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OMB APPROVAL
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OMB Number: 3235-0570
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Expires: January 31, 2014
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Estimated average burden
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hours per response: 20.6
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08000
Invesco Van Kampen Select Sector Municipal Trust
(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: 2/28
Date of reporting period: 8/31/11
Item 1. Reports to Stockholders.
Invesco Van Kampen Select
Sector Municipal Trust
Semiannual Report to Shareholders
§
August 31, 2011
NYSE: VKL
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2
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Trust Performance
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3
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Dividend Reinvestment Plan
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4
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Schedule of Investments
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15
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Financial Statements
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18
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Notes to Financial Statements
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24
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Financial Highlights
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25
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Approval of Investment Advisory and Sub-Advisory Agreements
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27
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Results of Proxy
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Unless otherwise noted, all data provided by Invesco.
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NOT FDIC INSURED
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MAY LOSE VALUE
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NO BANK GUARANTEE
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Trust Performance
Performance summary
Cumulative total returns, 2/28/11 to 8/31/11
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Trust at NAV
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11.20
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%
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Trust at Market Value
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8.82
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Barclays Capital Municipal Bond Index
▼
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6.39
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Market Price Discount to NAV as of 8/31/11
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-1.87
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▼
Lipper Inc.
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The performance data quoted represent past performance and cannot guarantee comparable
future results; current performance may be lower or higher. Investment return, net asset value
and common share market price will fluctuate so that you may have a gain or loss when you sell
shares. Please visit invesco.com/performance for the most recent month-end performance.
Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes
in net asset value (NAV) for performance based on NAV and changes in market price for
performance based on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may
trade at a discount or premium from the NAV. This characteristic is separate and distinct from
the risk that NAV could decrease as a result of investment activities and may be a greater risk to
investors expecting to sell their shares after a short time. The Trust cannot predict whether shares
will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes.
It is designed primarily for risk-tolerant long-term investors.
The
Barclays Capital Municipal Bond Index
is an unmanaged index considered representative
of the tax-exempt bond market.
The Trust is not managed to track the performance of any particular index, including the
index(es) defined here, and consequently, the performance of the Trust may deviate significantly
from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results
include reinvested dividends, and they do not reflect sales charges.
Portfolio Management Update
The following individuals are jointly and
primarily responsible for the day-to-day
management of Invesco Van Kampen
Select Sector Municipal Trust.
Effective June 28, 2011,
Richard
Berry
joined the Trusts management
team. He has been associated with
Invesco or its affiliates in an investment
capacity since 1987.
Effective June 28, 2011,
Stephen
Turman
joined the Trusts management
team. He has been associated with
Invesco or its affiliates in an investment
capacity since 1985.
Thomas Byron
began managing the
Trust in 2009 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1981
to 2010, Mr. Byron was associated with
Van Kampen Asset Management or its
affiliates in an investment capacity.
Robert Stryker
began managing the
Trust in 2009 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1994
to 2010, Mr. Stryker was associated with
Van Kampen Asset Management or its
affiliates in an investment capacity.
Robert Wimmel
began managing the
Trust in 2001 and has been associated
with Invesco or its affiliates in an investment
capacity since 2010. From 1996
to 2010, Mr. Wimmel was associated
with Van Kampen Asset Management or
its affiliates in an investment capacity.
2
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Invesco Van Kampen Select Sector Municipal Trust
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Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions
(Distributions) into additional shares of your Trust. Under the Plan, the money you earn from Distributions will be reinvested
automatically in more shares of your Trust, allowing you to potentially increase your investment over time.
Plan benefits
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Add to your account:
You may increase the amount of shares
in your Trust easily and automatically with
the Plan.
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n
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Low transaction costs:
Transaction costs are low because the
new shares are generally bought in blocks
and the per share fee is shared among all
participants.
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Convenience:
You will receive a detailed account statement
from Computershare Trust Company,
N.A. (the Agent) which administers the
Plan. The statement shows your total
Distributions, date of investment, shares
acquired, and price per share, as well as the
total number of shares in your reinvestment
account. You can also access your account
at invesco.com/us.
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Safekeeping:
The Agent will hold the shares it has
acquired for you in safekeeping.
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How to participate in the Plan
If you own shares in your own name, you can
participate directly in the Plan. If your shares
are held in street name in the name of
your brokerage firm, bank, or other financial
institution you must instruct that entity to
participate on your behalf. If they are unable
to participate on your behalf, you may request
that they reregister your shares in your own
name so that you may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the Terms
and Conditions in the Plan Brochure. You can
enroll in the Plan by visiting invesco.com/us,
calling toll-free 800 341 2929 or notifying
us in writing at Invesco Closed-End Funds,
Computershare Trust Company, N.A.,
P.O. Box 43078, Providence, RI 02940-3078.
Please include your Trust name and account
number and ensure that all shareholders listed
on the account sign these written instructions.
Your participation in the Plan will begin with
the next Distribution payable after the Agent
receives your authorization, as long as they
receive it before the record date, which is
generally 10 business days before such
dividend is paid. If your authorization arrives
after such record date, your participation in the
Plan will begin with the following Distributions.
How the Plan Works
If you choose to participate in the Plan,
whenever your Trust declares such Distributions,
it will be invested in additional shares of
your Trust that are purchased on the open
market.
Costs of the Plan
There is no direct charge to you for reinvesting
Distributions because the Plans fees are
paid by your Trust. However, you will pay your
portion of any per share fees incurred when
the new shares are purchased on the open
market. These fees are typically less than the
standard brokerage charges for individual
transactions, because shares are purchased
for all Participants in blocks, resulting in lower
fees for each individual Participant. Any per
share or service 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/us or by writing to Invesco
Closed-End Funds, Computershare Trust
Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Simply indicate that you
would like to withdraw from the Plan, and be
sure to include your Trust name and account
number. Also, ensure that all shareholders
listed on the account have signed these
written instructions. If you withdraw, you have
three options with regard to the shares held in
the Plan:
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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 service fee and per share fees.
Per share fees include any applicable
brokerage commissions the Agent is
required to pay.
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3.
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You may sell your shares through your
financial adviser through the Direct
Registration System (DRS). DRS is a
service within the securities industry that
allows Trust shares to be held in your
name in electronic format. You retain full
ownership of your shares, without having
to hold a share certificate. You should
contact your financial adviser to learn
more about any restrictions or fees that
may apply.
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To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/us.
3
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Invesco Van Kampen Select Sector Municipal Trust
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Schedule
of Investments
August 31,
2011
(Unaudited)
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Principal
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Interest
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Maturity
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Amount
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Rate
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Date
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(000)
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Value
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Municipal Obligations167.11%
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Alabama2.13%
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Bessemer Governmental Utility Services Corp.;
Series 2008 A, Ref. Water Supply RB
(INSAGC)
(a)(b)
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5.00
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%
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06/01/39
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$
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750
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$
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702,480
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Birmingham (City of) Airport Authority; Series 2010,
Airport RB
(INSAGM)
(a)
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5.25
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%
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07/01/30
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600
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626,682
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Courtland (City of) Industrial Development Board (International
Paper Co.); Series 2005 A, Ref. Solid Waste Disposal
RB
(c)
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5.20
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%
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06/01/25
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1,250
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1,194,425
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Health Care Authority for Baptist Health (The);
Series 2009 A,
RB
(d)(e)
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6.13
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%
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05/15/12
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500
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514,365
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Selma (City of) Industrial Development Board (Gulf Opportunity
Zone); Series 2009 A, RB
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6.25
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%
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11/01/33
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725
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760,373
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3,798,325
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Arizona4.98%
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Arizona (State of) Transportation Board;
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Series 2008 B, Highway RB
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5.00
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%
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07/01/25
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610
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674,520
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Series 2008 B, Highway
RB
(b)
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5.00
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%
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07/01/26
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915
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969,470
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Glendale (City of) Industrial Development Authority (Midwestern
University);
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Series 2010, RB
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5.00
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%
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05/15/35
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250
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244,212
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Series 2010, RB
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5.13
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%
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05/15/40
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500
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488,570
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Glendale (City of) Industrial Development Authority;
Series 2005, Ref. RB
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5.00
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%
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12/01/35
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1,155
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1,001,674
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Goodyear (City of) McDowell Road Commercial Corridor Improvement
District; Series 2007, Special Assessment Bonds
(INSAMBAC)
(a)
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5.25
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%
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01/01/32
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1,000
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1,007,780
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Maricopa (County of) Industrial Development Authority (Catholic
Healthcare West); Series 2009 C, Health Facilities
RB
(d)(e)
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5.00
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%
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07/01/14
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800
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873,984
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Maricopa (County of) Pollution Control Corp. (Arizona Public
Service Co.Palo Verde); Series 2009 B, Ref.
PCR
(d)(e)
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5.50
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%
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05/01/12
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500
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512,670
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Navajo (County of) Pollution Control Corp.;
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Series 2009 C,
PCR
(d)(e)
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5.50
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%
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06/01/14
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225
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242,935
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Series 2009 E,
PCR
(d)(e)
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5.75
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%
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06/01/16
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275
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314,160
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Phoenix (City of) Industrial Development Authority (Career
Success Schools);
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Series 2009, Education RB
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7.00
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%
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01/01/39
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240
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219,645
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Series 2009, Education RB
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7.13
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%
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01/01/45
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220
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202,486
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Pima (County of) Industrial Development Authority (Global Water
Resources LLC); Series 2007, Water & Wastewater
RB
(c)
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6.55
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%
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12/01/37
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800
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721,632
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Salt River Project Agricultural Improvement & Power
District; Series 2009 A, Electric System
RB
(b)
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5.00
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%
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01/01/28
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750
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784,643
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University Medical Center Corp.; Series 2005, Hospital RB
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5.00
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%
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07/01/35
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700
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616,623
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8,875,004
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California17.67%
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Alameda (County of) Corridor Transportation Authority;
Series 2004 A, Sub. Lien CAB RB
(INSAMBAC)
(a)(f)
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5.40
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%
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10/01/24
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5,000
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4,321,150
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Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB
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5.00
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%
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04/01/39
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1,905
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1,969,103
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Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO
Bonds
(g)
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0.00
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%
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08/01/28
|
|
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|
300
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124,440
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California (State of) Department of Water Resources (Central
Valley);
|
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Series 2008 AE, Water
RB
(b)
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5.00
|
%
|
|
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12/01/24
|
|
|
|
275
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|
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300,616
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Series 2008 AE, Water
RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
325
|
|
|
|
354,988
|
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|
Series 2008 AE, Water
RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/26
|
|
|
|
325
|
|
|
|
343,473
|
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|
Series 2008 AE, Water
RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
225
|
|
|
|
252,590
|
|
|
Series 2008 AE, Water
RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/28
|
|
|
|
325
|
|
|
|
321,094
|
|
|
California (State of) Health Facilities Financing Authority
(Catholic Health Care West); Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
07/01/34
|
|
|
|
400
|
|
|
|
428,040
|
|
|
California (State of) Housing Finance Agency;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 K, Home Mortgage
RB
(c)
|
|
|
5.30
|
%
|
|
|
08/01/23
|
|
|
|
1,100
|
|
|
|
1,075,734
|
|
|
Series 2008 K, Home Mortgage
RB
(c)
|
|
|
5.45
|
%
|
|
|
08/01/28
|
|
|
|
1,300
|
|
|
|
1,300,780
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
4 Invesco
Van Kampen Select Sector Municipal Trust
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
California(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California (State of) Pollution Control Financing Authority
(Waste Management Inc.); Series 2002 B, Solid Waste
Disposal
RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
$
|
500
|
|
|
$
|
495,115
|
|
|
California (State of) Statewide Communities Development
Authority (Kaiser Permanente); Series 2009 A, RB
|
|
|
5.00
|
%
|
|
|
04/01/19
|
|
|
|
500
|
|
|
|
581,725
|
|
|
California (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.75
|
%
|
|
|
04/01/31
|
|
|
|
425
|
|
|
|
462,064
|
|
|
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO
Bonds
|
|
|
5.25
|
%
|
|
|
07/01/21
|
|
|
|
700
|
|
|
|
823,893
|
|
|
Daly (City of) Housing Development Finance Agency (Franciscan
Mobile Home Park Acquisition); Series 2007 C, Ref.
Third Tier RB
|
|
|
6.50
|
%
|
|
|
12/15/47
|
|
|
|
200
|
|
|
|
175,370
|
|
|
Los Angeles (County of) Public Works Financing Authority;
Series 1996 A, Ref. Sub. Lien RB
(INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/18
|
|
|
|
1,565
|
|
|
|
1,788,811
|
|
|
Morongo Band of Mission Indians (The) (Enterprise Casino);
Series 2008 B,
RB
(h)
|
|
|
5.50
|
%
|
|
|
03/01/18
|
|
|
|
100
|
|
|
|
97,373
|
|
|
Palm Springs (City of) Financing Authority (Convention Center
Expansion); Series 2004 A, Lease RB
(INSNATL)
(a)
|
|
|
5.50
|
%
|
|
|
11/01/35
|
|
|
|
3,500
|
|
|
|
3,520,020
|
|
|
Palomar Pomerado Health Care District; Series 2009, COP
|
|
|
6.75
|
%
|
|
|
11/01/39
|
|
|
|
400
|
|
|
|
408,036
|
|
|
San Diego (County of) Community College District (Election
2006); Series 2011, Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
08/01/36
|
|
|
|
2,295
|
|
|
|
2,405,550
|
|
|
San Diego (County of) Regional Airport Authority;
Series 2010 A, Sub. Airport RB
|
|
|
5.00
|
%
|
|
|
07/01/34
|
|
|
|
525
|
|
|
|
527,945
|
|
|
San Francisco (City & County of) Airports Commission
(San Francisco International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008
A-4,
Ref.
