,830 | |||||||||||
Colorado (State of) Regional Transportation District (Denver
Transit Partners); Series 2010, Private Activity RB
|
6.00 | % | 01/15/41 | 850 | 850,510 | |||||||||||
2,498,998 | ||||||||||||||||
District of Columbia5.00% |
||||||||||||||||
District of Columbia Water & Sewer Authority;
|
||||||||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)(a)
|
5.00 | % | 10/01/27 | 575 | 620,258 | |||||||||||
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)(a)
|
5.00 | % | 10/01/28 | 265 | 284,152 | |||||||||||
District of Columbia;
|
||||||||||||||||
Series 2006 B-1, Ballpark RB
(INSNATL)(a)
|
5.00 | % | 02/01/31 | 2,000 | 1,941,860 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds
(INSBHAC)(a)(e)
|
5.00 | % | 06/01/26 | 380 | 412,201 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds
(INSBHAC)(a)(e)
|
5.00 | % | 06/01/27 | 380 | 409,366 | |||||||||||
Series 2008 E, Unlimited Tax GO Bonds
(INSBHAC)(a)(e)
|
5.00 | % | 06/01/28 | 760 | 814,044 | |||||||||||
Series 2009 A, Sec. Income
Tax RB(e)
|
5.25 | % | 12/01/27 | 1,500 | 1,696,365 | |||||||||||
Metropolitan Washington Airports Authority; Series 2004
C-1, Ref. RB
(INSAGM)(a)(g)
|
5.00 | % | 10/01/20 | 3,000 | 3,230,520 | |||||||||||
9,408,766 | ||||||||||||||||
Florida15.42% |
||||||||||||||||
Florida (State of) Board of Education; Series 2002 D,
Public Education Capital Outlay Ref. Bonds
|
5.38 | % | 06/01/18 | 6,890 | 7,124,742 | |||||||||||
Highlands (County of) Health Facilities Authority (Adventist
Health); Series 2005 C, RB
|
5.00 | % | 11/15/31 | 3,000 | 3,024,660 | |||||||||||
Jacksonville (City of); Series 2001, Sales
Tax RB(b)(f)
|
5.50 | % | 10/01/11 | 1,000 | 1,004,700 | |||||||||||
Martin (County of); Series 2001, Utilities
System RB(b)(f)
|
5.00 | % | 10/01/11 | 1,000 | 1,014,020 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program);
Series 2009 B-1, Unlimited Tax GO Bonds
|
6.00 | % | 07/01/38 | 1,000 | 1,100,290 | |||||||||||
Miami-Dade (County of) (Miami International Airport-Hub of the
Americas); Series 2009 B, Aviation RB
(INSAGC)(a)
|
5.00 | % | 10/01/25 | 800 | 857,904 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Miami-Dade (County of) Educational Facilities Authority
(University of Miami); Series 2008 A, RB
(INSBHAC)(a)
|
5.50 | % | 04/01/38 | $ | 1,300 | $ | 1,349,153 | |||||||||
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
6.00 | % | 08/01/30 | 320 | 333,888 | |||||||||||
Miami-Dade (County of); Series 2005 A, Sub. Special
Obligation Conv. CAB RB
(INSNATL)(a)(d)
|
0.00 | % | 10/01/30 | 1,000 | 849,680 | |||||||||||
Palm Beach (County of) Solid Waste Authority; Series 2009,
Improvement RB
(INSBHAC)(a)
|
5.50 | % | 10/01/23 | 750 | 886,928 | |||||||||||
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital RB(e)
|
5.00 | % | 08/15/42 | 8,000 | 7,839,360 | |||||||||||
St. Johns (County of) Industrial Development Authority
(Glenmoor); Series 2006 A, Health Care RB
|
5.38 | % | 01/01/40 | 1,000 | 759,450 | |||||||||||
Tampa (City of) Sports Authority; Series 2005, Ref. Sales
Tax RB
(INSAGM)(a)
|
5.00 | % | 01/01/26 | 1,545 | 1,600,249 | |||||||||||
Tampa Bay Water; Series 2001 A, Ref. Utility System
Improvement RB
(INSNATL)(a)
|
6.00 | % | 10/01/29 | 1,000 | 1,254,910 | |||||||||||
28,999,934 | ||||||||||||||||
Georgia7.23% |
||||||||||||||||
Atlanta (City of); Series 2004 J, Airport Passenger
Facility Charge & Sub. Lien General RB
(INSAGM)(a)
|
5.00 | % | 01/01/34 | 2,000 | 2,017,260 | |||||||||||
Burke (County of) Development Authority (Oglethorpe Power
Vogtle); Series 2011 A,
PCR(b)(c) |
2.50 | % | 03/01/13 | 590 | 600,614 | |||||||||||
Georgia (State of) Road & Tollway Authority
(Governors Transportation Choices);
Series 2001, RB(b)(f)
|
5.38 | % | 03/01/12 | 5,000 | 5,130,900 | |||||||||||
Georgia (State of) Road & Tollway Authority;
Series 2003, RB(b)(f)
|
5.00 | % | 10/01/13 | 2,000 | 2,193,980 | |||||||||||
Municipal Electic Authority of Georgia; Series 2002 A,
Balance Combustion RB
(INSNATL)(a)
|
5.25 | % | 11/01/21 | 2,000 | 2,088,520 | |||||||||||
Municipal Electric Authority of Georgia;
Series 2002 A, Combustion Turbine Project RB
(INSNATL)(a)
|
5.25 | % | 11/01/22 | 1,500 | 1,561,365 | |||||||||||
13,592,639 | ||||||||||||||||
Hawaii0.82% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance
(Hawaii Pacific Health Obligated Group);
Series 2010 B, Special Purpose RB
|
5.75 | % | 07/01/40 | 430 | 418,171 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB
|
5.00 | % | 07/01/39 | 1,100 | 1,116,016 | |||||||||||
1,534,187 | ||||||||||||||||
Idaho0.68% |
||||||||||||||||
Madison (County of) Hospital; Series 2006, COP
|
5.25 | % | 09/01/37 | 1,000 | 822,060 | |||||||||||
Regents of the University of Idaho; Series 2011, Ref.
General RB(b)(c)
|
5.25 | % | 04/01/21 | 400 | 462,132 | |||||||||||
1,284,192 | ||||||||||||||||
Illinois8.33% |
||||||||||||||||
Chicago (City of) (Chicago OHare International Airport);
Series 2003 B-2, Third Lien General Airport RB
(INSAGM)(a)(g)
|
5.75 | % | 01/01/23 | 2,000 | 2,073,940 | |||||||||||
Chicago (City of) Transit Authority (FTA Section 5309 Fixed
Guideway Modernization Formula Funds); Series 2008, Capital
Grant Receipts RB
(INSAGC)(a)
|
5.25 | % | 06/01/24 | 1,035 | 1,093,995 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Project
Unlimited Tax GO Bonds
(INSAGM)(a)(e)(h)
|
5.00 | % | 01/01/37 | 4,470 | 4,490,473 | |||||||||||
DeKalb County Community Unit School District No. 428;
Series 2008, Unlimited Tax GO Bonds
(INSAGM)(a)
|
5.00 | % | 01/01/23 | 710 | 781,213 | |||||||||||
Illinois (State of) Finance Authority (Little Company of Mary
Hospital & Health Care Centers); Series 2010, RB
|
5.38 | % | 08/15/40 | 775 | 730,066 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital); Series 2009 B, RB
|
5.38 | % | 08/15/24 | 935 | 1,030,548 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care
Corp.); Series 2009, Ref. RB
|
6.13 | % | 05/15/25 | 930 | 964,949 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
7.25 | % | 11/01/38 | 400 | 439,468 | |||||||||||
Illinois (State of) Finance Authority (Swedish Covenant
Hospital);
|
||||||||||||||||
Series 2010 A, Ref. RB
|
5.75 | % | 08/15/29 | 1,335 | 1,336,722 | |||||||||||
Series 2010 A, Ref. RB
|
6.00 | % | 08/15/38 | 695 | 694,055 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion); Series 2010 A,
Dedicated State Tax RB
|
5.50 | % | 06/15/50 | 800 | 811,616 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
5.50 | % | 06/01/23 | 1,150 | 1,213,836 | |||||||||||
15,660,881 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Indiana1.09% |
||||||||||||||||
Indiana (State of) Finance Authority (Clarion Health Obligated
Group); Series 2006 A, Hospital RB
|
5.25 | % | 02/15/40 | $ | 660 | $ | 652,291 | |||||||||
Indiana (State of) Finance Authority (CWA Authority, Inc.);
Series 2011 B, Second Lien Wastewater Utility RB
|
5.25 | % | 10/01/31 | 800 | 837,272 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 B, Ref.
