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OMB APPROVAL
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OMB Number: 3235-0570
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Expires: January 31, 2014
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Estimated average burden
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hours per response: 20.6
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment
Company Act file number 811-06346
Invesco Quality Municipal Investment Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants
telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 8/31/11
Item 1. Reports to Stockholders.
Invesco Quality Municipal Investment Trust
Semiannual Report to Shareholders
§
August 31, 2011
NYSE: IQT
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2
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Letters to Shareholders
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3
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Trust Performance
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4
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Dividend Reinvestment Plan
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5
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Schedule of Investments
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13
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Financial Statements
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16
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Notes to Financial Statements
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21
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Financial Highlights
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22
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Approval of Investment Advisory and Sub-Advisory Agreements
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23
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Results of Proxy
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Unless otherwise noted, all data provided by Invesco.
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NOT FDIC INSURED
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MAY LOSE VALUE
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NO BANK GUARANTEE
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Letters to Shareholders
Bruce Crockett
Dear Fellow Shareholders:
In todays volatile market environment, investors face risks that could make it more difficult to
achieve their long-term financial goals a secure retirement, home ownership, a childs college
education. Although the markets are complex and dynamic, there are ways to simplify the process
and potentially increase your odds of achieving your goals. The best approach is to create a solid
financial plan that helps you save and invest in ways that anticipate your needs over the long term.
Your financial adviser can help you define your financial plan, develop an appropriate investment
strategy and put you in a better position to achieve your financial goals over the long term. This can
take some of the guesswork out of the process and help you make thoughtful investments. Your
financial adviser also can help you better understand your tolerance for risk, so that your investment
approach lets you sleep at night while getting you closer to your goals. Lastly, your financial adviser
can develop an asset allocation strategy that seeks to balance your investment approach, providing some protection against a
decline in the markets while allowing you to participate in rising markets. Invesco calls this type of approach intentional investing.
It means thinking carefully, planning thoughtfully and acting deliberately.
While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the
performance of Invescos funds as part of our Investor First orientation. We continue to oversee the funds with the same strong
sense of responsibility for your money and your continued trust that weve always maintained.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your
Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Philip Taylor
Dear Shareholders:
Enclosed is important information about your Fund, its performance and its holdings as of the close
of the reporting period.
In light of economic uncertainty and market volatility, I suggest you check the timely market
updates and commentary from many of our fund managers and other investment professionals at
invesco.com/us. On our website, you also can obtain information about your account at any hour of
the day or night. I invite you to visit and explore the tools and information we offer at invesco.com/us.
As
weve seen over the last several years, market conditions can change often suddenly and
dramatically. Thats one reason financial advisers typically advise their clients to be well diversified
and to maintain a long-term investment focus. While diversification cant guarantee a profit or
protect against loss, it can cushion the impact of dramatic market moves. Maintaining a long-term
investment focus for your long-term goals financing your retirement
or your childrens education, for example may help you
avoid making rash investment decisions based on short-term market swings.
Our funds are managed strictly according to their stated investment objectives and strategies, with robust risk oversight using
consistent, repeatable investment processes that dont change in response to short-term market events. This disciplined approach
cant guarantee a profit; no investment can do that, since all involve some measure of risk. But it can ensure that your money is
managed the way we said it would be, and that its managed with a long-term focus.
If you have questions about your account, please contact one of our client service representatives at 800 341 2929. If you
have a general Invesco-related question or comment for me, I invite you to email me directly at phil@invesco.com. All of us at
Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2
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Invesco Quality Municipal Investment Trust
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Trust Performance
Performance summary
Cumulative total returns, 2/28/11 to 8/31/11
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Trust at NAV
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10.28
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%
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Trust at Market Value
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12.04
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Barclays Capital Municipal Bond Index
▼
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6.39
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Market Price Discount to NAV as of 8/31/11
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-3.76
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The performance data quoted represent past performance and cannot guarantee comparable
future results; current performance may be lower or higher. Investment return, net asset value and
common share market price will fluctuate so that you may have a gain or loss when you sell shares.
Please visit invesco.com/performance for the most recent month-end performance. Performance
figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in net asset
value (NAV) for performance based on NAV and changes in market price for performance based
on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may trade
at a discount or premium from the NAV. This characteristic is separate and distinct from the risk
that NAV could decrease as a result of investment activities and may be a greater risk to investors
expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade
at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is
designed primarily for risk-tolerant long-term investors.
The
Barclays Capital Municipal Bond Index
is an unmanaged index considered representative of
the tax-exempt bond market.
The Trust is not managed to track the performance of any particular index, including the
index(es) defined here, and consequently, the performance of the Trust may deviate significantly
from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results
include reinvested dividends, and they do not reflect sales charges.
Portfolio Management Update
The following individuals are jointly and
primarily responsible for the day-to-day
management of Invesco Quality Municipal
Investment Trust.
Effective June 28, 2011,
Richard
Berry
joined the Trusts management
team. He has been associated with
Invesco or its affiliates in an investment
capacity since 1987.