RB
(c)(d)(e)(i)
|
|
|
6.50
|
%
|
|
|
05/01/12
|
|
|
|
450
|
|
|
|
467,865
|
|
|
Series 2010 F, Second Series RB
|
|
|
5.00
|
%
|
|
|
05/01/40
|
|
|
|
1,000
|
|
|
|
1,015,040
|
|
|
Series 2011 F,
RB
(c)
|
|
|
5.00
|
%
|
|
|
05/01/25
|
|
|
|
280
|
|
|
|
286,012
|
|
|
Series 2011 F, Ref. Airport
RB
(c)
|
|
|
5.00
|
%
|
|
|
05/01/26
|
|
|
|
560
|
|
|
|
566,815
|
|
|
San Francisco (City & County of) Public Utilities
Commission;
SubSeries 2011 A,
Water RB
|
|
|
5.00
|
%
|
|
|
11/01/36
|
|
|
|
1,215
|
|
|
|
1,280,792
|
|
|
Southern California Tobacco Securitization Authority (San Diego
County Tobacco Asset Securitization Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/37
|
|
|
|
2,000
|
|
|
|
1,355,700
|
|
|
Series 2006
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.13
|
%
|
|
|
06/01/46
|
|
|
|
5,000
|
|
|
|
3,180,750
|
|
|
Twin Rivers Unified School District (School Facility Bridge
Funding Program); Series 2007, COP
(INSAGM)
(a)(d)(e)
|
|
|
3.50
|
%
|
|
|
05/31/13
|
|
|
|
500
|
|
|
|
500,405
|
|
|
Vernon (City of); Series 2009 A, Electric System RB
|
|
|
5.13
|
%
|
|
|
08/01/21
|
|
|
|
750
|
|
|
|
790,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,521,827
|
|
|
Colorado6.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Educational & Cultural Facilities
Authority (Charter School); Series 2004, RB
(INSSGI)
(a)
|
|
|
5.50
|
%
|
|
|
05/01/36
|
|
|
|
5,000
|
|
|
|
4,952,950
|
|
|
Colorado (State of) Health Facilities Authority (Catholic
Health); Series 2006 C5, RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
09/01/36
|
|
|
|
1,725
|
|
|
|
1,893,067
|
|
|
Colorado (State of) Health Facilities Authority (Portercare
Adventist Health); Series 2001, Hospital
RB
(e)(i)
|
|
|
6.50
|
%
|
|
|
11/15/11
|
|
|
|
1,000
|
|
|
|
1,022,890
|
|
|
Colorado (State of) Health Facilities Authority (Volunteers of
America Care); Series 2007 A, Health &
Residential Care Facilities RB
|
|
|
5.30
|
%
|
|
|
07/01/37
|
|
|
|
400
|
|
|
|
312,928
|
|
|
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Private Activity RB
|
|
|
6.50
|
%
|
|
|
01/15/30
|
|
|
|
550
|
|
|
|
579,870
|
|
|
Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/34
|
|
|
|
450
|
|
|
|
453,038
|
|
|
Montrose (County of) Memorial Hospital; Series 2003, RB
|
|
|
6.00
|
%
|
|
|
12/01/33
|
|
|
|
1,500
|
|
|
|
1,472,745
|
|
|
Salida Hospital District; Series 2006, Hospital RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
749
|
|
|
|
624,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,311,697
|
|
|
Connecticut1.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut (State of) Development Authority (Aquarion Water
Company Project); Series 2007, Ref. Water Facility RB
(INSSGI)
(a)(c)
|
|
|
5.10
|
%
|
|
|
09/01/37
|
|
|
|
1,375
|
|
|
|
1,233,031
|
|
|
Connecticut (State of) Housing Finance Authority; Subseries 2010
D-2, Housing Mortgage Finance Program
RB
(c)
|
|
|
5.00
|
%
|
|
|
05/15/31
|
|
|
|
580
|
|
|
|
589,164
|
|
|
Hamden (Town of) (Whitney Center); Series 2009 B,
Entrance Fee Principal Redemption RB
|
|
|
6.13
|
%
|
|
|
01/01/14
|
|
|
|
500
|
|
|
|
500,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,322,830
|
|
|
District of Columbia1.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Sibley Memorial Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Hospital RB
|
|
|
6.50
|
%
|
|
|
10/01/29
|
|
|
|
290
|
|
|
|
318,620
|
|
|
Series 2009, Hospital RB
|
|
|
6.38
|
%
|
|
|
10/01/34
|
|
|
|
900
|
|
|
|
969,633
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
5 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
District of Columbia(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/29
|
|
|
$
|
275
|
|
|
$
|
295,512
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/34
|
|
|
|
550
|
|
|
|
568,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,152,273
|
|
|
Florida6.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brevard (County of) Health Facilities Authority (Buena Vida
Estates, Inc.); Series 2008, Residential Care Facility RB
|
|
|
6.75
|
%
|
|
|
01/01/37
|
|
|
|
635
|
|
|
|
562,997
|
|
|
Citizens Property Insurance Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010
A-1,
Sr.
Sec. High Risk Account RB
|
|
|
5.00
|
%
|
|
|
06/01/14
|
|
|
|
1,000
|
|
|
|
1,074,650
|
|
|
Series 2010
A-1,
Sr.
Sec. High Risk Account RB
|
|
|
5.25
|
%
|
|
|
06/01/17
|
|
|
|
880
|
|
|
|
957,713
|
|
|
Escambia (County of) Health Facilities Authority (Florida Health
Care Facility Loan Veterans Health Administration Program);
Series 2000, Healthcare Facilities RB
(INSAMBAC)
(a)
|
|
|
5.95
|
%
|
|
|
07/01/20
|
|
|
|
95
|
|
|
|
99,031
|
|
|
Florida (State of) Ports Financing Commission (State
Transportation Trust Fund); Series 2011 B, Ref.
RB
(c)
|
|
|
5.13
|
%
|
|
|
06/01/27
|
|
|
|
600
|
|
|
|
614,994
|
|
|
Florida (State of) Seminole Indian Tribe;
Series 2007 A, Special Obligation
RB
(h)
|
|
|
5.75
|
%
|
|
|
10/01/22
|
|
|
|
250
|
|
|
|
249,783
|
|
|
Hillsborough (County of) Aviation Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
(INSAGC)
(a)(b)(c)
|
|
|
5.38
|
%
|
|
|
10/01/33
|
|
|
|
350
|
|
|
|
334,810
|
|
|
Series 2008 A, RB
(INSAGC)
(a)(b)(c)
|
|
|
5.50
|
%
|
|
|
10/01/38
|
|
|
|
775
|
|
|
|
782,587
|
|
|
Hillsborough (County of) Industrial Development Authority (Tampa
Electric Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref. PCR
(INSAMBAC)
(a)(d)(e)
|
|
|
5.00
|
%
|
|
|
03/15/12
|
|
|
|
300
|
|
|
|
306,732
|
|
|
Series 2007 B, Ref.
PCR
(d)(e)
|
|
|
5.15
|
%
|
|
|
09/01/13
|
|
|
|
300
|
|
|
|
324,474
|
|
|
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,000
|
|
|
|
1,983,260
|
|
|
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
|
|
6.13
|
%
|
|
|
08/01/42
|
|
|
|
230
|
|
|
|
238,862
|
|
|
Overoaks Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Capital Improvement Special Assessment
RB
(j)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
40
|
|
|
|
|
|
|
Series 2010
A-2,
Capital
Improvement CAB
RB
(f)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
50
|
|
|
|
32,110
|
|
|
Series 2010 B, Capital Improvement CAB
RB
(f)
|
|
|
5.13
|
%
|
|
|
05/01/17
|
|
|
|
110
|
|
|
|
93,441
|
|
|
Palm Beach (County of) Health Facilities Authority (The
Waterford); Series 2007, RB
|
|
|
5.88
|
%
|
|
|
11/15/37
|
|
|
|
400
|
|
|
|
387,752
|
|
|
Palm Beach (County of) Solid Waste Authority; Series 2009,
Improvement RB
(INSBHAC)
(a)(b)
|
|
|
5.50
|
%
|
|
|
10/01/23
|
|
|
|
1,000
|
|
|
|
1,055,340
|
|
|
Putnam (County of) Development Authority (Seminole Electric
Cooperative); Series 2007 A, Ref. PCR
(INSAMBAC)
(a)(d)(e)
|
|
|
5.35
|
%
|
|
|
05/01/18
|
|
|
|
1,100
|
|
|
|
1,250,755
|
|
|
Seven Oaks Community Development District II (Pasco County);
Series 2004 A, Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/35
|
|
|
|
330
|
|
|
|
238,022
|
|
|
Sterling Hill Community Development District (Hernando County);
Series 2003 A, Capital Improvement Special Assessment
RB
|
|
|
6.20
|
%
|
|
|
05/01/35
|
|
|
|
300
|
|
|
|
267,351
|
|
|
Tolomato Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Special Assessment RB
|
|
|
6.55
|
%
|
|
|
05/01/27
|
|
|
|
300
|
|
|
|
199,866
|
|
|
Series 2007, Special Assessment RB
|
|
|
6.65
|
%
|
|
|
05/01/40
|
|
|
|
270
|
|
|
|
165,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,220,502
|
|
|
Georgia4.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
245
|
|
|
|
251,946
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
135
|
|
|
|
138,827
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
75
|
|
|
|
77,187
|
|
|
Atlanta (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 C, Airport Passenger Facility
Charge & Sub. Lien General RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
1,250
|
|
|
|
1,342,188
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
5.25
|
%
|
|
|
11/01/17
|
|
|
|
1,675
|
|
|
|
1,977,371
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/27
|
|
|
|
450
|
|
|
|
506,475
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/28
|
|
|
|
500
|
|
|
|
559,445
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/29
|
|
|
|
450
|
|
|
|
500,549
|
|
|
Georgia (State of) Municipal Electric Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 A, Power RB
(INSFGIC)
(a)
|
|
|
5.50
|
%
|
|
|
01/01/12
|
|
|
|
175
|
|
|
|
177,329
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Georgia(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 A, Power RB
(INSFGIC)
(a)(k)
|
|
|
5.50
|
%
|
|
|
01/01/12
|
|
|
$
|
535
|
|
|
$
|
544,469
|
|
|
Private Colleges & Universities Authority (Emory
University); Series 2009 B,
RB
(b)
|
|
|
5.00
|
%
|
|
|
09/01/29
|
|
|
|
1,200
|
|
|
|
1,259,316
|
|
|
Putnam (County of) Development Authority (Georgia Power Co.);
Series 1996, PCR
|
|
|
5.10
|
%
|
|
|
06/01/23
|
|
|
|
600
|
|
|
|
613,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,948,992
|
|
|
Hawaii0.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of) Pacific Health; Series 2010 B,
Special Purpose RB
|
|
|
5.63
|
%
|
|
|
07/01/30
|
|
|
|
1,000
|
|
|
|
1,006,480
|
|
|
Hawaii (State of); Series 2010 A, Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/39
|
|
|
|
750
|
|
|
|
760,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,767,400
|
|
|
Idaho0.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho (State of) Health Facilities Authority (St. Lukes
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
|
|
|
6.50
|
%
|
|
|
11/01/23
|
|
|
|
250
|
|
|
|
285,915
|
|
|
Series 2008 A, RB
|
|
|
6.75
|
%
|
|
|
11/01/37
|
|
|
|
400
|
|
|
|
441,948
|
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
315
|
|
|
|
267,451
|
|
|
University of Idaho; Series 2011, Ref.