PCR(b)(c)
|
6.25 | % | 06/02/14 | 510 | 567,941 | |||||||||||
2,057,504 | ||||||||||||||||
Iowa2.60% |
||||||||||||||||
Coralville (City of); Series 2006 D, COP
|
5.25 | % | 06/01/26 | 2,200 | 2,304,170 | |||||||||||
Iowa (State of) (IJOBS Program);
|
||||||||||||||||
Series 2009 A, Special
Obligation RB(e)(h)
|
5.00 | % | 06/01/25 | 1,320 | 1,478,321 | |||||||||||
Series 2009 A, Special
Obligation RB(e)(h)
|
5.00 | % | 06/01/26 | 990 | 1,097,425 | |||||||||||
4,879,916 | ||||||||||||||||
Kansas0.26% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist
Health System/Sunbelt Obligated Group); Series 2009 C,
Hospital RB
|
5.50 | % | 11/15/29 | 455 | 494,681 | |||||||||||
Kentucky3.55% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital Facilities RB
|
6.50 | % | 03/01/45 | 550 | 562,436 | |||||||||||
Louisville & Jefferson (County of) Metropolitan Sewer
District;
|
||||||||||||||||
Series 2001 A, Sewer & Drainage
System RB(b)(f)
|
5.38 | % | 11/15/11 | 2,925 | 2,978,176 | |||||||||||
Series 2001 A, Sewer & Drainage
System RB(b)(f)
|
5.38 | % | 11/15/11 | 3,075 | 3,131,549 | |||||||||||
6,672,161 | ||||||||||||||||
Louisiana0.37% |
||||||||||||||||
Lafayette (City of) Public Trust Financing Authority
(Ragin Cajun Facilities, Inc. Housing &
Parking); Series 2010, RB
(INSAGM)(a)
|
5.25 | % | 10/01/30 | 650 | 687,486 | |||||||||||
Maryland2.32% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village Inc. Facility);
Series 2007 A, RB
|
5.00 | % | 01/01/37 | 685 | 633,152 | |||||||||||
Maryland (State of) Health & Higher Educational
Facilities Authority (Medstar Health); Series 2004, Ref. RB
|
5.38 | % | 08/15/24 | 3,000 | 3,068,910 | |||||||||||
Maryland Economic Development Corp. (Terminal);
Series 2010 B, RB
|
5.75 | % | 06/01/35 | 670 | 662,235 | |||||||||||
4,364,297 | ||||||||||||||||
Massachusetts5.15% |
||||||||||||||||
Massachusetts (State of) Development Finance Agency (Berklee
College of Music); Series 2007 A, RB
|
5.00 | % | 10/01/32 | 625 | 633,475 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
6.75 | % | 01/01/36 | 325 | 343,856 | |||||||||||
Massachusetts (State of) Health & Educational
Facilities Authority (Boston College); Series 2008 M-2, RB
|
5.50 | % | 06/01/30 | 1,400 | 1,711,696 | |||||||||||
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2009 A, RB(e)
|
5.50 | % | 11/15/36 | 4,715 | 5,293,153 | |||||||||||
Massachusetts (State of) Health & Educational
Facilities Authority (Massachusetts Institute of Technology);
Series 2009 O, RB(e)
|
5.50 | % | 07/01/36 | 1,530 | 1,704,145 | |||||||||||
9,686,325 | ||||||||||||||||
Michigan2.37% |
||||||||||||||||
Lansing (City of) Board of Water & Light;
Series 2011 A, Utility System RB
|
5.00 | % | 07/01/37 | 900 | 937,206 | |||||||||||
Michigan (State of) Strategic Fund (Detroit Edison Pollution
Control); Series 2001 C, Ref. Limited Obligation PCR
|
5.45 | % | 09/01/29 | 3,500 | 3,512,950 | |||||||||||
4,450,156 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Missouri0.93% |
||||||||||||||||
Fenton (City of) (Gravois Bluffs Redevelopment);
Series 2006, Ref. Tax Increment Allocation RB
|
4.50 | % | 04/01/21 | $ | 485 | $ | 494,380 | |||||||||
Kansas (City of) Industrial Development Authority (Downtown
Redevelopment District); Series 2011 A, Ref. RB
|
5.50 | % | 09/01/28 | 525 | 567,782 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services); Series 2005 A,
Senior Living Facilities RB
|
5.38 | % | 02/01/35 | 750 | 693,173 | |||||||||||
1,755,335 | ||||||||||||||||
Montana0.55% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.);
Series 1998 A, Ref. PCR
|
5.00 | % | 05/01/33 | 1,000 | 1,041,120 | |||||||||||
Nevada4.15% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport);
Series 2010 A, Passenger Facility Charge RB
|
5.13 | % | 07/01/34 | 500 | 507,415 | |||||||||||
Clark (County of); Series 2004
A-1, Sub.
Lien Airport System RB
(INSNATL)(a)(g)
|
5.50 | % | 07/01/22 | 2,000 | 2,071,620 | |||||||||||
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Allocation RB
|
6.25 | % | 06/15/16 | 400 | 451,096 | |||||||||||
Las Vegas (City of) Valley Water District;
Series 2003 A, Ref. Water Improvement RB
(INSNATL)(a)
|
5.25 | % | 06/01/22 | 2,925 | 3,056,742 | |||||||||||
Nevada (State of); Series 2008 C, Capital
Improvement & Cultural Affairs Limited Tax GO Bonds
(INSAGM)(a)(e)
|
5.00 | % | 06/01/26 | 1,600 | 1,721,664 | |||||||||||
7,808,537 | ||||||||||||||||
New Jersey6.64% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Provident
Group-Montclair Properties LLC-Montclair State University
Student Housing); Series 2010, RB
|
5.75 | % | 06/01/31 | 530 | 531,389 | |||||||||||
New Jersey (State of) Transportation
Trust Fund Authority; Series 2006 C,
Transportation System CAB RB
(INSAGC)(a)(d)
|
0.00 | % | 12/15/26 | 4,135 | 1,790,000 | |||||||||||
New Jersey (State of) Turnpike Authority;
Series 2003 A, RB
(INSAMBAC)(a)
|
5.00 | % | 01/01/30 | 1,750 | 1,770,807 | |||||||||||
New Jersey (State of); Series 2001 H, Ref. Unlimited
Tax GO Bonds
|
5.25 | % | 07/01/19 | 6,900 | 8,400,957 | |||||||||||
12,493,153 | ||||||||||||||||
New Mexico0.89% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San
Juan); Series 2010 C, Ref. PCR
|
5.90 | % | 06/01/40 | 700 | 672,357 | |||||||||||
New Mexico (State of) Finance Authority (Public Project
Revolving Fund); Series 2008 A, Sr. Lien RB
|
5.00 | % | 06/01/27 | 920 | 1,008,357 | |||||||||||
1,680,714 | ||||||||||||||||
New York14.07% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center);
|
||||||||||||||||
Series 2009, PILOT RB
|
6.25 | % | 07/15/40 | 460 | 468,262 | |||||||||||
Series 2009, PILOT RB
|
6.38 | % | 07/15/43 | 190 | 194,556 | |||||||||||
Long Island Power Authority; Series 2004 A, Electrical
System RB
(INSAMBAC)(a)
|
5.00 | % | 09/01/34 | 1,500 | 1,521,885 | |||||||||||
Metropolitan Transportation Authority; Series 2002 B,
RB
(INSNATL)(a)
|
5.50 | % | 07/01/20 | 3,000 | 3,106,860 | |||||||||||
New York (City of);
|
||||||||||||||||
Subseries 2009
A-1,
Unlimited Tax GO
Bonds(e)
|
5.25 | % | 08/15/27 | 1,840 | 2,017,358 | |||||||||||
Subseries 2009
A-1,
Unlimited Tax GO
Bonds(e)
|
5.25 | % | 08/15/28 | 1,840 | 2,009,096 | |||||||||||
New York (City of) Municipal Water Finance Authority;
Series 2002 A, Water & Sewer System RB
|
5.38 | % | 06/15/18 | 3,000 | 3,116,490 | |||||||||||
New York (City of) Transitional Finance Authority;
|
||||||||||||||||
Series 2009 A, Future Tax
Sec. RB(e)
|
5.00 | % | 05/01/29 | 1,015 | 1,101,975 | |||||||||||
Series 2009 A, Future Tax
Sec. RB(e)
|
5.00 | % | 05/01/28 | 1,270 | 1,386,802 | |||||||||||
Series 2009 A, Future Tax
Sec. RB(e)
|
5.00 | % | 05/01/30 | 1,015 | 1,094,251 | |||||||||||
New York (City of) Trust for Cultural Resources (Museum of
Modern Art); Series 2008 1A,
Ref. RB(e)
|
5.00 | % | 04/01/28 | 3,700 | 4,010,393 | |||||||||||
New York (State of) Dormitory Authority (General Purpose);
Series 2011 A, State Personal Income Tax RB
|
5.00 | % | 03/15/30 | 1,560 | 1,718,433 | |||||||||||
New York (State of) Dormitory Authority (Mental Health Services
Facilities Improvement); Series 2007 A, State
Supported Debt RB
(INSAGM)(a)
|
5.00 | % | 02/15/27 | 1,500 | 1,585,260 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New York(continued) |
||||||||||||||||
New York (State of) Energy Research & Development
Authority (Brooklyn Union Gas Co.); Series 1991 B,
Registered Residual Interest Gas
Facility RB(c)(g)(i)
|
12.67 | % | 07/01/26 | $ | 1,700 | $ | 1,706,222 | |||||||||
New York (State of) Thruway Authority; Series 2011
A-1, Second
General Highway & Bridge Trust Fund RB
|
5.00 | % | 04/01/29 | 1,290 | 1,418,226 | |||||||||||
26,456,069 | ||||||||||||||||
North Carolina2.06% |
||||||||||||||||
North Carolina (State of) Eastern Municipal Power Agency;
Series 2009 B, Power Systems RB
|
5.00 | % | 01/01/26 | 1,525 | 1,635,044 | |||||||||||
North Carolina (State of) Medical Care Commission (Salemtowne);
Series 2006, Ref. First Mortgage Health Care Facilities RB
|
5.10 | % | 10/01/30 | 1,100 | 943,645 | |||||||||||
University of North Carolina at Chapel Hill; Series 2003,
General RB
|
5.00 | % | 12/01/24 | 1,200 | 1,294,080 | |||||||||||
3,872,769 | ||||||||||||||||
Ohio4.89% |
||||||||||||||||
American Municipal Power-Ohio Inc. (Prairie State Energy
Campus); Series 2008 A, RB
(INSAGC)(a)(e)
|
5.25 | % | 02/15/33 | 3,000 | 3,159,960 | |||||||||||
Franklin (County of) (OhioHealth Corp.);
Series 2011 A, Hospital Facilities RB
|
5.00 | % | 11/15/36 | 900 | 904,941 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011, Hospital RB
|
6.25 | % | 12/01/34 | 525 | 545,517 | |||||||||||
Lorain (County of) (Catholic Healthcare Partners);
Series 2001 A, Ref. Hospital Facilities &
Improvement RB
|
5.75 | % | 10/01/18 | 3,000 | 3,041,400 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, Hospital Facilities RB
|
5.75 | % | 11/15/40 | 1,290 | 1,264,832 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR(b)(c)
|
5.88 | % | 06/01/16 | 255 | 286,712 | |||||||||||
9,203,362 | ||||||||||||||||
Oregon0.35% |
||||||||||||||||
Warm Springs Reservation Confederated Tribes (Pelton Round
Butte); Series 2009 B, Hydroelectric Tribal Economic
Development RB(j)
|
6.38 | % | 11/01/33 | 660 | 666,950 | |||||||||||
Pennsylvania3.21% |
||||||||||||||||
Pennsylvania (State of) Turnpike Commission;
|
||||||||||||||||
Series 2004 A, RB
(INSAMBAC)(a)
|
5.00 | % | 12/01/34 | 5,000 | 5,025,650 | |||||||||||
Subseries 2010 B-2, Ref.
