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OMB APPROVAL
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OMB Number: 3235-0570
Expires: August 31, 2011
Estimated average burden
hours per response: 18.9
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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
811-06471
Invesco Van Kampen Trust for Investment Grade Municipals
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 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:
10/31
Date of
reporting period:
10/31/10
Item 1. Reports to Stockholders.
Annual Report to Shareholders October 31, 2010
Invesco Van Kampen Trust for
Investment Grade Municipals
NYSE: VGM
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2
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Performance Summary
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2
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Management Discussion
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4
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Supplemental Information
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5
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Dividend Reinvestment Plan
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6
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Schedule of Investments
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21
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Financial Statements
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25
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Financial Highlights
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26
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Notes to Financial Statements
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32
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Auditors Report
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33
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Approval of Investment Advisory and Sub-Advisory Agreements
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35
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Tax Information
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36
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Results of Proxy
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T-1
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Trustees and Officers
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Managements Discussion of Trust Performance
Performance summary
As part of Invescos June 1, 2010, acquisition of Morgan Stanleys retail asset management
business, including Van Kampen Investments, Van Kampen Trust for Investment Grade Municipals was
renamed Invesco Van Kampen Trust for Investment Grade Municipals.
The Trusts return can be calculated based upon either the market price or the net asset value
(NAV) of its shares. NAV per share is determined by dividing the value of the Trusts portfolio
securities, cash and other assets, less all liabilities and preferred shares, by the total number
of common shares outstanding. Market price reflects the supply and demand for the shares. As a
result, the two returns can differ, as they did during the reporting period. Main contributors on
an NAV basis included yield curve exposure, as well as our allocation to BBB-rated bonds and
non-rated bonds.
Performance
Total returns, 10/31/09 to 10/31/10
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Trust at NAV
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14.47
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%
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Trust at Market Value
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19.27
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Market Price Premium to NAV as of 10/31/10
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3.66
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Barclays Capital Municipal Bond Index
▼
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7.78
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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.
How we invest
We seek to provide investors with a high level of current income exempt from federal income tax,
with liquidity and safety of principal, primarily through investment in a diversified portfolio of
investment grade municipal securities.
We seek to achieve the Trusts investment objective by investing primarily in municipal securities
that are rated BBB or higher by Standard & Poors (S&P) or Baa or higher by Moodys at the time of
purchase. Municipal securities include long-term obligations (municipal bonds), short-term
municipal notes, participation certificates, municipal leases, and tax-exempt commercial paper. The Trust may
also
invest in securities rated BB/Ba or B
by S&P, Moodys or Fitch as well as unrated securities that we determine to be of comparable or
higher quality. From time to time, we may invest in municipal securities that pay interest that is
subject to the federal alternative minimum tax.
We employ a bottom-up, research-driven approach to identify securities that have attractive
risk/reward characteristics for the sectors in which we invest. We also integrate macroeconomic
analysis and forecasting into our evaluation and ranking of various
sectors and individual securities. Finally, we employ leverage in an effort to enhance the Trusts income and
total return.
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Sell decisions are based on:
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n
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A deterioration or likely deterioration of an individual issuers capacity to meet its debt
obligations on a timely basis.
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n
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A deterioration or likely deterioration of the broader fundamentals of a particular industry or
sector.
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n
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Opportunities in the secondary or primary market to purchase a security with better relative
value.
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Market conditions and your Trust
Market conditions during the 12-month period covered in this report were influenced by two broad
themes: private sector recovery and concerns over sovereign creditworthiness. In the U.S. and
across the developed world, a gradual and somewhat lackluster recovery continued, with central
banks keeping interest rates at low levels and with few of them withdrawing their quantitative
easing measures. This helped private sector companies improve their balance sheets and earnings
following the global financial crisis that began to dissipate in early 2009. Recently, however,
investor skepticism of global governments abilities to retire huge amounts of debt without
affecting economic growth rates caused sovereign debt distress (especially for Greece and other
southern eurozone countries) and became a focal point of investor concern in the first half of
2010.
In the U.S., economic recovery was present, although uneven and possibly slowing, as stubbornly
high unemployment and export weakness continued to weigh on the U.S. economy.
Real gross domestic product (GDP), the broadest measure of overall U.S. economic activity,
increased at an annual rate of 2.5% in the third quarter of 2010.
1
In the second
quarter, real GDP increased at an annual rate of 1.7% .
1
The U.S. Federal Reserve Board
(the Fed) maintained a very accommodative monetary policy throughout the period, with the federal
funds target rate unchanged in its range of zero to 0.25%.
2
The Fed recently described
its view of the U.S. economy by stating: Financial conditions have become less supportive of
economic growth on balance, largely reflecting
Portfolio Composition
By credit sector, based on total investments
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Revenue Bonds
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85.5
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%
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General Obligation Bonds
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5.2
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Pre-refunded Bonds
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6.3
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Cash/Other
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3.0
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Total Net Assets
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$780.2 million
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Total Number of Holdings
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491
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Top Five Sectors
Based on total net assets applicable to common shares
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1. Hospital
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31.5
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%
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2. General Purpose
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12.8
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3. Airports
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11.0
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4. Bridge, Tunnel & Toll Road
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10.7
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5. Utilities
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10.2
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The Trusts holdings are subject to change, and there is no assurance that the Trust will continue
to hold any particular security.
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2
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Invesco Van Kampen Trust for Investment Grade Municipals
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developments abroad.
2
As such, it was widely expected that the Fed would continue to
keep rates low for an extended period.
Municipal fund flows remained elevated after a strong 2009, providing a positive catalyst for both
the net asset values and market prices of closed end municipal funds. In addition, year-to-date
municipal issuance during the reporting period was about 2% ahead of last years pace, at $339.7
billion versus $333.0 billion.
3
However, approximately 30% of the supply since the
beginning of the year was in the form of taxable municipals, which further supported tax-exempt
municipal bond prices by decreasing their relative supply.
3
Sector performance was
driven by quality spread tightening, largely a result of continued flows into the municipal market
combined with less tax-exempt issuance. As a result, BBB-rated and lower credit quality sectors
outperformed, benefiting Trust performance as we held some exposure to these market segments.
In terms of the yield curve positioning, the Trusts exposure to the long portion of the curve (20+
years) contributed to returns. The Trusts long duration profile was also a contributor to
performance as yields declined during most of the reporting period. Some of our yield curve and
duration positioning was obtained through the use of inverse floating rate securities. Inverse
floating rate securities are instruments which have an inverse relationship to a referenced
interest rate. Inverse floating rate securities can be a more efficient means by which to manage
duration, yield curve exposure, credit exposure, and can potentially enhance yield.
At a sector level, our exposure to industrial development revenue/pollution control revenue bonds
and to health care bonds contributed to Trust performance for the reporting period. Our exposure to
tax-supported bonds was a detractor.
We employ leverage in an effort to enhance the Trusts income and total return. Leverage simply
magnifies the performance of the Trust, either up or down, and can be implemented in several ways.
The Trust achieves a leveraged position through both borrowings and the use of financial
instruments, which include auction preferred shares. During the reporting period, the Trust
benefited from the use of leverage.
As stated earlier, the Trust trades at a market price and also has a NAV. During the first half of
the reporting period, the Trust fluctuated between trading at a premium and at a discount to its
NAV. After a market rally that began in late June, the Trusts premium widened through September,
which corresponded with the peak in this rally. At the close of the reporting period, the Trust
traded at a premium.
After the close of the Trusts fiscal year, market volatility increased significantly across the
municipal asset class. Since the November elections, there are expectations that the Bush federal
income tax cuts will be extended, which may diminish investor appetite for tax-free bonds.
Additionally, market volatility was amplified as U.S. Treasury yields increased while states and
municipalities flooded the market with new issues, including large issuance from the state of
California.
Thank you for investing in Invesco Van Kampen Trust for Investment Grade Municipals and for sharing
our long-term investment horizon.
1 Bureau of Economic Analysis
2 U.S. Federal Reserve
3 Barclays Capital
The views and opinions expressed in managements discussion of Trust performance are those of
Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be relied
upon as investment advice or recommendations, or as an offer for a particular security. The
information is not a complete analysis of every aspect of any market, country, industry, security
or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc.
makes no representation or warranty as to their completeness or accuracy. Although historical
performance is no guarantee of future results, these insights may help you understand our
investment management philosophy.
See important Trust and index disclosures later in this report.
Thomas Byron
Portfolio manager, is manager of Invesco Van Kampen Trust for Investment Grade Municipals. Mr.
Byron joined Invesco in
June 2010. He was associated with the Trusts previous investment adviser or its investment
advisory affiliates in an investment capacity from 1981 to June 2010 and began managing the Trust
in 1997. He earned a B.S. in finance from Marquette University and an M.B.A. in finance from DePaul
University.
Robert Stryker
Chartered Financial Analyst, portfolio manager, is manager of Invesco Van Kampen Trust for
Investment Grade
Municipals. Mr. Stryker joined Invesco in June 2010. He was associated with the Trusts previous
investment adviser or its investment advisory affiliates in an investment capacity from 1994 to
June 2010 and began managing the Trust in 2009. He earned a B.S. in finance from the University of
Illinois, Chicago.
Robert Wimmel
Portfolio manager, is manager of Invesco Van Kampen Trust for Investment Grade Municipals. Mr.
Wimmel joined Invesco
in June 2010. He was associated with the Trusts previous investment adviser or its investment
advisory affiliates in an investment capacity from 1996 to June 2010 and began managing the Trust
in 2001. He earned a B.A. in anthropology from the University of Cincinnati and an M.A. in
economics from the University of Illinois, Chicago.
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3
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Invesco Van Kampen Trust for Investment Grade Municipals
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Invesco Van Kampen Trust for Investment Grade Municipals investment objective is to seek to
provide a high level of current income exempt from federal income taxes, consistent with
preservation of capital.
n
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|
Unless otherwise stated, information presented in this report is as of October 31, 2010, and is
based on total net assets.
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n
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Unless otherwise noted, all data provided by Invesco.
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n
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To access your Trusts reports, visit invesco.com/fundreports.
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Principal risks of investing in the Trust
n
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The prices of securities held by the Trust may decline in response to market risks.
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n
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Other risks are described and defined later in this report.
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About
indexes used in this report
n
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The
Barclays Capital Municipal Bond Index
is an unmanaged index considered representative of the
tax-exempt bond market.
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n
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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).
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n
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A direct investment cannot be made in an index. Unless otherwise indicated, index results include
reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if
applicable, reflects fund expenses; performance of a market index does not.
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Other information
n
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|
The Chartered Financial Analyst
®
(CFA
®
) designation is globally recognized
and attests to a charterholders success in a rigorous and comprehensive study program in the field
of investment management and research analysis.
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n
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The returns shown in managements discussion of Trust performance are based on net asset values
calculated for shareholder transactions. Generally accepted accounting principles require
adjustments to be made to the net assets of the Trust at period end for financial reporting
purposes, and as such, the net asset values for shareholder transactions and the returns based on
those net asset values may differ from the net asset values and returns reported in the Financial
Highlights.
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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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NYSE Symbol
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VGM
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4
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Invesco Van Kampen Trust for Investment Grade Municipals
|
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 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
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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
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Shareholders who participate in the Plan are able to buy shares at below-market prices when the
Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low
because when new shares are issued by a Trust, there is no fee, and when shares are bought in
blocks on the open market, the per share fee is shared among all Participants.
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n
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Convenience
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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.
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n
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Safekeeping
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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 obtain a
copy of the Plan Brochure and enroll in the Plan by visiting invesco.com, calling toll-free 800 341
2929 or notifying us in writing at Invesco Van Kampen 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 10
business days before such Distributions are paid. If your authorization arrives after such record
date, your participation in the Plan will begin with the following Distributions.
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plans fees are paid by
your Trust. If your Trust is trading at or above its NAV, your new shares are issued directly by
the Trust and there are no brokerage charges or fees. However, if your Trust is trading at a
discount, the shares are purchased on the open market, and you will pay your portion of per share
fees. These per share fees are typically less than the standard brokerage charges for individual
transactions because shares are purchased for all Participants in blocks, resulting in lower fees
for each individual Participant. Any service or per share fees are added to 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 or by
writing to Invesco Van Kampen 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:
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1.
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If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares),
they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry
Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent
via check to your address of record after deducting applicable fees.
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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 a $2.50 per share fee and
applicable per share fee. Per share fees include any applicable brokerage commissions the Agent is
required to pay.
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3.
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You may sell your shares through your financial adviser through the Direct Registration System
(DRS). DRS is a service within the securities industry that allows Trust shares to be held in your
name in electronic format. You retain full ownership of your shares, without having to hold a stock
certificate. You should contact your financial adviser to learn more about any restrictions or fees
that may apply.
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To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services
department at 800 341 2929 or visit invesco.com.
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5
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Invesco Van Kampen Trust for Investment Grade Municipals
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Schedule
of Investments
October 31,
2010
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Par
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Amount
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Coupon
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Maturity
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(000)
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Value
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Municipal Bonds163.7%
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Alabama1.9%
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Alabama St Brd Ed Rev & Impt Southn Univ St Cmnty Rfdg
(NATL Insd)
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5.250
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%
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07/01/20
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$
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3,660
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$
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3,907,489
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Bessemer, AL Governmental Util Svc Corp Wtr Supply Rev Rfdg, Ser
A (AGL
Insd)
(a)
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5.000
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%
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06/01/39
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3,225
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3,343,100
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Healthcare Auth for Baptist Hlth AL, Ser
