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 | |
14 |
Financial Statements | |
17 |
Notes to Financial Statements | |
23 |
Financial Highlights | |
25 |
Approval of Investment Advisory and Sub-Advisory Agreements | |
27 |
Results of Proxy | |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
2 | Invesco Quality Municipal Income Trust |
Trust at NAV |
9.96 | % | ||
Trust at Market Value |
10.00 | |||
Barclays Capital Municipal Bond Index▼ |
6.39 | |||
Market Price Discount to NAV as of 8/31/11 |
-3.32 | |||
▼Lipper Inc. |
NYSE Symbol | IQI |
3 | Invesco Quality Municipal Income 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 Income Trust |
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Municipal Obligations158.44% |
||||||||||||||||
Alabama0.34% |
||||||||||||||||
Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)(a)
|
5.25 | % | 07/01/30 | $ | 1,000 | $ | 1,044,470 | |||||||||
Arizona5.59% |
||||||||||||||||
Arizona (State of) Transportation Board;
Series 2002 A, Ref. Highway RB
|
5.25 | % | 07/01/19 | 2,000 | 2,115,580 | |||||||||||
Maricopa County Pollution Control Corp. (Arizona Public Service
Co. Palo Verde); Series 2009 A, Ref.
PCR(b)(c)
|
6.00 | % | 05/01/14 | 650 | 715,546 | |||||||||||
Phoenix Civic Improvement Corp.;
|
||||||||||||||||
Series 2002, Jr. Lien Water System RB
(INSNATL)(a)
|
5.00 | % | 07/01/26 | 3,800 | 3,890,630 | |||||||||||
Series 2002 B, Sr. Lien Airport RB
(INSNATL)(a)(d)
|
5.25 | % | 07/01/32 | 3,000 | 3,007,050 | |||||||||||
Pima (County of) Industrial Development Authority (Tucson
Electric Power Co.); Series 2010 A, IDR
|
5.25 | % | 10/01/40 | 1,175 | 1,066,630 | |||||||||||
Salt River Project Agricultural Improvement & Power
District; Series 2002 B, Electric System
RB(e)
|
5.00 | % | 01/01/31 | 6,000 | 6,229,440 | |||||||||||
17,024,876 | ||||||||||||||||
California29.76% |
||||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Jewish Home of San
Francisco); Series 2005, VRD RB (LOCWells Fargo Bank
N.A.)(f)(g)
|
0.06 | % | 11/15/35 | 500 | 500,000 | |||||||||||
Alhambra Unified School District (Election of 2004);
|
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)(a)(h)
|
0.00 | % | 08/01/35 | 1,575 | 350,705 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)(a)(h)
|
0.00 | % | 08/01/36 | 2,545 | 489,124 | |||||||||||
California (State of) Health Facilities Financing Authority
(Cedars-Sinai Medical Center); Series 2005, Ref. RB
|
5.00 | % | 11/15/34 | 600 | 600,858 | |||||||||||
California (State of) Health Facilities Financing Authority
(Kaiser Permanente); Series 2006 A, RB
|
5.25 | % | 04/01/39 | 2,000 | 1,985,500 | |||||||||||
California (State of) Pollution Control Financing Authority
(Pacific Gas & Electric Co.); Series 1996 E,
Ref. VRD PCR (LOCJPMorgan Chase Bank,
N.A.)(f)(g)
|
0.08 | % | 11/01/26 | 1,400 | 1,400,000 | |||||||||||
California (State of) Statewide Communities Development
Authority (California Baptist University);
Series 2007 A, RB
|
5.40 | % | 11/01/27 | 4,000 | 3,607,800 | |||||||||||
California (State of) Statewide Communities Development
Authority (John Muir Health); Series 2006 A, RB
|
5.00 | % | 08/15/32 | 5,000 | 4,948,650 | |||||||||||
California (State of);
|
||||||||||||||||
Series 2003, Unlimited Tax GO Bonds
|
5.25 | % | 02/01/19 | 5,000 | 5,365,700 | |||||||||||
Series 2004 A, Economic Recovery Unlimited Tax GO Bonds
|
5.00 | % | 07/01/16 | 3,450 | 3,462,627 | |||||||||||
Series 2004 B-1, VRD Unlimited Tax GO Bonds
(LOCCitibank
N.A.)(f)(g)
|
0.08 | % | 05/01/34 | 300 | 300,000 | |||||||||||
California Infrastructure & Economic Development Bank
(The Scripps Research Institute); Series 2005 A, RB
|
5.00 | % | 07/01/29 | 3,000 | 3,071,730 | |||||||||||
California Infrastructure & Economic Development Bank;
Series 2003 A, First Lien Bay Area Toll Bridges
Seismic Retrofit
RB(b)(e)(i)
|
5.00 | % | 01/01/28 | 5,000 | 6,287,300 | |||||||||||
Dry Creek Joint Elementary School District (Election of
2008-Measure E);
|
||||||||||||||||
Series 2009, Unlimited Tax CAB GO
Bonds(h)
|
0.00 | % | 08/01/40 | 4,685 | 695,769 | |||||||||||
Series 2009, Unlimited Tax CAB GO
Bonds(h)
|
0.00 | % | 08/01/41 | 4,535 | 623,290 | |||||||||||
East Bay Municipal Utility District; Series 2010 A,
Ref. Sub. Water System RB
|
5.00 | % | 06/01/36 | 2,235 | 2,387,449 | |||||||||||
Golden State Tobacco Securitization Corp.;
|
||||||||||||||||
Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
(INSAMBAC)(a)
|
5.00 | % | 06/01/29 | 6,000 | 5,642,820 | |||||||||||
Series 2007
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.13 | % | 06/01/47 | 4,100 | 2,645,648 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles
International Airport); Series 2010 A, Sr. RB
|
5.00 | % | 05/15/35 | 3,350 | 3,451,069 | |||||||||||
Los Angeles (City of); Series 2004 A, Unlimited Tax GO
Bonds
(INSNATL)(a)
|
5.00 | % | 09/01/24 | 4,000 | 4,321,000 | |||||||||||
Moreland School District (2014 Crossover);
Series 2006 C, Ref. Unlimited Tax CAB GO Bonds
(INSAMBAC)(a)(h)
|
0.00 | % | 08/01/29 | 1,745 | 573,320 | |||||||||||
Oak Grove School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds(h)
|
0.00 | % | 08/01/28 | 1,270 | 455,803 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
California(continued) |
||||||||||||||||
Oakland (Port of);
|
||||||||||||||||
Series 2002 L,
RB(b)(d)(i)
|
5.00 | % | 11/01/12 | $ | 110 | $ | 115,793 | |||||||||
Series 2002 L,
RB(b)(d)(i)
|
5.00 | % | 11/01/12 | 445 | 468,434 | |||||||||||
Series 2002 L, RB
(INSNATL)(a)(d)
|
5.00 | % | 11/01/21 | 890 | 900,279 | |||||||||||
Series 2002 L, RB
(INSNATL)(a)(d)
|
5.00 | % | 11/01/32 | 3,555 | 3,380,947 | |||||||||||
Regents of the University of California;
|
||||||||||||||||
Series 2007 J, General RB
(INSAGM)(a)(e)
|
4.50 | % | 05/15/31 | 2,760 | 2,740,211 | |||||||||||
Series 2007 J, General RB
(INSAGM)(a)(e)
|
4.50 | % | 05/15/35 | 2,240 | 2,143,814 | |||||||||||
Series 2009 O, General RB
|
5.25 | % | 05/15/39 | 500 | 530,340 | |||||||||||
San Diego (County of) (Burnham Institute for Medical Research);
Series 2006, COP
|
5.00 | % | 09/01/34 | 1,000 | 849,640 | |||||||||||
San Diego (County of) Regional Airport Authority;
Series 2010 A, Sub. RB
|
5.00 | % | 07/01/34 | 875 | 879,909 | |||||||||||
San Diego (County of) Water Authority; Series 2002 A,
Revenue
COP(b)(i)
|
5.00 | % | 05/01/12 | 3,720 | 3,877,207 | |||||||||||
San Diego Community College District (Election of 2006);
Series 2011, Unlimited Tax GO Bonds
|
5.00 | % | 08/01/36 | 1,410 | 1,477,920 | |||||||||||
San Francisco (City & County of) (Laguna Honda
Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds
(INSAGC)(a)(e)
|
5.00 | % | 06/15/28 | 960 | 994,579 | |||||||||||
San Francisco (City & County of) Airport Commission
(San Francisco International Airport);
|
||||||||||||||||
Second Series 2011 F, Ref.