Effective June 28, 2011,
Stephen
Turman
joined the Trusts management
team. He has been associated with
Invesco or its affiliates in an investment
capacity since 1985.
Thomas Byron
began managing the
Trust in 2009 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1981 to
2010, Mr. Byron was associated with
Van Kampen Asset Management or its
affiliates in an investment capacity.
Robert Stryker
began managing the
Trust in 2009 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1994 to
2010, Mr. Stryker was associated with
Van Kampen Asset Management or its
affiliates in an investment capacity.
Robert Wimmel
began managing the
Trust in 2009 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1996 to
2010, Mr. Wimmel was associated with
Van Kampen Asset management or its
affiliates in an investment capacity.
3
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Invesco Quality Municipal Investment Trust
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Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains
distributions (Distributions) into additional shares of your Trust. Under the Plan, the money you earn from dividends and
capital gains distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase
your investment over time.
Plan benefits
n
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Add to your account:
You may increase the amount of shares
in your Trust easily and automatically with
the Plan.
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n
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Low transaction costs:
Transaction costs are low because the
new shares are bought in blocks and the
brokerage commission is shared among all
participants.
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n
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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.
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Safekeeping:
The Agent will hold the shares it has
acquired for you in safekeeping.
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How to participate in the Plan
If you own shares in your own name, you can
participate directly in the Plan. If your shares
are held in street name in the name of
your brokerage firm, bank, or other financial
institution you must instruct that entity to
participate on your behalf. If they are unable
to participate on your behalf, you may request
that they reregister your shares in your own
name so that you may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the Terms
and Conditions in the Plan brochure. You can
enroll in the Plan by visiting invesco.com/us,
calling toll-free 800 341 2929 or notifying
us in writing at Invesco Closed-End Funds,
Computershare Trust Company, N.A.,
P.O. Box 43078, Providence, RI 02940-3078.
Please include your Trust name and account
number and ensure that all shareholders listed
on the account sign these written instructions.
Your participation in the Plan will begin with
the next Distribution payable after the Agent
receives your authorization, as long as they
receive it before the record date, which is
generally one week before such Distributions
are paid. If your authorization arrives after
such record date, your participation in the Plan
will begin with the following Distributions.
How the Plan Works
If you choose to participate in the Plan,
whenever your Trust declares such Distributions,
it will be invested in additional shares of
your Trust that are purchased on the open
market.
Costs of the Plan
There is no direct charge to you for reinvesting
Distributions because the Plans fees are
paid by your Trust. However, you will pay your
portion of any per share fees incurred when
the new shares are purchased on the open
market. These fees are typically less than the
standard brokerage charges for individual
transactions, because shares are purchased
for all Participants in blocks, resulting in lower
commissions for each individual Participant.
Any per share or service fees are averaged
into the purchase price. Per share fees include
any applicable brokerage commissions the
Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions
does not relieve you of any income tax that
may be due on Distributions. You will receive
tax information annually to help you prepare
your federal income tax return.
Invesco does not offer tax advice. The tax
information contained herein is general and is
not exhaustive by nature. It was not intended or
written to be used, and it cannot be used, by any
taxpayer for avoiding penalties that may be
imposed on the taxpayer under U.S. federal tax
laws. Federal and state tax laws are complex and
constantly changing. Shareholders should
always consult a legal or tax adviser for
information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any
time by calling 800 341 2929, visiting
invesco.com/us or by writing to Invesco
Closed-End Funds, Computershare Trust
Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Simply indicate that you
would like to withdraw from the Plan, and be
sure to include your Trust name and account
number. Also, ensure that all shareholders
listed on the account have signed these
written instructions. If you withdraw, you have
three options with regard to the shares held in
the Plan:
1.
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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.
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2.
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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.
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3.
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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.
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To obtain a complete copy of the Dividend
Reinvestment Plan, please call our Client
Services department at 800 341 2929 or
visit invesco.com/us.
4
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Invesco Quality Municipal Investment Trust
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Schedule
of Investments
August 31,
2011
(Unaudited)
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Principal
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Interest
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Maturity
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Amount
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Rate
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Date
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(000)
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Value
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Municipal Obligations151.42%
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Alabama1.30%
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Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)
(a)
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5.25
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%
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07/01/30
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$
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550
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$
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574,458
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Birmingham (City of) Water Works Board; Series 2011, RB
(INSAGM)
(a)
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5.00
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%
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01/01/36
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1,800
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1,865,790
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2,440,248
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Arizona1.12%
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Arizona (State of); Series 2008 A, COP
(INSAGM)
(a)
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5.00
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%
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09/01/24
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985
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1,052,108
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Maricopa County Pollution Control Corp. (Arizona Public Service
Co. Palo Verde); Series 2009 A, Ref.