PCR(d)
|
0.00 | % | 12/01/28 | 750 | 621,840 | |||||||||||
Subseries 2010 B-2, Ref.
PCR(d)
|
0.00 | % | 12/01/34 | 500 | 397,330 | |||||||||||
6,044,820 | ||||||||||||||||
Puerto Rico2.26% |
||||||||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 CCC, RB
|
5.25 | % | 07/01/27 | 1,000 | 1,020,110 | |||||||||||
Puerto Rico Electric Power Authority; Series 2010 XX, Power
RB
|
5.25 | % | 07/01/40 | 750 | 729,855 | |||||||||||
Puerto Rico Sales Tax Financing Corp.;
|
||||||||||||||||
First Subseries 2010 A, RB
|
5.38 | % | 08/01/39 | 450 | 453,920 | |||||||||||
First Subseries 2010 A, RB
|
5.50 | % | 08/01/42 | 750 | 760,807 | |||||||||||
First Subseries 2010 C, RB
|
5.25 | % | 08/01/41 | 1,300 | 1,293,136 | |||||||||||
4,257,828 | ||||||||||||||||
South Carolina5.44% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston
County School District); Series 2005, RB
|
5.25 | % | 12/01/29 | 3,000 | 3,163,620 | |||||||||||
Richland (County of) (International Paper Co.);
Series 2007 A, Ref. Environmental Improvement RB
|
4.60 | % | 09/01/12 | 205 | 210,736 | |||||||||||
South Carolina (State of) Public Service Authority;
|
||||||||||||||||
Series 2002 A, Ref. RB
(INSAGM)(a)
|
5.13 | % | 01/01/20 | 1,500 | 1,566,855 | |||||||||||
Series 2002 A, Ref. RB
(INSAGM)(a)
|
5.13 | % | 01/01/21 | 1,000 | 1,043,960 | |||||||||||
Series 2003 A, Ref. RB
(INSAMBAC)(a)(e)
|
5.00 | % | 01/01/22 | 4,000 | 4,251,040 | |||||||||||
10,236,211 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Texas16.74% |
||||||||||||||||
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special
Facilities RB(g)
|
4.85 | % | 04/01/21 | $ | 2,000 | $ | 2,079,320 | |||||||||
Austin (City of); Series 2001, Ref. Water &
Wastewater System RB
(INSAGM)(a)
|
5.13 | % | 05/15/27 | 1,000 | 1,001,180 | |||||||||||
Bexar County Health Facilities Development Corp. (Army
Retirement Residence); Series 2010, RB
|
6.20 | % | 07/01/45 | 590 | 598,343 | |||||||||||
Dallas-Forth Worth International Airport Facilities Improvement
Corp.; Series 2003 A, Joint RB
(INSAGM)(a)(e)(g)
|
5.38 | % | 11/01/22 | 5,000 | 5,167,850 | |||||||||||
Friendswood Independent School District; Series 2008,
Schoolhouse Unlimited Tax GO Bonds (CEPTexas Permanent
School Fund)
|
5.00 | % | 02/15/25 | 555 | 612,193 | |||||||||||
Harris (County of); Series 2007 C, Ref. Sub. Lien Toll
Road Unlimited Tax GO Bonds
(INSAGM)(a)
|
5.25 | % | 08/15/31 | 1,485 | 1,746,390 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining
Limited Partnership); Series 2006, Solid Waste Disposal RB
|
5.00 | % | 02/01/23 | 350 | 373,226 | |||||||||||
Houston (City of) Convention & Entertainment
Facilities Department; Series 2001 B, Hotel Occupancy
Tax & Special CAB RB
(INSAGM)(a)(d)
|
0.00 | % | 09/01/25 | 2,300 | 1,120,537 | |||||||||||
Houston (City of);
|
||||||||||||||||
Series 2004 A, Ref. First Lien Combined Utility System
RB
(INSNATL)(a)
|
5.25 | % | 05/15/23 | 3,180 | 3,466,168 | |||||||||||
Series 2004 A, Ref. First Lien Combined Utility System
RB
(INSNATL)(a)
|
5.25 | % | 05/15/25 | 4,500 | 4,904,955 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB
|
5.00 | % | 11/15/36 | 1,065 | 1,122,840 | |||||||||||
Houston Community College System; Series 2008, Sr. Lien
Student Fee RB
(INSAGM)(a)
|
5.00 | % | 04/15/23 | 420 | 465,704 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
5.00 | % | 05/15/40 | 550 | 560,654 | |||||||||||
North Texas Tollway Authority;
|
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB
(INSAGC)(a)(d)
|
0.00 | % | 01/01/28 | 5,100 | 1,963,551 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB
(INSAGC)(a)(d)
|
0.00 | % | 01/01/31 | 1,025 | 320,179 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air
Force Village Obligated Group); Series 2007, Retirement
Facilities RB
|
5.13 | % | 05/15/37 | 425 | 363,702 | |||||||||||
Texas A&M University System Board of Regents;
|
||||||||||||||||
Series 2009 A, Financing System RB
|
5.00 | % | 05/15/25 | 890 | 1,003,386 | |||||||||||
Series 2009 A, Financing System RB
|
5.00 | % | 05/15/26 | 835 | 931,751 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (North
Transit Express Mobility); Series 2009, Sr. Lien RB
|
6.88 | % | 12/31/39 | 520 | 537,633 | |||||||||||
University of Houston System Board of Regents; Series 2008,
Ref. Consolidated RB
(INSAGM)(a)(e)
|
5.00 | % | 02/15/33 | 3,000 | 3,149,130 | |||||||||||
31,488,692 | ||||||||||||||||
Utah1.40% |
||||||||||||||||
Salt Lake (City of) (IHC Hospitals, Inc.); Series 1991,
Ref.
Hospital RB(c)(f)(i)
|
13.10 | % | 05/15/20 | 2,600 | 2,627,664 | |||||||||||
Virgin Islands0.35% |
||||||||||||||||
Virgin Islands Public Finance Authority (Virgin Islands Matching
Fund Loan Note); Series 2010 A, Sr. Lien Working
Capital RB
|
5.00 | % | 10/01/25 | 650 | 651,619 | |||||||||||
Virginia0.87% |
||||||||||||||||
Fairfax (County of) Economic Development Authority (Goodwin
House Inc.); Series 2007, Residential Care Facilities
Mortgage RB
|
5.13 | % | 10/01/37 | 1,750 | 1,632,085 | |||||||||||
Washington4.97% |
||||||||||||||||
Lewis County Public Utility District No 1; Series 2003,
Cowlitz Falls Hydroelectric Ref. RB
(INSNATL)(a)
|
5.00 | % | 10/01/22 | 1,000 | 1,069,270 | |||||||||||
Seattle (Port of); Series 1999, Sub. Lien RB
(INSNATL)(a)
|
5.25 | % | 09/01/22 | 3,000 | 3,104,280 | |||||||||||
Washington (State of);
|
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO
Bonds(e)
|
5.00 | % | 08/01/29 | 2,315 | 2,525,642 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO
Bonds(e)
|
5.00 | % | 08/01/30 | 2,435 | 2,639,150 | |||||||||||
9,338,342 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Wisconsin0.60% |
||||||||||||||||
Wisconsin (State of); Series 2009 A, General
Fund Annual Appropriation RB
|
5.63 | % | 05/01/28 | $ | 1,000 | $ | 1,125,650 | |||||||||
TOTAL
INVESTMENTS(k)151.42%
(Cost $275,668,104)
|
284,781,407 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(18.73)%
|
||||||||||||||||
Notes with interest rates ranging from 0.21% to 0.33% at
08/31/11 and
contractual maturities of collateral ranging from
06/01/25 to
08/01/30
(See
Note 1J)(l)
|
(35,220,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES0.46%
|
864,776 | |||||||||||||||
PREFERRED SHARES(33.15)%
|
(62,350,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
$ | 188,076,183 | ||||||||||||||
AGC
|
Assured Guaranty Corp. | |
AGM
|
Assured Guaranty Municipal Corp. | |
AMBAC
|
American Municipal Bond Assurance Corp. | |
BAN
|
Bond Anticipation Notes | |
BHAC
|
Berkshire Hathaway Assurance Corp. | |
CAB
|
Capital Appreciation Bonds | |
CEP
|
Credit Enhancement Provider | |
Conv.
