File No. 333-45159 CIK #1024816
Securities and Exchange Commission
Washington, D. C. 20549-1004
Post-Effective
Amendment No. 1
to
Form S-6
For Registration under the Securities Act of 1933 of
Securities of Unit Investment Trusts Registered on
Form N-8B-2
Insured Municipals Income Trust and Investors' Quality Tax-Exempt Trust,
Multi-Series 301
(Exact Name of Trust)
Van Kampen Funds Inc.
(Exact Name of Depositor)
One Parkview Plaza
Oakbrook Terrace, Illinois 60181
(Complete address of Depositor's principal executive offices)
VAN KAMPEN FUNDS INC. CHAPMAN AND CUTLER
Attention: A. Thomas Smith III, General Counsel Attention: Mark J. Kneedy
One Parkview Plaza 111 West Monroe Street
Oakbrook Terrace, Illinois 60181 Chicago, Illinois 60603
(Name and complete address of agents for service)
( X ) Check if it is proposed that this filing will become effective
on August 25, 1999 pursuant to paragraph (b) of Rule 485.
MULTI-SERIES 301
IM-IT/399 Michigan IM-IT/150
Florida IM-IT/121 North Carolina Quality/94
- --------------------------------------------------------------------------------
PROSPECTUS PART ONE
NOTE: Part I of this Prospectus may not be distributed unless accompanied by
Part II. Please retain both parts of this Prospectus for future reference.
- --------------------------------------------------------------------------------
THE FUND
This series of Insured Municipals Income Trust and Investors' Quality
Tax-Exempt Trust (the "Fund") consists of underlying separate unit investment
trusts described above. Each Trust consists of an insured portfolio of
interest-bearing obligations (the "Bonds" or "Securities") issued by or on
behalf of municipalities and other governmental authorities, the interest on
which is, in the opinion of recognized bond counsel to the issuing governmental
authority, exempt from all Federal income taxes under existing law. In addition,
the interest income of each State Trust is, in the opinion of counsel, exempt to
the extent indicated from state and local taxes, when held by residents of the
state where the issuers of Bonds in such Trust are located.
PUBLIC OFFERING PRICE
The Public Offering Price of the Units of each Trust includes the aggregate
bid price of the Securities in such Trust, an applicable sales charge, cash, if
any, in the Principal Account held or owned by such Trust, and accrued interest,
if any. See "Summary of Essential Financial Information".
ESTIMATED CURRENT AND LONG-TERM RETURNS
Estimated Current and Long-Term Returns to Unitholders are indicated under
"Summary of Essential Financial Information". The methods of calculating
Estimated Current Returns and Estimated Long-Term Return are set forth in Part
II of this Prospectus.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The Date of this Prospectus is August 25, 1999
Van Kampen
INSURED MUNICIPALS INCOME TRUST
AND INVESTORS' QUALITY TAX-EXEMPT TRUST, MULTI-SERIES 301
Summary of Essential Financial Information
As of June 8, 1999
Sponsor: Van Kampen Funds Inc.
Evaluator: American Portfolio Evaluation Services
(A division of an affiliate of the Sponsor)
Trustee: The Bank of New York
The income, expense and distribution data set forth below have been
calculated for Unitholders electing to receive monthly distributions.
Unitholders choosing a different distribution plan (if available) will receive a
slightly higher net annual interest income because of the lower Trustee's fees
and expenses under such plan.
<TABLE>
<CAPTION>
Florida Michigan North Carolina
IM-IT IM-IT IM-IT Quality
Trust Trust Trust Trust
------------- ------------- ------------- -------------
General Information
<S> <C> <C> <C> <C>
Principal Amount (Par Value) of Securities.......... $ 9,050,000 $ 3,005,000 $ 3,195,000 $ 2,010,000
Number of Units..................................... 9,039 3,047 3,223 2,035
Fractional Undivided Interest in Trust per Unit..... 1/9,039 1/3,047 1/3,223 1/2,035
Public Offering Price:
Aggregate Bid Price of Securities in Portfolio $ 8,389,765.30 $ 2,806,543.55 $ 2,965,513.75 $ 1,878,397.05
Aggregate Bid Price of Securities per Unit.... $ 928.17 $ 921.08 $ 920.11 $ 923.05
Sales charge of 5.708% (5.40% of Public Offering
Price excluding principal cash) for the IM-IT
Trust, 5.708% (5.40% of Public Offering Price
excluding principal cash) for the Florida IM-IT
Trust, 5.708% (5.40% of Public Offering Price
excluding principal cash) for the Michigan IM-IT
Trust and 5.708% (5.40% of Public Offering Price
excluding principal cash) for the North Carolina
Quality Trust................................. $ 52.93 $ 52.41 $ 52.47 $ 52.68
Principal Cash per Unit....................... $ (.88) $ (2.82) $ (.87) $ --
Public Offering Price per Unit (1)............ $ 980.22 $ 970.67 $ 971.71 $ 975.73
Redemption Price per Unit........................... $ 927.29 $ 918.26 $ 919.24 $ 923.05
Excess of Public Offering Price per Unit over
Redemption Price per Unit..................... $ 52.93 $ 52.41 $ 52.47 $ 52.68
Minimum Value of the Trust under which Trust
Agreement may be terminated................... $ 1,813,000.00 $ 601,000.00 $ 639,000.00 $ 402,000.00