A
(b)
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6.125
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%
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11/15/36
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2,000
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2,093,480
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Huntsville Redstone Vlg, AL Spl Care Fac Fin Auth Redstone Vlg
Proj
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5.500
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%
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01/01/43
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2,525
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2,023,989
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Selma, AL Indl Dev Brd Rev Gulf Opportunity Zone Intl Paper Co
Proj, Ser A
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6.250
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%
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11/01/33
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3,395
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3,649,252
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15,017,310
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Alaska0.7%
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Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (AGM
Insd)
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5.750
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%
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03/01/16
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1,575
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1,581,253
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Northern Tob Sec Corp Rev Bkd, Ser A
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5.000
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%
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06/01/46
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5,300
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3,724,999
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5,306,252
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Arizona4.0%
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Arizona St Trans Brd Hwy Rev, Ser B
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5.000
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%
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07/01/25
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2,560
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2,872,089
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Arizona St Trans Brd Hwy Rev, Ser
B
(a)
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5.000
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%
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07/01/26
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3,835
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4,277,674
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Glendale, AZ Indl Dev Auth John C Lincoln Hlth Rfdg, Ser B
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5.000
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%
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12/01/37
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2,065
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1,959,293
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Glendale, AZ Indl Dev Auth Midwestern Univ
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5.000
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%
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05/15/35
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750
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768,285
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Glendale, AZ Indl Dev Auth Midwestern Univ
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5.125
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%
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05/15/40
|
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1,500
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1,542,735
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Goodyear, AZ McDowell Rd Coml Corridor Impt Dist Impt (AMBAC
Insd)
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5.250
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%
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01/01/32
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1,775
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1,802,424
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Maricopa Cnty, AZ Indl Dev Auth Hlth Fac Rev Catholic Hlthcare
West, Ser
C
(b)
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5.000
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%
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07/01/38
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3,330
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3,637,392
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Maricopa Cnty, AZ Pollutn Ctl Corp Pollutn Ctl Rev Rfdg AZ Pub
Svc Co, Ser
B
(b)
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5.500
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%
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05/01/29
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|
|
|
1,825
|
|
|
|
1,895,427
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser
C
(b)
|
|
|
5.500
|
%
|
|
|
06/01/34
|
|
|
|
900
|
|
|
|
975,672
|
|
|
Navajo Cnty, AZ Pollutn Ctl Corp Rev, Ser
E
(b)
|
|
|
5.750
|
%
|
|
|
06/01/34
|
|
|
|
1,035
|
|
|
|
1,121,257
|
|
|
Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj
|
|
|
7.000
|
%
|
|
|
01/01/39
|
|
|
|
970
|
|
|
|
1,036,843
|
|
|
Phoenix, AZ Indl Dev Auth Ed Rev Career Success Sch Proj
|
|
|
7.125
|
%
|
|
|
01/01/45
|
|
|
|
925
|
|
|
|
990,277
|
|
|
Pima Cnty, AZ Indl Dev Auth Wtr & Wastewtr Rev Global
Wtr Resh LLC Proj (AMT)
|
|
|
6.550
|
%
|
|
|
12/01/37
|
|
|
|
3,400
|
|
|
|
3,426,316
|
|
|
Salt Riv Proj AZ Agric Impt & Pwr Dist Elec Sys Rev,
Ser A
(a)
|
|
|
5.000
|
%
|
|
|
01/01/28
|
|
|
|
3,145
|
|
|
|
3,460,035
|
|
|
University of AZ Med Ctr Corp
|
|
|
5.000
|
%
|
|
|
07/01/35
|
|
|
|
1,205
|
|
|
|
1,179,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,945,546
|
|
|
California17.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Anaheim, CA Pub Fin Auth Lease Rev Pub Impt Proj, Ser C (AGM
Insd)
|
|
|
6.000
|
%
|
|
|
09/01/16
|
|
|
|
1,300
|
|
|
|
1,477,710
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser
F1
(a)
|
|
|
5.000
|
%
|
|
|
04/01/39
|
|
|
|
1,500
|
|
|
|
1,569,465
|
|
|
Bay Area Toll Auth CA Toll Brdg Rev San Francisco Bay Area, Ser
F1
|
|
|
5.000
|
%
|
|
|
04/01/39
|
|
|
|
4,500
|
|
|
|
4,708,395
|
|
|
Beverly Hills, CA Uni Sch Dist Cap Apprec 2008 Election
|
|
|
*
|
|
|
|
08/01/28
|
|
|
|
1,250
|
|
|
|
533,800
|
|
|
California Hlth Fac Fin Auth Rev Catholic Hlthcare West, Ser A
|
|
|
6.000
|
%
|
|
|
07/01/34
|
|
|
|
1,500
|
|
|
|
1,648,680
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT)
|
|
|
4.950
|
%
|
|
|
08/01/23
|
|
|
|
3,000
|
|
|
|
2,889,840
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser G (AMT)
|
|
|
5.050
|
%
|
|
|
02/01/29
|
|
|
|
2,000
|
|
|
|
1,916,960
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser I (AMT)
|
|
|
4.800
|
%
|
|
|
08/01/36
|
|
|
|
7,300
|
|
|
|
6,277,197
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT)
|
|
|
5.300
|
%
|
|
|
08/01/23
|
|
|
|
4,800
|
|
|
|
4,826,640
|
|
|
California Hsg Fin Agy Rev Home Mtg, Ser K (AMT)
|
|
|
5.450
|
%
|
|
|
08/01/28
|
|
|
|
5,500
|
|
|
|
5,357,935
|
|
|
California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt
Inc Proj, Ser B (AMT)
|
|
|
5.000
|
%
|
|
|
07/01/27
|
|
|
|
1,500
|
|
|
|
1,526,280
|
|
|
California St Dept Wtr Res Cent VY Proj Rev Wtr Sys, Ser X (NATL
Insd)
|
|
|
5.000
|
%
|
|
|
12/01/29
|
|
|
|
990
|
|
|
|
1,049,113
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
California(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California St Dept Wtr Res Cent VY Proj Rev Wtr Sys, Ser X (NATL
Insd) (Prerefunded @ 12/01/12)
|
|
|
5.000
|
%
|
|
|
12/01/29
|
|
|
$
|
10
|
|
|
$
|
10,945
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE
(a)
|
|
|
5.000
|
%
|
|
|
12/01/24
|
|
|
|
1,175
|
|
|
|
1,312,029
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE
(a)
|
|
|
5.000
|
%
|
|
|
12/01/25
|
|
|
|
1,500
|
|
|
|
1,670,445
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE
(a)
|
|
|
5.000
|
%
|
|
|
12/01/26
|
|
|
|
1,500
|
|
|
|
1,660,890
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE
(a)
|
|
|
5.000
|
%
|
|
|
12/01/27
|
|
|
|
875
|
|
|
|
963,314
|
|
|
California St Dept Wtr Res Wtr Rev Cent Vly Proj,
Ser AE
(a)
|
|
|
5.000
|
%
|
|
|
12/01/28
|
|
|
|
1,500
|
|
|
|
1,644,060
|
|
|
California St Econ Recovery Rfdg, Ser A
|
|
|
5.250
|
%
|
|
|
07/01/21
|
|
|
|
2,900
|
|
|
|
3,366,030
|
|
|
California St Univ Rev & Co Systemwide, Ser A (AMBAC
Insd)
|
|
|
5.000
|
%
|
|
|
11/01/33
|
|
|
|
5,000
|
|
|
|
5,039,800
|
|
|
California St Var Purp
|
|
|
5.750
|
%
|
|
|
04/01/31
|
|
|
|
1,800
|
|
|
|
1,963,458
|
|
|
California St Vet, Ser CD (AMT)
|
|
|
4.600
|
%
|
|
|
12/01/32
|
|
|
|
2,850
|
|
|
|
2,620,518
|
|
|
California Statewide Cmnty Dev Auth Rev Front Porch
Cmnty & Svc, Ser
A
(c)
|
|
|
5.125
|
%
|
|
|
04/01/37
|
|
|
|
1,500
|
|
|
|
1,420,050
|
|
|
California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth,
Ser A
|
|
|
5.000
|
%
|
|
|
03/01/30
|
|
|
|
2,700
|
|
|
|
2,706,075
|
|
|
California Statewide Cmnty Dev Auth Rev Kaiser Permanente, Ser A
|
|
|
5.000
|
%
|
|
|
04/01/19
|
|
|
|
2,000
|
|
|
|
2,231,820
|
|
|
California Statewide Cmnty Dev Auth Rev Sutter Hlth, Ser A
|
|
|
5.000
|
%
|
|
|
11/15/43
|
|
|
|
2,360
|
|
|
|
2,325,756
|
|
|
Daly City, CA Hsg Dev Fin Agy Mobile Home Pk Rev Third
Tier Franciscan Rfdg, Ser C
|
|
|
6.500
|
%
|
|
|
12/15/47
|
|
|
|
590
|
|
|
|
536,027
|
|
|
Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser A
(NATL Insd)
|
|
|
5.000
|
%
|
|
|
09/01/33
|
|
|
|
1,750
|
|
|
|
1,640,100
|
|
|
Florin, CA Res Consv Dist Cap Impt Elk Grove Wtr Svc, Ser B
(NATL Insd)
|
|
|
5.000
|
%
|
|
|
03/01/33
|
|
|
|
3,000
|
|
|
|
2,813,700
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg
(NATL Insd)
|
|
|
*
|
|
|
|
01/15/17
|
|
|
|
2,000
|
|
|
|
1,353,200
|
|
|
Foothill/Eastern Corridor Agy CA Toll Rd Rev Sr Lien, Ser A(d)
|
|
|
*
|
|
|
|
01/01/23
|
|
|
|
10,750
|
|
|
|
7,304,410
|
|
|
Fremont, CA Uni Sch Dist, Ser A (NATL Insd)
|
|
|
5.000
|
%
|
|
|
08/01/25
|
|
|
|
3,000
|
|
|
|
3,151,920
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser
A-1
|
|
|
4.500
|
%
|
|
|
06/01/27
|
|
|
|
3,150
|
|
|
|
2,857,837
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Asset Bkd Sr, Ser
A-1
|
|
|
5.750
|
%
|
|
|
06/01/47
|
|
|
|
8,515
|
|
|
|
6,810,723
|
|
|
Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced, Ser A
|
|
|
5.000
|
%
|
|
|
06/01/45
|
|
|
|
4,000
|
|
|
|
3,798,360
|
|
|
Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj, Ser A
(Syncora Gtd)
|
|
|
5.000
|
%
|
|
|
09/01/37
|
|
|
|
700
|
|
|
|
528,766
|
|
|
Los Angeles, CA Dept Arpts Los Angeles Intl, Ser B
|
|
|
5.000
|
%
|
|
|
05/15/40
|
|
|
|
2,000
|
|
|
|
2,002,960
|
|
|
Los Angeles, CA Uni Sch Dist, Ser D
|
|
|
5.000
|
%
|
|
|
07/01/22
|
|
|
|
1,800
|
|
|
|
2,011,788
|
|
|
Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser A
|
|
|
5.000
|
%
|
|
|
01/01/34
|
|
|
|
2,500
|
|
|
|
2,688,025
|
|
|
Metropolitan Wtr Dist Southn CA Wtrwks Rev Auth, Ser B1 (NATL
Insd)
|
|
|
5.000
|
%
|
|
|
10/01/33
|
|
|
|
1,500
|
|
|
|
1,547,415
|
|
|
Morongo Band of Mission Indians CA Enterprise Rev Indians
Enterprise Casino, Ser
B
(c)
|
|
|
5.500
|
%
|
|
|
03/01/18
|
|
|
|
260
|
|
|
|
248,123
|
|
|
Palm Springs, CA Fin Auth Lease Rev Convention Ctr Proj, Ser A
(NATL Insd)
|
|
|
5.500
|
%
|
|
|
11/01/35
|
|
|
|
3,500
|
|
|
|
3,583,440
|
|
|
Palomar Pomerado Hlthcare Dist CA Ctf Partn
|
|
|
6.750
|
%
|
|
|
11/01/39
|
|
|
|
1,700
|
|
|
|
1,877,276
|
|
|
Sacramento Cnty, CA Arpt Sys Rev Sr
|
|
|
5.000
|
%
|
|
|
07/01/40
|
|
|
|
3,415
|
|
|
|
3,493,682
|
|
|
San Francisco, CA City & Cnty Arpt Commn Intl Arpt
Rfdg 2nd, Ser
A-4
(AMT)
(b)
|
|
|
6.500
|
%
|
|
|
05/01/19
|
|
|
|
1,850
|
|
|
|
1,996,705
|
|
|
Temecula, CA Redev Agy Tax Temecula Redev Proj No 1 (NATL Insd)
|
|
|
5.250
|
%
|
|
|
08/01/36
|
|
|
|
3,000
|
|
|
|
2,859,390
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser
A-1
|
|
|
5.375
|
%
|
|
|
06/01/38
|
|
|
|
4,700
|
|
|
|
3,941,655
|
|
|
Tobacco Sec Auth Northn CA Tob Settlement Rev, Ser
A-1
|
|
|
5.500
|
%
|
|
|
06/01/45
|
|
|
|
1,500
|
|
|
|
1,129,770
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement, Ser
A-1
|
|
|
5.000
|
%
|
|
|
06/01/37
|
|
|
|
2,300
|
|
|
|
1,827,005
|
|
|
Tobacco Sec Auth Southn CA Tob Settlement, Ser
A-1
|
|
|
5.125
|
%
|
|
|
06/01/46
|
|
|
|
7,600
|
|
|
|
5,360,964
|
|
|
Turlock, CA Hlth Fac Rev Emanuel Med Ctr Inc
|
|
|
5.375
|
%
|
|
|
10/15/34
|
|
|
|
1,600
|
|
|
|
1,550,736
|
|
|
Twin Rivers, CA Uni Sch Fac Brdg Prog (AGM
Insd)
(b)
|
|
|
3.500
|
%
|
|
|
06/01/41
|
|
|
|
1,000
|
|
|
|
999,970
|
|
|
Vernon, CA Elec Sys Rev, Ser A
|
|
|
5.125
|
%
|
|
|
08/01/21
|
|
|
|
3,250
|
|
|
|
3,425,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134,056,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Colorado2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Aurora, CO Ctf Partn (AMBAC Insd) (Prerefunded @ 12/01/10)
|
|
|
5.500
|
%
|
|
|
12/01/30
|
|
|
$
|
2,000
|
|
|
$
|
2,009,360
|
|
|
Colorado Ed & Cultural Fac Auth Rev Impt Charter Sch
Rfdg (Syncora Gtd)
|
|
|
5.250
|
%
|
|
|
12/01/23
|
|
|
|
3,405
|
|
|
|
3,485,426
|
|
|
Colorado Hlth Fac Auth Hlth & Residential Care Fac
Volunteers of Amer Care, Ser A
|
|
|
5.250
|
%
|
|
|
07/01/27
|
|
|
|
800
|
|
|
|
737,248
|
|
|
Colorado Hlth Fac Auth Hlth & Residential Care Fac
Volunteers of Amer Care, Ser A
|
|
|
5.300
|
%
|
|
|
07/01/37
|
|
|
|
600
|
|
|
|
489,828
|
|
|
Colorado Hlth Fac Auth Rev Catholic Hlth, Ser C-5 (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
09/01/36
|
|
|
|
7,300
|
|
|
|
7,513,890
|
|
|
Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth
(Prerefunded @
11/15/11)
|
|
|
6.500
|
%
|
|
|
11/15/31
|
|
|
|
1,125
|
|
|
|
1,207,159
|
|
|
Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg
|
|
|
5.900
|
%
|
|
|
10/01/37
|
|
|
|
955
|
|
|
|
843,036
|
|
|
Regional Trans Dist CO Denver Trans Partners
|
|
|
6.000
|
%
|
|
|
01/15/34
|
|
|
|
1,700
|
|
|
|
1,803,853
|
|
|
Regional Trans Dist CO Denver Trans Partners
|
|
|
6.500
|
%
|
|
|
01/15/30
|
|
|
|
2,100
|
|
|
|
2,324,469
|
|
|
Salida, CO Hosp Dist Rev
|
|
|
5.250
|
%
|
|
|
10/01/36
|
|
|
|
2,048
|
|
|
|
1,787,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,202,132
|
|
|
Connecticut0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt, Ser A (ACA
Insd) (AMT)
|
|
|
6.600
|
%
|
|
|
07/01/24
|
|
|
|
3,580
|
|
|
|
3,481,765
|
|
|
Hamden, CT Fac Rev Whitney Ctr Proj, Ser B
|
|
|
6.125
|
%
|
|
|
01/01/14
|
|
|
|
2,150
|
|
|
|
2,176,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,658,554
|
|
|
District of Columbia2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.375
|
%
|
|
|
10/01/34
|
|
|
|
3,650
|
|
|
|
3,980,070
|
|
|
District of Columbia Hosp Rev Sibley Mem Hosp
|
|
|
6.500
|
%
|
|
|
10/01/29
|
|
|
|
1,100
|
|
|
|
1,224,245
|
|
|
District of Columbia Rev Friendship Pub Charter Sch Inc (ACA
Insd)
|
|
|
5.750
|
%
|
|
|
06/01/18
|
|
|
|
2,000
|
|
|
|
2,044,020
|
|
|
District of Columbia, Ser E (AGM Insd)
|
|
|
6.000
|
%
|
|
|
06/01/13
|
|
|
|
5
|
|
|
|
5,022
|
|
|
District of Columbia Wtr & Swr Auth Pub Util Rev Sub
Lien Rfdg, Ser A (AGL
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
10/01/29
|
|
|
|
1,150
|
|
|
|
1,226,981
|
|
|
District of Columbia Wtr & Swr Auth Pub Util Rev Sub
Lien Rfdg, Ser A (AGL
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
10/01/34
|
|
|
|
2,350
|
|
|
|
2,460,192
|
|
|
District of Columbia Wtr & Swr Auth Pub Util Rev Sub
Lien Rfdg, Ser A (AGM Insd)
|
|
|
5.500
|
%
|
|
|
10/01/41
|
|
|
|
6,000
|
|
|
|
6,413,940
|
|
|
Metropolitan Washington DC Arpt Auth Sys, Ser A (NATL Insd) (AMT)
|
|
|
5.250
|
%
|
|
|
10/01/32
|
|
|
|
1,000
|
|
|
|
1,011,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,365,800
|
|
|
Florida24.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.250
|
%
|
|
|
11/15/17
|
|
|
|
1,000
|
|
|
|
988,690
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.875
|
%
|
|
|
11/15/36
|
|
|
|
1,000
|
|
|
|
897,260
|
|
|
Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg
|
|
|
5.875
|
%
|
|
|
11/15/42
|
|
|
|
500
|
|
|
|
440,240
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt, Ser A
|
|
|
6.000
|
%
|
|
|
05/01/38
|
|
|
|
335
|
|
|
|
303,771
|
|
|
Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub, Ser B
|
|
|
6.200
|
%
|
|
|
05/01/38
|
|
|
|
250
|
|
|
|
224,340
|
|
|
Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc
Proj
|
|
|
5.000
|
%
|
|
|
04/01/34
|
|
|
|
4,960
|
|
|
|
4,859,213
|
|
|
Brevard Cnty, FL Hlth Fac Auth Residential Care Fac Rev Buena
Vida Estates Inc
|
|
|
6.750
|
%
|
|
|
01/01/37
|
|
|
|
1,760
|
|
|
|
1,733,230
|
|
|
Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT)
|
|
|
5.750
|
%
|
|
|
01/01/32
|
|
|
|
1,300
|
|
|
|
1,243,359
|
|
|
Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser
A-1
|
|
|
5.000
|
%
|
|
|
06/01/14
|
|
|
|
4,000
|
|
|
|
4,261,600
|
|
|
Citizens Ppty Ins Corp FL High Risk Sr Sec, Ser
A-1
|
|
|
5.250
|
%
|
|
|
06/01/17
|
|
|
|
3,410
|
|
|
|
3,687,847
|
|
|
Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)
|
|
|
5.950
|
%
|
|
|
07/01/20
|
|
|
|
505
|
|
|
|
524,397
|
|
|
Florida Hsg Fin Agy Homeownership Mtg, Ser B (AMT)
|
|
|
8.595
|
%
|
|
|
11/01/18
|
|
|
|
185
|
|
|
|
210,312
|
|
|
Florida Hsg Fin Corp Rev Homeowner Mtg, Ser 4 (AGM Insd) (AMT)
|
|
|
6.250
|
%
|
|
|
07/01/22
|
|
|
|
350
|
|
|
|
371,367
|
|
|
Florida Ports Fin Comm Rev St Trans Tr Fd Intermodal Pgm (NATL
Insd) (AMT)
|
|
|
5.500
|
%
|
|
|
10/01/29
|
|
|
|
8,475
|
|
|
|
8,520,765
|
|
|
Florida Ports Fin Comm Rev St Trans Tr Fd (NATL Insd) (AMT)
|
|
|
5.375
|
%
|
|
|
06/01/27
|
|
|
|
2,000
|
|
|
|
2,000,840
|
|
|
Florida St Brd Ed Pub Ed Cap Outlay, Ser
D
(a)
|
|
|
4.750
|
%
|
|
|
06/01/35
|
|
|
|
15,000
|
|
|
|
15,283,050
|
|
|
Florida St Dept Trans Tpk Rev, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
07/01/29
|
|
|
|
7,295
|
|
|
|
7,672,224
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
07/01/26
|
|
|
$
|
1,910
|
|
|
$
|
2,045,304
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
07/01/27
|
|
|
|
1,935
|
|
|
|
2,064,955
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
07/01/28
|
|
|
|
2,100
|
|
|
|
2,231,040
|
|
|
Florida St Tpk Auth Tpk Rev Dept Trans Rfdg, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
07/01/32
|
|
|
|
2,500
|
|
|
|
2,632,400
|
|
|
Gainesville, FL Util Sys
Rev
(d)
|
|
|
8.125
|
%
|
|
|
10/01/14
|
|
|
|
260
|
|
|
|
294,650
|
|
|
Gramercy Farms Cmnty Dev Dist FL Spl Assmt, Ser
B
(e)
|
|
|
5.100
|
%
|
|
|
05/01/14
|
|
|
|
1,000
|
|
|
|
439,600
|
|
|
Gulf Breeze, FL Rev Loc Govt (FGIC
Insd)
(b)
|
|
|
5.650
|
%
|
|
|
12/01/20
|
|
|
|
500
|
|
|
|
505,800
|
|
|
Gulf Breeze, FL Rev Loc Govt (FGIC
Insd)
(b)
|
|
|
5.800
|
%
|
|
|
12/01/20
|
|
|
|
1,000
|
|
|
|
1,011,200
|
|
|
Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd)
|
|
|
5.000
|
%
|
|
|
03/01/15
|
|
|
|
750
|
|
|
|
759,517
|
|
|
Hillsborough Cnty, FL Assmt Rev Capacity Assmt Spl (AGM Insd)
|
|
|
5.000
|
%
|
|
|
09/01/15
|
|
|
|
750
|
|
|
|
759,457
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT)
(a)
|
|
|
5.375
|
%
|
|
|
10/01/33
|
|
|
|
1,450
|
|
|
|
1,489,440
|
|
|
Hillsborough Cnty, FL Aviation Auth Rev, Ser A (AGL Insd)
(AMT)
(a)
|
|
|
5.500
|
%
|
|
|
10/01/38
|
|
|
|
3,260
|
|
|
|
3,369,732
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Proj
|
|
|
5.250
|
%
|
|
|
10/01/41
|
|
|
|
14,150
|
|
|
|
14,163,584
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Hillsborough
Cnty IDA Rfdg (AMBAC
Insd)
(b)
|
|
|
5.000
|
%
|
|
|
12/01/34
|
|
|
|
1,100
|
|
|
|
1,147,234
|
|
|
Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev Tampa Elec,
Ser B
(b)
|
|
|
5.150
|
%
|
|
|
09/01/25
|
|
|
|
1,225
|
|
|
|
1,329,456
|
|
|
Hillsborough Cnty, FL Port Dist Rev Tampa Port Auth Proj, Ser A
(NATL Insd) (AMT)
|
|
|
5.375
|
%
|
|
|
06/01/27
|
|
|
|
2,745
|
|
|
|
2,795,673
|
|
|
Hillsborough Cnty, FL Solid Waste & Res Recovery Rev,
Ser A (BHAC Insd) (AMT)
|
|
|
4.500
|
%
|
|
|
09/01/34
|
|
|
|
9,325
|
|
|
|
8,847,280
|
|
|
Lakeland, FL Elec & Wtr
Rev
(d)
|
|
|
*
|
|
|
|
10/01/13
|
|
|
|
7,000
|
|
|
|
6,790,980
|
|
|
Lakeland, FL Elec & Wtr
Rev
(d)
|
|
|
5.750
|
%
|
|
|
10/01/19
|
|
|
|
2,230
|
|
|
|
2,397,027
|
|
|
Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg
|
|
|
5.000
|
%
|
|
|
11/15/25
|
|
|
|
5,105
|
|
|
|
5,161,359
|
|
|
Lee Cnty, FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn, Ser A
|
|
|
5.375
|
%
|
|
|
06/15/37
|
|
|
|
1,000
|
|
|
|
867,400
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser A
(Acquired 02/19/08,
Cost $990,000)
(g)
|
|
|
6.800
|
%
|
|
|
05/01/38
|
|
|
|
990
|
|
|
|
811,156
|
|
|
Main Str Cmnty Dev Dist FL Cap Impt Rev, Ser B
(Acquired 02/19/08,
Cost $650,000)
(g)
|
|
|
6.900
|
%
|
|
|
05/01/17
|
|
|
|
650
|
|
|
|
607,731
|
|
|
Miami Beach, FL Stormwtr Rev (NATL Insd)
|
|
|
5.250
|
%
|
|
|
09/01/25
|
|
|
|
1,500
|
|
|
|
1,519,590
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)
|
|
|
5.000
|
%
|
|
|
10/01/38
|
|
|
|
3,200
|
|
|
|
3,202,624
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)
|
|
|
5.375
|
%
|
|
|
10/01/27
|
|
|
|
2,000
|
|
|
|
2,039,000
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (AGC Insd) (AMT)
|
|
|
5.375
|
%
|
|
|
10/01/32
|
|
|
|
4,720
|
|
|
|
4,756,580
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL
Insd)
|
|
|
5.450
|
%
|
|
|
10/01/15
|
|
|
|
870
|
|
|
|
881,014
|
|
|
Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt, Ser B (NATL
Insd)
|
|
|
5.750
|
%
|
|
|
10/01/29
|
|
|
|
3,000
|
|
|
|
3,033,720
|
|
|
Miami-Dade Cnty, FL Aviation Rev, Ser A (AGM Insd) (AMT)
|
|
|
5.000
|
%
|
|
|
10/01/33
|
|
|
|
2,000
|
|
|
|
2,001,560
|
|
|
Miami-Dade Cnty, FL Aviation, Ser A (AGM Insd) (AMT)
|
|
|
5.125
|
%
|
|
|
10/01/35
|
|
|
|
2,000
|
|
|
|
2,005,720
|
|
|
Miami-Dade Cnty, FL Expwy Auth Sys Rev, Ser A
|
|
|
5.000
|
%
|
|
|
07/01/40
|
|
|
|
4,250
|
|
|
|
4,334,660
|
|
|
Midtown Miami, FL Cmnty Dev FL Spl Assmt Rev, Ser A
|
|
|
6.000
|
%
|
|
|
05/01/24
|
|
|
|
865
|
|
|
|
861,047
|
|
|
North Broward, FL Hosp Dist Rev Impt (Prerefunded @ 1/15/11)
|
|
|
6.000
|
%
|
|
|
01/15/31
|
|
|
|
3,860
|
|
|
|
3,944,495
|
|
|
Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)
|
|
|
*
|
|
|
|
10/01/12
|
|
|
|
1,000
|
|
|
|
971,310
|
|
|
Orange Cnty, FL Cap Rev Impt & Rfdg (AMBAC Insd)
|
|
|
*
|
|
|
|
10/01/13
|
|
|
|
1,000
|
|
|
|
948,710
|
|
|
Orange Cnty, FL Hlth Fac Auth Rev First Mtg Orlando Lutheran
Tower
|
|
|
5.500
|
%
|
|
|
07/01/32
|
|
|
|
2,475
|
|
|
|
2,178,743
|
|
|
Orange Cnty, FL Hsg Fin Auth Multi-Family Rev Mtg Hands Inc
Proj, Ser A
(Acquired 06/19/95,
Cost $1,000,000)
(g)
|
|
|
7.000
|
%
|
|
|
10/01/25
|
|
|
|
1,000
|
|
|
|
1,021,840
|
|
|
Overoaks, FL Cmnty Dev Dist Cap Impt Rev, Ser
A
(e)
|
|
|
6.125
|
%
|
|
|
05/01/35
|
|
|
|
190
|
|
|
|
2
|
|
|
Overoaks, FL Cmnty Dev Dist Cap, Ser
A-1
|
|
|
6.125
|
%
|
|
|
05/01/35
|
|
|
|
95
|
|
|
|
95,239
|
|
|
Overoaks, FL Cmnty Dev Dist Cap, Ser
A-2
(i)
|
|
|
0.000/6.125
|
%
|
|
|
05/01/35
|
|
|
|
180
|
|
|
|
123,228
|
|
|
Overoaks, FL Cmnty Dev Dist Cap, Ser
B
(i)
|
|
|
0.000/5.125
|
%
|
|
|
05/01/17
|
|
|
|
421
|
|
|
|
356,107
|
|
|
Palm Beach Cnty, FL Hlth Fac Auth Rev Wtrford Proj
|
|
|
5.875
|
%
|
|
|
11/15/37
|
|
|
|
1,650
|
|
|
|
1,584,215
|
|
|
Palm Beach Cnty, FL Solid Waste Auth Rev Impt (BHAC
Insd)
(a)
|
|
|
5.500
|
%
|
|
|
10/01/23
|
|
|
|
4,000
|
|
|
|
4,578,760
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pembroke Pines, FL Cons Util Sys Rev (FGIC
Insd)
(d)
|
|
|
6.250
|
%
|
|
|
09/01/11
|
|
|
$
|
270
|
|
|
$
|
282,363
|
|
|
Polk Cnty, FL Sch Brd Ctf Partn Master Lease, Ser A (AGM Insd)
