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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 811-02731
-----------
Tax-Free Investments Trust
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 100 Houston, Texas 77046
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Robert H. Graham 11 Greenway Plaza, Suite 100 Houston, Texas 77046
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (713) 626-1919
--------------
Date of fiscal year end: 3/31
------
Date of reporting period: 3/31/06
---------
Item 1. Reports to Stockholders.
TAX-FREE CASH RESERVE PORTFOLIO
CASH MANAGEMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
==============================================
INSIDE THIS REPORT
Letter to Shareholders..................... 1
Fund Data.................................. 2
Letter from Independent
Chairman of Board of Trustees.............. 3
Calculating Your Ongoing Fund Expenses..... 4
Approval of Investment Advisory Agreements
and Summary of Independent Written Fee
Evaluation................................. 5
Financial Pages.......................... F-1
==============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Cash Management Class of Tax-Free Cash Reserve Portfolio
[GRAHAM of Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] covering the fiscal year ended March 31, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high a
ROBERT H. GRAHAM level of tax-exempt income as is consistent with preservation
of capital and maintenance of liquidity. The Fund invests in
high-quality, short-term municipal obligations, seeking to
provide income exempt from federal taxation. The Fund
structure is driven to some extent by the supply of municipal
securities. Liquidity is managed with daily and weekly
variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund maintained a relatively short maturity
structure to take advantage of any sudden rise in market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest
rates, total municipal securities issuance set a record in calendar year
2005, according to the Bond Market Association. Fed tightening caused
short-term issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
====================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Cash Management 2.87% 2.82% 19-31 days 24 days $683.6 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may
be lower or higher. Please visit AIMinvestments.com for the most recent month-end performance. Investment
return will vary. Monthly yield represents annualized results for the period, net of fees and expenses, and
excludes any realized capital gains or losses. Had the advisor and distributor not waived certain fees and/or
reimbursed certain expenses, performance would have been lower.
====================================================================================================================
====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
BRUCE L. of an independent board chair, this structure is working for
CROCKETT you. Our new structure has enabled the board to work more
effectively with management to achieve benefits for the
shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board the
merger of 14 funds into other AIM funds with similar
objectives. In each case, the goal was for the resulting
merged fund to benefit from strengthened management and
greater efficiency. Your board carefully analyzed and
discussed with management the rationale and proposed
terms of each merger to ensure that the mergers were
beneficial to the shareholders of all affected funds
before approving them. Eight of these mergers were
subsequently approved by shareholders of the target
funds during 2005. The remaining six fund mergers were
approved by shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made by
the advisor at 11 funds with the objective of organizing
management teams around common processes and shared
investment views. Management believes these changes will
lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds have
good performance, we are working with management to seek
improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche. We
also send our thanks and best wishes to Gerald J. Lewis, who
retired from your board in December 2005, and to Edward K.
Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
in the Fund and to compare these costs estimate the expenses you paid on your that appear in the shareholder reports of
with ongoing costs of investing in other account during this period. the other funds.
mutual funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown in
beginning of the period and held for the PURPOSES the table are meant to highlight your
entire period October 1, 2005, through ongoing costs only. Therefore, the
March 31, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will
ACTUAL EXPENSES hypothetical expenses based on the Fund's not help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information of return of 5% per year before expenses,
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Cash
Management $1,000.00 $1,013.50 $1.51 $1,023.44 $1.51 0.30%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's
expense ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the qualifications this rate (i) was lower than the advisory
advisory agreement with A I M Advisors, of AIM to provide investment advisory fee rates for one retail money market
Inc. ("AIM"). Based upon the services, the Board reviewed the fund, and comparable to the advisory fee
recommendation of the Investments qualifications of AIM's investment rates for three institutional money
Committee of the Board, at a meeting held personnel and considered such issues as market funds (one of which has an
on June 30, 2005, the Board, including AIM's portfolio and product review "all-in" fee structure whereby AIM pays
all of the independent trustees, approved process, AIM's legal and compliance all of the fund's ordinary operating
the continuance of the advisory agreement function, AIM's use of technology, AIM's expenses), advised by AIM with investment
(the "Advisory Agreement") between the portfolio administration function and the strategies comparable to those of the
Fund and AIM for another year, effective quality of AIM's investment research. Fund; (ii) was lower than the advisory
July 1, 2005. Based on the review of these and other fee rates for a variable insurance fund
factors, the Board concluded that the advised by AIM and offered to insurance
The Board considered the factors quality of services to be provided by AIM company separate accounts with investment
discussed below in evaluating the was appropriate and that AIM currently is strategies comparable to those of the
fairness and reasonableness of the providing satisfactory services in Fund; (iii) was lower than the advisory
Advisory Agreement at the meeting on June accordance with the terms of the Advisory fee rates for one offshore fund for which
30, 2005 and as part of the Board's Agreement. an AIM affiliate serves as advisor with
ongoing oversight of the Fund. In their investment strategies comparable to those
deliberations, the Board and the o The performance of the Fund relative to of the Fund; and (iv) was higher than the
independent trustees did not identify any comparable funds. The Board reviewed the advisory fee rates for two unregistered
particular factor that was controlling, performance of the Fund during the past pooled investment vehicles, and
and each trustee attributed different one, three and five calendar years comparable to the advisory fee rates for
weights to the various factors. against the performance of funds advised a third unregistered pooled investment
by other advisors with investment vehicle, for which an AIM affiliate
One of the responsibilities of the strategies comparable to those of the serves as advisor with investment
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's strategies comparable to those of the
independent of AIM and AIM's affiliates, performance in such periods was at or Fund. The Board noted that AIM has agreed
is to manage the process by which the above the median performance of such to waive fees and/or limit expenses of
Fund's proposed management fees are comparable funds. Based on this review, the Fund, as discussed below. Based on
negotiated to ensure that they are the Board concluded that no changes this review, the Board concluded that the
negotiated in a manner which is at arm's should be made to the Fund and that it advisory fee rate for the Fund under the
length and reasonable. To that end, the was not necessary to change the Fund's Advisory Agreement was fair and
Senior Officer must either supervise a portfolio management team at this time. reasonable.
competitive bidding process or prepare an
independent written evaluation. The o The performance of the Fund relative to o Fees relative to those of comparable
Senior Officer has recommended an indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu of performance of the Fund during the past reviewed the advisory fee rate for the
a competitive bidding process and, upon one, three and five calendar years Fund under the Advisory Agreement. The
the direction of the Board, has prepared against the performance of the Lipper Board compared effective contractual
such an independent written evaluation. Institutional Tax-Exempt Money Market advisory fee rates at a common asset
Such written evaluation also considered Index.* The Board noted that the Fund's level and noted that the Fund's rate was
certain of the factors discussed below. performance in such periods was below the median rate of the funds
In addition, as discussed below, the comparable to the performance of such advised by other advisors with investment
Senior Officer made certain Index. Based on this review, the Board strategies comparable to those of the
recommendations to the Board in concluded that no changes should be made Fund that the Board reviewed. The Board
connection with such written evaluation. to the Fund and that it was not necessary noted that AIM has agreed to waive fees
to change the Fund's portfolio management and/or limit expenses of the Fund, as
The discussion below serves as a team at this time. discussed below. Based on this review,
summary of the Senior Officer's the Board concluded that the advisory fee
independent written evaluation and o Meeting with the Fund's portfolio rate for the Fund under the Advisory
recommendations to the Board in managers and investment personnel. With Agreement was fair and reasonable.
connection therewith, as well as a respect to the Fund, the Board is meeting
discussion of the material factors and periodically with such Fund's portfolio o Expense limitations and fee waivers.
the conclusions with respect thereto that managers and/or investment personnel and The Board noted that AIM has
formed the basis for the Board's approval believes that such individuals are contractually agreed to waive fees and/or
of the Advisory Agreement. After competent and able to continue to carry limit expenses of the Fund in an amount
consideration of all of the factors below out their responsibilities under the necessary to limit total annual operating
and based on its informed business Advisory Agreement. expenses to a specified percentage of
judgment, the Board determined that the average daily net assets for each class
Advisory Agreement is in the best o Overall performance of AIM. The Board of the Fund. The Board considered the
interests of the Fund and its considered the overall performance of AIM contractual nature of this fee
shareholders and that the compensation to in providing investment advisory and waiver/expense limitation and noted that
AIM under the Advisory Agreement is fair portfolio administrative services to the it remains in effect until March 31,
and reasonable and would have been Fund and concluded that such performance 2007. The Board considered the effect
obtained through arm's length was satisfactory. this fee waiver/expense limitation would
negotiations. have on the Fund's estimated expenses and
concluded that the levels of fee
o The nature and extent of the advisory waivers/expense limitations for the Fund
services to be provided by AIM. The Board were fair and reasonable.
reviewed the services to be provided by
AIM under the Advisory Agreement. Based
on such review, the Board concluded that
the range of services to be provided by
AIM under the Advisory Agreement was
appropriate and that AIM currently is
providing services in accordance with the
terms of the Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. The o Benefits of soft dollars to AIM. The o Other factors and current trends. In
Board reviewed the structure of the Board considered the benefits realized by determining whether to continue the
Fund's advisory fee under the Advisory AIM as a result of brokerage transactions Advisory Agreement for the Fund, the
Agreement, noting that it includes one executed through "soft dollar" Board considered the fact that AIM, along
breakpoint. The Board reviewed the level arrangements. Under these arrangements, with others in the mutual fund industry,
of the Fund's advisory fees, and noted brokerage commissions paid by other funds is subject to regulatory inquiries and
that such fees, as a percentage of the advised by AIM are used to pay for litigation related to a wide range of
Fund's net assets, have decreased as net research and execution services. This issues. The Board also considered the
assets increased because the Advisory research may be used by AIM in making governance and compliance reforms being
Agreement includes a breakpoint. The investment decisions for the Fund. The undertaken by AIM and its affiliates,
Board concluded that the Fund's fee Board concluded that such arrangements including maintaining an internal
levels under the Advisory Agreement were appropriate. controls committee and retaining an
therefore reflect economies of scale and independent compliance consultant, and
that it was not necessary to change the o AIM's financial soundness in light of the fact that AIM has undertaken to cause
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered the Fund to operate in accordance with
advisory fee schedule. whether AIM is financially sound and has certain governance policies and
the resources necessary to perform its practices. The Board concluded that these
o Investments in affiliated money market obligations under the Advisory Agreement, actions indicated a good faith effort on
funds. Not applicable because the Fund and concluded that AIM has the financial the part of AIM to adhere to the highest
does not invest in affiliated money resources necessary to fulfill its ethical standards, and determined that
market funds. obligations under the Advisory Agreement. the current regulatory and litigation
environment to which AIM is subject
o Independent written evaluation and o Historical relationship between the should not prevent the Board from
recommendations of the Fund's Senior Fund and AIM. In determining whether to continuing the Advisory Agreement for the
Officer. The Board noted that, upon their continue the Advisory Agreement for the Fund.
direction, the Senior Officer of the Fund, the Board also considered the prior
Fund, who is independent of AIM and AIM's relationship between AIM and the Fund, as
affiliates, had prepared an independent well as the Board's knowledge of AIM's
written evaluation in order to assist the operations, and concluded that it was
Board in determining the reasonableness beneficial to maintain the current
of the proposed management fees of the relationship, in part, because of such
AIM Funds, including the Fund. The Board knowledge. The Board also reviewed the
noted that the Senior Officer's written general nature of the non-investment
evaluation had been relied upon by the advisory services currently performed by
Board in this regard in lieu of a AIM and its affiliates, such as
competitive bidding process. In administrative, transfer agency and
determining whether to continue the distribution services, and the fees
Advisory Agreement for the Fund, the received by AIM and its affiliates for
Board considered the Senior Officer's performing such services. In addition to
written evaluation and the recommendation reviewing such services, the trustees
made by the Senior Officer to the Board also considered the organizational
that the Board consider implementing a structure employed by AIM and its
process to assist them in more closely affiliates to provide those services.
monitoring the performance of the AIM Based on the review of these and other
Funds. The Board concluded that it would factors, the Board concluded that AIM and
be advisable to implement such a process its affiliates were qualified to continue
as soon as reasonably practicable. to provide non-investment advisory
services to the Fund, including
o Profitability of AIM and its administrative, transfer agency and
affiliates. The Board reviewed distribution services, and that AIM and
information concerning the profitability its affiliates currently are providing
of AIM's (and its affiliates') investment satisfactory non-investment advisory
advisory and other activities and its services.
financial condition. The Board considered
the overall profitability of AIM, as well
as the profitability of AIM in connection
with managing the Fund. The Board noted
that AIM's operations remain profitable,
although increased expenses in recent
years have reduced AIM's profitability.
Based on the review of the profitability
of AIM's and its affiliates' investment
advisory and other activities and its
financial condition, the Board concluded
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
CASH MANAGEMENT CLASS
-----------------------------------------------------------
YEAR ENDED MARCH 31,
-----------------------------------------------------------
2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.01 0.01 0.01 0.02
=========================================================================================================================
Less distributions from net investment income (0.02) (0.01) (0.01) (0.01) (0.02)
=========================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________
=========================================================================================================================
Total return(a) 2.45% 1.16% 0.76% 1.14% 2.08%
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $683,659 $725,124 $768,141 $617,683 $320,502
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.30%(b) 0.30% 0.30% 0.30% 0.30%
- -------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.37%(b) 0.37% 0.37% 0.37% 0.38%
=========================================================================================================================
Ratio of net investment income to average net assets 2.41%(b) 1.16% 0.75% 1.12% 1.92%
_________________________________________________________________________________________________________________________
=========================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(b) Ratios are based on average daily net assets of $620,307,646.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Cash Management Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Cash Management Class financial highlights for the year
then ended, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and Cash Management Class
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Cash
Management Class financial highlights for each of the periods ended on or before
March 31, 2005 were audited by another independent registered public accounting
firm whose report dated May 18, 2005 expressed an unqualified opinion on those
statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Cash Management Class paid ordinary
dividends in the amount of $0.0242 during its tax year ended March 31, 2006. Of
this amount, 100% qualified as tax-exempt interest dividends for federal income
tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-3 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
CORPORATE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
=============================================
INSIDE THIS REPORT
Letter to Shareholders.................... 1
Fund Data................................. 2
Letter from Independent
Chairman of Board of Trustees............. 3
Calculating Your Ongoing Fund Expenses.... 4
Approval of Investment Advisory Agreements
and Summary of Independent Written Fee
Evaluation................................ 5
Financial Pages......................... F-1
=============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Corporate Class of Tax-Free Cash Reserve Portfolio of
[GRAHAM Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] covering the fiscal year ended March 31, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high a
ROBERT H. GRAHAM level of tax-exempt income as is consistent with preservation
of capital and maintenance of liquidity. The Fund invests in
high-quality, short-term municipal obligations, seeking to
provide income exempt from federal taxation. The Fund
structure is driven to some extent by the supply of municipal
securities. Liquidity is managed with daily and weekly
variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund maintained a relatively short maturity
structure to take advantage of any sudden rise in market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM Investments
- --Registered Trademark-- is committed to the goals of safety, liquidity and
yield in money market fund management. We are also dedicated to customer
service. Should you have questions about this report, please contact one of our
Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
===============================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Corporate 2.92% 2.87% 19-31 days 24 days $8.0 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or
higher. Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly
yield represents annualized results for the period, net of fees and expenses, and excludes any realized capital gains or
losses. Had the advisor not waived certain fees and/or reimbursed certain expenses, performance would have been lower.
===============================================================================================================================
=====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
=====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
effectively with management to achieve benefits for the
BRUCE L. CROCKETT shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board the
merger of 14 funds into other AIM funds with similar
objectives. In each case, the goal was for the resulting
merged fund to benefit from strengthened management and
greater efficiency. Your board carefully analyzed and
discussed with management the rationale and proposed
terms of each merger to ensure that the mergers were
beneficial to the shareholders of all affected funds
before approving them. Eight of these mergers were
subsequently approved by shareholders of the target
funds during 2005. The remaining six fund mergers were
approved by shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made by
the advisor at 11 funds with the objective of organizing
management teams around common processes and shared
investment views. Management believes these changes will
lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds have
good performance, we are working with management to seek
improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche. We
also send our thanks and best wishes to Gerald J. Lewis, who
retired from your board in December 2005, and to Edward K.
Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, to The hypothetical account values and
estimate the expenses that you paid over expenses may not be used to estimate the
As a shareholder of the Fund, you incur the period. Simply divide your account actual ending account balance or expenses
ongoing costs, including management fees; value by $1,000 (for example, an $8,600 you paid for the period. You may use this
distribution and/or service fees (12b-1); account value divided by $1,000 = 8.6), information to compare the ongoing costs
and other Fund expenses. This example is then multiply the result by the number in of investing in the Fund and other funds.
intended to help you understand your the table under the heading entitled To do so, compare this 5% hypothetical
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to example with the 5% hypothetical examples
in the Fund and to compare these costs estimate the expenses you paid on your that appear in the shareholder reports of
with ongoing costs of investing in other account during this period. the other funds.
mutual funds. The example is based on an
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR Please note that the expenses shown in
beginning of the period and held for the COMPARISON PURPOSES the table are meant to highlight your
entire period October 1, 2005, through ongoing costs only. Therefore, the
March 31, 2006. The table below also provides information hypothetical information is useful in
about hypothetical account values and comparing ongoing costs only, and will
ACTUAL EXPENSES hypothetical expenses based on the Fund's not help you determine the relative total
actual expense ratio and an assumed rate costs of owning different funds.
The table below provides information of return of 5% per year before expenses,
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Corporate $1,000.00 $1,013.70 $1.26 $1,023.68 $1.26 0.25%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the qualifications this rate (i) was lower than the advisory
advisory agreement with A I M Advisors, of AIM to provide investment advisory fee rates for one retail money market
Inc. ("AIM"). Based upon the services, the Board reviewed the fund, and comparable to the advisory fee
recommendation of the Investments qualifications of AIM's investment rates for three institutional money
Committee of the Board, at a meeting held personnel and considered such issues as market funds (one of which has an
on June 30, 2005, the Board, including AIM's portfolio and product review "all-in" fee structure whereby AIM pays
all of the independent trustees, approved process, AIM's legal and compliance all of the fund's ordinary operating
the continuance of the advisory agreement function, AIM's use of technology, AIM's expenses), advised by AIM with investment
(the "Advisory Agreement") between the portfolio administration function and the strategies comparable to those of the
Fund and AIM for another year, effective quality of AIM's investment research. Fund; (ii) was lower than the advisory
July 1, 2005. Based on the review of these and other fee rates for a variable insurance fund
factors, the Board concluded that the advised by AIM and offered to insurance
The Board considered the factors quality of services to be provided by AIM company separate accounts with investment
discussed below in evaluating the was appropriate and that AIM currently is strategies comparable to those of the
fairness and reasonableness of the providing satisfactory services in Fund; (iii) was lower than the advisory
Advisory Agreement at the meeting on accordance with the terms of the Advisory fee rates for one offshore fund for which
June 30, 2005 and as part of the Board's Agreement. an AIM affiliate serves as advisor with
ongoing oversight of the Fund. In their investment strategies comparable to those
deliberations, the Board and the o The performance of the Fund relative to of the Fund; and (iv) was higher than the
independent trustees did not identify any comparable funds. The Board reviewed the advisory fee rates for two unregistered
particular factor that was controlling, performance of the Fund during the past pooled investment vehicles, and
and each trustee attributed different one, three and five calendar years comparable to the advisory fee rates for
weights to the various factors. against the performance of funds advised a third unregistered pooled investment
by other advisors with investment vehicle, for which an AIM affiliate
One of the responsibilities of the strategies comparable to those of the serves as advisor with investment
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's strategies comparable to those of the
independent of AIM and AIM's affiliates, performance in such periods was at or Fund. The Board noted that AIM has agreed
is to manage the process by which the above the median performance of such to waive fees and/or limit expenses of
Fund's proposed management fees are comparable funds. Based on this review, the Fund, as discussed below. Based on
negotiated to ensure that they are the Board concluded that no changes this review, the Board concluded that the
negotiated in a manner which is at arm's should be made to the Fund and that it advisory fee rate for the Fund under the
length and reasonable. To that end, the was not necessary to change the Fund's Advisory Agreement was fair and
Senior Officer must either supervise a portfolio management team at this time. reasonable.
competitive bidding process or prepare an
independent written evaluation. The o The performance of the Fund relative to o Fees relative to those of comparable
Senior Officer has recommended an indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu of performance of the Fund during the past reviewed the advisory fee rate for the
a competitive bidding process and, upon one, three and five calendar years Fund under the Advisory Agreement. The
the direction of the Board, has prepared against the performance of the Lipper Board compared effective contractual
such an independent written evaluation. Institutional Tax-Exempt Money Market advisory fee rates at a common asset
Such written evaluation also considered Index.* The Board noted that the Fund's level and noted that the Fund's rate was
certain of the factors discussed below. performance in such periods was below the median rate of the funds
In addition, as discussed below, the comparable to the performance of such advised by other advisors with investment
Senior Officer made certain Index. Based on this review, the Board strategies comparable to those of the
recommendations to the Board in concluded that no changes should be made Fund that the Board reviewed. The Board
connection with such written evaluation. to the Fund and that it was not necessary noted that AIM has agreed to waive fees
to change the Fund's portfolio management and/or limit expenses of the Fund, as
The discussion below serves as a team at this time. discussed below. Based on this review,
summary of the Senior Officer's the Board concluded that the advisory fee
independent written evaluation and o Meeting with the Fund's portfolio rate for the Fund under the Advisory
recommendations to the Board in managers and investment personnel. With Agreement was fair and reasonable.
connection therewith, as well as a respect to the Fund, the Board is meeting
discussion of the material factors and periodically with such Fund's portfolio o Expense limitations and fee waivers.
the conclusions with respect thereto that managers and/or investment personnel and The Board noted that AIM has
formed the basis for the Board's approval believes that such individuals are contractually agreed to waive fees and/or
of the Advisory Agreement. After competent and able to continue to carry limit expenses of the Fund in an amount
consideration of all of the factors below out their responsibilities under the necessary to limit total annual operating
and based on its informed business Advisory Agreement. expenses to a specified percentage of
judgment, the Board determined that the average daily net assets for each class
Advisory Agreement is in the best o Overall performance of AIM. The Board of the Fund. The Board considered the
interests of the Fund and its considered the overall performance of AIM contractual nature of this fee
shareholders and that the compensation to in providing investment advisory and waiver/expense limitation and noted that
AIM under the Advisory Agreement is fair portfolio administrative services to the it remains in effect until March 31,
and reasonable and would have been Fund and concluded that such performance 2007. The Board considered the effect
obtained through arm's length was satisfactory. this fee waiver/expense limitation would
negotiations. have on the Fund's estimated expenses and
concluded that the levels of fee
o The nature and extent of the advisory waivers/expense limitations for the Fund
services to be provided by AIM. The Board were fair and reasonable.
reviewed the services to be provided by
AIM under the Advisory Agreement. Based
on such review, the Board concluded that
the range of services to be provided by
AIM under the Advisory Agreement was
appropriate and that AIM currently is
providing services in accordance with the
terms of the Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. The o Benefits of soft dollars to AIM. The o Other factors and current trends. In
Board reviewed the structure of the Board considered the benefits realized by determining whether to continue the
Fund's advisory fee under the Advisory AIM as a result of brokerage transactions Advisory Agreement for the Fund, the
Agreement, noting that it includes one executed through "soft dollar" Board considered the fact that AIM, along
breakpoint. The Board reviewed the level arrangements. Under these arrangements, with others in the mutual fund industry,
of the Fund's advisory fees, and noted brokerage commissions paid by other funds is subject to regulatory inquiries and
that such fees, as a percentage of the advised by AIM are used to pay for litigation related to a wide range of
Fund's net assets, have decreased as net research and execution services. This issues. The Board also considered the
assets increased because the Advisory research may be used by AIM in making governance and compliance reforms being
Agreement includes a breakpoint. The investment decisions for the Fund. The undertaken by AIM and its affiliates,
Board concluded that the Fund's fee Board concluded that such arrangements including maintaining an internal
levels under the Advisory Agreement were appropriate. controls committee and retaining an
therefore reflect economies of scale and independent compliance consultant, and
that it was not necessary to change the o AIM's financial soundness in light of the fact that AIM has undertaken to cause
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered the Fund to operate in accordance with
advisory fee schedule. whether AIM is financially sound and has certain governance policies and
the resources necessary to perform its practices. The Board concluded that these
o Investments in affiliated money market obligations under the Advisory Agreement, actions indicated a good faith effort on
funds. Not applicable because the Fund and concluded that AIM has the financial the part of AIM to adhere to the highest
does not invest in affiliated money resources necessary to fulfill its ethical standards, and determined that
market funds. obligations under the Advisory Agreement. the current regulatory and litigation
environment to which AIM is subject
o Independent written evaluation and o Historical relationship between the should not prevent the Board from
recommendations of the Fund's Senior Fund and AIM. In determining whether to continuing the Advisory Agreement for the
Officer. The Board noted that, upon their continue the Advisory Agreement for the Fund.
direction, the Senior Officer of the Fund, the Board also considered the prior
Fund, who is independent of AIM and AIM's relationship between AIM and the Fund, as
affiliates, had prepared an independent well as the Board's knowledge of AIM's
written evaluation in order to assist the operations, and concluded that it was
Board in determining the reasonableness beneficial to maintain the current
of the proposed management fees of the relationship, in part, because of such
AIM Funds, including the Fund. The Board knowledge. The Board also reviewed the
noted that the Senior Officer's written general nature of the non-investment
evaluation had been relied upon by the advisory services currently performed by
Board in this regard in lieu of a AIM and its affiliates, such as
competitive bidding process. In administrative, transfer agency and
determining whether to continue the distribution services, and the fees
Advisory Agreement for the Fund, the received by AIM and its affiliates for
Board considered the Senior Officer's performing such services. In addition to
written evaluation and the recommendation reviewing such services, the trustees
made by the Senior Officer to the Board also considered the organizational
that the Board consider implementing a structure employed by AIM and its
process to assist them in more closely affiliates to provide those services.
monitoring the performance of the AIM Based on the review of these and other
Funds. The Board concluded that it would factors, the Board concluded that AIM and
be advisable to implement such a process its affiliates were qualified to continue
as soon as reasonably practicable. to provide non-investment advisory
services to the Fund, including
o Profitability of AIM and its administrative, transfer agency and
affiliates. The Board reviewed distribution services, and that AIM and
information concerning the profitability its affiliates currently are providing
of AIM's (and its affiliates') investment satisfactory non-investment advisory
advisory and other activities and its services.
financial condition. The Board considered
the overall profitability of AIM, as well
as the profitability of AIM in connection
with managing the Fund. The Board noted
that AIM's operations remain profitable,
although increased expenses in recent
years have reduced AIM's profitability.
Based on the review of the profitability
of AIM's and its affiliates' investment
advisory and other activities and its
financial condition, the Board concluded
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding for the period indicated.
<Table>
<Caption>
CORPORATE CLASS
-----------------------
SEPTEMBER 8, 2005
(DATE SALES COMMENCED)
TO MARCH 31,
2006
- ---------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00
- ---------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.01
=======================================================================================
Less distributions from net investment income (0.01)
=======================================================================================
Net asset value, end of period $ 1.00
_______________________________________________________________________________________
=======================================================================================
Total return(a) 1.52%
_______________________________________________________________________________________
=======================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $8,017
_______________________________________________________________________________________
=======================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.25%(b)
- ---------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.30%(b)
=======================================================================================
Ratio of net investment income to average net assets 2.46%(b)
_______________________________________________________________________________________
=======================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America and is not annualized for
periods less than one year.
(b) Ratios are annualized and based on average daily net assets of
$20,425,839.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Corporate Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Corporate Class financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and Corporate Class financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Corporate
Class financial highlights for each of the periods ended on or before March 31,
2005 were audited by another independent registered public accounting firm whose
report dated May 18, 2005 expressed an unqualified opinion on those statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Corporate Class paid ordinary dividends in
the amount of $0.0151 during its tax year ended March 31, 2006. Of this amount,
100% qualified as tax-exempt interest dividends for federal income tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-2 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
INSTITUTIONAL CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
=============================================
INSIDE THIS REPORT
Letter to Shareholders.................... 1
Fund Data................................. 2
Letter from Independent
Chairman of Board of Trustees............. 3
Calculating Your Ongoing Fund Expenses.... 4
Approval of Investment Advisory
Agreements and Summary of Independent
Written Fee Evaluation.................... 5
Financial Pages......................... F-1
=============================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Institutional Class of Tax-Free Cash Reserve Portfolio of
[GRAHAM Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] covering the fiscal year ended March 31, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high a
ROBERT H. GRAHAM level of tax-exempt income as is consistent with preservation
of capital and maintenance of liquidity. The Fund invests in
high-quality, short-term municipal obligations, seeking to
provide income exempt from federal taxation. The Fund
structure is driven to some extent by the supply of municipal
securities. Liquidity is managed with daily and weekly
variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund maintained a relatively short maturity
structure to take advantage of any sudden rise in market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
===============================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Institutional 2.95% 2.90% 19-31 days 24 days $1.8 billion
Performance quoted is past performance and cannot guarantee comparable future results; current performance
may be lower or higher. Please visit AIMinvestments.com for the most recent month-end performance.
Investment return will vary. Monthly yield represents annualized results for the period, net of fees and
expenses, and excludes any realized capital gains or losses. Had the advisor not waived certain fees and/or
reimbursed certain expenses, performance would have been lower.
===============================================================================================================
===================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
===================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
effectively with management to achieve benefits for the
BRUCE L. CROCKETT shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board the
merger of 14 funds into other AIM funds with similar
objectives. In each case, the goal was for the resulting
merged fund to benefit from strengthened management and
greater efficiency. Your board carefully analyzed and
discussed with management the rationale and proposed
terms of each merger to ensure that the mergers were
beneficial to the shareholders of all affected funds
before approving them. Eight of these mergers were
subsequently approved by shareholders of the target
funds during 2005. The remaining six fund mergers were
approved by shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made by
the advisor at 11 funds with the objective of organizing
management teams around common processes and shared
investment views. Management believes these changes will
lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds have
good performance, we are working with management to seek
improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche. We
also send our thanks and best wishes to Gerald J. Lewis, who
retired from your board in December 2005, and to Edward K.
Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE estimate the expenses that you paid over The hypothetical account values and
the period. Simply divide your account expenses may not be used to estimate the
As a shareholder of the Fund, you incur value by $1,000 (for example, an $8,600 actual ending account balance or expenses
ongoing costs, including management fees account value divided by $1,000 = 8.6), you paid for the period. You may use this
and other Fund expenses. This example is then multiply the result by the number in information to compare the ongoing costs
intended to help you understand your the table under the heading entitled of investing in the Fund and other funds.
ongoing costs (in dollars) of investing "Actual Expenses Paid During Period" to To do so, compare this 5% hypothetical
in the Fund and to compare these costs estimate the expenses you paid on your example with the 5% hypothetical examples
with ongoing costs of investing in other account during this period. that appear in the shareholder reports of
mutual funds. The example is based on an the other funds.
investment of $1,000 invested at the HYPOTHETICAL EXAMPLE FOR COMPARISON
beginning of the period and held for the PURPOSES Please note that the expenses shown in
entire period October 1, 2005, through the table are meant to highlight your
March 31, 2006. The table below also provides information ongoing costs only. Therefore, the
about hypothetical account values and hypothetical information is useful in
ACTUAL EXPENSES hypothetical expenses based on the Fund's comparing ongoing costs only, and will
actual expense ratio and an assumed rate not help you determine the relative total
The table below provides information of return of 5% per year before expenses, costs of owning different funds.
about actual account values and actual which is not the Fund's actual return.
expenses. You may use the information in
this table, together with the amount you
invested, to
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Institutional $1,000.00 $1,013.90 $1.10 $1,023.83 $1.11 0.22%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the qualifications this rate (i) was lower than the advisory
advisory agreement with A I M Advisors, of AIM to provide investment advisory fee rates for one retail money market
Inc. ("AIM"). Based upon the services, the Board reviewed the fund, and comparable to the advisory fee
recommendation of the Investments qualifications of AIM's investment rates for three institutional money
Committee of the Board, at a meeting held personnel and considered such issues as market funds (one of which has an
on June 30, 2005, the Board, including AIM's portfolio and product review "all-in" fee structure whereby AIM pays
all of the independent trustees, approved process, AIM's legal and compliance all of the fund's ordinary operating
the continuance of the advisory agreement function, AIM's use of technology, AIM's expenses), advised by AIM with investment
(the "Advisory Agreement") between the portfolio administration function and the strategies comparable to those of the
Fund and AIM for another year, effective quality of AIM's investment research. Fund; (ii) was lower than the advisory
July 1, 2005. Based on the review of these and other fee rates for a variable insurance fund
factors, the Board concluded that the advised by AIM and offered to insurance
The Board considered the factors quality of services to be provided by AIM company separate accounts with investment
discussed below in evaluating the was appropriate and that AIM currently is strategies comparable to those of the
fairness and reasonableness of the providing satisfactory services in Fund; (iii) was lower than the advisory
Advisory Agreement at the meeting on accordance with the terms of the Advisory fee rates for one offshore fund for which
June 30, 2005 and as part of the Board's Agreement. an AIM affiliate serves as advisor with
ongoing oversight of the Fund. In their investment strategies comparable to those
deliberations, the Board and the o The performance of the Fund relative to of the Fund; and (iv) was higher than the
independent trustees did not identify any comparable funds. The Board reviewed the advisory fee rates for two unregistered
particular factor that was controlling, performance of the Fund during the past pooled investment vehicles, and
and each trustee attributed different one, three and five calendar years comparable to the advisory fee rates for
weights to the various factors. against the performance of funds advised a third unregistered pooled investment
by other advisors with investment vehicle, for which an AIM affiliate
One of the responsibilities of the strategies comparable to those of the serves as advisor with investment
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's strategies comparable to those of the
independent of AIM and AIM's affiliates, performance in such periods was at or Fund. The Board noted that AIM has agreed
is to manage the process by which the above the median performance of such to waive fees and/or limit expenses of
Fund's proposed management fees are comparable funds. Based on this review, the Fund, as discussed below. Based on
negotiated to ensure that they are the Board concluded that no changes this review, the Board concluded that the
negotiated in a manner which is at arm's should be made to the Fund and that it advisory fee rate for the Fund under the
length and reasonable. To that end, the was not necessary to change the Fund's Advisory Agreement was fair and
Senior Officer must either supervise a portfolio management team at this time. reasonable.
competitive bidding process or prepare an
independent written evaluation. The o The performance of the Fund relative to o Fees relative to those of comparable
Senior Officer has recommended an indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu of performance of the Fund during the past reviewed the advisory fee rate for the
a competitive bidding process and, upon one, three and five calendar years Fund under the Advisory Agreement. The
the direction of the Board, has prepared against the performance of the Lipper Board compared effective contractual
such an independent written evaluation. Institutional Tax-Exempt Money Market advisory fee rates at a common asset
Such written evaluation also considered Index.* The Board noted that the Fund's level and noted that the Fund's rate was
certain of the factors discussed below. performance in such periods was below the median rate of the funds
In addition, as discussed below, the comparable to the performance of such advised by other advisors with investment
Senior Officer made certain Index. Based on this review, the Board strategies comparable to those of the
recommendations to the Board in concluded that no changes should be made Fund that the Board reviewed. The Board
connection with such written evaluation. to the Fund and that it was not necessary noted that AIM has agreed to waive fees
to change the Fund's portfolio management and/or limit expenses of the Fund, as
The discussion below serves as a team at this time. discussed below. Based on this review,
summary of the Senior Officer's the Board concluded that the advisory fee
independent written evaluation and o Meeting with the Fund's portfolio rate for the Fund under the Advisory
recommendations to the Board in managers and investment personnel. With Agreement was fair and reasonable.
connection therewith, as well as a respect to the Fund, the Board is meeting
discussion of the material factors and periodically with such Fund's portfolio o Expense limitations and fee waivers.
the conclusions with respect thereto that managers and/or investment personnel and The Board noted that AIM has
formed the basis for the Board's approval believes that such individuals are contractually agreed to waive fees and/or
of the Advisory Agreement. After competent and able to continue to carry limit expenses of the Fund in an amount
consideration of all of the factors below out their responsibilities under the necessary to limit total annual operating
and based on its informed business Advisory Agreement. expenses to a specified percentage of
judgment, the Board determined that the average daily net assets for each class
Advisory Agreement is in the best o Overall performance of AIM. The Board of the Fund. The Board considered the
interests of the Fund and its considered the overall performance of AIM contractual nature of this fee
shareholders and that the compensation to in providing investment advisory and waiver/expense limitation and noted that
AIM under the Advisory Agreement is fair portfolio administrative services to the it remains in effect until March 31,
and reasonable and would have been Fund and concluded that such performance 2007. The Board considered the effect
obtained through arm's length was satisfactory. this fee waiver/expense limitation would
negotiations. have on the Fund's estimated expenses and
concluded that the levels of fee
o The nature and extent of the advisory waivers/expense limitations for the Fund
services to be provided by AIM. The Board were fair and reasonable.
reviewed the services to be provided by
AIM under the Advisory Agreement. Based
on such review, the Board concluded that
the range of services to be provided by
AIM under the Advisory Agreement was
appropriate and that AIM currently is
providing services in accordance with the
terms of the Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. The o Benefits of soft dollars to AIM. The o Other factors and current trends. In
Board reviewed the structure of the Board considered the benefits realized by determining whether to continue the
Fund's advisory fee under the Advisory AIM as a result of brokerage transactions Advisory Agreement for the Fund, the
Agreement, noting that it includes one executed through "soft dollar" Board considered the fact that AIM, along
breakpoint. The Board reviewed the level arrangements. Under these arrangements, with others in the mutual fund industry,
of the Fund's advisory fees, and noted brokerage commissions paid by other funds is subject to regulatory inquiries and
that such fees, as a percentage of the advised by AIM are used to pay for litigation related to a wide range of
Fund's net assets, have decreased as net research and execution services. This issues. The Board also considered the
assets increased because the Advisory research may be used by AIM in making governance and compliance reforms being
Agreement includes a breakpoint. The investment decisions for the Fund. The undertaken by AIM and its affiliates,
Board concluded that the Fund's fee Board concluded that such arrangements including maintaining an internal
levels under the Advisory Agreement were appropriate. controls committee and retaining an
therefore reflect economies of scale and independent compliance consultant, and
that it was not necessary to change the o AIM's financial soundness in light of the fact that AIM has undertaken to cause
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered the Fund to operate in accordance with
advisory fee schedule. whether AIM is financially sound and has certain governance policies and
the resources necessary to perform its practices. The Board concluded that these
o Investments in affiliated money market obligations under the Advisory Agreement, actions indicated a good faith effort on
funds. Not applicable because the Fund and concluded that AIM has the financial the part of AIM to adhere to the highest
does not invest in affiliated money resources necessary to fulfill its ethical standards, and determined that
market funds. obligations under the Advisory Agreement. the current regulatory and litigation
environment to which AIM is subject
o Independent written evaluation and o Historical relationship between the should not prevent the Board from
recommendations of the Fund's Senior Fund and AIM. In determining whether to continuing the Advisory Agreement for the
Officer. The Board noted that, upon their continue the Advisory Agreement for the Fund.
direction, the Senior Officer of the Fund, the Board also considered the prior
Fund, who is independent of AIM and AIM's relationship between AIM and the Fund, as
affiliates, had prepared an independent well as the Board's knowledge of AIM's
written evaluation in order to assist the operations, and concluded that it was
Board in determining the reasonableness beneficial to maintain the current
of the proposed management fees of the relationship, in part, because of such
AIM Funds, including the Fund. The Board knowledge. The Board also reviewed the
noted that the Senior Officer's written general nature of the non-investment
evaluation had been relied upon by the advisory services currently performed by
Board in this regard in lieu of a AIM and its affiliates, such as
competitive bidding process. In administrative, transfer agency and
determining whether to continue the distribution services, and the fees
Advisory Agreement for the Fund, the received by AIM and its affiliates for
Board considered the Senior Officer's performing such services. In addition to
written evaluation and the recommendation reviewing such services, the trustees
made by the Senior Officer to the Board also considered the organizational
that the Board consider implementing a structure employed by AIM and its
process to assist them in more closely affiliates to provide those services.
monitoring the performance of the AIM Based on the review of these and other
Funds. The Board concluded that it would factors, the Board concluded that AIM and
be advisable to implement such a process its affiliates were qualified to continue
as soon as reasonably practicable. to provide non-investment advisory
services to the Fund, including
o Profitability of AIM and its administrative, transfer agency and
affiliates. The Board reviewed distribution services, and that AIM and
information concerning the profitability its affiliates currently are providing
of AIM's (and its affiliates') investment satisfactory non-investment advisory
advisory and other activities and its services.
financial condition. The Board considered
the overall profitability of AIM, as well
as the profitability of AIM in connection
with managing the Fund. The Board noted
that AIM's operations remain profitable,
although increased expenses in recent
years have reduced AIM's profitability.
Based on the review of the profitability
of AIM's and its affiliates' investment
advisory and other activities and its
financial condition, the Board concluded
that the compensation to be paid by the
Fund to AIM under its Advisory Agreement
was not excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
INSTITUTIONAL CLASS
---------------------------------------------------------------------
YEAR ENDED MARCH 31,
---------------------------------------------------------------------
2006 2005 2004 2003 2002
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.03 0.01 0.01 0.01 0.02
=================================================================================================================================
Less distributions from net investment income (0.03) (0.01) (0.01) (0.01) (0.02)
=================================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a) 2.53% 1.24% 0.84% 1.22% 2.17%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $1,892,111 $2,117,055 $1,953,769 $1,321,224 $1,239,058
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.22%(b) 0.22% 0.22% 0.22% 0.22%
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.27%(b) 0.27% 0.27% 0.27% 0.28%
=================================================================================================================================
Ratio of net investment income to average net assets 2.49%(b) 1.24% 0.83% 1.20% 2.01%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(b) Ratios are based on average daily net assets of $2,081,076,997.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Institutional Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Institutional Class financial highlights for the year
then ended, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and Institutional Class
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the
Institutional Class financial highlights for each of the periods ended on or
before March 31, 2005 were audited by another independent registered public
accounting firm whose report dated May 18, 2005 expressed an unqualified opinion
on those statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Institutional Class paid ordinary dividends
in the amount of $0.0250 during its tax year ended March 31, 2006. Of this
amount, 100% qualified as tax-exempt interest dividends for federal income tax
purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-1 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
PERSONAL INVESTMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
==================================================
INSIDE THIS REPORT
Letter to Shareholders.........................1
Fund Data......................................2
Letter from Independent
Chairman of Board of Trustees..................3
Calculating Your Ongoing Fund Expenses.........4
Approval of Investment Advisory
Agreements and Summary of Independent
Written Fee Evaluation.........................5
Financial Pages..............................F-1
==================================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
[GRAHAM the Personal Investment Class of Tax-Free Cash Reserve
PHOTO] Portfolio of Tax-Free Investments Trust, part of AIM Cash
Management, covering the fiscal year ended March 31, 2006.
Thank you for investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high
a level of tax-exempt income as is consistent with
ROBERT H. GRAHAM preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities. Liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management
vehicles and selective use of a longer maturity schedule for
higher yields, the Fund continued to provide competitive returns. The Fund
maintained a relatively short maturity structure to take advantage of any sudden
rise in market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
<Table>
====================================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Personal Investment 2.40% 2.35% 19-31 days 24 days $20.9 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.
Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly yield represents
annualized results for the period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor and
distributor not waived certain fees and/or reimbursed certain expenses, performance would have been lower
====================================================================================================================================
===================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
===================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
BRUCE L. CROCKETT effectively with management to achieve benefits for the
shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board
the merger of 14 funds into other AIM funds with
similar objectives. In each case, the goal was for the
resulting merged fund to benefit from strengthened
management and greater efficiency. Your board
carefully analyzed and discussed with management the
rationale and proposed terms of each merger to ensure
that the mergers were beneficial to the shareholders
of all affected funds before approving them. Eight of
these mergers were subsequently approved by
shareholders of the target funds during 2005. The
remaining six fund mergers were approved by
shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made
by the advisor at 11 funds with the objective of
organizing management teams around common processes
and shared investment views. Management believes these
changes will lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds
have good performance, we are working with management to
seek improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche.
We also send our thanks and best wishes to Gerald J. Lewis,
who retired from your board in December 2005, and to Edward
K. Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair AIM
Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, The hypothetical account values and
to estimate the expenses that you paid expenses may not be used to estimate the
As a shareholder of the Fund, you incur over the period. Simply divide your actual ending account balance or
ongoing costs, including management account value by $1,000 (for example, an expenses you paid for the period. You
fees; distribution and/or service fees $8,600 account value divided by $1,000 = may use this information to compare the
(12b-1); and other Fund expenses. This 8.6), then multiply the result by the ongoing costs of investing in the Fund
example is intended to help you number in the table under the heading and other funds. To do so, compare this
understand your ongoing costs (in entitled "Actual Expenses Paid During 5% hypothetical example with the 5%
dollars) of investing in the Fund and to Period" to estimate the expenses you hypothetical examples that appear in the
compare these costs with ongoing costs paid on your account during this period. shareholder reports of the other funds.
of investing in other mutual funds. The
example is based on an investment of HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown
$1,000 invested at the beginning of the PURPOSES in the table are meant to highlight your
period and held for the entire period ongoing costs only. Therefore, the
October 1, 2005, through March 31, 2006. The table below also provides hypothetical information is useful in
information about hypothetical account comparing ongoing costs only, and will
ACTUAL EXPENSES values and hypothetical expenses based not help you determine the relative
on the Fund's actual expense ratio and total costs of owning different funds.
The table below provides information an assumed rate of return of 5% per year
about actual account values and actual before expenses, which is not the Fund's
expenses. You may use the information in actual return.
this table,
====================================================================================================================================
ACTUAL HYPOTHETICAL
(5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Personal
Investment $1,000.00 $1,011.10 $3.86 $1,021.09 $3.88 0.77%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the this rate (i) was lower than the
advisory agreement with A I M Advisors, qualifications of AIM to provide advisory fee rates for one retail money
Inc. ("AIM"). Based upon the investment advisory services, the Board market fund, and comparable to the
recommendation of the Investments reviewed the qualifications of AIM's advisory fee rates for three
Committee of the Board, at a meeting investment personnel and considered such institutional money market funds (one of
held on June 30, 2005, the Board, issues as AIM's portfolio and product which has an "all-in" fee structure
including all of the independent review process, AIM's legal and whereby AIM pays all of the fund's
trustees, approved the continuance of compliance function, AIM's use of ordinary operating expenses), advised by
the advisory agreement (the "Advisory technology, AIM's portfolio AIM with investment strategies
Agreement") between the Fund and AIM for administration function and the quality comparable to those of the Fund; (ii)
another year, effective July 1, 2005. of AIM's investment research. Based on was lower than the advisory fee rates
the review of these and other factors, for a variable insurance fund advised by
The Board considered the factors the Board concluded that the quality of AIM and offered to insurance company
discussed below in evaluating the services to be provided by AIM was separate accounts with investment
fairness and reasonableness of the appropriate and that AIM currently is strategies comparable to those of the
Advisory Agreement at the meeting on providing satisfactory services in Fund; (iii) was lower than the advisory
June 30, 2005 and as part of the Board's accordance with the terms of the fee rates for one offshore fund for
ongoing oversight of the Fund. In their Advisory Agreement. which an AIM affiliate serves as advisor
deliberations, the Board and the with investment strategies comparable to
independent trustees did not identify o The performance of the Fund relative those of the Fund; and (iv) was higher
any particular factor that was to comparable funds. The Board reviewed than the advisory fee rates for two
controlling, and each trustee attributed the performance of the Fund during the unregistered pooled investment vehicles,
different weights to the various past one, three and five calendar years and comparable to the advisory fee rates
factors. against the performance of funds advised for a third unregistered pooled
by other advisors with investment investment vehicle, for which an AIM
One of the responsibilities of the strategies comparable to those of the affiliate serves as advisor with
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's investment strategies comparable to
independent of AIM and AIM's affiliates, performance in such periods was at or those of the Fund. The Board noted that
is to manage the process by which the above the median performance of such AIM has agreed to waive fees and/or
Fund's proposed management fees are comparable funds. Based on this review, limit expenses of the Fund, as discussed
negotiated to ensure that they are the Board concluded that no changes below. Based on this review, the Board
negotiated in a manner which is at arm's should be made to the Fund and that it concluded that the advisory fee rate for
length and reasonable. To that end, the was not necessary to change the Fund's the Fund under the Advisory Agreement
Senior Officer must either supervise a portfolio management team at this time. was fair and reasonable.
competitive bidding process or prepare
an independent written evaluation. The o The performance of the Fund relative o Fees relative to those of comparable
Senior Officer has recommended an to indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu performance of the Fund during the past reviewed the advisory fee rate for the
of a competitive bidding process and, one, three and five calendar years Fund under the Advisory Agreement. The
upon the direction of the Board, has against the performance of the Lipper Board compared effective contractual
prepared such an independent written Institutional Tax-Exempt Money Market advisory fee rates at a common asset
evaluation. Such written evaluation also Index.* The Board noted that the Fund's level and noted that the Fund's rate was
considered certain of the factors performance in such periods was below the median rate of the funds
discussed below. In addition, as comparable to the performance of such advised by other advisors with
discussed below, the Senior Officer made Index. Based on this review, the Board investment strategies comparable to
certain recommendations to the Board in concluded that no changes should be made those of the Fund that the Board
connection with such written evaluation. to the Fund and that it was not reviewed. The Board noted that AIM has
necessary to change the Fund's portfolio agreed to waive fees and/or limit
The discussion below serves as a management team at this time. expenses of the Fund, as discussed
summary of the Senior Officer's below. Based on this review, the Board
independent written evaluation and o Meeting with the Fund's portfolio concluded that the advisory fee rate for
recommendations to the Board in managers and investment personnel. With the Fund under the Advisory Agreement
connection therewith, as well as a respect to the Fund, the Board is was fair and reasonable.
discussion of the material factors and meeting periodically with such Fund's
the conclusions with respect thereto portfolio managers and/or investment o Expense limitations and fee waivers.
that formed the basis for the Board's personnel and believes that such The Board noted that AIM has
approval of the Advisory Agreement. individuals are competent and able to contractually agreed to waive fees
After consideration of all of the continue to carry out their and/or limit expenses of the Fund in an
factors below and based on its informed responsibilities under the Advisory amount necessary to limit total annual
business judgment, the Board determined Agreement. operating expenses to a specified
that the Advisory Agreement is in the percentage of average daily net assets
best interests of the Fund and its o Overall performance of AIM. The Board for each class of the Fund. The Board
shareholders and that the compensation considered the overall performance of considered the contractual nature of
to AIM under the Advisory Agreement is AIM in providing investment advisory and this fee waiver/expense limitation and
fair and reasonable and would have been portfolio administrative services to the noted that it remains in effect until
obtained through arm's length Fund and concluded that such performance March 31, 2007. The Board considered the
negotiations. was satisfactory. effect this fee waiver/expense
limitation would have on the Fund's
o The nature and extent of the advisory estimated expenses and concluded that
services to be provided by AIM. The the levels of fee waivers/expense
Board reviewed the services to be limitations for the Fund were fair and
provided by AIM under the Advisory reasonable.
Agreement. Based on such review, the
Board concluded that the range of
services to be provided by AIM under the
Advisory Agreement was appropriate and
that AIM currently is providing services
in accordance with the terms of the
Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. o Benefits of soft dollars to AIM. The o Other factors and current trends. In
The Board reviewed the structure of the Board considered the benefits realized determining whether to continue the
Fund's advisory fee under the Advisory by AIM as a result of brokerage Advisory Agreement for the Fund, the
Agreement, noting that it includes one transactions executed through "soft Board considered the fact that AIM,
breakpoint. The Board reviewed the level dollar" arrangements. Under these along with others in the mutual fund
of the Fund's advisory fees, and noted arrangements, brokerage commissions paid industry, is subject to regulatory
that such fees, as a percentage of the by other funds advised by AIM are used inquiries and litigation related to a
Fund's net assets, have decreased as net to pay for research and execution wide range of issues. The Board also
assets increased because the Advisory services. This research may be used by considered the governance and compliance
Agreement includes a breakpoint. The AIM in making investment decisions for reforms being undertaken by AIM and its
Board concluded that the Fund's fee the Fund. The Board concluded that such affiliates, including maintaining an
levels under the Advisory Agreement arrangements were appropriate. internal controls committee and
therefore reflect economies of scale and retaining an independent compliance
that it was not necessary to change the o AIM's financial soundness in light of consultant, and the fact that AIM has
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered undertaken to cause the Fund to operate
advisory fee schedule. whether AIM is financially sound and has in accordance with certain governance
the resources necessary to perform its policies and practices. The Board
o Investments in affiliated money market obligations under the Advisory concluded that these actions indicated a
funds. Not applicable because the Fund Agreement, and concluded that AIM has good faith effort on the part of AIM to
does not invest in affiliated money the financial resources necessary to adhere to the highest ethical standards,
market funds. fulfill its obligations under the and determined that the current
Advisory Agreement. regulatory and litigation environment to
o Independent written evaluation and which AIM is subject should not prevent
recommendations of the Fund's Senior o Historical relationship between the the Board from continuing the Advisory
Officer. The Board noted that, upon Fund and AIM. In determining whether to Agreement for the Fund.
their direction, the Senior Officer of continue the Advisory Agreement for the
the Fund, who is independent of AIM and Fund, the Board also considered the
AIM's affiliates, had prepared an prior relationship between AIM and the
independent written evaluation in order Fund, as well as the Board's knowledge
to assist the Board in determining the of AIM's operations, and concluded that
reasonableness of the proposed it was beneficial to maintain the
management fees of the AIM Funds, current relationship, in part, because
including the Fund. The Board noted that of such knowledge. The Board also
the Senior Officer's written evaluation reviewed the general nature of the
had been relied upon by the Board in non-investment advisory services
this regard in lieu of a competitive currently performed by AIM and its
bidding process. In determining whether affiliates, such as administrative,
to continue the Advisory Agreement for transfer agency and distribution
the Fund, the Board considered the services, and the fees received by AIM
Senior Officer's written evaluation and and its affiliates for performing such
the recommendation made by the Senior services. In addition to reviewing such
Officer to the Board that the Board services, the trustees also considered
consider implementing a process to the organizational structure employed by
assist them in more closely monitoring AIM and its affiliates to provide those
the performance of the AIM Funds. The services. Based on the review of these
Board concluded that it would be and other factors, the Board concluded
advisable to implement such a process as that AIM and its affiliates were
soon as reasonably practicable. qualified to continue to provide
non-investment advisory services to the
o Profitability of AIM and its Fund, including administrative, transfer
affiliates. The Board reviewed agency and distribution services, and
information concerning the profitability that AIM and its affiliates currently
of AIM's (and its affiliates') are providing satisfactory
investment advisory and other activities non-investment advisory services.
and its financial condition. The Board
considered the overall profitability of
AIM, as well as the profitability of AIM
in connection with managing the Fund.
The Board noted that AIM's operations
remain profitable, although increased
expenses in recent years have reduced
AIM's profitability. Based on the review
of the profitability of AIM's and its
affiliates' investment advisory and
other activities and its financial
condition, the Board concluded that the
compensation to be paid by the Fund to
AIM under its Advisory Agreement was not
excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
PERSONAL INVESTMENT CLASS
----------------------------------------------------
YEAR ENDED MARCH 31,
----------------------------------------------------
2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.01 0.003 0.01 0.02(a)
==================================================================================================================
Less distributions from net investment income (0.02) (0.01) (0.003) (0.01) (0.02)
==================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
__________________________________________________________________________________________________________________
==================================================================================================================
Total return(b) 1.97% 0.68% 0.28% 0.69% 1.66%
__________________________________________________________________________________________________________________
==================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $20,902 $10,877 $10,394 $16,991 $5,102
__________________________________________________________________________________________________________________
==================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.77%(c) 0.77% 0.77% 0.76% 0.72%
- ------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 1.02%(c) 1.02% 1.02% 1.02% 1.03%
==================================================================================================================
Ratio of net investment income to average net assets 1.94%(c) 0.69% 0.28% 0.66% 1.51%
__________________________________________________________________________________________________________________
==================================================================================================================
</Table>
(a) Calculated using average shares outstanding.
(b) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(c) Ratios are based on average daily net assets of $20,436,354.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Personal Investment Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Personal Investment Class financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States of America. These financial statements and Personal Investment
Class financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Personal
Investment Class financial highlights for each of the periods ended on or before
March 31, 2005 were audited by another independent registered public accounting
firm whose report dated May 18, 2005 expressed an unqualified opinion on those
statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Personal Investment Class paid ordinary
dividends in the amount of $0.0195 during its tax year ended March 31, 2006. Of
this amount, 100% qualified as tax-exempt interest dividends for federal income
tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-6 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
PRIVATE INVESTMENT CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
==================================================
INSIDE THIS REPORT
Letter to Shareholders......................... 1
Fund Data...................................... 2
Letter from Independent
Chairman of Board of Trustees.................. 3
Calculating Your Ongoing Fund Expenses......... 4
Approval of Investment Advisory
Agreements and Summary of Independent
Written Fee Evaluation......................... 5
Financial Pages.............................. F-1
==================================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Private Investment Class of Tax-Free Cash Reserve
[GRAHAM Portfolio of Tax-Free Investments Trust, part of AIM Cash
PHOTO] Management, covering the fiscal year ended March 31, 2006.
Thank you for investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high
a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
ROBERT H. GRAHAM Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities. Liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management
vehicles and selective use of a longer maturity schedule for
higher yields, the Fund continued to provide competitive
returns. The Fund maintained a relatively short maturity
structure to take advantage of any sudden rise in market
yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
<Table>
====================================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Private Investment 2.70% 2.65% 19-31 days 24 days $220.9 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.
Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly yield represents
annualized results for the period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor and
distributor not waived certain fees and/or reimbursed certain expenses, performance would have been lower
====================================================================================================================================
====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
BRUCE L. CROCKETT effectively with management to achieve benefits for the
shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board
the merger of 14 funds into other AIM funds with
similar objectives. In each case, the goal was for the
resulting merged fund to benefit from strengthened
management and greater efficiency. Your board
carefully analyzed and discussed with management the
rationale and proposed terms of each merger to ensure
that the mergers were beneficial to the shareholders
of all affected funds before approving them. Eight of
these mergers were subsequently approved by
shareholders of the target funds during 2005. The
remaining six fund mergers were approved by
shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made
by the advisor at 11 funds with the objective of
organizing management teams around common processes
and shared investment views. Management believes these
changes will lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds
have good performance, we are working with management to
seek improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche.
We also send our thanks and best wishes to Gerald J. Lewis,
who retired from your board in December 2005, and to Edward
K. Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, The hypothetical account values and
to estimate the expenses that you paid expenses may not be used to estimate the
As a shareholder of the Fund, you incur over the period. Simply divide your actual ending account balance or
ongoing costs, including management account value by $1,000 (for example, an expenses you paid for the period. You
fees; distribution and/or service fees $8,600 account value divided by $1,000 = may use this information to compare the
(12b-1); and other Fund expenses. This 8.6), then multiply the result by the ongoing costs of investing in the Fund
example is intended to help you number in the table under the heading and other funds. To do so, compare this
understand your ongoing costs (in entitled "Actual Expenses Paid During 5% hypothetical example with the 5%
dollars) of investing in the Fund and to Period" to estimate the expenses you hypothetical examples that appear in the
compare these costs with ongoing costs paid on your account during this period. shareholder reports of the other funds.
of investing in other mutual funds. The
example is based on an investment of HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown
$1,000 invested at the beginning of the PURPOSES in the table are meant to highlight your
period and held for the entire period ongoing costs only. Therefore, the
October 1, 2005, through March 31, 2006. The table below also provides hypothetical information is useful in
information about hypothetical account comparing ongoing costs only, and will
ACTUAL EXPENSES values and hypothetical expenses based not help you determine the relative
on the Fund's actual expense ratio and total costs of owning different funds.
The table below provides information an assumed rate of return of 5% per year
about actual account values and actual before expenses, which is not the Fund's
expenses. You may use the information in actual return.
this table,
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Private
Investment $1,000.00 $1,012.60 $2.36 $1,022.59 $2.37 0.47%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the this rate (i) was lower than the
advisory agreement with A I M Advisors, qualifications of AIM to provide advisory fee rates for one retail money
Inc. ("AIM"). Based upon the investment advisory services, the Board market fund, and comparable to the
recommendation of the Investments reviewed the qualifications of AIM's advisory fee rates for three
Committee of the Board, at a meeting investment personnel and considered such institutional money market funds (one of
held on June 30, 2005, the Board, issues as AIM's portfolio and product which has an "all-in" fee structure
including all of the independent review process, AIM's legal and whereby AIM pays all of the fund's
trustees, approved the continuance of compliance function, AIM's use of ordinary operating expenses), advised by
the advisory agreement (the "Advisory technology, AIM's portfolio AIM with investment strategies
Agreement") between the Fund and AIM for administration function and the quality comparable to those of the Fund; (ii)
another year, effective July 1, 2005. of AIM's investment research. Based on was lower than the advisory fee rates
the review of these and other factors, for a variable insurance fund advised by
The Board considered the factors the Board concluded that the quality of AIM and offered to insurance company
discussed below in evaluating the services to be provided by AIM was separate accounts with investment
fairness and reasonableness of the appropriate and that AIM currently is strategies comparable to those of the
Advisory Agreement at the meeting on providing satisfactory services in Fund; (iii) was lower than the advisory
June 30, 2005 and as part of the Board's accordance with the terms of the fee rates for one offshore fund for
ongoing oversight of the Fund. In their Advisory Agreement. which an AIM affiliate serves as advisor
deliberations, the Board and the with investment strategies comparable to
independent trustees did not identify o The performance of the Fund relative those of the Fund; and (iv) was higher
any particular factor that was to comparable funds. The Board reviewed than the advisory fee rates for two
controlling, and each trustee attributed the performance of the Fund during the unregistered pooled investment vehicles,
different weights to the various past one, three and five calendar years and comparable to the advisory fee rates
factors. against the performance of funds advised for a third unregistered pooled
by other advisors with investment investment vehicle, for which an AIM
One of the responsibilities of the strategies comparable to those of the affiliate serves as advisor with
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's investment strategies comparable to
independent of AIM and AIM's affiliates, performance in such periods was at or those of the Fund. The Board noted that
is to manage the process by which the above the median performance of such AIM has agreed to waive fees and/or
Fund's proposed management fees are comparable funds. Based on this review, limit expenses of the Fund, as discussed
negotiated to ensure that they are the Board concluded that no changes below. Based on this review, the Board
negotiated in a manner which is at arm's should be made to the Fund and that it concluded that the advisory fee rate for
length and reasonable. To that end, the was not necessary to change the Fund's the Fund under the Advisory Agreement
Senior Officer must either supervise a portfolio management team at this time. was fair and reasonable.
competitive bidding process or prepare
an independent written evaluation. The o The performance of the Fund relative o Fees relative to those of comparable
Senior Officer has recommended an to indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu performance of the Fund during the past reviewed the advisory fee rate for the
of a competitive bidding process and, one, three and five calendar years Fund under the Advisory Agreement. The
upon the direction of the Board, has against the performance of the Lipper Board compared effective contractual
prepared such an independent written Institutional Tax-Exempt Money Market advisory fee rates at a common asset
evaluation. Such written evaluation also Index.* The Board noted that the Fund's level and noted that the Fund's rate was
considered certain of the factors performance in such periods was below the median rate of the funds
discussed below. In addition, as comparable to the performance of such advised by other advisors with
discussed below, the Senior Officer made Index. Based on this review, the Board investment strategies comparable to
certain recommendations to the Board in concluded that no changes should be made those of the Fund that the Board
connection with such written evaluation. to the Fund and that it was not reviewed. The Board noted that AIM has
necessary to change the Fund's portfolio agreed to waive fees and/or limit
The discussion below serves as a management team at this time. expenses of the Fund, as discussed
summary of the Senior Officer's below. Based on this review, the Board
independent written evaluation and o Meeting with the Fund's portfolio concluded that the advisory fee rate for
recommendations to the Board in managers and investment personnel. With the Fund under the Advisory Agreement
connection therewith, as well as a respect to the Fund, the Board is was fair and reasonable.
discussion of the material factors and meeting periodically with such Fund's
the conclusions with respect thereto portfolio managers and/or investment o Expense limitations and fee waivers.
that formed the basis for the Board's personnel and believes that such The Board noted that AIM has
approval of the Advisory Agreement. individuals are competent and able to contractually agreed to waive fees
After consideration of all of the continue to carry out their and/or limit expenses of the Fund in an
factors below and based on its informed responsibilities under the Advisory amount necessary to limit total annual
business judgment, the Board determined Agreement. operating expenses to a specified
that the Advisory Agreement is in the percentage of average daily net assets
best interests of the Fund and its o Overall performance of AIM. The Board for each class of the Fund. The Board
shareholders and that the compensation considered the overall performance of considered the contractual nature of
to AIM under the Advisory Agreement is AIM in providing investment advisory and this fee waiver/expense limitation and
fair and reasonable and would have been portfolio administrative services to the noted that it remains in effect until
obtained through arm's length Fund and concluded that such performance March 31, 2007. The Board considered the
negotiations. was satisfactory. effect this fee waiver/expense
limitation would have on the Fund's
o The nature and extent of the advisory estimated expenses and concluded that
services to be provided by AIM. The the levels of fee waivers/expense
Board reviewed the services to be limitations for the Fund were fair and
provided by AIM under the Advisory reasonable.
Agreement. Based on such review, the
Board concluded that the range of
services to be provided by AIM under the
Advisory Agreement was appropriate and
that AIM currently is providing services
in accordance with the terms of the
Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. o Benefits of soft dollars to AIM. The o Other factors and current trends. In
The Board reviewed the structure of the Board considered the benefits realized determining whether to continue the
Fund's advisory fee under the Advisory by AIM as a result of brokerage Advisory Agreement for the Fund, the
Agreement, noting that it includes one transactions executed through "soft Board considered the fact that AIM,
breakpoint. The Board reviewed the level dollar" arrangements. Under these along with others in the mutual fund
of the Fund's advisory fees, and noted arrangements, brokerage commissions paid industry, is subject to regulatory
that such fees, as a percentage of the by other funds advised by AIM are used inquiries and litigation related to a
Fund's net assets, have decreased as net to pay for research and execution wide range of issues. The Board also
assets increased because the Advisory services. This research may be used by considered the governance and compliance
Agreement includes a breakpoint. The AIM in making investment decisions for reforms being undertaken by AIM and its
Board concluded that the Fund's fee the Fund. The Board concluded that such affiliates, including maintaining an
levels under the Advisory Agreement arrangements were appropriate. internal controls committee and
therefore reflect economies of scale and retaining an independent compliance
that it was not necessary to change the o AIM's financial soundness in light of consultant, and the fact that AIM has
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered undertaken to cause the Fund to operate
advisory fee schedule. whether AIM is financially sound and has in accordance with certain governance
the resources necessary to perform its policies and practices. The Board
o Investments in affiliated money market obligations under the Advisory concluded that these actions indicated a
funds. Not applicable because the Fund Agreement, and concluded that AIM has good faith effort on the part of AIM to
does not invest in affiliated money the financial resources necessary to adhere to the highest ethical standards,
market funds. fulfill its obligations under the and determined that the current
Advisory Agreement. regulatory and litigation environment to
o Independent written evaluation and which AIM is subject should not prevent
recommendations of the Fund's Senior o Historical relationship between the the Board from continuing the Advisory
Officer. The Board noted that, upon Fund and AIM. In determining whether to Agreement for the Fund.
their direction, the Senior Officer of continue the Advisory Agreement for the
the Fund, who is independent of AIM and Fund, the Board also considered the
AIM's affiliates, had prepared an prior relationship between AIM and the
independent written evaluation in order Fund, as well as the Board's knowledge
to assist the Board in determining the of AIM's operations, and concluded that
reasonableness of the proposed it was beneficial to maintain the
management fees of the AIM Funds, current relationship, in part, because
including the Fund. The Board noted that of such knowledge. The Board also
the Senior Officer's written evaluation reviewed the general nature of the
had been relied upon by the Board in non-investment advisory services
this regard in lieu of a competitive currently performed by AIM and its
bidding process. In determining whether affiliates, such as administrative,
to continue the Advisory Agreement for transfer agency and distribution
the Fund, the Board considered the services, and the fees received by AIM
Senior Officer's written evaluation and and its affiliates for performing such
the recommendation made by the Senior services. In addition to reviewing such
Officer to the Board that the Board services, the trustees also considered
consider implementing a process to the organizational structure employed by
assist them in more closely monitoring AIM and its affiliates to provide those
the performance of the AIM Funds. The services. Based on the review of these
Board concluded that it would be and other factors, the Board concluded
advisable to implement such a process as that AIM and its affiliates were
soon as reasonably practicable. qualified to continue to provide
non-investment advisory services to the
o Profitability of AIM and its Fund, including administrative, transfer
affiliates. The Board reviewed agency and distribution services, and
information concerning the profitability that AIM and its affiliates currently
of AIM's (and its affiliates') are providing satisfactory
investment advisory and other activities non-investment advisory services.
and its financial condition. The Board
considered the overall profitability of
AIM, as well as the profitability of AIM
in connection with managing the Fund.