Annual Premium on Portfolio Insurance............... $ -- $ -- $ -- $ --
Evaluator's Annual Evaluation Fee (3)............... $ 2,353 $ 780 $ 829 $ 522
Special Information
Calculation of Estimated Net Annual Unit Income:
Estimated Annual Interest Income per Unit..... $ 49.09 $ 48.56 $ 48.28 $ 48.15
Less: Estimated Annual Expense................ $ 2.14 $ 2.38 $ 2.35 $ 2.36
Less: Annual Premium on Portfolio Insurance... $ -- $ -- $ -- $ --
Estimated Net Annual Interest Income per Unit. $ 46.95 $ 46.18 $ 45.93 $ 45.79
Calculation of Estimated Interest Earnings per Unit:
Estimated Net Annual Interest Income.......... $ 46.95 $ 46.18 $ 45.93 $ 45.79
Divided by 12................................. $ 3.91 $ 3.85 $ 3.83 $ 3.82
Estimated Daily Rate of Net Interest Accrual per
Unit.......................................... $ .13041 $ .12826 $ .12758 $ .12719
Estimated Current Return Based on Public
Offering Price (2)............................ 4.79% 4.74% 4.72% 4.69%
Estimated Long-Term Return (2)...................... 4.87% 4.81% 4.82% 4.77%
</TABLE>
- --------------------------------------------------------------------------------
(1) Plus accrued interest to the date of settlement (three business days after
purchase) of $.13, $.13, $.13 and $.13 for the IM-IT, Florida IM-IT,
Michigan IM-IT and North Carolina Quality Trusts, respectively.
(2) The Estimated Current Returns and Estimated Long-Term Returns are described
under "Estimated Current and Long-Term Returns" in Part II.
(3) Notwithstanding information to the contrary in Part II of this Prospectus,
the Trust Indenture provides that as compensation for its services, the
Evaluator shall receive a fee of $.30 per $1,000 principal amount of Bonds
per Trust annually. This fee may be adjusted for increases in consumer
prices for services under the category "All Services Less Rent of Shelter"
in the Consumer Price Index.
Summary of Essential Financial Information (continued)
Evaluations for purpose of sales, purchase or redemption of Units are made as of
the close of trading on the New York Stock Exchange on days such Exchange is
open next following receipt of an order for a sale or purchase of Units or
receipt by The Bank of New York of Units tendered for redemption.
Minimum Principal Distribution $1.00 per Unit
Date of Deposit May 22, 1998
Evaluator's Annual Supervisory Fee Maximum of $.25 per Unit
Record and Computation Dates............ TENTH day of the month as follows:
monthly - each month; semi-annual - June and December for the IM-IT,
January and July for the Florida IM-IT and Michigan IM-IT, and May and
November for the North Carolina Quality Trusts.
Distribution Dates...................... TWENTY-FIFTH day of the month as
follows: monthly - each month; semi-annual - June and December for the
IM-IT, January and July for the Florida IM-IT and Michigan IM-IT, and May
and November for the North Carolina Quality Trusts.
Trustee's Annual Fee..................... $.91 and $.51 per $1,000 principal
amount of Bonds respectively, for those portions of the Trusts under the
monthly and semi-annual distribution plans.
PORTFOLIO
As of April 30, 1999, the Insured Municipals Income Trust, Series 399
consists of 16 issues which are payable from the income of a specific project or
authority. The portfolio is divided by purpose of issue as follows: General
Obligation, 4 (21%); General Purpose, 1 (11%); Health Care, 4 (34%); Higher
Education, 1 (6%); Public Building, 1 (4%); Public Education, 1 (3%);
Transportation, 2 (12%); Water and Sewer, 1 (5%) and Wholesale Electric, 1 (4%).
The portfolio consists of 16 Bond issues in 9 states. See "Portfolio" herein.
<TABLE>
<CAPTION>
PER UNIT INFORMATION
1999 (1)
------------
<S> <C>
Net asset value per Unit at beginning of period........................................................ $ 951.00
============
Net asset value per Unit at end of period.............................................................. $ 953.79
============
Distributions to Unitholders of investment income including accrued interest paid
on Units redeemed (average Units outstanding for entire period) (2)................................. $ 36.25
============
Distributions to Unitholders from Bond redemption proceeds (average Units
outstanding for entire period)...................................................................... $ --
============
Unrealized appreciation (depreciation) of Bonds (per Unit outstanding at
end of period)...................................................................................... $ (4.71)
============
Distributions of investment income by frequency of payment (2)
Monthly.......................................................................................... $ 40.67
Semiannual....................................................................................... $ 25.27
Units outstanding at end of period..................................................................... 9,042
</TABLE>
- --------------------------------------------------------------------------------
(1) For the period from May 22, 1998 (date of deposit) through April 30, 1999.