|
|
|
5.500
|
%
|
|
|
01/01/25
|
|
|
|
500
|
|
|
|
508,655
|
|
|
Port Saint Lucie, FL Spl Assmt Rev Southwest Annexation Dist,
Ser 1-B (NATL Insd)
|
|
|
5.000
|
%
|
|
|
07/01/33
|
|
|
|
2,000
|
|
|
|
1,974,480
|
|
|
Putnam Cnty, FL Dev Auth Pollutn Ctl Rev Rfdg Seminole Proj, Ser
A (AMBAC
Insd)
(b)
|
|
|
5.350
|
%
|
|
|
03/15/42
|
|
|
|
4,675
|
|
|
|
5,187,801
|
|
|
Reunion East Cmnty Dev Dist FL Spl Assmt
|
|
|
5.800
|
%
|
|
|
05/01/36
|
|
|
|
880
|
|
|
|
482,038
|
|
|
Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A
|
|
|
5.250
|
%
|
|
|
01/01/26
|
|
|
|
1,000
|
|
|
|
852,910
|
|
|
Saint Johns Cnty, FL Indl Dev Auth Hlthcare Glenmoor Proj, Ser A
|
|
|
5.375
|
%
|
|
|
01/01/40
|
|
|
|
1,500
|
|
|
|
1,182,705
|
|
|
Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd)
|
|
|
5.000
|
%
|
|
|
07/01/21
|
|
|
|
2,000
|
|
|
|
2,066,280
|
|
|
Saint Lucie Cnty, FL Sch Brd Ctf, Ser A (AGM Insd)
|
|
|
5.000
|
%
|
|
|
07/01/23
|
|
|
|
750
|
|
|
|
774,848
|
|
|
Seminole Tribe FL Spl Oblig Rev, Ser
A
(c)
|
|
|
5.250
|
%
|
|
|
10/01/27
|
|
|
|
600
|
|
|
|
581,982
|
|
|
Seven Oaks, FL Cmnty Dev Dist II Spl Assmt Rev, Ser A
|
|
|
5.875
|
%
|
|
|
05/01/35
|
|
|
|
1,380
|
|
|
|
1,040,989
|
|
|
South Lake Cnty Hosp Dist FL South Lake Hosp Inc
|
|
|
6.375
|
%
|
|
|
10/01/28
|
|
|
|
1,000
|
|
|
|
1,020,300
|
|
|
Sterling Hill Cmnty Dev Dist FL Cap Impt Rev, Ser A
|
|
|
6.200
|
%
|
|
|
05/01/35
|
|
|
|
1,250
|
|
|
|
1,188,213
|
|
|
Tallahassee, FL Hlth Fac Rev Tallahassee Mem Hlthcare Proj
|
|
|
6.375
|
%
|
|
|
12/01/30
|
|
|
|
1,000
|
|
|
|
1,000,610
|
|
|
Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd)
|
|
|
5.500
|
%
|
|
|
08/01/17
|
|
|
|
1,000
|
|
|
|
1,013,860
|
|
|
Tallahassee, FL Lease Rev FL St Univ Proj, Ser A (NATL Insd)
|
|
|
5.500
|
%
|
|
|
08/01/19
|
|
|
|
1,115
|
|
|
|
1,129,595
|
|
|
Tolomato Cmnty, Dev Dist FL, Ser A
|
|
|
5.250
|
%
|
|
|
05/01/39
|
|
|
|
495
|
|
|
|
340,565
|
|
|
Tolomato Cmnty, FL Dev Dist Spl Assmt
|
|
|
6.550
|
%
|
|
|
05/01/27
|
|
|
|
300
|
|
|
|
223,173
|
|
|
Tolomato Cmnty, FL Dev Dist Spl Assmt
|
|
|
6.650
|
%
|
|
|
05/01/40
|
|
|
|
1,720
|
|
|
|
1,271,407
|
|
|
Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd)
|
|
|
5.125
|
%
|
|
|
11/01/36
|
|
|
|
3,500
|
|
|
|
3,178,210
|
|
|
Village Ctr Cmnty Dev Dist FL Recreational Rev, Ser A (NATL Insd)
|
|
|
5.200
|
%
|
|
|
11/01/25
|
|
|
|
1,000
|
|
|
|
990,750
|
|
|
Village Ctr Cmnty Dev Dist FL Util Rev (FGIC
Insd)
(d)
|
|
|
6.000
|
%
|
|
|
11/01/18
|
|
|
|
1,000
|
|
|
|
1,219,490
|
|
|
Village Ctr Cmnty Dev Dist FL Util Rev (NATL Insd)
|
|
|
5.250
|
%
|
|
|
10/01/23
|
|
|
|
2,000
|
|
|
|
2,035,680
|
|
|
Volusia Cnty, FL Ed Fac Auth Rev Ed Fac Embry Riddle Aero, Ser A
|
|
|
5.750
|
%
|
|
|
10/15/29
|
|
|
|
1,000
|
|
|
|
1,001,050
|
|
|
West Orange Hlthcare Dist FL, Ser A
|
|
|
5.800
|
%
|
|
|
02/01/31
|
|
|
|
3,000
|
|
|
|
3,023,490
|
|
|
World Comm Cmnty Dev Dist FL Spl
Assmt
(e)
|
|
|
5.500
|
%
|
|
|
05/01/38
|
|
|
|
750
|
|
|
|
249,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190,003,148
|
|
|
Georgia3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien, Ser C
(AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
01/01/33
|
|
|
|
5,250
|
|
|
|
5,367,915
|
|
|
Atlanta, GA Tax Alloc Beltline Proj, Ser B
|
|
|
6.750
|
%
|
|
|
01/01/20
|
|
|
|
1,575
|
|
|
|
1,648,190
|
|
|
Atlanta, GA Tax Alloc Beltline Proj, Ser B
|
|
|
7.375
|
%
|
|
|
01/01/31
|
|
|
|
310
|
|
|
|
322,766
|
|
|
Atlanta, GA Tax Alloc Eastside Proj, Ser B
|
|
|
5.600
|
%
|
|
|
01/01/30
|
|
|
|
1,000
|
|
|
|
1,010,540
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
%
|
|
|
11/01/27
|
|
|
|
1,850
|
|
|
|
2,082,045
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
%
|
|
|
11/01/28
|
|
|
|
2,000
|
|
|
|
2,242,920
|
|
|
Atlanta, GA Wtr & Wastewtr Rev, Ser A
|
|
|
6.000
|
%
|
|
|
11/01/29
|
|
|
|
1,850
|
|
|
|
2,064,489
|
|
|
George L Smith II GA World Congress Cent Auth Rev Domed Stadium
Proj Rfdg (NATL Insd) (AMT)
|
|
|
5.500
|
%
|
|
|
07/01/20
|
|
|
|
1,500
|
|
|
|
1,517,070
|
|
|
Georgia Muni Elec Auth Pwr Rev, Ser A (NATL Insd)
|
|
|
6.500
|
%
|
|
|
01/01/20
|
|
|
|
2,635
|
|
|
|
3,182,816
|
|
|
Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd)
|
|
|
6.500
|
%
|
|
|
01/01/17
|
|
|
|
5,575
|
|
|
|
6,577,887
|
|
|
Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) (Prerefunded @
1/01/14)
|
|
|
6.500
|
%
|
|
|
01/01/17
|
|
|
|
85
|
|
|
|
100,189
|
|
|
Georgia Muni Elec Auth Pwr Rev, Ser Y (NATL Insd) (Prerefunded @
1/01/16)
|
|
|
6.500
|
%
|
|
|
01/01/17
|
|
|
|
240
|
|
|
|
283,217
|
|
|
Putnam Cnty, GA Dev Auth Pollutn Ctl Rev GA Pwr Co, Ser 1
|
|
|
5.100
|
%
|
|
|
06/01/23
|
|
|
|
2,400
|
|
|
|
2,473,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,873,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Hawaii0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii St Arpt Sys Rev, Ser A
|
|
|
5.000
|
%
|
|
|
07/01/39
|
|
|
$
|
3,075
|
|
|
$
|
3,149,446
|
|
|
Idaho0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A
|
|
|
6.500
|
%
|
|
|
11/01/23
|
|
|
|
1,000
|
|
|
|
1,146,070
|
|
|
Idaho Hlth Fac Auth Rev Saint Lukes Hlth Sys Proj, Ser A
|
|
|
6.750
|
%
|
|
|
11/01/37
|
|
|
|
1,500
|
|
|
|
1,690,410
|
|
|
Idaho Hlth Fac Auth Rev Vly Vista Care Corp Rfdg
|
|
|
6.125
|
%
|
|
|
11/15/27
|
|
|
|
1,230
|
|
|
|
1,107,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,943,566
|
|
|
Illinois11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bartlett, IL Tax Increment Rev Sr Lien Quarry Redev Proj Rfdg
|
|
|
5.600
|
%
|
|
|
01/01/23
|
|
|
|
1,910
|
|
|
|
1,667,583
|
|
|
Bourbonnais, IL Indl Proj Rev Olivet Nazarene Univ Proj
|
|
|
5.500
|
%
|
|
|
11/01/40
|
|
|
|
1,100
|
|
|
|
1,124,629
|
|
|
Chicago, IL Brd Ed (FGIC Insd) (Prerefunded @
12/01/10)
|
|
|
5.500
|
%
|
|
|
12/01/31
|
|
|
|
2,000
|
|
|
|
2,009,320
|
|
|
Chicago, IL Brd Ed Rfdg, Ser C (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
12/01/27
|
|
|
|
5,775
|
|
|
|
6,086,850
|
|
|
Chicago, IL Brd Ed Rfdg, Ser C (AGM Insd)
|
|
|
5.000
|
%
|
|
|
12/01/27
|
|
|
|
5,900
|
|
|
|
6,218,600
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien, Ser A
(AGL
Insd)
(a)
|
|
|
5.250
|
%
|
|
|
01/01/24
|
|
|
|
4,400
|
|
|
|
4,684,020
|
|
|
Chicago, IL OHare Intl Arpt Rev Gen Arpt Third Lien, Ser A
(AGL
Insd)
(a)
|
|
|
5.250
|
%
|
|
|
01/01/25
|
|
|
|
11,500
|
|
|
|
12,198,050
|
|
|
Chicago, IL OHare Intl Arpt Rev, Ser A (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
01/01/33
|
|
|
|
5,700
|
|
|
|
5,844,609
|
|
|
Chicago, IL Proj & Rfdg, Ser A (NATL Insd)
|
|
|
5.000
|
%
|
|
|
01/01/31
|
|
|
|
1,130
|
|
|
|
1,135,413
|
|
|
Chicago, IL Rfdg, Ser B (AMBAC Insd)
|
|
|
5.125
|
%
|
|
|
01/01/15
|
|
|
|
685
|
|
|
|
769,735
|
|
|
Chicago, IL, Ser A (AGL
Insd)
(a)
|
|
|
5.250
|
%
|
|
|
01/01/25
|
|
|
|
3,500
|
|
|
|
3,813,495
|
|
|
Du Page Cnty, IL Fst Presv Dist
|
|
|
*
|
|
|
|
11/01/10
|
|
|
|
3,500
|
|
|
|
3,499,930
|
|
|
Granite City Madison Cnty IL Waste Mgmt Inc Proj
(AMT)
(b)
|
|
|
3.500
|
%
|
|
|
05/01/27
|
|
|
|
1,300
|
|
|
|
1,322,503
|
|
|
Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd)
|
|
|
5.500
|
%
|
|
|
11/15/13
|
|
|
|
2,310
|
|
|
|
2,549,432
|
|
|
Illinois Dev Fin Auth Rev Adventist Hlth, Ser A (NATL Insd)
|
|
|
5.500
|
%
|
|
|
11/15/15
|
|
|
|
2,500
|
|
|
|
2,837,875
|
|
|
Illinois Fin Auth Hosp Rev Rfdg Kish Hlth Sys Oblig Group
|
|
|
5.500
|
%
|
|
|
10/01/22
|
|
|
|
1,860
|
|
|
|
1,964,327
|
|
|
Illinois Fin Auth Rev IL Fin Auth Roosevelt Univ
|
|
|
5.500
|
%
|
|
|
04/01/37
|
|
|
|
1,000
|
|
|
|
1,002,090
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser
A
(a)
|
|
|
5.375
|
%
|
|
|
08/15/24
|
|
|
|
3,500
|
|
|
|
3,859,100
|
|
|
Illinois Fin Auth Rev Northwestn Mem Hosp, Ser
A
(a)
|
|
|
5.750
|
%
|
|
|
08/15/30
|
|
|
|
2,000
|
|
|
|
2,211,900
|
|
|
Illinois Fin Auth Rev Osf Hlthcare Sys, Ser A
|
|
|
5.750
|
%
|
|
|
11/15/37
|
|
|
|
4,500
|
|
|
|
4,625,595
|
|
|
Illinois Fin Auth Rev Riverside Hlth Sys
|
|
|
6.250
|
%
|
|
|
11/15/35
|
|
|
|
1,900
|
|
|
|
2,035,356
|
|
|
Illinois Fin Auth Rev Rush Univ Med Ctr Oblig Grp, Ser A
|
|
|
7.250
|
%
|
|
|
11/01/38
|
|
|
|
2,885
|
|
|
|
3,294,641
|
|
|
Illinois Fin Auth Rev Sherman Hlth Sys 2007, Ser A
|
|
|
5.500
|
%
|
|
|
08/01/37
|
|
|
|
4,500
|
|
|
|
4,346,820
|
|
|
Illinois Fin Auth Rev Temps 65 Pk Pl Elmhurst, Ser D-2
|
|
|
7.000
|
%
|
|
|
11/15/15
|
|
|
|
2,700
|
|
|
|
2,713,095
|
|
|
Illinois Fin Auth Solid Waste Rev Disp Waste Mgmt Inc Proj, Ser
A (AMT)
|
|
|
5.050
|
%
|
|
|
08/01/29
|
|
|
|
1,330
|
|
|
|
1,335,639
|
|
|
Illinois Hlth Fac Auth Rev Evangelical Hosp, Ser C (AGM Insd)
|
|
|
6.750
|
%
|
|
|
04/15/17
|
|
|
|
1,250
|
|
|
|
1,501,000
|
|
|
Illinois Hlth Fac Auth Rev South Suburban
Hosp
(d)
|
|
|
7.000
|
%
|
|
|
02/15/18
|
|
|
|
2,085
|
|
|
|
2,504,064
|
|
|
Metropolitan Pier & Exposition IL Dedicated St Tax
McCormick Pl Expansion-A (AGM Insd)
|
|
|
5.500
|
%
|
|
|
06/15/50
|
|
|
|
3,375
|
|
|
|
3,565,890
|
|
|
Will-Kankakee Regl Dev Auth IL Multi-Family Hsg Rev Sr Estates
Supportive Living (AMT)
|
|
|
7.000
|
%
|
|
|
12/01/42
|
|
|
|
775
|
|
|
|
739,838
|
|
|
Yorkville, IL Utd City Spl Svc Area Spl Tax No
2006-113
Cannonball/Beecher
|
|
|
5.750
|
%
|
|
|
03/01/28
|
|
|
|
1,500
|
|
|
|
1,418,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,879,499
|
|
|
Indiana2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Point, IN Econ Dev Rev Temp Wittenberg Vlg Proj, Ser C-1
|
|
|
7.250
|
%
|
|
|
11/15/14
|
|
|
|
1,065
|
|
|
|
1,067,630
|
|
|
Indiana Fin Auth Hosp Rev Deaconess Hosp Oblig, Ser A
|
|
|
6.750
|
%
|
|
|
03/01/39
|
|
|
|
2,200
|
|
|
|
2,432,870
|
|
|
Indiana Hlth & Ed Fac Fin Auth Hosp Rev Howard Regl
Hlth Sys Proj, Ser
B
(h)
|
|
|
0.300
|
%
|
|
|
01/01/35
|
|
|
|
1,000
|
|
|
|
1,000,000
|
|
|
Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr
Cr B-6
(a)
|
|
|
5.000
|
%
|
|
|
11/15/36
|
|
|
|
5,600
|
|
|
|
5,740,672
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Indiana(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana St Fin Auth Environmental Fac Rev IN Pwr & LT
Co Proj Rfdg, Ser A
|
|
|
4.900
|
%
|
|
|
01/01/16
|
|
|
$
|
2,500
|
|
|
$
|
2,746,650
|
|
|
North Adams, IN Cmnty Sch Renovation Bldg Corp Cap Apprec First
Mtg (AGM Insd)
|
|
|
*
|
|
|
|
01/15/19
|
|
|
|
1,280
|
|
|
|
983,578
|
|
|
Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)
|
|
|
5.950
|
%
|
|
|
12/01/29
|
|
|
|
1,500
|
|
|
|
1,535,370
|
|
|
Vigo Cnty, IN Hosp Auth Rev Un Hosp
Inc
(c)
|
|
|
5.750
|
%
|
|
|
09/01/42
|
|
|
|
500
|
|
|
|
471,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,978,265
|
|
|
Iowa1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd)
|
|
|
5.750
|
%
|
|
|
06/01/15
|
|
|
|
1,685
|
|
|
|
1,691,116
|
|
|
Des Moines, IA Pub Pkg Sys, Ser A (NATL Insd)
|
|
|
5.750
|
%
|
|
|
06/01/16
|
|
|
|
1,785
|
|
|
|
1,791,480
|
|
|
Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj, Ser C
|
|
|
5.950
|
%
|
|
|
08/01/37
|
|
|
|
500
|
|
|
|
428,830
|
|
|
Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C
|
|
|
5.375
|
%
|
|
|
06/01/38
|
|
|
|
1,410
|
|
|
|
1,167,170
|
|
|
Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd, Ser C
|
|
|
5.500
|
%
|
|
|
06/01/42
|
|
|
|
5,950
|
|
|
|
4,652,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,731,377
|
|
|
Kansas1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington, KS Environmental Impt Rev KC Pwr Lt Rfdg, Ser B
(Syncora
Gtd)
(b)
|
|
|
5.000
|
%
|
|
|
12/01/23
|
|
|
|
2,100
|
|
|
|
2,132,361
|
|
|
Kansas St Dev Fin Auth Hosp Rev Adventist Hlth
|
|
|
5.750
|
%
|
|
|
11/15/38
|
|
|
|
3,800
|
|
|
|
4,212,186
|
|
|
Lenexa, KS Hlthcare Fac Rev Rfdg & Impt
|
|
|
5.500
|
%
|
|
|
05/15/39
|
|
|
|
1,250
|
|
|
|
1,055,887
|
|
|
Olathe, KS Sr Living Fac Rev Catholic Care Campus Inc, Ser A
|
|
|
6.000
|
%
|
|
|
11/15/38
|
|
|
|
1,075
|
|
|
|
986,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,387,091
|
|
|
Kentucky1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Econ Dev Fin Auth Hosp Fac Rev Owensboro Med Hlth Sys,
Ser A
|
|
|
6.500
|
%
|
|
|
03/01/45
|
|
|
|
2,400
|
|
|
|
2,562,096
|
|
|
Kentucky Econ Dev Fin Auth Louisville Arena Proj Rev Louisville
Arena Sub, Ser
A-1
(AGL
Insd)
|
|
|
5.750
|
%
|
|
|
12/01/28
|
|
|
|
2,300
|
|
|
|
2,528,735
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL
Insd)
|
|
|
5.250
|
%
|
|
|
02/01/24
|
|
|
|
2,470
|
|
|
|
2,791,075
|
|
|
Kentucky St Ppty & Bldg Commn Rev Rfdg Proj No 93 (AGL
Insd)
|
|
|
5.250
|
%
|
|
|
02/01/25
|
|
|
|
2,780
|
|
|
|
3,122,885
|
|
|
Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys
Rev Norton Hlthcare Inc
|
|
|
5.250
|
%
|
|
|
10/01/36
|
|
|
|
3,915
|
|
|
|
3,914,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,919,635
|
|
|
Louisiana1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Vlg Master Cmnty Dev Dist LA Spl Assmt
|
|
|
5.250
|
%
|
|
|
07/01/17
|
|
|
|
1,482
|
|
|
|
789,950
|
|
|
Louisiana Pub Fac Auth Rev Entergy LA LLC Proj
|
|
|
5.000
|
%
|
|
|
06/01/30
|
|
|
|
1,700
|
|
|
|
1,715,113
|
|
|
Louisiana St Ctzn Ppty Ins Corp Assmt Rev, Ser C-2 (AGL Insd)
|
|
|
6.750
|
%
|
|
|
06/01/26
|
|
|
|
3,100
|
|
|
|
3,637,168
|
|
|
Rapides Fin Auth LA Rev Cleco Pwr Proj
(AMT)
(b)
|
|
|
5.250
|
%
|
|
|
11/01/37
|
|
|
|
2,750
|
|
|
|
2,922,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,064,849
|
|
|
Maryland1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland St Econ Dev Corp Econ Dev Rev Term Proj, Ser B
|
|
|
5.750
|
%
|
|
|
06/01/35
|
|
|
|
1,565
|
|
|
|
1,635,268
|
|
|
Maryland St Econ Dev Corp Econ Dev Rev Trans Fac Proj, Ser A
|
|
|
5.375
|
%
|
|
|
06/01/25
|
|
|
|
1,110
|
|
|
|
1,156,809
|
|
|
Maryland St Hlth & Higher Ed Fac Auth Rev MD Inst
College of Art
|
|
|
5.000
|
%
|
|
|
06/01/40
|
|
|
|
2,500
|
|
|
|
2,415,625
|
|
|
Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med
Ctr, Ser A
|
|
|
5.500
|
%
|
|
|
07/01/42
|
|
|
|
1,915
|
|
|
|
1,919,079
|
|
|
Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt, Ser B (AMBAC
Insd) (AMT)
|
|
|
5.125
|
%
|
|
|
03/01/24
|
|
|
|
2,250
|
|
|
|
2,309,692
|
|
|
Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj
|
|
|
5.200
|
%
|
|
|
07/01/34
|
|
|
|
1,175
|
|
|
|
1,081,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,518,390
|
|
|
Massachusetts4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Dev Fin Agy Sr Living Fac Rev, Ser B2
|
|
|
6.250
|
%
|
|
|
06/01/14
|
|
|
|
3,320
|
|
|
|
3,320,100
|
|
|
Massachusetts St Dept Trans Met Hwy Sys Rev, Ser B
|
|
|
5.000
|
%
|
|
|
01/01/32
|
|
|
|
6,000
|
|
|
|
6,324,540
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Massachusetts(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A
|
|
|
5.750
|
%
|
|
|
11/15/35
|
|
|
$
|
350
|
|
|
$
|
257,057
|
|
|
Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac, Ser A
|
|
|
5.750
|
%
|
|
|
11/15/42
|
|
|
|
750
|
|
|
|
526,605
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Berklee
College Music, Ser A
|
|
|
5.000
|
%
|
|
|
10/01/32
|
|
|
|
2,700
|
|
|
|
2,782,674
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Harvard Univ,
Ser B
(a)
|
|
|
5.000
|
%
|
|
|
10/01/38
|
|
|
|
7,000
|
|
|
|
7,548,800
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev Hlthcare Sys
Covenant
|
|
|
6.000
|
%
|
|
|
07/01/31
|
|
|
|
395
|
|
|
|
403,184
|
|
|
Massachusetts St Hlth & Ed Fac Auth Rev MA Inst Tech,
Ser A
|
|
|
5.000
|
%
|
|
|
07/01/38
|
|
|
|
750
|
|
|
|
806,910
|
|
|
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A
(AMBAC
Insd)
(a)
|
|
|
4.500
|
%
|
|
|
08/15/35
|
|
|
|
5,740
|
|
|
|
5,825,296
|
|
|
Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev, Ser A
(AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
08/15/30
|
|
|
|
3,850
|
|
|
|
4,079,460
|
|
|
Massachusetts St Wtr Res Auth, Ser B
|
|
|
5.000
|
%
|
|
|
08/01/22
|
|
|
|
1,800
|
|
|
|
2,061,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,935,914
|
|
|
Michigan4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/17
|
|
|
|
3,015
|
|
|
|
2,233,874
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/18
|
|
|
|
3,050
|
|
|
|
2,122,769
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/19
|
|
|
|
3,050
|
|
|
|
1,984,940
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/22
|
|
|
|
3,050
|
|
|
|
1,621,807
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/23
|
|
|
|
3,050
|
|
|
|
1,523,170
|
|
|
Detroit, MI Downtown Dev Auth Tax Increment Rev, Ser C1
|
|
|
*
|
|
|
|
07/01/24
|
|
|
|
3,050
|
|
|
|
1,429,565
|
|
|
Detroit, MI Sew Disp Rev Sr Lien Rfdg, Ser C-1 (AGM Insd)
|
|
|
7.000
|
%
|
|
|
07/01/27
|
|
|
|
3,925
|
|
|
|
4,694,496
|
|
|
Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd)
|
|
|
*
|
|
|
|
06/01/15
|
|
|
|
3,500
|
|
|
|
3,010,385
|
|
|
Grand Rapids, MI Downtown Dev Cap Apprec (NATL Insd)
|
|
|
*
|
|
|
|
06/01/16
|
|
|
|
2,765
|
|
|
|
2,260,775
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser
A
(b)
|
|
|
5.250
|
%
|
|
|
01/15/47
|
|
|
|
1,350
|
|
|
|
1,507,059
|
|
|
Kent Hosp Fin Auth MI Rev Spectrum Hlth, Ser
A
(b)
|
|
|
5.500
|
%
|
|
|
01/15/47
|
|
|
|
600
|
|
|
|
689,364
|
|
|
Michigan St Strategic Fd Detroit Edison Pollutn Ctl Rfdg (AMBAC
Insd)
(b)
|
|
|
4.850
|
%
|
|
|
09/01/30
|
|
|
|
2,500
|
|
|
|
2,544,000
|
|
|
Michigan St Strategic Fd Detroit Edison Polutnl Ctl Rfdg, Ser B
(AMT)
|
|
|
5.650
|
%
|
|
|
09/01/29
|
|
|
|
1,000
|
|
|
|
1,003,940
|
|
|
Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj
Rfdg, Ser A (Syncora Gtd) (AMT)
|
|
|
5.500
|
%
|
|
|
06/01/30
|
|
|
|
2,250
|
|
|
|
2,252,723
|
|
|
Michigan St Strategic Fd Ltd Oblig Rev Detroit Edison Co Proj
Rfdg, Ser C (Syncora Gtd) (AMT)
|
|
|
5.450
|
%
|
|
|
12/15/32
|
|
|
|
2,500
|
|
|
|
2,479,200
|
|
|
Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr, Ser A
|
|
|
6.000
|
%
|
|
|
06/01/48
|
|
|
|
2,020
|
|
|
|
1,614,162
|
|
|
Saginaw, MI Hosp Fin Auth Rfdg Covenant Med Ctr, Ser H
|
|
|
5.000
|
%
|
|
|
07/01/30
|
|
|
|
3,000
|
|
|
|
2,970,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,942,379
|
|
|
Minnesota1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Annandale, MN Econ Dev Auth Sr Hsg & Hlthcare Rev
Annandale Care Ctr Proj, Ser A
|
|
|
5.900
|
%
|
|
|
11/01/37
|
|
|
|
1,380
|
|
|
|
1,324,317
|
|
|
Chisago, MN Hlthcare Fac Rev CDL Homes LLC Proj
|
|
|
6.000
|
%
|
|
|
08/01/42
|
|
|
|
525
|
|
|
|
525,588
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A
|
|
|
6.375
|
%
|
|
|
11/15/23
|
|
|
|
2,750
|
|
|
|
3,187,002
|
|
|
Minneapolis, MN Hlthcare Sys Rev Fairview Hlth Svc, Ser A
|
|
|
6.625
|
%
|
|
|
11/15/28
|
|
|
|
1,850
|
|
|
|
2,118,195
|
|
|
Minnesota Agric & Econ Dev Brd Rev Hlthcare Sys (NATL
Insd)
|
|
|
5.750
|
%
|
|
|
11/15/26
|
|
|
|
50
|
|
|
|
50,035
|
|
|
North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks
|
|
|
6.000
|
%
|
|
|
10/01/27
|
|
|
|
300
|
|
|
|
304,560
|
|
|
North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks
|
|
|
6.000
|
%
|
|
|
10/01/33
|
|
|
|
775
|
|
|
|
777,999
|
|
|
Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth
Partners Oblig Grp Proj
|
|
|
5.250
|
%
|
|
|
05/15/36
|
|
|
|
2,200
|
|
|
|
2,145,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,433,268
|
|
|
Mississippi1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Business Fin Corp Chevron USA Inc Proj, Ser
A
(h)
|
|
|
0.230
|
%
|
|
|
12/01/30
|
|
|
|
4,700
|
|
|
|
4,700,000
|
|
|
Mississippi Business Fin Corp Chevron USA Inc Proj, Ser
C
(h)
|
|
|
0.230
|
%
|
|
|
12/01/30
|
|
|
|
8,500
|
|
|
|
8,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Missouri2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast
MO Hosp Assoc
|
|
|
5.625
|
%
|
|
|
06/01/27
|
|
|
$
|
245
|
|
|
$
|
245,963
|
|
|
Cass Cnty, MO Hosp Rev
|
|
|
5.625
|
%
|
|
|
05/01/38
|
|
|
|
1,700
|
|
|
|
1,627,852
|
|
|
Cole Cnty, MO Indl Dev Auth Sr Living Fac Rev Lutheran Sr Svc
Heisinger Proj
|
|
|
5.500
|
%
|
|
|
02/01/35
|
|
|
|
625
|
|
|
|
626,050
|
|
|
Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F
|
|
|
5.750
|
%
|
|
|
05/15/26
|
|
|
|
2,500
|
|
|
|
2,405,550
|
|
|
Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg, Ser F
|
|
|
5.750
|
%
|
|
|
05/15/31
|
|
|
|
1,000
|
|
|
|
928,390
|
|
|
Kirkwood, MO Indl Dev Auth Retirement Cmnty Rev Temp 75 Aberdeen
Hts, Ser C-1
|
|
|
7.500
|
%
|
|
|
11/15/16
|
|
|
|
2,500
|
|
|
|
2,528,500
|
|
|
Maryland Heights, MO Tax Increment Rev South Heights Redev Proj
Rfdg, Ser A
|
|
|
5.500
|
%
|
|
|
09/01/18
|
|
|
|
1,140
|
|
|
|
1,097,774
|
|
|
Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac
Lutheran Sr
|
|
|
5.375
|
%
|
|
|
02/01/35
|
|
|
|
1,200
|
|
|
|
1,199,088
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Friendship
Vlg West Cnty, Ser A
|
|
|
5.375
|
%
|
|
|
09/01/21
|
|
|
|
1,250
|
|
|
|
1,263,075
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A
|
|
|
6.375
|
%
|
|
|
12/01/30
|
|
|
|
975
|
|
|
|
876,857
|
|
|
Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint
Andrews Res for Srs, Ser A
|
|
|
6.375
|
%
|
|
|
12/01/41
|
|
|
|
2,335
|
|
|
|
2,062,272
|
|
|
Saint Louis, MO Indl Dev Auth Tax Increment & Cmnty
Impt Dist Loughborough Com Redev Rfdg
|
|
|
5.750
|
%
|
|
|
11/01/27
|
|
|
|
900
|
|
|
|
859,617
|
|
|
Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson
Arpt, Ser B (AMBAC Insd) (AMT)
|
|
|
4.550
|
%
|
|
|
07/01/29
|
|
|
|
2,345
|
|
|
|
2,346,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,067,137
|
|
|
Nebraska0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Omaha Pub Pwr Dist NE Elec Rev Sys, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
02/01/34
|
|
|
|
2,615
|
|
|
|
2,695,934
|
|
|
Nevada2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj, Ser A
(AMBAC Insd) (AMT)
|
|
|
5.250
|
%
|
|
|
07/01/34
|
|
|
|
3,000
|
|
|
|
2,988,900
|
|
|
Clark Cnty, NV Indl Dev Southwest Gas Corp Proj, Ser D1 (NATL
Insd) (AMT)
|
|
|
5.250
|
%
|
|
|
03/01/38
|
|
|
|
3,500
|
|
|
|
3,473,610
|
|
|
Nevada St Cap Impt & Cultural Affairs, Ser
C
(a)
|
|
|
5.000
|
%
|
|
|
06/01/22
|
|
|
|
4,300
|
|
|
|
4,788,609
|
|
|
Nevada St Cap Impt & Cultural Affairs, Ser
C
(a)
|
|
|
5.000
|
%
|
|
|
06/01/23
|
|
|
|
3,300
|
|
|
|
3,648,843
|
|
|
Reno, NV Hosp Rev Renown Regl Med Ctr Proj, Ser A
|
|
|
5.250
|
%
|
|
|
06/01/37
|
|
|
|
3,460
|
|
|
|
3,415,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,315,847
|
|
|
New Hampshire0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum Co
Proj
(AMT)
(b)
|
|
|
7.125
|
%
|
|
|
07/01/27
|
|
|
|
1,050
|
|
|
|
1,096,105
|
|
|
New Hampshire St Business Fin Auth Pollutn Ctl Rev Utd Illum
Rfdg, Ser A
(AMT)
(b)
|
|
|
6.875
|
%
|
|
|
12/01/29
|
|
|
|
750
|
|
|
|
790,658
|
|
|
New Hampshire St Business Fin Auth Wtr Fac Rev Pennichuck Wtrwks
Inc (AMBAC Insd) (AMT)
|
|
|
6.300
|
%
|
|
|
05/01/22
|
|
|
|
850
|
|
|
|
851,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,738,140
|
|
|
New Jersey5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Cnty, NJ Brdg Cmnty Econ Dev Rev The Evergreens Proj
|
|
|
5.625
|
%
|
|
|
01/01/38
|
|
|
|
375
|
|
|
|
336,645
|
|
|
New Jersey Econ Dev Auth Rev MSU Student Hsg Proj Provident
Group Montclair LLC
|
|
|
5.875
|
%
|
|
|
06/01/42
|
|
|
|
2,475
|
|
|
|
2,597,859
|
|
|
New Jersey Econ Dev Auth St Contract Econ Recovery (NATL Insd)
|
|
|
5.900
|
%
|
|
|
03/15/21
|
|
|
|
25,000
|
|
|
|
29,917,500
|
|
|
New Jersey Hlthcare Fac Fin Auth Rev Saint Peters Univ
Hosp Oblig
|
|
|
5.750
|
%
|
|
|
07/01/37
|
|
|
|
2,300
|
|
|
|
2,328,221
|
|
|
New Jersey St Trans Tr Fd Auth Trans Sys, Ser A
|
|
|
5.750
|
%
|
|
|
06/15/17
|
|
|
|
2,095
|
|
|
|
2,499,670
|
|
|
Tobacco Settlement Fin Corp NJ, Ser
1-A
|
|
|
4.750
|
%
|
|
|
06/01/34
|
|
|
|
4,500
|
|
|
|
3,330,405
|
|
|
Tobacco Settlement Fin Corp NJ, Ser
1-A
|
|
|
5.000
|
%
|
|
|
06/01/41
|
|
|
|
2,210
|
|
|
|
1,593,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,603,600
|
|
|
New Mexico0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Farmington, NM Pollutn Ctl Rev Pub Svc Co NM San Juan, Ser C
|
|
|
5.900
|
%
|
|
|
06/01/40
|
|
|
|
3,125
|
|
|
|
3,238,219
|
|
|
Jicarilla, NM Apache Nation Rev, Ser A
(Acquired 10/23/03,
Cost $1,275,475)
(g)
|
|
|
5.500
|
%
|
|
|
09/01/23
|
|
|
|
1,250
|
|
|
|
1,320,887
|
|
|
New Mexico St Hosp Equip Ln Council Hosp Rev Presbyterian
Hlthcare Svc, Ser
A
(a)
|
|
|
6.375
|
%
|
|
|
08/01/32
|
|
|
|
2,050
|
|
|
|