The Board noted that AIM's operations
remain profitable, although increased
expenses in recent years have reduced
AIM's profitability. Based on the review
of the profitability of AIM's and its
affiliates' investment advisory and
other activities and its financial
condition, the Board concluded that the
compensation to be paid by the Fund to
AIM under its Advisory Agreement was not
excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
PRIVATE INVESTMENT CLASS
-----------------------------------------------------------
YEAR ENDED MARCH 31,
-----------------------------------------------------------
2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.01 0.01 0.01 0.02
=========================================================================================================================
Less distributions from net investment income (0.02) (0.01) (0.01) (0.01) (0.02)
=========================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________
=========================================================================================================================
Total return(a) 2.27% 0.99% 0.59% 0.97% 1.91%
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $220,988 $196,617 $150,399 $227,832 $179,095
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.47%(b) 0.47% 0.47% 0.47% 0.47%
- -------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.77%(b) 0.77% 0.77% 0.77% 0.78%
=========================================================================================================================
Ratio of net investment income to average net assets 2.24%(b) 0.99% 0.58% 0.95% 1.76%
_________________________________________________________________________________________________________________________
=========================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(b) Ratios are based on average daily net assets of $228,065,898.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Private Investment Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Private Investment Class financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States of America. These financial statements and Private Investment
Class financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Private
Investment Class financial highlights for each of the periods ended on or before
March 31, 2005 were audited by another independent registered public accounting
firm whose report dated May 18, 2005 expressed an unqualified opinion on those
statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Private Investment Class paid ordinary
dividends in the amount of $0.0225 during its tax year ended March 31, 2006. Of
this amount, 100% qualified as tax-exempt interest dividends for federal income
tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-5 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
RESERVE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
==================================================
INSIDE THIS REPORT
Letter to Shareholders.........................1
Fund Data......................................2
Letter from Independent
Chairman of Board of Trustees..................3
Calculating Your Ongoing Fund Expenses.........4
Approval of Investment Advisory
Agreements and Summary of Independent
Written Fee Evaluation.........................5
Financial Pages..............................F-1
==================================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
[GRAHAM the Reserve Class of Tax-Free Cash Reserve Portfolio of
PHOTO] Tax-Free Investments Trust, part of AIM Cash Management,
covering the fiscal year ended March 31, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high
ROBERT H. GRAHAM a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities. Liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management
vehicles and selective use of a longer maturity schedule
for higher yields, the Fund continued to provide
competitive returns. The Fund maintained a relatively short
maturity structure to take advantage of any sudden rise in
market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
====================================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Reserve 2.08% 2.03% 19-31 days 24 days $19.0 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.
Please visit AIMinvestments.com for the most recent month-end performance. Investment return will vary. Monthly yield represents
annualized results for the period, net of fees and expenses, and excludes any realized capital gains or losses. Had the advisor and
distributor not waived certain fees and/or reimbursed certain expenses, performance would have been lower
====================================================================================================================================
========================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
========================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
[CROCKETT Funds--as well as my first full year as your board's
PHOTO] independent chair--I can assure you that shareholder
interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
BRUCE L. CROCKETT effectively with management to achieve benefits for the
shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually,
based on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board
the merger of 14 funds into other AIM funds with
similar objectives. In each case, the goal was for the
resulting merged fund to benefit from strengthened
management and greater efficiency. Your board
carefully analyzed and discussed with management the
rationale and proposed terms of each merger to ensure
that the mergers were beneficial to the shareholders
of all affected funds before approving them. Eight of
these mergers were subsequently approved by
shareholders of the target funds during 2005. The
remaining six fund mergers were approved by
shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the
portfolio performance of the funds. During the year,
your board reviewed portfolio management changes made
by the advisor at 11 funds with the objective of
organizing management teams around common processes
and shared investment views. Management believes these
changes will lead to improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds
have good performance, we are working with management to
seek improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche.
We also send our thanks and best wishes to Gerald J. Lewis,
who retired from your board in December 2005, and to Edward
K. Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, The hypothetical account values and
to estimate the expenses that you paid expenses may not be used to estimate the
As a shareholder of the Fund, you incur over the period. Simply divide your actual ending account balance or
ongoing costs, including management account value by $1,000 (for example, an expenses you paid for the period. You
fees; distribution and/or service fees $8,600 account value divided by $1,000 = may use this information to compare the
(12b-1); and other Fund expenses. This 8.6), then multiply the result by the ongoing costs of investing in the Fund
example is intended to help you number in the table under the heading and other funds. To do so, compare this
understand your ongoing costs (in entitled "Actual Expenses Paid During 5% hypothetical example with the 5%
dollars) of investing in the Fund and to Period" to estimate the expenses you hypothetical examples that appear in the
compare these costs with ongoing costs paid on your account during this period. shareholder reports of the other funds.
of investing in other mutual funds. The
example is based on an investment of HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown
$1,000 invested at the beginning of the PURPOSES in the table are meant to highlight your
period and held for the entire period ongoing costs only. Therefore, the
October 1, 2005, through March 31, 2006. The table below also provides hypothetical information is useful in
information about hypothetical account comparing ongoing costs only, and will
ACTUAL EXPENSES values and hypothetical expenses based not help you determine the relative
on the Fund's actual expense ratio and total costs of owning different funds.
The table below provides information about an assumed rate of return of 5% per year
actual account values and actual expenses. before expenses, which is not the Fund's
You may use the information in this table, actual return.
====================================================================================================================================
HYPOTHETICAL
ACTUAL (5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Reserve $1,000.00 $1,009.50 $5.47 $1,019.49 $5.49 1.09%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the this rate (i) was lower than the
advisory agreement with A I M Advisors, qualifications of AIM to provide advisory fee rates for one retail money
Inc. ("AIM"). Based upon the investment advisory services, the Board market fund, and comparable to the
recommendation of the Investments reviewed the qualifications of AIM's advisory fee rates for three
Committee of the Board, at a meeting investment personnel and considered such institutional money market funds (one of
held on June 30, 2005, the Board, issues as AIM's portfolio and product which has an "all-in" fee structure
including all of the independent review process, AIM's legal and whereby AIM pays all of the fund's
trustees, approved the continuance of compliance function, AIM's use of ordinary operating expenses), advised by
the advisory agreement (the "Advisory technology, AIM's portfolio AIM with investment strategies
Agreement") between the Fund and AIM for administration function and the quality comparable to those of the Fund; (ii)
another year, effective July 1, 2005. of AIM's investment research. Based on was lower than the advisory fee rates
the review of these and other factors, for a variable insurance fund advised by
The Board considered the factors the Board concluded that the quality of AIM and offered to insurance company
discussed below in evaluating the services to be provided by AIM was separate accounts with investment
fairness and reasonableness of the appropriate and that AIM currently is strategies comparable to those of the
Advisory Agreement at the meeting on providing satisfactory services in Fund; (iii) was lower than the advisory
June 30, 2005 and as part of the Board's accordance with the terms of the fee rates for one offshore fund for
ongoing oversight of the Fund. In their Advisory Agreement. which an AIM affiliate serves as advisor
deliberations, the Board and the with investment strategies comparable to
independent trustees did not identify o The performance of the Fund relative those of the Fund; and (iv) was higher
any particular factor that was to comparable funds. The Board reviewed than the advisory fee rates for two
controlling, and each trustee attributed the performance of the Fund during the unregistered pooled investment vehicles,
different weights to the various past one, three and five calendar years and comparable to the advisory fee rates
factors. against the performance of funds advised for a third unregistered pooled
by other advisors with investment investment vehicle, for which an AIM
One of the responsibilities of the strategies comparable to those of the affiliate serves as advisor with
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's investment strategies comparable to
independent of AIM and AIM's affiliates, performance in such periods was at or those of the Fund. The Board noted that
is to manage the process by which the above the median performance of such AIM has agreed to waive fees and/or
Fund's proposed management fees are comparable funds. Based on this review, limit expenses of the Fund, as discussed
negotiated to ensure that they are the Board concluded that no changes below. Based on this review, the Board
negotiated in a manner which is at arm's should be made to the Fund and that it concluded that the advisory fee rate for
length and reasonable. To that end, the was not necessary to change the Fund's the Fund under the Advisory Agreement
Senior Officer must either supervise a portfolio management team at this time. was fair and reasonable.
competitive bidding process or prepare
an independent written evaluation. The o The performance of the Fund relative o Fees relative to those of comparable
Senior Officer has recommended an to indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu performance of the Fund during the past reviewed the advisory fee rate for the
of a competitive bidding process and, one, three and five calendar years Fund under the Advisory Agreement. The
upon the direction of the Board, has against the performance of the Lipper Board compared effective contractual
prepared such an independent written Institutional Tax-Exempt Money Market advisory fee rates at a common asset
evaluation. Such written evaluation also Index.* The Board noted that the Fund's level and noted that the Fund's rate was
considered certain of the factors performance in such periods was below the median rate of the funds
discussed below. In addition, as comparable to the performance of such advised by other advisors with
discussed below, the Senior Officer made Index. Based on this review, the Board investment strategies comparable to
certain recommendations to the Board in concluded that no changes should be made those of the Fund that the Board
connection with such written evaluation. to the Fund and that it was not reviewed. The Board noted that AIM has
necessary to change the Fund's portfolio agreed to waive fees and/or limit
The discussion below serves as a management team at this time. expenses of the Fund, as discussed
summary of the Senior Officer's below. Based on this review, the Board
independent written evaluation and o Meeting with the Fund's portfolio concluded that the advisory fee rate for
recommendations to the Board in managers and investment personnel. With the Fund under the Advisory Agreement
connection therewith, as well as a respect to the Fund, the Board is was fair and reasonable.
discussion of the material factors and meeting periodically with such Fund's
the conclusions with respect thereto portfolio managers and/or investment o Expense limitations and fee waivers.
that formed the basis for the Board's personnel and believes that such The Board noted that AIM has
approval of the Advisory Agreement. individuals are competent and able to contractually agreed to waive fees
After consideration of all of the continue to carry out their and/or limit expenses of the Fund in an
factors below and based on its informed responsibilities under the Advisory amount necessary to limit total annual
business judgment, the Board determined Agreement. operating expenses to a specified
that the Advisory Agreement is in the percentage of average daily net assets
best interests of the Fund and its o Overall performance of AIM. The Board for each class of the Fund. The Board
shareholders and that the compensation considered the overall performance of considered the contractual nature of
to AIM under the Advisory Agreement is AIM in providing investment advisory and this fee waiver/expense limitation and
fair and reasonable and would have been portfolio administrative services to the noted that it remains in effect until
obtained through arm's length Fund and concluded that such performance March 31, 2007. The Board considered the
negotiations. was satisfactory. effect this fee waiver/expense
limitation would have on the Fund's
o The nature and extent of the advisory estimated expenses and concluded that
services to be provided by AIM. The the levels of fee waivers/expense
Board reviewed the services to be limitations for the Fund were fair and
provided by AIM under the Advisory reasonable.
Agreement. Based on such review, the
Board concluded that the range of
services to be provided by AIM under the
Advisory Agreement was appropriate and
that AIM currently is providing services
in accordance with the terms of the
Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. o Benefits of soft dollars to AIM. The o Other factors and current trends. In
The Board reviewed the structure of the Board considered the benefits realized determining whether to continue the
Fund's advisory fee under the Advisory by AIM as a result of brokerage Advisory Agreement for the Fund, the
Agreement, noting that it includes one transactions executed through "soft Board considered the fact that AIM,
breakpoint. The Board reviewed the level dollar" arrangements. Under these along with others in the mutual fund
of the Fund's advisory fees, and noted arrangements, brokerage commissions paid industry, is subject to regulatory
that such fees, as a percentage of the by other funds advised by AIM are used inquiries and litigation related to a
Fund's net assets, have decreased as net to pay for research and execution wide range of issues. The Board also
assets increased because the Advisory services. This research may be used by considered the governance and compliance
Agreement includes a breakpoint. The AIM in making investment decisions for reforms being undertaken by AIM and its
Board concluded that the Fund's fee the Fund. The Board concluded that such affiliates, including maintaining an
levels under the Advisory Agreement arrangements were appropriate. internal controls committee and
therefore reflect economies of scale and retaining an independent compliance
that it was not necessary to change the o AIM's financial soundness in light of consultant, and the fact that AIM has
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered undertaken to cause the Fund to operate
advisory fee schedule. whether AIM is financially sound and has in accordance with certain governance
the resources necessary to perform its policies and practices. The Board
o Investments in affiliated money market obligations under the Advisory concluded that these actions indicated a
funds. Not applicable because the Fund Agreement, and concluded that AIM has good faith effort on the part of AIM to
does not invest in affiliated money the financial resources necessary to adhere to the highest ethical standards,
market funds. fulfill its obligations under the and determined that the current
Advisory Agreement. regulatory and litigation environment to
o Independent written evaluation and which AIM is subject should not prevent
recommendations of the Fund's Senior o Historical relationship between the the Board from continuing the Advisory
Officer. The Board noted that, upon Fund and AIM. In determining whether to Agreement for the Fund.
their direction, the Senior Officer of continue the Advisory Agreement for the
the Fund, who is independent of AIM and Fund, the Board also considered the
AIM's affiliates, had prepared an prior relationship between AIM and the
independent written evaluation in order Fund, as well as the Board's knowledge
to assist the Board in determining the of AIM's operations, and concluded that
reasonableness of the proposed it was beneficial to maintain the
management fees of the AIM Funds, current relationship, in part, because
including the Fund. The Board noted that of such knowledge. The Board also
the Senior Officer's written evaluation reviewed the general nature of the
had been relied upon by the Board in non-investment advisory services
this regard in lieu of a competitive currently performed by AIM and its
bidding process. In determining whether affiliates, such as administrative,
to continue the Advisory Agreement for transfer agency and distribution
the Fund, the Board considered the services, and the fees received by AIM
Senior Officer's written evaluation and and its affiliates for performing such
the recommendation made by the Senior services. In addition to reviewing such
Officer to the Board that the Board services, the trustees also considered
consider implementing a process to the organizational structure employed by
assist them in more closely monitoring AIM and its affiliates to provide those
the performance of the AIM Funds. The services. Based on the review of these
Board concluded that it would be and other factors, the Board concluded
advisable to implement such a process as that AIM and its affiliates were
soon as reasonably practicable. qualified to continue to provide
non-investment advisory services to the
o Profitability of AIM and its Fund, including administrative, transfer
affiliates. The Board reviewed agency and distribution services, and
information concerning the profitability that AIM and its affiliates currently
of AIM's (and its affiliates') are providing satisfactory
investment advisory and other activities non-investment advisory services.
and its financial condition. The Board
considered the overall profitability of
AIM, as well as the profitability of AIM
in connection with managing the Fund.
The Board noted that AIM's operations
remain profitable, although increased
expenses in recent years have reduced
AIM's profitability. Based on the review
of the profitability of AIM's and its
affiliates' investment advisory and
other activities and its financial
condition, the Board concluded that the
compensation to be paid by the Fund to
AIM under its Advisory Agreement was not
excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
RESERVE CLASS
------------------------------------------------------
YEAR ENDED MARCH 31,
------------------------------------------------------
2006 2005 2004 2003 2002
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.004 0.001 0.004 0.01
====================================================================================================================
Less distributions from net investment income (0.02) (0.004) (0.001) (0.004) (0.01)
====================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____________________________________________________________________________________________________________________
====================================================================================================================
Total return(a) 1.64% 0.38% 0.08% 0.39% 1.35%
____________________________________________________________________________________________________________________
====================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $19,052 $ 9,308 $14,030 $12,653 $18,200
____________________________________________________________________________________________________________________
====================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 1.09%(b) 1.07% 0.98% 1.05% 1.02%
- --------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 1.27%(b) 1.27% 1.27% 1.27% 1.28%
====================================================================================================================
Ratio of net investment income to average net assets 1.62%(b) 0.39% 0.07% 0.37% 1.21%
____________________________________________________________________________________________________________________
====================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(b) Ratios are based on average daily net assets of $16,661,159.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Reserve Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Reserve Class financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and Reserve Class financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Reserve
Class financial highlights for each of the periods ended on or before March 31,
2005 were audited by another independent registered public accounting firm whose
report dated May 18, 2005 expressed an unqualified opinion on those statements.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Reserve Class paid ordinary dividends in the
amount of $0.0163 during its tax year ended March 31, 2006. Of this amount, 100%
qualified as tax-exempt interest dividends for federal income tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-7 Fund Management Company
TAX-FREE CASH RESERVE PORTFOLIO
RESOURCE CLASS
TAX-FREE INVESTMENTS TRUST (TFIT)
MARCH 31, 2006
ANNUAL REPORT
[COVER IMAGE]
ANNUAL
==================================================
INSIDE THIS REPORT
Letter to Shareholders....................... 1
Fund Data.................................... 2
Letter from Independent
Chairman of Board of Trustees................ 3
Calculating Your Ongoing Fund Expenses....... 4
Approval of Investment Advisory
Agreements and Summary of Independent
Written Fee Evaluation....................... 5
Financial Pages.............................. F-1
==================================================
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
TAX-FREE CASH RESERVE PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present this report on the performance of
the Resource Class of Tax-Free Cash Reserve Portfolio of
[GRAHAM Tax-Free Investments Trust, part of AIM Cash Management,
PHOTO] covering the fiscal year ended March 31, 2006. Thank you for
investing with us.
Tax-Free Cash Reserve Portfolio seeks to provide as high
ROBERT H. GRAHAM a level of tax-exempt income as is consistent with
preservation of capital and maintenance of liquidity. The
Fund invests in high-quality, short-term municipal
obligations, seeking to provide income exempt from federal
taxation. The Fund structure is driven to some extent by the
supply of municipal securities. Liquidity is managed with
daily and weekly variable-rate demand notes.
Through a combination of short-term cash management vehicles and selective
use of a longer maturity schedule for higher yields, the Fund continued to
provide competitive returns. The Fund maintained a relatively short maturity
structure to take advantage of any sudden rise in market yields.
The Fund continued to hold the highest credit-quality ratings given by three
widely known credit rating agencies: AAAm from Standard & Poor's, Aaa from
Moody's and AAA from FitchRatings. Fund ratings are subject to change and are
based on several factors, including an analysis of the Fund's overall credit
quality, market price exposure and management.
MARKET CONDITIONS AFFECTING MONEY MARKET FUNDS
The economy continued to expand at a moderate pace throughout the fiscal year
ended March 31, 2006. In an effort to foster economic growth and prevent
inflation, the U.S. Federal Reserve Board (the Fed) slowly but steadily raised
its federal funds target rate. The federal funds rate is the interest rate at
which depository institutions lend money overnight to one another from their
Federal Reserve balances.
The Fed raised this key interest rate by 25 basis points (0.25%) eight times,
increasing it from 2.75% at the start of the fiscal year to 4.75% at its close.
As the fiscal year-end approached, there was widespread expectation that the Fed
was nearing an end to its tightening cycle.
Money market funds were also affected by these factors and trends:
o Gross domestic product, generally considered the broadest measure of
overall economic activity, grew at an annualized rate of 3.5% in 2005, and
4.8% in the first quarter of 2006
o In response to the Fed's actions, short-term yields rose steadily during
the year covered by this report. Longer term yields did not, creating a
flattening of the yield curve
o Led by strong refunding activity in anticipation of higher interest rates,
total municipal securities issuance set a record in calendar year 2005,
according to the Bond Market Association. Fed tightening caused short-term
issuance to decline from 2004 to 2005, however
IN CLOSING
We are pleased to send you this report on your investment. AIM
Investments--Registered Trademark-- is committed to the goals of safety,
liquidity and yield in money market fund management. We are also dedicated to
customer service. Should you have questions about this report, please contact
one of our Customer Services representatives at 800-659-1005.
Sincerely,
/S/ ROBERT H. GRAHAM
Robert H. Graham
Vice Chair & President, Tax-Free Investments Trust
May 17, 2006
The views and opinions expressed in this letter are those of A I M Advisors,
Inc. These views and opinions are subject to change at any time based on factors
such as market and economic conditions. These views and opinions may not be
relied upon as investment advice or recommendations, or as an offer for a
particular security. Statements of fact are from sources considered reliable,
but A I M Advisors, Inc. makes no representation or warranty as to their
completeness or accuracy. Although historical performance is no guarantee of
future results, these insights may help you understand our investment management
philosophy.
1
TAX-FREE CASH RESERVE PORTFOLIO
====================================================================================================================
SHARE CLASS DATA
DATA AS OF 3/31/06
CLASS YIELD WEIGHTED AVERAGE MATURITY NET ASSETS
7-DAY MONTHLY RANGE DURING AT FISCAL
SEC YIELD YIELD FISCAL YEAR YEAR END
Resource 2.79% 2.74% 19-31 days 24 days $341.3 million
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be
lower or higher. Please visit AIMinvestments.com for the most recent month-end performance. Investment return will
vary. Monthly yield represents annualized results for the period, net of fees and expenses, and excludes any
realized capital gains or losses. Had the advisor and distributor not waived certain fees and/or reimbursed certain
expenses, performance would have been lower.
====================================================================================================================
====================================
FUND COMPOSITION BY MATURITY
IN DAYS, AS OF 3/31/06
1-7 82.5%
8-30 3.3
31-90 7.2
91-180 3.3
181+ 3.7
====================================
The number of days to maturity of each holding is determined in accordance with
the provisions of Rule 2a-7 under the Investment Company Act of 1940, as
amended.
================================================================================
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
================================================================================
================================================================================
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENTLY EFFECTIVE FUND
PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION, INCLUDING FEES AND
EXPENSES. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
================================================================================
2
TAX-FREE CASH RESERVE PORTFOLIO
DEAR FELLOW AIM FUND SHAREHOLDERS:
Having completed a year of transition and change at AIM
Funds--as well as my first full year as your board's
[CROCKETT independent chair--I can assure you that shareholder
PHOTO] interests are at the forefront of every decision your board
makes. While regulators and fund companies debate the value
of an independent board chair, this structure is working for
you. Our new structure has enabled the board to work more
BRUCE L. CROCKETT effectively with management to achieve benefits for the
shareholders, as shown in the highlights of 2005 listed
below:
o During 2005, management proposed, and your board
approved, voluntary advisory fee reductions, which are
saving shareholders more than $20 million annually, based
on asset levels of March 31, 2005.
o Also during 2005, management proposed to your board the
merger of 14 funds into other AIM funds with similar
objectives. In each case, the goal was for the resulting
merged fund to benefit from strengthened management and
greater efficiency. Your board carefully analyzed and
discussed with management the rationale and proposed
terms of each merger to ensure that the mergers were
beneficial to the shareholders of all affected funds
before approving them. Eight of these mergers were
subsequently approved by shareholders of the target funds
during 2005. The remaining six fund mergers were approved
by shareholders in early 2006.
o Your board, through its Investments Committee and
Subcommittees, continued to closely monitor the portfolio
performance of the funds. During the year, your board
reviewed portfolio management changes made by the advisor
at 11 funds with the objective of organizing management
teams around common processes and shared investment
views. Management believes these changes will lead to
improved investment performance.
In 2006, your board will continue to focus on fund
expenses and investment performance. Although many funds
have good performance, we are working with management to
seek improvements for those funds currently performing below
expectations. Eight in-person board meetings and several
additional telephone and committee meetings are scheduled to
take place this year. I'll inform you of our progress in my
next semiannual letter to shareholders.
The AIM Funds board is pleased to welcome our newest
independent member, Raymond Stickel, Jr., a former partner
with the international auditing firm of Deloitte & Touche.
We also send our thanks and best wishes to Gerald J. Lewis,
who retired from your board in December 2005, and to Edward
K. Dunn, Jr., who retired in 2006.
Your board welcomes your views. Please mail them to me at
AIM Investments, AIM Investments Tower, 11 Greenway Plaza,
Suite 100, Houston TX 77046.
Sincerely,
/S/ BRUCE L. CROCKETT
Bruce L. Crockett
Independent Chair
AIM Funds Board
May 17, 2006
3
TAX-FREE CASH RESERVE PORTFOLIO
CALCULATING YOUR ONGOING FUND EXPENSES
EXAMPLE together with the amount you invested, The hypothetical account values and
to estimate the expenses that you paid expenses may not be used to estimate the
As a shareholder of the Fund, you incur over the period. Simply divide your actual ending account balance or
ongoing costs, including management account value by $1,000 (for example, an expenses you paid for the period. You
fees; distribution and/or service fees $8,600 account value divided by $1,000 = may use this information to compare the
(12b-1); and other Fund expenses. This 8.6), then multiply the result by the ongoing costs of investing in the Fund
example is intended to help you number in the table under the heading and other funds. To do so, compare this
understand your ongoing costs (in entitled "Actual Expenses Paid During 5% hypothetical example with the 5%
dollars) of investing in the Fund and to Period" to estimate the expenses you hypothetical examples that appear in the
compare these costs with ongoing costs paid on your account during this period. shareholder reports of the other funds.
of investing in other mutual funds. The
example is based on an investment of HYPOTHETICAL EXAMPLE FOR COMPARISON Please note that the expenses shown
$1,000 invested at the beginning of the PURPOSES in the table are meant to highlight your
period and held for the entire period ongoing costs only. Therefore, the
October 1, 2005, through March 31, 2006. The table below also provides hypothetical information is useful in
information about hypothetical account comparing ongoing costs only, and will
ACTUAL EXPENSES values and hypothetical expenses based not help you determine the relative
on the Fund's actual expense ratio and total costs of owning different funds.
The table below provides information an assumed rate of return of 5% per year
about actual account values and actual before expenses, which is not the Fund's
expenses. You may use the information actual return.
in this table,
====================================================================================================================================
ACTUAL HYPOTHETICAL
(5% ANNUAL RETURN BEFORE EXPENSES)
BEGINNING ENDING EXPENSES ENDING EXPENSES ANNUALIZED
ACCOUNT VALUE ACCOUNT VALUE PAID DURING ACCOUNT VALUE PAID DURING EXPENSE
CLASS (10/1/05) (3/31/06)(1) PERIOD(2) (3/31/06) PERIOD(2) RATIO
Resource $1,000.00 $1,013.00 $1.91 $1,023.04 $1.92 0.38%
(1) The actual ending account value is based on the actual total return of the Fund for the period October 1, 2005, through March
31, 2006, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense
ratio and a hypothetical annual return of 5% before expenses.
(2) Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the
period, multiplied by 182/365 to reflect the most recent fiscal half year.
====================================================================================================================================
4
TAX-FREE CASH RESERVE PORTFOLIO
APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUMMARY OF INDEPENDENT WRITTEN FEE
EVALUATION
The Board of Trustees of Tax-Free o The quality of services to be provided o Fees relative to those of clients of
Investments Trust (the "Board") oversees by AIM. The Board reviewed the AIM with comparable investment
the management of Tax-Free Cash Reserve credentials and experience of the strategies. The Board reviewed the
Portfolio (the "Fund") and, as required officers and employees of AIM who will advisory fee rate for the Fund under the
by law, determines annually whether to provide investment advisory services to Advisory Agreement. The Board noted that
approve the continuance of the Fund's the Fund. In reviewing the this rate (i) was lower than the
advisory agreement with A I M Advisors, qualifications of AIM to provide advisory fee rates for one retail money
Inc. ("AIM"). Based upon the investment advisory services, the Board market fund, and comparable to the
recommendation of the Investments reviewed the qualifications of AIM's advisory fee rates for three
Committee of the Board, at a meeting investment personnel and considered such institutional money market funds (one of
held on June 30, 2005, the Board, issues as AIM's portfolio and product which has an "all-in" fee structure
including all of the independent review process, AIM's legal and whereby AIM pays all of the fund's
trustees, approved the continuance of compliance function, AIM's use of ordinary operating expenses), advised by
the advisory agreement (the "Advisory technology, AIM's portfolio AIM with investment strategies
Agreement") between the Fund and AIM for administration function and the quality comparable to those of the Fund; (ii)
another year, effective July 1, 2005. of AIM's investment research. Based on was lower than the advisory fee rates
the review of these and other factors, for a variable insurance fund advised by
The Board considered the factors the Board concluded that the quality of AIM and offered to insurance company
discussed below in evaluating the services to be provided by AIM was separate accounts with investment
fairness and reasonableness of the appropriate and that AIM currently is strategies comparable to those of the
Advisory Agreement at the meeting on providing satisfactory services in Fund; (iii) was lower than the advisory
June 30, 2005 and as part of the Board's accordance with the terms of the fee rates for one offshore fund for
ongoing oversight of the Fund. In their Advisory Agreement. which an AIM affiliate serves as advisor
deliberations, the Board and the with investment strategies comparable to
independent trustees did not identify o The performance of the Fund relative those of the Fund; and (iv) was higher
any particular factor that was to comparable funds. The Board reviewed than the advisory fee rates for two
controlling, and each trustee attributed the performance of the Fund during the unregistered pooled investment vehicles,
different weights to the various past one, three and five calendar years and comparable to the advisory fee rates
factors. against the performance of funds advised for a third unregistered pooled
by other advisors with investment investment vehicle, for which an AIM
One of the responsibilities of the strategies comparable to those of the affiliate serves as advisor with
Senior Officer of the Fund, who is Fund. The Board noted that the Fund's investment strategies comparable to
independent of AIM and AIM's affiliates, performance in such periods was at or those of the Fund. The Board noted that
is to manage the process by which the above the median performance of such AIM has agreed to waive fees and/or
Fund's proposed management fees are comparable funds. Based on this review, limit expenses of the Fund, as discussed
negotiated to ensure that they are the Board concluded that no changes below. Based on this review, the Board
negotiated in a manner which is at arm's should be made to the Fund and that it concluded that the advisory fee rate for
length and reasonable. To that end, the was not necessary to change the Fund's the Fund under the Advisory Agreement
Senior Officer must either supervise a portfolio management team at this time. was fair and reasonable.
competitive bidding process or prepare
an independent written evaluation. The o The performance of the Fund relative o Fees relative to those of comparable
Senior Officer has recommended an to indices. The Board reviewed the funds with other advisors. The Board
independent written evaluation in lieu performance of the Fund during the past reviewed the advisory fee rate for the
of a competitive bidding process and, one, three and five calendar years Fund under the Advisory Agreement. The
upon the direction of the Board, has against the performance of the Lipper Board compared effective contractual
prepared such an independent written Institutional Tax-Exempt Money Market advisory fee rates at a common asset
evaluation. Such written evaluation also Index.* The Board noted that the Fund's level and noted that the Fund's rate was
considered certain of the factors performance in such periods was below the median rate of the funds
discussed below. In addition, as comparable to the performance of such advised by other advisors with
discussed below, the Senior Officer made Index. Based on this review, the Board investment strategies comparable to
certain recommendations to the Board in concluded that no changes should be made those of the Fund that the Board
connection with such written evaluation. to the Fund and that it was not reviewed. The Board noted that AIM has
necessary to change the Fund's portfolio agreed to waive fees and/or limit
The discussion below serves as a management team at this time. expenses of the Fund, as discussed
summary of the Senior Officer's below. Based on this review, the Board
independent written evaluation and o Meeting with the Fund's portfolio concluded that the advisory fee rate for
recommendations to the Board in managers and investment personnel. With the Fund under the Advisory Agreement
connection therewith, as well as a respect to the Fund, the Board is was fair and reasonable.
discussion of the material factors and meeting periodically with such Fund's
the conclusions with respect thereto portfolio managers and/or investment o Expense limitations and fee waivers.
that formed the basis for the Board's personnel and believes that such The Board noted that AIM has
approval of the Advisory Agreement. individuals are competent and able to contractually agreed to waive fees
After consideration of all of the continue to carry out their and/or limit expenses of the Fund in an
factors below and based on its informed responsibilities under the Advisory amount necessary to limit total annual
business judgment, the Board determined Agreement. operating expenses to a specified
that the Advisory Agreement is in the percentage of average daily net assets
best interests of the Fund and its o Overall performance of AIM. The Board for each class of the Fund. The Board
shareholders and that the compensation considered the overall performance of considered the contractual nature of
to AIM under the Advisory Agreement is AIM in providing investment advisory and this fee waiver/expense limitation and
fair and reasonable and would have been portfolio administrative services to the noted that it remains in effect until
obtained through arm's length Fund and concluded that such performance March 31, 2007. The Board considered the
negotiations. was satisfactory. effect this fee waiver/expense
limitation would have on the Fund's
o The nature and extent of the advisory estimated expenses and concluded that
services to be provided by AIM. The the levels of fee waivers/expense
Board reviewed the services to be limitations for the Fund were fair and
provided by AIM under the Advisory reasonable.
Agreement. Based on such review, the
Board concluded that the range of
services to be provided by AIM under the
Advisory Agreement was appropriate and
that AIM currently is providing services
in accordance with the terms of the
Advisory Agreement.
*The unmanaged Lipper Institutional Tax Exempt Money Market Index represents an
average of the 30 largest institutional tax-exempt money market funds tracked by
Lipper, Inc., an independent mutual fund performance monitor.