PCR
(b)(c)
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6.00
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%
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05/01/14
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400
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440,336
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Pima (County of) Industrial Development Authority (Tucson
Electric Power Co.); Series 2010 A, IDR
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5.25
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%
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10/01/40
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675
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612,745
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2,105,189
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California22.11%
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Alhambra Unified School District (Election of 2004);
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Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)
(a)(d)
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0.00
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%
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08/01/35
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985
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219,330
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Series 2009 B, Unlimited Tax CAB GO Bonds
(INSAGC)
(a)(d)
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0.00
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%
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08/01/36
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1,590
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305,582
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Alvord United School District (Election of 2007);
Series 2008 A, Unlimited Tax GO Bonds
(INSAGM)
(a)
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5.00
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%
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08/01/23
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690
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753,204
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Bay Area Toll Authority (San Francisco Bay Area);
Series 2007 F, Toll Bridge RB
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5.00
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%
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04/01/31
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1,000
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1,040,170
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Beverly Hills Unified School District (Election of 2008);
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Series 2009, Unlimited Tax CAB GO
Bonds
(d)
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0.00
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%
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08/01/26
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680
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320,355
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Series 2009, Unlimited Tax CAB GO
Bonds
(d)
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0.00
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%
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08/01/31
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1,310
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442,872
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California (State of) Health Facilities Financing Authority
(Cedars-Sinai Medical Center); Series 2005, Ref. RB
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5.00
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%
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11/15/34
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555
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555,794
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California (State of) Statewide Communities Development
Authority (John Muir Health); Series 2006 A, RB
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5.00
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%
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08/15/32
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3,000
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2,969,190
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California (State of); Series 2003, Unlimited Tax GO Bonds
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5.00
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%
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02/01/24
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1,000
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1,042,090
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California Infrastructure & Economic Development Bank
(The Scripps Research Institute); Series 2005 A, RB
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5.00
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%
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07/01/29
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2,000
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2,047,820
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Clovis Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax CAB GO Bonds
(INSNATL)
(a)(d)
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0.00
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%
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08/01/29
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340
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118,300
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Dry Creek Joint Elementary School District (Election of 2008);
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Series 2009 E, Unlimited Tax CAB GO
Bonds
(d)
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0.00
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%
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08/01/42
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5,265
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675,131
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Series 2009 E, Unlimited Tax CAB GO
Bonds
(d)
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0.00
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%
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08/01/43
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770
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|
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92,107
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Dry Creek Joint Elementary School District (Election of
2008-Measure E); Series 2009, Unlimited Tax CAB GO
Bonds
(d)
|
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0.00
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%
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08/01/41
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430
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59,099
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East Bay Municipal Utility District; Series 2010 A,
Ref. Sub. Water System RB
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5.00
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%
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06/01/36
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1,275
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|
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1,361,968
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El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds
(d)
|
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0.00
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%
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08/01/31
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1,775
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514,040
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Golden State Tobacco Securitization Corp.;
|
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Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
|
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5.00
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%
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06/01/45
|
|
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1,500
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|
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1,325,010
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Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
(INSAMBAC)
(a)
|
|
|
5.00
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%
|
|
|
06/01/29
|
|
|
|
3,000
|
|
|
|
2,821,410
|
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|
Series 2007
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.13
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%
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
5 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Investment Abbreviations:
|
|
|
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
|
Notes to Schedule of Investments:
|
|
|
(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.
|
By
credit sector, based on total investments
As
of August 31, 2011
|
|
|
|
|
Revenue Bonds
|
|
|
73.4
|
%
|
|
General Obligation Bonds
|
|
|
19.6
|
|
|
Pre-refunded Bonds
|
|
|
6.4
|
|
|
Other
|
|
|
0.6
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Quality Municipal Investment Trust
Statement
of Assets and Liabilities
August 31,
2011
(Unaudited)
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Quality Municipal Investment Trust
Statement
of Operations
For
the six months ended August 31, 2011
(Unaudited)
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Quality Municipal Investment Trust
Statement
of Changes in Net Assets
For
the six months ended August 31, 2011, the period
November 1, 2010 through February 28, 2011 and the
year ended October 31, 2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Quality Municipal Investment Trust
Statement
of Cash Flows
For
the six months ended August 31, 2011
(Unaudited)
|
|
|
|
|
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
|
|
|
Notes
to Financial Statements
August 31,
2011
(Unaudited)
NOTE 1Significant
Accounting Policies
Invesco Quality Municipal Investment Trust (the
Trust), a Massachusetts business trust, is
registered under the Investment Company Act of 1940, as amended
(the 1940 Act), as a diversified, closed-end series
management investment company.
The Trusts investment objective is to provide
current income which is exempt from federal income tax.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
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.
|
16 Invesco
Quality Municipal Investment Trust
|
|
|
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.
|
17 Invesco
Quality Municipal Investment Trust
|
|
|
|
|
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.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate 0.27% of the Trusts
average weekly net assets including a portion of current
preferred shares and floating rate and dealer trust obligations
that the Trust entered into to retire outstanding preferred
shares of the Trust.