2,330,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,889,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
New York11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj
|
|
|
6.250
|
%
|
|
|
07/15/40
|
|
|
$
|
2,070
|
|
|
$
|
2,247,792
|
|
|
Brooklyn Arena Loc Dev Corp NY Barclays Ctr Proj
|
|
|
6.375
|
%
|
|
|
07/15/43
|
|
|
|
860
|
|
|
|
937,340
|
|
|
Metropolitan Trans Auth NY Dedicated Tax Fd, Ser B
|
|
|
5.250
|
%
|
|
|
11/15/28
|
|
|
|
4,000
|
|
|
|
4,433,880
|
|
|
Metropolitan Trans Auth NY Rev Rfdg, Ser A (NATL Insd)
|
|
|
5.250
|
%
|
|
|
11/15/31
|
|
|
|
2,500
|
|
|
|
2,632,425
|
|
|
New York City Hsg Dev Corp Multi-Family Hsg Rev, Ser E1 (AMT)
|
|
|
5.350
|
%
|
|
|
11/01/37
|
|
|
|
2,400
|
|
|
|
2,484,960
|
|
|
New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Proj,
Ser B
|
|
|
6.750
|
%
|
|
|
03/01/15
|
|
|
|
3,000
|
|
|
|
3,049,410
|
|
|
New York City Muni Wtr Fin Auth Wtr & Swr Rev,
Ser AA
(a)
|
|
|
5.000
|
%
|
|
|
06/15/22
|
|
|
|
8,450
|
|
|
|
9,598,609
|
|
|
New York City, Ser
I-1
(a)
|
|
|
5.000
|
%
|
|
|
02/01/26
|
|
|
|
7,225
|
|
|
|
7,819,907
|
|
|
New York City Trans Auth Trans Fac Livingston Plaza Proj Rfdg,
Ser 1993 (AGM
Insd)
(d)
|
|
|
5.400
|
%
|
|
|
01/01/18
|
|
|
|
14,930
|
|
|
|
17,490,943
|
|
|
New York City Trans Fin Auth Bldg Aid Rev Fiscal 2009, Ser
S-3
|
|
|
5.250
|
%
|
|
|
01/15/39
|
|
|
|
5,300
|
|
|
|
5,745,942
|
|
|
New York St Dorm Auth Rev Hosp (NATL Insd)
|
|
|
5.000
|
%
|
|
|
08/01/33
|
|
|
|
2,500
|
|
|
|
2,567,775
|
|
|
New York St Dorm Auth Rev Non St Supported Debt Sch Dist Fin
Pgm, Ser C (AGL Insd)
|
|
|
5.000
|
%
|
|
|
10/01/24
|
|
|
|
3,000
|
|
|
|
3,334,950
|
|
|
New York St Loc Assistance Corp Rfdg, Ser E
|
|
|
6.000
|
%
|
|
|
04/01/14
|
|
|
|
2,790
|
|
|
|
3,114,728
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
03/15/26
|
|
|
|
2,800
|
|
|
|
3,103,660
|
|
|
New York St Twy Auth St Pers Income Tax Rev Trans, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
03/15/27
|
|
|
|
3,100
|
|
|
|
3,417,254
|
|
|
New York St Urban Dev Corp Rev Correctional Fac Rfdg
|
|
|
5.500
|
%
|
|
|
01/01/13
|
|
|
|
1,155
|
|
|
|
1,199,618
|
|
|
Port Auth NY & NJ Cons
144th
(a)
|
|
|
5.000
|
%
|
|
|
10/01/35
|
|
|
|
12,100
|
|
|
|
12,952,566
|
|
|
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)
|
|
|
5.750
|
%
|
|
|
12/01/22
|
|
|
|
3,000
|
|
|
|
3,006,420
|
|
|
Port Auth NY & NJ Spl Oblig Rev Spl Proj JFK Intl Arpt
Term 6 (NATL Insd) (AMT)
|
|
|
5.750
|
%
|
|
|
12/01/25
|
|
|
|
3,000
|
|
|
|
3,005,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,144,149
|
|
|
North Carolina3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Med Care Commn Retirement Fac Rev First Mtg
Southminster Proj, Ser A
|
|
|
5.750
|
%
|
|
|
10/01/37
|
|
|
|
1,050
|
|
|
|
971,450
|
|
|
North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg
(NATL Insd)
|
|
|
6.000
|
%
|
|
|
01/01/12
|
|
|
|
25,000
|
|
|
|
26,501,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,472,700
|
|
|
North Dakota0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
McLean Cnty, ND Solid Waste Fac Rev Great River Energy, Ser B
|
|
|
5.150
|
%
|
|
|
07/01/40
|
|
|
|
1,000
|
|
|
|
1,027,540
|
|
|
Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group Rfdg
|
|
|
5.125
|
%
|
|
|
07/01/29
|
|
|
|
1,500
|
|
|
|
1,483,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,510,560
|
|
|
Ohio7.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev
Eliza Jennings Sr Care, Ser A
|
|
|
5.750
|
%
|
|
|
05/15/27
|
|
|
|
450
|
|
|
|
423,239
|
|
|
Delaware Cnty, OH Cap Fac (Prerefunded @
12/01/10)
|
|
|
6.000
|
%
|
|
|
12/01/25
|
|
|
|
1,000
|
|
|
|
1,015,100
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic, Ser A (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
02/01/24
|
|
|
|
4,500
|
|
|
|
4,805,775
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic, Ser B (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
02/01/24
|
|
|
|
4,525
|
|
|
|
4,832,564
|
|
|
Lorain Cnty, OH Hosp Rev Fac Catholic Rfdg, Ser C-1 (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
04/01/24
|
|
|
|
4,800
|
|
|
|
5,125,296
|
|
|
Montgomery Cnty, OH Rev Catholic Hlth, Ser C-1 (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
10/01/41
|
|
|
|
1,625
|
|
|
|
1,663,236
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.000
|
%
|
|
|
11/15/28
|
|
|
|
2,370
|
|
|
|
2,521,680
|
|
|
Montgomery Cnty, OH Rev Miami Vly Hosp, Ser A
|
|
|
6.250
|
%
|
|
|
11/15/39
|
|
|
|
1,465
|
|
|
|
1,552,695
|
|
|
Ohio St Air Quality Dev Auth Rev Dayton Pwr (BHAC Insd)
(AMT)
(a)
|
|
|
4.800
|
%
|
|
|
09/01/36
|
|
|
|
8,000
|
|
|
|
8,080,240
|
|
|
Ohio St Air Quality Dev Auth Rev Rfdg OH Pwr CO Galvin-A
(AMT)
(b)
|
|
|
2.875
|
%
|
|
|
12/01/27
|
|
|
|
2,000
|
|
|
|
1,999,100
|
|
|
Ohio St Air Quality Dev Auth Rev Rfdg Pollutn Ctl First Energy,
Ser C
|
|
|
5.625
|
%
|
|
|
06/01/18
|
|
|
|
4,300
|
|
|
|
4,806,110
|
|
|
Ohio St Air Quality Dev Auth Rev Rfdg Pollutn Ctl First
Energy
(b)
|
|
|
2.250
|
%
|
|
|
12/01/23
|
|
|
|
5,000
|
|
|
|
4,931,600
|
|
|
Ohio St Higher Ed Fac Commn Rev Summa Hlth Sys 2010 Proj
|
|
|
5.750
|
%
|
|
|
11/15/35
|
|
|
|
2,390
|
|
|
|
2,457,063
|
|
|
Ohio St Higher Ed Fac Commn Rev Univ Hosp Hlth Sys, Ser 2009A
|
|
|
6.750
|
%
|
|
|
01/15/39
|
|
|
|
3,000
|
|
|
|
3,220,380
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Ohio(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio St Hosp Fac Rev Cleveland Clinic Hlth, Ser
B
(a)
|
|
|
5.000
|
%
|
|
|
01/01/27
|
|
|
$
|
4,000
|
|
|
$
|
4,247,640
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D
(GNMA Collateralized)
(AMT)
(a)
|
|
|
5.300
|
%
|
|
|
09/01/28
|
|
|
|
2,762
|
|
|
|
2,895,101
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser D
(GNMA Collateralized)
(AMT)
(a)
|
|
|
5.400
|
%
|
|
|
03/01/33
|
|
|
|
2,358
|
|
|
|
2,459,300
|
|
|
Ohio St Hsg Fin Agy Residential Mtg Rev Mtg Bkd Sec Pgm, Ser F
(GNMA
Collateralized)
(a)
|
|
|
5.500
|
%
|
|
|
09/01/39
|
|
|
|
2,842
|
|
|
|
3,010,502
|
|
|
Ohio St Wtr Dev Auth Pollutn Ctl Fac Rev Rfdg First Energy, Ser
A
(b)
|
|
|
5.875
|
%
|
|
|
06/01/33
|
|
|
|
1,500
|
|
|
|
1,675,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,721,791
|
|
|
Oklahoma0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chickasaw Nation, OK Hlth
Sys
(c)
|
|
|
6.250
|
%
|
|
|
12/01/32
|
|
|
|
2,175
|
|
|
|
2,320,725
|
|
|
Oklahoma City, OK Arpt Tr Jr Lien 27th, Ser B (AGM Insd) (AMT)
|
|
|
5.750
|
%
|
|
|
07/01/16
|
|
|
|
1,575
|
|
|
|
1,579,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,900,560
|
|
|
Oregon0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Portland, OR Urban Renewal & Redev Downtown Wtrfront,
Ser A (AMBAC Insd)
|
|
|
5.750
|
%
|
|
|
06/15/16
|
|
|
|
1,985
|
|
|
|
2,034,645
|
|
|
Pennsylvania2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA, Ser A
|
|
|
5.000
|
%
|
|
|
11/15/28
|
|
|
|
1,375
|
|
|
|
1,096,810
|
|
|
Allegheny Cnty, PA San Auth Swr Rev (NATL Insd)
|
|
|
5.500
|
%
|
|
|
12/01/30
|
|
|
|
230
|
|
|
|
232,507
|
|
|
Delaware Riv Port Auth PA & NJ Rev, Ser D
|
|
|
5.000
|
%
|
|
|
01/01/35
|
|
|
|
1,450
|
|
|
|
1,502,794
|
|
|
Delaware Riv Port Auth PA & NJ Rev, Ser D
|
|
|
5.000
|
%
|
|
|
01/01/40
|
|
|
|
1,500
|
|
|
|
1,567,230
|
|
|
Franklin Cnty, PA Indl Dev Rev Auth Rev Chambersburg Hosp Proj
|
|
|
5.375
|
%
|
|
|
07/01/42
|
|
|
|
2,900
|
|
|
|
2,973,428
|
|
|
Pennsylvania St Tpk Com Tpk Rev, Ser A (AGL Insd)
|
|
|
5.000
|
%
|
|
|
06/01/39
|
|
|
|
1,825
|
|
|
|
1,869,220
|
|
|
Pennsylvania St Tpk Commn Tpk Rev Conv Cap Apprec Sub, Ser
B-2
(i)
|
|
|
0.000/5.750
|
%
|
|
|
12/01/28
|
|
|
|
3,450
|
|
|
|
2,754,342
|
|
|
Pennsylvania St Tpk Commn Tpk Rev Conv Cap Apprec Sub, Ser
B-2
(i)
|
|
|
0.000/6.000
|
%
|
|
|
12/01/34
|
|
|
|
2,100
|
|
|
|
1,663,284
|
|
|
Pennsylvania St Tpk Commn Tpk Rev Sub, Ser B-1
|
|
|
5.000
|
%
|
|
|
12/01/37
|
|
|
|
2,000
|
|
|
|
2,015,900
|
|
|
Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj, Ser A (NATL
Insd) (AMT)
|
|
|
5.125
|
%
|
|
|
07/01/19
|
|
|
|
1,000
|
|
|
|
1,017,910
|
|
|
Ridley Park, PA Hosp Auth Rev Taylor Hosp, Ser
A
(d)
|
|
|
6.000
|
%
|
|
|
12/01/13
|
|
|
|
1,115
|
|
|
|
1,201,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,894,481
|
|
|
Rhode Island0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco Settlement Fin Corp, Ser A
|
|
|
6.250
|
%
|
|
|
06/01/42
|
|
|
|
3,000
|
|
|
|
3,003,360
|
|
|
South Carolina4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Berkeley Cnty, SC Sch Dist Ctf Partn Berkeley Sch Fac Grp Inc
(NATL
Insd)
(d)
|
|
|
5.250
|
%
|
|
|
02/01/16
|
|
|
|
2,375
|
|
|
|
2,659,287
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist
(a)
|
|
|
5.250
|
%
|
|
|
12/01/25
|
|
|
|
10,125
|
|
|
|
11,011,039
|
|
|
Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch
Dist
(a)
|
|
|
5.250
|
%
|
|
|
12/01/26
|
|
|
|
3,375
|
|
|
|
3,667,376
|
|
|
Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd)
|
|
|
5.375
|
%
|
|
|
06/01/21
|
|
|
|
1,840
|
|
|
|
1,947,695
|
|
|
Myrtle Beach, SC Hospitality Fee Rev, Ser A (NATL Insd)
|
|
|
5.375
|
%
|
|
|
06/01/22
|
|
|
|
1,935
|
|
|
|
2,036,278
|
|
|
South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley
Commons Rfdg
|
|
|
5.300
|
%
|
|
|
10/01/36
|
|
|
|
1,400
|
|
|
|
1,146,824
|
|
|
South Carolina Jobs Econ Dev Auth Hosp Fac Rev Palmetto Hlth
Alliance Rfdg, Ser A
|
|
|
6.250
|
%
|
|
|
08/01/31
|
|
|
|
3,000
|
|
|
|
3,091,230
|
|
|
South Carolina Jobs Econ Dev Auth Hosp Rev Rfdg & Impt
Anmed Hlth, Ser B (AGL Insd)
|
|
|
5.500
|
%
|
|
|
02/01/38
|
|
|
|
1,000
|
|
|
|
1,064,350
|
|
|
South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas
Co Proj, Ser A (AMBAC Insd)
|
|
|
5.200
|
%
|
|
|
11/01/27
|
|
|
|
4,500
|
|
|
|
4,738,230
|
|
|
South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas
Co Proj, Ser B (AMBAC Insd) (AMT)
|
|
|
5.450
|
%
|
|
|
11/01/32
|
|
|
|
3,750
|
|
|
|
3,770,813
|
|
|
South Carolina Jobs Econ Dev Auth Rev Woodlands at Furman Proj,
Ser A
|
|
|
6.000
|
%
|
|
|
11/15/27
|
|
|
|
750
|
|
|
|
638,895
|
|
|
Tobacco Settlement Rev Mgmt Auth SC Tob Settlement Rev Rfdg
|
|
|
5.000
|
%
|
|
|
06/01/18
|
|
|
|
955
|
|
|
|
955,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,727,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
South Dakota0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota St Hlth & Ed Fac Auth Rev Vocational Ed
Prog, Ser A (AMBAC Insd)
|
|
|
5.400
|
%
|
|
|
08/01/13
|
|
|
$
|
410
|
|
|
$
|
413,583
|
|
|
Tennessee2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga, TN Hlth Ed & Hsg Fac Brd Rev CDFI Phase I
LLC Proj Rfdg, Ser A
|
|
|
5.125
|
%
|
|
|
10/01/35
|
|
|
|
4,345
|
|
|
|
4,097,118
|
|
|
Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg
Mtn St Hlth Rfdg, Ser A (NATL Insd)
(Prerefunded @ 7/01/12)
|
|
|
7.500
|
%
|
|
|
07/01/25
|
|
|
|
3,500
|
|
|
|
3,893,750
|
|
|
Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg
Mtn St Hlth, Ser A
|
|
|
5.500
|
%
|
|
|
07/01/36
|
|
|
|
3,620
|
|
|
|
3,637,195
|
|
|
Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Methodist,
Ser B (AGM
Insd)
(a)
|
|
|
5.250
|
%
|
|
|
09/01/27
|
|
|
|
4,550
|
|
|
|
4,856,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,484,233
|
|
|
Texas15.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)
|
|
|
4.850
|
%
|
|
|
04/01/21
|
|
|
|
2,375
|
|
|
|
2,405,162
|
|
|
Brazos Riv, TX Hbr Nav Dist Brazoria Cnty Rev Rfdg Dow Chemical
Co
|
|
|
5.250
|
%
|
|
|
10/01/11
|
|
|
|
1,000
|
|
|
|
1,011,730
|
|
|
Dallas Cnty, TX Flood Ctl Dist Rfdg
|
|
|
6.750
|
%
|
|
|
04/01/16
|
|
|
|
980
|
|
|
|
1,051,903
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
%
|
|
|
08/15/18
|
|
|
|
1,875
|
|
|
|
2,131,744
|
|
|
Dallas, TX Civic Ctr Rfdg & Impt (AGL Insd)
|
|
|
5.000
|
%
|
|
|
08/15/19
|
|
|
|
2,200
|
|
|
|
2,483,910
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Impt & Rfdg,
Ser A (BHAC Insd) (AMT)
|
|
|
5.500
|
%
|
|
|
11/01/31
|
|
|
|
4,000
|
|
|
|
4,026,960
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd)
(AMT)
|
|
|
5.750
|
%
|
|
|
11/01/18
|
|
|
|
1,050
|
|
|
|
1,053,496
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev Jt, Ser C (NATL Insd)
(AMT)
|
|
|
6.000
|
%
|
|
|
11/01/23
|
|
|
|
2,000
|
|
|
|
2,007,240
|
|
|
Dallas-Fort Worth, TX Intl Arpt Rev, Ser A (NATL Insd) (AMT)
|
|
|
5.750
|
%
|
|
|
11/01/30
|
|
|
|
4,000
|
|
|
|
4,004,920
|
|
|
El Paso Cnty, TX Hosp Dist, Ser A (AGL
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
08/15/37
|
|
|
|
7,960
|
|
|
|
8,322,498
|
|
|
Gulf Coast Waste Disp Auth TX Waste Mgmt, Ser D (AMT)
|
|
|
4.550
|
%
|
|
|
04/01/12
|
|
|
|
1,500
|
|
|
|
1,538,610
|
|
|
Harris Cnty, TX Hlth Fac Dev Corp Hosp Rev Rfdg Mem Hermann
Hlthcare Sys, Ser B
|
|
|
7.250
|
%
|
|
|
12/01/35
|
|
|
|
1,200
|
|
|
|
1,382,064
|
|
|
Harris Cnty, TX Hlth Fac Dev Mem Hermann Hlthcare, Ser A
(Prerefunded @
6/01/11)
|
|
|
6.375
|
%
|
|
|
06/01/29
|
|
|
|
1,000
|
|
|
|
1,045,310
|
|
|
Harris Cnty, TX Indl Dev Corp Solid Waste Disp Rev Deer Pk Refng
Proj
|
|
|
5.000
|
%
|
|
|
02/01/23
|
|
|
|
1,550
|
|
|
|
1,626,337
|
|
|
Harris Cnty, TX Sr Lien Toll Rd, Ser
A
(a)
|
|
|
5.000
|
%
|
|
|
08/15/32
|
|
|
|
1,000
|
|
|
|
1,063,170
|
|
|
Houston, TX Arpt Sys Rev Sub Lien, Ser A (AGM Insd) (AMT)
|
|
|
5.625
|
%
|
|
|
07/01/30
|
|
|
|
1,000
|
|
|
|
1,000,520
|
|
|
Houston, TX Util Sys Rev Comb First Lien Rfdg, Ser A (AGM
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
11/15/36
|
|
|
|
12,800
|
|
|
|
13,422,592
|
|
|
Judson, TX Indpt Sch Dist Sch Bldg (AGL
Insd)
(a)
|
|
|
5.000
|
%
|
|
|
02/01/37
|
|
|
|
5,025
|
|
|
|
5,236,804
|
|
|
Lower CO Riv Auth Tex Rev Rfdg, Ser
A
(f)
|
|
|
5.000
|
%
|
|
|
05/15/40
|
|
|
|
2,425
|
|
|
|
2,522,000
|
|
|
Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX
|
|
|
5.500
|
%
|
|
|
02/15/32
|
|
|
|
1,650
|
|
|
|
1,599,559
|
|
|
Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East TX
|
|
|
5.500
|
%
|
|
|
02/15/37
|
|
|
|
1,250
|
|
|
|
1,191,512
|
|
|
McLennan Cnty, TX Pub Fac Corp Proj Rev
|
|
|
6.625
|
%
|
|
|
06/01/35
|
|
|
|
1,825
|
|
|
|
2,004,105
|
|
|
Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj
(Prerefunded @
1/01/11)
|
|
|
7.200
|
%
|
|
|
01/01/21
|
|
|
|
1,100
|
|
|
|
1,111,748
|
|
|
Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj
(Prerefunded @
1/01/11)
|
|
|
7.250
|
%
|
|
|
01/01/31
|
|
|
|
1,500
|
|
|
|
1,516,155
|
|
|
Mission, TX Econ Dev Corp Solid Waste Disp Rev Waste Mgmt Inc
Proj
(AMT)
(b)
|
|
|
6.000
|
%
|
|
|
08/01/20
|
|
|
|
1,500
|
|
|
|
1,628,160
|
|
|
North Central, TX Hlth Fac Dev Corp Rev Hosp Childrens Med Ctr
Dallas (AMBAC Insd)
|
|
|
5.250
|
%
|
|
|
08/15/32
|
|
|
|
3,450
|
|
|
|
3,537,941
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
5.625
|
%
|
|
|
01/01/28
|
|
|
|
1,000
|
|
|
|
1,084,180
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
%
|
|
|
01/01/26
|
|
|
|
1,000
|
|
|
|
1,114,990
|
|
|
North TX Twy Auth Rev Rfdg Sys First Tier, Ser B
|
|
|
6.000
|
%
|
|
|
01/01/27
|
|
|
|
1,420
|
|
|
|
1,575,845
|
|
|
North TX Twy Auth Rev Sys First Tier Rfdg, Ser
L-2
(b)
|
|
|
6.000
|
%
|
|
|
01/01/38
|
|
|
|
2,250
|
|
|
|
2,466,293
|
|
|
North TX Twy Auth Rev Toll Second Tier Rfdg, Ser F
|
|
|
5.750
|
%
|
|
|
01/01/33
|
|
|
|
4,300
|
|
|
|
4,574,598
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.625
|
%
|
|
|
11/15/27
|
|
|
|
1,000
|
|
|
|
948,030
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac
Buckingham Sr Living Cmnty Inc
|
|
|
5.750
|
%
|
|
|
11/15/37
|
|
|
|
4,200
|
|
|
|
3,880,758
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner
Retirement Svc Inc Proj
|
|
|
5.250
|
%
|
|
|
11/15/37
|
|
|
|
7,000
|
|
|
|
6,910,190
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC
Young Mem Home Proj
|
|
|
5.750
|
%
|
|
|
02/15/25
|
|
|
|
650
|
|
|
|
598,741
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
17 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac CC
Young Mem Home, Ser B-2
|
|
|
6.500
|
%
|
|
|
02/15/14
|
|
|
$
|
1,850
|
|
|
$
|
1,858,418
|
|
|
Tarrant Cnty, TX Cultural Ed Fac Fin Corp Rev Christus Hlth
Rfdg, Ser A (AGL Insd)
|
|
|
6.250
|
%
|
|
|
07/01/28
|
|
|
|
4,900
|
|
|
|
5,443,410
|
|
|
Texas A & M Univ Revs Fin Sys, Ser A
|
|
|
5.000
|
%
|
|
|
05/15/28
|
|
|
|
4,000
|
|
|
|
4,435,080
|
|
|
Texas Private Activity Surface Trans Corp Sr Lien Nt Mobility
|
|
|
6.875
|
%
|
|
|
12/31/39
|
|
|
|
2,000
|
|
|
|
2,177,740
|
|
|
Texas St Pub Ppty Fin Corp Rev Mental Hlth &
Retardation Rfdg (AGM Insd)
|
|
|
5.500
|
%
|
|
|
09/01/13
|
|
|
|
315
|
|
|
|
318,960
|
|
|
Texas St Trans Commn Mobility
Fd
(a)
|
|
|
5.000
|
%
|
|
|
04/01/28
|
|
|
|
8,700
|
|
|
|
9,573,132
|
|
|
Texas Wtr Dev Brd Rev St Revolving Fd Sr Lien, Ser B
|
|
|
5.250
|
%
|
|
|
07/15/17
|
|
|
|
1,500
|
|
|
|
1,505,700
|
|
|
Tyler, TX Hlth Fac Dev Corp Hosp Rev & Impt East TX
Med Ctr Rfdg, Ser A
|
|
|
5.375
|
%
|
|
|
11/01/37
|
|
|
|
4,900
|
|
|
|
4,780,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,172,900
|
|
|
Utah0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah Hsg Corp Single Family Mtg Rev, Ser
E-1
(AMT)
(a)
|
|
|
5.250
|
%
|
|
|
01/01/39
|
|
|
|
983
|
|
|
|
1,015,242
|
|
|
Utah St Charter Sch Fin Auth Charter Sch Rev Summit Academy, Ser
A
|
|
|
5.800
|
%
|
|
|
06/15/38
|
|
|
|
1,100
|
|
|
|
1,064,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,079,888
|
|
|
Virginia0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lexington, VA Indl Dev Auth Residential Care Fac Rev Mtg Kendal
at Lexington, Ser A
|
|
|
5.500
|
%
|
|
|
01/01/37
|
|
|
|
750
|
|
|
|
648,607
|
|
|
Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig
|
|
|
6.450
|
%
|
|
|
09/01/37
|
|
|
|
750
|
|
|
|
747,068
|
|
|
Tobacco Settlement Fin Corp VA
|
|
|
5.500
|
%
|
|
|
06/01/26
|
|
|
|
800
|
|
|
|
898,768
|
|
|
White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev
|
|
|
5.300
|
%
|
|
|
03/01/17
|
|
|
|
1,868
|
|
|
|
1,906,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,200,569
|
|
|
Washington1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Northwest WA Elec Rev Proj No 3 Rfdg, Ser A (AGM Insd)
|
|
|
5.500
|
%
|
|
|
07/01/18
|
|
|
|
2,500
|
|
|
|
2,603,100
|
|
|
Goat Hill Ppty WA Lease Rev Govt Office Bldg Proj (NATL Insd)
|
|
|
5.000
|
%
|
|
|
12/01/33
|
|
|
|
1,000
|
|
|
|
1,028,790
|
|
|
Kalispel Tribe Indians Priority Dist WA Rev
|
|
|
6.625
|
%
|
|
|
01/01/28
|
|
|
|
1,950
|
|
|
|
1,739,985
|
|
|
Radford Ct Ppty WA Student Hsg Rev (NATL Insd)
|
|
|
6.000
|
%
|
|
|
06/01/15
|
|
|
|
1,435
|
|
|
|
1,454,961
|
|
|
Radford Ct Ppty WA Student Hsg Rev (NATL Insd)
|
|
|
6.000
|
%
|
|
|
06/01/16
|
|
|
|
1,585
|
|
|
|
1,607,047
|
|
|
Spokane, WA Pub Fac Dist Hotel Motel & Sales Use Tax
(NATL Insd)
|
|
|
5.250
|
%
|
|
|
09/01/33
|
|
|
|
3,000
|
|
|
|
3,058,890
|
|
|
Washington St Hsg Fin Commn Nonprofit Rev Custodial Rcpt Wesley
Homes, Ser 2007A-2027 (Acquired 05/07/08,
Cost $2,325,000)
(g)
|
|
|
6.000
|
%
|
|
|
01/01/27
|
|
|
|
2,325
|
|
|
|
2,322,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,815,146
|
|
|
West Virginia1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Cnty, WV Cnty Commn Tax Increment Rev Fort Henry Ctr
Fin Dist, Ser A
|
|
|
5.625
|
%
|
|
|
06/01/22
|
|
|
|
250
|
|
|
|
246,953
|
|
|
Pleasants Cnty, WV Pollutn Ctl Rev Cnty Comm Allegheny Rfdg, Ser
F
|
|
|
5.250
|
%
|
|
|
10/15/37
|
|
|
|
1,290
|
|
|
|
1,294,438
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt
Utd Hlth Sys, Ser C
|
|
|
5.500
|
%
|
|
|
06/01/34
|
|
|
|
1,630
|
|
|
|
1,665,713
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Rfdg & Impt
Utd Hlth Sys, Ser C
|
|
|
5.500
|
%
|
|
|
06/01/39
|
|
|
|
1,535
|
|
|
|
1,575,048
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.000
|
%
|
|
|
10/01/20
|
|
|
|
1,500
|
|
|
|
1,552,425
|
|
|
West Virginia St Hosp Fin Auth Hosp Rev Thomas Hlth Sys
|
|
|
6.250
|
%
|
|
|
10/01/23
|
|
|
|
1,695
|
|
|
|
1,726,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,060,697
|
|
|
Wisconsin3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Southeast WI Professional Baseball Pk Dist Sales Tax Rev Rfdg,
Ser A (NATL Insd)
|
|
|
5.500
|
%
|
|
|
12/15/20
|
|
|
|
2,000
|
|
|
|
2,441,660
|
|
|
Superior, WI Collateralized Util Rev Superior Wtr Lt &
Pwr Proj Rfdg, Ser A (AMT)
|
|
|
5.375
|
%
|
|
|
11/01/21
|
|
|
|
700
|
|
|
|
738,605
|
|
|
Superior, WI Collateralized Util Rev Superior Wtr Lt &
Pwr Proj, Ser B (AMT)
|
|
|
5.750
|
%
|
|
|
11/01/37
|
|
|
|
625
|
|
|
|
646,450
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser
A (AMT)
(a)
|
|
|
5.300
|
%
|
|
|
09/01/23
|
|
|
|
4,100
|
|
|
|
4,340,465
|
|
|
Wisconsin Hsg & Econ Dev Auth Home Ownership Rev, Ser
A (AMT)
(a)
|
|
|
5.500
|
%
|
|
|
09/01/28
|
|
|
|
4,895
|
|
|
|
5,138,967
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
18 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
Coupon
|
|
Maturity
|
|
(000)
|
|
Value
|
|
Wisconsin(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin St Gen Rev Appropriation Rev, Ser A
|
|
|
5.375
|
%
|
|
|
05/01/25
|
|
|
$
|
1,545
|
|
|
$
|
1,745,000
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Aurora Hlth Care
Inc, Ser
B
(b)
|
|
|
5.125
|
%
|
|
|
08/15/27
|
|
|
|
1,400
|
|
|
|
1,538,488
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Pro Hlthcare Inc
Oblig Group
|
|
|
6.625
|
%
|
|
|
02/15/39
|
|
|
|
1,825
|
|
|
|
2,011,150
|
|
|
Wisconsin St Hlth & Ed Fac Auth Rev Meriter Hosp Inc,
Ser A
(h)
|
|
|
0.290
|
%
|
|
|
12/01/24
|
|
|
|
2,900
|
|
|
|
2,900,000
|
|
|
Wisconsin St Hlth & Ed Fac Meriter Hosp Inc
Proj
(h)
|
|
|
0.310
|
%
|
|
|
12/01/32
|
|
|
|
3,000
|
|
|
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,500,785
|
|
|
Wyoming0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweetwater Cnty, WY Pollutn Ctl Rev ID Pwr Co Proj Rfdg
|
|
|
5.250
|
%
|
|
|
07/15/26
|
|
|
|
1,850
|
|
|
|
2,004,475
|
|
|
Sweetwater Cnty, WY Solid Waste Disp Rev FMC Corp Proj Rfdg (AMT)
|
|
|
5.600
|
%
|
|
|
12/01/35
|
|
|
|
2,000
|
|
|
|
2,022,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,027,275
|
|
|
Guam0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Pwr Auth Rev, Ser A (AMBAC Insd)
|
|
|
5.250
|
%
|
|
|
10/01/34
|
|
|
|
690
|
|
|
|
680,719
|
|
|
Puerto Rico3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Elec Pwr Auth Pwr Rev, Ser CCC
|
|
|
5.250
|
%
|
|
|
07/01/27
|
|
|
|
3,200
|
|
|
|
3,420,000
|
|
|
Puerto Rico Elec Pwr Auth Pwr Rev, Ser XX
|
|
|
5.250
|
%
|
|
|
07/01/40
|
|
|
|
3,050
|
|
|
|
3,183,803
|
|
|
Puerto Rico Pub Bldgs Auth Rev Govt Fac, Ser I (Comwth Gtd)
(Prerefunded @
7/01/14)
|
|
|
5.250
|
%
|
|
|
07/01/33
|
|
|
|
50
|
|
|
|
57,613
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A
(Prerefunded @
8/01/11)
(b)
|
|
|
5.000
|
%
|
|
|
08/01/39
|
|
|
|
4,350
|
|
|
|
4,505,687
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A
|
|
|
5.375
|
%
|
|
|
08/01/39
|
|
|
|
3,100
|
|
|
|
3,267,245
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser A
|
|
|
5.500
|
%
|
|
|
08/01/42
|
|
|
|
3,500
|
|
|
|
3,734,990
|
|
|
Puerto Rico Sales Tax Fin Corp Sales Tax Rev First Sub, Ser C
|
|
|
5.250
|
%
|
|
|
08/01/41
|
|
|
|
5,700
|
|
|
|
5,960,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,130,170
|
|
|
U.S. Virgin Islands0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Pub Fin Auth Rev Gross Rcpt Taxes Ln Nt, Ser A
|
|
|
6.375
|
%
|
|
|
10/01/19
|
|
|
|
1,500
|
|
|
|
1,518,239
|
|
|
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Nt-Sr Lien, Ser A
|
|
|
5.000
|
%
|
|
|
10/01/25
|
|
|
|
2,775
|
|
|
|
2,866,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,385,229
|
|
|
TOTAL INVESTMENTS163.7% (Cost $1,233,223,433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,277,184,287
|
|
|
FLOATING RATE NOTE AND DEALER TRUST OBLIGATIONS RELATED TO
SECURITIES HELD(21.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.28% to 0.43% at
10/31/10,
and contractual maturities of collateral ranging from
06/01/22
to
10/01/41
(See Note 1(I) in the Notes to Financial
Statements)
(j)
|
|
|
|
|
|
|
|
|
|
|
(167,840
|
)
|
|
|
(167,840,000
|
)
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,287,001
|
|
|
PREFERRED SHARES(44.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(348,400,000
|
)
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
780,231,288
|
|
|
Percentages are calculated as a
percentage of net assets applicable to common shares.