Series RB(d)
|
5.00 | % | 05/01/25 | 470 | 480,091 | |||||||||||
Second Series 2011 F, Ref.
Series RB(d)
|
5.00 | % | 05/01/26 | 935 | 946,379 | |||||||||||
Second Series 2011 G, Ref. Series RB
|
5.25 | % | 05/01/27 | 5,000 | 5,423,650 | |||||||||||
San Francisco (City & County of) Public Utilities
Commission (Water System Improvement Program); Subseries
2011 A, RB
|
5.00 | % | 11/01/36 | 2,025 | 2,134,654 | |||||||||||
San Francisco (City & County of) Public Utilities
Commission; Series 2009 A, Water RB
|
5.00 | % | 11/01/27 | 2,500 | 2,713,375 | |||||||||||
Southern California Public Power Authority (Mead-Adelanto);
Series 2008 A, VRD
RB(f)
|
0.10 | % | 07/01/20 | 600 | 600,000 | |||||||||||
Southern California Tobacco Securitization Authority (San Diego
County Tobacco Asset Securitization Corp.); Series 2006
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
5.00 | % | 06/01/37 | 3,000 | 2,033,550 | |||||||||||
Twin Rivers Unified School District (School Facility Bridge
Funding Program); Series 2007, COP
(INSAGM)(a)(b)(c)
|
3.50 | % | 05/31/13 | 1,000 | 1,000,810 | |||||||||||
Twin Rivers Unified School District; Series 2009, Unlimited
Tax CAB GO
BAN(h)
|
0.00 | % | 04/01/14 | 1,350 | 1,268,662 | |||||||||||
William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds(h)
|
0.00 | % | 08/01/32 | 10,100 | 2,555,199 | |||||||||||
90,681,605 | ||||||||||||||||
Colorado3.44% |
||||||||||||||||
Boulder (County of) (University Corp. for Atmospheric Research);
|
||||||||||||||||
Series 2002, Development RB
(INSNATL)(a)
|
5.38 | % | 09/01/18 | 1,750 | 1,824,252 | |||||||||||
Series 2002, Development RB
(INSNATL)(a)
|
5.38 | % | 09/01/21 | 1,750 | 1,818,303 | |||||||||||
Colorado (State of) Educational & Cultural Facilities
Authority (Peak to Peak Charter School); Series 2004, Ref.
Improvement RB
(INSSGI)(a)
|
5.25 | % | 08/15/34 | 2,000 | 1,925,120 | |||||||||||
Colorado (State of) Health Facilities Authority (Catholic Health
Initiatives); Series 2009 A, RB
|
5.00 | % | 07/01/39 | 2,000 | 1,996,880 | |||||||||||
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3); Series 2010, Private Activity RB
|
6.00 | % | 01/15/41 | 1,500 | 1,500,900 | |||||||||||
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB
(INSSGI)(a)
|
5.00 | % | 12/01/30 | 1,590 | 1,419,775 | |||||||||||
10,485,230 | ||||||||||||||||
Delaware0.28% |
||||||||||||||||
New Castle (County of) (Newark Charter School, Inc.);
Series 2006, Development RB
|
5.00 | % | 09/01/36 | 1,000 | 846,270 | |||||||||||
District of Columbia1.91% |
||||||||||||||||
District of Columbia; Series 2006 B-1, Ballpark RB
(INSNATL)(a)
|
5.00 | % | 02/01/31 | 6,000 | 5,825,580 | |||||||||||
Florida9.25% |
||||||||||||||||
Broward County School Board; Series 2001 A, COP
(INSAGM)(a)
|
5.00 | % | 07/01/26 | 2,000 | 2,010,580 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Florida(continued) |
||||||||||||||||
Florida (State of) Ports Financing Commission (State
Transportation Trust Fund); Series 2011 B, Ref.
RB(d)
|
5.13 | % | 06/01/27 | $ | 995 | $ | 1,019,865 | |||||||||
Highlands (County of) Health Facilities Authority (Adventist
Health);
|
||||||||||||||||
Series 2006 C,
RB(b)(c)(i)
|
5.25 | % | 11/15/16 | 75 | 91,460 | |||||||||||
Series 2006 C,
RB(c)
|
5.25 | % | 11/15/36 | 2,925 | 2,956,590 | |||||||||||
JEA (St. Johns River Power Park System Issue 2);
Series 2002-17,
Ref. RB
|
5.00 | % | 10/01/18 | 3,300 | 3,311,583 | |||||||||||
Miami-Dade (County of) (Building Better Communities Program);
Series 2009 B-1, Unlimited Tax GO Bonds
|
6.00 | % | 07/01/38 | 2,000 | 2,200,580 | |||||||||||
Miami-Dade (County of) (Miami International Airport-Hub of the
Americas); Series 2009 B, Aviation RB
(INSAGC)(a)
|
5.00 | % | 10/01/25 | 1,250 | 1,340,475 | |||||||||||
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB
|
5.00 | % | 07/01/40 | 1,500 | 1,487,445 | |||||||||||
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
6.00 | % | 08/01/30 | 565 | 589,521 | |||||||||||
Palm Beach (County of) Solid Waste Authority; Series 2009,
Improvement RB
(INSBHAC)(a)
|
5.50 | % | 10/01/23 | 1,200 | 1,419,084 | |||||||||||
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital RB
|
5.00 | % | 08/15/42 | 12,000 | 11,759,040 | |||||||||||
28,186,223 | ||||||||||||||||
Georgia4.23% |
||||||||||||||||
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 | 1,050 | 1,068,889 | |||||||||||
Georgia (State of) Road & Tollway Authority;
|
||||||||||||||||
Series 2003, Gtd.