RB
(d)(e)
|
|
|
5.25
|
%
|
|
|
04/01/21
|
|
|
|
450
|
|
|
|
519,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,515,212
|
|
|
Illinois16.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bartlett (Village of) (Quarry Redevelopment); Series 2007,
Ref. Sr. Lien Tax Increment Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/23
|
|
|
|
500
|
|
|
|
431,010
|
|
|
Bourbonnais (Village of) (Olivet Nazarene University);
Series 2010, Industrial Project RB
|
|
|
5.50
|
%
|
|
|
11/01/40
|
|
|
|
270
|
|
|
|
264,219
|
|
|
Chicago (City of) (OHare International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 A, Second Lien Passenger Facility Charge
RB
(INSAMBAC)
(a)(c)
|
|
|
5.38
|
%
|
|
|
01/01/32
|
|
|
|
2,540
|
|
|
|
2,539,975
|
|
|
Series 2002 A, Ref. General Airport Third Lien RB
(INSNATL)
(a)(c)
|
|
|
5.38
|
%
|
|
|
01/01/32
|
|
|
|
2,000
|
|
|
|
1,999,980
|
|
|
Series 2008 A, General Airport Third Lien RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
1,400
|
|
|
|
1,490,902
|
|
|
Chicago (City of) Board of Education; Series 2008 C,
Ref. Unlimited Tax GO Bonds
(INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
2,750
|
|
|
|
2,820,372
|
|
|
Chicago (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 F, Ref. VRD Unlimited Tax GO
Bonds
(l)
|
|
|
0.23
|
%
|
|
|
01/01/42
|
|
|
|
2,450
|
|
|
|
2,450,000
|
|
|
Series 2008 A, Unlimited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
1,425
|
|
|
|
1,788,247
|
|
|
Series 2011, Tax Increment COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
150
|
|
|
|
154,598
|
|
|
Series 2011, Tax Increment COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
225
|
|
|
|
231,896
|
|
|
Cook (County of) School District No 100 Berwyn South;
Series 1997, Unlimited Tax GO Bonds
(INSAGM)
(a)
|
|
|
8.10
|
%
|
|
|
12/01/15
|
|
|
|
285
|
|
|
|
353,705
|
|
|
Granite City (City of) (Waste Management, Inc.);
Series 2002, Solid Waste Disposal
RB
(c)(d)(e)
|
|
|
3.50
|
%
|
|
|
05/01/13
|
|
|
|
300
|
|
|
|
309,282
|
|
|
Illinois (State of) Finance Authority (Kish Health System
Obligated Group); Series 2008, Ref. Hospital RB
|
|
|
5.50
|
%
|
|
|
10/01/22
|
|
|
|
750
|
|
|
|
800,415
|
|
|
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A,
RB
(b)
|
|
|
5.38
|
%
|
|
|
08/15/24
|
|
|
|
870
|
|
|
|
974,348
|
|
|
Series 2009 A,
RB
(b)
|
|
|
5.75
|
%
|
|
|
08/15/30
|
|
|
|
500
|
|
|
|
554,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (State of) Finance Authority (OSF Healthcare System);
Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
2,000
|
|
|
|
2,014,320
|
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 D-2, (TEMPS-65sm) RB
|
|
|
7.00
|
%
|
|
|
11/15/15
|
|
|
|
600
|
|
|
|
595,194
|
|
|
Illinois (State of) Finance Authority (Resurrection Healthcare);
Series 1999 A, RB
(INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
05/15/24
|
|
|
|
3,000
|
|
|
|
3,121,560
|
|
|
Illinois (State of) Finance Authority (Riverside Health System);
Series 2009, RB
|
|
|
6.25
|
%
|
|
|
11/15/35
|
|
|
|
500
|
|
|
|
526,130
|
|
|
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
|
|
7.25
|
%
|
|
|
11/01/38
|
|
|
|
750
|
|
|
|
824,002
|
|
|
Illinois (State of) Finance Authority (Sherman Health Systems);
Series 1997, Health Facilities Authority RB
(INSAMBAC)
(a)
|
|
|
5.25
|
%
|
|
|
08/01/22
|
|
|
|
1,185
|
|
|
|
1,184,905
|
|
|
Illinois (State of) Finance Authority (Sherman Health Systems);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/37
|
|
|
|
1,000
|
|
|
|
900,750
|
|
|
Illinois (State of) Finance Authority (University of Chicago
Medical Center); Series 2011 C, RB
|
|
|
5.50
|
%
|
|
|
08/15/41
|
|
|
|
855
|
|
|
|
887,858
|
|
|
Illinois (State of) Finance Authority (Waste Management Inc.);
Series 2005 A, Solid Waste Disposal
RB
(c)
|
|
|
5.05
|
%
|
|
|
08/01/29
|
|
|
|
1,335
|
|
|
|
1,312,385
|
|
|
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
|
|
5.50
|
%
|
|
|
06/01/23
|
|
|
|
1,175
|
|
|
|
1,240,224
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Illinois(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Will-Kankakee Regional Development Authority (Senior Estates
Supportive Living); Series 2007, MFH
RB
(c)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
$
|
225
|
|
|
$
|
196,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,967,493
|
|
|
Indiana5.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Point (City of) (Wittenberg Village); Series 2009
C-1, TEMPS Economic Development RB
|
|
|
7.25
|
%
|
|
|
11/15/14
|
|
|
|
230
|
|
|
|
230,002
|
|
|
East Chicago Elementary School Building Corp.; Series 1996,
Ref. First Mortgage RB
(INSAMBAC)
(a)
|
|
|
6.25
|
%
|
|
|
01/05/16
|
|
|
|
2,300
|
|
|
|
2,496,719
|
|
|
Indiana (State of) Finance Authority (Ascension Health Senior
Credit); Series 2006 B-6,
RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
4,600
|
|
|
|
5,202,186
|
|
|
Indiana (State of) Finance Authority (Indianapolis
Power & Light Co.); Series 2009 A, Ref.
Environmental Facilities RB
|
|
|
4.90
|
%
|
|
|
01/01/16
|
|
|
|
600
|
|
|
|
663,972
|
|
|
Indiana (State of) Finance Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999, Ref. Exempt Facilities
RB
(c)
|
|
|
5.95
|
%
|
|
|
08/01/30
|
|
|
|
1,000
|
|
|
|
1,006,040
|
|
|
Series 2011 B, Second Lien Waste Water Utility RB
|
|
|
5.25
|
%
|
|
|
10/01/31
|
|
|
|
835
|
|
|
|
873,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,472,822
|
|
|
Iowa1.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coralville (City of); Series 2006 D, COP
|
|
|
5.25
|
%
|
|
|
06/01/26
|
|
|
|
1,125
|
|
|
|
1,178,269
|
|
|
Des Moines (City of); Series 2000 A, Public Parking
System RB
(INSNATL/FGIC)
(a)
|
|
|
5.75
|
%
|
|
|
06/01/14
|
|
|
|
1,515
|
|
|
|
1,520,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,699,238
|
|
|
Kansas3.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cowley (County of) Unified School District No. 465
Winfield; Series 2003, Unlimited Tax GO Bonds
(INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
10/01/21
|
|
|
|
70
|
|
|
|
75,883
|
|
|
Kansas (State of) Development Finance Authority (Adventist
Health);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Hospital RB
|
|
|
5.50
|
%
|
|
|
11/15/23
|
|
|
|
1,250
|
|
|
|
1,419,275
|
|
|
Series 2009, Hospital RB
|
|
|
5.75
|
%
|
|
|
11/15/38
|
|
|
|
1,000
|
|
|
|
1,073,540
|
|
|
Wamego (City of) (Gas & Electric Company);
Series 2004, Pollution Control RB
(INSNATL)
(a)
|
|
|
5.30
|
%
|
|
|
06/01/31
|
|
|
|
3,500
|
|
|
|
3,522,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,091,518
|
|
|
Kentucky2.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Louisville Arena Authority, Inc.); Series 2008
A-1,
RB
(INSAGC)
(a)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
600
|
|
|
|
641,754
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital Facilities RB
|
|
|
6.50
|
%
|
|
|
03/01/45
|
|
|
|
600
|
|
|
|
613,566
|
|
|
Kentucky (State of) Property & Building Commission
(No. 93);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/24
|
|
|
|
600
|
|
|
|
667,260
|
|
|
Series 2009, Ref. RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/25
|
|
|
|
660
|
|
|
|
726,838
|
|
|
Louisville-Jefferson (County of) Metropolitan Government (Norton
Healthcare, Inc.); Series 2006, Health System RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
1,405
|
|
|
|
1,363,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,012,437
|
|
|
Louisiana1.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special Assessment
RB
(j)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
371
|
|
|
|
185,648
|
|
|
Louisiana (State of) Public Facilities Authority (Entergy
Louisiana LLC); Series 2010, RB
|
|
|
5.00
|
%
|
|
|
06/01/30
|
|
|
|
400
|
|
|
|
406,084
|
|
|
Louisiana State Citizens Property Insurance Corp.;
Series 2009 C-2, Assessment RB
(INSAGC)
(a)
|
|
|
6.75
|
%
|
|
|
06/01/26
|
|
|
|
750
|
|
|
|
862,995
|
|
|
Rapides Finance Authority (Cleco Power LLC); Series 2007,
RB
(c)(d)(e)
|
|
|
5.25
|
%
|
|
|
03/01/13
|
|
|
|
750
|
|
|
|
779,730
|
|
|
St. John the Baptist (Parish of) (Marathon Oil Corp.);
Series 2007 A, RB
|
|
|
5.13
|
%
|
|
|
06/01/37
|
|
|
|
925
|
|
|
|
882,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,116,796
|
|
|
Maryland1.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (State of) Economic Development Corp. (Collegiate
Housing Salisbury); Series 1999 A, Student Housing RB
|
|
|
6.00
|
%
|
|
|
06/01/19
|
|
|
|
735
|
|
|
|
735,000
|
|
|
Maryland (State of) Economic Development Corp. (Terminal);
Series 2010 B, RB
|
|
|
5.75
|
%
|
|
|
06/01/35
|
|
|
|
375
|
|
|
|
370,654
|
|
|
Maryland (State of) Economic Development Corp. (Transportation
Facilities); Series 2010 A, Economic Development RB
|
|
|
5.38
|
%
|
|
|
06/01/25
|
|
|
|
265
|
|
|
|
261,809
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Maryland Institute College of Art);
Series 2006, RB
|
|
|
5.00
|
%
|
|
|
06/01/40
|
|
|
|
770
|
|
|
|
725,225
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Maryland(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Mercy Medical Center);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
07/01/42
|
|
|
$
|
800
|
|
|
$
|
732,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,825,232
|
|
|
Massachusetts4.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (State of) Department of Transportation (Contract
Assistance); Series 2010 B, Metropolitan Highway
Systems RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
2,010
|
|
|
|
2,128,489
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds Inc.); Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/42
|
|
|
|
225
|
|
|
|
119,936
|
|
|
Massachusetts (State of) Development Finance Agency (Semass
System); Series 2001 A, Resource Recovery RB
(INSNATL)
(a)
|
|
|
5.63
|
%
|
|
|
01/01/15
|
|
|
|
2,000
|
|
|
|
2,038,300
|
|
|
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
|
|
7.25
|
%
|
|
|
01/01/32
|
|
|
|
300
|
|
|
|
331,893
|
|
|
Massachusetts (State of) Development Finance Agency;
Series 2009 B-2, Senior Living Facility RB
|
|
|
6.25
|
%
|
|
|
06/01/14
|
|
|
|
270
|
|
|
|
268,726
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Berklee College of Music);
Series 2007 A, RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
650
|
|
|
|
658,814
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Childrens Hospital); Series 2010 N-4,
VRD RB (LOCJP Morgan Chase Bank,
N.A.)
(l)
|
|
|
0.13
|
%
|
|
|
10/01/49
|
|
|
|
1,800
|
|
|
|
1,800,000
|
|
|
Massachusetts (State of) Industrial Finance Agency (American
Hingham Water Treatment); Series 1995,
RB
(c)
|
|
|
6.75
|
%
|
|
|
12/01/20
|
|
|
|
1,145
|
|
|
|
1,145,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,492,017
|
|
|
Michigan0.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit (City of); Series 2001 C-1, Ref. Sewage Disposal
System Sr. Lien RB
(INSAGM)
(a)
|
|
|
7.00
|
%
|
|
|
07/01/27
|
|
|
|
800
|
|
|
|
938,528
|
|
|
Michigan (State of) Kent Hospital Finance Authority (Spectrum
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A,
RB
(d)(e)
|
|
|
5.25
|
%
|
|
|
01/15/14
|
|
|
|
325
|
|
|
|
356,564
|
|
|
Series 2008 A,
RB
(d)(e)
|
|
|
5.50
|
%
|
|
|
01/15/15
|
|
|
|
225
|
|
|
|
255,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,551,088
|
|
|
Minnesota0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
Minneapolis (City of) (Fairview Health Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Healthcare System RB
|
|
|
6.38
|
%
|
|
|
11/15/23
|
|
|
|
650
|
|
|
|
740,447
|
|
|
Series 2008 A, Healthcare System RB
|
|
|
6.63
|
%
|
|
|
11/15/28
|
|
|
|
450
|
|
|
|
499,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,239,646
|
|
|
Missouri2.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau (County of) Industrial Development Authority
(Southeast Missouri Hospital Association); Series 2002,
Health Facilities RB
|
|
|
5.63
|
%
|
|
|
06/01/27
|
|
|
|
205
|
|
|
|
205,047
|
|
|
Cape Girardeau (County of) Industrial Development Authority (St.
Francis Medical Center); Series 2009 A, Health
Facilities IDR
|
|
|
5.50
|
%
|
|
|
06/01/29
|
|
|
|
500
|
|
|
|
515,860
|
|
|
Cass (County of); Series 2007, Hospital RB
|
|
|
5.63
|
%
|
|
|
05/01/38
|
|
|
|
500
|
|
|
|
449,515
|
|
|
Kansas City (City of) Industrial Development Authority (Downtown
Redevelopment District); Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
550
|
|
|
|
594,820
|
|
|
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 C-1, TEMPS Retirement Community RB
|
|
|
7.50
|
%
|
|
|
11/15/16
|
|
|
|
650
|
|
|
|
656,350
|
|
|
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Sr. Living Facilities RB
|
|
|
5.38
|
%
|
|
|
02/01/35
|
|
|
|
1,000
|
|
|
|
924,230
|
|
|
Series 2010, Sr. Living Facilities RB
|
|
|
5.50
|
%
|
|
|
02/01/42
|
|
|
|
375
|
|
|
|
348,904
|
|
|
St. Charles (City of); Series 2003 B, COP
|
|
|
5.50
|
%
|
|
|
05/01/18
|
|
|
|
1,250
|
|
|
|
1,299,812
|
|
|
St. Louis (City of) Industrial Development Authority
(Loughborough Commons Redevelopment); Series 2007, Ref.