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
19 Invesco
Van Kampen Trust for Investment Grade Municipals
Investment Abbreviations:
|
|
|
ACA
|
|
American Capital Access
|
AGC
|
|
AGC Insured Custody Certificates
|
AGL
|
|
Assured Guaranty Ltd.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
AMBAC Indemnity Corp.
|
AMT
|
|
Alternative Minimum Tax
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
Comwth
|
|
Commonwealth of Puerto Rico
|
FGIC
|
|
Financial Guaranty Insurance Co.
|
GNMA
|
|
Government National Mortgage Association
|
NATL
|
|
National Public Finance Guarantee Corp.
|
Syncora Gtd
|
|
Syncora Guaranteed Limited
|
Notes to Schedule of Investments:
|
|
|
*
|
|
Zero coupon bond
|
(a)
|
|
Underlying security related to
Special Purpose Trusts entered into by the Trust. See
Note 1(I) in the Notes to Financial Statements.
|
(b)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
October 31, 2010.
|
(c)
|
|
144A-Private Placement security
which is exempt from registration under Rule 144A of the
Securities Act of 1933, as amended. This security may only be
resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
|
(d)
|
|
Escrowed to Maturity.
|
(e)
|
|
Defaulted Security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
October 31, 2010 was $688,662, which represented 0.09% of
the Trusts net assets applicable to common shares.
|
(f)
|
|
Security purchased on a when-issued
or delayed delivery basis.
|
(g)
|
|
Security is restricted and may be
resold only in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
Restricted securities comprise 0.8% of net assets applicable to
common shares.
|
(h)
|
|
Demand Security payable upon demand
by the Trust at specified time intervals no greater than
thirteen months. Interest rate is redetermined periodically.
Rate shown is the rate in effect on October 31, 2010.
|
(i)
|
|
Security is a
step-up
bond where the coupon increases or steps up at a predetermined
rate.
|
(j)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect on October 31, 2010. At October 31,
2010, the Trusts investments with a value of $301,129,583
are held by the Dealer Trusts and serve as collateral for the
$167,840,000 in floating rate note and dealer trust obligations
outstanding at that date.
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
20 Invesco
Van Kampen Trust for Investment Grade Municipals
Statement
of Assets and Liabilities
October 31,
2010
|
|
|
|
|
Assets:
|
Investments, at value (Cost $1,233,223,433)
|
|
$
|
1,277,184,287
|
|
|
Receivables:
|
|
|
|
|
Interest
|
|
|
19,178,997
|
|
|
Investments sold
|
|
|
6,205,148
|
|
|
Total assets
|
|
|
1,302,568,432
|
|
|
Liabilities:
|
Payables:
|
|
|
|
|
Floating rate note and dealer trust obligations
|
|
|
167,840,000
|
|
|
Investments purchased
|
|
|
4,524,572
|
|
|
Custodian bank
|
|
|
616,019
|
|
|
Affiliates
|
|
|
565,805
|
|
|
Income distributions preferred shares
|
|
|
38,015
|
|
|
Accrued expenses
|
|
|
352,733
|
|
|
Total liabilities
|
|
|
173,937,144
|
|
|
Preferred shares
|
|
|
348,400,000
|
|
|
Net assets applicable to common shares
|
|
$
|
780,231,288
|
|
|
Net asset value per common share ($780,231,288 divided by
53,973,083 shares outstanding)
|
|
$
|
14.46
|
|
|
Net assets consist of:
|
Shares of beneficial interest ($0.01 par value with an
unlimited number of shares authorized, 53,973,083 shares
issued and outstanding)
|
|
$
|
825,485,858
|
|
|
Net unrealized appreciation
|
|
|
43,960,854
|
|
|
Accumulated undistributed net investment income
|
|
|
23,361,307
|
|
|
Accumulated net realized gain (loss)
|
|
|
(112,576,731
|
)
|
|
Net assets applicable to common shares
|
|
$
|
780,231,288
|
|
|
Preferred shares ($0.01 par value, authorized
100,000,000 shares, 13,936 issued with liquidation
preference of $25,000 per share)
|
|
$
|
348,400,000
|
|
|
Net assets including preferred shares
|
|
$
|
1,128,631,288
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
21 Invesco
Van Kampen Trust for Investment Grade Municipals
Statement
of Operations
For
the year ended October 31, 2010
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
67,755,715
|
|
|
Expenses:
|
Investment advisory fee
|
|
|
7,050,123
|
|
|
Interest expense
|
|
|
1,567,155
|
|
|
Preferred share maintenance
|
|
|
596,935
|
|
|
Administrative services fees
|
|
|
253,309
|
|
|
Trustees and officers fees and benefits
|
|
|
177,772
|
|
|
Professional fees
|
|
|
156,128
|
|
|
Custody
|
|
|
98,844
|
|
|
Transfer agent fees
|
|
|
91,001
|
|
|
Reports to shareholders
|
|
|
46,093
|
|
|
Registration fees
|
|
|
42,770
|
|
|
Other
|
|
|
69,325
|
|
|
Total expenses
|
|
|
10,149,455
|
|
|
Expense reduction
|
|
|
825,464
|
|
|
Net expenses
|
|
|
9,323,991
|
|
|
Net investment income
|
|
|
58,431,724
|
|
|
Realized and unrealized gain (loss):
|
Net realized gain (loss)
|
|
|
(7,168,247
|
)
|
|
Unrealized appreciation (depreciation):
|
|
|
|
|
Beginning of the period
|
|
|
(6,977,443
|
)
|
|
End of the period
|
|
|
43,960,854
|
|
|
Net unrealized appreciation during the period
|
|
|
50,938,297
|
|
|
Net realized and unrealized gain
|
|
|
43,770,050
|
|
|
Distributions to preferred shareholders
|
|
|
(752,917
|
)
|
|
Net increase in net assets applicable to common shares from
operations
|
|
$
|
101,448,857
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
22 Invesco
Van Kampen Trust for Investment Grade Municipals
Statements
of Changes in Net Assets
For
the years ended October 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
From investment activities:
|
|
|
|
|
Operations:
|
|
|
|
|
Net investment income
|
|
$
|
58,431,724
|
|
|
$
|
62,789,391
|
|
|
Net realized gain (loss)
|
|
|
(7,168,247
|
)
|
|
|
(41,922,716
|
)
|
|
Net unrealized appreciation during the period
|
|
|
50,938,297
|
|
|
|
172,003,703
|
|
|
Distributions to preferred shareholders:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(752,917
|
)
|
|
|
(2,436,422
|
)
|
|
Change in net assets applicable to common shares from operations
|
|
|
101,448,857
|
|
|
|
190,433,956
|
|
|
Distributions to common shareholders:
|
|
|
|
|
Net investment income
|
|
|
(56,600,304
|
)
|
|
|
(47,880,329
|
)
|
|
Net change in net assets applicable to common shares from
investment activities
|
|
|
44,848,553
|
|
|
|
142,553,627
|
|
|
From capital transactions:
|
|
|
|
|
Value of common shares issued through dividend reinvestment
|
|
|
1,782,700
|
|
|
|
314,233
|
|
|
Repurchase of shares
|
|
|
0
|
|
|
|
(93,449
|
)
|
|
Net change in net assets applicable to common shares from
capital transactions
|
|
|
1,782,700
|
|
|
|
220,784
|
|
|
Total increase in net assets applicable to common shares
|
|
|
46,631,253
|
|
|
|
142,774,411
|
|
|
Net assets applicable to common shares:
|
|
|
|
|
Beginning of the period
|
|
|
733,600,035
|
|
|
|
590,825,624
|
|
|
End of the period (including accumulated undistributed net
investment income of $23,361,307 and $22,478,324, respectively)
|
|
$
|
780,231,288
|
|
|
$
|
733,600,035
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
23 Invesco
Van Kampen Trust for Investment Grade Municipals
Statement
of Cash Flows
For
the year ended October 31, 2010
|
|
|
|
|
Net increase in
net assets applicable to common shares from operations
|
|
$
|
101,448,857
|
|
|
Adjustments to reconcile the change in net assets applicable to
common shares from operations to net cash provided by operating
activities:
|
Purchases of investments
|
|
|
(138,675,056
|
)
|
|
Proceeds from sales of investments
|
|
|
207,118,159
|
|
|
Net purchases of short-term investments
|
|
|
(14,710,000
|
)
|
|
Amortization of premium
|
|
|
1,463,691
|
|
|
Accretion of discount
|
|
|
(2,708,554
|
)
|
|
Net realized loss on investments
|
|
|
7,168,247
|
|
|
Net change in unrealized appreciation (depreciation) on
investments
|
|
|
(50,938,297
|
)
|
|
Decrease in interest receivables
|
|
|
1,472,054
|
|
|
Decrease in other assets
|
|
|
293
|
|
|
Decrease in affiliates payable
|
|
|
(32,502
|
)
|
|
Decrease in trustees deferred compensation and retirement
plans
|
|
|
(1,483,276
|
)
|
|
Increase in accrued expenses
|
|
|
49,714
|
|
|
Increase in custodian bank payable
|
|
|
616,019
|
|
|
Net cash provided by operating activities
|
|
|
110,789,349
|
|
|
Cash flows from financing activities
|
Dividends paid (net of reinvested dividends of $1,782,700)
|
|
|
(54,978,810
|
)
|
|
Net proceeds from and repayments of floating rate note and
dealer trust obligations
|
|
|
(9,170,000
|
)
|
|
Retirement of preferred shares
|
|
|
(53,600,000
|
)
|
|
Net cash used for financing activities
|
|
|
(117,748,810
|
)
|
|
Net change in cash
|
|
|
(6,959,461
|
)
|
|
Cash at the beginning of the period
|
|
|
6,959,461
|
|
|
Cash at the end of the period
|
|
$
|
-0-
|
|
|
Supplemental disclosures of cash flow information
|
Cash paid during the year for interest
|
|
$
|
1,565,674
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
24 Invesco
Van Kampen Trust for Investment Grade Municipals
Financial
Highlights
The following schedule presents financial highlights for one
common share of the Trust outstanding throughout the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
October 31,
|
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
Net asset value, beginning of the period
|
|
$
|
13.62
|
|
|
$
|
10.98
|
|
|
$
|
15.89
|
|
|
$
|
16.97
|
|
|
$
|
16.80
|
|
|
Net investment
income
(a)
|
|
|
1.08
|
|
|
|
1.17
|
|
|
|
1.27
|
|
|
|
1.18
|
|
|
|
1.11
|
|
|
Net realized and unrealized gain (loss)
|
|
|
0.82
|
|
|
|
2.41
|
|
|
|
(5.05
|
)
|
|
|
(1.06
|
)
|
|
|
0.47
|
|
|
Distributions paid to preferred shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.01
|
)
|
|
|
(0.05
|
)
|
|
|
(0.30
|
)
|
|
|
(0.37
|
)
|
|
|
(0.29
|
)
|
|
Net realized gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.01
|
)
|
|
|
(0.06
|
)
|
|
Total from investment operations
|
|
|
1.89
|
|
|
|
3.53
|
|
|
|
(4.08
|
)
|
|
|
(0.26
|
)
|
|
|
1.23
|
|
|
Distributions paid to common shareholders:
|
Net investment Income
|
|
|
(1.05
|
)
|
|
|
(0.89
|
)
|
|
|
(0.83
|
)
|
|
|
(0.80
|
)
|
|
|
(0.82
|
)
|
|
Net realized gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.02
|
)
|
|
|
(0.24
|
)
|
|
Net asset value, end of the period
|
|
$
|
14.46
|
|
|
$
|
13.62
|
|
|
$
|
10.98
|
|
|
$
|
15.89
|
|
|
$
|
16.97
|
|
|
Common share market price at end of the period
|
|
$
|
15.00
|
|
|
$
|
13.55
|
|
|
$
|
10.11
|
|
|
$
|
14.11
|
|
|
$
|
14.94
|
|
|
Total return at net asset
value*
(b)
|
|
|
14.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value*
(c)
|
|
|
19.27
|
%
|
|
|
44.66
|
%
|
|
|
(23.77
|
)%
|
|
|
(0.39
|
)%
|
|
|
9.86
|
%
|
|
Net assets applicable to common shares at end of the period (in
millions)
|
|
$
|
780.2
|
|
|
$
|
733.6
|
|
|
$
|
590.8
|
|
|
$
|
867.8
|
|
|
$
|
743.4
|
|
|
Ratio of expenses to average net assets applicable to common
shares*
(d)
|
|
|
1.23
|
%
(e)
|
|
|
1.46
|
%
|
|
|
2.23
|
%
|
|
|
2.45
|
%
|
|
|
1.28
|
%
|
|
Ratio of net investment income to average net assets applicable
to common
shares*
(d)
|
|
|
7.74
|
%
(e)
|
|
|
9.70
|
%
|
|
|
8.78
|
%
|
|
|
7.85
|
%
|
|
|
6.68
|
%
|
|
Portfolio
turnover
(f)
|
|
|
11
|
%
|
|
|
17
|
%
|
|
|
55
|
%
|
|
|
26
|
%
|
|
|
25
|
%
|
|
* If certain expenses had not been voluntarily assumed by
the adviser, total returns would have been lower and the ratios
would have been as follows:
|
Ratio of expenses to average net assets applicable to common
shares
(d)
|
|
|
1.34
|
%
(e)
|
|
|
1.64
|
%
|
|
|
2.40
|
%
|
|
|
2.61
|
%
|
|
|
N/A
|
|
|
Ratio of net investment income to average net assets applicable
to common
shares
(d)
|
|
|
7.63
|
%
(e)
|
|
|
9.52
|
%
|
|
|
8.61
|
%
|
|
|
7.69
|
%
|
|
|
N/A
|
|
|
Supplemental ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses (excluding interest expense) to average net
assets applicable to common
shares
(d)
|
|
|
1.03
|
%
(e)
|
|
|
1.12
|
%
|
|
|
0.98
|
%
|
|
|
1.12
|
%
|
|
|
1.17
|
%
|
|
Ratio of net investment income to average net assets applicable
to common
shares
(g)
|
|
|
7.64
|
%
(e)
|
|
|
9.32
|
%
|
|
|
6.72
|
%
|
|
|
5.36
|
%
|
|
|
4.94
|
%
|
|
Senior securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
13,936
|
|
|
|
16,080
|
|
|
|
17,152
|
|
|
|
21,440
|
|
|
|
17,200
|
|
|
Asset coverage per preferred
share
(h)
|
|
$
|
80,989
|
|
|
$
|
70,624
|
|
|
$
|
59,484
|
|
|
$
|
65,519
|
|
|
$
|
68,253
|
|
|
Liquidating preference per preferred share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
(a)
|
|
Based on average shares outstanding.
|
(b)
|
|
Includes adjustments in accordance
with accounting principals generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions.
|
(c)
|
|
Total return assumes an investment
at the common share market price at the beginning of the period
indicated, reinvestment of all distributions for the period in
accordance with the Trusts dividend reinvestment plan, and
sale of all shares at the closing common share market price at
the end of the period indicated.
|
(d)
|
|
Ratios do not reflect the effect of
dividend payments to preferred shareholders.
|
(e)
|
|
Ratios are based on average net
assets applicable to common shares excluding preferred shares
(000s omitted) of $755,188.
|
(f)
|
|
Portfolio turnover is not
annualized for periods less than one year, if applicable.
|
(g)
|
|
Ratios reflect the effect of
dividend payments to preferred shareholders.
|
(h)
|
|
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.
|
N/A=Not Applicable
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
25 Invesco
Van Kampen Trust for Investment Grade Municipals
Notes
to Financial Statements
October 31,
2010
NOTE 1Significant
Accounting Policies
Invesco Van Kampen Trust for Investment Grade Municipals (the
Trust) is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company. Effective
June 1, 2010, the Trusts name changed from
Van Kampen Trust for Investment Grade Municipals to Invesco
Van Kampen Trust for Investment Grade Municipals.
The Trusts investment objective is to seek to
provide a high level of current income exempt from federal
income tax, consistent with preservation of capital. The Trust
will invest substantially all of its assets in municipal
securities rated investment grade at the time of investment.
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.
|
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.
|
|
|
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.
|
|
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
|
26 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
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.
|
G.
|
|
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.
|
H.
|
|
Securities
Purchased on a When-Issued and Delayed Delivery
Basis
The Trust may purchase and sell
interests in portfolio securities on a when-issued and delayed
delivery basis, with payment and delivery scheduled for a future
date. No income accrues to the Trust on such interests or
securities in connection with such transactions prior to the
date the Trust actually takes delivery of such interests or
securities. These transactions are subject to market
fluctuations and are subject to the risk that the value at
delivery may be more or less than the trade date purchase price.
Although the Trust will generally purchase these securities with
the intention of acquiring such securities, they may sell such
securities prior to the settlement date.
|
I.
|
|
Inverse Floating
Rate Obligations
The Trust may invest 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 obligations. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interest in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts.
|
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities.
|
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Trusts investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note and dealer
trust 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 under the caption
Interest expense
on the Statement of Operations.
|
|
|
The Trust generally invest in inverse
floating rate obligations that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate obligations
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 investments. 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.
|
J.
|
|
Other
Risks
The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located.
|
|
|
Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a funds investments in municipal securities.
|
|
|
There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
Effective June 1, 2010, 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 of 0.55% of the
Trusts average daily net assets including current
preferred shares and leverage entered into to retire previously
issued preferred shares of the Trust. Prior to June 1,
2010, Van Kampen Asset Management (VKAM) had
voluntarily agreed to waive investment advisory fees equal to
0.10% of the average daily net assets including current
preferred shares and leverage. For the period November 1,
2009 to May 31, 2010, the Trust paid an advisory fee of
$4,073,695 to VKAM based on the annual rate and the Trusts
average daily net assets as discussed above.
Effective June 1, 2010, 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
27 Invesco
Van Kampen Trust for Investment Grade Municipals
Management, Inc. and Invesco Trimark 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 discretionary investment management services to the
Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
Effective June 1, 2010, 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 0.99%. 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; (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.
Prior to June 1, 2010, VKAM voluntarily waived
$740,672 of advisory fees of the Trust.
For the period ended October 31, 2010, the
Adviser waived advisory fees of $84,792.
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. Prior to
June 1, 2010, under separate accounting services and chief
compliance officer (CCO) employment agreements, Van
Kampen Investments Inc. (VKII) provided accounting
services and the CCO provided compliance services to the Trust.
Pursuant to such agreements, the Trust paid $48,439 to VKII. For
the year ended October 31, 2010, expenses incurred under
these agreements are shown in the Statement of Operations as
administrative services fees. Also, Invesco has entered into
service agreements whereby State Street Bank and
Trust Company (SSB) serves as the custodian and
fund accountant and provides certain administrative services to
the Trust.
Prior to June 1, 2010, under a legal services
agreement, VKII provided legal services to the Trust. Pursuant
to such agreement, the Trust paid $21,211 to VKII.
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 October 31, 2010. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Securities
|
|
$
|
-0-
|
|
|
$
|
1,277,184,287
|
|
|
$
|
-0-
|
|
|
$
|
1,277,184,287
|
|
|
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.
For the period ended October 31, 2010, the
Trust paid legal fees of $54,684 for services rendered by
Skadden, Arps, Slate, Meagher & Flom LLP as counsel to
the Independent Trustees. A member of that firm is a Trustee of
the Trust.
Prior to June 1, 2010, the Trust provided
retirement plans for its independent trustees. Such plans were
terminated and the amounts owed to the trustees were distributed.
NOTE 5Cash
Balances and Borrowings
The Trust is permitted to temporarily carry a negative or
overdrawn balance in its account with The State Street Bank and
Trust Company, the custodian bank. To compensate the
custodian bank for such overdrafts, the overdrawn Trust may
either (1) leave trusts 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 note 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 period ending October 31,
2010 were $173,630,569 and 0.89%, respectively.
28 Invesco
Van Kampen Trust for Investment Grade Municipals
The Trust had entered into a $150 million joint
revolving bank credit facility. The purpose of the facility was
to provide availability of funds for short-term liquidity
purposes. The revolving credit facility expired on
September 3, 2010. The Trust had no borrowings under the
facility during the year ended October 31, 2010.
NOTE 6Distributions
to Shareholders and Tax Components of Net Assets
Tax Character
of Distributions to Shareholders Paid During the Years Ended
October 31, 2010 and 2009:
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
Ordinary income
|
|
$
|
276,995
|
|
|
$
|
274,921
|
|
|
Tax-exempt income
|
|
|
57,076,226
|
|
|
|
50,650,518
|
|
|
Total distributions
|
|
$
|
57,353,221
|
|
|
$
|
50,925,439
|
|
|
Tax Components
of Net Assets at Period-End:
|
|
|
|
|
|
|
2010
|
|
Undistributed ordinary income
|
|
$
|
21,848,642
|
|
|
Net unrealized appreciation investments
|
|
|
47,408,862
|
|
|
Temporary book/tax differences
|
|
|
(12
|
)
|
|
Capital loss carryforward
|
|
|
(114,512,062
|
)
|
|
Shares of beneficial interest
|
|
|
825,485,858
|
|
|
Total net assets
|
|
$
|
780,231,288
|
|
|
The difference between book-basis and tax-basis
unrealized appreciation (depreciation) is due to differences in
the timing of recognition of gains and losses on investments for
tax and book purposes. The Trusts net unrealized
appreciation (depreciation) difference is attributable primarily
to bond market discount and inverse floater adjustments.
The temporary book/tax differences are a result of
timing differences between book and tax recognition of income
and/or
expenses.
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 utilized $0 of capital loss carryforward
in the current period to offset net realized capital gain for
federal income tax purposes. The Trust has a capital loss
carryforward as of October 31, 2010 which expires as
follows:
|
|
|
|
|
|
|
Capital Loss
|
Expiration
|
|
Carryforward*
|
|
October 31, 2015
|
|
$
|
11,260,708
|
|
|
October 31, 2016
|
|
|
54,105,639
|
|
|
October 31, 2017
|
|
|
40,510,505
|
|
|
October 31, 2018
|
|
|
8,635,210
|
|
|
Total capital loss carryforward
|
|
$
|
114,512,062
|
|
|
|
|
*
|
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
year ended October 31, 2010 was $140,174,870 and
$193,577,002, 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
|
|
$
|
82,360,357
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(34,951,495
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
47,408,862
|
|
|
Cost of investments for tax purposes is $1,229,775,425.
|
29 Invesco
Van Kampen Trust for Investment Grade Municipals
NOTE 8Reclassification
of Permanent Differences
Primarily as a result of differing book/tax treatment of sale of
bonds with amortization on October 31, 2010, accumulated
undistributed net investment income (loss) was decreased by
$195,520, accumulated net realized gain (loss) was increased by
$195,513 and shares of beneficial interest increased by $7. This
reclassification had no effect on the net assets of the Trust.