RB(b)(i)
|
5.00 | % | 10/01/13 | 6,000 | 6,581,940 | |||||||||||
Series 2003, Gtd. RB
|
5.00 | % | 10/01/23 | 3,000 | 3,218,070 | |||||||||||
12,886,159 | ||||||||||||||||
Hawaii4.40% |
||||||||||||||||
Hawaii (State of) Department of Budget & Finance
(Hawaii Pacific Health Obligated Group);
Series 2010 B, Special Purpose RB
|
5.75 | % | 07/01/40 | 770 | 748,817 | |||||||||||
Hawaii (State of); Series 2010 A, Airport System RB
|
5.00 | % | 07/01/39 | 1,925 | 1,953,028 | |||||||||||
Honolulu (City & County of);
|
||||||||||||||||
Series 2003 A, Unlimited Tax GO
Bonds(b)(i)
|
5.25 | % | 03/01/13 | 8,590 | 9,224,801 | |||||||||||
Series 2003 A, Unlimited Tax GO Bonds
(INSNATL)(a)
|
5.25 | % | 03/01/26 | 1,410 | 1,489,115 | |||||||||||
13,415,761 | ||||||||||||||||
Idaho1.41% |
||||||||||||||||
Idaho (State of) Housing & Finance Association
(Federal Highway Trust Fund); Series 2008 A,
Grant & RAB
(INSAGC)(a)
|
5.25 | % | 07/15/23 | 2,600 | 2,925,026 | |||||||||||
Idaho (State of) Housing & Finance Association;
Series 2000 E, Single Family Mortgage
RB(d)
|
6.00 | % | 01/01/32 | 545 | 555,312 | |||||||||||
Regents of the University of Idaho; Series 2011, Ref.
General
RB(b)(c)
|
5.25 | % | 04/01/21 | 710 | 820,284 | |||||||||||
4,300,622 | ||||||||||||||||
Illinois11.56% |
||||||||||||||||
Chicago (City of) (Chicago OHare International Airport);
Series 2003 B-2, Third Lien General Airport RB
(INSAGM)(a)(d)
|
5.75 | % | 01/01/23 | 4,000 | 4,147,880 | |||||||||||
Chicago (City of); Series 2007 A, Ref. Project
Unlimited Tax GO Bonds
(INSAGM)(a)(e)(j)
|
5.00 | % | 01/01/37 | 7,250 | 7,283,205 | |||||||||||
Granite City (City of) (Waste Management, Inc.);
Series 2002, Solid Waste Disposal
RB(b)(c)(d) |
3.50 | % | 05/01/13 | 2,200 | 2,268,068 | |||||||||||
Illinois (State of) (Illinois Fund of Infrastructure, Roads,
Schools and Transit); Series 2002, Unlimited Tax GO Bonds
(INSNATL)(a)
|
5.38 | % | 07/01/20 | 6,000 | 6,154,260 | |||||||||||
Illinois (State of) Finance Authority (Little Company of Mary
Hospital & Health Care Centers); Series 2010, RB
|
5.38 | % | 08/15/40 | 1,325 | 1,248,177 | |||||||||||
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital); Series 2009 B, RB
|
5.00 | % | 08/15/16 | 830 | 954,102 | |||||||||||
Illinois (State of) Finance Authority (Resurrection Health Care
Corp.); Series 2009, Ref. RB
|
6.13 | % | 05/15/25 | 1,650 | 1,712,007 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
7.25 | % | 11/01/38 | 645 | 708,642 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Illinois(continued) |
||||||||||||||||
Illinois (State of) Finance Authority (Swedish Covenant
Hospital);
|
||||||||||||||||
Series 2010 A, Ref. RB
|
5.75 | % | 08/15/29 | $ | 2,360 | $ | 2,363,044 | |||||||||
Series 2010 A, Ref. RB
|
6.00 | % | 08/15/38 | 1,235 | 1,233,320 | |||||||||||
Illinois (State of) Finance Authority (University of Chicago
Medical Center); Series 2011 C, RB
|
5.50 | % | 08/15/41 | 1,440 | 1,495,339 | |||||||||||
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion); Series 2010 A,
Dedicated State Tax RB
|
5.50 | % | 06/15/50 | 1,375 | 1,394,965 | |||||||||||
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
5.50 | % | 06/01/23 | 2,000 | 2,111,020 | |||||||||||
Schaumburg (Village of); Series 2004 B, Unlimited Tax
GO Bonds
(INSNATL)(a)
|
5.25 | % | 12/01/34 | 2,000 | 2,138,400 | |||||||||||
35,212,429 | ||||||||||||||||
Indiana5.34% |
||||||||||||||||
Indiana (State of) Finance Authority (Clarion Health Obligated
Group); Series 2006 A, Hospital RB
|
5.25 | % | 02/15/40 | 1,735 | 1,714,735 | |||||||||||
Indiana (State of) Finance Authority (CWA Authority, Inc.);
Series 2011 B, Second Lien Wastewater Utility RB
|
5.25 | % | 10/01/31 | 1,405 | 1,470,459 | |||||||||||
Indiana Bond Bank,
|
||||||||||||||||
Series 2001 A,
RB(b)(i)
|
5.00 | % | 02/01/13 | 7,495 | 8,061,397 | |||||||||||
Series 2001 A, RB
|
5.00 | % | 02/01/23 | 2,505 | 2,647,009 | |||||||||||
Marion (County of) Convention & Recreational
Facilities Authority; Series 2003 A, Sr. Ref. Excise
Taxes Lease Rental RB
(INSAMBAC)(a)
|
5.00 | % | 06/01/21 | 1,400 | 1,470,126 | |||||||||||
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 B, Ref.