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Limited,
Invesco Asset Management (Japan) Limited, Invesco Australia
Limited, Invesco Hong Kong Limited, Invesco Senior Secured
Management, Inc. and Invesco Canada Ltd. (collectively, the
Affiliated
Sub-Advisers)
the Adviser, not the Trust, may pay 40% of the fees paid to the
Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to
the Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
The Adviser has contractually agreed, through at
least June 30, 2012, to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 0.70%. In determining the Advisers obligation to waive
advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance fees; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items; and
(5) expenses that the Trust has incurred but did not
actually pay because of an expense offset arrangement. Unless
the Board of Trustees and Invesco mutually agree to amend or
continue the fee waiver agreement, it will terminate on
June 30, 2012. The Adviser did not waive fees
and/or
reimburse expenses during the period under this expense
limitation.
The Trust has entered into a master administrative
services agreement with Invesco pursuant to which the Trust has
agreed to pay Invesco for certain administrative costs incurred
in providing accounting services to the Trust. For the six
months ended August 31, 2011, expenses incurred under these
agreements are shown in the Statement of Operations as
administrative services fees.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
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.
|
The following is a summary of the tiered valuation
input levels, as of August 31, 2011. The level assigned to
the securities valuations may not be an indication of the risk
or liquidity associated with investing in those securities.
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.
18 Invesco
Quality Municipal Investment Trust
During the six months ended August 31, 2011,
there were no significant transfers between investment levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
284,781,407
|
|
|
$
|
|
|
|
$
|
284,781,407
|
|
|
NOTE 4Trustees
and Officers Fees and Benefits
Trustees and Officers Fees and Benefits
include amounts accrued by the Trust to pay remuneration to
certain Trustees and Officers of the Trust. Trustees have the
option to defer compensation payable by the Trust, and
Trustees and Officers Fees and Benefits
also include amounts accrued by the Trust to fund such deferred
compensation amounts. Those Trustees who defer compensation have
the option to select various Invesco Trusts in which their
deferral accounts shall be deemed to be invested. Finally,
certain current Trustees are eligible to participate in a
retirement plan that provides for benefits to be paid upon
retirement to Trustees over a period of time based on the number
of years of service. The Trust may have certain former Trustees
who also participate in a retirement plan and receive benefits
under such plan. Trustees and Officers Fees
and Benefits include amounts accrued by the Trust to fund
such retirement benefits. Obligations under the deferred
compensation and retirement plans represent unsecured claims
against the general assets of the Trust.
During the six months ended August 31, 2011,
the Trust paid legal fees of $6,263 for services rendered by
Kramer, Levin, Naftalis & Frankel LLP as counsel to
the Independent Trustees. A partner of that firm is a Trustee of
the Trust.
NOTE 5Cash
Balances
The Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The State Street Bank and
Trust Company (SSB), the custodian bank. To
compensate the custodian bank for such overdrafts, the overdrawn
Fund may either (1) leave funds as a compensating balance
in the account so the custodian bank can be compensated by
earning the additional interest; or (2) compensate by
paying the custodian bank at a rate agreed upon by the custodian
bank and Invesco, not to exceed the contractually agreed upon
rate.
Inverse floating rate obligations resulting from the
transfer of bonds to Dealer Trusts are accounted for as secured
borrowings. The average floating rate notes outstanding and
average annual interest and fees related to inverse floating
rate note obligations during the six months ended
August 31, 2011 were $35,340,000 and 0.89%, respectively.
NOTE 6Tax
Information
The amount and character of income and gains to be distributed
are determined in accordance with income tax regulations, which
may differ from generally accepted accounting principles.
Reclassifications are made to the Trusts capital accounts
to reflect income and gains available for distribution (or
available capital loss carryforward) under income tax
regulations. The tax character of distributions paid during the
year and the tax components of net assets will be reported at
the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported
as of a specific date. Results of transactions and other
activity after that date may affect the amount of capital loss
carryforward actually available for the Trust to utilize. The
ability to utilize capital loss carryforward in the future may
be limited under the Internal Revenue Code and related
regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of
February 28, 2011, which expires as follows:
|
|
|
|
|
|
|
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.
|
NOTE 7Investment
Securities
The aggregate amount of investment securities (other than
short-term securities, U.S. Treasury obligations and money
market funds, if any) purchased and sold by the Trust during the
six months ended August 31, 2011 was $19,833,041 and
$12,645,354, respectively. Cost of investments on a tax basis
includes the adjustments for financial reporting purposes as of
the most recently completed Federal income tax reporting
period-end.
|
|
|
|
|
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.
|
|
|
|
|
19 Invesco
Quality Municipal Investment Trust
NOTE 8Preferred
Shares of Beneficial Interest
The Trust has issued Auction Rate Preferred Shares
(preferred shares) which have a liquidation value of
$50,000 per share plus the redemption premium, if any, plus
accumulated but unpaid dividends, whether or not declared,
thereon to the date of distribution. The Trust may redeem such
shares, in whole or in part, at the original purchase price of
$50,000 per share plus accumulated but unpaid dividends, whether
or not declared, thereon to the date of redemption.