(continued)
5
TAX-FREE CASH RESERVE PORTFOLIO
o Breakpoints and economies of scale. o Benefits of soft dollars to AIM. The o Other factors and current trends. In
The Board reviewed the structure of the Board considered the benefits realized determining whether to continue the
Fund's advisory fee under the Advisory by AIM as a result of brokerage Advisory Agreement for the Fund, the
Agreement, noting that it includes one transactions executed through "soft Board considered the fact that AIM,
breakpoint. The Board reviewed the level dollar" arrangements. Under these along with others in the mutual fund
of the Fund's advisory fees, and noted arrangements, brokerage commissions paid industry, is subject to regulatory
that such fees, as a percentage of the by other funds advised by AIM are used inquiries and litigation related to a
Fund's net assets, have decreased as net to pay for research and execution wide range of issues. The Board also
assets increased because the Advisory services. This research may be used by considered the governance and compliance
Agreement includes a breakpoint. The AIM in making investment decisions for reforms being undertaken by AIM and its
Board concluded that the Fund's fee the Fund. The Board concluded that such affiliates, including maintaining an
levels under the Advisory Agreement arrangements were appropriate. internal controls committee and
therefore reflect economies of scale and retaining an independent compliance
that it was not necessary to change the o AIM's financial soundness in light of consultant, and the fact that AIM has
advisory fee breakpoints in the Fund's the Fund's needs. The Board considered undertaken to cause the Fund to operate
advisory fee schedule. whether AIM is financially sound and has in accordance with certain governance
the resources necessary to perform its policies and practices. The Board
o Investments in affiliated money market obligations under the Advisory concluded that these actions indicated a
funds. Not applicable because the Fund Agreement, and concluded that AIM has good faith effort on the part of AIM to
does not invest in affiliated money the financial resources necessary to adhere to the highest ethical standards,
market funds. fulfill its obligations under the and determined that the current
Advisory Agreement. regulatory and litigation environment to
o Independent written evaluation and which AIM is subject should not prevent
recommendations of the Fund's Senior o Historical relationship between the the Board from continuing the Advisory
Officer. The Board noted that, upon Fund and AIM. In determining whether to Agreement for the Fund.
their direction, the Senior Officer of continue the Advisory Agreement for the
the Fund, who is independent of AIM and Fund, the Board also considered the
AIM's affiliates, had prepared an prior relationship between AIM and the
independent written evaluation in order Fund, as well as the Board's knowledge
to assist the Board in determining the of AIM's operations, and concluded that
reasonableness of the proposed it was beneficial to maintain the
management fees of the AIM Funds, current relationship, in part, because
including the Fund. The Board noted that of such knowledge. The Board also
the Senior Officer's written evaluation reviewed the general nature of the
had been relied upon by the Board in non-investment advisory services
this regard in lieu of a competitive currently performed by AIM and its
bidding process. In determining whether affiliates, such as administrative,
to continue the Advisory Agreement for transfer agency and distribution
the Fund, the Board considered the services, and the fees received by AIM
Senior Officer's written evaluation and and its affiliates for performing such
the recommendation made by the Senior services. In addition to reviewing such
Officer to the Board that the Board services, the trustees also considered
consider implementing a process to the organizational structure employed by
assist them in more closely monitoring AIM and its affiliates to provide those
the performance of the AIM Funds. The services. Based on the review of these
Board concluded that it would be and other factors, the Board concluded
advisable to implement such a process as that AIM and its affiliates were
soon as reasonably practicable. qualified to continue to provide
non-investment advisory services to the
o Profitability of AIM and its Fund, including administrative, transfer
affiliates. The Board reviewed agency and distribution services, and
information concerning the profitability that AIM and its affiliates currently
of AIM's (and its affiliates') are providing satisfactory
investment advisory and other activities non-investment advisory services.
and its financial condition. The Board
considered the overall profitability of
AIM, as well as the profitability of AIM
in connection with managing the Fund.
The Board noted that AIM's operations
remain profitable, although increased
expenses in recent years have reduced
AIM's profitability. Based on the review
of the profitability of AIM's and its
affiliates' investment advisory and
other activities and its financial
condition, the Board concluded that the
compensation to be paid by the Fund to
AIM under its Advisory Agreement was not
excessive.
6
TAX-FREE INVESTMENTS TRUST
SCHEDULE OF INVESTMENTS
March 31, 2006
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS-101.02%
ALABAMA-1.42%
Birmingham (City of) Public Educational
Building Authority Student Housing (CHF UAB
II LLC); Series 2005 A VRD RB
(LOC-Regions Bank) 3.18%, 07/01/37(b)(c) -- VMIG-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
Homewood (City of) Educational Building
Authority (Samford University Facilities
Project); Series 1999 VRD RB
(INS-Ambac Assurance Corp.) 3.14%,
12/01/21(d)(e) -- VMIG-1 7,515 7,515,000
- -------------------------------------------------------------------------------------------
Montgomery (City of) Industrial Development
Board Pollution Control & Solid Waste
Disposal (General Electric Co. Project);
Series 2005 Refunding VRD IDR
3.17%, 05/01/21(d) A-1+ VMIG-1 33,300 33,300,000
===========================================================================================
45,215,000
===========================================================================================
ALASKA-1.19%
Alaska (State of) Industrial Development
Authority (Providence Medical Office
Building); Series 1985 VRD IDR (LOC-KBC
Bank N.V.) 3.40%, 06/01/10(c)(f)(g) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Anchorage (City of); Series 2006 GO TAN
4.50%, 12/28/06 -- MIG-1 10,000 10,082,702
- -------------------------------------------------------------------------------------------
North Slope Boro (City of); Series 2000 A
Refunding VRD GO
(INS-MBIA Insurance Corp.) 3.21%,
06/30/10(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Alaska (State of) Housing
Finance Corp.); Series 1999 D VRD RB
(Acquired 03/28/06; Cost $25,000,000)
3.20%, 06/01/49(b)(h)(i) -- VMIG-1 25,000 25,000,000
===========================================================================================
37,982,702
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ARIZONA-0.62%
Casa Grande (City of) Industrial Development
Authority (Center Park Apartments Project);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 $ 2,010 $ 2,010,000
- -------------------------------------------------------------------------------------------
Casa Grande (City of) Industrial Development
Authority (Quail Gardens Apartments);
Series 2001 A Refunding Multi-Family
Housing VRD IDR (CEP-Federal National
Mortgage Association) 3.21%, 06/15/31(b) -- VMIG-1 1,785 1,785,000
- -------------------------------------------------------------------------------------------
Phoenix (City of) Industrial Development
Authority (Lynwood Apartments Project);
Series 1994 Refunding Multi-Family Housing
VRD IDR (CEP-Federal Home Loan Bank of San
Francisco) 3.24%, 10/01/25(b) A-1+ -- 5,715 5,715,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (El Dorado Hospital); Series 2004
VRD IDR (LOC-Branch Banking & Trust Co.)
3.20%, 04/01/38(b)(c) -- VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tohono Chul Park Project);
Series 2001 VRD IDR (LOC-Northern Trust
Co.)
3.28%, 08/01/36(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Pima (County of) Industrial Development
Authority (Tucson Electric Power
Co.-Irvington Road Project); Series 1982
VRD IDR (LOC-Credit Suisse) 3.20%,
10/01/22(b)(c)(g) A-1 VMIG-1 2,000 2,000,000
===========================================================================================
19,610,000
===========================================================================================
ARKANSAS-0.06%
Pulaski (County of) Public Facilities Board
(Health Facilities-Central Arkansas
Radiation Therapy Inc. Project); Series
2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/08(b)(c)(j) -- -- 1,910 1,910,000
===========================================================================================
</Table>
F-1
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-2.82%
Centerra (City of) Metropolitan District No.
1; Series 2004 VRD RB (LOC-BNP Paribas)
3.20%, 12/01/29(b)(c)(g) A-1+ -- $12,000 $ 12,000,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Community Wireless
Park City); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 600 600,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Regis Jesuit High
School Project); Series 2003 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
12/01/33(b)(c) A-1+ -- 5,175 5,175,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Educational & Cultural
Facilities Authority (Southeastern Baptist
Theological Seminary); Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/25(b)(c) -- VMIG-1 8,945 8,945,000
- -------------------------------------------------------------------------------------------
Colorado (State of) General Fund; Series 2005
TRAN 4.00%, 06/27/06 SP-1+ MIG-1 10,000 10,031,316
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Arapahoe House Project);
Series 2004 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.24%,
04/01/24(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Collinwood); Series
2004 B Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 4,130 4,130,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Bethesda Living Centers); Series
2004 A Refunding VRD RB
(LOC-LaSalle Bank N.A.) 3.18%,
08/01/34(b)(c) A-1 -- 5,145 5,145,000
- -------------------------------------------------------------------------------------------
Colorado (State of) Health Facilities
Authority (Christian Living Project);
Refunding Series 1997 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 01/01/11(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Refunding Series 2002 A VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 01/01/31(b)(c) A-1+ -- 3,400 3,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
COLORADO-(CONTINUED)
Colorado (State of) Housing & Finance
Authority (Winridge Apartments
Multifamily); Series 1998 Refunding VRD RB
(CEP-Federal National Mortgage Association)
3.19%, 02/15/28(b) A-1+ -- $ 2,615 $ 2,615,000
- -------------------------------------------------------------------------------------------
Colorado Springs (City of) Industrial
Development Authority (Cook Communications
Project); Series 2002 VRD IDR (LOC-Bank of
America, N.A.) 3.23%, 03/01/17(b)(c) A-1+ -- 2,650 2,650,000
- -------------------------------------------------------------------------------------------
Concord (Metropolitan District of); Series
2004 Refunding & Improvement Unlimited Tax
GO
(LOC-Wells Fargo Bank, N.A.) 3.50%,
12/01/06(c)(k)(l) A-1+ -- 1,550 1,550,000
- -------------------------------------------------------------------------------------------
Crystal Valley Metropolitan District No. 1;
Series 2004 VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
10/01/34(b)(c) A-1+ -- 4,795 4,795,000
- -------------------------------------------------------------------------------------------
Denver (City & County of) Excise Tax Revenue
Authority (Convention Center Project);
Series 2001 B RB
(INS-Financial Security Assurance Inc.)
3.17%, 09/01/25(b)(e) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Idaho Springs (City of) (Safeway Inc.
Project); Series 1993 Refunding VRD IDR
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- 740 740,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Section 14 Metropolitan
District; Series 2000 Refunding Unlimited
Tax GO
(LOC-U.S. Bank, N.A.) 5.20%, 12/01/06(c)(k) AA -- 1,100 1,111,653
- -------------------------------------------------------------------------------------------
Series 2004 Refunding Unlimited Tax VRD GO
(LOC-U.S. Bank, N.A.) 3.50%,
12/01/06(c)(k)(n) A-1+ -- 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Kipling Ridge (District of Metropolitan);
Series 2005 VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/23(b)(c) A-1+ -- 7,450 7,450,000
- -------------------------------------------------------------------------------------------
</Table>
F-2
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
COLORADO-(CONTINUED)
Lafayette (City of) Exempla Improvement
District (Special Improvement No. 2-01);
Series 2002 Refunding Special Assessment
VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.20%,
12/01/22(b)(c) A-1+ -- $ 965 $ 965,000
- -------------------------------------------------------------------------------------------
Loveland (City of) (Safeway Inc. Projects);
Series 1993 Refunding VRD IDR (LOC-Deutsche
Bank A.G.) 3.25%, 06/01/06(c)(g)(k)(m) A-1 -- 935 935,000
- -------------------------------------------------------------------------------------------
Moffat (County of) (Ute Electric
Association); Series 1984 VRD PCR
(INS-Ambac Assurance Corp.)
3.20%, 07/01/10(b)(e) A-1+ VMIG-1 2,445 2,445,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (Mandalay Gardens Urban); Series
2006 VRD TAN (LOC-Depfa Bank PLC) 3.20%,
12/01/28(b)(c)(g) A-1+ VMIG-1 6,380 6,380,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Economic Development
Authority (North Huron Urban Renewal);
Series 2005 VRD TAN (LOC-Depfa Bank PLC)
3.20%, 12/01/28(b)(c)(g) A-1+ VMIG-1 2,950 2,950,000
- -------------------------------------------------------------------------------------------
Westminster (City of) Water & Wastewater
Utility Enterprise; Series 2002 VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 12/01/22(b)(e) A-1+ VMIG-1 1,345 1,345,000
===========================================================================================
89,802,969
===========================================================================================
CONNECTICUT-0.26%
Connecticut (State of) Development Authority
(Central Vermont Public Service); Series
1985 Floating Rate PCR (LOC-Citizens Bank
of Pennsylvania) 3.31%, 12/01/15(c)(f) A-1+ -- 1,400 1,400,000
- -------------------------------------------------------------------------------------------
Connecticut (State of) Health & Educational
Facilities Authority (Kent School); Series
2001 C VRD RB
(INS-MBIA Insurance Corp.) 3.18%,
07/01/30(b)(e) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
CONNECTICUT-(CONTINUED)
Connecticut (State of) Health & Educational
Facilities Authority (Westminster School);
Series 2002 C VRD RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/32(b)(c) A-1+ -- $ 5,390 $ 5,390,000
===========================================================================================
8,290,000
===========================================================================================
DELAWARE-0.26%
Delaware (State of) Economic Development
Authority (Independent School Inc.
Project); Series 2003 VRD RB
(LOC-Citizens Bank of Pennsylvania) 3.18%,
07/01/33(b)(c) A-1+ -- 8,250 8,250,000
===========================================================================================
DISTRICT OF COLUMBIA-1.04%
District of Columbia (American Library
Association); Series 2005 VRD RB
(LOC-Bank of America, N.A.) 3.20%,
02/01/35(b)(c) -- VMIG-1 3,175 3,175,000
- -------------------------------------------------------------------------------------------
District of Columbia (American Psychology
Association); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
03/01/28(b)(c) A-1+ -- 1,230 1,230,000
- -------------------------------------------------------------------------------------------
District of Columbia (National Academy of
Sciences); Series 1999 B Commercial Paper
(INS-Ambac Assurance Corp.)
3.15%, 07/17/06(e) A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
District of Columbia; Series 2003 A Unlimited
Tax GO
(INS-Financial Guaranty Insurance Co.)
5.50%, 06/01/06(e) AAA Aaa 2,715 2,727,245
- -------------------------------------------------------------------------------------------
Series 2003 B Unlimited Tax GO
(INS-Ambac Assurance Corp.) 5.00%,
06/01/06(e) AAA Aaa 5,430 5,450,626
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (District of Columbia Water
& Sewer Authority); Series 2003 A12 VRD RB
(Acquired 02/24/03; Cost $4,610,000) 3.21%,
10/01/17(b)(h)(i) -- VMIG-1 4,610 4,610,000
===========================================================================================
33,192,871
===========================================================================================
</Table>
F-3
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-4.37%
ABN AMRO Munitops Ctfs. Trust (Escambia
(County of)); Series 2002-24 Refunding
Florida Non-AMT VRD Ctfs. (Acquired
10/24/02; Cost $5,000,000) 3.19%,
10/01/10(b)(h)(i) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Florida (State
of) Board of Education); Series 2004-48
Non-AMT VRD RB
(Acquired 08/05/05; Cost $5,500,000) 3.19%,
06/01/12(b)(h)(i) -- VMIG-1 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Cape Coral (City of); Series 2005 Commercial
Paper Note (LOC-Bank of America, N.A.)
2.65%, 04/04/06(c) A-1+ -- 4,900 4,900,000
- -------------------------------------------------------------------------------------------
3.37%, 09/12/06(c) A-1+ -- 18,972 18,972,321
- -------------------------------------------------------------------------------------------
Capital Projects Finance Authority (Capital
Projects Loan Program); Series 1997 A VRD
RB
(INS-Financial Security Assurance Inc.)
3.20%, 08/01/17(b)(e) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Collier (County of) Health Facility Authority
(Cleveland Health Clinic); Series 2006 C-2
Hospital Commercial Paper (LOC-Bank of
America, N.A.) 3.14%, 04/05/06(c) A-1+ VMIG-1 13,500 13,500,000
- -------------------------------------------------------------------------------------------
Collier (County of) Industrial Development
Authority (Redlands Christian Migrant
Association Inc.); Series 2001 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
12/01/26(b)(c)(j) -- -- 2,800 2,800,000
- -------------------------------------------------------------------------------------------
Florida (State of) Housing Finance Corp.
(Lakeside North); Series 2004 Refunding
Multi-Family Mortgage VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 06/01/34(b) A-1+ -- 2,630 2,630,000
- -------------------------------------------------------------------------------------------
Hillsborough (County of) Industrial
Development Authority (Tampa Metropolitan
Area YMCA Project); Series 2000 VRD IDR
(LOC-Bank of America, N.A.) 3.23%,
03/01/25(b)(c)(j) -- -- 5,550 5,550,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
FLORIDA-(CONTINUED)
Jacksonville (City of) Health Facilities
Authority (Baptist Medical Center Project);
Series 2004 Commercial Paper (LOC-Bank of
America, N.A.) 3.25%, 10/04/06(c) A-1+ -- $18,000 $ 18,000,000
- -------------------------------------------------------------------------------------------
3.20%, 10/13/06(c) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (Samuel C. Taylor Foundation
Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
02/20/01; Cost $2,600,000) 3.23%,
12/01/23(b)(c)(i)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Jacksonville (City of) Health Facilities
Authority (University of Florida
Jacksonville Physicians, Inc.); Series 2002
VRD RB
(LOC-Bank of America, N.A.) 3.25%,
06/01/22(b)(c) -- VMIG-1 11,705 11,705,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Florida (State of) Department of
Environmental Protection); Series 2002-722
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $9,770,000) 3.20%,
07/01/22(b)(h)(i) A-1 -- 9,770 9,770,000
- -------------------------------------------------------------------------------------------
North Miami (City of) Educational Facilities
(Miami Country Day School Project); Series
1999 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
08/01/19(b)(c)(j) -- -- 1,650 1,650,000
- -------------------------------------------------------------------------------------------
Orange (County of) Health Facilities
Authority (Adventist Health System/Sunbelt
Inc.); Series 1992 VRD RB
(LOC-SunTrust Bank) 3.28%, 11/15/14(b)(c) A-1+ VMIG-1 1,535 1,535,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Educational Facilities
Authority (Atlantic College Project);
Series 2001 Educational Facilities VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/31(b)(c)(j) -- -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Palm Beach (County of) Housing Finance
Authority (Emerald Bay Club Apartments);
Series 2004 Refunding Multi-Family Housing
VRD RB (LOC-Wachovia Bank, N.A.) 3.20%,
06/01/30(b)(c) A-1+ P-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-4
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
FLORIDA-(CONTINUED)
Palm Beach (County of) School District Sales
Tax; Series 2005 Commercial Paper (LOC-Bank
of America, N.A.) 3.22%, 05/09/06(c) A-1+ P-1 $11,500 $ 11,500,000
- -------------------------------------------------------------------------------------------
Port Orange (City of) (Palmer College
Project); Series 2002 VRD RB (LOC-LaSalle
Bank N.A.)
3.19%, 10/01/32(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Tampa (City of) (Agency for Community
Treatment DACCO Project); Series 2001 VRD
RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/22(b)(c)(j) -- -- 4,910 4,910,000
===========================================================================================
139,222,321
===========================================================================================
GEORGIA-5.36%
ABN AMRO Munitops Ctfs. Trust (Fulton (County
of) Water & Sewer Revenue Bonds); Series
2004-15 Non-AMT VRD Ctfs. (Acquired
10/12/04; Cost $9,995,000) 3.20%,
01/01/12(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
Atlanta (City of) Metropolitan Rapid Transit
Authority; Series 2004 B Commercial Paper
(LOC-Dexia Bank) 3.30%, 04/05/06(c)(g) A-1+ P-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Burke (County of) Development Authority
(Oglethorpe Power Corp.); Series 1999 B VRD
PCR (INS-Ambac Assurance Corp.) 3.18%,
01/01/20(d)(e) A-1+ VMIG-1 17,800 17,800,000
- -------------------------------------------------------------------------------------------
Series 2005 B Commercial Paper VRD PCR
(INS-Ambac Assurance Corp.) 3.22%,
04/05/06(e) A-1+ VMIG-1 6,000 6,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06(e) A-1+ VMIG-1 24,900 24,900,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (Forsyth (County
of) School District); Series 2004-6 A VRD
Unlimited Tax GO
(Acquired 10/20/04; Cost $2,960,000) 3.21%,
02/01/18(b)(h)(i) A-1+ -- 2,960 2,960,000
- -------------------------------------------------------------------------------------------
Cobb (County of) Development Authority (YMCA
of Cobb County); Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/25(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Cobb (County of); Series 2006 Unlimited Tax
GO TAN
4.50%, 12/29/06 SP-1+ MIG-1 20,000 20,141,600
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
GEORGIA-(CONTINUED)
DeKalb (County of) Housing Authority (Wood
Hills Apartment Project); Series 1988
Refunding Floating Rate Multi-Family
Housing RB
(LOC-Bank of America, N.A.) 3.22%,
12/01/07(b)(c) A-1+ -- $ 9,250 $ 9,250,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Georgia (State of));
Series 2000-1001 C VRD COP (Acquired
07/26/00; Cost $20,000,000) 3.21%,
07/01/15(b)(h)(i) A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Development Authority
(Pinecrest Academy Inc. Project); Series
2000 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/25(b)(c) -- VMIG-1 8,350 8,350,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Bridgeway Foundation for Education
Project); Series 2000 Educational
Facilities VRD RB (LOC-Wachovia Bank, N.A.)
3.23%, 06/01/15(b)(c) A-1+ -- 1,925 1,925,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Doris & Alex Weber School Project); Series
2006 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Development Authority
(Mount Vernon Presbyterian School); Series
2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/35(b)(c) -- VMIG-1 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Fulton (County of) Hospital Authority; Series
2003 B Anticipation Ctfs. Northside RB
(LOC-Wachovia Bank, N.A.) 3.14%,
10/01/33(c)(d) -- VMIG-1 5,690 5,690,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Atlanta (City of) Water &
Wastewater); Series 2004 520 VRD RB
(Acquired 04/20/05; Cost $24,995,000)
3.21%, 05/01/12(b)(h)(i) A-1 -- 24,995 24,995,000
- -------------------------------------------------------------------------------------------
Smyrna (City of) Hospital Authority
(Ridgeview Institute Inc. Project); Series
2002 VRD RB
(LOC-Wachovia Bank, N.A.) 3.23%,
11/01/27(b)(c) -- VMIG-1 1,960 1,960,000
- -------------------------------------------------------------------------------------------
</Table>
F-5
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
GEORGIA-(CONTINUED)
Wachovia MERLOTs (Dalton (City of)); Series
2003 A02 Utilities VRD RB
(Acquired 08/25/04; Cost $4,790,000) 3.21%,
01/01/12(b)(h)(i) -- VMIG-1 $ 4,790 $ 4,790,000
===========================================================================================
170,856,600
===========================================================================================
HAWAII-0.31%
Eagle Tax Exempt Trust (Hawaii (State of));
Series 2000-1101 VRD COP (Acquired
01/11/01; Cost $6,000,000) 3.21%,
12/01/16(b)(h)(i) A-1+ -- 6,000 6,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Hawaii (State of)); Series
2003 A16 Unlimited Tax VRD GO
(Acquired 02/27/03; Cost $3,870,000) 3.21%,
07/01/18(b)(h)(i) -- VMIG-1 3,870 3,870,000
===========================================================================================
9,870,000
===========================================================================================
IDAHO-1.19%
Custer (County of) Pollution Control (Amoco
Oil Co.- Standard Oil Industry Project);
Series 1983 VRD PCR 2.85%,
04/01/06(g)(k)(m) A-1+ -- 23,000 23,000,000
- -------------------------------------------------------------------------------------------
Idaho (State of); Series 2005 Unlimited Tax
GO TAN
4.00%, 06/30/06 SP-1+ MIG-1 15,000 15,047,904
===========================================================================================
38,047,904
===========================================================================================
ILLINOIS-16.48%
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of) Board of Education); Series 2002-4 VRD
GO
Ctfs. (Acquired 11/10/05; Cost $24,225,000)
3.20%, 12/01/09(b)(h)(i) -- VMIG-1 24,225 24,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Chicago (City
of)); Series 2001-34 Refunding Multi-State
Non-AMT VRD Limited Tax Ctfs. (Acquired
11/15/01; Cost $10,000,000) 3.22%,
07/01/07(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2005-40 Non-AMT VRD Unlimited Tax GO
(Acquired 11/30/05; Cost $15,165,000)
3.22%, 07/01/13(b)(h)(i)(j) -- -- 15,165 15,165,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Aurora (City of) Economic Development (Aurora
University); Series 2004 VRD RB
(LOC-Harris N.A.) 3.28%, 03/01/35(b)(c) A-1+ VMIG-1 $ 6,400 $ 6,400,000
- -------------------------------------------------------------------------------------------
Bear Stearns Municipal Securities Trust Ctfs.
(State of Illinois); Series 1998-25 A VRD
RB
(Acquired 08/26/99; Cost $10,000,000)
3.23%, 03/15/07(b)(h)(i) A-1 -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2002-190 A VRD RB
(Acquired 05/06/02; Cost $10,130,000)
3.23%, 06/05/14(b)(h)(i) A-1 -- 10,130 10,130,000
- -------------------------------------------------------------------------------------------
CDC Municipal Products, Inc. (University of
Illinois); Series 2005-10 A VRD RB
(Acquired 04/27/05; Cost $3,355,000) 3.21%,
04/01/19(b)(h)(i) A-1+ -- 3,355 3,355,000
- -------------------------------------------------------------------------------------------
Channahon (City of) (Morris Hospital); Series
2003 D VRD RB
(LOC-U.S. Bank, N.A.) 3.20%, 12/01/32(b)(c) A-1+ -- 3,230 3,230,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
O'Hare International Airport); Series
2006-0056 A VRD COP (Acquired 03/22/06;
Cost $6,200,000) 3.21%, 01/01/33(b)(h)(i) A-1+ -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Park District); Series 2002-1306 A
Unlimited Tax VRD COP (Acquired 05/02/02;
Cost $5,500,000) 3.21%, 01/01/29(b)(h)(i) A-1+ -- 5,500 5,500,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of)
Water & Sewer); Series 2001-1308 VRD COP
(Acquired 12/12/01; Cost $8,655,000) 3.21%,
11/01/26(b)(h)(i) A-1+ -- 8,655 8,655,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chicago (City of));
Series 2001-1305 VRD COP (Acquired
04/02/01; Cost $4,950,000) 3.31%,
01/01/35(b)(h)(i) A-1+ -- 4,950 4,950,000
- -------------------------------------------------------------------------------------------
</Table>
F-6
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Eagle Tax Exempt Trust (Cook (County of)
Regional Transportation Authority); Series
2000-1303 VRD COP (Acquired 03/26/01; Cost
$19,000,000) 3.21%, 07/01/23(b)(h)(i) A-1+ -- $19,000 $ 19,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Illinois (State of));
Series 2000-1304 VRD COP (Acquired
06/27/00; Cost $7,340,000) 3.21%,
06/01/21(b)(h)(i) A-1+ -- 7,340 7,340,000
- -------------------------------------------------------------------------------------------
Elmhurst (City of) (JT Community
Accredation); Series 1988 RB
(LOC-JPMorgan Chase Bank, N.A.)
3.18%, 07/01/18(b)(c) A-1+ VMIG-1 1,275 1,275,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (American College of Surgeons
Project); Series 1996 VRD RB
(LOC-Northern Trust Co.) 3.15%,
08/01/26(b)(c)(o) A-1+ -- 2,374 2,374,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Chicago Shakespeare Theater
Project); Series 1999 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 09/24/03;
Cost $4,100,000) 3.20%, 01/01/19(b)(c)(i) A-1 -- 4,100 4,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Christian Heritage Academy);
Series 2001 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/01/21(c)(d) A-1+ -- 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Embers Elementary School
Project); Series 2002 Educational
Facilities VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 11/04/03;
Cost $2,215,000) 3.21%, 04/01/32(b)(c)(i) A-1 -- 2,215 2,215,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Fenwick High School Project);
Series 1997 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/32(b)(c) A-1+ -- 2,400 2,400,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Glenwood School for Boys);
Series 1998 VRD RB
(LOC-Harris N.A.) 3.28%, 02/01/33(b)(c) A-1+ -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (James Jordan Boys & Girls Club
and Family Center Project); Series 1995 VRD
RB
(LOC-JPMorgan Chase Bank, N.A., LaSalle
Bank N.A.) (Acquired 10/18/05; Cost
$4,700,000) 3.28%, 08/01/30(b)(c)(i) A-1 -- 4,700 4,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Lyric Opera Chicago Project);
Series 1994 VRD RB
(LOC-Northern Trust Co., Harris N.A.,
JPMorgan Chase Bank, N.A.) 3.22%,
12/01/28(b)(c) A-1+ VMIG-1 15,600 15,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Museum of Contemporary Art
Project); Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A., Northern
Trust Co.) 3.22%, 02/01/29(b)(c) A-1+ VMIG-1 9,500 9,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (North Shore Country Day); Series
2003 RB
(LOC-Northern Trust Co.) 3.21%,
07/01/33(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Oak Park Residence Corp.
Project); Series 2001 VRD RB
(LOC-LaSalle Bank N.A.) (Acquired 01/29/03;
Cost $2,975,000) 3.20%, 07/01/41(b)(c)(i) A-1 -- 2,975 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Rosecrance Inc. Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/24(b)(c) A-1+ -- 2,925 2,925,000
- -------------------------------------------------------------------------------------------
</Table>
F-7
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Development Finance
Authority (Teachers Academy for Math);
Series 2001 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/21(b)(c) -- VMIG-1 $ 2,975 $ 2,975,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (Uhlich Childrens Home Project);
Series 2002 VRD IDR (LOC-JPMorgan Chase
Bank, N.A.)
3.28%, 10/01/33(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (West Central Illinois
Educational Project); Series 2002 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/32(b)(c) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Development Finance
Authority (World Communications Inc.);
Series 2000 VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
08/01/15(b)(c) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Arts Club of Chicago); Series
1996 VRD RB
(LOC-Northern Trust Co.) 3.28%,
01/01/26(b)(c) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Aurora University); Series 2002
RB
(LOC-Fifth Third Bank) 3.28%,
03/01/32(b)(c) -- VMIG-1 3,300 3,300,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Chicago Childrens Museum);
Series 1994 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 02/01/28(b)(c) A-1 VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Dominican University); Series
2000 B VRD RB
(LOC-Allied Irish Banks PLC) 3.28%,
10/01/30(b)(c)(g) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Elmhurst College); Series 2003
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 03/01/33(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Educational Facilities
Authority (Field Museum of National
History); Series 1998 VRD RB
(LOC-Bank of America, N.A.) 3.22%,
11/01/32(b)(c) A-1+ -- $ 3,950 $ 3,950,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Lake County Family YMCA); Series
2000 VRD RB
(LOC-Harris N.A.) 3.28%, 11/01/30(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (Museum of Science & Industry);
Series 1992 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 10/01/26(b)(c) -- VMIG-1 3,250 3,250,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority (National Louis University);
Series 1999 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 06/01/29(b)(c) A-1+ -- 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Series 1999 B VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/29(b)(c) A-1+ -- 1,600 1,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Educational Facilities
Authority; Series 2006 Pooled Financing
Commercial Paper Notes (LOC-Northern Trust
Co.)
3.22%, 04/04/06(c) A-1+ -- 16,200 16,200,000
- -------------------------------------------------------------------------------------------
3.28%, 05/23/06(c) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Benedictine University Project); Series
2006 VRD RB
(LOC-National City Bank) 3.20%,
03/01/26(b)(c) A-1 -- 6,500 6,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Jewish
Charities); Series 2005 A VRD RAN
(LOC-Harris N.A.) 3.25%, 06/30/06(b)(c) A-1+ -- 7,745 7,745,000
- -------------------------------------------------------------------------------------------
Series 2006 B VRD RAN (LOC-Harris N.A.)
3.25%, 06/30/06(b)(c) A-1+ -- 7,355 7,355,000
- -------------------------------------------------------------------------------------------
</Table>
F-8
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
Illinois (State of) Finance Authority (Latin
School Project); Series 2005 A Refunding
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/28(b)(c) -- VMIG-1 $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Mercy
Alliance Project); Series 2005 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 02/15/35(b)(c) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (North
Park University Project); Series 2005 VRD
RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 07/01/35(b)(c) A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (Search
Development Center Inc. Project); Series
2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 06/01/24(b)(c) -- VMIG-1 5,270 5,270,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority
(Sunshine Through Golf Foundation Project);
Series 2004 A VRD RB
(LOC-LaSalle Bank N.A.) 3.21%,
11/01/24(b)(c) A-1 -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (WBEZ
Alliance Inc. Project); Series 2005 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
10/01/40(b)(c) A-1 -- 8,500 8,500,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Finance Authority (YMCA
of Metropolitan Chicago Project); Series
2004 VRD RB
(LOC-Harris N.A.) 3.22%, 06/01/34(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Bensenville Home Society);
Series 1989 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 02/15/19(b)(c) A-1+ -- 937 937,238
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Cradle Society Project); Series
1998 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/33(b)(c) A-1+ -- 1,200 1,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Illinois (State of) Health Facilities
Authority (Northwestern Memorial Hospital);
Series 1995 VRD RB
3.22%, 08/15/25(b) A-1+ VMIG-1 $22,235 $ 22,235,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Park Plaza Center); Series 1996
Multi-Family VRD RB
(LOC-LaSalle Bank N.A.) 3.28%,
09/15/20(b)(c) A-1 -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority (Riverside Health System); Series
1996 B VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
11/15/16(b)(c) A-1 -- 4,545 4,545,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Health Facilities
Authority; Series 1985 C Revolving Fund
Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Revolving Fund Pooled VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 08/01/15(b)(c) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
Illinois (State of) Housing Development
Authority (Lakeshore Plaza); Series 2000 A
Multi-Family Housing RB
(INS-MBIA Insurance Corp.) 3.19%,
07/01/27(b)(e) A-1+ VMIG-1 20,775 20,775,000
- -------------------------------------------------------------------------------------------
Illinois (State of); Series 2005 Unlimited
Tax Ctfs. GO
4.50%, 04/28/06 SP-1+ MIG-1 10,000 10,009,252
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Chicago (City of) Park
District); Series 2005 974 VRD Limited Tax
GO
(Acquired 07/06/05; Cost $1,100,000) 3.21%,
01/01/13(b)(h)(i) A-1 -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Lombard (City of) (Clover Creek Apartments
Project); Series 2000 Multi-Family Housing
VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 12/15/30(b) A-1+ -- 14,855 14,855,000
- -------------------------------------------------------------------------------------------
</Table>
F-9
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
ILLINOIS-(CONTINUED)
McCook (City of) (Illinois Saint Andrew
Society); Series 1996 A VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- $ 5,000 $ 5,000,000
- -------------------------------------------------------------------------------------------
Series 1996 B VRD RB
(LOC-Northern Trust Co.) 3.20%,
12/01/21(b)(c) A-1+ -- 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Monmouth (City of) Industrial Development
Project (Monmouth College); Series 2005 VRD
IDR (LOC-Allied Irish Banks PLC) 3.20%,
06/01/35(b)(c)(g) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Quincy (City of) (Blessing Hospital Project);
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 11/15/33(b)(c) A-1+ VMIG-1 4,520 4,520,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Lake (County of)
Joint Action Water Agency); Series 2003 B18
VRD RB
(Acquired 02/19/03; Cost $9,705,000) 3.21%,
05/01/20(b)(h)(i) -- VMIG-1 9,705 9,705,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Board of
Education); Series 2000 A4 VRD Unlimited
Tax GO
(Acquired 11/12/03; Cost $4,845,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 4,845 4,845,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of) Emergency
Telephone System); Series 2002 A44 VRD
Limited Tax GO
(Acquired 08/02/02; Cost $7,825,000) 3.21%,
01/01/20(b)(h)(i) -- VMIG-1 7,825 7,825,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Chicago (City of)); Series
2000 A12 VRD Limited Tax GO
(Acquired 10/13/00; Cost $12,200,000)
3.21%, 01/01/23(b)(h)(i) -- VMIG-1 12,200 12,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook County of) Regional
Transportation Authority); Series 2001 A93
VRD RB
(Acquired 10/10/01; Cost $7,235,000) 3.21%,
07/01/27(b)(h)(i) -- VMIG-1 7,235 7,235,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
ILLINOIS-(CONTINUED)
Series 2002 A41 VRD Unlimited Tax GO
(Acquired 07/25/02; Cost $17,675,000)
3.21%, 06/01/17(b)(h)(i) -- VMIG-1 $17,675 $ 17,675,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Cook (County of)); Series
2003 B11 VRD Unlimited Tax GO
(Acquired 01/29/03; Cost $6,995,000) 3.21%,
11/15/25(b)(h)(i) -- VMIG-1 6,995 6,995,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Illinois (State of));
Series 2001 A124 VRD Unlimited Tax GO
(Acquired 11/26/01; Cost $7,880,000) 3.21%,
11/01/26(b)(h)(i) A-1 -- 7,880 7,880,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Illinois);
Series 2000 S VRD GO
(Acquired 03/20/00; Cost $14,400,000)
3.21%, 04/01/30(b)(h)(i) -- VMIG-1 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Will (County of) (University of St. Francis);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.28%,
12/01/25(b)(c) -- VMIG-1 9,600 9,600,000
===========================================================================================
525,020,490
===========================================================================================
INDIANA-3.47%
ABN AMRO Munitops Ctfs. Trust (Indianapolis
(City of) Public Improvement Bond Bank
Waterworks); Series 2002-7 Non-AMT VRD RB
(Acquired 11/17/05;Cost $5,000,000) 3.21%,
07/01/10(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Wayne
(Township of), Marion (County of) School
Building Corp.); Series 2003-27 Multi-
State Non-AMT VRD RB
(Acquired 11/12/03; Cost $13,795,000)
3.20%, 07/15/11(b)(h)(i) -- VMIG-1 13,795 13,795,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Trust (Wayne (Township of),
Marion (County of) School Building Corp.)