PCR(b)(c)
|
6.25 | % | 06/02/14 | 820 | 913,160 | |||||||||||
16,276,886 | ||||||||||||||||
Iowa1.36% |
||||||||||||||||
Iowa (State of) (IJOBS Program);
|
||||||||||||||||
Series 2009 A, Special Obligation
RB(e)(j)
|
5.00 | % | 06/01/25 | 2,120 | 2,374,273 | |||||||||||
Series 2009 A, Special Obligation
RB(e)(j)
|
5.00 | % | 06/01/26 | 1,590 | 1,762,531 | |||||||||||
4,136,804 | ||||||||||||||||
Kansas0.26% |
||||||||||||||||
Kansas (State of) Development Finance Authority (Adventist
Health System/Sunbelt Obligated Group); Series 2009 C,
Hospital RB
|
5.50 | % | 11/15/29 | 730 | 793,663 | |||||||||||
Kentucky0.34% |
||||||||||||||||
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital Facilities RB
|
6.50 | % | 03/01/45 | 1,000 | 1,022,610 | |||||||||||
Louisiana1.06% |
||||||||||||||||
East Baton Rouge (Parish of) (Exxon Corp.); Series 1993,
Ref. VRD
PCR(f)
|
0.05 | % | 03/01/22 | 500 | 500,000 | |||||||||||
Lafayette (City of) Public Trust Financing Authority
(Ragin Cajun Facilities, Inc. Housing &
Parking); Series 2010, RB
(INSAGM)(a)
|
5.25 | % | 10/01/30 | 1,150 | 1,216,321 | |||||||||||
Louisiana (State of) Offshore Terminal Authority (Loop LLC);
Series 2007 B-2, Deepwater Port
RB(b)(c)
|
4.30 | % | 10/01/11 | 1,500 | 1,505,145 | |||||||||||
3,221,466 | ||||||||||||||||
Maryland0.69% |
||||||||||||||||
Baltimore (County of) (Oak Crest Village Inc. Facility);
Series 2007 A, RB
|
5.00 | % | 01/01/37 | 1,105 | 1,021,362 | |||||||||||
Maryland Economic Development Corp. (Terminal);
Series 2010 B, RB
|
5.75 | % | 06/01/35 | 1,080 | 1,067,483 | |||||||||||
2,088,845 | ||||||||||||||||
Massachusetts3.09% |
||||||||||||||||
Massachusetts (State of) Department of Transportation (Contract
Assistance); Series 2010 B, Metropolitan Highway
Systems RB
|
5.00 | % | 01/01/35 | 2,010 | 2,128,489 | |||||||||||
Massachusetts (State of) Development Finance Agency (Berklee
College of Music); Series 2007 A, RB
|
5.00 | % | 10/01/32 | 1,100 | 1,114,916 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Massachusetts(continued) |
||||||||||||||||
Massachusetts (State of) Development Finance Agency (Boston
College); Series 2008 M-2, RB
|
5.50 | % | 06/01/30 | $ | 1,600 | $ | 1,956,224 | |||||||||
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
6.75 | % | 01/01/36 | 575 | 608,362 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts
University);
|
||||||||||||||||
Series 1995 G, VRD
RB(f)
|
0.14 | % | 02/15/26 | 1,000 | 1,000,000 | |||||||||||
Series 2008 N-2, VRD
RB(f)
|
0.14 | % | 08/15/34 | 2,600 | 2,600,000 | |||||||||||
9,407,991 | ||||||||||||||||
Michigan2.21% |
||||||||||||||||
Lansing (City of) Board of Water & Light;
Series 2011 A, Utility System RB
|
5.00 | % | 07/01/37 | 1,600 | 1,666,144 | |||||||||||
Wayne (Charter County of) (Detroit Metropolitan Wayne County
Airport); Series 2002 D, Ref. Airport RB
(INSNATL)(a)(d)
|
5.50 | % | 12/01/17 | 3,000 | 3,079,290 | |||||||||||
Wayne State University Board of Governors; Series 2008,
Ref. General RB
(INSAGM)(a)
|
5.00 | % | 11/15/25 | 1,855 | 1,995,034 | |||||||||||
6,740,468 | ||||||||||||||||
Minnesota0.66% |
||||||||||||||||
Western Minnesota Municipal Power Agency (Transmission);
Series 2003 A, RB
(INSNATL)(a)
|
5.00 | % | 01/01/30 | 2,000 | 2,020,560 | |||||||||||
Missouri1.02% |
||||||||||||||||
Kansas (City of) Industrial Development Authority (Downtown
Redevelopment District); Series 2011 A, Ref. RB
|
5.50 | % | 09/01/28 | 925 | 1,000,378 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services); Series 2005 A,
Senior Living Facilities RB
|
5.38 | % | 02/01/35 | 1,125 | 1,039,759 | |||||||||||
Missouri (State of) Health & Educational Facilities
Authority (Washington University); Series 2004 B, VRD
RB(f)
|
0.06 | % | 02/15/34 | 970 | 970,000 | |||||||||||
Missouri (State of) Housing Development Commission
(Homeownership Loan Program); Series 2000 B-1, Single
Family Mortgage RB
(CEPGNMA)(d)
|
6.25 | % | 03/01/31 | 100 | 100,403 | |||||||||||
3,110,540 | ||||||||||||||||
Montana1.17% |
||||||||||||||||
Forsyth (City of) (Portland General Electric Co.);
Series 1998 A, Ref. PCR
|
5.00 | % | 05/01/33 | 1,600 | 1,665,792 | |||||||||||
Montana (State of) Board of Housing; Series 2000 B-2,
Single Family Mortgage
RB(d)
|
6.00 | % | 12/01/29 | 1,905 | 1,912,144 | |||||||||||
3,577,936 | ||||||||||||||||
Nevada4.48% |
||||||||||||||||
Clark (County of) (Las Vegas-McCarran International Airport);
Series 2010 A, Passenger Facility Charge RB
|
5.13 | % | 07/01/34 | 1,000 | 1,014,830 | |||||||||||
Clark (County of);
|
||||||||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB
(INSAMBAC)(a)(d)
|
5.38 | % | 07/01/19 | 1,000 | 1,036,300 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB
(INSAMBAC)(a)(d)
|
5.38 | % | 07/01/20 | 1,100 | 1,135,376 | |||||||||||
Series 2003 C, Jet Aviation Fuel Tax Airport RB
(INSAMBAC)(a)(d)
|
5.38 | % | 07/01/22 | 2,000 | 2,050,700 | |||||||||||
Series 2004
A-1, Sub.
Lien Airport System RB
(INSNATL)(a)(d)
|
5.50 | % | 07/01/20 | 2,000 | 2,093,420 | |||||||||||
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Allocation RB
|
6.25 | % | 06/15/16 | 640 | 721,754 | |||||||||||
Las Vegas (City of) Valley Water District;
Series 2003 A, Ref. Water Improvement Limited Tax GO
Bonds
(INSNATL)(a)
|
5.25 | % | 06/01/20 | 5,345 | 5,601,934 | |||||||||||
13,654,314 | ||||||||||||||||
New Hampshire0.22% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (The United
Illuminating Co.); Series 1997, Ref.
PCR(b)(c)(d)
|
7.13 | % | 02/01/12 | 655 | 670,589 | |||||||||||
New Jersey7.62% |
||||||||||||||||
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 | 935 | 937,449 | |||||||||||
New Jersey (State of) Economic Development Authority; Subseries
2005 N-1, Ref. School Facilities Construction RB
(INSAMBAC)(a)
|
5.50 | % | 09/01/24 | 2,000 | 2,298,520 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
New Jersey(continued) |
||||||||||||||||
New Jersey (State of) Housing & Mortgage Finance
Agency; Series 2000 CC, Home Buyer RB
(INSNATL)(a)(d)
|
5.88 | % | 10/01/31 | $ | 225 | $ | 225,160 | |||||||||
New Jersey (State of) Transportation
Trust Fund Authority; Series 1999 A,
Transportation System RB
|
5.75 | % | 06/15/20 | 5,000 | 5,839,200 | |||||||||||
New Jersey (State of) Turnpike Authority;
Series 2003 A, RB
(INSNATL)(a)
|
5.00 | % | 01/01/27 | 1,500 | 1,568,940 | |||||||||||
Passaic Valley Sewage Commissioners; Series 2003 F,
Sewer System RB
(INSNATL)(a)
|
5.00 | % | 12/01/20 | 10,000 | 10,297,000 | |||||||||||
University of Medicine & Dentistry of New Jersey;
Series 2004, COP
(INSNATL)(a)
|
5.25 | % | 06/15/23 | 2,000 | 2,062,200 | |||||||||||
23,228,469 | ||||||||||||||||
New Mexico0.39% |
||||||||||||||||
Farmington (City of) (Public Service Co. of New Mexico San
Juan); Series 2010 C, Ref. PCR
|
5.90 | % | 06/01/40 | 1,250 | 1,200,637 | |||||||||||
New York15.18% |
||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center);
|
||||||||||||||||
Series 2009, PILOT RB
|
6.25 | % | 07/15/40 | 820 | 834,727 | |||||||||||
Series 2009, PILOT RB
|
6.38 | % | 07/15/43 | 340 | 348,153 | |||||||||||
Metropolitan Transportation Authority; Series 2002 A,
Ref. RB
(INSNATL)(a)
|
5.00 | % | 11/15/25 | 10,000 | 10,373,800 | |||||||||||
New York (City of) Municipal Water Finance Authority;
|
||||||||||||||||
Series 2003 A, Water & Sewer System RB
|
5.38 | % | 06/15/19 | 3,500 | 3,634,785 | |||||||||||
Series 2004 A, Water & Sewer System RB
|
5.00 | % | 06/15/35 | 3,000 | 3,068,460 | |||||||||||
New York (City of) Transitional Finance Authority;
|
||||||||||||||||
Subseries 2010
A-1, Future
Tax Sec.