(2) Unitholders may elect to receive distributions on a monthly or semi-annual
basis.
PORTFOLIO
As of April 30, 1999, the Florida Insured Municipals Income Trust, Series,
121 consists of 10 issues which are payable from the income of a specific
project or authority. The portfolio is divided by purpose of issue as follows:
General Obligation, 1 (17%); General Purpose, 3 (18%); Health Care, 2 (27%);
Transportation, 2 (18%); Water and Sewer, 1 (8%) and Wholesale Electric, 1
(12%). See "Portfolio" herein.
<TABLE>
<CAPTION>
PER UNIT INFORMATION
1999 (1)
------------
<S> <C>
Net asset value per Unit at beginning of period........................................................ $ 951.00
============
Net asset value per Unit at end of period.............................................................. $ 946.06
============
Distributions to Unitholders of investment income including accrued interest paid
on Units redeemed (average Units outstanding for entire period) (2)................................. $ 39.29
============
Distributions to Unitholders from Bond redemption proceeds (average Units
outstanding for entire period)...................................................................... $ --
============
Unrealized appreciation (depreciation) of Bonds (per Unit outstanding at
end of period)...................................................................................... $ (8.78)
============
Distributions of investment income by frequency of payment (2)
Monthly.......................................................................................... $ 39.95
Semiannual....................................................................................... $ 28.68
Units outstanding at end of period..................................................................... 3,047
</TABLE>
- --------------------------------------------------------------------------------
(1) For the period from May 22, 1998 (date of deposit) through April 30, 1999.
(2) Unitholders may elect to receive distributions on a monthly or semi-annual
basis.
PORTFOLIO
As of April 30, 1999, the Michigan Insured Municipals Income Trust, Series,
150 consists of 9 issues which are payable from the income of a specific project
or authority. The portfolio is divided by purpose of issue as follows: General
Obligation, 4 (53%); General Purpose, 1 (3%); Health Care, 1 (16%); Higher
Education, 1 (3%); Public Building, 1 (9%) and Water and Sewer, 1 (16%). See
"Portfolio" herein.
<TABLE>
<CAPTION>
PER UNIT INFORMATION
1999 (1)
------------
<S> <C>
Net asset value per Unit at beginning of period........................................................ $ 951.00
============
Net asset value per Unit at end of period.............................................................. $ 945.80
============
Distributions to Unitholders of investment income including accrued interest paid
on Units redeemed (average Units outstanding for entire period) (2)................................. $ 37.19
============
Distributions to Unitholders from Bond redemption proceeds (average Units
outstanding for entire period)...................................................................... $ --
============
Unrealized appreciation (depreciation) of Bonds (per Unit outstanding at
end of period)...................................................................................... $ (11.00)
============
Distributions of investment income by frequency of payment (2)
Monthly.......................................................................................... $ 39.80
Semiannual....................................................................................... $ 28.63
Units outstanding at end of period..................................................................... 3,223
</TABLE>
- --------------------------------------------------------------------------------
(1) For the period from May 22, 1998 (date of deposit) through April 30, 1999.
(2) Unitholders may elect to receive distributions on a monthly or semi-annual
basis.
PORTFOLIO
As of April 30, 1999, the North Carolina Investors' Quality Tax-Exempt Trust,
Series 94 consists of 9 issues which are payable from the income of a specific
project or authority. The portfolio is divided by purpose of issue as follows:
General Obligation, 1 (8%); Health Care, 2 (27%); Higher Education, 2 (17%);
Public Building, 1 (12%); Retail Electric/Gas/Telephone, 2 (26%); and Wholesale
Electric, 1 (10%). See "Portfolio" herein.
<TABLE>
<CAPTION>
PER UNIT INFORMATION
1999 (1)
------------
<S> <C>
Net asset value per Unit at beginning of period........................................................ $ 951.00
============
Net asset value per Unit at end of period.............................................................. $ 946.47
============
Distributions to Unitholders of investment income including accrued interest paid
on Units redeemed (average Unitsoutstanding for entire period) (2).................................. $ 37.35
============
Distributions to Unitholders from Bond redemption proceeds (average Units
outstanding for entire period)...................................................................... $ --
============
Unrealized appreciation (depreciation) of Bonds (per Unit outstanding at
end of period)...................................................................................... $ (10.00)
============
Distributions of investment income by frequency of payment (2)
Monthly.......................................................................................... $ 39.60
Semiannual....................................................................................... $ 20.74
Units outstanding at end of period..................................................................... 2,035
</TABLE>
- --------------------------------------------------------------------------------
(1) For the period from May 22, 1998 (date of deposit) through April 30, 1999.
(2) Unitholders may elect to receive distributions on a monthly or semi-annual
basis.