Community Improvement Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
11/01/27
|
|
|
|
250
|
|
|
|
229,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,224,516
|
|
|
Nebraska0.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Energy Agency of Nebraska; Series 2009 A,
Power Supply System RB
(INSBHAC)
(a)
|
|
|
5.38
|
%
|
|
|
04/01/39
|
|
|
|
1,000
|
|
|
|
1,065,240
|
|
|
Nevada0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark (County of) (Southwest Gas Corp.);
Series 2004 A, IDR
(INSAMBAC)
(a)(c)
|
|
|
5.25
|
%
|
|
|
07/01/34
|
|
|
|
1,000
|
|
|
|
944,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New Hampshire0.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (The United
Illuminating Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1997,
PCR
(c)(d)(e)
|
|
|
7.13
|
%
|
|
|
02/01/12
|
|
|
$
|
275
|
|
|
$
|
281,545
|
|
|
Series 2009 A,
PCR
(c)(d)(e)
|
|
|
6.88
|
%
|
|
|
02/01/12
|
|
|
|
200
|
|
|
|
204,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
486,087
|
|
|
New Jersey0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (State of) Economic Development Authority (Provident
Group-Montclair Properties LLCMontclair State University
Student Housing); Series 2010 A, RB
|
|
|
5.88
|
%
|
|
|
06/01/42
|
|
|
|
600
|
|
|
|
590,292
|
|
|
New Mexico2.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
Farmington (City of) (Public Service Co. of New Mexico San Juan);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref.
PCR
(d)(e)
|
|
|
5.20
|
%
|
|
|
06/01/20
|
|
|
|
500
|
|
|
|
510,605
|
|
|
Series 2010 C, Ref. PCR
|
|
|
5.90
|
%
|
|
|
06/01/40
|
|
|
|
750
|
|
|
|
720,383
|
|
|
Jicarilla Apache Nation;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A,
RB
(h)
|
|
|
5.00
|
%
|
|
|
09/01/18
|
|
|
|
1,500
|
|
|
|
1,586,145
|
|
|
Series 2003 A,
RB
(h)
|
|
|
5.50
|
%
|
|
|
09/01/23
|
|
|
|
1,250
|
|
|
|
1,306,537
|
|
|
New Mexico (State of) Hospital Equipment Loan Council
(Presbyterian Health Care Services); Series 2008 A,
Hospital
RB
(b)
|
|
|
6.38
|
%
|
|
|
08/01/32
|
|
|
|
500
|
|
|
|
546,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,669,720
|
|
|
New York18.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, PILOT RB
|
|
|
6.25
|
%
|
|
|
07/15/40
|
|
|
|
500
|
|
|
|
508,980
|
|
|
Series 2009, PILOT RB
|
|
|
6.38
|
%
|
|
|
07/15/43
|
|
|
|
210
|
|
|
|
215,036
|
|
|
Nassau (County of) Industrial Development Agency (Amsterdam at
Harborside);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Continuing Care Retirement Community RB
|
|
|
6.50
|
%
|
|
|
01/01/27
|
|
|
|
2,000
|
|
|
|
1,926,620
|
|
|
Series 2007 A, Continuing Care Retirement Community RB
|
|
|
6.70
|
%
|
|
|
01/01/43
|
|
|
|
2,750
|
|
|
|
2,586,595
|
|
|
New York (City of) Municipal Water Finance Authority;
Series 2010 FF, Second General Resolution Water &
Sewer System RB
|
|
|
5.00
|
%
|
|
|
06/15/31
|
|
|
|
2,400
|
|
|
|
2,569,800
|
|
|
New York (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1995 C, Unlimited Tax GO Bonds
|
|
|
7.25
|
%
|
|
|
08/15/24
|
|
|
|
5
|
|
|
|
5,026
|
|
|
Subseries 2008 I-1, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
02/01/26
|
|
|
|
1,700
|
|
|
|
1,915,135
|
|
|
New York (State of) Dormitory Authority;
Series 2011 A, General Purpose Personal Income Tax RB
|
|
|
5.00
|
%
|
|
|
03/15/30
|
|
|
|
810
|
|
|
|
892,264
|
|
|
New York (State of) Thruway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Personal Income Tax
RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/26
|
|
|
|
700
|
|
|
|
743,687
|
|
|
Series 2009 A, Personal Income Tax
RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/27
|
|
|
|
750
|
|
|
|
777,893
|
|
|
Series 2009 A, Personal Income Tax
RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/28
|
|
|
|
1,600
|
|
|
|
1,625,216
|
|
|
Series 2011
A-1,
Second
General Highway & Bridge Trust Fund RB
|
|
|
5.00
|
%
|
|
|
04/01/29
|
|
|
|
1,350
|
|
|
|
1,484,190
|
|
|
New York City (City of);
SubSeries 1993
A-7,
Ref.
PCR (LOCJP Morgan Chase Bank,
N.A.)
(l)
|
|
|
0.10
|
%
|
|
|
08/01/20
|
|
|
|
4,000
|
|
|
|
4,000,000
|
|
|
Port Authority of New York & New Jersey (JFK
International Air Terminal, LLC); Series 2010, Special
Obligation RB
|
|
|
6.00
|
%
|
|
|
12/01/36
|
|
|
|
750
|
|
|
|
765,382
|
|
|
Port Authority of New York & New Jersey;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 144th, Consolidated
RB
(b)
|
|
|
5.00
|
%
|
|
|
10/01/35
|
|
|
|
6,900
|
|
|
|
7,294,336
|
|
|
Series 2008 152nd, Consolidated
RB
(b)(c)
|
|
|
5.00
|
%
|
|
|
11/01/28
|
|
|
|
6,300
|
|
|
|
6,541,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,851,639
|
|
|
North Carolina1.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte (City of) (Convention Facility);
Series 2003 A, Ref. COP
|
|
|
5.50
|
%
|
|
|
08/01/19
|
|
|
|
3,000
|
|
|
|
3,259,800
|
|
|
North Carolina (State of) Medical Care Commission
(Southminister); Series 2007 A, First Mortgage
Retirement Facilities RB
|
|
|
5.75
|
%
|
|
|
10/01/37
|
|
|
|
150
|
|
|
|
127,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,386,826
|
|
|
North Dakota0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
McLean (County of) (Great River Energy);
Series 2010 B, Solid Waste Facilities RB
|
|
|
5.15
|
%
|
|
|
07/01/40
|
|
|
|
500
|
|
|
|
509,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Ohio5.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin (County of) (OhioHealth Corp.);
Series 2011 A, Hospital Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
$
|
885
|
|
|
$
|
889,859
|
|
|
Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011, Hospital RB
|
|
|
6.25
|
%
|
|
|
12/01/34
|
|
|
|
300
|
|
|
|
311,724
|
|
|
Lorain (County of) (Catholic Healthcare Partners);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 C-1, Ref. Hospital RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
04/01/24
|
|
|
|
1,125
|
|
|
|
1,228,388
|
|
|
Series 2006 A, Hospital Facilities RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
1,050
|
|
|
|
1,028,916
|
|
|
Series 2006 B, Hospital Facilities RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
1,050
|
|
|
|
1,139,975
|
|
|
Montgomery (County of) (Miami Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
11/15/28
|
|
|
|
565
|
|
|
|
594,990
|
|
|
Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/39
|
|
|
|
350
|
|
|
|
365,411
|
|
|
Ohio (State of) Air Quality Development Authority (Columbus
Southern Power Co.); Series 2009 B, Ref.
RB
(d)(e)
|
|
|
5.80
|
%
|
|
|
12/01/38
|
|
|
|
1,000
|
|
|
|
1,055,110
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.); Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
1,500
|
|
|
|
1,687,380
|
|
|
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, RB
|
|
|
5.75
|
%
|
|
|
11/15/35
|
|
|
|
575
|
|
|
|
575,724
|
|
|
Ohio (State of) Higher Educational Facility Commission
(University Hospitals Health System, Inc.);
Series 2009 A, RB
|
|
|
6.75
|
%
|
|
|
01/15/39
|
|
|
|
850
|
|
|
|
882,223
|
|
|
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR
(d)(e)
|
|
|
5.88
|
%
|
|
|
06/01/16
|
|
|
|
500
|
|
|
|
562,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,321,880
|
|
|
Oklahoma0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
McAlester Public Works Authority; Series 2002, CAB Utility
System RB
(INSAGM)
(a)(g)
|
|
|
0.00
|
%
|
|
|
02/01/31
|
|
|
|
1,000
|
|
|
|
398,120
|
|
|
Pennsylvania1.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware River Port Authority; Series 2010 D, RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
500
|
|
|
|
515,955
|
|
|
Franklin (County of) Industrial Development Authority
(Chambersburg Hospital); Series 2010, RB
|
|
|
5.38
|
%
|
|
|
07/01/42
|
|
|
|
900
|
|
|
|
896,571
|
|
|
Pennsylvania (State of) Turnpike Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SubSeries 2010
B-2, Ref. CAB
PCR
(f)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
850
|
|
|
|
704,752
|
|
|
SubSeries 2010
B-2, Ref. CAB
PCR
(f)
|
|
|
6.00
|
%
|
|
|
12/01/34
|
|
|
|
500
|
|
|
|
397,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,514,608
|
|
|
Puerto Rico3.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 CCC, RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
|
1,100
|
|
|
|
1,122,121
|
|
|
Series 2010 XX, RB
|
|
|
5.25
|
%
|
|
|
07/01/40
|
|
|
|
800
|
|
|
|
778,512
|
|
|
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
SubSeries 2010 A,
RB
|
|
|
5.38
|
%
|
|
|
08/01/39
|
|
|
|
750
|
|
|
|
756,533
|
|
|
First
SubSeries 2010 A,
RB
|
|
|
5.50
|
%
|
|
|
08/01/42
|
|
|
|
850
|
|
|
|
862,248
|
|
|
First
SubSeries 2010 C,
RB
|
|
|
5.25
|
%
|
|
|
08/01/41
|
|
|
|
2,350
|
|
|
|
2,337,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,857,006
|
|
|
South Carolina9.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
Beaufort (County of) (New River Redevelopment Project Area);
Series 2002, Tax Allocation RB
(INSNATL)
(a)
|
|
|
5.50
|
%
|
|
|
06/01/20
|
|
|
|
2,420
|
|
|
|
2,536,063
|
|
|
Charleston (County of) Educational Excellence Finance Corp.
(Charleston County School District); Series 2005,
RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/25
|
|
|
|
10,000
|
|
|
|
10,762,500
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(AnMed Health); Series 2009 B, Ref. & Improvement
Hospital RB
(INSAGC)
(a)
|
|
|
5.50
|
%
|
|
|
02/01/38
|
|
|
|
1,000
|
|
|
|
1,037,210
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Electric & Gas Co.); Series 2002 A, IDR
(INSAMBAC)
(a)
|
|
|
5.20
|
%
|
|
|
11/01/27
|
|
|
|
1,500
|
|
|
|
1,551,345
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Woodlands at Furman); Series 2007 A,
RB
(j)
|
|
|
6.00
|
%
|
|
|
11/15/42
|
|
|
|
250
|
|
|
|
99,612
|
|
|
South Carolina (State of) Public Service Authority (Santee
Cooper); Series 2010 B, Ref. RB
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
1,080
|
|
|
|
1,145,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,131,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Tennessee2.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
Elizabethton (City of) Health & Educational Facilities
Board; Series 2000 B, Ref. & Improvement First
Mortgage RB
(e)(i)
|
|
|
8.00
|
%
|
|
|
07/01/12
|
|
|
$
|
1,500
|
|
|
$
|
1,621,185
|
|
|
Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
Series 2006 A, First Mortgage Hospital RB
Series 2000 A, Ref. First Mortgage Hospital
RB
(e)(i)
|
|
|
7.50
|
%
|
|
|
07/01/12
|
|
|
|
1,000
|
|
|
|
1,076,850
|
|
|
Series 2006 A, First Mortgage Hospital RB
|
|
|
5.50
|
%
|
|
|
07/01/36
|
|
|
|
750
|
|
|
|
720,518
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (Methodist Healthcare);
Series 2004 B, RB
(INSAGM)
(a)(b)
|
|
|
5.25
|
%
|
|
|
09/01/27
|
|
|
|
1,300
|
|
|
|
1,430,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,849,385
|
|
|
Texas16.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special Facilities
RB
(c)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
575
|
|
|
|
597,804
|
|
|
Dallas (City of) (Civic Center Convention Complex);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/18
|
|
|
|
500
|
|
|
|
572,785
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/19
|
|
|
|
575
|
|
|
|
656,587
|
|
|
Dallas-Fort Worth (Cities of) International Airport
Facilities Improvement Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 C, Joint Airport RB
(INSNATL)
(a)(c)
|
|
|
5.75
|
%
|
|
|
11/01/18
|
|
|
|
190
|
|
|
|
190,686
|
|
|
Series 2002 C, Joint Airport RB
(INSNATL)
(a)(c)
|
|
|
6.00
|
%
|
|
|
11/01/23
|
|
|
|
425
|
|
|
|
426,624
|
|
|
Series 2003 A, Joint Airport RB
(INSAGM)
(a)(c)
|
|
|
5.50
|
%
|
|
|
11/01/21
|
|
|
|
2,000
|
|
|
|
2,095,800
|
|
|
El Paso (County of) Hospital District; Series 2008 A,
Limited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
08/15/37
|
|
|
|
1,900
|
|
|
|
2,038,510
|
|
|
Harris (County of) (Toll Road); Series 2009 A, Sr.
Lien RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
1,500
|
|
|
|
1,554,030
|
|
|
Harris (County of) Health Facilities Development Corp. (Memorial
Hermann Healthcare System); Series 2008 B, Ref.