|
Convertible | |
COP
|
Certificates of Participation | |
FTA
|
Federal Transit Administration | |
GO
|
General Obligation | |
IDR
|
Industrial Development Revenue Bonds | |
INS
|
Insurer | |
NATL
|
National Public Finance Guarantee Corp. | |
PCR
|
Pollution Control Revenue Bonds | |
PILOT
|
Payment-in-Lieu-of-Tax | |
RB
|
Revenue Bonds | |
Ref.
|
Refunding | |
Sec.
|
Secured | |
SGI
|
Syncora Guarantee, Inc. | |
Sr.
|
Senior | |
Sub.
|
Subordinated |
(a) | Principal and/or interest payments are secured by the bond insurance company listed. | |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. | |
(c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011. | |
(d) | Zero coupon bond issued at a discount. | |
(e) | Underlying security related to Dealer Trusts entered into by the Trust. See Note 1J. | |
(f) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(g) | Security subject to the alternative minimum tax. | |
(h) | Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $4,535,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
(i) | Current coupon rate for an inverse floating rate municipal obligation. This rate resets periodically as the rate on the related security changes. Position in an inverse floating rate municipal obligation has a total value of $4,333,886 which represents 2.30% of net assets. | |
(j) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2011 represented 0.35% of the Trusts Net Assets. | |
(k) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations. |
Entities | Percentage | |||
Assured Guaranty Municipal Corp.
|
13.6 | % | ||
National Public Finance Guarantee Corp.
|
13.3 | |||
American Municipal Bond Assurance Corp.
|
5.5 | |||
(l) | Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2011. At August 31, 2011, the Trusts investments with a value of $62,111,930 are held by Dealer Trusts and serve as collateral for the $35,220,000 in the floating rate note obligations outstanding at that date. |
Revenue Bonds
|
73.4 | % | ||
General Obligation Bonds
|
19.6 | |||
Pre-refunded Bonds
|
6.4 | |||
Other
|
0.6 | |||
Assets: |
||||
Investments, at value (Cost $275,668,104)
|
$ | 284,781,407 | ||
Receivable for:
|
||||
Interest
|
3,213,457 | |||
Investment for trustee deferred compensation and retirement plans
|
2,528 | |||
Other assets
|
20,563 | |||
Total assets
|
288,017,955 | |||
Liabilities: |
||||
Floating rate note obligations
|
35,220,000 | |||
Payable for:
|
||||
Investments purchased
|
809,546 | |||
Amount due custodian
|
1,295,361 | |||
Dividends preferred shares
|
214 | |||
Accrued other operating expenses
|
202,133 | |||
Trustee deferred compensation and retirement plans
|
64,518 | |||
Total liabilities
|
37,591,772 | |||
Preferred shares ($0.01 par value, authorized
1,000,000 shares, 1,247 issued with liquidation preference
of $50,000 per share)
|
62,350,000 | |||
Net assets attributable to common shares
|
$ | 188,076,183 | ||
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest common shares
|
$ | 194,157,371 | ||
Undistributed net investment income
|
3,907,846 | |||
Undistributed net realized gain (loss)
|
(19,102,337 | ) | ||
Unrealized appreciation
|
9,113,303 | |||
$ | 188,076,183 | |||
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized: |
||||
Common shares outstanding
|
13,865,373 | |||
Net asset value per share
|
$ | 13.56 | ||
Market value per common share
|
$ | 13.05 | ||
Investment income: |
||||
Interest
|
$ | 7,092,144 | ||
Expenses: |
||||
Advisory fees
|
383,834 | |||
Administrative services fees
|
25,137 | |||
Custodian fees
|
6,297 | |||
Interest, facilities and maintenance fees
|
233,476 | |||
Transfer agent fees
|
4,926 | |||
Trustees and officers fees and benefits
|
48,564 | |||
Professional services fees
|
566,938 | |||
Other
|
49,680 | |||
Total expenses
|
1,318,852 | |||
Net investment income
|
5,773,292 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from investment securities
|
(2,251,174 | ) | ||
Change in net unrealized appreciation of investment securities
|
13,981,501 | |||
Net realized and unrealized gain
|
11,730,327 | |||
Net increase in net assets resulting from operations
|
17,503,619 | |||
Distributions to preferred shareholders from net investment
income
|
(33,317 | ) | ||
Net increase in net assets from operations applicable to common
shares
|
$ | 17,470,302 | ||
Six months |
Four months |
|||||||||||
ended |
ended |
Year ended |
||||||||||
August 31, |
February 28, |
October 31, |
||||||||||
2011 | 2011 | 2010 | ||||||||||
Operations: |
||||||||||||
Net investment income
|
$ | 5,773,292 | $ | 3,790,297 | $ | 12,708,264 | ||||||
Net realized gain (loss)
|
(2,251,174 | ) | (337,594 | ) | (199,153 | ) | ||||||
Change in net unrealized appreciation (depreciation)
|
13,981,501 | (17,013,990 | ) | 10,037,908 | ||||||||
Net increase (decrease) in net assets resulting from operations
|
17,503,619 | (13,561,287 | ) | 22,547,019 | ||||||||
Distributions to preferred shareholders from net investment
income
|
(33,317 | ) | (42,286 | ) | (110,161 | ) | ||||||
Net increase (decrease) in net assets from operations applicable
to common shares
|
17,470,302 | (13,603,573 | ) | 22,436,858 | ||||||||
Distributions to common shareholders from net investment income
|
(5,962,110 | ) | (3,951,630 | ) | (11,854,894 | ) | ||||||
Net increase (decrease) in net assets
|
11,508,192 | (17,555,203 | ) | 10,581,964 | ||||||||
Net assets applicable to common shares: |
||||||||||||
Beginning of period
|
176,567,991 | 194,123,194 | 183,541,230 | |||||||||
End of period (includes undistributed net investment income of
$3,907,846, $4,129,981 and $4,340,596, respectively)
|
$ | 188,076,183 | $ | 176,567,991 | $ | 194,123,194 | ||||||
Net increase in net assets from operations applicable to common
shares
|
$ | 17,470,302 | ||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
||||
Net realized loss on investment securities
|
2,251,174 | |||
Net change in unrealized appreciation (depreciation) on
investments
|
(13,981,501 | ) | ||
Amortization of premium
|
359,711 | |||
Accretion of discount
|
(578,822 | ) | ||
Cost of purchases of investments
|
(19,023,495 | ) | ||
Proceeds from sales of investments
|
19,573,006 | |||
Increase in interest receivables and other assets
|
(86,966 | ) | ||
Decrease in accrued expenses and other payables
|
(207,771 | ) | ||
Net cash provided by operating activities