NOTE 9Common
Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as
follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Year ended
|
|
|
October 31,
|
|
October 31,
|
|
|
2010
|
|
2009
|
|
Beginning Shares
|
|
|
53,846,492
|
|
|
|
53,831,731
|
|
|
Shares Issued Through Dividend Reinvestment
|
|
|
126,591
|
|
|
|
24,561
|
|
|
Shares Repurchased*
|
|
|
-0-
|
|
|
|
(9,800
|
)
|
|
Ending Shares
|
|
|
53,973,083
|
|
|
|
53,846,492
|
|
|
|
|
*
|
The Trust has a share repurchase
program for purposes of enhancing stockholder value and reducing
the discount at which the Trusts shares trade from its net
asset value. For year ended October 31, 2010, the Trust
repurchased none of its shares and for the year ended
October 31, 2009 the Trust repurchased 9,800 of its shares
at an average discount of 8.60%, from net asset value per share.
The Trust expects to continue to repurchase its outstanding
shares at such time and in such amounts as it believes such
activity will further the accomplishment of the foregoing
objectives, subject to review of the Trustees.
|
NOTE 10Preferred
Shares of Beneficial Interest
As of October 31, 2010, the Trust has outstanding 13,936
Auction Preferred Shares (APS) in nine series. Series A,
Series B and Series C contain 1,950 shares each,
Series D contains 1,040 shares, Series E, F and G
contain 1,430 shares each, Series H contain 1,456 and
Series I each contain 1,300 shares. Dividends are
cumulative and the dividend rates are generally reset every
28 days through an auction process. Beginning on
February 15, 2008, and continuing through October 31,
2010, 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
on APS. The average rate in effect on October 31, 2010 was
0.220%. During the year ended October 31, 2010, the rates
ranged from 0.110% to 0.320%.
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 16, 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.
The APS are redeemable at the option of the Trust in
whole or in part at the liquidation value of $25,000 per share
plus accumulated and unpaid dividends. The Trust is subject to
certain asset coverage tests and the APS are subject to
mandatory redemption at the liquidation value if the tests are
not met.
The APS are not listed on an exchange. Investors in
APS may participate in auctions through authorized
broker-dealers; however, such broker-dealers are not required to
maintain a secondary market in APS, and there can be no
assurance that a secondary market will develop, or if it does
develop a secondary market may not provide investors with
liquidity. When an APS auction fails, investors may not be able
to sell any or all of their APS; and because of the nature of
the market for APS, investors may receive less than the price
paid for their APS if sold outside of the auction.
The Trust entered into additional inverse floating
rate securities as an alternative form of leverage in order to
redeem and retire a portion of its preferred shares. For the
year ended October 31, 2010, transactions in preferred
shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
Series
D
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at October 31, 2009
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
2,250
|
|
|
$
|
56,250,000
|
|
|
|
1,200
|
|
|
$
|
30,000,000
|
|
|
Shares retired
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(300
|
)
|
|
|
(7,500,000
|
)
|
|
|
(160
|
)
|
|
|
(4,000,000
|
)
|
|
Outstanding at October 31, 2010
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,950
|
|
|
$
|
48,750,000
|
|
|
|
1,040
|
|
|
$
|
26,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
E
|
|
Series
F
|
|
Series
G
|
|
Series
H
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at October 31, 2009
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,680
|
|
|
$
|
42,000,000
|
|
|
Shares retired
|
|
|
(220
|
)
|
|
|
(5,500,000
|
)
|
|
|
(220
|
)
|
|
|
(5,500,000
|
)
|
|
|
(220
|
)
|
|
|
(5,500,000
|
)
|
|
|
(224
|
)
|
|
|
(5,600,000
|
)
|
|
Outstanding at October 31, 2010
|
|
|
1,430
|
|
|
$
|
35,750,000
|
|
|
|
1,430
|
|
|
$
|
35,750,000
|
|
|
|
1,430
|
|
|
$
|
35,750,000
|
|
|
|
1,456
|
|
|
$
|
36,400,000
|
|
|
30 Invesco
Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
|
|
|
|
|
Series
I
|
|
|
Shares
|
|
Value
|
|
Outstanding at October 31, 2009
|
|
|
1,500
|
|
|
$
|
37,500,000
|
|
|
Shares retired
|
|
|
(200
|
)
|
|
|
(5,000,000
|
)
|
|
Outstanding at October 31, 2010
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
NOTE 11Change
in Independent Registered Public Accounting Firm
The Audit Committee of the Board of Trustees of the Trust
appointed, and the Board of Trustees ratified thereafter and
approved, PricewaterhouseCoopers LLP (PWC) as the
independent registered public accounting firm of the Trust for
the fiscal year following May 31, 2010. Prior to
May 31, 2010, the Trust was audited by a different
independent registered public accounting firm (the Prior
Auditor). The Board of Trustees selected a new independent
auditor for the Trusts current fiscal year in connection
with the appointment of Invesco Advisers as investment adviser
to the Trust (New Advisory Agreement).
Effective June 1, 2010, the Prior Auditor
resigned as the independent registered public accounting firm of
the Trust. The Prior Auditors report on the financial
statements of the Trust for the past two years did not contain
an adverse or disclaimer of opinion, and was not qualified or
modified as to uncertainty, audit scope or accounting
principles. During the period the Prior Auditor was engaged,
there were no disagreements with the Prior Auditor on any matter
of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure which, if not
resolved to the Prior Auditors satisfaction, would have
caused it to make reference to that matter in connection with
its report.
NOTE 12Legal
Matters
The Trust received a shareholder demand letter dated
August 6, 2010 from two of the Trusts shareholders,
alleging that the 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.
31 Invesco
Van Kampen Trust for Investment Grade Municipals
Report
of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Invesco Van Kampen
Trust
for Investment Grade Municipals:
In our opinion, the accompanying statement of assets and
liabilities, including the schedule of investments, and the
related statements of operations, of changes in net assets and
of cash flows and the financial highlights present fairly, in
all material respects, the financial position of Invesco Van
Kampen Trust for Investment Grade Municipals (formerly known as
Van Kampen Trust For Investment Grade Municipals, hereafter
referred to as the Trust) at October 31, 2010,
the results of its operations, the changes in its net assets and
of cash flows and the financial highlights for the year then
ended, in conformity with accounting principles generally
accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as
financial statements) are the responsibility of the
Trusts management; our responsibility is to express an
opinion on these financial statements based on our audit. We
conducted our audit of these financial statements in accordance
with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant
estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit,
which included confirmation of securities at October 31,
2010 by correspondence with the custodian and brokers, provides
a reasonable basis for our opinion. The statement of changes in
net assets for the year ended October 31, 2009 and the
financial highlights of the Trust for the periods ended
October 31, 2009 and prior were audited by other
independent auditors whose report dated December 21, 2009
expressed an unqualified opinion on those financial statements.
PRICEWATERHOUSECOOPERS LLP
December 22, 2010
Houston, Texas
32 Invesco
Van Kampen Trust For Investment Grade Municipals
Investment
Advisory Agreement Approval
During this reporting period, the Board approved the
continuation of the investment advisory agreement with Van
Kampen Asset Management for the period May
19-20,
2010
through June 1, 2010, the date of the closing of the
Transaction (as defined below). Additionally, the Board approved
an investment advisory agreement and investment
sub-advisory
agreements with Invesco Advisers, Inc. and its affiliates
effective June 1, 2010 through June 30, 2011. Both
approvals are discussed below.
Approval of
Investment Advisory Agreement with Van Kampen Asset
Management
Both the Investment Company Act of 1940 (the 1940
Act) and the terms of the Funds investment advisory
agreement with Van Kampen Asset Management require that the
investment advisory agreement between the Fund and its
investment adviser be approved annually by a majority of the
Board of Trustees of the Fund and by a majority of the
independent trustees voting separately.
At meetings held on May
19-20,
2010,
the Board met to consider approving the continuation of the
investment advisory agreement between the Fund and its then
current investment adviser, Van Kampen Asset Management, until
the closing of Invescos acquisition of Morgan
Stanleys asset management business, including Van Kampen
Investments (the Transaction). Upon the closing of
the Transaction on June 1, 2010, such investment advisory
agreement terminated. The discussion in this section entitled
Approval of Investment Advisory Agreement with Van Kampen
Asset Management relates solely to the approval of the
investment advisory agreement for the period prior to the
closing of the Transaction. The Board of Trustees, and the
independent trustees voting separately, considered and
ultimately determined that the terms of the investment advisory
agreement are fair and reasonable and approved the continuance
of the investment advisory agreement as being in the best
interests of the Fund and its shareholders. In making its
determination, the Board considered materials that were
specifically prepared by the investment adviser at the request
of the Board and Fund counsel, and by an independent provider of
investment company data contracted to assist the Board, relating
to the investment advisory agreement review process. The Board
also considered information received periodically about the
portfolio, performance, the investment strategy, portfolio
management team and fees and expenses of the Fund. The Board
considered the investment advisory agreement over a period of
several months and the trustees held sessions with both the
investment adviser and separate from the investment adviser in
reviewing and considering the investment advisory agreement.
The Boards
Evaluation Process
In approving the investment advisory agreement, the Board
considered, among other things, the nature, extent and quality
of the services provided by the investment adviser, the
performance, fees and expenses of the Fund compared to other
similar funds and other products, the investment advisers
expenses in providing the services and the profitability of the
investment adviser and its affiliated companies. The Board of
Trustees considered the extent to which any economies of scale
experienced by the investment adviser are shared with the
Funds shareholders, and the propriety of breakpoints in
the Funds investment advisory fee schedule. The Board of
Trustees considered comparative advisory fees of the Fund and
other investment companies
and/or
other
products at different asset levels, and considered the trends in
the industry versus historical and projected assets of the Fund.
The Board of Trustees evaluated other benefits the investment
adviser and its affiliates derive from their relationship with
the Fund. The Board of Trustees reviewed information about the
foregoing factors and considered changes, if any, in such
information since its previous approval. The Board of Trustees
discussed the financial strength of the investment adviser and
its affiliated companies and the capability of the personnel of
the investment adviser, and specifically the strength and
background of its portfolio management personnel. The Board of
Trustees reviewed the statutory and regulatory requirements for
approval and disclosure of investment advisory agreements. The
Board of Trustees, including the independent trustees, evaluated
all of the foregoing and does not believe any single factor or
group of factors control or dominate the review process, and,
after considering all factors together, has determined, in the
exercise of its business judgment, that approval of the
investment advisory agreement is in the best interests of the
Fund and its shareholders. The following summary provides more
detail on certain matters considered but does not detail all
matters considered.
Factors and
Conclusions and Summary of Evaluation of Investment Advisory
Agreements
|
|
A.
|
Nature, Extent
and Quality of the Services Provided
|
On a regular basis, the Board of Trustees considers the roles
and responsibilities of the investment adviser as a whole and
those specific to portfolio management, support and trading
functions servicing the Fund. The trustees discuss with the
investment adviser the resources available and used in managing
the Fund and changes made in the Funds portfolio
management team over time. The trustees also discuss certain
other services which are provided on a cost-reimbursement basis
by the investment adviser or its affiliates to the Van Kampen
funds including certain accounting, administrative and legal
services. The Board has determined that the nature, extent and
quality of the services provided by the investment adviser
support its decision to approve the investment advisory
agreement.
|
|
B.
|
Performance, Fees
and Expenses of the Fund
|
On a regular basis, the Board of Trustees reviews the
performance, fees and expenses of the Fund compared to its peers
and to appropriate benchmarks. In addition, the Board spends
more focused time on the performance of the Fund and other funds
in the Van Kampen complex, paying specific attention to
underperforming funds. The trustees discuss with the investment
adviser the performance goals and the actual results achieved in
managing the Fund. When considering a funds performance,
the trustees and the investment adviser place emphasis on trends
and longer-term returns (focusing on one-year, three-year and
five-year performance with special attention to three-year
performance) and, when a funds weighted performance is
under the funds benchmark or peers, they discuss the
causes and where necessary seek to make specific changes to
investment strategy or investment personnel. The Fund discloses
more information about its performance elsewhere in this report.
The trustees discuss with the investment adviser the level of
advisory fees for this Fund relative to comparable funds and
other products advised by the adviser and others in the
marketplace. The trustees review not only the advisory fees but
other fees and expenses (whether paid to the adviser, its
affiliates or others) and the Funds overall expense ratio.
The Board has determined that the performance, fees and expenses
of the Fund support its decision to approve the investment
advisory agreement.
|
|
C.
|
Investment
Advisers Expenses in Providing the Service and
Profitability
|
At least annually, the trustees review the investment
advisers expenses in providing services to the Fund and
other funds advised by the investment adviser and the
profitability of the investment adviser. These profitability
reports are put together by the investment adviser with the
oversight of the Board. The trustees discuss with the investment
adviser its revenues and expenses, including among other things,
revenues for advisory services, portfolio management-related
expenses, revenue sharing arrangement costs and allocated
expenses both on an aggregate basis and per fund. The Board has
determined that the analysis of the investment advisers
expenses and profitability support its decision to approve the
investment advisory agreement.
On a regular basis, the Board of Trustees considers the size of
the Fund and how that relates to the
33 Invesco
Van Kampen Trust For Investment Grade Municipals
Funds expense ratio and particularly the Funds
advisory fee rate. In conjunction with its review of the
investment advisers profitability, the trustees discuss
with the investment adviser how more (or less) assets can affect
the efficiency or effectiveness of managing the Funds
portfolio and whether the advisory fee level is appropriate
relative to current asset levels
and/or
whether the advisory fee structure reflects economies of scale
as asset levels change. The Board has determined that its review
of the actual and potential economies of scale of the Fund
support its decision to approve the investment advisory
agreement.
|
|
E.
|
Other Benefits of
the Relationship
|
On a regular basis, the Board of Trustees considers other
benefits to the investment adviser and its affiliates derived
from the investment advisers relationship with the Fund
and other funds advised by the investment adviser. These
benefits include, among other things, fees for transfer agency
services provided to the funds, in certain cases research
received by the adviser generated from commission dollars spent
on funds portfolio trading, and in certain cases
distribution or service related fees related to funds
sales. The trustees review with the investment adviser each of
these arrangements and the reasonableness of its costs relative
to the services performed. The Board has determined that the
other benefits received by the investment adviser or its
affiliates support its decision to approve the investment
advisory agreement.
Approval of
Investment Advisory and Investment
Sub-Advisory
Agreements with Invesco Advisers, Inc. and its
Affiliates
The current investment adviser for the Fund, effective
June 1, 2010, is Invesco Advisers, Inc.
(Invesco) pursuant to the investment advisory
agreement approved by the Board on December 8, 2009 and
approved by shareholders of the Fund on April 16, 2010.
The closing of the Transaction constituted an
assignment of the Funds investment advisory
agreement with Van Kampen Asset Management and, therefore,
pursuant to the 1940 Act, resulted in the automatic termination
of the Funds investment advisory agreement with Van Kampen
Asset Management. The 1940 Act requires that shareholders of the
Fund approve any new investment advisory agreement for the Fund.
In connection with the Transaction, the Funds
Board of Trustees approved a new investment advisory arrangement
between the Fund and the Invesco, which arrangement includes
(i) a new advisory agreement with Invesco, which agreement
allows Invesco to enter into subadvisory agreements and delegate
any or all of its rights, duties or obligations to one or more
wholly owned affiliates of Invesco Ltd. as subadvisers and
(ii) that Invesco enter into a master subadvisory agreement
with several of Invesco Ltd.s wholly owned affiliates
(collectively, the New Advisory Agreements).
Shareholders approved the New Advisory Agreements with Invesco
on April 16, 2010, which became effective on June 1,
2010. The discussion in this section entitled Approval of
Investment Advisory and Investment
Sub-Advisory
Agreement with Invesco Advisers, Inc. and its Affiliates
relates solely to the approval of the New Advisory Agreements
for the period subsequent to the closing of the Transaction.
The Boards
Evaluation Process
At several in-person and telephonic meetings held in August,
September, October, November and December 2009, the Board
discussed and ultimately approved the New Advisory Agreements.
At these meetings, the Board considered information provided by
Morgan Stanley, Van Kampen Investments and Invesco regarding,
among other things: Invescos organization and personnel;
business strategy; ownership structure; financial strength;
affiliations (including other asset management affiliations);
asset management practices and capabilities; legal and
regulatory matters; and compliance matters. Emphasis during
these meetings focused on Invesco being a global investment
management leader with momentum in the U.S. retail market,
and that the combination of Invesco and Morgan Stanleys
retail asset management business, including Van Kampen
Investments, can bring additional value to the Funds
shareholders. The parties discussed Invescos independence
as a publicly traded entity, its strategic focus solely on the
investment management business (including Invescos
investment reputation, broad product line, service quality,
industry relationships and objective of putting investors
interests first) and its significant depth in resources,
diversification, performance and experience. The parties
discussed how the current Invesco and Van Kampen Investments
businesses compare and complement each other and the synergies
of the combined organization which management believes will
benefit the Funds shareholders. The parties discussed
aligning the Fund and other funds currently advised by the
Adviser together with other funds and products currently advised
by Invesco and its affiliates towards using a single, common
operating platform (which includes, among other things, common
investment operating platforms, common global performance
measurement and risk analysis, and common compliance policies
and procedures).
Factors and
Conclusions and Summary of Evaluation of the New Advisory
Agreements
In connection with the Boards consideration of the New
Advisory Agreements, the trustees considered the factors
discussed above as well as the following:
|
|
A.
|
Nature, Extent
and Quality of the Services to be Provided
|
The Board considered the roles and responsibilities of the
investment adviser (and its affiliates) as a whole and those
specific to portfolio management, support and trading functions
anticipated to be servicing the Fund. The trustees discussed
with Invesco the resources available in managing the Fund. The
trustees also discussed certain other services that are to be
provided by Invesco or its affiliates to the Fund including
subadvisory services, certain global performance measurement and
risk analysis, compliance, accounting, and administrative
services. The Board has determined that the nature, extent and
quality of the services to be provided by Invesco (and its
affiliates) support its decision to approve the New Advisory
Agreements.
|
|
B.
|
Projected Fees
and Expenses of the Fund
|
The Board considered that the advisory fee rate for the Fund
would remain the same under the New Advisory Agreements as they
were under the previous advisory agreement. The Board had
previously determined that such fees were acceptable under such
advisory agreement. The Board has determined that the projected
fees and expenses of the Fund support its decision to approve
the New Advisory Agreements.
|
|
C.
|
Investment
Advisers Expenses in Providing the Service and
Profitability
|
At least annually, the trustees expect to review Invescos
expenses in providing services to the Fund and other funds
advised by Invesco and the profitability of Invesco. In
connection with the Fund, the trustees discussed with Invesco
its projected revenues and expenses, including among other
things, revenues for advisory services, portfolio
management-related expenses, and other costs. The Board has
determined that the analysis of Invescos projected
expenses and profitability support its decision to approve the
New Advisory Agreements.
The Board noted that economies of scale were already reflected
in the advisory fees. In future determinations of whether to
approve the continuation of the advisory agreement, the Board
will consider whether economies of scale exist and should be
passed along to shareholders.
|
|
E.
|
Other Benefits of
the Relationship
|
The Board considered other benefits to Invesco and its
affiliates derived from its relationship with the Fund and other
funds advised by Invesco. These benefits include, among other
things, fees for administrative services (which is reimbursement
of Invescos cost or such reasonable compensation as may be
approved by the Board). The trustees reviewed with Invesco these
arrangements and the reasonableness of its costs relative to the
services performed. The Board has determined that the other
benefits received by Invesco or its affiliates support its
decision to approve the New Advisory Agreements.
34 Invesco
Van Kampen Trust For Investment Grade Municipals
Tax
Information
Form 1099-DIV,
Form 1042-S
and other year-end tax information provide shareholders with
actual calendar year amounts that should be included in their
tax returns. Shareholders should consult their tax advisors.
The following distribution information is being
provided as required by the Internal Revenue Code or to meet a
specific states requirement.
The Trust designates the following amounts or, if
subsequently determined to be different, the maximum amount
allowable for its fiscal year ended October 31, 2010:
|
|
|
|
|
Federal and State Income
Tax
|
|
|
|
Tax-exempt interest dividends*
|
|
|
99.68%
|
|
|
|
|
|
*
|
The above percentages are based on
ordinary income dividends paid to shareholders during the
Trusts fiscal year.
|
35 Invesco
Van Kampen Trust For Investment Grade Municipals
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Van Kampen Trust for Investment Grade Municipals was
held on Friday, July 16, 2010 and was adjourned until
August 13, 2010. The Meeting on August 13, 2010 was
held for the following purpose:
|
|
(1)
|
Elect four Class III Trustees, three by the holders of the
Common Shares and one by the holders of the Preferred Shares,
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 matters were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
|
Matter
|
|
Votes
For
|
|
Withheld
|
|
(1)
|
|
R. Craig Kennedy
|
|
|
48,756,702
|
|
|
|
1,456,699
|
|
|
|
Jack E. Nelson
|
|
|
48,622,204
|
|
|
|
1,591,197
|
|
|
|
Colin D. Meadows
|
|
|
48,680,348
|
|
|
|
1,533,053
|
|
|
|
Hugo F.
Sonnenschein
(P)
|
|
|
3,225
|
|
|
|
5,214
|
|
(P)
Election
of trustee by preferred shareholders only.
36 Invesco
Van Kampen Trust for Investment Grade Municipals
Trustees and Officers
The address of each trustee and officer is 1555 Peachtree, N.E., Atlanta, Georgia 30309. The
trustees serve for the life of the Fund, subject to their earlier death, incapacitation,
resignation, retirement or removal as more specifically provided in the Funds organizational
documents. Each officer serves for a one year term or until their successors are elected and
qualified. Column two below includes length of time served with predecessor entities, if any.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
in Fund Complex
|
|
|
|
|
Name, Year of Birth and
|
|
Trustee and/or
|
|
Principal Occupation(s)
|
|
Overseen by
|
|
Other Directorship(s)
|
|
|
Position(s) Held with the Trust
|
|
Officer Since
|
|
During Past 5 Years
|
|
Trustee
|
|
Held by Trustee
|
|
|
|
|
|
|
|
|
|
Interested Persons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colin Meadows 1971
Trustee, President and Principal
Executive Officer
|
|
2010
|
|
Chief Administrative
Officer, Invesco
Advisers, Inc., since
2006; Prior to 2006,
Senior Vice President
of business
development and
mergers and
acquisitions at GE
Consumer Finance;
Prior to 2005, Senior
Vice President of
strategic planning and
technology at Wells
Fargo Bank; From 1996
to 2003, associate
principal with
McKinsey & Company,
focusing on the
financial services and
venture capital
industries, with
emphasis in banking
and asset management
sectors.
|
|
|
18
|
|
|
None
|
|
|
|
|
|
|
|
|
|
Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wayne M. Whalen
1
1939
Trustee and Chair
|
|
1991
|
|
Of Counsel, and prior
to 2010, partner in
the law firm of
Skadden, Arps, Slate,
Meagher & Flom LLP,
legal counsel to funds
in the Fund Complex
|
|
|
225
|
|
|
Director of the Abraham
Lincoln Presidential
Library Foundation
|
|
|
|
|
|
|
|
|
|
David C. Arch 1945
Trustee
|
|
1991
|
|
Chairman and Chief
Executive Officer of
Blistex Inc., a
consumer health care
products manufacturer.
|
|
|
225
|
|
|
Member of the Heartland
Alliance Advisory Board,
a nonprofit organization
serving human needs based
in Chicago. Board member
of the Illinois
Manufacturers
Association. Member of
the Board of Visitors,
Institute for the
Humanities, University of
Michigan
|
|
|
|
|
|
|
|
|
|
Jerry D. Choate 1938
Trustee
|
|
2003
|
|
From 1995 to 1999,
Chairman and Chief
Executive Officer of
the Allstate
Corporation
(Allstate) and
Allstate Insurance
Company. From 1994 to
1995, President and
Chief Executive
Officer of Allstate.
Prior to 1994, various
management positions
at Allstate.
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
Director since 1998 and
member of the governance
and nominating committee,
executive committee,
compensation and
management development
committee and equity
award committee, of Amgen
Inc., a biotechnological
company. Director since
1999 and member of the
nominating and governance
committee and
compensation and
executive committee, of
Valero Energy
Corporation, a crude oil
refining and marketing
company. Previously, from
2006 to 2007, Director
and member of the
compensation committee
and audit committee, of
H&R Block, a tax
preparation services
company.
|
|
|
|
|
|
|
|
|
|
Rodney Dammeyer 1940
Trustee
|
|
1991
|
|
President of CAC, LLC,
a private company
offering capital
investment and
management advisory
services. Prior to
January 2004, Director
of TeleTech Holdings
Inc.; Prior to 2002,
Director of Arris
Group, Inc.; Prior to
2001, Managing Partner
at Equity Group
Corporate Investments.
Prior to 1995, Chief
Executive Officer of
Itel Corporation.
Prior to 1985,
experience includes
Senior Vice President
and Chief Financial
Officer of Household
International, Inc,
Executive Vice
President and Chief
Financial Officer of
Northwest Industries,
Inc. and Partner of
Arthur Andersen & Co.
|
|
|
225
|
|
|
Director of Quidel
Corporation and
Stericycle, Inc. Prior to
May 2008, Trustee of The
Scripps Research
Institute. Prior to
February 2008, Director
of Ventana Medical
Systems, Inc. Prior to
April 2007, Director of
GATX Corporation. Prior
to April 2004, Director
of TheraSense, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Mr. Whalen is considered an interested
person (within the meaning of Section 2(a)(19) of the 1940 Act) of certain
Funds in the Fund Complex by reason of he and his firm currently providing
legal services as legal counsel to such Funds in the Fund Complex.
|
T-1
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
in Fund Complex
|
|
|
|
|
Name, Year of Birth and
|
|
Trustee and/or
|
|
Principal Occupation(s)
|
|
Overseen by
|
|
Other Directorship(s)
|
|
|
Position(s) Held with the Trust
|
|
Officer Since
|
|
During Past 5 Years
|
|
Trustee
|
|
Held by Trustee
|
|
|
|
|
|
|
|
|
|
Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linda Hutton Heagy 1948
Trustee
|
|
2003
|
|
Prior to June 2008,
Managing Partner of
Heidrick & Struggles,
the second largest
global executive
search firm, and from
2001-2004, Regional
Managing Director of
U.S. operations at
Heidrick & Struggles.
Prior to 1997,
Managing Partner of
Ray & Berndtson, Inc.,
an executive
recruiting firm. Prior
to 1995, Executive
Vice President of ABN
AMRO, N.A., a bank
holding company, with
oversight for treasury
management operations
including all
non-credit product
pricing. Prior to
1990, experience
includes Executive
Vice President of The
Exchange National Bank
with oversight of
treasury management
including capital
markets operations,
Vice President of
Northern Trust Company
and an Associate at
Price Waterhouse.