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of Van Kampen Funds Inc. and the Unitholders of
Insured Municipals Income Trust and Investors' Quality Tax-Exempt Trust,
Multi-Series 301:
We have audited the accompanying statements of condition (including the
analyses of net assets) and the related portfolio of Insured Municipals Income
Trust and Investors' Quality Tax-Exempt Trust, Multi-Series 301 (IM-IT, Florida
IM-IT, Michigan IM-IT and North Carolina Quality Trusts) as of April 30, 1999,
and the related statements of operations and changes in net assets for the
period from May 22, 1998 (date of deposit) thrugh April 30,1999. These
statements are the responsibility of the Trustee and the Sponsor. Our
responsibility is to express an opinion on such statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. 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. Our procedures included
confirmation of tax-exempt securities owned at April 30, 1999 by correspondence
with the Trustee. An audit also includes assessing the accounting principles
used and significant estimates made by the Trustee and the Sponsor, as well as
evaluating the overall financial statement presentation. We believe our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Insured Municipals Income Trust
and Investors' Quality Tax-Exempt Trust, Multi-Series 301 (IM-IT, Florida IM-IT,
Michigan IM-IT and North Carolina Quality Trusts) as of April 30, 1999, and the
results of operations and changes in net assets for the period from May 22, 1998
(date of deposit) through April 30, 1999, in conformity with generally accepted
accounting principles.
GRANT THORNTON LLP
Chicago, Illinois
June 18, 1999
<TABLE>
<CAPTION>
INSURED MUNICIPALS INCOME TRUST
AND INVESTORS' QUALITY TAX-EXEMPT TRUST, MULTI-SERIES 301
Statements of Condition
April 30, 1999
North
Florida Michigan Carolina
IM-IT IM-IT IM-IT Quality
Trust Trust Trust Trust
------------ ------------ ------------ ------------
Trust property
<S> <C> <C> <C> <C>
Cash........................................................ $ -- $ -- $ -- $ --
Tax-exempt securities at market value, (cost $8,603,881
$2,906,269, $3,067,940 and 1,935,293 respectively) (note 1) 8,561,273 2,879,515 3,032,498 1,914,945
Accrued interest............................................ 143,463 35,541 68,610 29,904
Receivable for securities sold.............................. 14,788 -- -- --
------------ ------------ ------------ ------------
$ 8,719,524 $ 2,915,056 $ 3,101,108 $ 1,944,849
============ ============ ============ ============
Liabilities and interest to Unitholders
Cash overdraft.............................................. $ 95,392 $ 32,397 $ 52,785 $ 18,782
Redemptions payable......................................... -- -- -- --
Interest to Unitholders..................................... 8,624,132 2,882,659 3,048,323 1,926,067
------------ ------------ ------------ ------------
$ 8,719,524 $ 2,915,056 $ 3,101,108 $ 1,944,849
============ ============ ============ ============
Analyses of Net Assets
Interest of Unitholders 9,042, 3,047, 3,223 and 2,035 Units, respectively of
fractional undivided interest outstanding) Cost to original investors of
9,063, 3,056
3,226 and 2,035 Units, respectively (note 1)............. $ 9,063,000 $ 3,056,000 $ 3,226,000 $ 2,035,000
Less initial underwriting commission (note 3)............ 444,043 149,731 158,060 99,706
------------ ------------ ------------ ------------
8,618,957 2,906,269 3,067,940 1,935,294
Less redemption of Units (21, 9,
3 and 0 Units, respectively).......................... 19,968 8,616 2,815 --
------------ ------------ ------------ ------------
8,598,989 2,897,653 3,065,125 1,935,294
Undistributed net investment income
Net investment income.................................... 396,360 131,659 138,534 87,130
Less distributions to Unitholders........................ 328,322 119,899 119,894 76,009
------------ ------------ ------------ ------------
68,038 11,760 18,640 11,121
Realized gain (loss) on Bond sale or redemption............. (287) -- -- --
Unrealized appreciation (depreciation) of Bonds (note 2).... (42,608) (26,754) (35,442) (20,348)
Distributions to Unitholders of Bond sale or redemption proceeds -- -- -- --
------------ ------------ ------------ ------------
Net asset value to Unitholders........................ $ 8,624,132 $ 2,882,659 $ 3,048,323 $ 1,926,067
============ ============ ============ ============
Net asset value per Unit (Units outstanding of 9,042
3047, 3,223 and 2,035 respectively)......................... $ 953.79 $ 946.06 $ 945.80 $ 946.47
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
INSURED MUNICIPALS INCOME TRUST, SERIES 399
Statements of Operations
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Investment income
<S> <C>
Interest income..................................................................................... $ 409,576
Expenses
Trustee fees and expenses........................................................................ 8,903
Evaluator fees................................................................................... 2,353
Insurance expense................................................................................ --
Supervisory fees................................................................................. 1,960
-----------
Total expenses................................................................................ 13,216
-----------
Net investment income............................................................................ 396,360
Realized gain (loss) from Bond sale or redemption
Proceeds............................................................................................ 14,788
Cost................................................................................................ 15,075
-----------
Realized gain (loss)............................................................................. (287)
Net change in unrealized appreciation (depreciation) of Bonds.......................................... (42,608)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................................................................... $ 353,465