Historically, the Trust paid annual fees equivalent
to 0.25% of the preferred share liquidation value for the
remarketing efforts associated with the preferred auction.
Effective March 31, 2009, the Trust decreased this amount
to 0.15% due to auction failures. In the future, if auctions no
longer fail, the Trust may return to an annual fee payment of
0.25% of the preferred share liquidation value. These fees are
included as a component of Preferred share
maintenance expense on the Statement of Operations.
Dividends, which are cumulative, are reset through
auction procedures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
Subsequent to August 31, 2011 and up through
October 7, 2011, the Trust paid dividends to preferred
shareholders at rates ranging from 0.033% to 0.099% in the
aggregate amount of $4,396.
The Trust is subject to certain restrictions
relating to the preferred shares. Failure to comply with these
restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares
and/or
could
trigger the mandatory redemption of preferred shares at
liquidation value.
Beginning February 14, 2008 and continuing
through August 31, 2011, all series of preferred shares of
the Trust were not successfully remarketed. As a result, the
dividend rates of these preferred shares were reset to the
maximum applicable rate.
The preferred shares, which are entitled to one vote
per share, generally vote with the common shares but vote
separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred shares.
The preferred shares are not listed on an exchange.
Investors in preferred shares may participate in auctions
through authorized broker-dealers; however, such broker-dealers
are not required to maintain a secondary market in preferred
shares, and there can be no assurance that a secondary market
will develop, or if it does develop, a secondary market may not
provide you with liquidity. When a preferred share auction
fails, investors may not be able to sell any or all of their
preferred shares and because of the nature of the market for
preferred shares, investors may receive less than the price paid
for their preferred shares if sold outside of the auction.
The Trust entered into additional floating rate note
and dealer trust obligations as an alternative form of leverage
in order to redeem and to retire a portion of its preferred
shares. Transactions in preferred shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Value
|
|
Outstanding at February 28, 2011
|
|
|
1,247
|
|
|
$
|
62,350,000
|
|
|
Shares retired
|
|
|
|
|
|
|
|
|
|
Outstanding at August 31, 2011
|
|
|
1,247
|
|
|
$
|
62,350,000
|
|
|
NOTE 9Common
Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
The Trustees have approved share repurchases whereby
the Trust may, when appropriate, purchase shares in the open
market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the
time of purchase.
NOTE 10Dividends
The Trust declared the following dividends to common
shareholders from net investment income subsequent to
August 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
20 Invesco
Quality Municipal Investment Trust
NOTE 11Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
21 Invesco
Quality Municipal Investment Trust
NOTE 12Legal
Proceedings
Terms used in the Legal Proceedings Note are defined terms
solely for the purpose of this note.
Pending
Litigation and Regulatory Inquiries
The Trust received a shareholder demand letter dated
September 1, 2010, from one of the Trusts
shareholders alleging that the former board and the officers of
the Trust breached their fiduciary duty and duty of loyalty and
wasted Trust assets by causing the Trust to redeem Auction Rate
Preferred Securities (ARPS) at their liquidation value.
Specifically, the shareholders claim that the board and officers
had no obligation to provide liquidity to the ARPS shareholders,
the redemptions were improperly motivated to benefit the prior
adviser by preserving business relationships with the ARPS
holders, i.e., institutional investors, and the market value and
fair value of the ARPS were less than par at the time they were
redeemed. The letter alleges that the redemption of the ARPS
occurred at the expense of the Trust and its common
shareholders. The letter demands that: 1) the Board take
action against the prior adviser and trustees/officers to
recover damages; 2) the Board refrain from authorizing
further redemptions or repurchases of ARPS by the Trust at
prices in excess of fair value or market value at the time of
the transaction; and 3) if the Trust does not commence
appropriate action, the shareholder will commence a shareholder
derivative action on behalf of the Trust. The Board formed a
Special Litigation Committee (SLC) to investigate
these claims and to make a recommendation to the Board regarding
whether pursuit of these claims is in the best interests of the
Trusts. Upon completion of its evaluation, the SLC recommended
that the Board reject the demands specified in the shareholder
demand letter, after which the Board announced on July 12,
2011, that it had adopted the SLCs recommendation and
voted to reject the demands. The Trust has incurred $545,187 in
expenses relating to these matters during the period ended
August 31, 2011.
Management of Invesco and the Trust believe that the
outcome of the demand letter described above will have no
material adverse effect on the Trust or on the ability of
Invesco to provide ongoing services to the Trust.
22 Invesco
Quality Municipal Investment Trust
Approval
of Investment Advisory and
Sub-Advisory
Contracts
The Board of Trustees (the Board) of Invesco Quality Municipal
Investment Trust is required under the Investment Company Act of
1940, as amended, to approve annually the renewal of the Invesco
Quality Municipal Investment Trust (the Fund) investment
advisory agreement with Invesco Advisers, Inc. (Invesco
Advisers) and the Master Intergroup
Sub-Advisory
Contract for Mutual Funds (the
sub-advisory
contracts) with Invesco Asset Management Deutschland GmbH,
Invesco Asset Management Limited, Invesco Asset Management
(Japan) Limited, Invesco Australia Limited, Invesco Hong Kong
Limited, Invesco Senior Secured Management, Inc. and Invesco
Canada Ltd. (collectively, the Affiliated
Sub-Advisers).