Hospital RB
|
|
|
7.25
|
%
|
|
|
12/01/35
|
|
|
|
300
|
|
|
|
335,568
|
|
|
Harris (County of) Industrial Development Corp. (Deer Park
Refining Limited Partnership); Series 2006, Solid Waste
Disposal RB
|
|
|
5.00
|
%
|
|
|
02/01/23
|
|
|
|
400
|
|
|
|
426,544
|
|
|
Houston (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. First Lien Combined Utility System
RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
3,000
|
|
|
|
3,254,220
|
|
|
Series 2011 D, First Lien Combined Utility System, RB
|
|
|
5.00
|
%
|
|
|
11/15/31
|
|
|
|
1,035
|
|
|
|
1,115,119
|
|
|
Judson Independent School District (School Building);
Series 2008, Unlimited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/37
|
|
|
|
1,200
|
|
|
|
1,255,428
|
|
|
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/40
|
|
|
|
575
|
|
|
|
586,138
|
|
|
Matagorda (County of) Navigation District No. 1 (AEP Texas
Central Co.); Series 2008, Ref.
PCR
(d)(e)
|
|
|
1.13
|
%
|
|
|
06/01/12
|
|
|
|
675
|
|
|
|
676,228
|
|
|
Matagorda (County of) Navigation District No. 1
(CenterPoint Energy Houston Electric, LLC); Series 2004,
Ref. Collateralized
RB
(d)
|
|
|
5.60
|
%
|
|
|
03/01/27
|
|
|
|
1,250
|
|
|
|
1,290,800
|
|
|
McLennan (County of) Public Facility Corp.; Series 2009, RB
|
|
|
6.63
|
%
|
|
|
06/01/35
|
|
|
|
490
|
|
|
|
525,942
|
|
|
North Central Texas Health Facility Development Corp.
(Childrens Medical Center of Dallas); Series 2002, RB
(INSAMBAC)
(a)
|
|
|
5.25
|
%
|
|
|
08/15/32
|
|
|
|
1,000
|
|
|
|
1,012,190
|
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/26
|
|
|
|
360
|
|
|
|
391,201
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
5.63
|
%
|
|
|
01/01/28
|
|
|
|
540
|
|
|
|
569,014
|
|
|
Series 2008 F, Ref. Second Tier System RB
|
|
|
5.75
|
%
|
|
|
01/01/33
|
|
|
|
1,000
|
|
|
|
1,016,070
|
|
|
Series 2008 L-2, Ref. First Tier System
RB
(d)(e)
|
|
|
6.00
|
%
|
|
|
01/01/13
|
|
|
|
600
|
|
|
|
639,582
|
|
|
Series 2011 A, Special Projects System RB
|
|
|
5.50
|
%
|
|
|
09/01/36
|
|
|
|
1,050
|
|
|
|
1,137,769
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc.); Series 2007,
Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
195
|
|
|
|
173,560
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Buckner Retirement Services, Inc.); Series 2007,
Retirement Facility RB
|
|
|
5.25
|
%
|
|
|
11/15/37
|
|
|
|
1,000
|
|
|
|
937,770
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(C.C. Young Memorial Home); Series 2009 B-2, Retirement
Facility RB
|
|
|
6.50
|
%
|
|
|
02/15/14
|
|
|
|
500
|
|
|
|
495,420
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(CHRISTUS Health); Series 2008 A, Ref. RB
(INSAGC)
(a)
|
|
|
6.25
|
%
|
|
|
07/01/28
|
|
|
|
1,200
|
|
|
|
1,312,992
|
|
|
Texas (State of) (Transportation CommissionMobility Fund);
Series 2008, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
04/01/28
|
|
|
|
2,215
|
|
|
|
2,240,052
|
|
|
Texas (State of) A&M University Board of Regents;
Series 2009, Financing System RB
|
|
|
5.00
|
%
|
|
|
05/15/28
|
|
|
|
1,000
|
|
|
|
1,102,980
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (State of) Private Activity Bond Surface Transportation
Corp. (North Transit Express Mobility); Series 2009, Sr.
Lien RB
|
|
|
6.88
|
%
|
|
|
12/31/39
|
|
|
$
|
560
|
|
|
$
|
578,990
|
|
|
Tyler (City of) Health Facilities Development Corp. (East Texas
Medical Center Regional Healthcare System);
Series 2007 A, Ref. & Improvement Hospital RB
|
|
|
5.38
|
%
|
|
|
11/01/37
|
|
|
|
1,000
|
|
|
|
855,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,062,353
|
|
|
Virgin Islands0.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority (Matching Fund Loan
Note); Series 2010 A, Sr. Lien Working Capital RB
|
|
|
5.00
|
%
|
|
|
10/01/25
|
|
|
|
1,000
|
|
|
|
1,002,490
|
|
|
Virginia1.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
Richmond Industrial Development Authority; Series 2001,
Government Facilities FB
(INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
07/15/15
|
|
|
|
1,000
|
|
|
|
1,096,580
|
|
|
Virginia (State of) Tobacco Settlement Financing Corp.;
Series 2005, Asset-Backed
RB
(i)
|
|
|
5.50
|
%
|
|
|
06/01/26
|
|
|
|
1,400
|
|
|
|
1,553,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,650,482
|
|
|
Washington6.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chelan (County of) Public Utility District No. 1;
Series 2011 A, Ref. Consolidated
RB
(c)
|
|
|
5.50
|
%
|
|
|
07/01/26
|
|
|
|
550
|
|
|
|
611,765
|
|
|
Kalispel Tribe of Indians; Series 2008, Priority District
Washington RB
|
|
|
6.75
|
%
|
|
|
01/01/38
|
|
|
|
3,000
|
|
|
|
2,457,810
|
|
|
Spokane (City of) Public Facilities District; Series 2003,
RB
(INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
09/01/33
|
|
|
|
5,000
|
|
|
|
5,072,100
|
|
|
Washington (State of) Health Care Facilities Authority (Swedish
Health Services); Series 2011 A, Health Care
Facilities Authority RB
|
|
|
6.25
|
%
|
|
|
11/15/41
|
|
|
|
375
|
|
|
|
392,164
|
|
|
Washington (State of) Housing Finance Commission (Custodial
Receipts Wesley Homes); Series 2008, Non-Profit
RB
(h)
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
560
|
|
|
|
535,108
|
|
|
Washington (State of); Series 1993 B, Unlimited Tax GO
Bonds
|
|
|
5.50
|
%
|
|
|
05/01/18
|
|
|
|
2,690
|
|
|
|
3,069,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,138,720
|
|
|
West Virginia1.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
Harrison (County of) (Allegheny Energy);
Series 2007 D, Ref. Solid Waste Disposal
RB
(c)
|
|
|
5.50
|
%
|
|
|
10/15/37
|
|
|
|
1,750
|
|
|
|
1,693,387
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, Hospital RB
|
|
|
6.00
|
%
|
|
|
10/01/20
|
|
|
|
400
|
|
|
|
395,028
|
|
|
Series 2008, Hospital RB
|
|
|
6.25
|
%
|
|
|
10/01/23
|
|
|
|
425
|
|
|
|
417,388
|
|
|
West Virginia (State of) Hospital Finance Authority (West
Virginia United Health System Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, Ref. & Improvement Hospital RB
|
|
|
5.50
|
%
|
|
|
06/01/34
|
|
|
|
400
|
|
|
|
411,392
|
|
|
Series 2009 C, Ref. & Improvement Hospital RB
|
|
|
5.50
|
%
|
|
|
06/01/39
|
|
|
|
450
|
|
|
|
458,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,375,965
|
|
|
Wisconsin2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Superior (City of) (Superior Water, Light & Power
Company);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. Collateralized Utility
RB
(c)
|
|
|
5.38
|
%
|
|
|
11/01/21
|
|
|
|
175
|
|
|
|
182,294
|
|
|
Series 2007 B, Collateralized Utility
RB
(c)
|
|
|
5.75
|
%
|
|
|
11/01/37
|
|
|
|
150
|
|
|
|
150,836
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Aurora Health Care, Inc.); Series 2009 B,
RB
(d)(e)
|
|
|
5.13
|
%
|
|
|
08/15/16
|
|
|
|
500
|
|
|
|
572,170
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.63
|
%
|
|
|
02/15/39
|
|
|
|
720
|
|
|
|
773,064
|
|
|
Wisconsin (State of) Housing & Economic Development
Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Home Ownership
RB
(b)(c)
|
|
|
5.30
|
%
|
|
|
09/01/23
|
|
|
|
1,000
|
|
|
|
1,062,760
|
|
|
Series 2008 A, Home Ownership
RB
(b)(c)
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
387
|
|
|
|
411,478
|
|
|
Wisconsin (State of); Series 2009 A, General
Appropriation RB
|
|
|
5.38
|
%
|
|
|
05/01/25
|
|
|
|
370
|
|
|
|
418,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,570,682
|
|
|
Wyoming0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref.
PCR
|
|
|
5.25
|
%
|
|
|
07/15/26
|
|
|
|
500
|
|
|
|
539,115
|
|
|
TOTAL
INVESTMENTS
(m)
167.11%
(Cost $293,169,162)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
298,042,675
|
|
|
FLOATING RATE
NOTE OBLIGATION
(n)
(22.38%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note with interest rates ranging from 0.21% to 0.36% at
08/31/11
and
contractual maturities of collateral ranging from
09/01/23
to
06/01/39
(See Note 1K)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(39,920,000
|
)
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Wyoming(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES2.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,085,001
|
|
|
PREFERRED SHARES(47.02)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(83,850,000
|
)
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
178,357,676
|
|
|
Investment Abbreviations:
|
|
|
AGC
|
|
Assured Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
COP
|
|
Certificates of Participation
|
FGIC
|
|
Financial Guaranty Insurance Co.
|
GO
|
|
General Obligation
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
NATL
|
|
National Public Finance Guarantee Corp.
|
PCR
|
|
Pollution Control Revenue Bonds
|
PILOT
|
|
Payment-in-Lieu-of-Tax
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
TEMPS
|
|
Tax-Exempt Mandatory Paydown Securities
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
|
|
|
(a)
|
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(b)
|
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1K.
|
(c)
|
|
Security subject to the alternative
minimum tax.
|
(d)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
August 31, 2011.
|
(e)
|
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(f)
|
|
Step coupon bond. The interest rate
represents the coupon rate at which the bond will accrue at a
specified future date.
|
(g)
|
|
Zero coupon bond issued at a
discount. The interest rate shown represents the yield to
maturity at issue.
|
(h)
|
|
Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at August 31, 2011 was $3,774,946, which
represented 2.12% of the Trusts Net Assets.
|
(i)
|
|
Advance refunded.
|
(j)
|
|
Defaulted security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
August 31, 2011 was $285,260, which represented 0.16% of
the Trusts Net Assets.
|
(k)
|
|
Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral.
|
(l)
|
|
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 August 31, 2011.
|
(m)
|
|
This table provides a listing of
those entities that have either issued, guaranteed, backed or
otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality
of a security, it is not primarily responsible for the
issuers obligations but may be called upon to satisfy the
issuers obligations.
|
|
|
|
|
|
Entities
|
|
Percentage
|
|
Assured Guaranty Municipal Corp.
|
|
|
8.54
|
%
|
|
National Public Finance Guarantee Corp.
|
|
|
7.01
|
|
|
American Municipal Bond Assurance Corp.
|
|
|
5.58
|
|
|
|
|
|
(n)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at August 31, 2011. At August 31,
2011, the Trusts investments with a value of $68,421,505
are held by the Dealer Trusts and serve as collateral for the
$39,920,000 in floating rate note obligations at that date.