===========
Statements of Changes in Net Assets
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Increase (decrease) in net assets Operations:
Net investment income............................................................................... $ 396,360
Realized gain (loss) on Bond sale or redemption..................................................... (287)
Net change in unrealized appreciation (depreciation) of Bonds....................................... (42,608)
-----------
Net increase (decrease) in net assets resulting from operations.................................. 353,465
Distributions to Unitholders from:
Net investment income............................................................................... (328,322)
Bonds sale or redemption proceeds................................................................... --
Redemption of Units.................................................................................... (19,968)
-----------
Total increase (decrease)........................................................................ 5,175
Net asset value to Unitholders
Beginning of period................................................................................. 8,618,957
-----------
End of period (including undistributed net investment income of $68,038)............................ $ 8,624,132
===========
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
FLORIDA INSURED MUNICIPALS INCOME TRUST, SERIES 121
Statements of Operations
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Investment income
<S> <C>
Interest income..................................................................................... $ 136,854
Expenses
Trustee fees and expenses........................................................................ 3,754
Evaluator fees................................................................................... 780
Insurance expense................................................................................ --
Supervisory fees................................................................................. 661
-----------
Total expenses................................................................................ 5,195
-----------
Net investment income............................................................................ 131,659
Realized gain (loss) from Bond sale or redemption
Proceeds............................................................................................ --
Cost................................................................................................ --
-----------
Realized gain (loss)............................................................................. --
Net change in unrealized appreciation (depreciation) of Bonds.......................................... (26,754)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................................................................... $ 104,905
===========
Statements of Changes in Net Assets
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Increase (decrease) in net assets Operations:
Net investment income............................................................................... $ 131,659
Realized gain (loss) on Bond sale or redemption..................................................... --
Net change in unrealized appreciation (depreciation) of Bonds....................................... (26,754)
-----------
Net increase (decrease) in net assets resulting from operations.................................. 104,905
Distributions to Unitholders from:
Net investment income............................................................................... (119,899)
Bonds sale or redemption proceeds................................................................... --
Redemption of Units.................................................................................... (8,616)
-----------
Total increase (decrease)........................................................................ (23,610)
Net asset value to Unitholders
Beginning of period................................................................................. 2,906,269
-----------
End of period (including undistributed net investment income of $11,760)............................ $ 2,882,659
===========
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
MICHIGAN INSURED MUNICIPALS INCOME TRUST, SERIES 150
Statements of Operations
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Investment income
<S> <C>
Interest income..................................................................................... $ 143,943
Expenses
Trustee fees and expenses........................................................................ 3,882
Evaluator fees................................................................................... 829
Insurance expense................................................................................ --
Supervisory fees................................................................................. 698
-----------
Total expenses................................................................................ 5,409
-----------
Net investment income............................................................................ 138,534
Realized gain (loss) from Bond sale or redemption
Proceeds............................................................................................ --
Cost................................................................................................ --
-----------
Realized gain (loss)............................................................................. --
Net change in unrealized appreciation (depreciation) of Bonds.......................................... (35,442)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................................................................... $ 103,092
===========
Statements of Changes in Net Assets
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Increase (decrease) in net assets Operations:
Net investment income............................................................................... $ 138,534
Realized gain (loss) on Bond sale or redemption..................................................... --
Net change in unrealized appreciation (depreciation) of Bonds....................................... (35,442)
-----------
Net increase (decrease) in net assets resulting from operations.................................. 103,092
Distributions to Unitholders from:
Net investment income............................................................................... (119,894)
Bonds sale or redemption proceeds................................................................... --
Redemption of Units.................................................................................... (2,815)
-----------
Total increase (decrease)........................................................................ (19,617)
Net asset value to Unitholders
Beginning of period................................................................................. 3,067,940
-----------
End of period (including undistributed net investment income of $18,640)............................ $ 3,048,323
===========
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
NORTH CAROLINA INVESTORS' QUALITY TAX-EXEMPT TRUST, SERIES 94
Statements of Operations
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Investment income
<S> <C>
Interest income..................................................................................... $ 90,644
Expenses
Trustee fees and expenses........................................................................ 2,552
Evaluator fees................................................................................... 522
Insurance expense................................................................................ --
Supervisory fees................................................................................. 440
-----------
Total expenses................................................................................ 3,514
-----------
Net investment income............................................................................ 87,130
Realized gain (loss) from Bond sale or redemption
Proceeds............................................................................................ --
Cost................................................................................................ --
-----------
Realized gain (loss)............................................................................. --
Net change in unrealized appreciation (depreciation) of Bonds.......................................... (20,348)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................................................................... $ 66,782
===========
Statements of Changes in Net Assets
Period from May 22, 1998 (date of deposit) through April 30, 1999
1999
-----------
Increase (decrease) in net assets Operations:
Net investment income............................................................................... $ 87,130
Realized gain (loss) on Bond sale or redemption..................................................... --
Net change in unrealized appreciation (depreciation) of Bonds....................................... (20,348)
-----------
Net increase (decrease) in net assets resulting from operations.................................. 66,782
Distributions to Unitholders from:
Net investment income............................................................................... (76,009)
Bonds sale or redemption proceeds................................................................... --
Redemption of Units.................................................................................... --
-----------
Total increase (decrease)........................................................................ (9,227)
Net asset value to Unitholders
Beginning of period................................................................................. 1,935,294
-----------
End of period (including undistributed net investment income of $11,121)............................ $ 1,926,067
===========
</TABLE>
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
IM-IT and QUALITY MULTI-SERIES 301
INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of April 30, 1999
- ----------------------------------------------------------------------------------------------------------------------
Port- Redemption Market
folio Aggregate Rating Feature Value
Item Principal Name of Issuer, Title, Interest Rate and Maturity Date (Note 2) (Note 2) (Note 1)
- ------ ----------- ------------------------------------------------------ -------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A $ 295,000 Taylor, Indiana, Independent Community School
Corporation-First Mortgage Revenue Bonds
(AMBAC Assurance Insured) 2007 @ 101
5.125% Due 01/15/19 AAA 2017 @ 100 S.F. $ 289,772
- -----------------------------------------------------------------------------------------------------------------------
B 360,000 Illinois, Municipal Electric Power Agency Power Supply,
Revenue Refunding Bonds (FSA Insured) 2008 @ 101
5.000% Due 02/01/21 AAA 2019 @ 100 S.F. 347,112
- -----------------------------------------------------------------------------------------------------------------------
C 240,000 Orleans Parish, Louisiana, Parishwide School District, General
Obligation-Unlimited Tax Bonds, Series A (FGIC Insured) 2008 @ 100
5.125% Due 09/01/22 AAA 2018 @ 100 S.F. 237,307
- -----------------------------------------------------------------------------------------------------------------------
D 325,000 Cleveland, Ohio, Certificate of Participation, Cleveland
Stadium Project (AMBAC Assurance Insured) 2007 @ 102
5.250% Due 11/15/22 AAA 2019 @ 100 S.F. 325,455
- -----------------------------------------------------------------------------------------------------------------------
E 200,000 Baldwin, Michigan, Community Schools General Obligation
Bonds (FSA Insured) 2007 @ 100
5.200% Due 05/01/23 Aaa* 2021 @ 100 S.F. 198,738
- -----------------------------------------------------------------------------------------------------------------------