During contract renewal meetings held on June
14-15,
2011,
the Board as a whole, and the disinterested or
independent Trustees, who comprise 80% of the Board,
voting separately, approved the continuance of the Funds
investment advisory agreement and the
sub-advisory
contracts for another year, effective July 1, 2011. In
doing so, the Board considered the process that it follows in
reviewing and approving the Funds investment advisory
agreement and
sub-advisory
contracts and the information that it is provided. The Board
determined that the Funds investment advisory agreement
and the
sub-advisory
contracts are in the best interests of the Fund and its
shareholders and the compensation to Invesco Advisers and the
Affiliated
Sub-Advisers
under the agreements is fair and reasonable.
The Boards
Fund Evaluation Process
The Boards Investments Committee has established three
Sub-Committees,
each of which is responsible for overseeing the management of a
number of the closed-end funds and all of the open-end funds
advised by Invesco Advisers (the Invesco Funds). The
Sub-Committees
meet throughout the year to review the performance of their
assigned funds, including reviewing materials prepared under the
direction of the independent Senior Officer, an officer of the
Invesco Funds who reports directly to the independent Trustees.
Over the course of each year, the
Sub-Committees
meet with portfolio managers for their assigned Invesco Funds
and other members of management to review the performance,
investment objective(s), policies, strategies, limitations and
investment risks of these funds. The
Sub-Committees
meet regularly and at designated contract renewal meetings each
year to conduct a review of the performance, fees, expenses and
other matters related to their assigned Invesco Funds. Each
Sub-Committee
recommends to the Investments Committee, which in turn
recommends to the full Board, whether to approve the continuance
of each Invesco Funds investment advisory agreement and
sub-advisory
contracts for another year.
During the contract renewal process, the Trustees
receive comparative performance and fee data regarding the
Invesco Funds prepared by Invesco Advisers and an independent
company, Lipper, Inc. (Lipper). The Trustees also receive an
independent written evaluation from the Senior Officer. The
Senior Officers evaluation is prepared as part of his
responsibility to manage the process by which the Invesco
Funds proposed management fees are negotiated during the
annual contract renewal process to ensure they are negotiated in
a manner that is at arms length and reasonable. The
independent Trustees are assisted in their annual evaluation of
the Funds investment advisory agreement by the Senior
Officer and by independent legal counsel. The independent
Trustees also discuss the continuance of the investment advisory
agreement and
sub-advisory
contracts in private sessions with the Senior Officer and
counsel.
In evaluating the fairness and reasonableness of the
Funds investment advisory agreement and
sub-advisory
contracts, the Board considered, among other things, the factors
discussed below. The Trustees recognized that the advisory fees
for the Invesco Funds include advisory fees that are the result
of years of review and negotiation between the Trustees and
Invesco Advisers as well as advisory fees inherited from Morgan
Stanley and Van Kampen funds following the acquisition of the
retail mutual fund business of Morgan Stanley (the Morgan
Stanley Transaction). The Trustees deliberations and
conclusions in a particular year may be based in part on their
deliberations and conclusions regarding these same arrangements
throughout the year and in prior years. One Trustee may have
weighed a particular piece of information differently than
another Trustee.
The discussion below serves as the Senior
Officers independent written evaluation with respect to
the Funds investment advisory agreement as well as a
discussion of the material factors and related conclusions that
formed the basis for the Boards approval of the
Funds investment advisory agreement and
sub-advisory
contracts. Unless otherwise stated, this information is current
as of June 15, 2011, and may not reflect consideration of
factors that became known to the Board after that date,
including, for example, changes to the Funds performance,
advisory fees, expense limitations
and/or
fee
waivers.
Factors and
Conclusions and Summary of Independent Written Fee
Evaluation
|
|
A.
|
Nature, Extent
and Quality of Services Provided by Invesco Advisers and the
Affiliated
Sub-Advisers
|
The Board reviewed the advisory services provided to the Fund by
Invesco Advisers under the Funds investment advisory
agreement, the performance of Invesco Advisers in providing
these services, and the credentials and experience of the
officers and employees of Invesco Advisers who provide these
services, including the Funds portfolio manager or
managers, with whom the Board has met since the closing of the
Morgan Stanley Transaction. The Boards review of the
qualifications of Invesco Advisers to provide advisory services
included the Boards consideration of Invesco
Advisers performance and investment process oversight,
independent credit analysis and investment risk management.