|
5,775,638 | |||
Cash flows provided by (used in) financing activities: |
||||
Distributions paid to common shareholders from net investment
income
|
(5,962,110 | ) | ||
Increase in payable for amount due custodian
|
211,472 | |||
Net proceeds from and repayments of floating rate note
obligations
|
(25,000 | ) | ||
Net cash provided by (used in) financing activities
|
(5,775,638 | ) | ||
Net increase in cash
|
| |||
Cash at beginning of period
|
| |||
Cash at end of period
|
$ | | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and
maintenance fees
|
$ | 220,844 | ||
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, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments. | ||
Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts 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. | ||
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers 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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. | |
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 Trusts net asset value and, accordingly, they reduce the Trusts 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 Statement of Changes in Net Assets, or the net investment income per share and 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 issuers 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 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. | Distributions The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally paid annually and are distributed on a pro rata basis to common and preferred shareholders. The Trust may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes. | |
E. | Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. | |
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt dividends, as defined in the Internal Revenue Code. | ||
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period. | ||
F. | Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining Auction Rate Preferred Shares and floating rate note obligations, if any. | |
G. | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. | |
H. | Indemnifications Under the Trusts organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing agreements that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. | |
I. | Cash and Cash Equivalents For the purposes of the Statement of Cash Flows the Trust defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. | |
J. | Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (RIBs) or Tender Option Bonds (TOBs) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments 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. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (Dealer Trusts) in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance 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 floating rate 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. 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. |
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 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 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. | ||
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trusts 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 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 Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations. | ||
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 the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trusts 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 interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation. |
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 Trusts 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. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Obligations
|
$ | | $ | 284,781,407 | $ | | $ | 284,781,407 | ||||||||
Capital Loss |
||||
Expiration | Carryforward* | |||
February 28, 2015
|
$ | 294,956 | ||
February 28, 2016
|
2,518,306 | |||
February 28, 2017
|
13,234,647 | |||
February 28, 2018
|
450,966 | |||
February 28, 2019
|
337,594 | |||
Total capital loss carryforward
|
$ | 16,836,469 | ||
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities
|
$ | 12,744,196 | ||
Aggregate unrealized (depreciation) of investment securities
|
(3,308,792 | ) | ||
Net unrealized appreciation of investment securities
|
$ | 9,435,404 | ||
Cost of investments for tax purposes is $275,346,003. |
Amount |
Range of |
|||||||||||||||||||
Series | Shares | (000s omitted) | Rate | Reset Date | Dividend Rates | |||||||||||||||
A
|
831 | $ | 41,550 | 0.088 | % | 09/07/2011 | 0.033-0.198 | % | ||||||||||||
B
|
416 | 20,800 | 0.033 | 09/02/2011 | 0.033-0.198 | |||||||||||||||
| As of August 31, 2011. | |
| For the six months ended August 31, 2011. |
Shares | Value | |||||||
Outstanding at February 28, 2011
|
1,247 | $ | 62,350,000 | |||||
Shares retired
|
| | ||||||
Outstanding at August 31, 2011
|
1,247 | $ | 62,350,000 | |||||
Six months
ended |
Four months
ended |
Year ended |
||||||||||
August 31, |
February 28, |
October 31, |
||||||||||
2011 | 2011 | 2010 | ||||||||||
Beginning Shares
|
13,865,373 | 13,865,373 | 13,865,373 | |||||||||
Shares Issued Through Dividend Reinvestment
|
| | | |||||||||
Ending Shares
|
13,865,373 | 13,865,373 | 13,865,373 | |||||||||
Declaration Date | Amount Per Share | Record Date | Payable Date | |||||||||
September 1, 2011
|
$ | 0.07375 | 09/15/11 | 09/30/11 | ||||||||
September 30, 2011
|
$ | 0.07375 | 10/14/11 | 10/31/11 | ||||||||
Six months |
Four months |
|||||||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||||||
August 31, |
February 28, |
Year ended October 31, | ||||||||||||||||||||||||||
2011 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
Net asset value per common share, beginning of period
|
$ | 12.73 | $ | 14.00 | $ | 13.24 | $ | 11.58 | $ | 14.50 | $ | 15.25 | $ | 15.29 | ||||||||||||||
Net investment
income(a)
|
0.42 | 0.27 | 0.92 | 0.94 | 0.97 | 0.97 | 0.93 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized)
|
0.84 | (1.25 | ) | 0.71 | 1.53 | (3.01 | ) | (0.68 | ) | 0.36 | ||||||||||||||||||
Dividends paid to preferred shareholders from net investment
income(a)
|
(0.00 | ) | (0.00 | ) | (0.01 | ) | (0.02 | ) | (0.21 | ) | (0.28 | ) | (0.20 | ) | ||||||||||||||
Total income (loss) from investment operations
|