|
By
credit sector, based on Total Investments
|
|
|
|
|
Revenue Bonds
|
|
|
85.6
|
%
|
|
General Obligation Bonds
|
|
|
8.7
|
|
|
Pre-refunded Bonds
|
|
|
1.4
|
|
|
Other
|
|
|
4.3
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Van Kampen Select Sector Municipal Trust
Statement
of Assets and Liabilities
August 31,
2011
(Unaudited)
|
|
|
|
|
Assets:
|
Investments, at value (Cost $293,169,162)
|
|
$
|
298,042,675
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
1,903,108
|
|
|
Interest
|
|
|
3,731,426
|
|
|
Other assets
|
|
|
32,801
|
|
|
Total assets
|
|
|
303,710,010
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
39,920,000
|
|
|
Payable for:
|
|
|
|
|
Amount due custodian
|
|
|
522,133
|
|
|
Investments purchased
|
|
|
855,369
|
|
|
Income distributions preferred and common shares
|
|
|
41,786
|
|
|
Accrued fees to affiliates
|
|
|
38,232
|
|
|
Accrued other operating expenses
|
|
|
124,814
|
|
|
Total liabilities
|
|
|
41,502,334
|
|
|
Preferred shares ($0.01 par value, authorized
100,000,000 shares, 3,354 issued with liquidation
preference of $25,000 per share)
|
|
|
83,850,000
|
|
|
Net assets applicable to common shares
|
|
$
|
178,357,676
|
|
|
Net Assets applicable to common shares consist of:
|
Shares of beneficial interest common shares
|
|
$
|
203,850,477
|
|
|
Undistributed net investment income
|
|
|
3,175,795
|
|
|
Undistributed net realized gain (loss)
|
|
|
(33,542,109
|
)
|
|
Unrealized appreciation
|
|
|
4,873,513
|
|
|
|
|
$
|
178,357,676
|
|
|
Shares outstanding, $0.01 par value per common share with an
unlimited number of shares authorized:
|
Common shares outstanding
|
|
|
15,190,715
|
|
|
Net asset value per common share
|
|
$
|
11.74
|
|
|
Market value per common share
|
|
$
|
11.52
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Van Kampen Select Sector Municipal Trust
Statement
of Operations
For
the six months ended August 31, 2011
(Unaudited)
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
7,526,414
|
|
|
Expenses:
|
Advisory fees
|
|
|
816,281
|
|
|
Administrative services fees
|
|
|
25,136
|
|
|
Custodian fees
|
|
|
5,555
|
|
|
Interest, facilities and maintenance fees
|
|
|
176,801
|
|
|
Transfer agent fees
|
|
|
10,238
|
|
|
Trustees and officers fees and benefits
|
|
|
18,755
|
|
|
Other
|
|
|
67,901
|
|
|
Total expenses
|
|
|
1,120,667
|
|
|
Less: Fees waived
and/or
expenses reimbursed
|
|
|
(20,225
|
)
|
|
Net expenses
|
|
|
1,100,442
|
|
|
Net investment income
|
|
|
6,425,972
|
|
|
Realized and unrealized gain (loss):
|
Net realized gain (loss) from investment securities
|
|
|
(2,366,759
|
)
|
|
Change in net unrealized appreciation of investment securities
|
|
|
14,418,160
|
|
|
Net realized and unrealized gain
|
|
|
12,051,401
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(126,360
|
)
|
|
Net increase in net assets applicable to common shares from
operations
|
|
$
|
18,351,013
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Van Kampen Select Sector Municipal Trust
Statement
of Changes in Net Assets
For
the six months ended August 31, 2011, the four months ended
February 28, 2011 and the year ended October 31,
2010
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Four months
|
|
|
|
|
ended
|
|
ended
|
|
Year ended
|
|
|
August 31,
|
|
February 28,
|
|
October 31,
|
|
|
2011
|
|
2011
|
|
2010
|
|
Operations:
|
Net investment income
|
|
$
|
6,425,972
|
|
|
$
|
4,497,836
|
|
|
$
|
13,757,525
|
|
|
Net realized gain (loss)
|
|
|
(2,366,759
|
)
|
|
|
(486,511
|
)
|
|
|
(3,033,069
|
)
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
14,418,160
|
|
|
|
(18,671,357
|
)
|
|
|
14,484,927
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(126,360
|
)
|
|
|
(113,023
|
)
|
|
|
(344,844
|
)
|
|
Net increase (decrease) in net assets applicable to common
shares resulting from operations
|
|
|
18,351,013
|
|
|
|
(14,773,055
|
)
|
|
|
24,864,539
|
|
|
Distributions to common shareholders from net investment income
|
|
|
(6,653,533
|
)
|
|
|
(4,435,689
|
)
|
|
|
(13,200,732
|
)
|
|
Net increase (decrease) in net assets applicable to common
shares resulting from investment activities
|
|
|
11,697,480
|
|
|
|
(19,208,744
|
)
|
|
|
11,663,807
|
|
|
Net assets applicable to common shares:
|
Beginning of period
|
|
|
166,660,196
|
|
|
|
185,868,940
|
|
|
|
174,205,133
|
|
|
End of period (includes undistributed net investment income of
$3,175,795, $3,529,716 and $3,661,062, respectively)
|
|
$
|
178,357,676
|
|
|
$
|
166,660,196
|
|
|
$
|
185,868,940
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
17 Invesco
Van Kampen Select Sector Municipal Trust
Statement
of Cash Flows
For
the six months ended August 31, 2011
(Unaudited)
|
|
|
|
|
|
|
For the
|
|
|
six months
|
|
|
ended
|
|
|
August 31,
|
|
|
2011
|
|
Net increase in net assets applicable to common shares resulting
from operations
|
|
$
|
18,351,013
|
|
|
Adjustments to reconcile net increase in net assets applicable
to common shares from operations to net cash provided by
operating activities:
|
Cost of purchases of investments
|
|
|
(27,224,579
|
)
|
|
Proceeds from sales of investments
|
|
|
28,828,959
|
|
|
Amortization of premium
|
|
|
259,976
|
|
|
Accretion of discount
|
|
|
(97,937
|
)
|
|
Net realized loss on investments
|
|
|
2,366,759
|
|
|
Net change in unrealized appreciation on investments
|
|
|
(14,418,160
|
)
|
|
Decrease in interest receivable and other assets
|
|
|
96,913
|
|
|
Increase (Decrease) in accrued expenses and other payables
|
|
|
(138,169
|
)
|
|
Net cash provided by operating activities
|
|
|
8,024,775
|
|
|
Cash flows provided by (used in) financing activities:
|
Dividends paid to common shareholders from net investment income
|
|
|
(6,661,789
|
)
|
|
Decrease in custodian bank payable
|
|
|
(682,986
|
)
|
|
Net proceeds from and repayments of floating rate note
obligations
|
|
|
(680,000
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(8,024,775
|
)
|
|
Net increase (decrease) in cash
|
|
|
|
|
|
Cash at the beginning of the period
|
|
|
|
|
|
Cash at the end of the period
|
|
$
|
|
|
|
Supplemental disclosure of cash flow information:
|
Cash paid during the period for interest, facilities and
maintenance fees
|
|
$
|
176,801
|
|
|
Notes
to Financial Statements
August 31,
2011
(Unaudited)
NOTE 1Significant
Accounting Policies
Invesco Van Kampen Select Sector Municipal Trust (the
Trust) is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company.
The Trusts primary investment objective is to
seek to provide a high level of current income exempt from
federal income tax, consistent with preservation of capital.
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
|
18 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
fair value are fundamental analytical data relating to the
investment; the nature and duration of any restrictions on
transferability or disposition; trading in similar securities by
the same issuer or comparable companies; relevant political,
economic or issuer specific news; and other relevant factors
under the circumstances.
|
|
|
Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuers assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments.
|
B.
|
|
Securities
Transactions and Investment Income
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized
and/or
accreted for financial reporting purposes.
|
|
|
The Trust may periodically participate
in litigation related to Trust investments. As such, the Trust
may receive proceeds from litigation settlements. Any proceeds
received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized
gain (loss) for investments still held.
|
|
|
Brokerage commissions and mark ups are
considered transaction costs and are recorded as an increase to
the cost basis of securities purchased
and/or
a
reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in
the Statement of Operations and the Statement of Changes in Net
Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trusts net
asset value and, accordingly, they reduce the Trusts total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
|
C.
|
|
Country
Determination
For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located
and/or
credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuers securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer
and/or
credit risk exposure has been determined to be the United States
of America, unless otherwise noted.
|
D.
|
|
Distributions
The Trust declares and pays monthly dividends from net
investment income to common shareholders. Distributions from net
realized capital gain, if any, are generally paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes.
|
E.
|
|
Federal Income
Taxes
The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trusts taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements.
|
|
|
In addition, the Trust intends to invest
in such municipal securities to allow it to qualify to pay
shareholders exempt dividends, as defined in the
Internal Revenue Code.
|
|
|
The Trust files tax returns in the
U.S. Federal jurisdiction and certain other jurisdictions.
Generally, the Trust is subject to examinations by such taxing
authorities for up to three years after the filing of the return
for the tax period.
|
F.
|
|
Accounting
Estimates
The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America (GAAP)
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of
revenues and expenses during the reporting period including
estimates and assumptions related to taxation. Actual results
could differ from those estimates by a significant amount. In
addition, the Trust monitors for material events or transactions
that may occur or become known after the period-end date and
before the date the financial statements are released to print.
|
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.
|
|
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 and a Trusts investments in municipal
securities.
|
|
|
There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service.
|
I.
|
|
Cash and Cash
Equivalents
For the purposes of the
Statement of Cash Flows the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market
funds and other investments held in lieu of cash and excludes
investments made with cash collateral received.
|
J.
|
|
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
|
19 Invesco
Van Kampen Select Sector Municipal Trust
|
|
|
|
|
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.
|
K.
|
|
Floating Rate
Note Obligations
The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market for fixed rate bonds in a rising
interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (Dealer
Trusts) in exchange for cash and residual interests in the
Dealer Trusts assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interest in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts.
|
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities.
|
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Funds investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note
obligations
on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds
under the caption
Interest
and records the expenses
related to floating rate obligations and any administrative
expenses of the Dealer Trusts as a component of
Interest,
facilities and maintenance fees
on the Statement of
Operations.
|
|
|
The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate securities
are varying degrees of liquidity and the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity which may cause the
Trusts net asset value to be more volatile than if it had
not invested in inverse floating rate note securities. In
certain instances, the short-term floating rate interests
created by the special purpose trust may not be able to be sold
to third parties or, in the case of holders tendering (or
putting) such interests for repayment of principal, may not be
able to be remarketed to third parties. In such cases, the
special purpose trust holding the long-term fixed rate bonds may
be collapsed. In the case of RIBs or TOBs created by the
contribution of long-term fixed income bonds by the Trust, the
Trust will then be required to repay the principal amount of the
tendered securities. During times of market volatility,
illiquidity or uncertainty, the Trust could be required to sell
other portfolio holdings at a disadvantageous time to raise cash
to meet that obligation.
|
L.
|
|
Interest,
Facilities and Maintenance Fees
Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees and other expenses
associated with lines of credit and interest and administrative
expenses related to establishing and maintaining Auction Rate
Preferred Shares and floating rate note obligations, if any.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate 0.55% of the Trusts
average daily net assets including current preferred shares and
leverage entered into to retire previously issued preferred
shares of the Trust.
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Limited,
Invesco Asset Management (Japan) Limited, Invesco Australia
Limited, Invesco Hong Kong Limited, Invesco Senior Secured
Management, Inc. and Invesco Canada Ltd. (collectively, the
Affiliated
Sub-Advisers)
the Adviser, not the Trust, may pay 40% of the fees paid to the
Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to
the Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
The Adviser has contractually agreed, through at
least June 30, 2012, to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 1.07%. In determining the Advisers obligation to waive
advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance fees; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items; and
(5) expenses that the Trust has incurred but did not
actually pay because of an expense offset arrangement. Unless
the Board of Trustees and Invesco mutually agree to amend or
continue the fee waiver agreement, it will terminate on
June 30, 2012.
For the six months ended August 31, 2011, the
Adviser waived advisory fees of $20,225.
The Trust has entered into a master administrative
services agreement with Invesco pursuant to which the Trust has
agreed to pay Invesco for certain administrative costs incurred
in providing accounting services to the Trust. For the six
months ended August 31, 2011, expenses incurred under this
agreement are shown in the Statement of Operations as
administrative services fees.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
20 Invesco
Van Kampen Select Sector Municipal Trust
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of August 31, 2011. The level assigned to
the securities valuations may not be an indication of the risk
or liquidity associated with investing in those securities.
Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from
the value received upon actual sale of those investments.
During the six months ended August 31, 2011,
there were no significant transfers between investment levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Securities
|
|
$
|
|
|
|
$
|
298,042,675
|
|
|
$
|
|
|
|
$
|
298,042,675
|
|
|
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.
During the six months ended August 31, 2011,
the Trust paid legal fees of $16,525 for services rendered by
Skadden, Arps, Slate, Meagher & Flom LLP, as legal
counsel to the Trust. A member of that firm is a Trustee of the
Trust.
NOTE 5Cash
Balances and Borrowings
The Trust is permitted to temporarily carry a negative or
overdrawn balance in its account with State Street Bank and
Trust Company, the custodian bank. To compensate the custodian
bank for such overdrafts, the overdrawn Trust may either
(1) leave funds as a compensating balance in the account so
the custodian bank can be compensated by earning the additional
interest; or (2) compensate by paying the custodian bank at
a rate agreed upon by the custodian bank and Invesco, not to
exceed the contractually agreed upon rate.
Inverse floating rate 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 six months ended
August 31, 2011 were $39,784,714 and 0.82%, respectively.
NOTE 6Tax
Information
The amount and character of income and gains to be distributed
are determined in accordance with income tax regulations, which
may differ from generally accepted accounting principles.
Reclassifications are made to the Funds capital accounts
to reflect income and gains available for distribution (or
available capital loss carryforward) under income tax
regulations. The tax character of distributions paid during the
year and the tax components of net assets will be reported at
the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported
as of a specific date. Results of transactions and other
activity after that date may affect the amount of capital loss
carryforward actually available for the Trust to utilize. The
ability to utilize capital loss carryforward in the future may
be limited under the Internal Revenue Code and related
regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of
February 28, 2011 which expires as follows:
|
|
|
|
|
|
|
Capital Loss
|
Expiration
|
|
Carryforward*
|
|
February 28, 2015
|
|
$
|
1,589,212
|
|
|
February 29, 2016
|
|
|
15,442,819
|
|
|
February 28, 2017
|
|
|
11,235,010
|
|
|
February 28, 2018
|
|
|
2,913,579
|
|
|
February 28, 2019
|
|
|
485,791
|
|
|
Total capital loss carryforward
|
|
$
|
31,666,411
|
|
|
|
|
*
|
Capital loss carryforward as of the
date listed above is reduced for limitations, if any, to the
extent required by the Internal Revenue Code.
|
21 Invesco
Van Kampen Select Sector Municipal Trust
NOTE 7Investment
Securities
The aggregate amount of investment securities (other than
short-term securities, U.S. Treasury obligations and money
market funds, if any) purchased and sold by the Trust during the
six months ended August 31, 2011 was $23,927,452 and
$29,337,357, respectively. Cost of investments on a tax basis
includes the adjustments for financial reporting purposes as of
the most recently completed Federal income tax reporting
period-end.
|
|
|
|
|
Unrealized
Appreciation (Depreciation) of Investment Securities on a Tax
Basis
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
12,341,512
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(6,711,533
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
5,629,979
|
|
|
Cost of investments for tax purposes is $292,412,696.
|
NOTE 8Common
Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Four months
ended
|
|
Year ended
|
|
|
August 31,
|
|
February 28,
|
|
October 31,
|
|
|
2011
|
|
2011
|
|
2010
|
|
Beginning shares
|
|
|
15,190,715
|
|
|
|
15,190,715
|
|
|
|
15,190,715
|
|
|
Shares Repurchased
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
Ending shares
|
|
|
15,190,715
|
|
|
|
15,190,715
|
|
|
|
15,190,715
|
|
|
NOTE 9Preferred
Shares of Beneficial Interest
The Trust has issued Auction Rate Preferred Shares
(preferred shares) which have a liquidation value of
$25,000 per share plus the redemption premium, if any, plus
accumulated but unpaid dividends, whether or not declared,
thereon to the date of distribution. The Trust may redeem such
shares, in whole or in part, at the original purchase price of
$25,000 per share plus accumulated but unpaid dividends, whether
or not declared, thereon to the date of redemption.