Series 2003-32 Multi-State Non-AMT VRD RB
Ctfs. (Acquired 01/31/06; Cost $8,000,000)
3.20%, 01/15/12(b)(h)(i)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-10
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
INDIANA-(CONTINUED)
CDC Municipal Products, Inc. (Indiana (State
of) Transportation Finance Authority);
Series 2004-5 A Highway VRD RB
(Acquired 10/21/04; Cost $1,975,000) 3.21%,
12/01/18(b)(h)(i) A-1+ -- $ 1,975 $ 1,975,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Bond Bank; Series 2006 A
Advanced Funding Program RB
(LOC-Bank of New York) 4.50%, 02/01/07 SP-1+ MIG-1 9,290 9,378,372
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indiana Historical Society, Inc.
Project); Series 1996 Educational
Facilities VRD RB
(LOC-JPMorgan Chase Bank, N.A.) (Acquired
07/25/05; Cost $3,410,000) 3.22%,
08/01/31(b)(c)(i) A-1+ -- 3,410 3,410,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Development Finance
Authority (Indianapolis Museum of Art);
Series 2002 Educational Facilities
Historical VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/37(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Series 2004 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 02/01/39(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Educational Facilities
Authority (Wabash College Project); Series
2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 12/01/23(b)(c) -- VMIG-1 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Clark Memorial
Hospital); Series 2004 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/24(b)(c) -- VMIG-1 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Indiana (State of) Health Facilities
Financing Authority (Community Hospitals
Project); Series 1997 A VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/27(b)(c) A-1+ -- 15,000 15,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
INDIANA-(CONTINUED)
Indiana (State of) Health Facilities
Financing Authority (Golden Years
Homestead); Series 2002 A VRD RB
(LOC-Wells Fargo Bank, N.A.) 3.19%,
06/01/25(b)(c) A-1+ -- $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Merrillville (City of)
Multi School Building Corp.); Series 2005
923 VRD RB
(Acquired 06/09/05; Cost $4,765,000) 3.21%,
01/15/13(b)(h)(i) A-1 -- 4,765 4,765,000
- -------------------------------------------------------------------------------------------
Purdue University (Student Fee); Series 1996
M University RB
6.00%, 07/01/06(k)(q) NRR NRR 1,950 1,984,499
- -------------------------------------------------------------------------------------------
St. Joseph (County of) Economic Development
Authority (Holy Cross Village Project);
Series 2006 D VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
05/15/39(b)(c)(g)(j) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Tippecanoe (County of) (Faith Properties Inc.
Project); Series 2005 VRD RB
(LOC-Regions Bank) 3.19%, 11/01/30(b)(c)(j) -- -- 6,475 6,475,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Porter (County of) Jail
Building Corp.); Series 2001 A58 VRD RB
(Acquired 11/12/03; Cost $9,395,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,395 9,395,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Wayne (Township of), Marion
(County of) School Building Corp.) Series
2006 D-02 RB
(Acquired 02/23/06; Cost $4,710,000) 3.21%,
07/15/24(b)(h)(i) A-1+ -- 4,710 4,710,000
===========================================================================================
110,502,871
===========================================================================================
IOWA-0.53%
Iowa (State of) Finance Authority (Holy
Family Catholic Schools); Series 2006
Educational Facility VRD RB
(LOC-Allied Irish Banks PLC) 3.23%,
03/01/36(c)(d)(g) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Finance Authority
(Morningside College Project); Series 2002
Private College Facility VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 10/01/32(b)(c) A-1+ -- 2,055 2,055,000
- -------------------------------------------------------------------------------------------
</Table>
F-11
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
IOWA-(CONTINUED)
Iowa (State of) Higher Education Loan
Authority (Graceland Private College);
Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
02/01/33(b)(c) -- VMIG-1 $ 5,820 $ 5,820,000
- -------------------------------------------------------------------------------------------
Iowa (State of) Higher Education Loan
Authority; Series 1985 Educational Loan
Private College Facility VRD ACES (INS-MBIA
Insurance Corp.) 3.28%, 12/01/15(b)(e) A-1+ VMIG-1 5,100 5,100,000
===========================================================================================
16,975,000
===========================================================================================
KANSAS-0.49%
Eagle Tax Exempt Trust (Wyandotte (County of)
Unified Government Utility System); Series
2004-0038 A VRD COP (Acquired 09/08/04;
Cost $5,000,000) 3.21%, 09/01/21(b)(h)(i) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Kansas (State of) Development Finance
Authority (Deaconess Long Term Care);
Series 2000 C Health Facilities VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
05/15/30(b)(c) -- VMIG-1 4,280 4,280,000
- -------------------------------------------------------------------------------------------
Olathe (City of) Recreational Facilities
(YMCA of Greater Kansas City Project);
Series 2002 B VRD RB
(LOC-Bank of America, N.A.) 3.23%,
11/01/18(b)(c) -- VMIG-1 3,215 3,215,000
- -------------------------------------------------------------------------------------------
Wichita (City of) Recreational Facilities
(YMCA of Wichita Project); Series 1998 XI
VRD RB
(LOC-Bank of America, N.A.) (Acquired
03/10/06; Cost $3,000,000) 3.23%,
08/01/09(b)(c)(i) A-1+ -- 3,000 3,000,000
===========================================================================================
15,495,000
===========================================================================================
KENTUCKY-1.22%
Eagle Tax Exempt Trust (Louisville &
Jefferson (County of) Metropolitan Sewer
District); Series 2006-0053 A VRD RB
(Acquired 03/22/06; Cost $14,335,000)
3.21%, 05/15/33(b)(h)(i) A-1+ -- 14,335 14,335,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
KENTUCKY-(CONTINUED)
Ewing (City of) Kentucky Area Development
District Financing Trust (Lease Acquisition
Program); Series 2000 VRD RB
(LOC-Wachovia Bank, N.A.) 3.28%,
06/01/33(b)(c)(o) A-1+ -- $ 2,043 $ 2,043,000
- -------------------------------------------------------------------------------------------
Jefferson (County of) Industrial Building
(Franciscan Eldercare Service); Series 2001
VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
05/15/30(b)(c) A-1 -- 3,925 3,925,000
- -------------------------------------------------------------------------------------------
Louisville & Lexington (Counties of) Center
Corp.; Series 2001 A VRD RB
(INS-Ambac Assurance Corp.) 3.22%,
10/01/21(b)(e) A-1+ -- 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Newport (City of) Kentucky League of Cities
Funding Trust; Series 2002 Lease Program
VRD RB
(LOC-U.S. Bank, N.A.) 3.19%,
04/01/32(b)(c)(o) -- VMIG-1 15,490 15,490,000
===========================================================================================
38,793,000
===========================================================================================
LOUISIANA-0.12%
Louisiana (State of) Offshore Terminal
Authority; Series 2003 B Refunding Deep
Water Port VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 09/01/14(b)(c) A-1+ -- 3,850 3,850,000
===========================================================================================
MAINE-0.34%
JPMorgan PUTTERs (Maine (State of) Turnpike
Authority); Series 2004 546 Turnpike VRD RB
(Acquired 10/28/04; Cost $1,790,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,790 1,790,000
- -------------------------------------------------------------------------------------------
Maine (State of); Series 2005 Unlimited Tax
BAN 4.00%, 06/22/06 -- MIG-1 9,100 9,126,828
===========================================================================================
10,916,828
===========================================================================================
MARYLAND-1.18%
Baltimore (County of) (Blue Circle Inc.
Project); Series 1992 Economic Development
VRD RB
(LOC-BNP Paribas) 3.28%, 12/01/17(b)(c)(g) -- VMIG-1 7,900 7,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-12
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MARYLAND-(CONTINUED)
Frederick (County of) Retirement Community
(Buckingham's Choice Inc. Project); Series
1997 C VRD RB
(LOC-Branch Banking & Trust Co.)
3.19%, 01/01/27(b)(c) A-1 VMIG-1 $ 6,000 $ 6,000,000
- -------------------------------------------------------------------------------------------
Howard (County of) Economic Development
(Norbel School Inc. Project); Series 2001
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 02/01/28(b)(c) -- VMIG-1 4,785 4,785,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (Prologue Inc. Project); Series 2005
Economic Development VRD RB
(LOC-Bank of America, N.A.) 3.20%,
06/01/31(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Economic Development
Corp. (YMCA of Central Maryland Inc.
Project); Series 2003 Economic Development
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 04/01/28(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Health & Higher
Educational Facilities Authority (Glen
Meadows Retirement); Series 1999 A VRD RB
(LOC-Wachovia Bank, N.A.) 3.24%,
07/01/29(b)(c) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Maryland (State of) Industrial Development
Financing Authority (Baltimore
International College Facility); Series
2005 Economic VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 11/01/30(b)(c) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Maryland (State of) Health & Higher
Educational Facilities Authority); Series
2003-829 Floating Rate Trust Ctfs. VRD RB
(Acquired 06/19/03; Cost $3,800,000) 3.20%,
08/15/38(b)(h)(i) -- VMIG-1 3,800 3,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MARYLAND-(CONTINUED)
Queen Anne's (County of) (Safeway Inc.
Project); Series 1994 Refunding Economic
Development VRD RB
(LOC-Deutsche Bank A.G.) 3.25%,
06/01/06(c)(g)(k)(m) A-1 -- $ 1,145 $ 1,145,000
===========================================================================================
37,625,000
===========================================================================================
MASSACHUSETTS-1.51%
Massachusetts (State of) Health & Educational
Facilities Authority (Emmanuel College);
Series 2003 VRD RB
(LOC-Allied Irish Banks PLC; State Street
Bank & Trust Co.) 3.18%, 07/01/33(b)(c)(g) -- VMIG-1 18,275 18,275,000
- -------------------------------------------------------------------------------------------
Massachusetts (State of) Health & Educational
Facilities Authority (Harvard University);
Series 2006 EE Commercial Paper Note
3.20%, 04/04/06 A-1+ P-1 30,000 30,000,000
===========================================================================================
48,275,000
===========================================================================================
MICHIGAN-4.02%
ABN AMRO Munitops Ctfs. Trust (Michigan
(State of) Building Authority); Series
2003-35 Non-AMT VRD RB
(Acquired 09/29/05; Cost $10,595,000)
3.20%, 10/15/11(b)(h)(i) -- VMIG-1 10,595 10,595,000
- -------------------------------------------------------------------------------------------
Bruce (Township of) Hospital Finance
Authority (Sisters Charity of St. Joseph);
Series 1988 B Health Care System VRD RB
(INS-MBIA Insurance Corp.) 2.98%,
05/01/06(e)(k)(m) A-1+ VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Dearborn (City of) Economic Development Corp.
(Henry Ford Village Inc. Project); Series
1998 VRD Limited Tax IDR (LOC-Comerica
Bank) 3.25%, 10/01/23(b)(c)(r) -- -- 8,300 8,300,000
- -------------------------------------------------------------------------------------------
Detroit (City of) Economic Development Corp.
(Waterfront Reclamation); Series 1999 C VRD
RB
(LOC-National City Bank) 3.23%,
05/01/09(b)(c) A-1 P-1 1,005 1,005,000
- -------------------------------------------------------------------------------------------
</Table>
F-13
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MICHIGAN-(CONTINUED)
Eagle Tax-Exempt Trust (Detroit (City of)
School District); Series 2002-6014 A VRD
Unlimited Tax GO
(Acquired 11/06/02; Cost $7,105,000) 3.21%,
05/01/32(b)(h)(i) A-1+ -- $ 7,105 $ 7,105,000
- -------------------------------------------------------------------------------------------
Kalamazoo (County of) Economic Development
Corp. (Heritage Community Project); Series
2004 Refunding VRD Limited Tax RB
(LOC-Fifth Third Bank) 3.18%,
05/15/17(b)(c) A-1+ -- 1,515 1,515,000
- -------------------------------------------------------------------------------------------
Kent (County of) Hospital Finance Authority
(Metropolitan Hospital Project); Series
2005 B Refunding VRD RB
(LOC-ABN AMRO Bank N.V.) 3.20%,
07/01/40(b)(c)(g) A-1 -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Higher Educational
Facilities Authority (Hope College); Series
2002 B Limited Tax VRD GO
(LOC-Fifth Third Bank) 3.19%,
04/01/32(b)(c) A-1+ -- 1,500 1,500,000
- -------------------------------------------------------------------------------------------
Series 2004 Refunding VRD Limited Tax GO
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 04/01/34(b)(c) A-1+ -- 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Hospital Finance
Authority (Trinity Health Credit); Series
2005 E VRD RB
3.18%, 11/01/18(d) A-1+ VMIG-1 9,250 9,250,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority
(Local Government Loan Program); Series
2003 C RB
4.00%, 05/01/06 AA Aa2 1,000 1,001,030
- -------------------------------------------------------------------------------------------
Michigan (State of) Municipal Bond Authority;
Series 2005 B-2 RN (LOC-JPMorgan Chase
Bank, N.A.)
4.00%, 08/18/06(c) SP-1+ -- 10,000 10,039,369
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (Van Andel
Research Institute Project); Series 1997
Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
11/01/27(b)(c) A-1 -- 4,500 4,500,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MICHIGAN-(CONTINUED)
Series 2001 Limited Tax VRD RB
(LOC-LaSalle Bank N.A.) 3.22%,
12/01/21(b)(c) A-1 -- $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Michigan (State of) Strategic Fund (YMCA of
Metropolitan Detroit Project); Series 2001
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 05/01/31(b)(c) A-1+ -- 700 700,000
- -------------------------------------------------------------------------------------------
Michigan (State of); Series 2005 A Unlimited
Tax GO Notes
4.50%, 09/29/06 SP-1+ MIG-1 9,100 9,153,843
- -------------------------------------------------------------------------------------------
Oakland (County of) Economic Development
Corp. (Rochester College Project); Series
2001 VRD Limited Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) Notes
3.28%, 08/01/21(b)(c)(o) -- VMIG-1 5,700 5,700,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Sewage
Disposal System); Series 2001 A112 VRD RB
(Acquired 10/31/01; Cost $11,485,000)
3.21%, 07/01/32(b)(h)(i) -- VMIG-1 11,485 11,485,000
- -------------------------------------------------------------------------------------------
Series 2003 B41 VRD RB
(Acquired 07/09/03; Cost $11,225,000)
3.21%, 07/01/26(b)(h)(i) -- VMIG-1 11,225 11,225,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Detroit (City of) Water
Supply System); Series 2000 D VRD RB
(Acquired 01/21/00; Cost $10,000,000)
3.21%, 07/01/29(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Michigan (State of)
Hospital Finance Authority); Series 1997 X
VRD RB
(Acquired 12/12/03; Cost $15,000,000)
3.21%, 08/15/24(b)(h)(i) -- VMIG-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
Waterford School District; Series 2006
Refunding Unlimited Tax GO (INS-MBIA
Insurance Corp.) 3.50%, 05/01/06(e) AAA Aaa 3,440 3,440,329
===========================================================================================
128,214,571
===========================================================================================
</Table>
F-14
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MINNESOTA-3.94%
JPMorgan PUTTERs (Minnesota (State of) Public
Facilities Authority); Series 2002-319 VRD
Drinking Water COP (Acquired 07/31/03; Cost
$13,935,000) 3.21%, 03/01/21(b)(h)(i) AAA NRR $13,935 $ 13,935,000
- -------------------------------------------------------------------------------------------
Minnesota (State of) Higher Education
Facilities Authority (University of St.
Thomas); Series 2004 Five-Z VRD RB
(LOC-LaSalle Bank N.A.) 3.20%,
10/01/29(b)(c) -- VMIG-1 9,400 9,400,000
- -------------------------------------------------------------------------------------------
Rochester (City of) Health Care Facilities
(Mayo Foundation); Series 1988 F Adjustable
Tender Commercial Paper Notes
3.10%, 04/10/06 A-1+ -- 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 2000 A Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ -- 16,000 16,000,000
- -------------------------------------------------------------------------------------------
Series 2000 B Adjustable Tender Commercial
Paper Notes
3.24%, 04/07/06 A-1+ -- 21,500 21,500,000
- -------------------------------------------------------------------------------------------
Series 2001 D Adjustable Tender Commercial
Paper Notes
3.23%, 04/11/06 A-1+ VMIG-1 25,500 25,500,000
- -------------------------------------------------------------------------------------------
Roseville (City of) Private School Facilities
Authority (Northwestern College Project);
Series 2002 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.23%, 11/01/22(c)(d) -- VMIG-1 1,555 1,555,000
- -------------------------------------------------------------------------------------------
St. Paul (City of) Housing & Redevelopment
Authority (Science Museum of Minnesota);
Series 1997 A VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 05/01/27(b)(c) -- VMIG-1 17,560 17,560,000
===========================================================================================
125,450,000
===========================================================================================
MISSISSIPPI-0.53%
ABN AMRO Munitops Ctfs. Trust (Mississippi
(State of) Development Board-Jackson Water
& Sewer); Series 2002-22 Multi-State
Non-AMT VRD Ctfs. (Acquired 09/10/03; Cost
$9,995,000) 3.21%, 09/01/10(b)(h)(i) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
MISSISSIPPI-(CONTINUED)
Eagle Tax Exempt Trust (Mississippi (State
of)); Series 2002-6018 A VRD Unlimited Tax
COP (Acquired 11/20/02; Cost $3,200,000)
3.21%, 11/01/22(b)(h)(i) A-1+ -- $ 3,200 $ 3,200,000
- -------------------------------------------------------------------------------------------
Mississippi (State of) Business Finance Corp.
(St. Andrew Episcopal Day Project); Series
2003 VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
07/01/25(b)(c)(g) -- VMIG-1 3,800 3,800,000
===========================================================================================
16,995,000
===========================================================================================
MISSOURI-1.55%
210 Highway Transportation Development
District (The) (Missouri 210 Highway
Improvement Project); Series 1999 A
Improvement RB
(LOC-U.S. Bank, N.A.) 4.80%, 07/15/06(c) AA A1 2,005 2,012,769
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Center of Creative Arts Project); Series
2004 Cultural Facilities VRD RB
(LOC-National City Bank) 3.22%,
07/01/24(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Development Finance Board
(Utility Lease Financing Program); Series
2006 Commercial Paper Note (LOC-U.S. Bank,
N.A.) 3.30%, 04/20/06(c) -- P-1 28,907 28,907,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Bethesda Health
Group); Series 2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/37(c)(d) -- VMIG-1 4,995 4,995,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (St. Francis Medical
Center); Series 1996 A VRD RB
(LOC-Bank of America, N.A.) 3.18%,
06/01/26(c)(d) A-1+ -- 7,345 7,345,000
- -------------------------------------------------------------------------------------------
Missouri (State of) Health & Educational
Facilities Authority (Washington University
Project); Series 1985 B VRD RB
3.28%, 09/01/10(b) A-1+ VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-15
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
MISSOURI-(CONTINUED)
Platte (County of) Industrial Development
Authority (Southern Platte County Athletic
Assoc. Inc.); Series 2005 A Recreational
Facilities VRD IDR (LOC-Bank of America,
N.A.) 3.20%, 10/01/25(b)(c) -- VMIG-1 $ 2,140 $ 2,140,000
- -------------------------------------------------------------------------------------------
St. Louis (County of) Industrial Development
Authority (Whitfield School Inc.); Series
2004 B Educational Facilities Refunding VRD
IDR (LOC-U.S. Bank, N.A.) 3.21%,
06/15/24(b)(c) A-1+ -- 1,200 1,200,000
===========================================================================================
49,399,769
===========================================================================================
MONTANA-0.35%
Montana (State of) Facility Finance Authority
(Mission Ridge Project); Series 2002 VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
08/01/27(b)(c)(j)(o) -- -- 11,115 11,115,000
===========================================================================================
NEBRASKA-2.89%
Nebhelp Inc.; Series 1985 A Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 32,475 32,475,000
- -------------------------------------------------------------------------------------------
Series 1985 B Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Series 1985 C Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 20,000 20,000,000
- -------------------------------------------------------------------------------------------
Series 1985 D Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 5,865 5,865,000
- -------------------------------------------------------------------------------------------
Series 1985 E Multi-Mode VRD RB
(INS-MBIA Insurance Corp.) 3.25%,
12/01/15(b)(e) A-1+ VMIG-1 28,635 28,635,000
- -------------------------------------------------------------------------------------------
Nebraska (State of) Educational Finance
Authority (Concordia University Project);
Series 2005 VRD RB
(LOC-Fifth Third Bank) 3.24%,
12/15/35(c)(d) A-1+ -- 1,500 1,500,000
===========================================================================================
92,065,000
===========================================================================================
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NEVADA-0.41%
ABN AMRO Munitops Ctfs. Trust (Washoe (County
of)); Series 2001-24 Refunding VRD Limited
Tax Single Asset Trust Ctfs. (Acquired
06/21/01; Cost $6,500,000) 3.22%,
07/01/09(b)(h)(i) -- VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Henderson
N.V.) Series 2004-43 Multi-State Non-AMT
VRD GO
Ctfs. (Acquired 03/28/06; Cost $6,500,000)
3.22%, 12/01/12(b)(h)(i) -- VMIG-1 6,500 6,500,000
===========================================================================================
13,000,000
===========================================================================================
NEW HAMPSHIRE-0.52%
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(New Hampshire (State of) Higher
Educational & Health Facilities Authority);
Series 2003-772 Refunding VRD RB
(Acquired 01/22/03; Cost $5,186,500) 3.20%,
01/01/17(b)(h)(i) A-1 -- 5,187 5,186,500
- -------------------------------------------------------------------------------------------
Series 2003-866 Refunding VRD RB
(Acquired 10/23/03; Cost $7,185,000) 3.20%,
08/15/21(b)(h)(i) A-1 -- 7,185 7,185,000
- -------------------------------------------------------------------------------------------
New Hampshire (State of) Health & Education
Facilities Authority (Antioch University
Issue); Series 2004 Refunding Educational
Facilities VRD RB
(LOC-National City Bank) 3.19%,
12/01/24(b)(c) A-1 -- 4,175 4,175,000
===========================================================================================
16,546,500
===========================================================================================
NEW MEXICO-0.19%
New Mexico (State of) Finance Authority
(University of New Mexico Health Sciences
Center Project); Series 2004 B VRD
Cigarette Tax RB
(INS-MBIA Insurance Corp.) 3.22%,
04/01/19(b)(e) A-1+ VMIG-1 4,200 4,200,000
- -------------------------------------------------------------------------------------------
New Mexico (State of) Hospital Equipment Loan
Council (Dialysis Clinic, Inc. Project);
Series 2000 VRD RB
(LOC-SunTrust Bank) 3.24%, 07/01/25(b)(c) -- VMIG-1 2,000 2,000,000
===========================================================================================
6,200,000
===========================================================================================
</Table>
F-16
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
NEW YORK-0.62%
ABN AMRO Munitops Ctfs. Trust (Triborough
Bridge & Tunnel Authority); Series 2002-31
Non-AMT VRD Ctfs. (Acquired 03/24/04; Cost
$16,000,000) 3.20%, 11/15/10(b)(h)(i) -- VMIG-1 $16,000 $ 16,000,000
- -------------------------------------------------------------------------------------------
New York (City of) Series 2005 E-3 Unlimited
Tax GO
(LOC-Bank of America, N.A.) 3.16%,
08/01/34(b)(c) A-1+ VMIG-1 3,700 3,700,000
===========================================================================================
19,700,000
===========================================================================================
NORTH CAROLINA-1.97%
Charlotte (City of); Series 2005 Commercial
Paper BAN GO
2.70%, 04/04/06 A-1+ -- 7,600 7,600,000
- -------------------------------------------------------------------------------------------
2.92%, 05/09/06 A-1+ -- 1,900 1,900,000
- -------------------------------------------------------------------------------------------
3.32%, 10/05/06 A-1+ -- 10,200 10,200,000
- -------------------------------------------------------------------------------------------
Forsyth (County of) Industrial Facilities &
Pollution Control Financing Authority (YWCA
Winston); Series 2005 Recreational VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/30(b)(c) -- VMIG-1 2,750 2,750,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Barton College); Series
2004 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 07/01/19(b)(c) -- VMIG-1 5,325 5,325,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Canterbury School Project);
Series 2002 Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 08/01/22(b)(c) -- VMIG-1 880 880,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Capital Facilities
Finance Agency (Forsyth Country Day
School); Series 2005 Educational Facilities
VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/31(b)(c) -- VMIG-1 2,600 2,600,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
NORTH CAROLINA-(CONTINUED)
North Carolina (State of) Capital Facilities
Finance Agency (Guilford College); Series
2005 B Educational Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Carolina Meadows Inc. Project);
Series 2004 Health Care Facilities VRD
(LOC-Allied Irish Banks PLC) 3.19%,
12/01/34(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Person Memorial Hospital);
Series 2005 Health Care Facilities VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 01/01/35(b)(c) -- VMIG-1 2,500 2,500,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Southeastern Regional Medical
Center); Series 2005 Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 06/01/37(b)(c) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission (Westcare Health System); Series
2002 A Hospital VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/22(b)(c) -- VMIG-1 9,565 9,565,000
- -------------------------------------------------------------------------------------------
North Carolina (State of) Medical Care
Commission; Series 2004 C Refunding First
Mortgage Health Care Facilities VRD RB
(LOC-SunTrust Bank) 3.20%, 11/01/27(b)(c) -- VMIG-1 3,500 3,500,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (North Carolina (State of)
Eastern Municipal Power Agency); Series
2005 A02 VRD RB
(Acquired 04/12/05; Cost $7,115,000) 3.21%,
01/01/22(b)(h)(i) -- VMIG-1 7,115 7,115,000
===========================================================================================
62,935,000
===========================================================================================
</Table>
F-17
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-3.35%
ABN AMRO Munitops Ctfs. Trust (Olentangy
Local School District); Series 2006-04
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 02/16/06; Cost $2,865,000)
3.21%, 06/01/14(b)(h)(i) -- VMIG-1 $ 2,865 $ 2,865,000
- -------------------------------------------------------------------------------------------
Akron, Bath & Copley (Townships of) Joint
Township Hospital District (Summa Health
Systems); Series 2004 B Hospital Facilities
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.19%, 11/01/34(b)(c) -- VMIG-1 4,900 4,900,000
- -------------------------------------------------------------------------------------------
Cambridge (City of) Hospital Facilities
(Regional Medical Center Project); Series
2001 Refunding & Improvement VRD RB
(LOC-National City Bank) 3.20%,
12/01/21(b)(c) -- VMIG-1 9,990 9,990,000
- -------------------------------------------------------------------------------------------
Centerville (City of) (Bethany Lutheran
Village Project); Series 1994 Health Care
VRD RB
(LOC-National City Bank) 3.22%,
11/01/13(b)(c) -- VMIG-1 2,835 2,835,000
- -------------------------------------------------------------------------------------------
Cincinnati & Hamilton (County of) Economic
Development Port Authority (Kenwood Office
Association Project); Series 1985 VRD RB
(LOC-Fifth Third Bank) 3.24%,
09/01/25(c)(d) A-1+ -- 1,415 1,415,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Carnegie/96th Research Building Project);
Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/33(b)(c) A-1+ VMIG-1 6,800 6,800,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Euclid/93rd Garage and Office); Series
2003 VRD RB
(LOC-Fifth Third Bank) 3.22%,
01/01/34(b)(c) A-1+ VMIG-1 3,425 3,425,000
- -------------------------------------------------------------------------------------------
Cleveland-Cuyahoga (County of) Port Authority
(Multi-Mode Park Synagogue Project); Series
2006 VRD RB
(LOC-U.S. Bank, N.A.) 3.19%, 01/01/31(b)(c) -- VMIG-1 9,995 9,995,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OHIO-(CONTINUED)
Cuyahoga (County of) Health Care Facilities
(Judson Retirement Community); Series 2000
Refunding VRD RB
(LOC-National City Bank) 3.19%,
11/15/19(b)(c) A-1 -- $ 135 $ 135,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Health Care Facilities
(First Community Village); Series 2005
Refunding & Improvement VRD RB
(LOC-KBC Bank N.V.) 3.20%,
03/01/36(b)(c)(g) A-1+ -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Lakewood (City of) Educational Facilities
Authority (St. Edwards High School
Project); Series 2000 VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/01/30(b)(c) -- VMIG-1 1,565 1,565,000
- -------------------------------------------------------------------------------------------
Lakewood (City of); Series 2005 Limited Tax
BAN GO
3.50%, 06/15/06 -- MIG-1 4,000 4,005,760
- -------------------------------------------------------------------------------------------
Lorain (County of) (EMH Regional Medical
Center Project); Series 2001 Hospital
Facilities VRD RB
(LOC-National City Bank) 3.25%,
05/01/26(b)(c)(r) -- -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Mahoning (County of) Hospital Facilities
(Forum Health Obligation Group); Series
2002 B VRD RB
(LOC-Fifth Third Bank) 3.20%,
12/01/27(b)(c) -- VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Marion (County of) (Pooled Lease Program);
Series 1990 Hospital Improvement VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.20%, 08/01/20(b)(c) A-1+ -- 1,245 1,245,000
- -------------------------------------------------------------------------------------------
Middleburg Heights (City of) (Southwest
General Health); Series 1997 Hospital
Improvement VRD RB
(LOC-Fifth Third Bank) 3.19%,
08/15/22(b)(c) A-1+ -- 5,230 5,230,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) (St. Vincent DePaul
Society); Series 1996 Limited Obligation
VRD RB
(LOC-National City Bank) 3.21%,
12/01/10(b)(c) A-1 -- 1,385 1,385,000
- -------------------------------------------------------------------------------------------
Ohio (State of) (Major New Street
Infrastructure); Series 2001 E-1 RB
5.00%, 06/15/06 AA Aa2 1,500 1,504,822
- -------------------------------------------------------------------------------------------
</Table>
F-18
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
OHIO-(CONTINUED)
Ohio (State of) Higher Educational Facility
Commission (Lake Erie); Series 2003 VRD RB
(LOC-Fifth Third Bank) 3.19%,
09/01/30(b)(c) -- VMIG-1 $12,355 $ 12,355,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Higher Educational Facility
Commission (Pooled Financing Program);
Series 2005 A VRD RB
(LOC-Fifth Third Bank) 3.17%,
09/01/26(b)(c) -- VMIG-1 7,200 7,200,000
- -------------------------------------------------------------------------------------------
Ohio (State of) Water Development Authority
(Cleveland Electric); Series 1997 B VRD PCR
(LOC-Barclays Bank) 3.22%,
08/01/20(b)(c)(g) A-1+ P-1 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Richland (County of) Ohio Healthcare
Facilities (Wesleyan); Series 2004 B
Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.17%, 11/01/27(b)(c) A-1+ -- 9,610 9,610,000
===========================================================================================
106,710,582
===========================================================================================
OKLAHOMA-2.40%
Oklahoma (County of) Finance Authority
(Oxford Oaks Apartments Projects); Series
2000 Refunding Multi-Family Housing VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 07/15/30(b)(o) A-1+ -- 27,695 27,695,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Development Finance
Authority (Capitol Dome Project); Series
2001 VRD RB
(LOC-Bank of America, N.A.) 3.27%,
06/01/11(b)(c) A-1+ -- 2,910 2,910,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resource Board;
Series 2001 State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Series 2003 A State Loan Program VRD RB
3.50%, 04/03/06(k)(m) A-1+ -- 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Oklahoma (State of) Water Resources Board;
Series 1995 State Loan Program VRD RB
3.35%, 09/01/06(k)(m) A-1+ -- 6,525 6,525,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
OKLAHOMA-(CONTINUED)
Payne (County of) Economic Development
Authority (Oklahoma State University
Foundation Phase III Project); Series 2002
Student Housing VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
07/01/32(b)(e) -- VMIG-1 $10,000 $ 10,000,000
- -------------------------------------------------------------------------------------------
Tulsa (County of) Industrial Authority;
Series 2003 A Capital Improvements VRD RB
3.13%, 05/15/06(k)(m) A-1+ -- 9,200 9,200,000
===========================================================================================
76,330,000
===========================================================================================
OREGON-0.18%
Clackamas (County of) Hospital Facility
Authority (Willamette View); Series 2005
A-1 Refunding VRD RB
(LOC-Bank of New York) 3.17%,
11/01/29(b)(c) A-1+ -- 4,000 4,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Portland (City of)); Series
2004 614 Sewer System VRD RB
(Acquired 12/02/04; Cost $1,600,000) 3.21%,
10/01/12(b)(h)(i) -- VMIG-1 1,600 1,600,000
===========================================================================================
5,600,000
===========================================================================================
PENNSYLVANIA-3.82%
ABN AMRO Munitops Ctfs. Trust (Reading (City
of) School District); Series 2003-20 Non-
AMT VRD Ctfs. (Acquired 03/02/05; Cost
$4,225,000) 3.21%, 07/15/11(b)(h)(i) -- -- 4,225 4,225,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Pennsylvania
(State of) Public School Building
Authority); Series 2001-30 Non-AMT VRD
Ctfs. (Acquired 10/31/02; Cost $5,000,000)
3.21%, 09/01/09(b)(h)(i) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Series 2003-24 Non-AMT VRD Ctfs. (Acquired
03/08/04; Cost $16,500,000) 3.21%,
06/01/11(b)(h)(i) -- VMIG-1 16,500 16,500,000
- -------------------------------------------------------------------------------------------
Allegheny (County of) Hospital Development
Authority (Presbyterian University
Hospital); Series 1988 ACES VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 03/01/18(b)(c) -- VMIG-1 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
F-19
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Chartiers Valley (Community of) Industrial &
Commercial Development Authority (Asbury
Villas Project); Series 2000 B VRD IDR
(LOC-LaSalle Bank N.A.)