RB(e)
|
5.00 | % | 05/01/29 | 1,635 | 1,775,103 | |||||||||||
Subseries 2010
A-1, Future
Tax Sec.
RB(e)
|
5.00 | % | 05/01/28 | 2,040 | 2,227,619 | |||||||||||
Subseries 2010
A-1, Future
Tax Sec.
RB(e)
|
5.00 | % | 05/01/30 | 1,635 | 1,762,661 | |||||||||||
New York (City of) Trust for Cultural Resources (Museum of
Modern Art);
|
||||||||||||||||
Series 2008 1A, Ref.
RB(e)
|
5.00 | % | 04/01/26 | 1,935 | 2,116,271 | |||||||||||
Series 2008 1A, Ref.
RB(e)
|
5.00 | % | 04/01/27 | 2,815 | 3,056,640 | |||||||||||
New York (City of);
|
||||||||||||||||
Subseries 2009
A-1,
Unlimited Tax GO
Bonds(e)
|
5.25 | % | 08/15/27 | 2,380 | 2,609,408 | |||||||||||
Subseries 2009
A-1,
Unlimited Tax GO
Bonds(e)
|
5.25 | % | 08/15/28 | 2,380 | 2,598,722 | |||||||||||
New York (State of) Dormitory Authority (General Purpose);
Series 2011 A, State Personal Income Tax RB
|
5.00 | % | 03/15/30 | 2,715 | 2,990,736 | |||||||||||
New York (State of) Dormitory Authority (The City of New York
Issue); Series 2005 A, Court Facilities Lease RB
(INSAMBAC)(a)
|
5.50 | % | 05/15/29 | 1,100 | 1,263,108 | |||||||||||
New York (State of) Thruway Authority; Series 2011
A-1, Second
General Highway & Bridge Trust Fund RB
|
5.00 | % | 04/01/29 | 2,280 | 2,506,632 | |||||||||||
Triborough Bridge and Tunnel Authority; Series 2002 E,
Ref. Sub. RB
(INSNATL)(a)(e)
|
5.00 | % | 11/15/32 | 5,000 | 5,081,300 | |||||||||||
46,248,125 | ||||||||||||||||
North Dakota0.88% |
||||||||||||||||
Ward (County of) (Trinity Obligated Group); Series 2006,
Health Care Facilities RB
|
5.13 | % | 07/01/29 | 2,750 | 2,688,510 | |||||||||||
Ohio7.21% |
||||||||||||||||
American Municipal Power-Ohio Inc. (Prairie State Energy
Campus); Series 2008 A, RB
(INSAGC)(a)(e)
|
5.25 | % | 02/15/33 | 5,100 | 5,371,932 | |||||||||||
Cuyahoga (County of) (Cleveland Clinic Health System Obligated
Group); Series 2003 A, Ref. RB
|
6.00 | % | 01/01/32 | 5,370 | 5,656,006 | |||||||||||
Franklin (County of) (OhioHealth Corp.);
Series 2011 A, Hospital Facilities RB
|
5.00 | % | 11/15/36 | 1,590 | 1,598,729 | |||||||||||
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011, Hospital RB
|
6.25 | % | 12/01/34 | 1,425 | 1,480,689 | |||||||||||
Lorain (County of) (Catholic Healthcare Partners);
Series 2001 A, Ref. & Improvement Hospital
Facilities RB
|
5.63 | % | 10/01/17 | 3,000 | 3,041,340 | |||||||||||
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, Hospital Facilities RB
|
5.75 | % | 11/15/40 | 2,270 | 2,225,712 | |||||||||||
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR(b)(c)
|
5.88 | % | 06/01/16 | 410 | 460,988 | |||||||||||
Ohio State University (The); Series 2002 A, General
Receipts
RB(b)(i)
|
5.13 | % | 12/01/12 | 2,000 | 2,121,740 | |||||||||||
21,957,136 | ||||||||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Oklahoma1.01% |
||||||||||||||||
Oklahoma (State of) Capital Improvement Authority (Higher
Education D3); Series 2006, VRD State Facilities
RB(f)
|
0.18 | % | 07/01/33 | $ | 1,800 | $ | 1,800,000 | |||||||||
Oklahoma (State of) Development Finance Authority (Great Plains
Regional Medical Center); Series 2007, Hospital RB
|
5.13 | % | 12/01/36 | 1,500 | 1,260,270 | |||||||||||
3,060,270 | ||||||||||||||||
Oregon0.64% |
||||||||||||||||
Oregon (State of) Department of Administrative Services;
Series 2009 A, Lottery RB
|
5.25 | % | 04/01/24 | 685 | 789,325 | |||||||||||
Warm Springs Reservation Confederated Tribes of Oregon (Pelton
Round Butte); Series 2009 B, Tribal Economic
Development Hydroelectric
RB(k)
|
6.38 | % | 11/01/33 | 1,145 | 1,157,057 | |||||||||||
1,946,382 | ||||||||||||||||
Pennsylvania0.58% |
||||||||||||||||
Pennsylvania (State of) Turnpike Commission;
|
||||||||||||||||
Subseries 2010 B-2, Sub. CAB
RB(h)
|
0.00 | % | 12/01/28 | 1,350 | 1,119,312 | |||||||||||
Subseries 2010 B-2, Sub. CAB
RB(h)
|
0.00 | % | 12/01/34 | 800 | 635,728 | |||||||||||
1,755,040 | ||||||||||||||||
Puerto Rico2.56% |
||||||||||||||||
Puerto Rico Electric Power Authority;
|
||||||||||||||||
Series 2010 CCC, RB
|
5.25 | % | 07/01/27 | 1,500 | 1,530,165 | |||||||||||
Series 2010 XX, RB
|
5.25 | % | 07/01/40 | 1,300 | 1,265,082 | |||||||||||
Puerto Rico Sales Tax Financing Corp.;
|
||||||||||||||||
Series 2010 A, First Sub. Sales Tax RB
|
5.38 | % | 08/01/39 | 1,225 | 1,235,670 | |||||||||||
Series 2010 A, First Sub. Sales Tax RB
|
5.50 | % | 08/01/42 | 1,400 | 1,420,174 | |||||||||||
Series 2010 C, First Sub. Sales Tax RB
|
5.25 | % | 08/01/41 | 2,350 | 2,337,592 | |||||||||||
7,788,683 | ||||||||||||||||
South Carolina5.33% |
||||||||||||||||
Charleston Educational Excellence Finance Corp. (Charleston
County School District); Series 2005, Installment Purchase
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 | 345 | 354,653 | |||||||||||
South Carolina (State of) Public Service Authority;
|
||||||||||||||||
Series 2002 D, Ref.