1.26 | (0.98 | ) | 1.62 | 2.45 | (2.25 | ) | 0.01 | 1.09 | |||||||||||||||||||
Less dividends and distributions paid to common shareholders
from:
|
||||||||||||||||||||||||||||
Net investment income
|
(0.43 | ) | (0.29 | ) | (0.86 | ) | (0.79 | ) | (0.69 | ) | (0.69 | ) | (0.79 | ) | ||||||||||||||
Net realized gains
|
| | | | | (0.10 | ) | (0.40 | ) | |||||||||||||||||||
Total dividends and distributions to common shareholders
|
(0.43 | ) | (0.29 | ) | (0.86 | ) | (0.79 | ) | (0.69 | ) | (0.79 | ) | (1.19 | ) | ||||||||||||||
Anti-dilutive effect of shares
repurchased(a)
|
| | | | 0.02 | 0.03 | 0.06 | |||||||||||||||||||||
Net asset value per common share, end of period
|
$ | 13.56 | $ | 12.73 | $ | 14.00 | $ | 13.24 | $ | 11.58 | $ | 14.50 | $ | 15.25 | ||||||||||||||
Market value, end of period
|
$ | 13.05 | $ | 12.05 | $ | 13.98 | $ | 12.02 | $ | 9.78 | $ | 13.00 | $ | 13.87 | ||||||||||||||
Total return at net asset
value(b)
|
10.20 | % | (6.95 | )% | 12.73 | % | ||||||||||||||||||||||
Total return at market
value(b)
|
12.04 | % | (11.79 | )% | 23.99 | % | 31.98 | % | (20.36 | )% | (0.70 | )% | 11.12 | % | ||||||||||||||
Net assets applicable to common shares, end of period (000s
omitted)
|
$ | 188,076 | $ | 176,568 | $ | 194,123 | $ | 183,541 | $ | 160,523 | $ | 203,287 | $ | 219,343 | ||||||||||||||
Portfolio turnover
rate(c)
|
5 | % | 1 | % | 9 | % | 21 | % | 18 | % | 10 | % | 17 | % | ||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares: |
||||||||||||||||||||||||||||
Ratio of
expenses(d)
|
1.44 | %(e) | 1.58 | %(f)(g) | 0.89 | % | 1.01 | %(h) | 1.21 | %(h)(i) | 1.13 | %(h)(i) | 0.93 | %(i) | ||||||||||||||
Ratio of expenses excluding interest, facilities and maintenance
fees(d)(j)
|
1.18 | %(e) | 1.37 | %(f)(g) | 0.72 | % | 0.81 | %(h) | 0.79 | %(h)(i) | 0.77 | %(h)(i) | 0.85 | %(i) | ||||||||||||||
Ratio of net investment income before preferred share dividends
|
6.33 | %(e) | 6.46 | %(g) | 6.72 | % | 7.78 | %(h) | 7.03 | %(h) | 6.55 | %(h) | 6.34 | % | ||||||||||||||
Preferred share dividends
|
0.04 | %(e) | 0.07 | %(g) | 0.06 | % | 0.14 | % | 1.52 | % | 1.90 | % | 1.36 | % | ||||||||||||||
Ratio of net investment income after preferred share dividends
|
6.29 | %(e) | 6.39 | %(g) | 6.66 | % | 7.64 | %(h) | 5.51 | %(h) | 4.65 | %(h) | 4.98 | % | ||||||||||||||
Rebate from Morgan Stanley affiliate
|
| | | 0.00 | %(k) | 0.00 | %(k) | 0.00 | %(k) | | ||||||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000s omitted)
|
62,350 | 62,350 | ||||||||||||||||||||||||||
Asset coverage per preferred
shares(l)
|
$ | 200,823 | $ | 191,594 | 411 | % | 394 | % | 298 | % | 294 | % | 309 | % | ||||||||||||||
Liquidating preference per preferred share
|
$ | 50,000 | $ | 50,000 | ||||||||||||||||||||||||
(a) | Calculated using average shares outstanding. | |
(b) | Net asset value return includes adjustments in accordance with accounting principles generally accepted in the United States of America and measures the changes in common shares value over the period indicated, taking into account dividends as reinvested. Market value return is computed based upon the New York Stock Exchange market price of the Trusts common shares and excludes the effects of brokerage commissions. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trusts dividend reinvestment plan. | |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. | |
(d) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000s omitted) of $181,556. | |
(f) | Ratio includes an adjustment for a change in accounting estimate for professional services fees during the period. Ratios excluding this adjustment would have been lower by 0.19%. | |
(g) | Annualized. | |
(h) | The ratios reflect the rebate of certain Trust expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as Rebate from Morgan Stanley affiliate. | |
(i) | Does not reflect the effect of expense offset of 0.01%. | |
(j) | For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees. | |
(k) | Amount is less than 0.005%. | |
(l) | Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by the number of preferred shares outstanding. For period prior to February 28, 2011, calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by preferred shares at liquidation value. |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Performance |
C. | Advisory and Sub-Advisory Fees and Fee Waivers |
D. | Economies of Scale |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
(1) | Elect five Trustees by the holders of Common Shares and Preferred Shares voting together, and one Trustee by the holders of Preferred Shares voting separately, each of whom will serve for a three-year term or until a successor has been duly elected and qualified. |
Votes |
||||||||||
Matter | Votes For | Withheld | ||||||||
(1)
|
David C. Arch | 12,669,066 | 485,022 | |||||||
Bob R. Baker | 12,631,070 | 523,018 | ||||||||
Larry Soll | 12,665,925 | 488,163 | ||||||||
Philip A. Taylor | 12,678,349 | 475,739 | ||||||||
Wayne W. Whalen | 12,660,820 | 493,268 | ||||||||
Frank S. Bayley(P) | 407 | 8 | ||||||||
MS-CE-QMINV-SAR-1 | Invesco Distributors, Inc. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
(a) | As of September 16, 2011, 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 Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of September 16, 2011, the Registrants disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR 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 Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. |
ITEM 12. EXHIBITS. | ||
12(a) (1)
|
Not applicable. | |
12(a) (2)
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a)(3)
|
Not applicable. | |
12(b)
|
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
By: | /s/ Philip A. Taylor | |||
Philip A. Taylor | ||||
Principal Executive Officer |
By: | /s/ Philip A. Taylor | |||
Philip A. Taylor | ||||
Principal Executive Officer |
By: | /s/ Sheri Morris | |||
Sheri Morris | ||||
Principal Financial Officer |
12(a) (1)
|
Not applicable. | |
12(a) (2)
|
Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3)
|
Not applicable. | |
12(b)
|
Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
Date: November 7, 2011 | /s/ Philip A. Taylor | |||
Philip A. Taylor, Principal Executive Officer | ||||
Date: November 7, 2011 | /s/ Sheri Morris | |||
Sheri Morris, Principal Financial Officer | ||||