F 500,000 Utah, Water Finance Agency Revenue Bonds, Series A
(MBIA Insured) 2008 @ 100
5.300% Due 10/01/23 AAA 2019 @ 100 S.F. 501,260
- -----------------------------------------------------------------------------------------------------------------------
G 480,000 Godfrey-Lee, Michigan Public School District, General
Obligation Bonds (MBIA Insured) 2007 @ 100
5.125% Due 05/01/25 AAA 2018 @ 100 S.F. 474,634
- -----------------------------------------------------------------------------------------------------------------------
H 450,000 E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Capital Appreciation, Series 1997B (MBIA Insured)
0.000% Due 09/01/25 AAA 113,454
- -----------------------------------------------------------------------------------------------------------------------
I 600,000 Massachusetts Bay Transportation Authority, Massachusetts
General Transportation System, Series A (MBIA Insured) 2008 @ 100
4.500% Due 03/01/26 AAA 2022 @ 100 S.F. 536,358
- -----------------------------------------------------------------------------------------------------------------------
J 1,000,000 Utah County, Utah Hospital Revenue Bonds, IHC Health
Services Inc., Series 1997 (MBIA Insured) 2007 @ 101
5.250% Due 08/15/26 AAA 2024 @ 100 S.F. 989,870
- -----------------------------------------------------------------------------------------------------------------------
K 1,000,000 District of Columbia Revenue Bonds (American Association for
the Advancement of Science Issue) Series 1997
(AMBAC Assurance Insured) 2008 @ 102
5.125% Due 01/01/27 AAA 2017 @ 100 S.F. 978,350
- -----------------------------------------------------------------------------------------------------------------------
L 500,000 Indiana, Health Facilities Financing Authority, Hospital
Revenue Bonds, Sisters of St. Francis Health, Series A
(MBIA Insured) 2007 @ 102
5.375% Due 11/01/27 AAA 2018 @ 100 S.F. 500,050
- -----------------------------------------------------------------------------------------------------------------------
M 1,000,000 Chicago, Illinois, Board of Education (Chicago School Reform)
Unlimited Tax-General Obligation Bonds
(AMBAC Assurance Insured) 2007 @ 102
5.250% Due 12/01/27 AAA 2023 @ 100 S.F. 991,670
- -----------------------------------------------------------------------------------------------------------------------
N 1,000,000 Illinois Health Facilities Authority Revenue Bonds, the Carle
Foundation-Series A (AMBAC Assurance Insured) 2008 @ 101
5.250% Due 07/01/28 AAA 2019 @ 100 S.F. 990,090
- -----------------------------------------------------------------------------------------------------------------------
O 600,000 Massachusetts State Health and Facilities Authority Revenue
Bonds, Stonehill College Issue-G (MBIA Insured) 2008 @ 101
5.250% Due 07/01/28 AAA 2019 @ 100 S.F. 598,098
- -----------------------------------------------------------------------------------------------------------------------
P 500,000 Massachusetts, Health and Educational Facilities Authority,
Revenue Bonds (Bentley College) Series J (MBIA Insured) 2008 @ 101
5.125% Due 07/01/28 AAA 2024 @ 100 S.F. 489,055
------------- -------------
$ 9,050,000 $ 8,561,273
============= =============
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
IM-IT and QUALITY MULTI-SERIES 301
FLORIDA INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of April 30, 1999
- ----------------------------------------------------------------------------------------------------------------------
Port- Redemption Market
folio Aggregate Rating Feature Value
Item Principal Name of Issuer, Title, Interest Rate and Maturity Date (Note 2) (Note 2) (Note 1)
- ------ ----------- ------------------------------------------------------ -------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A $ 115,000 Port St. Lucie, Florida, Sales Tax Revenue Refunding
and Improvement Bonds (MBIA Insured) 2007 @ 101
4.750% Due 09/01/17 AAA 2014 @ 100 S.F. $ 109,628
- -----------------------------------------------------------------------------------------------------------------------
B 400,000 Orlando and Orange County Expressway Authority, Florida
Expressway Revenue Bonds (FGIC Insured) 2008 @ 101
5.000% Due 07/01/21 AAA 2018 @ 100 S.F. 389,000
- -----------------------------------------------------------------------------------------------------------------------
C 140,000 Alachua County, Florida, Public Improvement Revenue
Refunding Bonds (FSA Insured) 2006 @ 101
5.125% Due 08/01/21 AAA 2018 @ 100 S.F. 138,634
- -----------------------------------------------------------------------------------------------------------------------
D 300,000 Lakeland, Florida, Hospital System Revenue Refunding Bonds,
Lakeland Regional Medical Center (MBIA Insured) 2007 @ 101
5.000% Due 11/15/22 AAA 2018 @ 100 S.F. 290,322
- -----------------------------------------------------------------------------------------------------------------------
E 250,000 Peace River/Manasota Regional Water Supply Authority, Peace
River OPT Project, Revenue Bonds, Series A (MBIA Insured) 2008 @ 101
5.000% Due 10/01/23 AAA 2019 @ 100 S.F. 243,335
- -----------------------------------------------------------------------------------------------------------------------
F 500,000 Dade County, Florida, Refunding-Seaport Revenue Bonds
(MBIA Insured) 2006 @ 102
5.125% Due 10/01/26 AAA 2022 @ 100 S.F. 493,055
- -----------------------------------------------------------------------------------------------------------------------
G 150,000 Florida, Department of Transportation, Alligator Alley,
Revenue Bonds (FGIC Insured) 2007 @ 101
5.125% Due 07/01/27 AAA 2023 @ 100 S.F. 148,317
- -----------------------------------------------------------------------------------------------------------------------
H 350,000 Florida Municipal Power Agency, Revenue Refunding Bonds
(Stanton II Project) Series 1993 (AMBAC Indemnity Insured) 2003 @ 100
4.500% Due 10/01/27 AAA 2017 @ 100 S.F. 313,796
- -----------------------------------------------------------------------------------------------------------------------