RB(b)(i)
|
5.00 | % | 01/01/13 | 2,060 | 2,188,873 | |||||||||||
Series 2002 D, Ref. RB
(INSAGM)(a)
|
5.00 | % | 01/01/20 | 2,940 | 3,094,115 | |||||||||||
Series 2003 A, Ref. RB
(INSAMBAC)(a)(e)
|
5.00 | % | 01/01/22 | 7,000 | 7,439,320 | |||||||||||
16,240,581 | ||||||||||||||||
South Dakota0.33% |
||||||||||||||||
South Dakota (State of) Health & Educational
Facilities Authority (Regional Health, Inc.); Series 2008,
VRD RB (LOCU.S. Bank,
N.A.)(f)(g)
|
0.12 | % | 09/01/27 | 1,000 | 1,000,000 | |||||||||||
Texas13.61% |
||||||||||||||||
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special Facilities
RB(d)
|
4.85 | % | 04/01/21 | 2,000 | 2,079,320 | |||||||||||
Arlington (City of); Series 2009, Special Tax RB
|
5.00 | % | 08/15/28 | 2,500 | 2,609,750 | |||||||||||
Austin (City of); Series 2001, Ref. Water &
Wastewater System RB
(INSAGM)(a)
|
5.13 | % | 05/15/27 | 2,950 | 2,953,481 | |||||||||||
Bexar (County of); Series 2009 A, Flood Control
Limited Tax Ctfs. of Obligation
|
5.00 | % | 06/15/35 | 2,500 | 2,738,425 | |||||||||||
Bexar County Health Facilities Development Corp. (Army
Retirement Residence); Series 2010, RB
|
6.20 | % | 07/01/45 | 1,045 | 1,059,776 | |||||||||||
Harris (County of); Series 2007 C, Ref. Sub. Lien Toll
Road Unlimited Tax GO Bonds
(INSAGM)(a)
|
5.25 | % | 08/15/31 | 2,380 | 2,798,928 | |||||||||||
Harris County Industrial Development Corp. (Deer Park Refining
Limited Partnership); Series 2006, Solid Waste Disposal RB
|
5.00 | % | 02/01/23 | 600 | 639,816 | |||||||||||
Principal |
||||||||||||||||
Interest |
Maturity |
Amount |
||||||||||||||
Rate | Date | (000) | Value | |||||||||||||
Texas(continued) |
||||||||||||||||
Houston (City of);
|
||||||||||||||||
Series 2000 A, Sub. Lien Airport System RB
(INSAGM)(a)(d)
|
5.63 | % | 07/01/30 | $ | 1,250 | $ | 1,250,625 | |||||||||
Series 2004 A, Ref. First Lien Combined Utility System
RB
(INSNATL)(a)
|
5.25 | % | 05/15/23 | 5,120 | 5,580,749 | |||||||||||
Series 2009 A, Ref. Public Improvement Limited Tax GO
Bonds
|
5.00 | % | 03/01/27 | 2,000 | 2,184,680 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB
|
5.00 | % | 11/15/33 | 2,700 | 2,874,150 | |||||||||||
Series 2011 D, First Lien Combined Utility System RB
|
5.00 | % | 11/15/36 | 1,890 | 1,992,646 | |||||||||||
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
5.00 | % | 05/15/40 | 700 | 713,559 | |||||||||||
Matagorda (County of) Navigation District No. 1 (AEP Texas
Central Co.); Series 2008, Ref.
PCR(b)(c)
|
1.13 | % | 06/01/12 | 1,125 | 1,127,047 | |||||||||||
North Texas Tollway Authority;
|
||||||||||||||||
Series 2008 D, Ref. First Tier System CAB RB
(INSAGC)(a)(h)
|
0.00 | % | 01/01/28 | 8,600 | 3,311,086 | |||||||||||
Series 2008 D, Ref. First Tier System CAB RB
(INSAGC)(a)(h)
|
0.00 | % | 01/01/31 | 1,650 | 515,410 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air
Force Village Obligated Group); Series 2007, Retirement
Facilities RB
|
5.13 | % | 05/15/37 | 875 | 748,799 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (North
Transit Express Mobility Partners LLC North Tarrant Express
Managed Lanes); Series 2009, Sr. Lien RB
|
6.88 | % | 12/31/39 | 915 | 946,028 | |||||||||||
University of Houston System Board of Regents; Series 2008,
Ref. Consolidated RB
(INSAGM)(a)(e)
|
5.00 | % | 02/15/33 | 5,100 | 5,353,521 | |||||||||||
41,477,796 | ||||||||||||||||
Vermont0.66% |
||||||||||||||||
Vermont (State of) Economic Development Authority (Wake Robin
Corp.); Series 2006 A, Mortgage RB
|
5.38 | % | 05/01/36 | 2,500 | 2,020,725 | |||||||||||
Virgin Islands0.37% |
||||||||||||||||
Virgin Islands Public Finance Authority (Virgin Islands Matching
Fund Loan Note); Series 2010 A, Sr. Lien Working
Capital RB
|
5.00 | % | 10/01/25 | 1,125 | 1,127,801 | |||||||||||
Washington7.84% |
||||||||||||||||
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. Consolidated
RB(d)
|
5.50 | % | 07/01/25 | 925 | 1,038,433 | |||||||||||
Energy Northwest (Columbia Generating Station);
Series 2002 A, Ref. Electric RB
(INSNATL)(a)
|
5.75 | % | 07/01/18 | 5,000 | 5,212,400 | |||||||||||
Grant (County of) Public Utility District No. 2;
Series 2001 H, Ref. Electric System RB
(INSAGM)(a)
|
5.38 | % | 01/01/18 | 5,000 | 5,072,700 | |||||||||||
Spokane School District No. 81; Series 2005, Unlimited
Tax GO Bonds
(INSNATL)(a)
|
5.13 | % | 06/01/23 | 2,500 | 2,702,300 | |||||||||||
Washington (State of) Health Care Facilities Authority
(Providence Health & Services);
Series 2006 C, RB
(INSAGM)(a)
|
5.25 | % | 10/01/33 | 1,500 | 1,561,560 | |||||||||||
Washington (State of);
|
||||||||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO
Bonds(e)
|
5.00 | % | 08/01/29 | 3,725 | 4,063,938 | |||||||||||
Series 2010 A, Various Purpose Unlimited Tax GO
Bonds(e)
|
5.00 | % | 08/01/30 | 3,915 | 4,243,234 | |||||||||||
23,894,565 | ||||||||||||||||
Wyoming0.16% |
||||||||||||||||
Uinta (County of) (Chevron U.S.A. Inc.); Series 1993, Ref.