Date: November 7, 2011 | /s/ Philip A. Taylor | |||
Philip A. Taylor, Principal Executive Officer | ||||
Date: November 7, 2011 | /s/ Sheri Morris | |||
Sheri Morris, Principal Financial Officer | ||||
C;G3
MW1EVOSLS\JYW9?"][[_X.^!).OC_SPB^\(A"/&85?V;&-][Q=H4\SR6_1\K'
MY?"6SU7F*[_YL&"^\PP%O58^+WK2@][TG4?]YE6?>=9;WO64A[WD90]YVCO>
M]HS'O>)UCWC>%][W@P<^X/6P<]$#Y8,1T+CQ<5(),>S`ULMGOB7"X(-^1O\D
MF5B##:__D4T$H/C<)T@G1)#;\#?$$W+805W-7PY;I,"C["?'+:3@@;3'OQG%
M"$-_[S^.8TRA!?;'?[TP#5KP`^LG@`-(#53P?@C(#.#@!47@;PV("NN@!]$V
M@;Q@#U,P``&(@:,`$%TP!\KG@:>@$%60`D=%@A0X$5W0`1W8@"R!!_NG@A_(
M$E80`B)%_X.A8!1:\`'0IX)6T04Z(('A5Q9O(`,O>'W&@P`)!X/&0P4%$&7W
M-P,O,#_6TP4E\&O
G)T7OH&$]X M+A6/2L$G?.EA2,_VH1!/"80)1M-/1!HB$8W$RF@7@9_49-(0`U42)+H2"=.$ M$A2=S"HDP=(53CZ"%`S]1&P$_,I#C+($R24!##&`@0(,8(`\Y`$&'M"#+N/F M@;C)0`\;8``4I-(WK"#+6=@J41)6]$&WR(@L'_Q1M^[2%G81J4?_X%(A%N`2 MEVY1SDB9>Y=C"*'#*$UF$H71%R7XQ2]Z14$*46C$$(OH"'ABH@"E(,W"/O$Z M)Y;F3&MB#<0@9KO=Q.X6MK/%[G2S#&(`#V/&R9AOE$&H::`Q.8$Z7CF.=[)" M-2-2Y0@II.8AQ^YQ!U(RNUGVS$,^B/3G>P\)R*E2]3Z&\&=4D$P?@?ACM*$! MZ$$G(8*H0J(2EWA2D[>BB=@Z.4H,:44J8,L)$'A0@#7`@0>_)(`"#L!`K=JR ME[C,@P>^BLM"+B$1\_R=D^T59*_4+GE*0`F=8(0LFJHEA M"$L%PUQ'.XG)::'``%[&O!@-D/$N>,]HCC@RV@SF(0IZAJ+.2==!,T;10QXE MW9[V^&&I]!27/(8\7R'3%Q_S'5(_[UDD?3C2-*HIK2.?M(]+\K>U5D$-:E?3 M6J_P%S8%'>5K3I$*#PZ0AZT>0`%Z@&!7]?#57MI2K&+MI0P(,($9.``!9DG+ M5MY".+;B52S.M-:T;I37'1$+A2;\J[HP-R1K+N;"CH%78QGQN='U:YV2D`(] MJ:09S8".LO9$\16T](G2I*XUH97BPF8AQ=S!:6*WV9W$>&?0D8WQ>-E(CO&^ M,3*616 DU5_G$E/@KFU'()H;\ZN$`!B``#.BK MU0C6-P]Z&&LNP;I?!#B``0[@0Q`"U\RZ)/,K=RV 8IZ5S4P1+Y'9R_9ZL[!04[`-]K!: ME"*ANI-3[727#%\DFT[1V.+$?./:V"IG&=KXQ1HS.AWI4"-1UT'9/*3'#>M] MQV;B+NGUB$M<]/1Q"##YWLYP%I^9LN]3-BUS1/`3('[W!S\ QE?1-_7 MEWD(00$>X(`'T"1'UJ++6@BGE[7BI5H*WM$T?>0XP1#BYQ<>K+MBV)C$\N4O MJEZ$(S),3LDX20E74OJN[0GB=Z+XPY2]+!2D``6K<_T24*@#/K_$FM2-%HM8 MQ#%"XS3MT]IX%[`(HT1S`R=E",_N''7>R%#F'&Z$-&WM`/='?^N.[@5>>\,M M/$54*A].<6JYZ%-N160J/D0J5Y'FDPDBAXH1]HED/D(X.--J)6=1VNI^8P/* M3_(WWI\4<'^]XDEZJR"#7"J``B080!L$@(&/_T-PEWYN8`/%"@,8R*`AA! M`1PP@QF$X`^!G1'.8_[,'\G<6GI!E\S-A;F@#^(*@Q%GTMFU0\U!ADJUGA*( M]27K*:7XUF`7<1&W_DXH:&'KF>6Z'0J0.B?:)C:NH46W@V/!8#O0MB<,)5%= M!`W&(`-<=0$?\`$:$`%Q@`$-L``4$'*)UDNYI(7YY4MZ4`(M-P,, MT'P;\`=J,`:39CB!\_\B#M9"/M(C@2%8I=87@Q!#AR`7A,%7A&`OXW0YC*5T M]')BE9%#DH!U_`)/OI9_]2=B5Y=94!")7<=UG)%/`J50"85V!A@;IM4;O9`; M8#1L50#CADX)`-%84\S%&!,,, %7>B%O%1[4>!\ M#!!,,U!5%L``$J`7VO)!TW(X@E$N/% 1+T)D8I%51/+':_)G6>\$3_@73QXYDB.)65``;+#!.IDH@&7"@'!",:D5 M#0ZE6A*%@-406[[C)]:01A0H9&Q$*'/D6\Z#4E/F'1]X;MA1/<=E*39S7$"C M'ST#'Y3"4]"54YX776-VC#+(*@EB()AT$U2#200"*^&%-0,W2CE!$SHA0/N# M9WOVECB1-^GUEDE`-F`07PK@`2Z@`2I``G&@CAF@`B*@`1\0 U!C"7+9J&<]ED6#WW.-V4)(%Q34"$:N/46*=YD4*$ M0^YDB"E&8OJ2?YC5+Y/(=;C9:UV7=92U=26Y=?LW_PNPX8D'@XFOP06U 7(GPV%0Q>,QP5,=0$:GZ4:G@4(]JRB+4>D. M:A1EA3=NYU8>3VF>)-@.[6&5C7<^E^=2TK5(3L.59P:?T#@@ 2`#,-`&&O"7%,`,!R+#<#=G`##E``?,`C,& N6C?8$N MAC!8J08O$=E#@1B1L=8Y3C(EMS9BD85BO>9KZBJ26D>2O@FFD5A_6W=_]Q>F M^U 3HR%0@]Z[`\VZ$HKT@/LHA2 MAQ?_*7WJ/2L%'L@5-(/T/1S[*8R*>::R$?-3$MC5$O @!WB@`1 '#,[P)X!"I\R##H,2;L^39.OP,B+%,AI[>,2U MGC-C$$]I*7_$GN5CE5JF/@,Q$;7+C(E4-)64LLY(LR:1_Q(S034()RMM9GI0 M`R'_$WL+(C9[QDI%$8XLT10\RQ026H3$I*I4L0/"EVAS8`(?``$?T`!I@)@: M$`
`"T:@(B$`%S0`!]T'S^50(2<`,E@``EL`%*8*V0T$(0 M=BZFEIKRHIJ1X4,;AAGW\J3G:EE6DG\17%F8]9$I.8F-J*7WAZ69):9;J@7U M:G\@')R>:$4YQEK4H!L(^(#(<`W&TT4NC&V_,2BK:#R#8ITD 6EF17!F949 MC.AK5J*EOKG!(BP%O"S"B%NO(#S,6O`%^U<,R&R3:9K"V?"]9L`3L.MG4- M)M-MWT`=N74=UC!'%JL=D;(0'"@>?NHH?5H]A'K.*N6>[!&[E-+.N[L?')%( MZ%.I)Z%=';&[HJJ3Z-5%52K+7H!-RLT1!(55Q ML^&87E8!%D`1!$ZH!V&E51Z0!BI@`@/P`1<0`2J@`@N@`!FP_Z)6^T`P@&CN M10`7\&<7&CI(>J8@CB1F7A9*Y>8B"FZ6)RW7%C-5?3 `LG E,WJ&8M"W";)]G7-2"0C5TE0;->HS^LQU0>P=D%5(2O1R'0 M*XYD0Q78>Y?6BTK?N-`;-&DY@'%C%5\$@`?I^(X$L`56,``D8``>M[WQ15_X M]6?R>``GNH47L``'D`$-,`$XR@!`8/\!#A`#&5`#4E`&=L"VUUI#2+JDBQ"W M19U#N.8DXSJE$7R26^>14?J1Z?J;\TJ;46!_OES,(8S571VF7T#5]@?67S#I MDS[57^#?8WW"NK&3S9Q1!QZ!,7QD#GXHSO%M#>MWTC-2$XN42*RGY_9N[R#8 M/T,1FX(I[6S8LJM(8W9=_'F#%X%(!_(^^BF#P4MP:1DA85SC0E&-"D)`"+VS M8D,4U&LBHTJJ"QU5JUH4%+?01E$60"`&KIT!)##1!&``;6"8$)`&;_`$)M`& M"G`!<>!`?X;($YU+?W8`%&`"#1!?!T`##="$>6``>$"C#,`%2L``;&``7!`# M!J`'4O#)?_'_D(BE=$*RP%AR3NI-KNJ]MU6*WHMH=2"OB!Y_I?$=U<& <((XBO(J#15'U=L*C]%5,RX$=[UC!\A-=IXC ]WJ3T,P$!&&@!S)@`!J`![ZG``KPO2Q``@U@ M!2S``FD@^!#D0"&]F%H5:!P``X#,`KB]`,)Z`2BP!F8(!%J`!#2``SA0!CHP M`FZ0W74N3@9\.;O&3D%48H ]JN%SW__+"S/+T MNM]J(.DM7\QJH`:77@!<=#'\JM9L/,DQS93,W1X9WB(&Y_]U&-@M<5[EM1 MI@][M'@%X;H=7I[P@4CK3#Y-?#Y1[%S[AI^[/H/69<^5FE0CP<]TMK*K5S78 M&-J=#0A+24M'1TF%ADF'1$2"2XZ*08**@D>/09A!1D%`F9:*24%8%1X',!1T M-`<$!`LD'R1O;W$F+"8M'W&L!'F]>GD>P#`>!`>K!"@:`R8+,G@@.S07.#<. M64021VEO&!`+."E*2EA*5TI9XN)1Y>+D6%?P[.3P5U'F]/7W45+\4?[V_J3L MRW=%"A0H_!`BE%+O($)_4+0L1*A%HL$O^_8*RX\
/'2DF9,,#)C ?2HD:= M+"4JU B0KUVR?OUJE:Q5(4Z0#!$R]BM;(4*8,"DK!`G ())9;F`DCPTN(L.3*A(H\O M0SY2I%"ER)8>$6I$B`DAU4$&O4YD*#80(((Z27IT1%)M3)U"<0*>"0L7&! I#!\@M%#!0H0)*U8@>,##"I@O#QZ&Z5%@C!4)%7CRP(!Q0`(?)P0@ M7$`R(D4=`Q0.Q"#_<`>)$3=98$'..N9@D44\[*13SA7O+`B0.0,I\0]$`D7Q M$#\5"E100@)AJ-"'!B7$D4,'7121&A5I,9)$*84DD8HC1I01&R6MN!(7,^UD M4XXV`?533UP@]1)032$%AE1)]21444$Q:=214TE%%%-171755ER559998]&% MUEUKW<567V2*J5:8==5E%UR"P37$FG+]E:9A9=+)6%]W:D9888P0IF=AA44F M666,%&*9):$QDMEKC!*"B&J9F2:()+&!LD00B50:BG"14`J*<)PHTLEMPV6! MPP+7?=#`,,8<8,`'"]!!!W4JB$!""PUP0`%W>NA!3##`@G<`>0H08``K_P
BLHZ`X]+"#H(3_Y#-A0``) MM%!`)>ZSC[O]/.20%AQ*P5&**1[TT8O\8O0O2/R&)%)):JRAQL(+?\$'2SOA M&/%.,$T<5$P_X>2CDC@%J7&31"GUE%),5A75E5J)I;)56V6EY99AN4766V>U M-;.:8(89IET\I]GFF#R3229AAPV]V)Y'@[89:'IJMK1AJ%TF*&BH15VH(8^J MUHAGJIGVZ:6#R'9()&)_"FHFF>B&-JFXQ6``"5O@&AX!#4#0A@DJH(`!W!%H M(!T*<32@0'._Y$$`>,"$!X,"Y!U[C!X&)*<"#O\Y1$>!#DN0$4(="T#@P@)W M5(!`!5!4,4XZ\:1>H#WUK,L0//]46%`]'6K8.H89"L2BA0[A3F+`'Y4H8_`C MBK0P%`A7U'!()ZUA\/(KP51QQ$F!L9/U&&^L%$Q-!AE&R$5.&6573%EUI)57 M>I65^FMEQ=98;L*?,UYCLG46SF[&I=9;<,;U%V.*` '4(7NVH'NWQAZ$7Z(E&(/*01&2%/(_OB5T7TY2*0 M>$1A!CM8C=9`29)\825>L!Z0J/>C["$E>TGJ"9*L)Q6H/,DH00J+E*RBRJY( MQ7UDL5E;7BF6+;WO3>Y+4_[>M":WU.]GC2F3FLHT0,(([6A"V],2"H.$`I;F M@)?9S)]$HQG):.81AW#4,A]E"&PRJFJOB>$D-)A"46F"4XHX@MK8A@E.I:V% MF@`"`8IU`!5`0`89:,`4-+``#@01`BCX0`1$H($WD&``!E#`L0C0*P\T-(IY M_]!#&XJ!+!00U!8M@$`%/H"W%HBA 0/:YK0_V85XCV0:*(;*2G"D&1OS:"+QD5%48*4]$::/0%2C*5)`I+ MF$>:!TE,@E)BU^/>Q2Z6)"<0Z:M ::\`08-=T)+W<"X`+C5$#*Z(]/>R+48_C4B#^A9C4 D"@40AD71"]R!`+O2P`>, M08<,),<*$8``!PS@`A/(AZ'=@<$O@#6,8+#@`\1BQ?\"/G"!"[3`H@MPVP(: M$(4"%,`)%CB`#+H(`3I@00YL`$&X7#JAU_E#0JV3ETYC]Q`(50@CM5NOB>X% MU)^J:"3W>M&*C#>2A#GO"U)H*AL6]M^FHFBJ6E@J&]C@U#^PI&)`0LK&//:Q MI4SX>^*;$I:THN&C5(65'`ZQ5[;4I2[1I2V[E%\NP22F-.753`EDC%N,=LQF M#FV!"