In determining whether to continue the Funds
investment advisory agreement, the Board considered the prior
relationship between Invesco Advisers and the Fund, as well as
the Boards knowledge of Invesco Advisers operations,
and concluded that it is beneficial to maintain the current
relationship, in part, because of such knowledge. The Board also
considered services that Invesco Advisers and its affiliates
provide to the Invesco Funds such as various back office support
functions, equity and fixed income trading operations, internal
audit, and legal and compliance. The Board concluded that the
nature, extent and quality of the services provided to the Fund
by Invesco Advisers are appropriate and satisfactory and the
advisory services are provided in accordance with the terms of
the Funds investment advisory agreement.
The Board reviewed the services provided by the
Affiliated
Sub-Advisers
under the
sub-advisory
contracts and the credentials and experience of the officers and
employees of the Affiliated
Sub-Advisers
who provide these services. The Board concluded that the
sub-advisory
contracts benefit the Fund and its shareholders by permitting
Invesco Advisers to use the resources and talents of the
Affiliated
Sub-Advisers
in managing the Fund. The Board concluded that the nature,
extent and quality of the services provided by the Affiliated
Sub-Advisers
are appropriate and satisfactory and in accordance with the
terms of the Funds
sub-advisory
contracts.
The Board considered Fund performance as a relevant factor in
considering whether to approve the investment advisory
agreement. The Board did
23 Invesco
Quality Municipal Investment Trust
not view Fund performance as a relevant factor in considering
whether to approve the
sub-advisory
contracts for the Fund, as no Affiliated
Sub-Adviser
currently manages assets of the Fund.
The Board compared the Funds performance
during the past one, three and five calendar years to the
performance of funds in the Lipper performance universe and
against the Lipper Closed-End General Municipal Debt
Funds (Leveraged) Index. The Board noted that the Funds
performance was in the third quintile of its performance
universe for the one and three year periods and the fourth
quintile for the five year period (the first quintile being the
best performing funds and the fifth quintile being the worst
performing funds). The Board noted that the Funds
performance was above the performance of the Index for the one
and three year periods and below for the five year period.
Although the independent written evaluation of the Funds
Senior Officer only considered Fund performance through the most
recent calendar year, the Trustees also reviewed more recent
Fund performance and this review did not change their
conclusions.
|
|
C.
|
Advisory and
Sub-Advisory
Fees and Fee Waivers
|
The Board compared the Funds contractual advisory fee rate
to the contractual advisory fee rates of funds in the
Funds Lipper expense group at a common asset level. The
Board noted that the Funds contractual advisory fee rate
was below the median contractual advisory fee rate of funds in
its expense group. The Board also reviewed the methodology used
by Lipper in providing expense group information, which includes
using audited financial data from the most recent annual report
of each fund in the expense group that was publicly available as
of the end of the past calendar year and including only one fund
per investment adviser. The Board noted that comparative data is
as of varying dates, which may affect the comparability of data
during times of market volatility.
The Board also compared the Funds effective
fee rate (the advisory fee after advisory fee waivers and before
expense limitations/waivers) to the advisory fee rates of other
mutual funds advised by Invesco Advisers and its affiliates with
investment strategies comparable to those of the Fund. The Board
noted that the Funds rate was below the rates of seven
closed-end funds and above the rate of one closed-end fund with
comparable investment strategies.
Other than the mutual funds described above, the
Board noted that Invesco Advisers and the Affiliated
Sub-Advisers
do not manage other mutual funds or client accounts in a manner
substantially similar to the management of the Fund.
The Board noted that as part of the Morgan Stanley
Transaction, Invesco Advisers has contractually agreed to waive
fees
and/or
limit expenses of the Fund through at least June 30, 2012
in an amount necessary to limit total annual operating expenses
to a specified percentage of average daily net assets for each
class of the Fund. The Board noted that at the current expense
ratio for the Fund, this expense waiver does not have any impact.
The Board also considered the services provided by
the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts, as well as the allocation of fees between Invesco
Advisers and the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts. The Board noted that Invesco Advisers provides
services to
sub-advised
Invesco Funds, including oversight of the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
that Invesco Advisers provides services to
sub-advised
Invesco Funds, including oversight of the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
portfolio management. The Board also noted that the
sub-advisory
fees have no direct effect on the Fund or its shareholders, as
they are paid by Invesco Advisers to the Affiliated
Sub-Advisers.
Based upon the information and considerations
described above, the Board concluded that the Funds
advisory and
sub-advisory
fees are fair and reasonable.
The Board noted that the Fund shares directly in economies of
scale through lower fees charged by third party service
providers based on the combined size of the Invesco Funds and
other clients advised by Invesco Advisers.
|
|
E.
|
Profitability and
Financial Resources
|
The Board reviewed information from Invesco Advisers concerning
the costs of the advisory and other services that Invesco
Advisers and its affiliates provide to the Fund and the
profitability of Invesco Advisers and its affiliates in
providing these services. The Board reviewed with Invesco
Advisers the methodology used to prepare the profitability
information. The Board considered the profitability of Invesco
Advisers in connection with managing the Fund and the Invesco
Funds. The Board noted that Invesco Advisers continues to
operate at a net profit from services Invesco Advisers and its
subsidiaries provide to the Fund and the Invesco Funds. The
Board concluded that the level of profits realized by Invesco
Advisers and its affiliates from providing services to the Fund
is not excessive given the nature, quality and extent of the
services provided to the Invesco Funds. The Board considered
whether Invesco Advisers and each Affiliated
Sub-Adviser
are financially sound and have the resources necessary to
perform their obligations under the investment advisory
agreement and
sub-advisory
contracts. The Board concluded that Invesco Advisers and each
Affiliated
Sub-Adviser
have the financial resources necessary to fulfill these
obligations.