3.19%, 12/01/30(b)(c) A-1 -- $ 7,160 $ 7,160,000
- -------------------------------------------------------------------------------------------
Chester (County of) Health & Educational
Facilities Authority (Kendall-Crosslands
Community Project); Series 2003 Retirement
Community VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
04/01/33(b)(c)(g) A-1 -- 2,940 2,940,000
- -------------------------------------------------------------------------------------------
Cumberland (County of) Municipal Authority
(Wesley Affiliated Services); Series 2005
Refunding VRD RB
(LOC-KBC Bank N.V.) 3.19%,
01/01/38(b)(c)(g) A-1+ -- 8,000 8,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Delaware Valley
Regional); Series 2001-3801 VRD COP
(Acquired 06/04/01; Cost $8,900,000) 3.21%,
08/01/28(b)(h)(i) A-1+ -- 8,900 8,900,000
- -------------------------------------------------------------------------------------------
Emmaus (City of) General Authority; Series
2000 A Pennsylvania Loan Program VRD RB
(INS-Financial Security Assurance Inc.)
3.20%, 03/01/30(b)(e) A-1+ -- 2,675 2,675,000
- -------------------------------------------------------------------------------------------
Franklin (County of) Industrial Development
Authority (Chambersburg Hospital Obligated
Group Projects); Series 2000 Health Care
VRD IDR (INS-Ambac Assurance Corp.)
3.27%, 12/01/24(b)(e) A-1+ -- 2,000 2,000,000
- -------------------------------------------------------------------------------------------
Lackawanna (County of); Series 2004 B
Unlimited Tax GO
(INS-Financial Security Assurance Inc.)
3.21%, 10/15/29(b)(e) A-1+ -- 12,135 12,135,000
- -------------------------------------------------------------------------------------------
Lehigh (County of) Industrial Development
Authority (Allegheny Electric Corp. Inc.);
Series 1984 Refunding VRD PCR (LOC-Rabobank
Nederland) 3.25%, 06/01/14(c)(f)(g) A-1+ -- 1,020 1,020,000
- -------------------------------------------------------------------------------------------
3.25%, 10/01/14(c)(f)(g) A-1+ -- 7,030 7,030,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
PENNSYLVANIA-(CONTINUED)
Luzerne (County of) Industrial Development
Authority (Methodist Homes); Series 2003
VRD IDR (LOC-Bank of New York)
3.23%, 02/01/29(b)(c) A-1+ -- $ 3,100 $ 3,100,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Higher Education &
Health Authority (Liberty Lutheran
Services); Series 2004 VRD RB
(LOC-Bank of America, N.A.) 3.18%,
05/01/34(b)(c) A-1+ -- 3,745 3,745,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Gloria Dei Project); Series 2006
VRD IDR (LOC-Citizens Bank of Pennsylvania)
3.19%, 01/01/23(b)(c) -- VMIG-1 14,700 14,700,000
- -------------------------------------------------------------------------------------------
Montgomery (County of) Industrial Development
Authority (Peco); Series 1999 A Refunding
VRD PCR (LOC-Wachovia Bank, N.A.) 3.23%,
10/01/30(b)(c) -- VMIG-1 3,590 3,590,000
- -------------------------------------------------------------------------------------------
Pennsylvania (State of) Higher Educational
Facilities Authority (Washington &
Jefferson Development); Series 2005 A VRD
RB
(LOC-UniCredito Italiano S.p.A.)
3.22%, 11/01/36(b)(c)(g) -- VMIG-1 3,000 3,000,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Gas Works; Series 2004
A-2 Fifth VRD RB
(LOC-Bank of Nova Scotia, JPMorgan Chase
Bank, N.A.) 3.22%, 09/01/34(b)(c)(g) A-1+ VMIG-1 4,300 4,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Hospitals & Higher
Education Facilities Authority (Temple
University); Series 2005 A Health VRD RB
(LOC-Wachovia Bank, N.A.) 3.20%,
07/01/27(b)(c) A-1+ VMIG-1 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Philadelphia (City of) Industrial Development
Authority (Pennsylvania School for the
Deaf); Series 2002 VRD IDR (LOC-Citizens
Bank of Pennsylvania) 3.22%, 11/01/32(b)(c) -- VMIG-1 2,895 2,895,000
- -------------------------------------------------------------------------------------------
Pottstown (Borough of) Authority (The Hill
School Project); Series 2002 Educational
Facilities VRD RB
(LOC-Allied Irish Banks PLC) 3.21%,
08/01/32(b)(c)(g) -- VMIG-1 1,000 1,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-20
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
PENNSYLVANIA-(CONTINUED)
Wachovia MERLOTs (Scranton (City of) &
Lackawanna (County of) Health & Welfare
Authority); Series 2002 A-18 VRD RB
(Acquired 03/22/02; Cost $4,460,000) 3.21%,
03/01/15(b)(h)(i) -- VMIG-1 $ 4,460 $ 4,460,000
===========================================================================================
121,775,000
===========================================================================================
RHODE ISLAND-0.09%
Rhode Island (State of) Health & Educational
Building Corp. (Paul Cuffee School); Series
2002 Educational Institution VRD RB
(LOC-Citizens Bank of Rhode Island)
3.20%, 08/01/32(b)(c) A-1+ -- 2,900 2,900,000
===========================================================================================
SOUTH CAROLINA-1.43%
Eagle Tax Exempt Trust (South Carolina (State
of) Public Service Authority); Series 2000-
4001 A VRD COP (Acquired 09/08/00; Cost
$10,100,000) 3.21%, 01/01/22(b)(h)(i) A-1+ -- 10,100 10,100,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(South Carolina (State of) Transportation
Infrastructure Bank); Series 2002-728
Floating Rate Trust Ctfs. VRD RB
(Acquired 11/13/02; Cost $7,185,000) 3.20%,
10/01/22(b)(h)(i) -- VMIG-1 7,185 7,185,000
- -------------------------------------------------------------------------------------------
Piedmont Municipal Power Agency; Series 2004
B-1 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/34(b)(e) A-1+ VMIG-1 9,800 9,800,000
- -------------------------------------------------------------------------------------------
Series 2004 B-6 Refunding VRD RB
(INS-MBIA Insurance Corp.) 3.15%,
01/01/31(b)(e) A-1+ VMIG-1 1,100 1,100,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Morris College Project);
Series 1997 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/30/02; Cost $2,100,000) 3.23%,
07/01/17(b)(c)(i) A-1+ -- 2,100 2,100,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
SOUTH CAROLINA-(CONTINUED)
South Carolina (State of) Educational
Facilities Authority for Non-Profit
Institutions (Newberry College Project);
Series 2005 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 09/01/35(b)(c) -- VMIG-1 $ 550 $ 550,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Children's
Home Project);
Series 2003 VRD RB
(LOC-Branch Banking & Trust Co.)
3.20%, 03/01/23(b)(c) -- VMIG-1 3,640 3,640,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Carolina Piedmont
Foundation Project); Series 2002 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
09/01/32(b)(c)(j) -- -- 3,900 3,900,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Catholic Diocese of
South Carolina Project); Series 1998 VRD RB
(LOC-Bank of America, N.A.) (Acquired
07/23/02; Cost $2,840,000) 3.23%,
09/01/18(b)(c)(i) A-1+ -- 2,840 2,840,000
- -------------------------------------------------------------------------------------------
South Carolina (State of) Jobs-Economic
Development Authority (Presbyterian Home of
South Carolina Project); Series 2003 A VRD
RB (LOC-Wachovia Bank, N.A.) 3.23%,
04/01/20(b)(c) A-1+ -- 4,360 4,360,000
===========================================================================================
45,575,000
===========================================================================================
TENNESSEE-4.49%
Blount (County of) Public Building Authority
(Local Government Public Improvement);
Series 2005 D-5-F VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/36(d)(e) -- VMIG-1 2,325 2,325,000
- -------------------------------------------------------------------------------------------
Series 2006 D-6-A VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/31(d)(e) -- VMIG-1 7,400 7,400,000
- -------------------------------------------------------------------------------------------
</Table>
F-21
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TENNESSEE-(CONTINUED)
Clarksville (City of) Public Building
Authority; Series 2004 Pooled Financing VRD
RB
(LOC-Bank of America, N.A.) 3.17%,
07/01/34(c)(d) -- VMIG-1 $36,015 $ 36,015,000
- -------------------------------------------------------------------------------------------
Dayton (City of) Industrial Development Board
(Bryan College Dorm Project); Series 2006
VRD IDR (LOC-Regions Bank) 3.19%,
02/01/28(b)(c) -- VMIG-1 4,000 4,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Chattanooga (City
of)); Series 2000-4202 A VRD COP (Acquired
10/10/00; Cost $14,040,000) 3.21%,
10/01/27(b)(h)(i) A-1+ -- 14,040 14,040,000
- -------------------------------------------------------------------------------------------
Greeneville (City of) Industrial Development
Board (Pet Inc. Project); Series 1993 VRD
Refunding IDR (LOC-BNP Paribas)
3.21%, 05/01/13(b)(c)(g) -- Aa2 1,050 1,050,000
- -------------------------------------------------------------------------------------------
Morristown (City of) Health Educational &
Housing Facilities Board (All Saints
Episcopal School); Series 2001 VRD RB
(LOC-SunTrust Bank) 3.23%, 08/01/16(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
Sevier (County of) Public Building Authority
(Local Government Public Improvement);
Series 1995 A VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/15(b)(e)(o) -- VMIG-1 3,739 3,739,000
- -------------------------------------------------------------------------------------------
Series 1995 B-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/06(b)(e) -- VMIG-1 615 615,000
- -------------------------------------------------------------------------------------------
Series 1996 F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 8,150 8,150,000
- -------------------------------------------------------------------------------------------
Series 1996 F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/11(b)(e) -- VMIG-1 4,350 4,350,000
- -------------------------------------------------------------------------------------------
Series 1996 G-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/16(b)(e) -- VMIG-1 4,810 4,810,000
- -------------------------------------------------------------------------------------------
Series 1997 A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/22(b)(e) -- VMIG-1 5,900 5,900,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/21(b)(e) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TENNESSEE-(CONTINUED)
Series 1997 II E-3 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/10(b)(e) -- VMIG-1 $ 1,325 $ 1,325,000
- -------------------------------------------------------------------------------------------
Series 1997 II E-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,250 1,250,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,035 1,035,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-2 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/17(b)(e) -- VMIG-1 1,060 1,060,000
- -------------------------------------------------------------------------------------------
Series 1997 II F-5 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/27(b)(e) -- VMIG-1 2,210 2,210,000
- -------------------------------------------------------------------------------------------
Series 1997 II-F-4 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/09(b)(e) -- VMIG-1 410 410,000
- -------------------------------------------------------------------------------------------
Series 1999 II A-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/24(b)(e) -- VMIG-1 6,300 6,300,000
- -------------------------------------------------------------------------------------------
Series 1999 II B-1 VRD RB
(INS-Ambac Assurance Corp.) 3.19%,
06/01/25(b)(e) -- VMIG-1 1,700 1,700,000
- -------------------------------------------------------------------------------------------
Series 2005 IV-F-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/35(d)(e) -- VMIG-1 14,000 14,000,000
- -------------------------------------------------------------------------------------------
Series 2005 VI-G-1 VRD RB
(INS-XL Capital Assurance Inc.)
3.19%, 06/01/25(d)(e) -- VMIG-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
Shelby (County of) Health, Educational &
Housing Facilities Board (Memphis College
Art Project); Series 2003 VRD RB
(LOC-Regions Bank) 3.21%, 08/01/23(b)(c) -- VMIG-1 3,885 3,885,000
- -------------------------------------------------------------------------------------------
Williamson (County of) Industrial Development
Board (Currey Ingram Academy); Series 2003
Educational Facilities VRD RB
(LOC-SunTrust Bank) 3.28%, 04/01/23(b)(c) -- VMIG-1 2,300 2,300,000
===========================================================================================
142,969,000
===========================================================================================
TEXAS-12.60%
ABN AMRO Munitops Ctfs. Trust (Leander (City
of) Independent School District); Series
2002-16 Unlimited Multi-State Non-AMT VRD
Ctfs. (Acquired 08/20/03; Cost $5,395,000)
3.22%, 08/15/10(b)(h)(i) -- VMIG-1 5,395 5,395,000
- -------------------------------------------------------------------------------------------
</Table>
F-22
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
ABN AMRO Munitops Ctfs. Trust (North East
Independent School District); Series
2000-13 Multi-State Non-AMT VRD RB
(Acquired 11/17/05; Cost $8,500,000) 3.20%,
02/06/08(b)(h)(i) -- VMIG-1 $ 8,500 $ 8,500,000
- -------------------------------------------------------------------------------------------
Aldine (City of) Independent School District;
Series 2003 Unlimited Tax School Building
VRD GO
(CEP-Texas Permanent School Fund)
2.75%, 06/15/06(k)(n) A-1+ VMIG-1 3,750 3,750,000
- -------------------------------------------------------------------------------------------
Arlington (City of) (Dallas Cowboys) Series
2005 B Special Obligation VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
08/15/35(b)(e) A-1+ VMIG-1 3,765 3,765,000
- -------------------------------------------------------------------------------------------
Bexar (County of) Health Facilities
Development Corp. (Warm Springs
Rehabilitation Foundation Project); Series
1997 Health Care System VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 09/01/27(b)(c) -- VMIG-1 835 835,000
- -------------------------------------------------------------------------------------------
Bowie (County of) Industrial Development
Corp. (Texarkana Newspapers Inc.); Series
1985 VRD IDR (LOC-Bank of New York)
3.20%, 11/01/25(c)(d) A-1+ -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
Brownsville (City of) Texas Utility System;
Series 2003 A Refunding Sub Lien VRD RB
(INS-MBIA Insurance Corp.) 3.16%,
09/01/27(b)(e) A-1+ VMIG-1 1,530 1,530,000
- -------------------------------------------------------------------------------------------
Crawford (City of) Education Facilities Corp.
Package (University Parking System
Project); Series 2004 A Refunding VRD RB
(LOC-BNP Paribas)
3.26%, 05/01/35(b)(c)(g) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Houston (City of)
Airport); Series 2000-4307 VRD COP
(Acquired 11/15/00; Cost $15,750,000)
3.21%, 07/01/28(b)(h)(i) A-1+ -- 15,750 15,750,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Eagle Tax Exempt Trust (Houston (City of)
Water & Sewer); Series 1997-4305 A VRD COP
(Acquired 04/27/99; Cost $14,005,000)
3.21%, 12/01/27(b)(h)(i) A-1+ -- $14,005 $ 14,005,000
- -------------------------------------------------------------------------------------------
Series 2002-6019 A VRD COP (Acquired
11/13/02; Cost $8,910,000) 3.21%,
12/01/30(b)(h)(i) A-1+ -- 8,910 8,910,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Harris (County of)
Toll Road); Series 2002-6012 A VRD COP
(Acquired 11/20/02; Cost $1,580,000) 3.21%,
08/15/30(b)(h)(i) A-1+ -- 1,580 1,580,000
- -------------------------------------------------------------------------------------------
Grand Prairie (City of) Housing Finance Corp.
(Lincoln Property Co.); Series 1993
Refunding Multi-Family Housing VRD RB
(CEP-General Electric Corp.) 3.22%,
06/01/10(b) A-1+ -- 2,700 2,700,000
- -------------------------------------------------------------------------------------------
Harris (County of) Health Facilities
Development Corp. (The Methodist System);
Series 2005 B Refunding Hospital RB
3.17%, 12/01/32(d) A-1+ -- 35,000 35,000,000
- -------------------------------------------------------------------------------------------
Harris (County of) Hospital District; Series
2005 A Sub. Lien Commercial Paper RN
(LOC-Bank of America, N.A.) 3.15%,
07/21/06(c) A-1+ -- 13,651 13,651,000
- -------------------------------------------------------------------------------------------
Harris (County of) Houston Texas Sports
Authority (Rodeo); Series 2001 C Jr. Lein
VRD RB
(INS-MBIA Insurance Corp.) 3.22%,
11/15/30(b)(e) A-1+ VMIG-1 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Hockley (County of) Industrial Development
Corp. (AMOCO Project); Series 1985 VRD PCR
2.98%, 05/01/06(g)(k)(m) A-1+ P-1 10,640 10,640,000
- -------------------------------------------------------------------------------------------
Houston (City of) Higher Education Finance
Corp. (Houston Baptist University); Series
2000 Higher Education Refunding VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 07/01/20(b)(c)(j) -- -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
</Table>
F-23
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Houston (City of) Higher Education Finance
Corp. (Tierwester Oaks); Series 2003 A
Housing VRD RB
(LOC-Bank of New York) 3.30%,
03/01/33(c)(f) -- VMIG-1 $11,005 $ 11,005,000
- -------------------------------------------------------------------------------------------
Houston (City of); Series 2005 D Commercial
Paper Notes GO 3.15%, 05/16/06 A-1+ P-1 17,000 17,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/07/06 A-1+ P-1 11,000 11,000,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Bexar (County of)); Series
2004 530 Limited Tax VRD GO
(Acquired 10/28/04; Cost $4,625,000) 3.21%,
06/15/12(b)(h)(i) -- VMIG-1 4,625 4,625,000
- -------------------------------------------------------------------------------------------
Kendleton (City of) Higher Education Finance
Corp. (Dallas Theological Project); Series
2003 A VRD Limited Tax Obligation RB
(LOC-JPMorgan Chase Bank, N.A.) 3.28%,
07/01/33(b)(c) A-1+ -- 1,300 1,300,000
- -------------------------------------------------------------------------------------------
Lubbock (City of) Independent School
District; Series 2006 School Building VRD
Unlimited Tax GO
(CEP-Texas Permanent School Fund)
5.25%, 09/07/06(k)(l) A-1+ VMIG-1 3,600 3,629,583
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats Brazosport (City of)
Independent School District); Series 2003
PT-1690 Refunding VRD Unlimited Tax GO
(Acquired 02/20/03; Cost $4,853,000) 3.21%,
08/15/10(b)(h)(i) -- VMIG-1 4,853 4,853,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Lamar Consolidated
Independent School District); Series 2005
PT-2860 VRD Unlimited Tax GO
(Acquired 09/09/05; Cost $9,750,000) 3.21%,
02/15/25(b)(h)(i) A-1 -- 9,750 9,750,000
- -------------------------------------------------------------------------------------------
Mesquite (City of) Health Facilities
Development Corp.; Series 2000 C Retirement
Facility VRD RB
(LOC-LaSalle Bank N.A.) 3.19%,
02/15/30(b)(c) A-1 -- 7,435 7,435,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
TEXAS-(CONTINUED)
Metropolitan Higher Education Authority
(University of Dallas Project); Series 1999
Higher Education VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 05/01/19(b)(c)(j) -- -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
North Texas Tollway Authority; Series 2005 C
Dallas North Tollway System VRD RB
(INS-Financial Guaranty Insurance Co.)
3.19%, 01/01/25(b)(e) A-1+ VMIG-1 45,000 45,000,000
- -------------------------------------------------------------------------------------------
Nueces (County of) Health Facilities
Development Corp. (Driscoll Children's
Foundation); Series 1985 Floating Rate RB
(LOC-JPMorgan Chase Bank, N.A.)
3.23%, 07/01/15(b)(c) -- VMIG-1 1,200 1,200,000
- -------------------------------------------------------------------------------------------
Polly Ryon Hospital Authority (Polly Ryon
Memorial Hospital); Series 2001 Hospital
VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.22%, 11/01/26(b)(c) A-1+ -- 1,100 1,100,000
- -------------------------------------------------------------------------------------------
Red River Authority (Southwestern Public
Services); Series 1996 Refunding VRD PCR
(INS- Ambac Assurance Corp.) 3.22%,
07/01/16(b)(e) A-1+ VMIG-1 3,350 3,350,000
- -------------------------------------------------------------------------------------------
San Antonio (City of) Water Authority; Series
2003 A Refunding Sub RB
(INS-MBIA Insurance Corp.) 3.17%,
05/15/33(b)(e) A-1+ VMIG-1 3,100 3,100,000
- -------------------------------------------------------------------------------------------
San Gabriel Health Facilities Development
Corp. (YMCA of Greater Williamson County
Project); Series 2005 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.28%, 04/01/26(b)(c) -- VMIG-1 2,200 2,200,000
- -------------------------------------------------------------------------------------------
Sherman (City of) Higher Education Finance
Corp. (Austin College Project); Series 1997
Higher Education VRD RB
(LOC-Bank of America, N.A.) 3.23%,
01/01/18(b)(c)(o) A-1+ -- 10,900 10,900,000
- -------------------------------------------------------------------------------------------
Texas (State of); Series 2005 Unlimited Tax
TRAN GO
4.50%, 08/31/06 SP-1+ MIG-1 19,000 19,113,584
- -------------------------------------------------------------------------------------------
</Table>
F-24
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
TEXAS-(CONTINUED)
Texas A&M University Board of Regents
(Revenue Financing System); Series 2006 B
Commercial Paper Notes
3.30%, 06/06/06 A-1+ P-1 $ 4,400 $ 4,400,000
- -------------------------------------------------------------------------------------------
University of Texas Board of Regents (Revenue
Financing System); Series 2005 A Commercial
Paper Notes
3.22%, 04/05/06 A-1+ P-1 22,500 22,500,000
- -------------------------------------------------------------------------------------------
3.28%, 05/15/06 A-1+ P-1 15,000 15,000,000
- -------------------------------------------------------------------------------------------
3.20%, 06/06/06 A-1+ P-1 15,378 15,378,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Austin (City of)); Series
2000 A26 VRD RB
(Acquired 11/09/04; Cost $9,230,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 9,230 9,230,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Klein City of) Independent
School District); Series 2005 C-02
Unlimited Tax VRD GO
(Acquired 11/15/05; Cost $6,345,000) 3.21%,
08/01/31(b)(h)(i) -- VMIG-1 6,345 6,345,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Harris (County of) Toll
Road); Series 2003 B16 VRD RB
(Acquired 02/19/03; Cost $16,005,000)
3.21%, 08/15/25(b)(h)(i) -- VMIG-1 16,005 16,005,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (University of Texas);
Series 2003 B14 Refunding VRD RB
(Acquired 01/29/03; Cost $7,985,000) 3.21%,
08/15/22(b)(h)(i) -- VMIG-1 7,985 7,985,000
===========================================================================================
401,585,167
===========================================================================================
UTAH-1.47%
Duchesne (County of) School District (Utah
Municipal Building Authority); Series 2005
Lease VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 06/01/21(b)(c) A-1+ -- 900 900,000
- -------------------------------------------------------------------------------------------
Merrill Lynch P-Floats (Murray (City of)
Hospital); Series 2002 PA-1066 VRD RB
(Acquired 10/02/02; Cost $5,995,000) 3.21%,
05/15/06(b)(h)(i) A-1 -- 5,995 5,995,000
- -------------------------------------------------------------------------------------------
Murray (City of) (IHC Health Services Inc.);
Series 2003 D Hospital VRD RB
3.18%, 05/15/36(d) A-1+ -- 7,800 7,800,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
UTAH-(CONTINUED)
Series 2005 D Hospital VRD RB
3.19%, 05/15/37(b) A-1+ VMIG-1 $ 6,500 $ 6,500,000
- -------------------------------------------------------------------------------------------
Salt Lake (County of) Housing Authority
(Crossroads Apartments Project); Series
2003 Refunding Multi-Family VRD RB
(CEP-Federal National Mortgage Association)
3.20%, 02/15/31(b) A-1+ -- 4,435 4,435,000
- -------------------------------------------------------------------------------------------
Sanpete (County of) School Facility (Wasatch
Academy); Series 2003 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 08/01/28(b)(c) A-1+ -- 800 800,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Intermountain Power
Agency); Series 2002 A59 Power Supply VRD
RB
(Acquired 10/23/02; Cost $10,630,000)
3.21%, 07/01/10(b)(h)(i) -- VMIG-1 10,630 10,630,000
- -------------------------------------------------------------------------------------------
West Jordan (City of) (Broadmoor Village
Apartments LLC Project); Series 2004
Refunding Multi-Family Housing VRD RB
(CEP-Federal Home Loan Mortgage Corp.)
3.19%, 12/01/34(b) A-1+ -- 9,675 9,675,000
===========================================================================================
46,735,000
===========================================================================================
VERMONT-0.16%
Vermont (State of) Industrial Development
Authority (Central Vermont Public Service
Corp.); Series 1984 Hydroelectric VRD IDR
(LOC-Citizens Bank of Massachusetts) 3.31%,
12/01/13(c)(f) A-1+ -- 2,500 2,500,000
- -------------------------------------------------------------------------------------------
Vermont (State of) Student Assistance Corp.;
Series 1985 Student Loan VRD RB
(LOC-State Street Bank & Trust Co.)
3.25%, 01/01/08(c)(f) -- VMIG-1 2,640 2,640,000
===========================================================================================
5,140,000
===========================================================================================
VIRGINIA-0.23%
Rockingham (County of) Industrial Development
Authority (Sunnyside Presbyterian Home);
Series 2003 Residential Care Facility VRD
RB
(LOC-Branch Banking & Trust Co.)
3.20%, 12/01/33(b)(c) A-1 -- 750 750,000
- -------------------------------------------------------------------------------------------
</Table>
F-25
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
VIRGINIA-(CONTINUED)
Spotsylvania (County of) Industrial
Development Authority (Rappah-Annock Area
YMCA Project); Series 2002 VDR IDR
(LOC-Wachovia Bank, N.A.) 3.23%,
04/01/23(b)(c) -- VMIG-1 $ 1,000 $ 1,000,000
- -------------------------------------------------------------------------------------------
Stafford (County of) & Staunton (City of);
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.25%,
04/13/06(c) -- VMIG-1 1,870 1,870,000
- -------------------------------------------------------------------------------------------
Winchester (City of) Industrial Development
Authority (Westminster-Cantenbury);
Series 2005B Residential Care Facility VRD
IDR (LOC-Branch Banking & Trust Co.) 3.20%,
01/01/10(b)(c) -- VMIG-1 695 695,000
- -------------------------------------------------------------------------------------------
3.20%, 01/01/35(b)(c) -- VMIG-1 3,000 3,000,000
===========================================================================================
7,315,000
===========================================================================================
WASHINGTON-6.47%
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of) Municipal Light & Power); Series
2002-12 Multi-State Non-AMT VRD Ctfs.
(Acquired 05/25/04; Cost $9,755,000) 3.22%,
07/01/10(b)(h)(i) -- VMIG-1 9,755 9,755,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Seattle (City
of)); Series 2003-7
Multi-State Non-AMT VRD GO
Ctfs. (Acquired 05/13/03; Cost $10,685,000)
3.22%, 07/01/10(b)(h)(i)(j) -- -- 10,685 10,685,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (Skagit (County
of) Public Hospital District No. 1); Series
2004-37 Multi-State Non-AMT VRD Ctfs.
(Acquired 04/08/05; Cost $8,235,000) 3.22%,
12/01/12(b)(h)(i) -- VMIG-1 8,235 8,235,000
- -------------------------------------------------------------------------------------------
ABN AMRO Munitops Ctfs. Trust (King (County
of)); Series 2001-1 Multi-State Non-AMT VRD
Limited Tax GO
Ctfs. (Acquired 01/04/01; Cost $10,000,000)
3.22%, 07/01/06(b)(h)(i) -- VMIG-1 10,000 10,000,000
- -------------------------------------------------------------------------------------------
Bremerton (City of) (Kitsap Regional
Conference Center); Series 2003 VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/28(b)(c)(j) -- -- 2,565 2,565,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Eagle Tax Exempt Trust (Washington (State of)
Public Power Supply Systems Project No. 2);
Series 1996-4703 A VRD COP (Acquired
05/02/01; Cost $5,870,000) 3.21%,
07/01/11(b)(h)(i) A-1+ -- $ 5,870 $ 5,870,000
- -------------------------------------------------------------------------------------------
Eagle Tax Exempt Trust (Washington (State
of)); Series 1998-4701 A VRD COP (Acquired
07/20/00; Cost $14,400,000) 3.21%,
05/01/18(b)(h)(i) A-1+ -- 14,400 14,400,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 A Commercial Paper Notes
(LOC-Bank of America, N.A.) 3.18%,
06/05/06(c) A-1+ -- 37,200 37,200,000
- -------------------------------------------------------------------------------------------
Everett (City of) Public Facilities District;
Series 2005 Commercial Paper Notes TRAN
(LOC-Bank of America, N.A.) 3.18%,
06/06/06(c) A-1+ -- 16,800 16,800,000
- -------------------------------------------------------------------------------------------
Everett (City of); Series 2001 Limited Tax
VRD GO
(LOC-Bank of America, N.A.) 3.23%,
12/01/21(b)(c)(j) -- -- 2,600 2,600,000
- -------------------------------------------------------------------------------------------
JPMorgan PUTTERs (Washington (State of));
Series 2004 593 Unlimited Tax VRD GO
(Acquired 11/18/04; Cost $1,500,000) 3.21%,
07/01/12(b)(h)(i) -- VMIG-1 1,500 1,500,000
- -------------------------------------------------------------------------------------------
King (County of) Economic Enterprise Corp.
(Puget Sound Blood Center Project); Series
1998 VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 04/01/23(b)(c) -- VMIG-1 3,700 3,700,000
- -------------------------------------------------------------------------------------------
Lake Tapps Parkway Properties; Series 1999 A
Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%,
12/01/19(b)(c)(o) -- VMIG-1 10,600 10,600,000
- -------------------------------------------------------------------------------------------
Series 1999 B Special Revenue VRD RB
(LOC-U.S. Bank, N.A.) 3.22%, 12/01/19(b)(c) -- VMIG-1 1,800 1,800,000
- -------------------------------------------------------------------------------------------
Morgan Stanley & Co. Inc. Trust Floater Ctfs.
(Port of Seattle); Series 2002-739D VRD RB
(Acquired 07/21/04; Cost $5,000,000) 3.20%,
09/01/20(b)(h)(i) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
F-26
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WASHINGTON-(CONTINUED)
Pierce (County of) Economic Development Corp.
(Weyerhaeuser Real Estate); Series 1997
Special Revenue VRD RB
(LOC-Bank of America, N.A.) 3.25%,
01/01/27(b)(c) A-1+ VMIG-1 $12,705 $ 12,705,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Bayview
Manor Project); Series 1994 B Low Income
Housing Assistance VRD RB
(LOC-U.S. Bank, N.A.) 3.24%, 05/01/19(b)(c) A-1+ -- 2,225 2,225,000
- -------------------------------------------------------------------------------------------
Seattle (City of) Housing Authority (Pioneer
Human Services Project); Series 1995
Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 12/01/15(b)(c) A-1+ -- 2,115 2,115,000
- -------------------------------------------------------------------------------------------
Seattle (Port of) Industrial Development
Corp. (Sysco Food Services of Seattle, Inc.
Project); Series 1994 Refunding VRD IDR
3.25%, 11/01/25(b)(o) A-1+ VMIG-1 6,524 6,524,000
- -------------------------------------------------------------------------------------------
Snohomish (County of) Housing Authority (Ebey
Arms Centerhouse Project); Series 2003
Refunding Housing VRD RB
(LOC-Bank of America, N.A.) 3.23%,
12/01/34(b)(c)(j) -- -- 6,200 6,200,000
- -------------------------------------------------------------------------------------------
Wachovia MERLOTs (Central Puget Sound
Regional Transit Authority); Series 2001
A46 Sales Tax & Motor VRD RB
(Acquired 11/12/03; Cost $6,255,000) 3.35%,
11/09/06(h)(i)(k)(l)(p) -- VMIG-1 6,255 6,255,000
- -------------------------------------------------------------------------------------------
Washington (State of) Economic Development
Finance Authority (Seadrunar Recycling LLC
Project); Series 2000 E Economic
Development VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 08/01/25(b)(c) A-1+ -- 2,545 2,545,000
- -------------------------------------------------------------------------------------------
Washington (State of) Higher Education
Facilities Authority (Cornish College Arts
Project); Series 2003 A VRD RB
(LOC-Bank of America, N.A.) 3.25%,
12/01/33(b)(c) -- VMIG-1 5,000 5,000,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WASHINGTON-(CONTINUED)
Washington (State of) Housing Finance
Commission (Antioch University Project);
Series 2005 Non-Profit Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%, 01/01/27(b)(c) A-1+ -- $ 6,635 $ 6,635,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Judson Park Project); Series
2004 A Non-Profit Housing Refunding VRD RB
(LOC-U.S. Bank, N.A.) 3.18%,
01/01/29(b)(c)(j) -- -- 9,855 9,855,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (Nikkei Concerns Project);
Series 1994 Non-Profit Housing VRD RB
(LOC-U.S. Bank, N.A.) 3.23%, 10/01/19(b)(c) A-1+ -- 3,915 3,915,000
- -------------------------------------------------------------------------------------------
Washington (State of) Housing Finance
Commission (University Preparatory Academy
Project); Series 2000 Non-Profit VRD RB
(LOC-Bank of America, N.A.) 3.23%,
07/01/30(b)(c) -- VMIG-1 1,350 1,350,000
===========================================================================================
206,034,000
===========================================================================================
WEST VIRGINIA-0.13%
Harrison (County of) (Fox Grocery Co.
Project); Series 1991 Refunding VRD RB
(LOC-Wachovia Bank, N.A.) 3.21%,
06/01/14(b)(c) -- Aa2 4,140 4,140,000
===========================================================================================
WISCONSIN-2.97%
ABN AMRO Munitops Ctfs. Trust (Central Brown
(County of) Water Authority); Series
2005-25 Non-AMT VRD RB
(Acquired 08/01/05; Cost $17,370,000)
3.22%, 12/01/13(b)(h)(i)(j) -- -- 17,370 17,370,000
- -------------------------------------------------------------------------------------------
Appleton (City of) Redevelopment Authority
(Fox Cities Performing Arts Center
Project); Series 2001 B Redevelopment VRD
RB (LOC-JPMorgan Chase Bank, N.A.; M&I
Marshall & Ilsley Bank)
3.22%, 06/01/36(b)(c) -- VMIG-1 1,900 1,900,000
- -------------------------------------------------------------------------------------------
</Table>
F-27
TAX-FREE INVESTMENTS TRUST
<Table>
<Caption>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
WISCONSIN-(CONTINUED)
Green Bay (City of) Housing Authority
(Sisters of St. Francis Project); Series
2004 VRD RB
(LOC-Allied Irish Banks PLC) 3.19%,
01/01/35(b)(c)(g) A-1 -- $ 4,995 $ 4,995,000
- -------------------------------------------------------------------------------------------
West Allis (City of) (State Fair Park
Exposition Center Inc.); Series 2001 VRD RB
(LOC-U.S. Bank, N.A.) 3.21%, 08/01/28(b)(c) -- VMIG-1 2,300 2,300,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Grace Lutheran
Foundation Project); Series 1999 VRD RB
(LOC-U.S. Bank, N.A.) (Acquired 09/12/05;
Cost $2,555,000) 3.20%, 07/01/14(b)(c)(i) A-1+ -- 2,555 2,555,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Lindengrove, Inc.);
Series 2003 B VRD (LOC-JPMorgan Chase Bank,
N.A.)