&RFG@ZC&42(AC2A.51DF#;90HPF-9Z)6B$J-8EP-@J;E-C-((@#G!:J M#52CHC([41N;*JAB%6!6P`5XT<\T^!8%<_C`%E1P*Q9$@`40V`5#?>&=8*@' M50DM1J^,<0<4E'$.%X!"#:#_XP$^!*`"1AA#<].0AC;(P`),``(;Z$B/?T`! M=N2%B$YQ9Z$*[9&^]0WU10"67TL.KU\B<613#>S?A!&8DE%5T4D63&M*^@%B M%)/>3S!&LJ2$3"A$$MF4UH>R+*D/Q"E3W[%C.%E+7X80I[?<%7^Z MA&`1V!2GQ,18,(`"U*``R*?2%$:RB.",T]8MP0J6IE!,0T022M/-(P_":Q_T MS93!IL$FFU8W23AM;(:S-BUOHLK!`0(26&LL5G@``C2`;02H``$,)&,9(HA` M"XPH`B9VIQ<1!3G(#X!FUA9+#\:@0-\B8((V+*`"1)B#'L)P!`L`8`R>^\`< M[K"#_R64(012 M&=;?2IYDU6L@@_/40(8!.[@I625*DM2.%*JP#"M-$5]5BN)A#J\UK2/><(FU M),L2RW(QOO1ESOXJ;3:!IFB+41-H@AF88!Z&:.%^H&68QADB"VI1D$%"!1O[ MV$@5`=VF:>RB'$7"T6L0$[U)83O1MOKA1`*>!;=REF5_Y2SD@*)ZGJ<& SLG3Q`X!CS_,4!]'"!(J*'`A#P`GLN``0O MJ&$#3'AN1B]@`!K((`XQB&D_^GC3UI5HD!@I.D#DOQ"#`/],"R1!]?UA5%2C M]K>_-'(2^5 $509%6*6-B+*,E[Z,5:.$RL"17?V ,"!GNV!#>$`%*J`!*G`+4#!=<^!R?7`&0/``)9`#%7`` M'(`"#5`#SJ`&F+8N![%'(=([4]?_:?4'5`-35($48"F"2(JD(BF!?_V%?\O3 M@`PV8",Q8%`U:UWG@`DHB[!6=DM%!K?F%!P3%*/D)%9"=^6#,F;U83'35F;Q M,B^#%F^%8G$5>'ZU)GF!5W:18X*G5Y,A6`J4>`?43)0A&7+A;N'V&)9@>8K2 M>1@$*;R16=GT&)`@3I5E*83@>E!V"0,7-K#G>@)7*:8U<`073U7P0K>!D#.$ M!!\P`%;0`L?0"PO0'+7R`2Y@`!!`1'73:+5R`:O@1&?8"\P' 2%&>1'S<@43<92"Y!`EH?]?Q!,PCB1K MJI8P-.)44\4P"L:`6QEV"C.+$7B`MDA)9VF69#`&"[:64O(D&F-AR0@E4$(^ MK82"&\8^>9DR?=D^?5<_ 8A M[R4\$R&*O!-U].41I%9(]Q4\F/H\7\#_!B"Q/%[',/Q9:P+6@`%*!JBZ5$X5 M561WEFD)JVQP:Q[F)%VA%*]D,ND3H6C'[';/(3;8#Y)FZ"C=DH)RXV)C)& MK'SEHGZU;9J7@])Z&0"T8],JHZ"Q3$H#;U>#9$6&*$8&FO=6&Y]R0=V$*>+* MCZDY<).P-J<%3U@8AJI599PPI?#40IM@!`<)!%_P0Q%``M)P!P?@4!;7`M-Q MB,EI`G3J6@N`!QF0`:^E?+U2.,\)#+XR#!'%.+P0![8P!;82!W&P!5AJ`A>@ M!QIP!%H@`6(``V00!,M%`CBP`PNX`1*`!?$E4YRV$!:A$/*YE%'I4TT%(_;% M?__2J5,U=EKG_VK]94ECJ8"LZE]EV:IG^8L#1K5C,`8+FI8!4``D\Q09-A5D M%8)V=Q5YJ3*SQ! ZU#,N!D!X8AG%9$SD^'@&-'E+DUB' M5XY$(T%#"!E4(S:$2V^AAZ/A9*[:]`GCY$UH,V68<"F 9!0ZJ2W\0%W<`$9P$\+0`'#0`(D@`(MH$0N8%&'V`+'>0$HX%IS MUAV\X"L5FSC@X5"NH@!X8`#8^4,#H` ! "7 MP_H6\..VA9<_+0:W>65C?\4S1`/"XAAYC)/!M3N,GBE5--DIOI?$:H9&9 MZHBCI>DU%R0(2P@IGZ`IHI)"+B2YF,MZPB%[E!M/"5D%":FO+H2%2[RO2ZP) MH)60L:$%=M,`060LP^`Y$/`!V%D+$8`"A:@"+N`J#;``Q^*FOG(X(0 6S2DFP<1L)FV" M3$5#&48C!)510$Y#>=4$03R8CE3#PA-$A(7"")GU36,S*>E*I&%#*;M1D*MW MFID@0P [ZKK&YFOKJQ)J`Q*`ENO-@`PZPM07P`%PK!Q*@!"SR(A;R(N1[:OU",(F42%GW MGS4"5:P&H/ZE8"41_X&P*G:MAI9G2<#Z2\"M+'8-FM1-/<`'?%TAMF%GU3)7 M<9>T9#,U`]8@*GC5:*S&^C-R(AC51H['=!CZ,QE]BV.(]2?5S%A$=LV9035` M^,)(]F0_ZJ/A/$Y&.BF=TH6M.9"LIV6RQ\0*N:_V_-B=^[E9X$*07059<)## MD8@?,!T9(*=Y<+HHT%L'T`"HR\4?D`9@O,4=QRMRUM`,-5P33='AH0=Q$`%6 MD`8J\`0MD`,0H`%;L`6^3=)@G*?)J0(`@``(D`,C,`0W,`(/@`!CP`<,X`:C M)CP%DQ&6;,D:<3`%AG\PLK2QB*E056`,AG\"*F!IF=Y56TE0'=5C"=5.S?^@ M!CS5"SH&`,"UX\,6(V;+:=5W(S86,5,7P\J7@0DT8**B+H9,>\%,!-17=J$G MU&89B!'A=^*BS:S"%[1N=DT:BZ?7A^MCH^%DW;2XE'M".TRY\QI#E`*%XGS. M",=E1>Q"`WDI\&IEHENO!YD%]BJZ^PI:.K[$DUW/HCM#`Y`W;2"P!'`!<_`& M,/!\2KYS=$`"%%!0&0T!:9`!!E`*!K#E'T<,$?4+P[4>(BD#HSU04W`!$``! M160%*H`=AQA0?I9%'V`'([`!=B`#7H`&92`-7U`%$U``8P"?2XDO'D%4K+B^ MSK,&KFA)RK.IV\T\6FE)3@7*KJ:TK.IU74=VJ=S_U&;PR4P]M08LP`X:JU@[ MP`9\M?=-)""V/A[V% Q%.JX_1\&_:,[I]K!%`P!7[6`NS19Q=0`R90-VTP!QI` M!6^`I2@@Q[;R.0KPA\C""XG3?`]-T8 H.BO16?=]UF3(CR'?^ M36)PN\$L-F/Z4\R#B2=AHAC92(Y\DD#?1B8.Y">+*4&$861!:#45-`@ [T M/,]8P*]7R@'1N5P$0$1 P0MJ#)+@L5`:8)Q6'+M@ MJ@$:4$0C:P*TWS @& M4TE9EW_+4XM>)_U0RV`#*G9K@/2I3+5./]]3C;6BOO0#K/2P?/ZB'L!NP/Y4 MS__5(RC6)S:"7_*V()JL99\_06.B<0((2$),2$6$3(1(1(9,1(B-146%D8Y% MBT2+1XB13$>8D)%)2T2>F$1+1ZB8I4>MGJA'0:BC2TFV2:FH0;=!N[BV2\%` MO;O%O4E`PT')RK:]P]!)S\Q&T,O,R49&54#:5=M5W-K>WU596>/@1EGEY^'L M[UA95S4$$0L$^1\+)"(N#0W2O*'"`@6)`0,TJ!!AXL`=`_DB$LBC)P\!#_GT MP,@#`X;&/"-V7%#!XL+(@R9$:-"P9:6)+2)$1(B@`4(.`Q8`3"A0(T>6)`3@ M*.%!AP`,-EJD0-'"5,N7ITS5/%5#5>J:IU^D2LWZA>G_ES54P8I=LX8-V;%E MP:HI:W8-F;=LXI*12V:,W;IW\=K=:]>,W[]_V>PUX\8-8<-F`!1P,J3Q$"&. M'3..W'CR$">0*3_.+*0S$D%"D`SYW-DSHL^D.Q\JC3HT:B:28#N2O0C4)4.6 M2&W*O2BW*UQ'BGAZU6I1L%:P1`4#-HNY+VG$ECROY2L9L678KT&S?GU7-V78 MPG>K9B3(N&S;M+$#%RX<^W7LVZ-S#P_ 0`_X4$'D@1!`$\'&``%ETU%5573ZVAQ55K6;76 M5%1EQ=995)YE5EQ5DO76EG-Q&=>7@@FVY1AZD &7 M8I==UL40763FQ)V36>889).5)@1C@SB16FN";N99$:XIBIH@BKPF:224#M+* M(8G`MMMMEV#BVRJ2J'(<*;.(FDH1P4@G2RK.(.,+==$94UUVUQPSS3/:X;J= M.-MI@UXVS(B3'GGM52%/>^`<*P\6YGQC'SS'!E%%'G2TD(\",C1@`@0M?-!" M`P=\D$$>&J#@;4P0W"$D'@3HX8$>#K5K41X6*D"`O1XHD,<./*!!0P9*!!%' M`Q^8L/^@2E9TJX(*+HB`X@=QO($#'"-(H,8$!G0AP0XQQ'"!`A2\40,;2'H5 M95177<6&&DZI1=7*6L45)1E9?DES66,\V2698,9%)LUSX8QF76^-P4;1;/8% MF)MM*OV7FX?1B>=E?0;:&6:970:9H*%UINC6D`[R&1-=JT:((Z,)DDAIIPUQ MVFRP46I()9[(S9NGE*PRG*>>UKT(+K"DFEPM0)2""G.U.".KK-(HCHQUS'@7 M>2_2N3K->)B',UXUW9CWG;#.SI>%/-X`T:RQ[\#3+!:LFW...^=@<44%>-QQ M`0P*P$`'!`M<``$$'D`@DPL+T\$!@VFH>X=$]Q(@H1X58:C_Q[T'X"M#!A!0 M$0,18I@A`D`Z7/`B"BZT8#`*!K<1QTPH'*"#'1:`(0$`-%B`10458!@A#4>L M`0624-)"5;"2)#7`["LK$TL!V6)`+1W-+74Q`]%69J:CP04N !=TV/>ACCRKGQ`2$(> M8`$$4("'/-0`!A4@04$BH*`4)40#!GO#`2[0@A=!X`)P@!\90&"!%+BA#'N0 M`0X,T!$G*(F`76'95["R%;"8Y4EAJ8I;R/)``V)I#3^[X%R.QC-M%DV#18N@ M7_)"!CAQT#!H$B&;SF`8=IJ03GYZ(=5@&,.ME>8Q,[QA:DP#&TB]9A!DRQ0. M&:&I3>!04XSH3=SPUHCB4&*)P3"%$5DABEPH48O+80YRCI,X8'A1&D!PQC!L M88TQA@<[XL%&.E::CG*,`UGF>&D<5V>LU^71=:Q;QWR,)8_1]=2G[+B"#L!% M`=Q1P`49>/\#!.(0!P@0SV!/)<$%&C"'!BP/0M++I$4\P-4-=:1#[:J!#`B0 MDC?0``0PN(`'Q+"`` <@4Z U!(X'!LCRBHW!`:MTGT M!HFT*0XI3O'$*)(B%:2:!14[.MU27;$6B EJ%*%P@#P?(`P7_\H"B"WQ@ ME!`@`0E0L("&F<`$!GF#">8`$07DKE[YV"3T.-(1&LB`!C60@`Y$,(`,D(`" M']`1`/[0@A++0`4H:(#YMK"%F 32EZ$5+2_CO$MHNU0F,JAVG"8T M(6M5Z]H2'J;- ,3="<")OO:E; M)$K1B%$(Y[FF4(46-XJ)B(HBNJ6X!793(0M@+*-508C%=:RQ!,AY9]3@H08V MP@L?SRV#/-7(0C+F"#EWP">._)UI-VR]_ZS1U31VS.JUL91`;"P06PFL4\(5 M9("1(F,``@$B@"/?T((%3]4$5I@)C`)T@79E.!\4TA!%IM=5#UQ2`6QXP!U@ MT(`MM(`.!]B!'1P@!108+P\-?F2`J&`"#42``\]&`0O2L(<;;"`%2$#`'O)P M`1P0``<5R(`*F,`RJM"L+6J94@:ON4UNV@5+00.YFO2R97%*L$Q)>Q-BU'1" MP)23,&,X@\Q1B]HWGT$.=9"#U#8C3Q@ZRE&@\:=G2,.$M#%BH+]%*&XXP=!) M!)?I1HRZ*2Z1JN>B2HG`F:)TM;[16>R"BYI6'*[$;@S+08,\X44IL*[QC>^H M0SLK;3LVN$'W]_^6HW7?J.]\Y^O38MM4"3QEG>!?=VS!1P$)]EH`!BAPAQ8L M0`;5PL`C(:`':+>@D0M;2!H@PCR)V,OSU_*V'FCP@!JXX,$F:,$67-"&.HR@ M#`;6@0 ILXVD?8P2YLY.]G<9IF_M@"* MTEIF^/QGSPP]Z#[TYVDX45"$$A'JC&`)G5`)4] ;L<-:>1VL]8-))A&L.;_.O3A M.NZP=Z_3:X)';,-F;,AV;%F`;,PR.CH8!49P$7@@5=R"!Y=T`83$`@T@`R1@ M`FG0`K^S(`'">` VB!U:(`A5P!@90;2[2;U;0`#D0 M`SNP`S30+B(``2NR$!!@`&\0(&E``PU0`4*0!S%0`!.P`%"0`Q2P`SB`!!6P M,F;Q%6]1)5$R66FQ35OB<=^G0>&'%YJU)GP!&(/10:95
"EXXV6&S&UH[I>`7[)04XH``&$"`&4$A+!FTH8"X&0`)3 M@`\&YCL1,``&@'S78H44@H4.\1"?U"XP0`#X0``-0`%H$`40\`$%`TLO0A,H MH``[4`,TH`,&$`$LT`8H(`(1TP8*1@