VRD PCR(f)
|
0.07 | % | 08/15/20 | 500 | 500,000 | |||||||||||
TOTAL
INVESTMENTS(l)158.44%
(Cost $469,187,815)
|
482,766,617 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(15.54)%
|
||||||||||||||||
Notes with interest rates ranging from 0.14% to 0.26% at
08/31/11 and
contractual maturities of collateral ranging from
01/01/22 to
01/01/37
(See
Note 1K)(m)
|
(47,345,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES2.28%
|
6,928,698 | |||||||||||||||
PREFERRED SHARES(45.18)%
|
(137,650,000 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
$ | 304,700,315 | ||||||||||||||
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 | |
COP
|
Certificates of Participation | |
Ctfs.
|
Certificates | |
GNMA
|
Government National Mortgage Association | |
GO
|
General Obligation | |
Gtd.
|
Guaranteed | |
IDR
|
Industrial Development Revenue Bonds | |
INS
|
Insurer | |
Jr.
|
Junior | |
LOC
|
Letter of Credit | |
NATL
|
National Public Finance Guarantee Corp. | |
PCR
|
Pollution Control Revenue Bonds | |
PILOT
|
Payment-in-Lieu-of-Tax | |
RAB
|
Revenue Anticipation Bonds | |
RB
|
Revenue Bonds | |
Ref.
|
Refunding | |
Sec.
|
Secured | |
SGI
|
Syncora Guarantee, Inc. | |
Sr.
|
Senior | |
Sub.
|
Subordinated | |
VRD
|
Variable Rate Demand |
(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) | Security subject to the alternative minimum tax. | |
(e) | Underlying security related to Special Purpose Trusts entered into by the Trust. See Note 1K. | |
(f) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2011. | |
(g) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. | |
(h) | Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue. | |
(i) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. | |
(j) | 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 $7,335,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts. | |
(k) | 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 0.38% of the Funds Net Assets. | |
(l) | 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 | |||
National Public Finance Guarantee Corp.
|
29.8 | % | ||
Assured Guaranty Municipal Corp.
|
15.7 | |||
American Municipal Bond Assurance Corp.
|
7.5 | |||
Assured Guaranty Corp.
|
5.0 | |||
(m) | 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 $77,515,022 are held by Dealer Trusts and serve as collateral for the $47,345,000 in the floating rate note obligations outstanding at that date. |
Revenue Bonds
|
73.6 | % | ||
General Obligation Bonds
|
14.2 | |||
Pre-refunded Bonds
|
8.1 | |||
Other
|
4.1 | |||
Assets: |
||||
Investments, at value (Cost $469,187,815)
|
$ | 482,766,617 | ||
Cash
|
2,059,578 | |||
Receivable for:
|
||||
Investments sold
|
6,790,368 | |||
Interest
|
5,199,537 | |||
Investment for trustee deferred compensation and retirement plans
|
2,960 | |||
Other assets
|
16,524 | |||
Total assets
|
496,835,584 | |||
Liabilities: |
||||
Floating rate note obligations
|
47,345,000 | |||
Payable for:
|
||||
Investments purchased
|
6,817,622 | |||
Dividends declared on preferred shares
|
6,073 | |||
Accrued fees to affiliates
|
9 | |||
Accrued other operating expenses
|
250,284 | |||
Trustee deferred compensation and retirement plans
|
66,281 | |||
Total liabilities
|
54,485,269 | |||
Preferred shares ($0.01 par value, authorized
1,000,000 shares, 2,753 issued with liquidation preference
of $50,000 per share)
|
137,650,000 | |||
Net assets attributable to common shares
|
$ | 304,700,315 | ||
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest common shares
|
$ | 329,527,966 | ||
Undistributed net investment income
|
4,253,397 | |||
Undistributed net realized gain (loss)
|
(42,659,850 | ) | ||
Unrealized appreciation
|
13,578,802 | |||
$ | 304,700,315 | |||
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized: |
||||
Common shares
|
23,505,265 | |||
Net asset value per share
|
$ | 12.96 | ||
Market value per common share
|
$ | 12.54 | ||
Investment income: |
||||
Interest
|
$ | 11,748,258 | ||
Expenses: |
||||
Advisory fees
|
652,218 | |||
Administrative services fees
|
59,234 | |||
Custodian fees
|
5,470 | |||
Interest, facilities and maintenance fees
|
330,055 | |||
Transfer agent fees
|
5,102 | |||
Trustees and officers fees and benefits
|
61,900 | |||
Professional services fees
|
757,063 | |||
Other
|
46,028 | |||
Total expenses
|
1,917,070 | |||
Net investment income
|
9,831,188 | |||
Net realized gain (loss) from investment securities
|
(3,380,150 | ) | ||
Change in net unrealized appreciation of investment securities
|
21,952,058 | |||
Net realized and unrealized gain
|
18,571,908 | |||
Net increase in net assets resulting from operations
|
28,403,096 | |||
Distributions to preferred shareholders from net investment
income
|
(223,130 | ) | ||
Net increase in net assets from operations applicable to common
shares
|
$ | 28,179,966 | ||
Six months |
Four months |
|||||||||||
ended |
ended |
Year ended |
||||||||||
August 31, |
February 28, |
October 31, |
||||||||||
2011 | 2011 | 2010 | ||||||||||
Operations: |
||||||||||||
Net investment income
|
$ | 9,831,188 | $ | 6,348,178 | $ | 21,745,312 | ||||||
Net realized gain (loss)
|
(3,380,150 | ) | (628,495 | ) | (2,932,990 | ) | ||||||
Change in net unrealized appreciation (depreciation)
|
21,952,058 | (27,106,233 | ) | 20,232,937 | ||||||||
Net increase (decrease) in net assets resulting from operations
|
28,403,096 | (21,386,550 | ) | 39,045,259 | ||||||||
Distributions to preferred shareholders from net investment
income
|
(223,130 | ) | (185,955 | ) | (548,039 | ) | ||||||
Net increase (decrease) in net assets from operations applicable
to common shares
|
28,179,966 | (21,572,505 | ) | 38,497,220 | ||||||||
Distributions to common shareholders from net investment income
|
(10,107,264 | ) | (6,699,001 | ) | (20,097,004 | ) | ||||||
Net increase (decrease) in net assets
|
18,072,702 | (28,271,506 | ) | 18,400,216 | ||||||||
Net assets applicable to common shares: |
||||||||||||
Beginning of period
|
286,627,613 | 314,899,119 | 296,498,903 | |||||||||
End of period (includes undistributed net investment income of
$4,253,397, $4,752,603 and $5,304,890, respectively)
|
$ | 304,700,315 | $ | 286,627,613 | $ | 314,899,119 | ||||||
Net increase in net assets from operations applicable to common
shares
|
$ | 28,179,966 | ||
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
|
3,380,150 | |||
Net change in unrealized appreciation on investments
|
(21,952,058 | ) | ||
Amortization of premium and accretion of discount
|
128,184 | |||
Cost of purchases of investments
|
(67,800,531 | ) | ||
Proceeds from sales of investments
|
70,636,090 | |||
Increase in interest receivables and other assets
|
(139,935 | ) | ||
Decrease in accrued expenses and other payables
|
(523,676 | ) | ||
Net cash provided by operating activities
|
11,908,190 | |||
Cash flows provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from net investment income
|
(10,107,264 | ) | ||
Net proceeds from and repayments of floating rate note
obligations
|
35,000 | |||
Net cash provided by (used in) financing activities
|
(10,072,264 | ) | ||
Net increase in cash
|
1,835,926 | |||
Cash at beginning of period
|
223,652 | |||
Cash at end of period
|
$ | 2,059,578 | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and
maintenance fees
|
$ | (326,466 | ) | |
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. | Other Risks The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. | |
Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities. | ||
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. | ||
K. | 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
|
$ | | $ | 482,766,617 | $ | | $ | 482,766,617 | ||||||||
Capital Loss |
||||
Expiration | Carryforward* | |||
February 28, 2015
|
$ | 546,258 | ||
February 28, 2016
|
6,903,559 | |||
February 28, 2017
|
28,237,988 | |||
February 28, 2018
|
3,609,219 | |||
February 28, 2019
|
314,216 | |||
Total capital loss carryforward
|
$ | 39,611,240 | ||
* | 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
|
$ | 20,069,452 | ||
Aggregate unrealized (depreciation) of investment securities
|
(6,075,518 | ) | ||
Net unrealized appreciation of investment securities
|
$ | 13,993,934 | ||
Cost of investments for tax purposes is $468,772,683.