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
Prior to 2010, Trustee on
the University of Chicago
Medical Center Board,
Vice Chair of the Board
of the YMCA of
Metropolitan Chicago and
a member of the Womens
Board of the University
of Chicago.
|
|
|
|
|
|
|
|
|
|
R. Craig Kennedy 1952
Trustee
|
|
2003
|
|
Director and President
of the German Marshall
Fund of the United
States, an independent
U.S. foundation
created to deepen
understanding, promote
collaboration and
stimulate exchanges of
practical experience
between Americans and
Europeans. Formerly,
advisor to the Dennis
Trading Group Inc., a
managed futures and
option company that
invests money for
individuals and
institutions. Prior
to 1992, President and
Chief Executive
Officer, Director and
member of the
Investment Committee
of the Joyce
Foundation, a private
foundation.
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
Director of First Solar,
Inc.
|
|
|
|
|
|
|
|
|
|
Howard J Kerr 1935
Trustee
|
|
1992
|
|
Retired. Previous
member of the City
Council and Mayor of
Lake Forest, Illinois
from 1988 through
2002. Previous
business experience
from 1981 through 1996
includes President and
Chief Executive
Officer of Pocklington
Corporation, Inc., an
investment holding
company, President and
Chief Executive
Officer of Grabill
Aerospace, and
President of Custom
Technologies
Corporation. United
States Naval Officer
from 1960 through
1981, with
responsibilities
including Commanding
Officer of United
States Navy destroyers
and Commander of
United States Navy
Destroyer Squadron
Thirty-Three, White
House experience in
1973 through 1975 as
military aide to Vice
Presidents Agnew and
Ford and Naval Aid to
President Ford, and
Military Fellow on the
Council of Foreign
Relations in
1978-through 1979.
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
Director of the Lake
Forest Bank & Trust.
Director of the Marrow
Foundation.
|
|
|
|
|
|
|
|
|
|
Jack E. Nelson 1936
Trustee
|
|
2003
|
|
President of Nelson
Investment Planning
Services, Inc., a
financial planning
company and registered
investment adviser in
the State of Florida.
President of Nelson
Ivest Brokerage
Services Inc., a
member of the
Financial Industry
Regulatory Authority
(FINRA), Securities
Investors Protection
Corp. and the
Municipal Securities
Rulemaking Board.
President of Nelson
Sales and Services
Corporation, a
marketing and services
company to support
affiliated companies.
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
|
|
|
|
|
|
|
|
|
|
Hugo F. Sonnenschein 1940
Trustee
|
|
1994
|
|
President Emeritus and
Honorary Trustee of
the University of
Chicago and the Adam
Smith Distinguished
Service Professor in
the Department of
Economics at the
University of Chicago.
Prior to July 2000,
President of the
University of Chicago.
|
|
|
225
|
|
|
Trustee of the University
of Rochester and a member
of its investment
committee. Member of the
National Academy of
Sciences, the American
Philosophical Society and
a fellow of the American
Academy of Arts and
Sciences
|
|
|
|
|
|
|
|
|
|
Suzanne H. Woolsey, Ph.D.
1941
Trustee
|
|
2003
|
|
Chief Communications
Officer of the
National Academy of
Sciences and
Engineering and
Institute of
Medicine/National
Research Council, an
independent, federally
chartered policy
institution, from 2001
to November 2003 and
Chief Operating
Officer from 1993 to
2001. Executive
Director of the
Commission on
Behavioral and Social
Sciences and Education
at the National
Academy of
Sciences/National
Research Council from
1989 to 1993. Prior
to 1980, experience
includes Partner of
Coopers & Lybrand
(from 1980 to 1989),
Associate Director of
the US Office of
Management and Budget
(from 1977 to 1980)
and Program Director
of the Urban Institute
(from 1975 to 1977).
|
|
|
18
|
|
|
Trustee/Director/Managing
General Partner of funds
in the Fund Complex.
Independent Director and
audit committee
chairperson of Changing
World Technologies, Inc.,
an energy manufacturing
company, since July 2008.
Independent Director and
member of audit and
governance committees of
Fluor Corp., a global
engineering, construction
and management company,
since January 2004.
Director of Intelligent
Medical Devices, Inc., a
private company which
develops symptom-based
diagnostic tools for
viral respiratory
infections. Advisory
Board member of ExactCost
LLC, a private company
providing activity-based
costing for hospitals,
laboratories, clinics,
and physicians, since
2008.
|
|
|
|
|
|
|
|
|
T-2
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
in Fund Complex
|
|
|
|
|
Name, Year of Birth and
|
|
Trustee and/or
|
|
Principal Occupation(s)
|
|
Overseen by
|
|
Other Directorship(s)
|
|
|
Position(s) Held with the Trust
|
|
Officer Since
|
|
During Past 5 Years
|
|
Trustee
|
|
Held by Trustee
|
|
|
|
|
|
|
|
|
|
Independent Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chairperson of the
Board of Trustees of
the Institute for
Defense Analyses,
afederally funded
research and
development center,
since 2000. Trustee
from 1992 to 2000
and 2002 to present,
current chairperson
of the finance
committee, current
member of the audit
committee, strategic
growth committee and
executive committee,
and former
Chairperson of the
Board of Trustees
(from 1997 to 1999),
of the German
Marshall Fund of the
United States, a
public foundation.
Lead Independent
Trustee of the Rocky
Mountain Institute,
a non-profit energy
and environmental
institute; Trustee
since 2004.
Chairperson of the
Board of Trustees of
the Colorado
College; Trustee
since 1995. Trustee
of California
Institute of
Technology.
Previously,
Independent Director
and member of audit
committee and
governance committee
of Neurogen
Corporation from
1998 to 2006; and
Independent Director
of Arbros
Communications from
2000 to 2002
|
|
|
|
|
|
|
|
|
|
Other Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John M. Zerr 1962
Senior Vice President, Chief
Legal Officer and Secretary
|
|
2010
|
|
Director, Senior Vice
President, Secretary
and General Counsel,
Invesco Management
Group, Inc. (formerly
known as Invesco Aim
Management Group,
Inc.), Van Kampen
Investments Inc. and
Van Kampen Exchange
Corp., Senior Vice
President, Invesco
Advisers, Inc.
(formerly known as
Invesco Institutional
(N.A.), Inc.)
(registered investment
adviser); Senior Vice
President and
Secretary, Invesco
Distributors, Inc.
(formerly known as
Invesco Aim
Distributors, Inc.);
Director, Vice
President and
Secretary, Invesco
Investment Services,
Inc. (formerly known
as Invesco Aim
Investment Services,
Inc.) and IVZ
Distributors, Inc.
(formerly known as
INVESCO Distributors,
Inc.); Director and
Vice President,
INVESCO Funds Group,
Inc.; Senior Vice
President, Chief Legal
Officer and Secretary,
The Invesco Funds;
Manager, Invesco
PowerShares Capital
Management LLC;
Director, Secretary
and General Counsel,
Van Kampen Asset
Management; Director
and Secretary, Van
Kampen Advisors Inc.;
Secretary and General
Counsel, Van Kampen
Funds Inc.; Director,
Vice President,
Secretary and General
Counsel, Van Kampen
Investor Services
Inc.; and General
Counsel, PowerShares
Exchange-Traded Fund
Trust, PowerShares
Exchange-Traded Fund
Trust II, PowerShares
India Exchange-Traded
Fund Trust and
PowerShares Actively
Managed
Exchange-Traded Fund
Trust
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Director,
Invesco Distributors,
Inc. (formerly known
as Invesco Aim
Distributors, Inc.);
Director, Senior Vice
President, General
Counsel and Secretary,
Invesco Advisers,
Inc.; Director, Vice
President and
Secretary, Fund
Management Company;
Director, Senior Vice
President, Secretary,
General Counsel and
Vice President,
Invesco Aim Capital
Management, Inc.;
Chief Operating
Officer and General
Counsel, Liberty Ridge
Capital, Inc. (an
investment adviser);
Vice President and
Secretary, PBHG Funds
(an investment
company) and PBHG
Insurance Series Fund
(an investment
company); Chief
Operating Officer,
General Counsel and
Secretary, Old Mutual
Investment Partners (a
broker-dealer);
General Counsel and
Secretary, Old Mutual
Fund Services (an
administrator) and Old
Mutual Shareholder
Services (a
shareholder servicing
center); Executive
Vice President,
General Counsel and
Secretary, Old Mutual
Capital, Inc. (an
investment adviser);
and Vice President and
Secretary, Old Mutual
Advisors Funds (an
investment company)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lisa O. Brinkley 1959
Vice President
|
|
2010
|
|
Global Compliance
Director, Invesco
Ltd.; Chief Compliance
Officer, Invesco
Distributors, Inc.
(formerly known as
Invesco Aim
Distributors, Inc.),
Invesco Investment
Services,
Inc.(formerly known as
Invesco Aim Investment
Services, Inc.) and
Van Kampen Investor
Services Inc.; and
Vice President, The
Invesco Funds
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Senior Vice
President, Invesco
Management Group,
Inc.; Senior Vice
President and Chief
Compliance Officer,
Invesco Advisers, Inc.
and The Invesco Funds;
Vice President and
Chief Compliance
Officer, Invesco Aim
Capital Management,
Inc. and Invesco
Distributors, Inc.;
Vice President,
Invesco Investment
Services, Inc. and
Fund Management
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T-3
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
in Fund Complex
|
|
|
|
|
Name, Year of Birth and
|
|
Trustee and/or
|
|
Principal Occupation(s)
|
|
Overseen by
|
|
Other Directorship(s)
|
|
|
Position(s) Held with the Trust
|
|
Officer Since
|
|
During Past 5 Years
|
|
Trustee
|
|
Held by Trustee
|
|
|
|
|
|
|
|
|
|
Other Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Karen Dunn Kelley 1960
Vice President
|
|
2010
|
|
Head of Invescos
World Wide Fixed
Income and Cash
Management Group;
Senior Vice President,
Invesco Management
Group, Inc. (formerly
known as Invesco Aim
Management Group,
Inc.), Invesco
Advisers, Inc.
(formerly known as
Invesco Institutional
(N.A.), Inc.)
(registered investment
adviser) and Van
Kampen Investments
Inc.; Executive Vice
President, Invesco
Distributors, Inc.
(formerly known as
Invesco Aim
Distributors, Inc.);
Director, Invesco
Mortgage Capital Inc.;
Vice President, The
Invesco Funds (other
than AIM Treasurers
Series Trust (Invesco
Treasurers Series
Trust) and Short-Term
Investments Trust);
and President and
Principal Executive
Officer, The Invesco
Funds (AIM Treasurers
Series Trust (Invesco
Treasurers Series
Trust) and Short-Term
Investments Trust
only).
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N/A
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N/A
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Formerly: Vice
President, Invesco
Advisers, Inc.
(formerly known as
Invesco Institutional
(N.A.), Inc.);
Director of Cash
Management and Senior
Vice President,
Invesco Advisers, Inc.
and Invesco Aim
Capital Management,
Inc.; President and
Principal Executive
Officer, Tax-Free
Investments Trust;
Director and
President, Fund
Management Company;
Chief Cash Management
Officer, Director of
Cash Management,
Senior Vice President,
and Managing Director,
Invesco Aim Capital
Management, Inc.;
Director of Cash
Management, Senior
Vice President, and
Vice President,
Invesco Advisers, Inc.
and The Invesco Funds
(AIM Treasurers
Series Trust (Invesco
Treasurers Series
Trust), Short-Term
Investments Trust and
Tax-Free Investments
Trust only)
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Sheri Morris 1964
Vice President, Principal
Financial Officer and
Treasurer
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2010
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Vice President,
Treasurer and
Principal Financial
Officer, The Invesco
Funds; and Vice
President, Invesco
Advisers, Inc.
(formerly known as
Invesco Institutional
(N.A.), Inc.)
(registered investment
adviser)
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N/A
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N/A
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Formerly: Vice
President, Invesco
Advisers, Inc.,
Invesco Aim Capital
Management, Inc. and
Invesco Aim Private
Asset Management,
Inc.; Assistant Vice
President and
Assistant Treasurer,
The Invesco Funds and
Assistant Vice
President, Invesco
Advisers, Inc.,
Invesco Aim Capital
Management, Inc. and
Invesco Aim Private
Asset Management, Inc.
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Lance A. Rejsek 1967
Anti-Money Laundering
Compliance Officer
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2010
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Anti-Money Laundering
Compliance Officer,
Invesco Advisers, Inc.
(formerly known as
Invesco Institutional
(N.A.), Inc.)
(registered investment
adviser); Invesco
Distributors, Inc.
(formerly known as
Invesco Aim
Distributors, Inc.),
Invesco Investment
Services, Inc.
(formerly known as
Invesco Aim Investment
Services, Inc.), The
Invesco Funds,
PowerShares
Exchange-Traded Fund
Trust, PowerShares
Exchange-Traded Trust
II, PowerShares India
Exchange-Traded Fund
Trust, PowerShares
Actively Managed
Exchange-Traded Fund
Trust, Van Kampen
Asset Management, Van
Kampen Investor
Services Inc., and Van
Kampen Funds Inc.
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N/A
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N/A
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Formerly: Anti-Money
Laundering Compliance
Officer, Fund
Management Company,
Invesco Advisers,
Inc., Invesco Aim
Capital Management,
Inc. and Invesco Aim
Private Asset
Management, Inc.
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Todd L. Spillane 1958
Chief Compliance Officer
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2010
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Senior Vice President,
Invesco Management
Group, Inc. (formerly
known as Invesco Aim
Management Group,
Inc.), Van Kampen
Investments Inc. and
Van Kampen Exchange
Corp.; Senior Vice
President and Chief
Compliance Officer,
Invesco Advisers, Inc.
(registered investment
adviser) (formerly
known as Invesco
Institutional (N.A.),
Inc.); Chief
Compliance Officer,
The Invesco Funds,
PowerShares
Exchange-Traded Fund
Trust, PowerShares
Exchange-Traded Trust
II, PowerShares India
Exchange-Traded Fund
Trust, PowerShares
Actively Managed
Exchange-Traded Fund
Trust, INVESCO Private
Capital Investments,
Inc. (holding company)
and Invesco Private
Capital, Inc.
(registered investment
adviser); Vice
President, Invesco
Distributors, Inc.
(formerly known as
Invesco Aim
Distributors, Inc.),
Invesco Investment
Services, Inc.
(formerly known as
Invesco Aim Investment
Services, Inc.) and
Van Kampen Investor
Services Inc.
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N/A
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N/A
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Formerly: Senior Vice
President and Chief
Compliance Officer,
Invesco Advisers, Inc.
and Invesco Aim
Capital Management,
Inc.; Chief Compliance
Officer, Invesco
Global Asset
Management (N.A.),
Inc. and Invesco
Senior Secured
Management, Inc.
(registered investment
adviser); Vice
President, Invesco Aim
Capital Management,
Inc. and Fund
Management Company
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Office of the Fund
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Investment Adviser
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Auditors
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Custodian
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1555 Peachtree Street, N.E.
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Invesco Advisers, Inc.
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PricewaterhouseCoopers LLP
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State Street Bank and Trust Company
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Atlanta, GA 30309
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1555 Peachtree Street, N.E.
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1201 Louisiana Street, Suite 2900
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225 Franklin
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Atlanta, GA 30309
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Houston, TX 77002-5678
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Boston, MA 02110-2801
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Counsel to the Fund
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Transfer Agent
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Skadden, Arps, Slate, Meagher & Flom , LLP
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Computershare Trust Company, N.A.
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155 West Wacker Drive
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P.O. Box 43078
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Chicago, IL 60606
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Providence, RI 02940-3078
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T-4
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. The most recent list of portfolio
holdings is available at invesco.com/completeqtrholdings. 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 811-06471.
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 800 959 4246 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, 2010, 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.
VK-CE-IGMUNI-AR-1 Invesco Distributors, Inc.
As of the end of the period covered by this report, the Registrant had adopted a code of
ethics (the Code) that applies to the Registrants principal executive officer (PEO)
and principal financial officer (PFO). The Code was amended in June, 2010, to (i) add
an individual to Exhibit A and (ii) update the names of certain legal entities. 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.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT.
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The Board of Trustees has determined that the Registrant has at least one audit committee
financial expert serving on its Audit Committee. The Audit Committee financial experts are
Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy. Jerry D. Choate, Linda Hutton
Heagy and R. Craig Kennedy are independent within the meaning of that term as used in
Form N-CSR.
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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Fees Billed by Principal Accountant Related to the Registrant
The information set forth below for the 2010 fiscal year relates to fees billed by the Funds
Prior and Current Auditors:
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Percentage of Fees
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Billed Applicable
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Percentage of Fees
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to Non-Audit
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Billed Applicable to
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Services Provided
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Non-Audit Services
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Fees Billed for
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for fiscal year end
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Fees Billed for
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Provided for fiscal
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Services Rendered
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10/31/2010
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Services Rendered
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year end 10/31/2009
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to the Registrant
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Pursuant to Waiver
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to the Registrant for
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Pursuant to Waiver
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for fiscal year end
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of Pre-Approval
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fiscal year end
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of Pre-Approval
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10/31/2010
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Requirement
(1)
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10/31/2009
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Requirement
(1)
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Audit Fees
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$
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35,000
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N/A
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$
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37,945
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N/A
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Audit-Related
Fees
(2)
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$
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0
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0
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%
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$
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415
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0
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%
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Tax Fees
(3)
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$
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4,300
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0
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%
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$
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2,750
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0
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%
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All Other Fees
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$
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0
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0
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%
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$
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0
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0
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%
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Total Fees
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$
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39,300
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0
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%
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$
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41,110
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0
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%
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PWC billed the Registrant aggregate non-audit fees of $4,300 for the fiscal year ended October 31, 2010. D&T billed the Registrant
aggregate non-audit fees of $3,165 for the fiscal year ended October 31, 2009.
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(1)
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With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant to PWC during a fiscal year; and (iii) such services are promptly brought to the
attention of the Registrants Audit Committee and approved by the Registrants Audit Committee
prior to the completion of the audit.
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(2)
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Audit-Related fees for the fiscal year end October 31, 2009 represent assurance and related
services provided that are reasonably related to the performance of the audit of the financial
statements of the Registrant, specifically annual agreed upon procedures for rating agencies.
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(3)
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Tax fees for the fiscal year end October 31, 2010 includes fees billed for reviewing tax
returns. Tax fees for the fiscal year end October 31, 2009 includes fees billed for reviewing
tax returns.
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Fees Billed by PWC Related to Invesco and Invesco Affiliates
PWC billed Invesco Advisers, Inc. (Invesco), the Registrants adviser, and any entity
controlling, controlled by or under common control with Invesco that provides ongoing services to
the Registrant (Invesco Affiliates) aggregate fees for pre-approved non-audit services rendered
to Invesco and Invesco Affiliates for the last two fiscal years as follows:
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Fees Billed for Non-
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Fees Billed for Non-
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Audit Services
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Audit Services
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Rendered to Invesco
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Percentage of Fees
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Rendered to Invesco
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Percentage of Fees
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and Invesco
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Billed Applicable to
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and Invesco
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Billed Applicable to
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Affiliates for fiscal
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Non-Audit Services
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Affiliates for fiscal
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Non-Audit Services
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year end 10/31/2010
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Provided for fiscal
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year end 10/31/2009
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Provided for fiscal
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That Were Required
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year end 10/31/2010
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That Were Required
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year end 10/31/2009
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to be Pre-Approved
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Pursuant to Waiver
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to be Pre-Approved
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Pursuant to Waiver
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by the Registrants
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of Pre-Approval
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by the Registrants
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of Pre-Approval
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Audit Committee
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Requirement
(1)
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Audit Committee
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Requirement
(1)
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Audit-Related Fees
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$
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0
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0
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%
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$
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0
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0
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%
|
Tax Fees
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$
|
0
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0
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%
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$
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0
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0
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%
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All Other Fees
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$
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0
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0
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%
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$
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0
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0
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%
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Total Fees
(2)
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$
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0
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0
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%
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$
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0
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0
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%
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(1)
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With respect to the provision of non-audit services, the pre-approval requirement is waived
pursuant to a de minimis exception if (i) such services were not recognized as non-audit
services by the Registrant at the time of engagement, (ii) the aggregate amount of all such
services provided is no more than 5% of the aggregate audit and non-audit fees paid by the
Registrant, Invesco and Invesco Affiliates to PWC during a fiscal year; and (iii) such
services are promptly brought to the attention of the Registrants Audit Committee and
approved by the Registrants Audit Committee prior to the completion of the audit.
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(2)
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Including the fees for services not required to be pre-approved by the registrants audit
committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit fees of $0 for the
fiscal year ended October 31, 2010, and $0 for the fiscal year ended October 31, 2009, for
non-audit services rendered to Invesco and Invesco Affiliates.
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The Audit Committee also has considered whether the provision of non-audit services that
were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved
pursuant to SEC regulations, if any, is compatible with maintaining PWCs independence.
To the extent that such services were provided, the Audit Committee determined that the
provision of such services is compatible with PWC maintaining independence with respect to
the Registrant.
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees of
the Invesco Funds (the Funds)
Last Amended May 4, 2010
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission
(SEC) (Rules), the Audit Committees of the Funds (the Audit Committees) Board of Trustees
(the Board) are responsible for the appointment, compensation and oversight of the work of
independent accountants (an Auditor). As part of this responsibility and to assure that the
Auditors independence is not impaired, the Audit Committees pre-approve the audit and non-audit
services provided to the Funds by each Auditor, as well as all non-audit services provided by the
Auditor to the Funds investment adviser and to affiliates of the adviser that provide ongoing
services to the Funds (Service Affiliates) if the services directly impact the Funds operations
or financial reporting. The SEC Rules also specify the types of services that an Auditor may not
provide to its audit client. The following policies and procedures comply with the requirements
for pre-approval and provide a mechanism by which management of the Funds may request and secure
pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal
business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case
services by the Audit Committees (general pre-approval) or require the specific pre-approval of
the Audit Committees (specific pre-approval). As set forth in these policies and procedures,
unless a type of service has received general pre-approval, it will require specific pre-approval
by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee
levels provided at the time the service was pre-approved will also require specific approval by the
Audit Committees before payment is made. The Audit Committees will also consider the impact of
additional fees on the Auditors independence when determining whether to approve any additional
fees for previously pre-approved services.
The Audit Committees will annually review and generally pre-approve the services that may be
provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally
on an annual basis. The term of any general pre-approval runs from the date of such pre-approval
through September 30
th
of the following year, unless the Audit Committees consider a
different period and state otherwise. The Audit Committees will add to or subtract from the list
of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit
Committees in fulfilling their responsibilities.
Delegation
The Audit Committees may from time to time delegate pre-approval authority to one or more of its
members who are Independent Trustees. All decisions to pre-approve a service by a delegated member
shall be reported to the Audit Committees at the next quarterly meeting.
Audit Services
The annual audit services engagement terms will be subject to specific pre-approval of the Audit
Committees. Audit services include the annual financial statement audit and other procedures such
as tax provision work that is required to be performed by the independent auditor to be able to
form an opinion on the Funds financial statements. The Audit Committees will obtain, review and
consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of
the Auditors qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committees may grant either general
or specific pre-approval of other audit services, which are those services that only the
independent auditor reasonably can provide. Other Audit services may include services such as
issuing consents for the
inclusion of audited financial statements with SEC registration statements, periodic reports and
other documents filed with the SEC or other documents issued in connection with securities
offerings.
Non-Audit Services
The Audit Committees may provide either general or specific pre-approval of any non-audit services
to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the
service will not impair the independence of the Auditor, is consistent with the SECs Rules on
auditor independence, and otherwise conforms to the Audit Committees general principles and
policies as set forth herein.
Audit-Related Services
Audit-related services are assurance and related services that are reasonably related to the
performance of the audit or review of the Funds financial statements or that are traditionally
performed by the independent auditor. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure matters not classified as
Audit services; assistance with understanding and implementing new accounting and financial
reporting guidance from rulemaking authorities; and agreed-upon procedures related to mergers,
compliance with ratings agency requirements and interfund lending activities.
Tax Services
Tax services include, but are not limited to, the review and signing of the Funds federal tax
returns, the review of required distributions by the Funds and consultations regarding tax matters
such as the tax treatment of new investments or the impact of new regulations. The Audit
Committees will scrutinize carefully the retention of the Auditor in connection with a transaction
initially recommended by the Auditor, the major business purpose of which may be tax avoidance or
the tax treatment of which may not be supported in the Internal Revenue Code and related
regulations. The Audit Committees will consult with the Funds Treasurer (or his or her designee)
and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax
services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or
federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in
connection with seeking Audit Committees pre-approval of permissible Tax services, the Auditor
shall:
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1.
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Describe in writing to the Audit Committees, which writing may be in the form of the
proposed engagement letter:
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a.
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The scope of the service, the fee structure for the engagement, and
any side letter or amendment to the engagement letter, or any other agreement
between the Auditor and the Fund, relating to the service; and
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b.
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Any compensation arrangement or other agreement, such as a referral
agreement, a referral fee or fee-sharing arrangement, between the Auditor and any
person (other than the Fund) with respect to the promoting, marketing, or
recommending of a transaction covered by the service;
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|
2.
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Discuss with the Audit Committees the potential effects of the services on the
independence of the Auditor; and
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3.
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Document the substance of its discussion with the Audit Committees.
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All Other Auditor Services
The Audit Committees may pre-approve non-audit services classified as All other services that are
not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor
under general or specific pre-approval policies will be set periodically by the Audit Committees.
Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts
for pre-approved audit and non-audit services will be reported to the Audit Committees at the
quarterly Audit Committees meeting and will require specific approval by the Audit Committees
before payment is made. The Audit Committees will always factor in the overall relationship of
fees for audit and non-audit services in determining whether to pre-approve any such services and
in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved
fees or established amounts for previously pre-approved services.
Procedures
Generally on an annual basis, Invesco Advisers, Inc. (Invesco) will submit to the Audit
Committees for general pre-approval, a list of non-audit services that the Funds or Service
Affiliates of the Funds may request from the Auditor. The list will describe the non-audit
services in reasonable detail and will include an estimated range of fees and such other
information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit
Committees will be submitted to the Funds Treasurer (or his or her designee) and must include a
detailed description of the services to be rendered. The Treasurer or his or her designee will
ensure that such services are included within the list of services that have received the general
pre-approval of the Audit Committees. The Audit Committees will be informed at the next quarterly
scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice
and whether such services and fees had been pre-approved and if so, by what means.
Each request to provide services that require specific approval by the Audit Committees shall be
submitted to the Audit Committees jointly by the Funds Treasurer or his or her designee and the
Auditor, and must include a joint statement that, in their view, such request is consistent with
the policies and procedures and the SEC Rules.
Each request to provide tax services under either the general or specific pre-approval of the Audit
Committees will describe in writing: (i) the scope of the service, the fee structure for the
engagement, and any side letter or amendment to the engagement letter, or any other agreement
between the Auditor and the audit client, relating to the service; and (ii) any compensation
arrangement or other agreement between the Auditor and any person (other than the audit client)
with respect to the promoting, marketing, or recommending of a transaction covered by the service.
The Auditor will discuss with the Audit Committees the potential effects of the services on the
Auditors independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly
brought to the attention of the Audit Committees for approval, including documentation that each of
the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any
entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in
sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committees have designated the Funds Treasurer to monitor the performance of all
services provided by the Auditor and to ensure such services are in compliance with these policies
and procedures. The Funds Treasurer will report to the Audit Committees on a periodic basis as to
the results of such monitoring. Both the Funds Treasurer and management of Invesco will
immediately report to the chairman of the Audit Committees any breach of these policies and
procedures that comes to the attention of the Funds Treasurer or senior management of Invesco.