|
|
F.
|
Collateral
Benefits to Invesco Advisers and its Affiliates
|
The Board considered various other benefits received by Invesco
Advisers and its affiliates from the relationship with the Fund,
including the fees received for their provision of
administrative, transfer agency and distribution services to the
Fund. The Board considered the performance of Invesco Advisers
and its affiliates in providing these services and the
organizational structure employed to provide these services. The
Board also considered that these services are provided to the
Fund pursuant to written contracts that are reviewed and
approved on an annual basis by the Board; that the services are
required for the operation of the Fund; that Invesco Advisers
and its affiliates can provide services, the nature and quality
of which are at least equal to those provided by others offering
the same or similar services; and that the fees for such
services are fair and reasonable in light of the usual and
customary charges by others for services of the same nature and
quality.
The Board considered the benefits realized by
Invesco Advisers and the Affiliated
Sub-Advisers
as a result of portfolio brokerage transactions executed through
soft dollar arrangements. The Board noted that soft
dollar arrangements shift the payment obligation for research
and execution services from Invesco Advisers and the Affiliated
Sub-Advisers
to the Invesco Funds and therefore may reduce Invesco
Advisers and the Affiliated
Sub-Advisers
expenses. The Board concluded that the soft dollar arrangements
are appropriate. The Board also concluded that, based on their
review and representations made by the Chief Compliance Officer
of the Invesco Funds, these arrangements are consistent with
regulatory requirements.
The Board considered that the Funds uninvested
cash and cash collateral from any securities lending
arrangements may be invested in money market funds advised by
Invesco Advisers pursuant to procedures approved by the Board.
The Board noted that Invesco Advisers receives advisory fees
from these affiliated money market funds attributable to such
investments, although Invesco Advisers has contractually agreed
to waive through varying periods the advisory fees payable by
the Invesco Funds. The waiver is in an amount equal to 100% of
the net advisory fee Invesco Advisers receives from the
affiliated money market funds with respect to the Funds
investment in the affiliated money market funds of uninvested
cash, but not cash collateral. The Board concluded that the
Funds investment of uninvested cash and cash collateral
from any securities lending arrangements in the affiliated money
market funds is in the best interests of the Fund and its
shareholders.
24 Invesco
Quality Municipal Investment Trust
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Quality Municipal Investment Trust was held on
August 4, 2011. The Meeting was held for the following
purpose:
|
|
(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.
|
The results of the voting on the above matter were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
(P)
Election
of trustee by preferred shareholders only.
25 Invesco
Quality Municipal Investment Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions and your account records. We take
very seriously the obligation to keep that information confidential and private.
Invesco collects nonpublic personal information about you from account applications or other forms you complete and from
your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers
or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by
law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses
and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your
information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural
safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your
communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth
quarters, the lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the
Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trusts
Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied at the SEC Public
Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including
information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following
email address: publicinfo@sec.gov. The SEC file number for the Trust is 811-06346.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is
available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines.
The information is also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during the 12
months ended June 30, 2011, is available at invesco.com/proxysearch. In addition, this information
is available on the SEC website at sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual
and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor
for Invesco Ltd.s retail mutual funds, exchange-traded funds and institutional money market funds.
Both are wholly owned, indirect subsidiaries of Invesco Ltd.
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MS-CE-QMINV-SAR-1
|
|
Invesco Distributors, Inc.
|
ITEM 2. CODE OF ETHICS.
There were no amendments to the Code of Ethics (the Code) that applies to the
Registrants Principal Executive Officer (PEO) and Principal Financial Officer
(PFO) during the period covered by the report. The Registrant did not grant any
waivers, including implicit waivers, from any provisions of the Code to the PEO or
PFO during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
|
|
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
|
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
|
|
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
|
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
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.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Invesco Quality Municipal Investment Trust
|
|
|
|
|
|
By:
|
/s/ Philip A. Taylor
|
|
|
|
Philip A. Taylor
|
|
|
|
Principal Executive Officer
|
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Date: November 7, 2011
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
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By:
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/s/ Philip A. Taylor
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Philip A. Taylor
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Principal Executive Officer
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Date: November 7, 2011
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By:
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/s/ Sheri Morris
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Sheri Morris
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Principal Financial Officer
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Date: November 7, 2011
EXHIBIT INDEX
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12(a) (1)
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Not applicable.
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12(a) (2)
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Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
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12(a) (3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(b)
under the Investment Company Act of 1940.
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Grafico Azioni Invesco Quality Municipal Investment Trust (NYSE:IQT)
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