3.19%, 11/01/25(b)(c) A-1+ -- 7,080 7,080,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Marshfield); Series
2006 B VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 01/15/36(b)(c) A-1 -- 5,000 5,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Mequon Jewish
Project); Series 2003 VRD RB
(LOC-JPMorgan Chase Bank, N.A.)
3.21%, 07/01/28(b)(c) -- VMIG-1 3,150 3,150,000
- -------------------------------------------------------------------------------------------
</Table>
<Table>
PRINCIPAL
RATINGS(a) AMOUNT
S&P MOODY'S (000) VALUE
- -------------------------------------------------------------------------------------------
<Caption>
WISCONSIN-(CONTINUED)
Wisconsin (State of) Health & Educational
Facilities Authority (Mercy Health System);
Series 2003 C VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/15/23(b)(c) -- VMIG-1 $ 6,900 $ 6,900,000
- -------------------------------------------------------------------------------------------
Series 2003 I Pooled Loan VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.21%, 06/01/23(b)(c) -- VMIG-1 9,115 9,115,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (Sinai Samaritan
Medical Center Inc.); Series 1994 A VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 09/01/19(b)(c) A-1 -- 5,350 5,350,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Luke's Medical
Center); Series 1987 VRD RB
(LOC-KBC Bank N.V.) (Acquired 05/02/05;
Cost $27,000,000) 3.22%,
12/01/17(b)(c)(g)(i) A-1 -- 27,000 27,000,000
- -------------------------------------------------------------------------------------------
Wisconsin (State of) Health & Educational
Facilities Authority (St. Mary's School);
Series 2004 VRD RB
(LOC-M&I Marshall & Ilsley Bank)
3.19%, 08/01/19(b)(c) A-1 -- 1,830 $ 1,830,000
===========================================================================================
94,545,000
===========================================================================================
TOTAL INVESTMENTS(s)(t)-101.02% (Cost
$3,218,678,145) 3,218,678,145
===========================================================================================
OTHER ASSETS LESS LIABILITIES-(1.02)% (32,564,046)
===========================================================================================
NET ASSETS-100.00% $3,186,114,099
___________________________________________________________________________________________
===========================================================================================
</Table>
Investment Abbreviations:
<Table>
ACES - Automatically Convertible Extendable Security
AMT - Alternative Minimum Tax
BAN - Bond Anticipation Note
CEP - Credit Enhancement Provider
COP - Certificates of Participation
Ctfs - Certificates
GO - General Obligation Bonds
IDR - Industrial Development Revenue Bonds
INS - Insurer
Jr. - Junior
LOC - Letter of Credit
MERLOT - Municipal Exempt Receipts Liquidity Option Tender
NRR - Not Re-Rated
PCR - Pollution Control Revenue Bonds
P-Floats - Putable Floating Option Tax-Exempt Receipt
PUTTERs - Putable Tax-Exempt Receipts
RAN - Revenue Anticipation Notes
RB - Revenue Bonds
RN - Revenue Notes
Sr. - Senior
Sub. - Subordinated
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRD - Variable Rate Demand
Wts. - Warrants
</Table>
F-28
TAX-FREE INVESTMENTS TRUST
Notes to Schedule of Investments:
(a) Ratings assigned by Standard & Poor's Corporation ("S&P") and Moody's
Investors Service, Inc. ("Moody's"), except as indicated in notes (j) and
(r) below. NRR indicates a security that is not re-rated subsequent to
funding of an escrow fund (consisting of U.S. Government obligations held by
a bank custodian); this funding is pursuant to an advance refunding of this
security. Ratings are not covered by the Report of Independent Registered
Public Accounting Firm.
(b) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
weekly. Rate shown is the rate in effect on March 31, 2006.
(c) Principal and interest payments are fully enhanced by a letter of credit
from the bank listed or a predecessor bank, branch or subsidiary.
(d) Demand security payable upon demand by the Fund at specified time intervals
no greater than one business day's notice. Interest rate is redetermined
daily. Rate shown is the rate in effect on March 31, 2006.
(e) Principal and/or interest payments are secured by the bond insurance company
listed.
(f) Demand security payable upon demand by the Fund at specified time intervals
no greater than seven calendar days' notice. Interest rate is redetermined
monthly. Rate shown is the rate in effect on March 31, 2006.
(g) The security is credit guaranteed, enhanced or has credit risk by a foreign
entity. No concentration of any single foreign country was greater than 5%.
(h) Synthetic municipal instruments; involves the deposit into a trust of one or
more long-term tax-exempt bonds or notes ("Underlying Bonds."), a sale of
certificates evidencing interests in the trust to investors such as the
Fund. The trustee receives the long-term fixed interest payments on the
Underlying Bonds, and pays certificate holders variable rate interest
payments based upon a short-term reset periodically.
(i) Security not registered under the Securities Act of 1933, as amended (e.g.,
the security was purchased in a Rule 144A transaction or a Regulation D
transaction). The security may be resold only pursuant to an exemption from
registration under the 1933 Act, typically to qualified institutional
buyers. The Fund has no rights to demand registration of these securities.
The aggregate value of these securities at March 31, 2006 was $901,459,500,
which represented 28.29% of the Fund's Net Assets. Unless otherwise
indicated, these securities are not considered to be illiquid.
(j) Security is not rated by S&P or by Moody's; however it is rated by Fitch
IBCA ("Fitch") of F1(+).
(k) Security has an irrevocable call by the issuer or mandatory put by the
holder. Maturity date reflects such call or put.
(l) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined at
intermittent intervals. Rate shown is the rate in effect on March 31, 2006.
(m) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined
semi-annually. Rate shown is the rate in effect on March 31, 2006.
(n) Demand security payable upon demand by the Fund at specified time intervals
no greater than thirteen months. Interest rate is redetermined annually.
Rate shown is the rate in effect on March 31, 2006.
(o) In accordance with the procedures established by the Board of Trustees,
investments are through participation in joint accounts with other mutual
funds, private accounts and certain non-registered investment companies
managed by the investment advisor or its affiliates.
(p) Security considered to be illiquid. The Fund is limited to investing 10% of
net assets in illiquid securities at the time of purchase. The aggregate
value of these securities considered illiquid at March 31, 2006 was
$43,660,000, which represented 1.37% of the Fund's Net Assets.
(q) Advance refunded; secured by an escrow fund of U.S. Government obligations.
(r) Unrated security; determined by the investment advisor to be of comparable
quality to the rated securities in which the Fund may invest pursuant to
guidelines of quality adopted by the Board of Trustees and followed by the
investment advisor.
(s) 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 issuer's obligations but may be
called upon to satisfy the issuer's obligations.
<Table>
<Caption>
ENTITIES PERCENTAGE
----------------------------------------------------------------------------
MBIA Insurance Corp......................................... 10.8%
Bank of America, N.A........................................ 10.1
Financial Guaranty Insurance Co............................. 9.6
Ambac Assurance Corp........................................ 7.9
Financial Security Assurance Inc............................ 5.6
JPMorgan Chase Bank, N.A.................................... 5.1
Other Entities Less than 5%................................. 51.9
___________________________________________________________________________
============================================================================
</Table>
(t) Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-29
TAX-FREE INVESTMENTS TRUST
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2006
<Table>
ASSETS:
Investments, at value (cost $3,218,678,145) $3,218,678,145
- ------------------------------------------------------------
Cash 31,076,298
- ------------------------------------------------------------
Receivables for:
Investments sold 15,651,522
- ------------------------------------------------------------
Interest 16,908,650
- ------------------------------------------------------------
Investment for trustee deferred compensation
and retirement plans 131,854
- ------------------------------------------------------------
Other assets 179,596
============================================================
Total assets 3,282,626,065
____________________________________________________________
============================================================
LIABILITIES:
Payables for:
Investments purchased 88,174,709
- ------------------------------------------------------------
Dividends 7,652,839
- ------------------------------------------------------------
Trustee deferred compensation and
retirement plans 295,176
- ------------------------------------------------------------
Accrued distribution fees 164,238
- ------------------------------------------------------------
Accrued trustees' and officer's fees and
benefits 13,203
- ------------------------------------------------------------
Accrued transfer agent fees 36,664
- ------------------------------------------------------------
Accrued operating expenses 175,137
============================================================
Total liabilities 96,511,966
============================================================
Net assets applicable to shares outstanding $3,186,114,099
____________________________________________________________
============================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,186,155,807
- ------------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities (41,708)
============================================================
$3,186,114,099
____________________________________________________________
============================================================
NET ASSETS:
Institutional Class $1,892,111,475
____________________________________________________________
============================================================
Private Investment Class $ 220,988,368
____________________________________________________________
============================================================
Personal Investment Class $ 20,902,039
____________________________________________________________
============================================================
Cash Management Class $ 683,659,237
____________________________________________________________
============================================================
Reserve Class $ 19,052,332
____________________________________________________________
============================================================
Resource Class $ 341,383,838
____________________________________________________________
============================================================
Corporate Class $ 8,016,810
____________________________________________________________
============================================================
SHARES OUTSTANDING, $0.001 PAR VALUE PER
SHARE, UNLIMITED NUMBER OF SHARES
AUTHORIZED:
Institutional Class 1,892,075,711
____________________________________________________________
============================================================
Private Investment Class 220,977,389
____________________________________________________________
============================================================
Personal Investment Class 20,899,102
____________________________________________________________
============================================================
Cash Management Class 683,667,258
____________________________________________________________
============================================================
Reserve Class 19,050,468
____________________________________________________________
============================================================
Resource Class 341,385,961
____________________________________________________________
============================================================
Corporate Class 8,016,425
____________________________________________________________
============================================================
Net asset value, offering and redemption
price per share for each class $ 1.00
____________________________________________________________
============================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-30
TAX-FREE INVESTMENTS TRUST
STATEMENT OF OPERATIONS
For the year ended March 31, 2006
<Table>
INVESTMENT INCOME:
Interest $90,277,722
=========================================================================
EXPENSES:
Advisory fees 6,919,662
- -------------------------------------------------------------------------
Administrative services fees 605,661
- -------------------------------------------------------------------------
Custodian fees 157,245
- -------------------------------------------------------------------------
Distribution fees:
Private Investment Class 1,140,330
- -------------------------------------------------------------------------
Personal Investment Class 153,273
- -------------------------------------------------------------------------
Cash Management Class 620,308
- -------------------------------------------------------------------------
Reserve Class 166,612
- -------------------------------------------------------------------------
Resource Class 713,622
- -------------------------------------------------------------------------
Corporate Class 3,442
- -------------------------------------------------------------------------
Transfer agent fees 527,776
- -------------------------------------------------------------------------
Trustees' and officer's fees and benefits 123,327
- -------------------------------------------------------------------------
Other 801,915
=========================================================================
Total expenses 11,933,173
=========================================================================
Less: Fees waived and expenses reimbursed (2,662,053)
=========================================================================
Net expenses 9,271,120
=========================================================================
Net investment income 81,006,602
=========================================================================
Net realized gain from Investment securities 20,198
=========================================================================
Net increase in net assets resulting from operations $81,026,800
_________________________________________________________________________
=========================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-31
TAX-FREE INVESTMENTS TRUST
STATEMENT OF CHANGES IN NET ASSETS
For the years ended March 31, 2006 and 2005
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 81,006,602 $ 36,860,093
- ----------------------------------------------------------------------------------------------
Net realized gain (loss) on investment securities 20,198 (60,974)
==============================================================================================
Net increase in net assets resulting from operations 81,026,800 36,799,119
==============================================================================================
Distributions to shareholders from net investment income:
Institutional Class (51,535,231) (24,315,215)
- ----------------------------------------------------------------------------------------------
Private Investment Class (5,114,924) (1,826,828)
- ----------------------------------------------------------------------------------------------
Personal Investment Class (404,324) (70,609)
- ----------------------------------------------------------------------------------------------
Cash Management Class (15,063,769) (7,900,652)
- ----------------------------------------------------------------------------------------------
Reserve Class (276,474) (39,173)
- ----------------------------------------------------------------------------------------------
Resource Class (8,314,990) (2,707,616)
- ----------------------------------------------------------------------------------------------
Corporate Class (296,890) --
==============================================================================================
Decrease in net assets resulting from distributions (81,006,602) (36,860,093)
==============================================================================================
Share transactions-net:
Institutional Class (224,964,600) 163,325,063
- ----------------------------------------------------------------------------------------------
Private Investment Class 24,371,221 46,220,760
- ----------------------------------------------------------------------------------------------
Personal Investment Class 10,024,848 483,638
- ----------------------------------------------------------------------------------------------
Cash Management Class (41,462,324) (43,002,612)
- ----------------------------------------------------------------------------------------------
Reserve Class 9,744,079 (4,721,188)
- ----------------------------------------------------------------------------------------------
Resource Class 51,762,427 (9,579,676)
- ----------------------------------------------------------------------------------------------
Corporate Class 8,016,425 --
==============================================================================================
Net increase (decrease) in net assets resulting from
share transactions (162,507,924) 152,725,985
==============================================================================================
Net increase (decrease) in net assets (162,487,726) 152,665,011
==============================================================================================
NET ASSETS:
Beginning of year 3,348,601,825 3,195,936,814
==============================================================================================
End of year (including undistributed net investment income
of $0 and $0, respectively) $3,186,114,099 $3,348,601,825
______________________________________________________________________________________________
==============================================================================================
</Table>
See accompanying Notes to Financial Statements which are an integral part of the
financial statements.
F-32
TAX-FREE INVESTMENTS TRUST
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
Tax-Free Investments Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end
management investment company. The Trust is organized as a Delaware statutory
trust consisting of one portfolio, the Tax-Free Cash Reserve Portfolio (the
"Fund"). The Fund currently offers multiple classes of shares. Matters affecting
each class are voted on exclusively by the shareholders of each class.
The Fund's investment objective is to provide as high a level of tax-exempt
income as is consistent with the preservation of capital and maintenance of
liquidity.
Under the Trust's organizational documents, each Trustee, officer, employee
or other agent of the Trust (including the Trust's investment manager) is
indemnified against certain liabilities that may arise out of performance of
their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts that contain a variety of indemnification clauses.
The Fund's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Fund that have not yet
occurred. The risk of material loss as a result of such indemnification claims
is considered remote.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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. The following is a summary of the significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATIONS -- The Fund's securities are recorded on the basis of
amortized cost which approximates value as permitted by Rule 2a-7 under the
1940 Act. This method values a security at its cost on the date of purchase
and, thereafter, assumes a constant amortization to maturity of any
premiums or accretion of any discounts.
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, adjusted for amortization of premiums and accretion
of discounts on investments, is recorded on the accrual basis from
settlement date.
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 realized gain (loss) from
investment securities reported in the Statement of Operations and the
Statement of Changes in Net Assets and the realized net gains (losses) on
securities per share in the Financial Highlights. Transaction costs are
included in the calculation of the Fund's net asset value and, accordingly,
they reduce the Fund's 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 Fund and
the advisor.
The Fund allocates realized capital gains and losses to a class based on
the relative net assets of each class. The Fund allocates income to a class
based on the relative value of the settled shares of each class.
C. COUNTRY DETERMINATION -- For the purposes of making investment selection
decisions and presentation in the Schedule of Investments, AIM 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
issuer's 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 United States of America unless otherwise noted.
D. DISTRIBUTIONS -- Distributions from income are declared daily and paid
monthly. Distributions from net realized capital gain, if any, are
generally paid annually and recorded on ex-dividend date. The Fund may
elect to use a portion of the proceeds from redemptions as distributions
for federal income tax purposes.
E. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code necessary to qualify as a
regulated investment company and, as such, will not be subject to federal
income taxes on otherwise taxable income (including net realized capital
gain) which is distributed to shareholders. Therefore, no provision for
federal income taxes is recorded in the financial statements.
In addition, the Fund intends to invest in such municipal securities to
allow it to qualify to pay shareholders "exempt-interest dividends", as
defined in the Internal Revenue Code.
F. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. All other expenses are allocated
among the classes based on relative net assets.
F-33
TAX-FREE INVESTMENTS TRUST
NOTE 2--ADVISORY FEES AND OTHER FEES PAID TO AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.25% of the first
$500 million of the Fund's average daily net assets plus 0.20% of the Fund's
average daily net assets in excess of $500 million. AIM has contractually agreed
to waive advisory fees and/or reimburse expenses to the extent necessary to
limit total annual fund operating expenses (excluding certain items discussed
below) to 0.22% of the Fund's average daily net assets through March 31, 2007.
In determining the advisor's obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the
net annual fund operating expenses to exceed the numbers reflected above: (i)
Rule 12b-1 plan fees, if any; (ii) trustees' fees; (iii) federal registration
fees; (iv) interest: (v) taxes; (vi) extraordinary items; (vii) expenses related
to a merger or reorganization, as approved by the Fund's Board of Trustees; and
(viii) expenses that the Fund has incurred but did not actually pay because of
an expense offset arrangement. Currently, in addition to the expense
reimbursement arrangement with AMVESCAP PLC ("AMVESCAP") described more fully
below, the expense offset arrangements from which the Fund may benefit are in
the form of credits that the Fund receives from banks where the Fund or its
transfer agent has deposits accounts in which it holds uninvested cash. Those
credits are used to pay certain expenses incurred by the Fund.
For the year ended March 31, 2006, AIM waived fees of $1,762,263.
At the request of the Trustees of the Trust, AMVESCAP agreed to reimburse
expenses incurred by the Fund in connection with market timing matters in the
AIM Funds, which may include legal, audit, shareholder reporting, communications
and trustee expenses. These expenses along with the related expense
reimbursement are included in the Statement of Operations. For the year ended
March 31, 2006, AMVESCAP reimbursed expenses of the Fund in the amount of $307.
The Trust, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. Pursuant to such agreement, for the year ended
March 31, 2006, AIM was paid $605,661.
The Trust, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Investment Services, Inc. ("AISI") a fee for providing transfer
agency and shareholder services to the Fund. During the year ended March 31,
2006, AISI retained $527,776.
Under the terms of a master distribution agreement between Fund Management
Company ("FMC") and the Trust, FMC acts as the exclusive distributor of the
Fund's shares. The Trust has adopted a master distribution plan pursuant to Rule
12b-1 under the 1940 Act with respect to the Fund's Private Investment Class,
Personal Investment Class, Cash Management Class, Reserve Class, Resource Class
and Corporate Class (the "Plan"). The Plan provides that the Private Investment
Class, the Personal Investment Class, the Cash Management Class, the Reserve
Class, the Resource Class and the Corporate Class pay up to the maximum annual
rate of 0.50%, 0.75%, 0.10%, 1.00%, 0.20% and 0.03%, respectively, of the
average daily net assets attributable to such class. Of the Rule 12b-1 payment,
up to 0.25% of the average daily net assets of each class may be paid to furnish
continuing personal shareholder services to customers who purchase and own
shares of such classes. Any amounts not paid as a service fee under such Plan
would constitute an asset-based sales charge. National Association of Securities
Dealers ("NASD") Rules impose a cap on the total amount of sales charges,
including asset-based sales charges, that may be paid by any class of shares of
the Fund. Currently, FMC has contractually agreed to waive a portion of its
compensation payable by the Fund such that compensation paid pursuant to the
Plan with respect to the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class and the Resource Class
equals the maximum annual rate of 0.25%, 0.55%, 0.08%, 0.87% and 0.16%,
respectively, of the average daily net assets attributable to such class through
March 31, 2007. Further, FMC voluntarily waived additional Rule 12b-1 plan fees
for the Reserve Class during the year in order to increase the yield. Waivers
may be modified or discontinued at any time. Pursuant to the Plan, for the year
ended March 31, 2006, the Private Investment Class, the Personal Investment
Class, the Cash Management Class, the Reserve Class, the Resource Class and the
Corporate Class paid $570,165, $112,400, $496,246, $144,953, $570,898 and
$3,442, respectively, after FMC waived Plan fees of $570,165, $40,873, $124,062,
$21,659, $142,724 and $0, respectively.
Certain officers and trustees of the Trust are officers and directors of
AIM, AISI and/or FMC.
NOTE 3--SECURITY TRANSACTIONS WITH AFFILIATED FUNDS
The Fund is permitted to purchase or sell securities from or to certain other
AIM Funds under specified conditions outlined in procedures adopted by the Board
of Trustees of the Trust. The procedures have been designed to ensure that any
purchase or sale of securities by the Fund from or to another fund or portfolio
that is or could be considered an affiliate by virtue of having a common
investment advisor (or affiliated investment advisors), common Trustees and/or
common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined
under the procedures, each transaction is effected at the current market price.
Pursuant to these procedures, for the year ended March 31, 2006, the Fund
engaged in securities sales of $194,014,926, which resulted in net realized
gains (losses) of $0 and securities purchases of $14,773,207.
NOTE 4--TRUSTEES' AND OFFICER'S FEES AND BENEFITS
"Trustees' and Officer's Fees and Benefits" include amounts accrued by the Fund
to pay remuneration to each Trustee and Officer of the Fund who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Fund, and "Trustees' and Officer's Fees and Benefits" also
include amounts accrued by the Fund to fund such deferred compensation amounts.
Those Trustees who defer compensation have the option to select various AIM
Funds in which their deferral accounts shall be deemed to be invested. Finally,
current Trustees are eligible to participate in a retirement plan that provides
for benefits to be paid upon retirement to Trustees over a period of time based
on the number of years of service. The Fund may have certain former Trustees who
also participate in a retirement plan and receive benefits under such plan.
"Trustees' and Officer's Fees and Benefits" include
F-34
TAX-FREE INVESTMENTS TRUST
amounts accrued by the Fund to fund such retirement benefits. Obligations under
the deferred compensation and retirement plans represent unsecured claims
against the general assets of the Fund.
During the year ended March 31, 2006, the Fund paid legal fees of $16,649
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A member of that firm is a Trustee of the Trust.
NOTE 5--BORROWINGS
Pursuant to an exemptive order from the Securities and Exchange Commission
("SEC"), the Fund may participate in an interfund lending facility that AIM has
established for temporary borrowings by the AIM Funds. An interfund loan will be
made under this facility only if the loan rate (an average of the rate available
on bank loans and the rate available on investments in overnight repurchase
agreements) is favorable to both the lending fund and the borrowing fund. A loan
will be secured by collateral if the Fund's aggregate borrowings from all
sources exceeds 10% of the Fund's total assets. To the extent that the loan is
required to be secured by collateral, the collateral is marked to market daily
to ensure that the market value is at least 102% of the outstanding principal
value of the loan. The Fund did not borrow or lend under the facility during the
year ended March 31, 2006.
Additionally, the Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with The Bank of New York, the custodian bank.
To compensate the custodian bank for such overdrafts, the overdrawn Fund may
either (i) leave funds as a compensating balance in the account so the custodian
can be compensated by earning the additional interest; or (ii) compensate by
paying the custodian bank at a rate agreed upon by the custodian bank and AIM,
not to exceed the rate contractually agreed upon.
NOTE 6--DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS
DISTRIBUTIONS TO SHAREHOLDERS:
The tax character of distributions paid during the years March 31, 2006 and 2005
was as follows:
<Table>
<Caption>
2006 2005
- ----------------------------------------------------------------------------------------
Distributions paid from ordinary income--Tax Exempt $81,006,602 $36,860,093
________________________________________________________________________________________
========================================================================================
</Table>
TAX COMPONENTS OF NET ASSETS:
As of March 31, 2006, the components of net assets on a tax basis were as
follows:
<Table>
<Caption>
2006
- ------------------------------------------------------------------------------
Undistributed ordinary income--Tax Exempt $ 244,894
- ------------------------------------------------------------------------------
Temporary book/tax differences (244,894)
- ------------------------------------------------------------------------------
Capital loss carryforward (41,708)
- ------------------------------------------------------------------------------
Shares of beneficial interest 3,186,155,807
==============================================================================
Total net assets $3,186,114,099
______________________________________________________________________________
==============================================================================
</Table>
The temporary book/tax differences are a result of timing differences
between book and tax recognition of income and/or expenses. The Fund's temporary
book/tax differences are the result of the trustee deferral of compensation and
retirement plan expenses.
Capital loss carryforward is calculated and reported as of a specific date.
Results of transactions and other activity after that date may affect the amount
of capital loss carryforward actually available for the Fund 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.
F-35
TAX-FREE INVESTMENTS TRUST
The Fund utilized $13,004 of capital loss carryforward in the current period
to offset net realized capital gain for federal income tax purposes. The Fund
has a capital loss carryforward as of March 31, 2006 which expires as follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD*
- ------------------------------------------------------------------------------
March 31, 2013 $41,708
______________________________________________________________________________
==============================================================================
</Table>
* Capital loss carryforward as of the date listed above is reduced for
limitations, if any, to the extent required by the Internal Revenue Code.
NOTE 7--SHARE INFORMATION
The Fund currently offers seven different classes of shares: Institutional
Class, Private Investment Class, Personal Investment Class, Cash Management
Class, Reserve Class, Resource Class and Corporate Class.
<Table>
<Caption>
CHANGES IN SHARES OUTSTANDING
- ---------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED MARCH 31,
--------------------------------------------------------------------------
2006(a) 2005
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
Sold:
Institutional Class 24,419,859,762 $ 24,419,859,762 19,309,850,248 $ 19,309,850,248
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 590,733,012 590,733,012 442,201,609 442,201,609
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 32,503,439 32,503,439 31,788,215 31,788,215
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 7,375,896,321 7,375,896,321 5,913,083,202 5,913,083,202
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 162,245,979 162,245,979 138,866,847 138,866,847
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 2,316,222,552 2,316,222,552 1,776,129,695 1,776,129,695
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 129,405,787 129,405,787 -- --
=================================================================================================================================
Issued as reinvestment of dividends:
Institutional Class 30,895,326 30,895,326 13,098,927 13,098,927
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class 3,802,001 3,802,001 1,185,307 1,185,307
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class 201,846 201,846 9,987 9,987
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class 11,231,407 11,231,407 5,725,182 5,725,182
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class 247,862 247,862 32,528 32,528
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class 7,599,542 7,599,542 2,383,423 2,383,423
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) 10,644 10,644 -- --
=================================================================================================================================
Reacquired:
Institutional Class (24,675,719,687) (24,675,719,687) (19,159,624,112) (19,159,624,112)
- ---------------------------------------------------------------------------------------------------------------------------------
Private Investment Class (570,163,791) (570,163,791) (397,166,156) (397,166,156)
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Investment Class (22,680,438) (22,680,438) (31,314,564) (31,314,564)
- ---------------------------------------------------------------------------------------------------------------------------------
Cash Management Class (7,428,590,053) (7,428,590,053) (5,961,810,996) (5,961,810,996)
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Class (152,749,762) (152,749,762) (143,620,563) (143,620,563)
- ---------------------------------------------------------------------------------------------------------------------------------
Resource Class (2,272,059,667) (2,272,059,667) (1,788,092,794) (1,788,092,794)
- ---------------------------------------------------------------------------------------------------------------------------------
Corporate Class(b) (121,400,006) (121,400,006) -- --
=================================================================================================================================
(162,507,924) $ (162,507,924) 152,725,985 $ 152,725,985
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) There are three entities that are each record owners of more than 5% of
the outstanding shares of the Fund and in aggregate they own 64% of the
outstanding shares of the Fund. FMC has an agreement with these entities
to sell Fund shares. The Fund, AIM, and/or AIM affiliates may make
payments to this entity, which is considered to be related to the Fund,
for providing services to the Fund, AIM, and/or AIM affiliates including
but not limited to services such as, securities brokerage, distribution,
third party record keeping and account servicing. The Trust has no
knowledge as to whether all or any portion of the shares owned of record
by these entities are also owned beneficially.
(b) Corporate Class shares commenced sales on September 8, 2005.
F-36
TAX-FREE INVESTMENTS TRUST
NOTE 8--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
RESOURCE CLASS
-----------------------------------------------------------
YEAR ENDED MARCH 31,
-----------------------------------------------------------
2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.02 0.01 0.01 0.01 0.02
=========================================================================================================================
Less distributions from net investment income (0.02) (0.01) (0.01) (0.01) (0.02)
=========================================================================================================================
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_________________________________________________________________________________________________________________________
=========================================================================================================================
Total return(a) 2.37% 1.08% 0.68% 1.06% 2.00%
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $341,384 $289,621 $299,205 $260,178 $137,307
_________________________________________________________________________________________________________________________
=========================================================================================================================
Ratio of expenses to average net assets:
With fee waivers and/or expense reimbursements 0.38%(b) 0.38% 0.38% 0.38% 0.38%
- -------------------------------------------------------------------------------------------------------------------------
Without fee waivers and/or expense reimbursements 0.47%(b) 0.47% 0.47% 0.47% 0.48%
=========================================================================================================================
Ratio of net investment income to average net assets 2.33%(b) 1.08% 0.67% 1.04% 1.84%
_________________________________________________________________________________________________________________________
=========================================================================================================================
</Table>
(a) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America.
(b) Ratios are based on average daily net assets of $356,810,925.
F-37
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS
Terms used in the Legal Proceedings Note are defined terms solely for the
purpose of this note.
SETTLED ENFORCEMENT ACTIONS AND INVESTIGATIONS RELATED TO MARKET TIMING
On October 8, 2004, INVESCO Funds Group, Inc. ("IFG") (the former investment
advisor to certain AIM Funds), AIM and A I M Distributors, Inc. ("ADI") (the
distributor of the retail AIM Funds) reached final settlements with certain
regulators, including the Securities and Exchange Commission ("SEC"), the New
York Attorney General and the Colorado Attorney General, to resolve civil
enforcement actions and/or investigations related to market timing and related
activity in the AIM Funds, including those formerly advised by IFG. As part of
the settlements, a $325 million fair fund ($110 million of which is civil
penalties) has been created to compensate shareholders harmed by market timing
and related activity in funds formerly advised by IFG. Additionally, AIM and ADI
created a $50 million fair fund ($30 million of which is civil penalties) to
compensate shareholders harmed by market timing and related activity in funds
advised by AIM, which was done pursuant to the terms of the settlement. These
two fair funds may increase as a result of contributions from third parties who
reach final settlements with the SEC or other regulators to resolve allegations
of market timing and/or late trading that also may have harmed applicable AIM
Funds. These two fair funds will be distributed in accordance with a methodology
to be determined by AIM's independent distribution consultant, in consultation
with AIM and the independent trustees of the AIM Funds and acceptable to the
staff of the SEC. As the methodology is unknown at the present time, management
of AIM and the Fund are unable to estimate the impact, if any, that the
distribution of these two fair funds may have on the Fund or whether such
distribution will have an impact on the Fund's financial statements in the
future.
At the request of the trustees of the AIM Funds, AMVESCAP PLC ("AMVESCAP"),
the parent company of IFG and AIM, has agreed to reimburse expenses incurred by
the AIM Funds related to market timing matters.
PENDING LITIGATION AND REGULATORY INQUIRIES
On August 30, 2005, the West Virginia Office of the State Auditor-Securities
Commission ("WVASC") issued a Summary Order to Cease and Desist and Notice of
Right to Hearing to AIM and ADI (Order No. 05-1318). The WVASC makes findings of
fact that AIM and ADI entered into certain arrangements permitting market timing
of the AIM Funds, including those formerly advised by IFG, and failed to
disclose these arrangements in the prospectuses for such Funds, and conclusions
of law to the effect that AIM and ADI violated the West Virginia securities
laws. The WVASC orders AIM and ADI to cease any further violations and seeks to
impose monetary sanctions, including restitution to affected investors,
disgorgement of fees, reimbursement of investigatory, administrative and legal
costs and an "administrative assessment," to be determined by the Commissioner.
Initial research indicates that these damages could be limited or capped by
statute.
Civil lawsuits, including purported class action and shareholder derivative
suits, have been filed against certain of the AIM Funds, IFG, AIM, ADI and/or
related entities and individuals, depending on the lawsuit, alleging:
- that the defendants permitted improper market timing and related activity
in the AIM Funds;
- that certain AIM Funds inadequately employed fair value pricing;
- that the defendants charged excessive advisory and/or distribution fees
and failed to pass on to shareholders the perceived savings generated by
economies of scale and that the defendants adopted unlawful distribution
plans; and
- that the defendants improperly used the assets of the AIM Funds to pay
brokers to aggressively promote the sale of the AIM Funds over other
mutual funds and that the defendants concealed such payments from
investors by disguising them as brokerage commissions.
These lawsuits allege as theories of recovery, depending on the lawsuit,
violations of various provisions of the Federal and state securities laws and
ERISA, negligence, breach of fiduciary duty and/or breach of contract. These
lawsuits seek remedies that include, depending on the lawsuit, damages,
restitution, injunctive relief, imposition of a constructive trust, removal of
certain directors and/or employees, various corrective measures under ERISA,
rescission of certain AIM Funds' advisory agreements and/or distribution plans
and recovery of all fees paid, an accounting of all fund-related fees,
commissions and soft dollar payments, restitution of all commissions and fees
paid, and prospective relief in the form of reduced fees.
All lawsuits based on allegations of market timing, late trading and related
issues have been transferred or conditionally transferred to the United States
District Court for the District of Maryland (the "MDL Court"). Pursuant to an
Order of the MDL Court, plaintiffs in these lawsuits consolidated their claims
for pre-trial purposes into three amended complaints against various AIM- and
IFG-related parties: (i) a Consolidated Amended Class Action Complaint
purportedly brought on behalf of shareholders of the AIM Funds; (ii) a
Consolidated Amended Fund Derivative Complaint purportedly brought on behalf of
the AIM Funds and fund registrants; and (iii) an Amended Class Action Complaint
for Violations of the Employee Retirement Income Securities Act ("ERISA")
purportedly brought on behalf of participants in AMVESCAP's 401(k) plan.