|
Amount |
Range of |
|||||||||||||||||||
Series | Shares | (000s omitted) | Rate | Reset Date | Dividend Rates | |||||||||||||||
1
|
741 | $ | 37,050 | 0.289 | % | 09/07/2011 | 0.107-0.426 | % | ||||||||||||
2
|
265 | 13,250 | 0.274 | 09/08/2011 | 0.110-0.426 | |||||||||||||||
3
|
741 | 37,050 | 0.274 | 09/08/2011 | 0.110-0.426 | |||||||||||||||
4
|
741 | 37,050 | 0.274 | 09/08/2011 | 0.110-0.426 | |||||||||||||||
5
|
265 | 13,250 | 0.305 | 09/02/2011 | 0.107-0.426 | |||||||||||||||
| As of August 31, 2011. | |
| For the six months ended August 31, 2011. |
Shares | Value | |||||||
Outstanding at February 28, 2011
|
2,753 | $ | 137,650,000 | |||||
Shares retired
|
| | ||||||
Outstanding at August 31, 2011
|
2,753 | $ | 137,650,000 | |||||
Six months
ended |
Four months
ended |
Year ended |
||||||||||
August 31, 2011 | February 28, 2011 | October 31, 2010 | ||||||||||
Beginning Shares
|
23,505,265 | 23,505,265 | 23,505,265 | |||||||||
Shares Issued Through Dividend Reinvestment
|
| | | |||||||||
Ending Shares
|
23,505,265 | 23,505,265 | 23,505,265 | |||||||||
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
|
$ | 12.19 | $ | 13.40 | $ | 12.61 | $ | 11.12 | $ | 14.50 | $ | 15.45 | $ | 15.38 | ||||||||||||||
Net investment
income(a)
|
0.42 | 0.27 | 0.93 | 0.96 | 1.03 | 1.03 | 1.01 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized)
|
0.79 | (1.19 | ) | 0.74 | 1.36 | (3.45 | ) | (0.78 | ) | 0.38 | ||||||||||||||||||
Dividends paid to preferred shareholders from net investment
income(a)
|
(0.01 | ) | (0.01 | ) | (0.02 | ) | (0.05 | ) | (0.30 | ) | (0.34 | ) | (0.27 | ) | ||||||||||||||
Total income (loss) from investment operations
|
1.20 | (0.93 | ) | 1.65 | 2.27 | (2.72 | ) | (0.09 | ) | 1.12 | ||||||||||||||||||
Less dividends and distributions paid to common shareholders
from:
|
||||||||||||||||||||||||||||
Net investment income
|
(0.43 | ) | (0.28 | ) | (0.86 | ) | (0.78 | ) | (0.68 | ) | (0.72 | ) | (0.83 | ) | ||||||||||||||
Net realized gains
|
| | | | | (0.16 | ) | (0.26 | ) | |||||||||||||||||||
Total dividends and distributions paid to common shareholders
|
(0.43 | ) | (0.28 | ) | (0.86 | ) | (0.78 | ) | (0.68 | ) | (0.88 | ) | (1.09 | ) | ||||||||||||||
Anti-dilutive effect of shares
repurchased(a)
|
| | | | 0.02 | 0.02 | 0.04 | |||||||||||||||||||||
Net asset value per common share, end of period
|
$ | 12.96 | $ | 12.19 | $ | 13.40 | $ | 12.61 | $ | 11.12 | $ | 14.50 | $ | 15.45 | ||||||||||||||
Market value, end of period
|
$ | 12.54 | $ | 11.81 | $ | 13.37 | $ | 11.80 | $ | 9.21 | $ | 12.90 | $ | 14.39 | ||||||||||||||
Total return at net asset
value(b)
|
10.14 | % | (6.85 | )% | 13.59 | |||||||||||||||||||||||
Total return at market
value(b)
|
10.00 | % | (9.55 | )% | 21.12 | % | 37.92 | % | (24.42 | )% | (4.59 | )% | 13.20 | % | ||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 304,700 | $ | 286,628 | $ | 314,899 | $ | 296,499 | $ | 261,348 | $ | 344,953 | $ | 374,247 | ||||||||||||||
Portfolio turnover
rate(c)
|
14 | % | 3 | % | 11 | % | 16 | % | 8 | % | 16 | % | 14 | % | ||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares: |
||||||||||||||||||||||||||||
Ratio of
expenses(d)
|
1.29 | %(e) | 1.40 | %(f)(i) | 0.92 | % | 1.13 | %(g) | 1.51 | %(g) | 1.38 | %(g) | 1.03 | % | ||||||||||||||
Ratio of expenses excluding interest, facilities and maintenance
fees(d)(h)
|
1.07 | %(e) | 1.20 | %(f)(i) | 0.76 | % | 0.83 | %(g) | 0.83 | %(g) | 0.81 | %(g) | 0.84 | % | ||||||||||||||
Ratio of net investment income before preferred share dividends
|
6.63 | %(e) | 6.65 | %(i) | 7.11 | % | 8.30 | %(g) | 7.55 | %(g) | 6.90 | %(g) | 6.66 | % | ||||||||||||||
Preferred share dividends
|
0.15 | %(e) | 0.19 | %(i) | 0.18 | % | 0.46 | % | 2.23 | % | 2.25 | % | 1.78 | % | ||||||||||||||
Ratio of net investment income after preferred share dividends
|
6.48 | %(e) | 6.46 | %(i) | 6.93 | % | 7.84 | %(g) | 5.32 | %(g) | 4.65 | %(g) | 4.88 | % | ||||||||||||||
Rebate from Morgan Stanley affiliate
|
| | | 0.01 | % | 0.01 | % | 0.00 | %(j) | | ||||||||||||||||||
Senior Securities: |
||||||||||||||||||||||||||||
Total amount of preferred shares outstanding
(000s omitted)
|
137,650 | 137,650 | ||||||||||||||||||||||||||
Asset coverage per preferred
shares(k)
|
$ | 160,679 | $ | 154,115 | 329 | % | 315 | % | 269 | % | 266 | % | 280 | % | ||||||||||||||
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 $294,891. | |
(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 0.15%. | |
(g) | 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. | |
(h) | For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees. | |
(i) | Annualized | |
(j) | Amount is less than 0.01%. | |
(k) | 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 | 21,055,809 | 890,495 | |||||||||||||||
Bob R. Baker | 21,057,641 | 888,663 | ||||||||||||||||
Larry Soll | 21,047,758 | 898,546 | ||||||||||||||||
Philip A. Taylor | 21,084,211 | 862,093 | ||||||||||||||||
Wayne W. Whalen | 21,059,554 | 886,750 | ||||||||||||||||
Frank S. Bayley(P) | 430 | 7 |
(P) | Election of trustee by preferred shareholders only. |
MS-CE-QMINC-SAR-1 | Invesco Distributors, Inc. |
ITEM 2. | CODE OF ETHICS. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
ITEM 6. | SCHEDULE OF INVESTMENTS. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(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 | ||||
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