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude
that the results of the service would not be subject to audit procedures in connection with the
audit of the Funds financial statements)
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Bookkeeping or other services related to the accounting records or financial
statements of the audit client
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Financial information systems design and implementation
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Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
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Actuarial services
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Internal audit outsourcing services
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Categorically Prohibited Non-Audit Services
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Management functions
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Human resources
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Broker-dealer, investment adviser, or investment banking services
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Legal services
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Expert services unrelated to the audit
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Any service or product provided for a contingent fee or a commission
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Services related to marketing, planning, or opining in favor of the tax treatment
of confidential transactions or aggressive tax position transactions, a significant
purpose of which is tax avoidance
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Tax services for persons in financial reporting oversight roles at the Fund
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Any other service that the Public Company Oversight Board determines by regulation
is impermissible.
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS.
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(a)
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The registrant has a separately-designed standing audit
committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934, as amended. Members of the audit committee are: Jerry
D. Choate, Linda Hutton Heagy and R. Craig Kennedy.
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(a)
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Not applicable.
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ITEM 6.
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SCHEDULE OF INVESTMENTS.
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Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
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ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
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I.2. PROXY POLICIES AND PROCEDURES RETAIL
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Applicable to
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Retail Accounts
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Risk Addressed by Policy
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breach of fiduciary duty to client under
Investment Advisers Act of 1940 by placing
Invesco personal interests ahead of client
best economic interests in voting proxies
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Relevant Law and Other Sources
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Investment Advisers Act of 1940
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Last Tested Date
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Policy/Procedure Owner
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Advisory Compliance
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Policy Approver
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Fund Board
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Approved/Adopted Date
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January 1, 2010
|
The following policies and procedures apply to certain funds and other accounts managed by
Invesco Advisers, Inc. (Invesco).
A. POLICY STATEMENT
Introduction
Our Belief
The Invesco Funds Boards of Trustees and Invescos investment professionals expect a high standard
of corporate governance from the companies in our portfolios so that Invesco may fulfill its
fiduciary obligation to our fund shareholders and other account holders. Well governed companies
are characterized by a primary focus on the interests of shareholders, accountable boards of
directors, ample transparency in financial disclosure, performance-driven cultures and appropriate
consideration of all stakeholders. Invesco believes well governed companies create greater
shareholder wealth over the long term than poorly governed companies, so we endeavor to vote in a
manner that increases the value of our investments and fosters good governance within our portfolio
companies.
In determining how to vote proxy issues, Invesco considers the probable business consequences of
each issue and votes in a manner designed to protect and enhance fund shareholders and other
account holders interests. Our voting decisions are intended to enhance each companys total
shareholder value over Invescos typical investment horizon.
Proxy voting is an integral part of Invescos investment process. We believe that the right to vote
proxies should be managed with the same care as all other elements of the investment process. The
objective of Invescos proxy-voting activity is to promote good governance and advance the economic
interests of our clients. At no time will Invesco exercise its voting power to advance its own
commercial interests, to pursue a social or political cause that is unrelated to our clients
economic interests, or to favor a particular client or business relationship to the detriment of
others.
B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES
Proxy administration
The Invesco Retail Proxy Committee (the Proxy Committee) consists of members representing
Invescos Investments, Legal and Compliance departments. Invescos Proxy Voting Guidelines (the
Guidelines) are revised annually by the Proxy Committee, and are approved by the Invesco Funds
Boards of Trustees. The Proxy Committee implements the Guidelines and oversees proxy voting.
The Proxy Committee has retained outside experts to assist with the analysis and voting of proxy
issues. In addition to the advice offered by these experts, Invesco uses information gathered from
our own research, company managements, Invescos portfolio managers and outside shareholder groups
to reach our voting decisions.
Generally speaking, Invescos investment-research process leads us to invest in companies led by
management teams we believe have the ability to conceive and execute strategies to outperform their
competitors. We select companies for investment based in large part on our assessment of their
management teams ability to create shareholder wealth. Therefore, in formulating our proxy-voting
decisions, Invesco gives proper consideration to the recommendations of a companys Board of
Directors.
Important principles underlying the Invesco Proxy Voting Guidelines
I. Accountability
Management teams of companies are accountable to their boards of directors, and directors of
publicly held companies are accountable to their shareholders. Invesco endeavors to vote the
proxies of its portfolio companies in a manner that will reinforce the notion of a boards
accountability to its shareholders. Consequently, Invesco votes against any actions that would
impair the rights of shareholders or would reduce shareholders influence over the board or over
management.
The following are specific voting issues that illustrate how Invesco applies this principle of
accountability.
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Elections of directors.
In uncontested director elections for companies that do not have
a controlling shareholder, Invesco votes in favor of slates if they are comprised of at
least a majority of independent directors and if the boards key committees are fully
independent. Key committees include the Audit, Compensation and Governance or Nominating
Committees. Invescos standard of independence excludes directors who, in addition to the
directorship, have any material business or family relationships with the companies they
serve.
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Contested director elections are evaluated on a case-by-case basis and are decided within
the context of Invescos investment thesis on a company.
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Director performance.
Invesco withholds votes from directors who exhibit a lack of
accountability to shareholders, either through their level of attendance at meetings or by
enacting egregious corporate-governance or other policies. In cases of material financial
restatements, accounting fraud, habitually late filings, adopting shareholder rights plan
(poison pills) without shareholder approval, or other areas of poor performance, Invesco
may withhold votes from some or all of a companys directors. In situations where
directors performance is a concern, Invesco may also support shareholder proposals to take
corrective actions such as so-called clawback provisions.
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Auditors and Audit Committee members.
Invesco believes a companys Audit Committee has a
high degree of responsibility to shareholders in matters of financial disclosure, integrity
of the financial statements and effectiveness of a companys internal controls.
Independence, experience and financial expertise are critical elements of a
well-functioning Audit Committee. When electing directors who are members of a companys
Audit Committee, or when ratifying a companys auditors, Invesco considers the past
performance of the Committee and holds its members accountable for the quality of the
companys financial statements and reports.
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Majority standard in director elections.
The right to elect directors is the single most
important mechanism shareholders have to promote accountability. Invesco supports the
nascent effort to reform the U.S. convention of electing directors, and votes in favor of
proposals to elect directors by a majority vote.
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Classified boards.
Invesco supports proposals to elect directors annually instead of
electing them to staggered multi-year terms because annual elections increase a boards
level of accountability to its shareholders.
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Supermajority voting requirements.
Unless proscribed by law in the state of
incorporation, Invesco votes against actions that would impose any supermajority voting
requirement, and supports actions to dismantle existing supermajority requirements.
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Responsiveness.
Invesco withholds votes from directors who do not adequately respond to
shareholder proposals that were approved by a majority of votes cast the prior year.
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Cumulative voting.
The practice of cumulative voting can enable minority shareholders to
have representation on a companys board. Invesco supports proposals to institute the
practice of cumulative voting at companies whose overall corporate-governance standards
indicate a particular need to protect the interests of minority shareholders.
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Shareholder access.
On business matters with potential financial consequences, Invesco
votes in favor of proposals that would increase shareholders opportunities to express
their views to boards of directors,
proposals that would lower barriers to shareholder action and proposals to promote the
adoption of generally accepted best practices in corporate governance.
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II. Incentives
Invesco believes properly constructed compensation plans that include equity ownership are
effective in creating incentives that induce managements and employees of our portfolio companies
to create greater shareholder wealth. Invesco supports equity compensation plans that promote the
proper alignment of incentives, and votes against plans that are overly dilutive to existing
shareholders, plans that contain objectionable structural features, and plans that appear likely to
reduce the value of an accounts investment.
Following are specific voting issues that illustrate how Invesco evaluates incentive plans.
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Executive compensation.
Invesco evaluates compensation plans for executives within the
context of the companys performance under the executives tenure. Invesco believes
independent compensation committees are best positioned to craft executive-compensation
plans that are suitable for their company-specific circumstances. We view the election of
those independent compensation committee members as the appropriate mechanism for
shareholders to express their approval or disapproval of a companys compensation
practices. Therefore, Invesco generally does not support shareholder proposals to limit or
eliminate certain forms of executive compensation. In the interest of reinforcing the
notion of a compensation committees accountability to shareholders, Invesco supports
proposals requesting that companies subject each years compensation record to an advisory
shareholder vote, or so-called say on pay proposals.
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|
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Equity-based compensation plans.
When voting to approve or reject equity-based
compensation plans, Invesco compares the total estimated cost of the plans, including stock
options and restricted stock, against a carefully selected peer group and uses multiple
performance metrics that help us determine whether the incentive structures in place are
creating genuine shareholder wealth. Regardless of a plans estimated cost relative to its
peer group, Invesco votes against plans that contain structural features that would impair
the alignment of incentives between shareholders and management. Such features include the
ability to reprice or reload options without shareholder approval, the ability to issue
options below the stocks current market price, or the ability to automatically replenish
shares without shareholder approval.
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|
Employee stock-purchase plans.
Invesco supports employee stock-purchase plans that are
reasonably designed to provide proper incentives to a broad base of employees, provided
that the price at which employees may acquire stock is at most a 15 percent discount from
the market price.
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|
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Severance agreements.
Invesco generally votes in favor of proposals requiring advisory
shareholder ratification of executives severance agreements. However, we oppose proposals
requiring such agreements to be ratified by shareholders in advance of their adoption.
|
III. Capitalization
Examples of management proposals related to a companys capital structure include authorizing or
issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or
reverse stock split. On requests for additional capital stock, Invesco analyzes the companys
stated reasons for the request. Except where the request could adversely affect the funds
ownership stake or voting rights, Invesco generally supports a boards decisions on its needs for
additional capital stock. Some capitalization proposals require a case-by-case analysis within the
context of Invescos investment thesis on a company. Examples of such proposals include authorizing
common or preferred stock with special voting rights, or issuing additional stock in connection
with an acquisition.
IV. Mergers, Acquisitions and Other Corporate Actions
Issuers occasionally require shareholder approval to engage in certain corporate actions such as
mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and
reincorporations. Invesco analyzes these proposals within the context of our investment thesis on
the company, and determines its vote on a case-by-case basis.
V. Anti-Takeover Measures
Practices designed to protect a company from unsolicited bids can adversely affect shareholder
value and voting rights, and they create conflicts of interests among directors, management and
shareholders. Except under special issuer-specific circumstances, Invesco votes to reduce or
eliminate such measures. These measures include adopting or renewing poison pills, requiring
supermajority voting on certain corporate actions, classifying the election of directors instead of
electing each director to an annual term, or creating separate classes of common or preferred stock
with special voting rights. Invesco generally votes against management proposals to impose these
types of measures, and generally votes for shareholder proposals designed to reduce such measures.
Invesco supports shareholder proposals directing companies to subject their anti-takeover
provisions to a shareholder vote.
VI. Shareholder Proposals on Corporate Governance
Invesco generally votes for shareholder proposals that are designed to protect shareholder rights
if a companys corporate-governance standards indicate that such additional protections are
warranted.
VII. Shareholder Proposals on Social Responsibility
The potential costs and economic benefits of shareholder proposals seeking to amend a companys
practices for social reasons are difficult to assess. Analyzing the costs and economic benefits of
these proposals is highly subjective and does not fit readily within our framework of voting to
create greater shareholder wealth
over Invescos typical investment horizon. Therefore, Invesco abstains from voting on shareholder
proposals deemed to be of a purely social, political or moral nature.
VIII. Routine Business Matters
Routine business matters rarely have a potentially material effect on the economic prospects of
fund holdings, so we generally support the boards discretion on these items. However, Invesco
votes against proposals where there is insufficient information to make a decision about the nature
of the proposal. Similarly, Invesco votes against proposals to conduct other unidentified business
at shareholder meetings.
Summary
These Guidelines provide an important framework for making proxy-voting decisions, and should give
fund shareholders and other account holders insight into the factors driving Invescos decisions.
The Guidelines cannot address all potential proxy issues, however. Decisions on specific issues
must be made within the context of these Guidelines and within the context of the investment thesis
of the funds and other accounts that own the companys stock. Where a different investment thesis
is held by portfolio managers who may hold stocks in common, Invesco may vote the shares held on a
fund-by-fund or account-by-account basis.
Exceptions
In certain circumstances, Invesco may refrain from voting where the economic cost of voting a
companys proxy exceeds any anticipated benefits of that proxy proposal.
Share-lending programs
One reason that some portion of Invescos position in a particular security might not be voted is
the securities lending program. When securities are out on loan and earning fees for the lending
fund, they are transferred into the borrowers name. Any proxies during the period of the loan are
voted by the borrower. The lending fund would have to terminate the loan to vote the companys
proxy, an action that is not generally in the best economic interest of fund shareholders. However,
whenever Invesco determines that the benefit to shareholders or other account holders of voting a
particular proxy outweighs the revenue lost by terminating the loan, we recall the securities for
the purpose of voting the funds full position.
Share-blocking
Another example of a situation where Invesco may be unable to vote is in countries where the
exercise of voting rights requires the fund to submit to short-term trading restrictions, a
practice known as share-blocking. Invesco generally
refrains from voting proxies in
share-blocking countries unless the portfolio manager determines that the benefit to fund
shareholders and other account holders of voting a specific proxy outweighs the funds or other
accounts temporary inability to sell the security.
International constraints
An additional concern that sometimes precludes our voting non-U.S. proxies is our inability to
receive proxy materials with enough time and enough information to make a voting decision. In the
great majority of instances, however, we are able to vote non-U.S. proxies successfully. It is
important to note that Invesco makes voting decisions for non-U.S. issuers using these Guidelines
as our framework, but also takes into account the corporate-governance standards, regulatory
environment and generally accepted best practices of the local market.
Exceptions to these Guidelines
Invesco retains the flexibility to accommodate company-specific situations where strictly adhering
to the Guidelines would lead to a vote that the Proxy Committee deems not to be in the best
interest of the funds shareholders and other account holders. In these situations, the Proxy
Committee will vote the proxy in the manner deemed to be in the best interest of the funds
shareholders and other account holders, and will promptly inform the funds Boards of Trustees of
such vote and the circumstances surrounding it.
Resolving potential conflicts of interest
A potential conflict of interest arises when Invesco votes a proxy for an issuer with which it also
maintains a material business relationship. Examples could include issuers that are distributors of
Invescos products, or issuers that employ Invesco to manage portions of their retirement plans or
treasury accounts. Invesco reviews each proxy proposal to assess the extent, if any, to which there
may be a material conflict between the interests of the fund shareholders or other account holders
and Invesco.
Invesco takes reasonable measures to determine whether a potential conflict may exist. A potential
conflict is deemed to exist only if one or more of the Proxy Committee members actually knew or
should have known of the potential conflict.
If a material potential conflict is deemed to exist, Invesco may resolve the potential conflict in
one of the following ways: (1) if the proposal that gives rise to the potential conflict is
specifically addressed by the Guidelines, Invesco may vote the proxy in accordance with the
predetermined Guidelines; (2) Invesco may engage an independent third party to determine how the
proxy should be voted; or (3) Invesco may establish an ethical wall or other informational barrier
between the persons involved in the potential conflict and the persons making the proxy-voting
decision in order to insulate the potential conflict from the decision makers.
Because the Guidelines are pre-determined and crafted to be in the best economic interest of
shareholders and other account holders, applying the Guidelines to vote client proxies should, in
most instances, adequately resolve any potential conflict of
interest. As an additional safeguard
against potential conflicts, persons from Invescos marketing, distribution and other
customer-facing functions are precluded from becoming members of the Proxy Committee.
On a quarterly basis, the Invesco Funds Boards of Trustees review a report from Invescos Internal
Compliance Controls Committee. The report contains a list of all known material business
relationships that Invesco maintains with publicly traded issuers. That list is cross-referenced
with the list of proxies voted over the period. If there are any instances where Invescos voting
pattern on the proxies of its material business partners is inconsistent with its voting pattern on
all other issuers, they are brought before the Trustees and explained by the Chairman of the Proxy
Committee.
Personal conflicts of interest.
If any member of the Proxy Committee has a personal conflict of
interest with respect to a company or an issue presented for voting, that Proxy Committee member
will inform the Proxy Committee of such conflict and will abstain from voting on that company or
issue.
Funds of funds
. Some Invesco Funds offering diversified asset allocation within one investment
vehicle own shares in other Invesco Funds. A potential conflict of interest could arise if an
underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because
Invescos asset-allocation funds or target-maturity funds may be large shareholders of the
underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and
target maturity funds vote their shares in the same proportion as the votes of the external
shareholders of the underlying fund.
C. RECORDKEEPING
Records are maintained in accordance with Invescos Recordkeeping Policy.
Policies and Vote Disclosure
A copy of these Guidelines and the voting record of each Invesco Fund are available on our web
site,
www.invesco.com
. In accordance with Securities and Exchange Commission regulations,
all funds file a record of all proxy-voting activity for the prior 12 months ending June 30th. That
filing is made on or before August 31st of each year.
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ITEM 8.
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|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
The following individuals are jointly and primarily responsible for the day-to-day management
of the Trust:
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Thomas Byron, Portfolio Manager, who has been responsible for the Trust since 1997 and
has been associated with Invesco and/or its affiliates since 2010. From 1981 to 2010, Mr.
Byron was associated with Morgan Stanley Investment Advisors Inc. in an investment
management capacity.
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|
Robert Stryker, Portfolio Manager, who has been responsible for the Trust since 2009
and has been with Invesco and/or its affiliates since 2010. From 1994 to 2010, Mr. Stryker
was associated with Morgan Stanley Investment Advisors Inc. in an investment management
capacity.
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|
Robert Wimmel, Portfolio Manager, who has been responsible for the Trust since 2001 and
has been associated with Invesco and/or its affiliates since 2010. From 1996 to 2010, Mr.
Wimmel was associated with Morgan Stanley Investment Advisors Inc. in an investment
management capacity.
|
Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invescos portfolio managers develop investment models which are used in connection with the
management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate
acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and
other accounts managed for organizations and individuals. The following chart reflects the
portfolio managers investments in the Funds that they manage. The chart also reflects information
regarding accounts other than the Funds for which each portfolio manager has day-to-day management
responsibilities. Accounts are grouped into three categories: (i) other registered investment
companies, (ii) other pooled investment vehicles and (iii) other accounts. To the extent that any
of these accounts pay advisory fees that are based on account performance (performance-based fees),
information on those accounts is specifically broken out. In addition, any assets denominated in
foreign currencies have been converted into U.S. Dollars using the exchange rates as of the
applicable date.
The following information is as of October 31, 2010:
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Other Registered
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Other Pooled
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Investment Companies
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Investment Vehicles
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Other Accounts
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Managed (assets in
|
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Managed (assets in
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Managed
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Dollar Range
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millions)
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millions)
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(assets in millions)
|
|
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of
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Number
|
|
|
|
|
|
Number
|
|
|
|
|
|
Number
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|
Portfolio
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|
Investments
|
|
of
|
|
|
|
|
|
of
|
|
|
|
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|
of
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|
|
Manager
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|
in Each Fund
1
|
|
Accounts
|
|
Assets
|
|
Accounts
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Assets
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Accounts
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Assets
|
|
|
|
|
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|
Invesco Van Kampen Trust for Investment Grade Municipals
|
|
|
|
|
|
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Thomas Byron
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$1 - $10,000
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|
|
28
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|
$
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9,806.4
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None
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None
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None
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None
|
Robert Stryker
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None
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33
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$
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10,529.5
|
|
|
None
|
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None
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None
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None
|
Robert Wimmel
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None
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|
29
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|
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$
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10,425.2
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|
|
None
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None
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None
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None
|
|
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1
|
|
This column reflects investments in a
Funds shares owned directly by a portfolio manager or beneficially owned by a
portfolio manager (as determined in accordance with Rule 16a-1(a) (2) under the
Securities Exchange Act of 1934, as amended). A portfolio manager is presumed
to be a beneficial owner of securities that are held by his or her immediate
family members sharing the same household.
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Potential Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day
management responsibilities with respect to more than one Fund or other account. More
specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented
with one or more of the following potential conflicts:
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The management of multiple Funds and/or other accounts may result
in a portfolio manager devoting unequal time and attention to the
management of each Fund and/or other account. The Adviser and
each Sub-Adviser seek to manage such competing interests for the
time and attention of portfolio managers by having portfolio
managers focus on a particular investment discipline. Most other
accounts managed by a portfolio manager are managed using the same
investment models that are used in connection with the management
of the Funds.
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If a portfolio manager identifies a limited investment opportunity
which may be suitable for more than one Fund or other account, a
Fund may not be able to take full advantage of that opportunity
due to an allocation of filled purchase or sale orders across all
eligible Funds and other accounts. To deal with these situations,
the Adviser, each Sub-Adviser and the Funds have adopted
procedures for allocating portfolio transactions across multiple
accounts.
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The Adviser and each Sub-Adviser determine which broker to use to
execute each order for securities transactions for the Funds,
consistent with its duty to seek best execution of the
transaction. However, for certain other accounts (such as mutual
funds for which Invesco or an affiliate acts as sub-adviser, other
pooled investment vehicles that are not registered mutual funds,
and other accounts managed for organizations and individuals), the
Adviser and each Sub-Adviser may be limited by the client with
respect to the selection of brokers or may be instructed to direct
trades through a particular broker. In these cases, trades for a
Fund in a particular security may be placed separately from,
rather than aggregated with, such other accounts. Having separate
transactions with respect to a security may temporarily affect the
market price of the security or the execution of the transaction,
or both, to the possible detriment of the Fund or other account(s)
involved.
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Finally, the appearance of a conflict of interest may arise where
the Adviser or Sub-Adviser has an incentive, such as a
performance-based management fee, which relates to the management
of one Fund or account but not all Funds and accounts for which a
portfolio manager has day-to-day management responsibilities.
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The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which
are designed to address these types of conflicts. However, there is no guarantee that such
procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each affiliated Sub-Adviser
The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively
positioned to attract and retain high-caliber investment professionals. Portfolio managers receive
a base salary, an incentive bonus opportunity and an equity compensation opportunity. Portfolio
manager compensation is reviewed and may be modified each year as
appropriate to reflect changes in the market, as well as to adjust the factors used to
determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser
evaluate competitive market compensation by reviewing compensation survey results conducted by an
independent third party of investment industry compensation. Each portfolio managers compensation
consists of the following three elements:
Base Salary.
Each portfolio manager is paid a base salary. In setting the base salary, the
Adviser and each Sub-Advisers intention is to be competitive in light of the particular portfolio
managers experience and responsibilities.
Annual Bonus.
The portfolio managers are eligible, along with other employees of the Adviser
and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation
Committee of Invesco Ltd. reviews and approves the amount of the bonus pool available for the
Adviser and each of the Sub-Advisers investment centers. The Compensation Committee considers
investment performance and financial results in its review. In addition, while having no direct
impact on individual bonuses, assets under management are considered when determining the starting
bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is
based on quantitative (i.e. investment performance) and non-quantitative factors (which may
include, but are not limited to, individual performance, risk management and teamwork).
Each portfolio managers compensation is linked to the pre-tax investment performance of the
Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
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Sub-Adviser
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Performance time period
2
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Invesco
3,4,5
Invesco Australia
Invesco Deutschland
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One-, Three- and Five-year performance
against Fund peer group.
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Invesco Senior Secured
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N/A
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Invesco Trimark
3
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One-year performance against Fund peer group.
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Three- and Five-year performance against
entire universe of Canadian funds.
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Invesco Hong Kong
3
Invesco Asset Management
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One-, Three- and Five-year performance
against Fund peer group.
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Invesco Japan
6
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One-, Three- and Five-year performance
against the appropriate Micropol benchmark.
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2
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Rolling time periods based on calendar
year-end.
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3
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Portfolio Managers may be granted a
short-term award that vests on a pro-rata basis over a four year period and
final payments are based on the performance of eligible Funds selected by the
portfolio manager at the time the award is granted.
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4
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Portfolio Managers for Invesco Global
Real Estate Fund, Invesco Real Estate Fund, Invesco Select Real Estate Income
Fund and Invesco V.I. Global Real Estate Fund base their bonus on new operating
profits of the U.S. Real Estate Division of Invesco.
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5
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Portfolio Managers for Invesco Balanced
Fund, Invesco Basic Balanced Fund, Invesco Basic Value Fund, Invesco
Fundamental Value Fund, Invesco Large Cap Basic Value Fund, Invesco Large Cap
Relative Value Fund, Invesco Mid Cap Basic Value Fund, Invesco Mid-Cap Value
Fund, Invesco U.S. Mid Cap Value Fund, Invesco Value Fund, Invesco Value II
Fund, Invesco V.I. Basic Balanced Fund, Invesco V.I. Basic Value Fund, Invesco
V.I. Select Dimensions Balanced Fund, Invesco V.I. Income Builder Fund, Invesco
Van Kampen American Value Fund, Invesco Van Kampen Comstock Fund, Invesco Van
Kampen Equity and Income Fund, Invesco Van Kampen Growth and Income Fund,
Invesco Van Kampen Value Opportunities Fund, Invesco Van Kampen V.I. Comstock
Fund, Invesco Van Kampen V.I. Growth and Income Fund, Invesco Van Kampen V.I.
Equity and Income Fund, Invesco Van Kampen V.I. Mid Cap Value Fund and Invesco
Van Kampen V.I. Value Funds compensation is based on the one-, three- and
five-year performance against the Funds peer group. Furthermore, for the
portfolio manager(s) formerly managing the predecessor funds to the Funds in
this footnote 5, they also have a ten-year performance measure.
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Invesco Senior Secureds bonus is based on annual measures of equity return and standard tests
of collateralization performance.
High investment performance (against applicable peer group and/or benchmarks) would deliver
compensation generally associated with top pay in the industry (determined by reference to the
third-party provided compensation survey information) and poor investment performance (versus
applicable peer group) would result in low bonus compared to the applicable peer group or no bonus
at all. These decisions are reviewed and approved collectively by senior leadership which has
responsibility for executing the compensation approach across the organization.
Equity-Based Compensation.
Portfolio managers may be granted an award that allows them to
select receipt of shares of certain Invesco Funds with a vesting period as well as common shares
and/or restricted shares of Invesco Ltd. stock from pools determined from time to time by the
Compensation Committee of Invesco Ltd.s Board of Directors. Awards of equity-based compensation
typically vest over time, so as to create incentives to retain key talent.
Portfolio managers also participate in benefit plans and programs available generally to all
employees.
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
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Not applicable.
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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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None
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ITEM 11.
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CONTROLS AND PROCEDURES.
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(a)
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As of December 14, 2010, an evaluation was performed under the supervision and with the
participation of the officers of the Registrant, including the PEO and 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
December 14, 2010, 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.
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(b)
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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 this report that have materially affected, or are reasonably likely to
materially affect, the Registrants internal control over financial reporting.
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12(a) (1)
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Code of Ethics.
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6
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Portfolio Managers for Invesco Pacific
Growth Funds compensation is based on the one-, three- and five-year
performance against the appropriate Micropol benchmark. Furthermore, for the
portfolio manager(s) formerly managing the predecessor fund to Invesco Pacific
Growth Fund, they also have a ten-year performance measure.
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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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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 Van Kampen Trust for Investment Grade Municipals
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By:
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/s/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date: January 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/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date: January 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: January 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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