Historically, the Trust paid annual fees equivalent
to 0.25% of the preferred share liquidation value for the
remarketing efforts associated with the preferred auction.
Effective March 24, 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 interest, facilities and maintenance
fees on the Statement of Operations.
Dividends, which are cumulative, are reset through
auction procedures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
Range of
|
Series
|
|
Shares
|
|
(000s
omitted)
|
|
Rate
|
|
Reset
Date
|
|
Dividend
Rates
|
|
A
|
|
|
442
|
|
|
$
|
11,050
|
|
|
|
0.289
|
%
|
|
|
September 6, 2011
|
|
|
|
0.107
|
-0.411%
|
|
|
B
|
|
|
442
|
|
|
|
11,050
|
|
|
|
0.259
|
|
|
|
September 6, 2011
|
|
|
|
0.122
|
-0.426
|
|
|
C
|
|
|
1,300
|
|
|
|
32,500
|
|
|
|
0.305
|
|
|
|
September 16, 2011
|
|
|
|
0.107
|
-0.411
|
|
|
D
|
|
|
1,170
|
|
|
|
29,250
|
|
|
|
0.305
|
|
|
|
September 19, 2011
|
|
|
|
0.110
|
-0.411
|
|
|
|
|
|
|
|
As of August 31, 2011.
|
|
|
For the six months ended
August 31, 2011.
|
Subsequent to August 31, 2011 and up through
September 30, 2011, the Trust paid dividends to preferred
shareholders at rates ranging from 0.244% to 0.305% in the
aggregate amount of $33,302.
The Trust is subject to certain restrictions
relating to the preferred shares. Failure to comply with these
restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares
and/or
could
trigger the mandatory redemption of preferred shares at
liquidation value.
Beginning February 13, 2008 and continuing
through August 31, 2011, all series of preferred shares of
the Trust were not successfully remarketed. As a result, the
dividend rates of these preferred shares were reset to the
maximum applicable rate.
The preferred shares, which are entitled to one vote
per share, generally vote with the common shares but vote
separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred shares.
The preferred shares are not listed on an exchange.
Investors in preferred shares may participate in auctions
through authorized broker-dealers; however, such broker-dealers
are not required to maintain a secondary market in preferred
shares, and there can be no assurance that a secondary market
will develop, or if it does develop, a secondary market may not
provide you with liquidity. When a preferred share auction
fails, investors may not be able to sell any or all of their
preferred shares and because of the nature of the market for
preferred shares, investors may receive less than the price paid
for their preferred shares if sold outside of the auction.
22 Invesco
Van Kampen Select Sector Municipal Trust
The Trust entered into additional floating rate note
obligations as an alternative form of leverage in order to
redeem and to retire a portion of its preferred shares.
Transactions in preferred shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
Series
D
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at February 28, 2011
|
|
|
442
|
|
|
$
|
11,050,000
|
|
|
|
442
|
|
|
$
|
11,050,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,170
|
|
|
$
|
29,250,000
|
|
|
Shares retired
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
Outstanding at August 31, 2011
|
|
|
442
|
|
|
$
|
11,050,000
|
|
|
|
442
|
|
|
$
|
11,050,000
|
|
|
|
1,300
|
|
|
$
|
32,500,000
|
|
|
|
1,170
|
|
|
$
|
29,250,000
|
|
|
NOTE 10Dividends
The Trust declared the following dividends to common
shareholders from net investment income subsequent to
August 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount Per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
September 1, 2011
|
|
$
|
0.0730
|
|
|
|
September 15, 2011
|
|
|
|
September 30, 2011
|
|
|
October 1, 2011
|
|
$
|
0.0730
|
|
|
|
October 14, 2011
|
|
|
|
October 31, 2011
|
|
|
23 Invesco
Van Kampen Select Sector Municipal Trust
NOTE 11Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
Four months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 28,
|
|
Year ended
October 31,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value, beginning of period
|
|
$
|
10.97
|
|
|
$
|
12.24
|
|
|
$
|
11.47
|
|
|
$
|
9.41
|
|
|
$
|
13.68
|
|
|
$
|
14.54
|
|
|
$
|
14.21
|
|
|
|
|
|
|
Net investment
income
(a)
|
|
|
0.42
|
|
|
|
0.30
|
|
|
|
0.91
|
|
|
|
0.97
|
|
|
|
1.05
|
|
|
|
0.99
|
|
|
|
0.94
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
0.80
|
|
|
|
(1.27
|
)
|
|
|
0.75
|
|
|
|
1.88
|
|
|
|
(4.33
|
)
|
|
|
(0.86
|
)
|
|
|
0.46
|
|
|
|
|
|
|
Distributions paid to preferred shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.02
|
|
|
|
(0.06
|
)
|
|
|
(0.30
|
)
|
|
|
(0.31
|
)
|
|
|
(0.27
|
)
|
|
|
|
|
|
Net realized gain
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
Total income (loss) from investment operations
|
|
|
1.21
|
|
|
|
(0.98
|
)
|
|
|
1.64
|
|
|
|
2.79
|
|
|
|
(3.58
|
)
|
|
|
(0.18
|
)
|
|
|
1.12
|
|
|
|
|
|
|
Distributions paid to common shareholders from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.44
|
)
|
|
|
(0.29
|
)
|
|
|
(0.87
|
)
|
|
|
(0.73
|
)
|
|
|
(0.69
|
)
|
|
|
(0.68
|
)
|
|
|
(0.69
|
)
|
|
|
|
|
|
Net realized gains
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
-0-
|
|
|
|
(0.10
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
11.74
|
|
|
$
|
10.97
|
|
|
$
|
12.24
|
|
|
$
|
11.47
|
|
|
$
|
9.41
|
|
|
$
|
13.68
|
|
|
$
|
14.54
|
|
|
|
|
|
|
Market value, end of period
|
|
$
|
11.52
|
|
|
$
|
11.00
|
|
|
$
|
12.83
|
|
|
$
|
10.84
|
|
|
$
|
9.20
|
|
|
$
|
12.19
|
|
|
$
|
12.75
|
|
|
|
|
|
|
Total return at net asset
value
(b)
|
|
|
11.20
|
%
|
|
|
(8.02
|
)%
|
|
|
14.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value
(c)
|
|
|
8.82
|
%
|
|
|
(12.01
|
)%
|
|
|
27.08
|
%
|
|
|
27.20
|
%
|
|
|
(19.88
|
)%
|
|
|
0.66
|
%
|
|
|
9.94
|
%
|
|
|
|
|
|
Net assets applicable to common shares at end of the period
(000s omitted)
|
|
$
|
178,358
|
|
|
$
|
166,660
|
|
|
$
|
185,869
|
|
|
$
|
174,205
|
|
|
$
|
142,947
|
|
|
$
|
209,917
|
|
|
$
|
225,488
|
|
|
|
|
|
|
Portfolio
turnover
(d)
|
|
|
8
|
%
|
|
|
2
|
%
|
|
|
12
|
%
|
|
|
17
|
%
|
|
|
55
|
%
|
|
|
23
|
%
|
|
|
26
|
%
|
|
|
|
|
|
Ratios/supplemental data based on average net assets
applicable to common shares:
|
Ratio of expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.28
|
%
(f)
|
|
|
1.36
|
%
(g)(j)
|
|
|
1.37
|
%
|
|
|
1.55
|
%
|
|
|
2.15
|
%
|
|
|
2.27
|
%
|
|
|
1.43
|
%
|
|
|
|
|
|
With fee waivers
and/or
expense reimbursements, excluding interest, facilities and
maintenance
fees
(e)(h)
|
|
|
1.07
|
%
(f)
|
|
|
1.07
|
%
(g)(j)
|
|
|
1.16
|
%
|
|
|
1.20
|
%
|
|
|
1.04
|
%
|
|
|
1.06
|
%
|
|
|
1.23
|
%
|
|
|
|
|
|
Without fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.30
|
%
(f)
|
|
|
1.37
|
%
(g)(j)
|
|
|
1.47
|
%
|
|
|
1.74
|
%
|
|
|
2.32
|
%
|
|
|
2.41
|
%
|
|
|
N/A
|
|
|
|
|
|
|
Ratio of net investment income before preferred share dividends
|
|
|
7.44
|
%
(f)
|
|
|
8.07
|
%
(j)
|
|
|
7.65
|
%
|
|
|
9.59
|
%
|
|
|
8.52
|
%
|
|
|
6.96
|
%
|
|
|
6.59
|
%
|
|
|
|
|
|
Preferred share dividends
|
|
|
0.15
|
%
(f)
|
|
|
0.20
|
%
(j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income after preferred share dividends
|
|
|
7.29
|
%
(f)
|
|
|
7.87
|
%
(j)
|
|
|
7.46
|
%
|
|
|
9.00
|
%
|
|
|
6.09
|
%
|
|
|
4.79
|
%
|
|
|
4.71
|
%
|
|
|
|
|
|
Senior Securities:
|
Total preferred shares outstanding
|
|
|
3,354
|
|
|
|
3,354
|
|
|
|
3,354
|
|
|
|
3,836
|
|
|
|
4,128
|
|
|
|
5,160
|
|
|
|
5,160
|
|
|
|
|
|
|
Total amount of preferred shares outstanding (000s omitted)
|
|
$
|
83,850
|
|
|
$
|
83,850
|
|
|
$
|
83,850
|
|
|
$
|
95,900
|
|
|
$
|
103,200
|
|
|
$
|
129,000
|
|
|
$
|
129,000
|
|
|
|
|
|
|
Asset coverage per preferred
shares
(i)
|
|
$
|
78,178
|
|
|
$
|
74,690
|
|
|
$
|
80,422
|
|
|
$
|
70,418
|
|
|
$
|
59,684
|
|
|
$
|
65,715
|
|
|
$
|
68,725
|
|
|
|
|
|
|
Liquidating preference per preferred share
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Calculated using average shares
outstanding.
|
(b)
|
|
Includes adjustments in accordance
with accounting principles 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 differ from the net asset value and returns for
shareholders transactions. Not annualized for periods less than
one year, if applicable.
|
(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. Not annualized for periods less
than one year, if applicable.
|
(d)
|
|
Portfolio turnover is not
annualized for periods less than one year, if applicable.
|
(e)
|
|
Ratios do not reflect the effect of
dividend payments to preferred shareholders.
|
(f)
|
|
Ratios are annualized and based on
average net assets applicable to common shares (000s
omitted) of $171,726.
|
(g)
|
|
Ratios include an adjustment for a
change in accounting estimate for professional services fees
during the period. Ratios excluding this adjustment would have
been higher by 0.06%.
|
(h)
|
|
For the years ended
October 31, 2010 and prior, ratios do not exclude
facilities and maintenance fees.
|
(i)
|
|
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.
|
(j)
|
|
Annualized
|
N/A=Not Applicable
24 Invesco
Van Kampen Select Sector Municipal Trust
Approval
of Investment Advisory and
Sub-Advisory
Contracts
The Board of Trustees (the Board) of Invesco Van Kampen Select
Sector Municipal Trust (the Fund) is required under the
Investment Company Act of 1940, as amended, to approve annually
the renewal of the investment advisory agreement with Invesco
Advisers, Inc. (Invesco Advisers) and the Master Intergroup
Sub-Advisory
Contract (the
sub-advisory
contracts) with Invesco Asset Management Deutschland GmbH,
Invesco Asset Management Limited, Invesco Asset Management
(Japan) Limited, Invesco Australia Limited, Invesco Hong Kong
Limited, Invesco Senior Secured Management, Inc. and Invesco
Canada Ltd. (collectively, the Affiliated
Sub-Advisers).
During contract renewal meetings held on May 8, 2011, the
Board as a whole, and the disinterested or
independent Trustees, who comprise more than 75% of
the Board, voting separately, approved the continuance of the
Funds investment advisory agreement and the
sub-advisory
contracts for another year, effective July 1, 2011. In
doing so, the Board considered the process that it follows in
reviewing and approving the Funds investment advisory
agreement and
sub-advisory
contracts and the information that it is provided. The Board
determined that the Funds investment advisory agreement
and the
sub-advisory
contracts are in the best interests of the Fund and its
shareholders and the compensation to Invesco Advisers and the
Affiliated
Sub-Advisers
under the agreements is fair and reasonable.