On March 1, 2006, the MDL Court entered orders on Defendants' Motions to
dismiss in the derivative and class action lawsuits. The MDL Court dismissed all
derivative causes of action in the derivative lawsuit but two: (i) the excessive
fee claim under Section 36(b) of the Investment Company Act of 1940 (the "1940
Act"); and (ii) the "control person liability" claim under Section 48 of the
1940 Act. The MDL Court dismissed all claims asserted in the class action
lawsuit but three: (i) the securities fraud claims under Section 10(b) of the
Securities Exchange Act of 1934; (ii) the excessive fee claim under Section
36(b) of the 1940 Act (which survived only insofar as plaintiffs seek recovery
of fees associated with the assets involved in market timing); and (iii) the
"control person liability" claim under Section 48 of the 1940 Act. Based on the
MDL Court's March 1, 2006 orders, all claims asserted against the Funds that
have been transferred to the MDL Court have been dismissed, although certain
Funds remain nominal defendants in the derivative lawsuit. Defendants filed
their Original Answer in the class action lawsuit on March 31, 2006. The MDL
Court has indefinitely deferred Defendants' obligation to answer the derivative
lawsuit.
On February 27, 2006, Judge Motz for the MDL Court issued a memorandum
opinion on the AMVESCAP defendants' motion to dismiss the ERISA lawsuit. Judge
Motz granted the motion in part and denied the motion in part, holding that: (i)
plaintiff has both constitutional and statutory standing to
F-38
TAX-FREE INVESTMENTS TRUST
NOTE 9--LEGAL PROCEEDINGS--(CONTINUED)
pursue her claims under ERISA sec. 502(a)(2); (ii) plaintiff lacks standing
under ERISA sec. 502(a)(3) to obtain equitable relief; (iii) the motion is
granted as to the claims alleged under ERISA sec. 404 for failure to prudently
and loyally manage plan assets against certain AMVESCAP defendants; (iv) the
motion is denied as to the claims alleged under ERISA sec. 404 for failure to
prudently and loyally manage plan assets against AMVESCAP and certain other
AMVESCAP defendants. The opinion also: (i) confirmed plaintiff's abandonment of
her claims that defendants engaged in prohibited transactions and/or
misrepresentation; (ii) postponed consideration of the duty to monitor and
co-fiduciary duty claims until after any possible amendments to the complaints;
(iii) stated that plaintiff may seek leave to amend her complaint within 40 days
of the date of filing of the memorandum opinion. On April 4, 2006, Judge Motz
entered an order implementing these rulings in the ERISA (Calderon) lawsuit
against the AMVESCAP defendants. Plaintiffs indicated that they intend to amend
their complaint in light of this order. Defendants will have 30 days after such
amendment to answer or otherwise respond.
IFG, AIM, ADI and/or related entities and individuals have received
inquiries from numerous regulators in the form of subpoenas or other oral or
written requests for information and/or documents related to one or more of the
following issues, among others, some of which concern one or more AIM Funds:
market timing activity, late trading, fair value pricing, excessive or improper
advisory and/or distribution fees, mutual fund sales practices, including
revenue sharing and directed-brokerage arrangements, investments in securities
of other registered investment companies, contractual plans, issues related to
Section 529 college savings plans and procedures for locating lost security
holders. IFG, AIM and ADI have advised the Fund that they are providing full
cooperation with respect to these inquiries. Regulatory actions and/or
additional civil lawsuits related to these or other issues may be filed against
the AIM Funds, IFG, AIM and/or related entities and individuals in the future.
At the present time, management of AIM and the Fund are unable to estimate
the impact, if any, that the outcome of the Pending Litigation and Regulatory
Inquiries described above may have on AIM, ADI or the Fund.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
* * * * * *
As a result of the matters discussed above, investors in the AIM Funds might
react by redeeming their investments. This might require the AIM Funds to sell
investments to provide for sufficient liquidity and could also have an adverse
effect on the investment performance of the AIM Funds.
F-39
TAX-FREE INVESTMENTS TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tax-Free Investments Trust
and Resource Class Shareholders of Tax-Free Cash Reserve Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Tax-Free Cash Reserve Portfolio
(the "Fund") at March 31, 2006, the results of its operations, the changes in
its net assets and the Resource Class financial highlights for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and Resource Class financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at March 31, 2006 by correspondence with the custodian and
brokers, provides a reasonable basis for our opinion. The statement of changes
in net assets of the Fund for the year ended March 31, 2005 and the Resource
Class financial highlights for each of the periods ended on or before March 31,
2005 were audited by another independent registered public accounting firm whose
report dated May 18, 2005 expressed an unqualified opinion on those statements.
/s/PRICEWATERHOUSECOOPERS LLP
- -----------------------------
PRICEWATERHOUSECOOPERS LLP
May 19, 2006
Houston, Texas
F-40
TAX-FREE INVESTMENTS TRUST
REQUIRED FEDERAL INCOME TAX INFORMATION
We are required by Internal Revenue Code to advise you within 60 days of Funds's
Fiscal year end as to the federal tax status of dividends paid by the Fund
during its fiscal year ended March 31, 2006.
AIM Tax-Free Cash Reserve Portfolio Resource Class paid ordinary dividends in
the amount of $0.0234 during its tax year ended March 31, 2006. Of this amount,
100% qualified as tax-exempt interest dividends for federal income tax purposes.
For the purpose of preparing your annual federal income tax returns, however,
you should report the amounts as reflected on the Statement of Tax-Exempt
Income.
TAX INFORMATION FOR NON-RESIDENT ALIEN SHAREHOLDERS
The percentage of qualifying assets not subject to the U.S. estate tax for the
fiscal quarters ended June 30, 2005, September 30, 2005, December 31, 2005 and
March 31, 2006, are 100%, 100%, 100% and 100%, respectively.
F-41
TAX-FREE INVESTMENTS TRUST
TRUSTEES AND OFFICERS
As of March 31, 2006
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
INTERESTED PERSONS
- -------------------------------------------------------------------------------------------------------------------------------
Robert H. Graham(1) -- 1946 1977 Director and Chairman, A I M Management None
Trustee, Vice Chair, Group Inc. (financial services holding
Principal Executive Officer company); Director and Vice Chairman,
and President AMVESCAP PLC; Chairman, AMVESCAP
PLC -- AIM Division (parent of AIM and a
global investment management firm) and
Trustee, Vice Chair, President and
Principal Executive Officer of the AIM
Family of Funds
Formerly: President and Chief Executive
Officer, A I M Management Group Inc.;
Director, Chairman and President, A I M
Advisors, Inc. (registered investment
advisor); Director and Chairman, A I M
Capital Management, Inc. (registered
investment advisor), A I M Distributors,
Inc. (registered broker dealer), AIM
Investment Services, Inc., (registered
transfer agent), and Fund Management
Company (registered broker dealer); and
Chief Executive Officer, AMVESCAP
PLC -- Managed Products
- -------------------------------------------------------------------------------------------------------------------------------
Mark H. Williamson(2) -- 1951 2003 Trustee and Executive Vice President of None
Trustee and Executive Vice the AIM Family of Funds
President
Formerly: Director, Chairman, President
and Chief Executive Officer, INVESCO
Funds Group, Inc.; President and Chief
Executive Officer, INVESCO Distributors,
Inc.; Chief Executive Officer, AMVESCAP
PLC -- Managed Products; and Chairman,
AIM Advisors, Inc. Director, President
and Chief Executive Officer, A I M
Management Group Inc.; Director and
President, A I M Advisors, Inc.;
Director, A I M Capital Management, Inc.
and A I M Distributors, Inc.; Director
and Chairman, AIM Investment Services,
Inc.; Fund Management Company and
INVESCO Distributors, Inc. (registered
broker dealer); and Chief Executive
Officer, AMVESCAP PLC -- AIM Division
- -------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- -------------------------------------------------------------------------------------------------------------------------------
Bruce L. Crockett -- 1944 1992 Chairman, Crockett Technology Associates ACE Limited (insurance company);
Trustee and Chair (technology consulting company) and Captaris, Inc. (unified
messaging provider)
- -------------------------------------------------------------------------------------------------------------------------------
Bob R. Baker -- 1936 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Frank S. Bayley -- 1939 2001 Retired Badgley Funds, Inc. (registered
Trustee investment company (2 portfolios))
Formerly: Partner, law firm of Baker &
McKenzie
- -------------------------------------------------------------------------------------------------------------------------------
James T. Bunch -- 1942 2003 Founder, Green, Manning & Bunch Ltd., None
Trustee (investment banking firm); and Director,
Policy Studies, Inc. and Van Gilder
Insurance Corporation
- -------------------------------------------------------------------------------------------------------------------------------
Albert R. Dowden -- 1941 2000 Director of a number of public and None
Trustee private business corporations, including
the Boss Group Ltd. (private investment
and management); Cortland Trust, Inc.
(Chairman) (registered investment
company (3 portfolios)); Annuity and
Life Re (Holdings), Ltd. (insurance
company); CompuDyne Corporation
(provider of products and services to
the public security market); and
Homeowners of America Holding
Corporation
Formerly: Director, President and Chief
Executive Officer, Volvo Group North
America, Inc.; Senior Vice President, AB
Volvo; and director of various
affiliated Volvo companies
- -------------------------------------------------------------------------------------------------------------------------------
Jack M. Fields -- 1952 1997 Chief Executive Officer, Twenty First Administaff, and Discovery Global
Trustee Century Group, Inc. (government affairs Education Fund (non-profit)
company); and Owner, Dos Angelos Ranch,
L.P.
Formerly: Chief Executive Officer,
Texana Timber LP (sustainable forestry
company)
- -------------------------------------------------------------------------------------------------------------------------------
Carl Frischling -- 1937 1992 Partner, law firm of Kramer Levin Cortland Trust, Inc. (registered
Trustee Naftalis and Frankel LLP investment company (3 portfolios))
- -------------------------------------------------------------------------------------------------------------------------------
Prema Mathai-Davis -- 1950 1998 Formerly: Chief Executive Officer, YWCA None
Trustee of the USA
- -------------------------------------------------------------------------------------------------------------------------------
Lewis F. Pennock -- 1942 1992 Partner, law firm of Pennock & Cooper None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Ruth H. Quigley -- 1935 2001 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Larry Soll -- 1942 2003 Retired None
Trustee
- -------------------------------------------------------------------------------------------------------------------------------
Raymond Stickel, Jr. -- 1944 2005 Retired Director, Mainstay VP Series
Trustee Funds, Inc. (21 portfolios)
Formerly: Partner, Deloitte & Touche
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Mr. Graham is considered an interested person of the Trust because he is a
director of AMVESCAP PLC, parent of the advisor to the Trust.
(2) Mr. Williamson is considered an interested person of the Trust because he is
an officer and a director of the advisor to, and a director of the principal
underwriter of, the Trust.
TRUSTEES AND OFFICERS--(CONTINUED)
As of March 31, 2006
TAX-FREE INVESTMENTS TRUST
The address of each trustee and officer of Tax-Free Investments Trust (the
"Trust"), is 11 Greenway Plaza, Suite 100, Houston, Texas 77046. Each trustee
oversees 109 portfolios in the AIM Funds complex. The trustees serve for the
life of the Trust, subject to their earlier death, incapacitation, resignation,
retirement or removal as more specifically provided in the Trust's
organizational documents. Column two below includes length of time served with
predecessor entities, if any.
<Table>
<Caption>
TRUSTEE AND/
NAME, YEAR OF BIRTH AND OR OFFICER PRINCIPAL OCCUPATION(S) OTHER DIRECTORSHIP(S)
POSITION(S) HELD WITH THE TRUST SINCE DURING PAST 5 YEARS HELD BY TRUSTEE
- -------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS
- -------------------------------------------------------------------------------------------------------------------------------
Russell C. Burk -- 1958 2005 Senior Vice President and Senior Officer N/A
Senior Vice President and of the AIM Family of Funds
Senior Officer
Formerly: Director of Compliance and
Assistant General Counsel, ICON
Advisers, Inc.; Financial Consultant,
Merrill Lynch; General Counsel and
Director of Compliance, ALPS Mutual
Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
John M. Zerr -- 1963(3) 2006 Director, Senior Vice President, N/A
Senior Vice President, Chief Secretary and General Counsel, A I M
Legal Officer and Secretary Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Vice President, A I M Capital
Management, Inc., AIM Investment
Services, Inc., and Fund Management
Company; and Senior Vice President,
A I M Distributors, Inc.; and Senior
Vice President, Chief Legal Officer and
Secretary of the AIM Family of Funds
Formerly: Chief Operating Officer,
Senior Vice President, General Counsel,
and Secretary, Liberty Ridge Capital,
Inc. (an investment adviser); Vice
President and Secretary, PBHG Funds (an
investment company); Vice President and
Secretary, PBHG Insurance Series Fund
(an investment company); General Counsel
and Secretary, Pilgrim Baxter Value
Investors (an investment adviser); Chief
Operating Officer, General Counsel and
Secretary, Old Mutual Investment
Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund
Services (an administrator); General
Counsel and Secretary, Old Mutual
Shareholder Services (a shareholder
servicing center); Executive Vice
President, General Counsel and
Secretary, Old Mutual Capital, Inc. (an
investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds
(an investment company)
- -------------------------------------------------------------------------------------------------------------------------------
Lisa O. Brinkley -- 1959 2004 Global Compliance Director, AMVESCAP N/A
Vice President PLC; and Vice President of the AIM
Family of Funds
Formerly: Senior Vice President, A I M
Management Group Inc. (financial
services holding company); Senior Vice
President and Chief Compliance Officer,
A I M Advisors, Inc. and the AIM Family
of Funds; Vice President and Chief
Compliance Officer, A I M Capital
Management, Inc. and A I M Distributors,
Inc.; Vice President, AIM Investment
Services, Inc. and Fund Management
Company; and Senior Vice President and
Compliance Director, Delaware
Investments Family of Funds
- -------------------------------------------------------------------------------------------------------------------------------
Kevin M. Carome -- 1956 2003 Senior Vice President and General N/A
Vice President Counsel, AMVESCAP PLC; and Vice
President of the AIM Family of Funds
Formerly: Director, General Counsel, and
Vice President Fund Management Company;
Director, Senior Vice President,
Secretary and General Counsel, A I M
Management Group Inc. (financial
services holding company) and A I M
Advisors, Inc.; Director and Vice
President, INVESCO Distributors, Inc.;
Senior Vice President, A I M
Distributors, Inc.; Vice President, A I
M Capital Management, Inc. and AIM
Investment Services, Inc.; Senior Vice
President, Chief Legal Officer and
Secretary of the AIM Family of Funds;
and Senior Vice President, Chief Legal
Officer and General Counsel, Liberty
Financial Companies, Inc. and Liberty
Funds Group, LLC
- -------------------------------------------------------------------------------------------------------------------------------
Sidney M. Dilgren -- 1961 2004 Vice President and Fund Treasurer, A I M N/A
Vice President, Principal Advisors, Inc.; and Vice President,
Financial Officer and Treasurer and Principal Officer of the
Treasurer AIM Family of Funds
Formerly: Senior Vice President, AIM
Investment Services, Inc.; and Vice
President, A I M Distributors, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
J. Philip Ferguson -- 1945 2005 Senior Vice President and Chief N/A
Vice President Investment Officer, A I M Advisors Inc.;
Director, Chairman, Chief Executive
Officer, President and Chief Investment
Officer, A I M Capital Management, Inc.;
Executive Vice President, A I M
Management Group Inc. and Vice President
of the AIM Family of Funds
Formerly: Senior Vice President, AIM
Private Asset Management, Inc.; and
Chief Equity Officer, and Senior
Investment Officer, A I M Capital
Management, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Karen Dunn Kelley -- 1960 1992 Director of Cash Management, Managing N/A
Vice President Director and Chief Cash Management
Officer, A I M Capital Management, Inc;
Director and President, Fund Management
Company; and Vice President, A I M
Advisors, Inc. and the AIM Family of
Funds
- -------------------------------------------------------------------------------------------------------------------------------
Todd L. Spillane(4) -- 1958 2006 Senior Vice President, A I M Management N/A
Chief Compliance Officer Group Inc.; Senior Vice President and
Chief Compliance Officer, A I M
Advisors, Inc.; Chief Compliance Officer
of the AIM Family of Funds; Vice
President and Chief Compliance Officer,
A I M Capital Management, Inc.; and Vice
President, A I M Distributors, Inc., AIM
Investment Services, Inc. and Fund
Management Company
Formerly: Global Head of Product
Development, AIG-Global Investment
Group, Inc.; Chief Compliance Officer
and Deputy General Counsel,
AIG-SunAmerica Asset Management; and
Chief Compliance Officer, Chief
Operating Officer and Deputy General
Counsel, American General Investment
Management
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(3) Mr. Zerr was elected Senior Vice President, Chief Legal Officer and
Secretary effective March 29, 2006.
(4) Mr. Spillane was elected Chief Compliance Officer effective March 29, 2006.
The Statement of Additional Information of the Trust includes additional
information about the Fund's Trustees and is available upon request, without
charge, by calling 1.800.959.4246.
<Table>
OFFICE OF THE FUND INVESTMENT ADVISOR DISTRIBUTOR AUDITORS
11 Greenway Plaza A I M Advisors, Inc. Fund Management Company PricewaterhouseCoopers
Suite 100 11 Greenway Plaza 11 Greenway Plaza LLP
Houston, TX 77046-1173 Suite 100 Suite 100 1201 Louisiana Street
Houston, TX 77046-1173 Houston, TX 77046-1173 Suite 2900
Houston, TX 77002-5678
COUNSEL TO THE FUND COUNSEL TO THE TRANSFER AGENT CUSTODIAN
Ballard Spahr INDEPENDENT TRUSTEES AIM Investment The Bank of New York
Andrews & Ingersoll, LLP Kramer, Levin, Naftalis Services, Inc. 2 Hanson Place
1735 Market Street, 51(st) & Frankel LLP P.O. Box 4739 Brooklyn, NY 11217-1431
floor 1177 Avenue of the Houston, TX 77210-4739
Philadelphia, PA 19103-7599 Americas
New York, NY 10036-2714
</Table>
The Fund provides a complete list of its holdings four times in each fiscal
year, at quarter-ends. For the second and fourth quarters, the list appears in
the Fund's semiannual and annual reports to shareholders. For the first and
third quarters, the Fund files the lists with the Securities and Exchange
Commission (SEC) on Form N-Q. Shareholders can look up the Fund's Form N-Q
filings on the SEC Web site, sec.gov. The Fund's Form N-Q also may be reviewed
and copied at the SEC Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549-0102. You can obtain information on the operation of the
Public Reference Room, including information about duplicating fee charges, by
calling 202-942-8090 or 800-732-0330 or by electronic request at the following
e-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are
811-02731 and 002-58286.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at 800-959-4246 or on the AIM
Web site, AIMinvestments.com. On the home page, scroll down and click on AIM
Funds Proxy Policy. The information is also available on the SEC Web site,
sec.gov.
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12 months ended June 30, 2005, is available at our Web
site. Go to AIMinvestments.com, access the About Us tab, click on Required
Notices and then click on Proxy Voting Activity. Next, select the Fund from the
drop-down menu. This information is also available on the SEC Web site, sec.gov.
[YOUR GOALS. OUR SOLUTIONS.] [AIM INVESTMENTS LOGO APPEARS HERE]
--Registered Trademark-- --Registered Trademark--
AIMinvestments.com TFIT-AR-4 Fund Management Company
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the Registrant had
adopted a code of ethics (the "Code") that applies to the Registrant's
principal executive officer ("PEO") and principal financial officer
("PFO"). There were no amendments to the Code during the period covered
by the report. The Registrant did not grant any waivers, including
implicit waivers, from any provisions of the Code to the PEO or PFO
during the period covered by this report.
..
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that the Registrant has at least
one audit committee financial expert serving on its Audit Committee.
The Audit Committee financial expert is Raymond Stickel, Jr. Mr.
Stickel is "independent" within the meaning of that term as used in
Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The Registrant's Audit Committee appointed PricewaterhouseCoopers LLP ("PWC") as
the Registrant's principal independent registered public accounting firm for the
fiscal year 2006. Such appointment was ratified and approved by the independent
trustees of the Registrant's Board of Trustees. For the fiscal year ended 2005,
Ernst & Young LLP ("E&Y") served as the Registrant's principal registered public
accounting firm.
The information set forth below for the 2006 fiscal year relates to
fees billed by PWC. The information set forth below for the 2005 fiscal year
relates to fees billed by E&Y.
FEES BILLED BY PRINCIPAL ACCOUNTANT RELATED TO THE REGISTRANT
PWC (for 2006) and E&Y (for 2005) billed the Registrant aggregate fees
for services rendered to the Registrant as follows:
<Table>
<Caption>
Percentage of Fees
Billed Applicable Percentage of Fees
Fees Billed by PWC to Non-Audit Fees Billed by E&Y Billed Applicable to
for Services Services Provided for Services Non-Audit Services
Rendered to the for fiscal year end Rendered to certain Provided for fiscal
Registrant's series 2006 Pursuant to of the Registrant year end 2005
portfolios for Waiver of series portfolios Pursuant to Waiver
fiscal Pre-Approval for fiscal year end of Pre-Approval
year end 2006 Requirement(1) 2005 Requirement(1)
------------- -------------- ---- --------------
Audit Fees $ 40,857 N/A $ 46,790 N/A
Audit-Related Fees $ 0 0% $ 0 0%
Tax Fees(2) $ 4,820 0% $ 2,612 0%
All Other Fees(3) $ 0 0% $ 980 0%
--------- ---------
Total Fees $ 45,677 0% $ 50,382 0%
PWC billed the Registrant aggregate non-audit fees of $4,820 for the fiscal
year ended 2006 for non-audit services rendered to the Registrant. E&Y billed
the Registrant aggregate non-audit fees of $3,592 for the fiscal year ended 2005
for non-audit services rendered to the Registrant.
- --------------------------------------------------------------------------------
(1) With respect to the provision of non-audit services, the pre-approval
requirement is waived pursuant to a de minimis exception if (i) such
services were not recognized as non-audit services by the Registrant at
the time of engagement, (ii) the aggregate amount of all such services
provided is no more than 5% of the aggregate audit and non-audit fees
paid by the Registrant during a fiscal year; and (iii) such services
are promptly approved by the Registrant's Audit Committee prior to the
completion of the audit by the Audit Committee.
(2) Tax Fees for the fiscal year end March 31, 2006 includes fees billed
for reviewing tax returns. Tax fees for fiscal year end March 31, 2005
includes fees billed for reviewing tax returns.
(3) All Other Fees for fiscal year ended March 31, 2005 includes fees
billed for access to an accounting and regulatory research tool.
FEES BILLED BY PRINCIPAL ACCOUNTANT RELATED TO AIM AND AIM AFFILIATES
PWC (for 2006) and E&Y (for 2005) billed AIM Advisors, Inc. ("AIM"),
the Registrant's adviser, and any entity controlling, controlled by or under
common control with AIM that provides ongoing services to the Registrant ("AIM
Affiliates") aggregate fees for pre-approved non-audit services rendered to AIM
and AIM Affiliates as follows:
<Table>
<Caption>
Fees Billed by PWC Fees Billed by E&Y
for Non-Audit for Non-Audit
Services Rendered to Percentage of Fees Services Rendered to Percentage of Fees
AIM and AIM Billed Applicable to AIM and AIM Billed Applicable to
Affiliates for Non-Audit Services Affiliates for Non-Audit Services
fiscal year end 2006 Provided for fiscal fiscal year end 2005 Provided for fiscal
That Were Required year end 2006 That Were Required year end 2005
to be Pre-Approved Pursuant to Waiver to be Pre-Approved Pursuant to Waiver of
by the Registrant's of Pre-Approval by the Registrant's Pre-Approval
Audit Committee Requirement(1) Audit Committee Requirement(1)
--------------- -------------- --------------- --------------
Audit-Related Fees(2) $0 0% $220,115 0%
Tax Fees $0 0% $ 0 0%
All Other Fees $0 0% $ 0 0%
Total Fees(3) $0 0% $220,115 0%
</Table>
- --------------------------------------------------------------------------------
(1) With respect to the provision of non-audit services, the pre-approval
requirement is waived pursuant to a de minimis exception if (i) such
services were not recognized as non-audit services by the Registrant at
the time of engagement, (ii) the aggregate amount of all such services
provided is no more than 5% of the aggregate audit and non-audit fees
paid by the Registrant, AIM and AIM Affiliates during a fiscal year;
and (iii) such services are promptly approved by the Registrant's Audit
Committee prior to the completion of the audit by the Audit Committee.
(2) Audit-Related fees for the fiscal year ended March 31, 2005 includes
fees billed for services to test and report on the controls and
operations of an affiliated transfer agent.
(3) Including the fees for services not required to be pre-approved by the
registrant's audit committee, PWC billed AIM and AIM Affiliates
aggregate non-audit fees of $0 for the fiscal year ended 2006, and E&Y
billed AIM and AIM Affiliates aggregate non-audit fees of $302,621 for
the fiscal year ended 2005, for non-audit services rendered to AIM and
AIM Affiliates.
The Audit Committee also has considered whether the provision of
non-audit services that were rendered to AIM and AIM Affiliates that
were not required to be pre-approved pursuant to SEC regulations, if
any, is compatible with maintaining the principal accountant's
independence.
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees of
the AIM Funds (the "Funds")
Last Amended September 13, 2005
I. STATEMENT OF PRINCIPLES
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and
Exchange Commission ("SEC") ("Rules"), the Audit Committees of the Funds' (the
"Audit Committee") Board of Directors/Trustees (the "Board") are responsible for
the appointment, compensation and oversight of the work of independent
accountants (an "Auditor"). As part of this responsibility and to assure that
the Auditor's independence is not impaired, the Audit Committees pre-approve the
audit and non-audit services provided to the Funds by each Auditor, as well as
all non-audit services provided by the Auditor to the Funds' investment adviser
and to affiliates of the adviser that provide ongoing services to the Funds
("Service Affiliates") if the services directly impact the Funds' operations or
financial reporting. The SEC Rules also specify the types of services that an
Auditor may not provide to its audit client. The following policies and
procedures comply with the requirements for pre-approval and provide a mechanism
by which management of the Funds may request and secure pre-approval of audit
and non-audit services in an orderly manner with minimal disruption to normal
business operations.
Proposed services either may be pre-approved without consideration of specific
case-by-case services by the Audit Committees ("general pre-approval") or
require the specific pre-approval of the Audit Committees ("specific
pre-approval"). As set forth in these policies and procedures, unless a type of
service has received general pre-approval, it will require specific pre-approval
by the Audit Committees. Additionally, any fees exceeding 110% of estimated
pre-approved fee levels provided at the time the service was pre-approved will
also require specific approval by the Audit Committees before payment is made.
The Audit Committees will also consider the impact of additional fees on the
Auditor's independence when determining whether to approve any additional fees
for previously pre-approved services.
The Audit Committees will annually review and generally pre-approve the services
that may be provided by each Auditor without obtaining specific pre-approval
from the Audit Committee. The term of any general pre-approval runs from the
date of such pre-approval through September 30th of the following year, unless
the Audit Committees consider a different period and state otherwise. The Audit
Committees will add to or subtract from the list of general pre-approved
services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to
assist the Audit Committees in fulfilling their responsibilities.
II. DELEGATION
The Audit Committees may from time to time delegate pre-approval authority to
one or more of its members who are Independent Directors. All decisions to
pre-approve a service by a delegated member shall be reported to the Audit
Committee at its next quarterly meeting.
III. AUDIT SERVICES
The annual audit services engagement terms will be subject to specific
pre-approval of the Audit Committees. Audit services include the annual
financial statement audit and other procedures such as tax provision work that
is required to be performed by the independent auditor to be able to form an
opinion on the Funds' financial statements. The Audit Committee will obtain,
review and consider sufficient information concerning the proposed Auditor to
make a reasonable evaluation of the Auditor's qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committees may
grant general pre-approval for other audit services, which are those services
that only the independent auditor reasonably can provide. Other Audit services
may include services such as issuing consents for the inclusion of audited
financial statements with SEC registration statements, periodic reports and
other documents filed with the SEC or other documents issued in connection with
securities offerings.
IV. NON-AUDIT SERVICES
The Audit Committees may provide general pre-approval of types of non-audit
services described in this Section IV to the Funds and its Service Affiliates if
the Audit Committees believe that the provision of the service will not impair
the independence of the Auditor, is consistent with the SEC's Rules on auditor
independence, and otherwise conforms to the Audit Committee's general principles
and policies as set forth herein.
The Audit Committees may provide specific pre-approval of any non-audit services
to the Funds and its Service Affiliates if the Audit Committees believe that the
provision of the service will not impair the independence of the auditor, is
consistent with the SEC Rules on auditor independence, and otherwise conforms to
the Audit Committees' general principles and policies as set forth herein.
AUDIT-RELATED SERVICES
"Audit-related services" are assurance and related services that are reasonably
related to the performance of the audit or review of the Fund's financial
statements or that are traditionally performed by the independent auditor.
Audit-related services include, among others, accounting consultations related
to accounting, financial reporting or disclosure matters not classified as
"Audit services"; assistance with understanding and implementing new accounting
and financial reporting guidance from rulemaking authorities; and agreed-upon
procedures related to mergers, compliance with ratings agency requirements and
interfund lending activities.
TAX SERVICES
"Tax services" include, but are not limited to, the review and signing of the
Funds' federal tax returns, the review of required distributions by the Funds
and consultations regarding tax matters such as the tax treatment of new
investments or the impact of new regulations. The Audit Committee will
scrutinize carefully the retention of the Auditor in connection with a
transaction initially recommended by the Auditor, the major business purpose of
which may be tax avoidance or the tax treatment of which may not be supported in
the Internal Revenue Code and related regulations. The Audit Committee will
consult with the Funds' Treasurer (or his or her designee) and may consult with
outside counsel or advisors as necessary to ensure the consistency of Tax
services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Provider before a tax court,
district court or federal court of claims.
ALL OTHER AUDITOR SERVICES
The Audit Committees may pre-approve non-audit services classified as "All other
services" that are not categorically prohibited by the SEC, as listed in Exhibit
1 to this policy.
V. PRE-APPROVAL FEE LEVELS OR ESTABLISHED AMOUNTS
Pre-approval of estimated fees or established amounts for services to be
provided by the Auditor under general or specific pre-approval policies will be
set periodically by the Audit Committees. Any proposed fees exceeding 110% of
the maximum estimated pre-approved fees or established amounts for pre-approved
audit and non-audit services will be reported to the Audit Committees at the
quarterly Audit Committees meeting and will require specific approval by the
Audit Committees before payment is made. The Audit Committee will always factor
in the overall relationship of fees for audit and non-audit services in
determining whether to pre-approve any such services and in determining whether
to approve any additional fees exceeding 110% of the maximum pre-approved fees
or established amounts for previously pre-approved services.
VI. PROCEDURES
On an annual basis, A I M Advisors, Inc. ("AIM") will submit to the Audit
Committees for general pre-approval, a list of non-audit services that the Funds
or Service Affiliates of the Funds may request from the Auditor. The list will
describe the non-audit services in reasonable detail and will include an
estimated range of fees and such other information as the Audit Committee may
request.
Each request for services to be provided by the Auditor under the general
pre-approval of the Audit Committees will be submitted to the Funds' Treasurer
(or his or her designee) and must include a detailed description of the services
to be rendered. The Treasurer or his or her designee will ensure that such
services are included within the list of services that have received the general
pre-approval of the Audit Committees. The Audit Committees will be informed at
the next quarterly scheduled Audit Committees meeting of any such services for
which the Auditor rendered an invoice and whether such services and fees had
been pre-approved and if so, by what means.
Each request to provide services that require specific approval by the Audit
Committees shall be submitted to the Audit Committees jointly by the Fund's
Treasurer or his or her designee and the Auditor, and must include a joint
statement that, in their view, such request is consistent with the policies and
procedures and the SEC Rules.
Non-audit services pursuant to the de minimis exception provided by the SEC
Rules will be promptly brought to the attention of the Audit Committees for
approval, including documentation that each of the conditions for this
exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the
services provided to any entity in the investment company complex as defined in
section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of
the engagement and the fees associated with those services.
The Audit Committees have designated the Funds' Treasurer to monitor the
performance of all services provided by the Auditor and to ensure such services
are in compliance with these policies and procedures. The Funds' Treasurer will
report to the Audit Committee on a periodic basis as to the results of such
monitoring. Both the Funds' Treasurer and management of AIM will immediately
report to the chairman of the Audit Committee any breach of these policies and
procedures that comes to the attention of the Funds' Treasurer or senior
management of AIM.
EXHIBIT 1 TO PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES POLICIES AND
PROCEDURES
CONDITIONALLY PROHIBITED NON-AUDIT SERVICES (NOT PROHIBITED IF THE FUND CAN
REASONABLY CONCLUDE THAT THE RESULTS OF THE SERVICE WOULD NOT BE SUBJECT TO
AUDIT PROCEDURES IN CONNECTION WITH THE AUDIT OF THE FUND'S FINANCIAL
STATEMENTS)
o Bookkeeping or other services related to the accounting records or
financial statements of the audit client
o Financial information systems design and implementation
o Appraisal or valuation services, fairness opinions, or
contribution-in-kind reports
o Actuarial services
o Internal audit outsourcing services
CATEGORICALLY PROHIBITED NON-AUDIT SERVICES
o Management functions
o Human resources
o Broker-dealer, investment adviser, or investment banking services
o Legal services
o Expert services unrelated to the audit
o Any other service that the Public Company Oversight Board determines by
regulation is impermissible.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included
as part of the reports to stockholders filed under Item 1 of
this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of March 21, 2006, an evaluation was performed under the
supervision and with the participation of the officers of the
Registrant, including the PEO and PFO, to assess the
effectiveness of the Registrant's 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 Registrant's officers, including the
PEO and PFO, concluded that, as of March 21, 2006, the
Registrant's disclosure controls and procedures were
reasonably designed to ensure: (1) that information required
to be disclosed by the Registrant on Form N-CSR is recorded,
processed, summarized and reported within the time periods
specified by the rules and forms of the Securities and
Exchange Commission; and (2) that material information
relating to the Registrant is made known to the PEO and PFO as
appropriate to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the Registrant's 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 have materially
affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
12(a)(1) Code of Ethics.
12(a)(2) Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2(a) under the
Investment Company Act of 1940.
12(a)(3) Not applicable.
12(b) Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2(b) under the
Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Tax-Free Investments Trust
By: /s/ ROBERT H. GRAHAM
-----------------------------------------------------------
Robert H. Graham
Principal Executive Officer
Date: June 7, 2006
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.
By: /s/ ROBERT H. GRAHAM
-----------------------------------------------------------
Robert H. Graham
Principal Executive Officer
Date: June 7, 2006
By: /s/ SIDNEY M. DILGREN
-----------------------------------------------------------
Sidney M. Dilgren
Principal Financial Officer
Date: June 7, 2006
EXHIBIT INDEX
12(a)(1) Code of Ethics.
12(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
12(a)(3) Not applicable.
12(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.