The Boards
Fund Evaluation Process
The Board, acting directly and through its committees, meets
throughout the year to review the performance of the Invesco Van
Kampen funds. Over the course of each year, the Board, acting
directly and through its committees, meets with portfolio
managers for the funds and other members of management to review
the performance, investment objective(s), policies, strategies
and limitations and investment risks of the funds. The Board
meets regularly and at designated contract renewal meetings each
year to conduct a review of the performance, fees, expenses and
other matters related to the funds
During the contract renewal process, the Trustees
receive comparative performance and fee data regarding the funds
prepared by Invesco Advisers and an independent company, Lipper,
Inc. (Lipper). The independent Trustees are assisted in their
annual evaluation of the funds investment advisory
agreements by fund counsel.
In evaluating the fairness and reasonableness of the
Funds investment advisory agreement and
sub-advisory
contracts, the Board considered, among other things, the factors
discussed below. The Trustees recognized that the advisory fees
for the Invesco Van Kampen funds reflect the results of years of
review and negotiation between the Trustees and Van Kampen Asset
Management, the funds predecessor investment adviser. The
Trustees deliberations and conclusions in a particular
year may be based in part on their deliberations and conclusions
regarding these same arrangements throughout the year and in
prior years. The Board noted the willingness of Invesco Advisers
personnel to engage in open and candid discussions with the
Board. One Trustee may have weighed a particular piece of
information differently than another Trustee.
The discussion below is a summary of the
Boards evaluation with respect to the Funds
investment advisory agreement as well as a discussion of the
material factors and related conclusions that formed the basis
for the Boards approval of the Funds investment
advisory agreement and
sub-advisory
contracts. Unless otherwise stated, this information is current
as of May 8, 2011, and may not reflect consideration of
factors that became known to the Board after that date,
including, for example, changes to the Funds performance,
advisory fees, expense limitations
and/or
fee
waivers.
Factors and
Conclusions
|
|
A.
|
Nature, Extent
and Quality of Services Provided by Invesco Advisers and the
Affiliated
Sub-Advisers
|
The Board reviewed the advisory services provided to the Fund by
Invesco Advisers under the Funds investment advisory
agreement, the performance of Invesco Advisers in providing
these services, and the credentials and experience of the
officers and employees of Invesco Advisers who provide these
services. Based on their meetings throughout the year with the
Funds portfolio manager, the Board concluded that these
individuals are competent and able to continue to carry out
their responsibilities under the Funds investment advisory
agreement or
sub-advisory
contracts, as applicable. The Boards review of the
qualifications of Invesco Advisers to provide advisory services
included the Boards consideration of Invesco
Advisers performance and investment process oversight,
independent credit analysis and investment risk management.
In determining whether to continue the Funds
investment advisory agreement, the Board considered the prior
relationship between Invesco Advisers (and previously Van Kampen
Asset Management) and the Fund, as well as the Boards
knowledge of Invesco Advisers operations, and concluded
that it is beneficial to maintain the current relationship, in
part, because of such knowledge. The Board also considered
services that Invesco Advisers and its affiliates provide to the
Invesco Van Kampen funds such as various back office support
functions, equity and fixed income trading operations, internal
audit and legal and compliance. The Board concluded that the
nature, extent and quality of the services provided to the Fund
by Invesco Advisers are appropriate and satisfactory and the
advisory services are provided in accordance with the terms of
the Funds investment advisory agreement.
The Board reviewed the services provided by the
Affiliated
Sub-Advisers
under the
sub-advisory
contracts and the credentials and experience of the officers and
employees of the Affiliated
Sub-Advisers
who provide these services. The Board concluded that the
sub-advisory
contracts benefit the Fund and its shareholders by permitting
Invesco Advisers to use the resources and talents of the
Affiliated
Sub-Advisers
in managing the Fund. The Board concluded that the nature,
extent and quality of the services provided by the Affiliated
Sub-Advisers
are appropriate and satisfactory and in accordance with the
terms of the Funds
sub-advisory
contracts.
The Board considered Fund performance as a relevant factor in
considering whether to approve the investment advisory
agreement. The Board did not view Fund performance as a relevant
factor in considering whether to approve the
sub-advisory
contracts for the Fund, as no Affiliated
Sub-Adviser
currently manages assets of the Fund.
The Board compared the Funds performance
during the past one, three and five calendar years to the
performance of funds in the Funds Lipper performance
universe and against the Barclays Capital Municipal Bond Index.
The Board noted that the Funds performance was in the
second quintile of its performance universe for the one year
period and the fifth quintile for the three and five year
periods (the first quintile being the best performing funds and
the fifth quintile being the worst performing funds). The Board
noted that the Funds performance was above the performance
of the Index for the one year period and below the performance
of the Index for the three and five year periods. When
considering a funds performance, the Board places emphasis
on trends and longer term returns.
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C.
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Advisory and
Sub-Advisory
Fees and Fee Waivers
|
The Board compared the Funds contractual advisory fee rate
to the contractual advisory fee rates of funds in the
Funds Lipper expense group at a common asset level. The
Board noted that the Funds contractual advisory fee rate
was below the
25 Invesco
Van Kampen Select Sector Municipal Trust
median contractual advisory fee rate of funds in its expense
group. The Board also reviewed the methodology used by Lipper in
providing expense group information, which includes using
audited financial data from the most recent annual report of
each fund in the expense group that was publicly available as of
the end of the past calendar year and including only one fund
per investment adviser. The Board noted that comparative data is
as of varying dates, which may affect the comparability of data
during times of market volatility.
The Board also compared the Funds effective
fee rate (the advisory fee after advisory fee waivers and before
expense limitations/waivers) to the advisory fee rates of other
funds advised by Invesco Advisers and its affiliates with
investment strategies comparable to those of the Fund. The Board
reviewed not only the advisory fees but other fees and expenses
(whether paid to Invesco Advisers, its affiliates or others) and
the Funds overall expense ratio.
The Board also considered the fees charged by
Invesco Advisers and the Affiliated
Sub-Advisers
to other client accounts with investment strategies comparable
to those of the Fund. The Board noted that Invesco Advisers or
the Affiliated
Sub-Advisers
may charge lower fees to large institutional clients solely for
investment management services. Invesco Advisers reviewed with
the Board the significantly greater scope of services it
provides to the Invesco Van Kampen funds relative to other
client accounts. These additional services include provision of
administrative services, officers and office space, oversight of
service providers, preparation of shareholder reports, efforts
to support secondary market trading of the Funds shares,
preparation of financial information and regulatory compliance
under the Investment Company Act of 1940, as amended, and stock
exchange listing standards, including preparation for,
coordinating the solicitation of proxies for, and conducting
annual shareholder meetings. The Board noted that
sub-advisory
fees charged by the Affiliated
Sub-Advisers
to manage the Invesco Funds and to manage other client accounts
were often more comparable. The Board concluded that the
aggregate services provided to the Fund were sufficiently
different from those provided to institutional clients, and the
Board not place significant weight on these fee comparisons.
The Board noted that Invesco Advisers has
contractually agreed to waive fees
and/or
limit
expenses of the Fund through at least June 30, 2012 in an
amount necessary to limit total annual operating expenses to a
specified percentage of average daily net assets for each class
of the Fund. The Board also considered the effect this fee
waiver would have on the Funds total estimated expenses.
The Board also considered the services provided by
the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts, as well as the allocation of fees between Invesco
Advisers and the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts. The Board noted that Invesco Advisers provides
services to
sub-advised
Invesco Van Kampen funds, including oversight of the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
portfolio management. The Board also noted that the
sub-advisory
fees have no direct effect on the Fund or its shareholders, as
they are paid by Invesco Advisers to the Affiliated
Sub-Advisers.
Based upon the information and considerations
described above, the Board concluded that the Funds
advisory and
sub-advisory
fees are fair and reasonable.
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D.
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Economies of
Scale and Breakpoints
|
The Board considered the extent to which there are economies of
scale in the provision of advisory services to the Fund. The
Board noted that most closed-end funds do not have fund level
breakpoints because closed-end funds generally do not experience
substantial asset growth after the initial public offering. The
Board noted that although the Fund does not benefit from
economies of scale through contractual breakpoints, the Fund
does share directly in economies of scale through lower fees
charged by third party service providers based on the combined
size of the Invesco Van Kampen funds and other clients advised
by Invesco Advisers.
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E.
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Profitability and
Financial Resources
|
The Board reviewed information from Invesco Advisers concerning
the costs of the advisory and other services that Invesco
Advisers and its affiliates provide to the Fund and the
profitability of Invesco Advisers and its affiliates in
providing these services. The Board reviewed with Invesco
Advisers the methodology used to prepare the profitability
information. The Board considered the profitability of Invesco
Advisers in connection with managing the Fund and the Invesco
Van Kampen funds. The Board noted that Invesco Advisers
continues to operate at a net profit from services Invesco
Advisers and its subsidiaries provide to the Fund and the
Invesco Van Kampen funds. The Board concluded that the level of
profits realized by Invesco Advisers and its affiliates from
providing services to the Fund is not excessive given the
nature, quality and extent of the services provided to the
Invesco Funds. The Board considered whether Invesco Advisers and
each Affiliated
Sub-Adviser
are financially sound and have the resources necessary to
perform their obligations under the investment advisory
agreement and
sub-advisory
contracts. The Board concluded that Invesco Advisers and each
Affiliated
Sub-Adviser
have the financial resources necessary to fulfill these
obligations.
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F.
|
Collateral
Benefits to Invesco Advisers and its Affiliates
|
The Board considered various other benefits received by Invesco
Advisers and its affiliates from the relationship with the Fund,
including the fees received for their provision of
administrative services to the Fund. The Board considered the
performance of Invesco Advisers and its affiliates in providing
these services and the organizational structure employed to
provide these services. The Board also considered that the
services are required for the operation of the Fund; that
Invesco Advisers and its affiliates can provide services, the
nature and quality of which are at least equal to those provided
by others offering the same or similar services; and that the
fees for such services are fair and reasonable in light of the
usual and customary charges by others for services of the same
nature and quality.
The Board considered that the Funds uninvested
cash and cash collateral from any securities lending
arrangements may be invested in money market funds advised by
Invesco Advisers pursuant to procedures approved by the Board.
The Board noted that Invesco Advisers receives advisory fees
from these affiliated money market funds attributable to such
investments, although Invesco Advisers has contractually agreed
to waive through varying periods the advisory fees payable by
the Invesco Van Kampen Funds. The waiver is in an amount equal
to 100% of the net advisory fee Invesco Advisers receives from
the affiliated money market funds with respect to the
Funds investment in the affiliated money market funds of
uninvested cash, but not cash collateral. The Board concluded
that the Funds investment of uninvested cash and cash
collateral from any securities lending arrangements in the
affiliated money market funds is in the best interests of the
Fund and its shareholders.
26 Invesco
Van Kampen Select Sector Municipal Trust
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Van Kampen Select Sector Municipal Trust was held on
June 17, 2011 and adjourned until July 19, 2011. The
Meeting on July 19, 2011 was held for the following purpose:
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(1)
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Elect four Class II Trustees, two by the holders of 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.
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The results of the voting on the above matter were as follows:
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Votes
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Matter
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Votes
For
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Withheld
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(1)
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Wayne W. Whalen
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13,941,384
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443,771
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Rod Dammeyer
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13,902,080
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483,075
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Linda Hutton Heagy*
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N/A
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N/A
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*
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No vote was held by preferred shareholders with respect to Linda
Hutton Heagy due to lack of quorum of preferred shareholders at
the meeting.
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27 Invesco
Van Kampen Select Sector Municipal Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions and
your account records. We take
very seriously the obligation to keep that information confidential and private.
Invesco collects nonpublic personal information about you from
account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information
about you or our former customers to service providers or other third parties except to the extent necessary to service your account
and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction
confirmations, financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your
accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural
safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your
communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth
quarters, the lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the
Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trusts
Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied at the SEC Public
Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including
information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following
email address: publicinfo@sec.gov. The SEC file number for the Trust is 811-08000.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is
available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines.
The information is also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during the 12
months ended June 30, 2011, is available at invesco.com/proxysearch. In addition, this information
is available on the SEC website at sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual
and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor
for Invesco Ltd.s retail mutual funds, exchange-traded funds and institutional money market funds.
Both are wholly owned, indirect subsidiaries of Invesco Ltd.
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VK-CE-SSMUNI-SAR-1
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Invesco Distributors, Inc.
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There were no amendments to the Code of Ethics (the Code) that applies to the
Registrants Principal Executive Officer (PEO) and Principal Financial Officer
(PFO) during the period covered by the report. The Registrant did not grant any
waivers, including implicit waivers, from any provisions of the Code to the PEO or
PFO during the period covered by this report.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT.
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS.
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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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ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
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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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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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ITEM 11.
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CONTROLS AND PROCEDURES.
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(a)
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As of September 16, 2011, an evaluation was performed under the supervision and
with the participation of the officers of the Registrant, including the Principal Executive
Officer (PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the
Registrants disclosure controls and procedures, as that term
is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act),
as amended. Based on that evaluation, the Registrants officers, including the PEO
and PFO, concluded that, as of September 16, 2011, the Registrants
disclosure controls and procedures were reasonably designed to ensure: (1) that
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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 the report that has materially affected, or is reasonably likely to
materially affect, the Registrants internal control over financial reporting.
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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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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 Select Sector Municipal Trust
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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: November 7, 2011
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
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By:
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/s/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date: November 7, 2011
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By:
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/s/ Sheri Morris
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Sheri Morris
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Principal Financial Officer
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Date: November 7, 2011
EXHIBIT INDEX
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12(a) (1)
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Not applicable.
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12(a) (2)
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Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
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12(a) (3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(b)
under the Investment Company Act of 1940.
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