I 500,000 Tampa, Florida, Health System Revenue Bonds, Catholic
Health East Issue, Series 1998A-3 (MBIA Insured) 2008 @ 102
4.750% Due 11/15/28 AAA 2019 @ 100 S.F. 465,710
- -----------------------------------------------------------------------------------------------------------------------
J 300,000 Miami-Dade County Florida, Special Obligation Bonds,
Series B (MBIA Insured) 2008 @ 102
5.000% Due 10/01/37 AAA 2036 @ 100 S.F. 287,718
------------- -------------
$ 3,005,000 $ 2,879,515
============= =============
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
IM-IT and QUALITY MULTI-SERIES 301
MICHIGAN INSURED MUNICIPALS INCOME TRUST PORTFOLIO as of April 30, 1999
- ----------------------------------------------------------------------------------------------------------------------
Port- Redemption Market
folio Aggregate Rating Feature Value
Item Principal Name of Issuer, Title, Interest Rate and Maturity Date (Note 2) (Note 2) (Note 1)
- ------ ----------- ------------------------------------------------------ -------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A $ 105,000 Michigan Municipal Bond Authority, Local Government Loan
Program, Revenue Bonds, Series 1994G
(AMBAC Assurance Insured)
0.000% Due 05/01/20 AAA $ 35,805
- -----------------------------------------------------------------------------------------------------------------------
B 105,000 Board of Control of Northern Michigan University, General
Revenue Bonds, Series 1997 (MBIA Insured) 2007 @ 102
5.125% Due 12/01/20 AAA 2014 @ 100 S.F. 103,719
- -----------------------------------------------------------------------------------------------------------------------
C 460,000 Baldwin, Michigan, Community Schools General Obligation
Bonds (FSA Insured) 2007 @ 100
5.200% Due 05/01/23 Aaa* 2021 @ 100 S.F. 457,097
- -----------------------------------------------------------------------------------------------------------------------
D 250,000 Byron Center Public Schools, Michigan, General Obligation
Bonds (FSA Insured) 2008 @ 100
5.000% Due 05/01/24 AAA 2019 @ 100 S.F. 242,195
- -----------------------------------------------------------------------------------------------------------------------
E 500,000 Leslie, Michigan, Public Schools (Ingham and Jackson
Counties) General Obligation Refunding Bonds
(FGIC Insured) 2008 @ 100
4.875% Due 05/01/25 AAA 2019 @ 100 S.F. 475,220
- -----------------------------------------------------------------------------------------------------------------------
F 500,000 Reeths-Puffer Michigan Schools, Refunding General
Obligation Bonds (FGIC Insured) 2007 @ 100
5.000% Due 05/01/25 Aaa* 2017 @ 100 S.F. 483,495
- -----------------------------------------------------------------------------------------------------------------------
G 275,000 Detroit/Wayne County, Michigan, Stadium Authority,
Revenue Bonds (FGIC Insured) 2007 @ 102
5.250% Due 02/01/27 AAA 2018 @ 100 S.F. 273,482
- -----------------------------------------------------------------------------------------------------------------------
H 500,000 Detroit, Michigan, Water Supply System, Senior Lien
Revenue Bonds, Series A (MBIA Insured) 2007 @ 101
5.000% Due 07/01/27 AAA 2022 @ 100 S.F. 480,805
- -----------------------------------------------------------------------------------------------------------------------
I 500,000 Petoskey Hospital Finance Authority, Michigan, Limited
Obligation Revenue Refunding Bonds (Northern
Michigan Hospitals Obligated Group)
Series 1998 (MBIA Insured) 2008 @ 102
5.000% Due 11/15/27 AAA 2019 @ 100 S.F. 480,680
------------- -------------
$ 3,195,000 $ 3,032,498
============= =============
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
<TABLE>
<CAPTION>
IM-IT and QUALITY MULTI-SERIES 301
NORTH CAROLINA INVESTORS' QUALITY TAX-EXEMPT PORTFOLIO as of April 30, 1999
- ----------------------------------------------------------------------------------------------------------------------
Port- Redemption Market
folio Aggregate Rating Feature Value
Item Principal Name of Issuer, Title, Interest Rate and Maturity Date (Note 2) (Note 2) (Note 1)
- ------ ----------- ------------------------------------------------------ -------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A $ 150,000 Stokes County, North Carolina, Unlimited Tax-General
Obligation Bonds (FGIC Insured)
5.000% Due 06/01/18 AAA 2008 @ 102 $ 147,248
- -----------------------------------------------------------------------------------------------------------------------
B 250,000 University of North Carolina, Wilmington, Revenue Bonds
(Student Fee-Student Recreation Center)
AMBAC Assurance Insured 2008 @ 102
5.150% Due 01/01/19 AAA 2015 @ 100 S.F. 248,737
- -----------------------------------------------------------------------------------------------------------------------
C 235,000 Centennial Authority, North Carolina, Hotel Tax Revenue
Bonds, Arena PJ Issue (FSA Insured) 2007 @ 102
5.125% Due 09/01/19 AAA 2016 @ 100 S.F. 232,373
- -----------------------------------------------------------------------------------------------------------------------
D 205,000 North Carolina, Municipal Power Agency No. 1, Catawba
Electric Revenue Bonds, Series A (MBIA Insured) 2008 @ 102
5.000% Due 01/01/20 AAA 2018 @ 100 S.F. 200,027
- -----------------------------------------------------------------------------------------------------------------------
E 100,000 University of North Carolina at Chapel Hill, Utilities Systems
Revenue Refunding Bonds, Series 1997, of the Board of
Governors of the University of North Carolina
0.000% Due 08/01/21 AA 31,845
- -----------------------------------------------------------------------------------------------------------------------
F 320,000 North Carolina, Eastern Municipal Power Agency, Power
System Revenue Refunding Bonds, Series A (MBIA Insured)
5.375% Due 01/01/24 AAA 2008 @ 101 323,203
- -----------------------------------------------------------------------------------------------------------------------
G 200,000 Appalachian State University, North Carolina, Revenue
Refunding Bonds, Utility Systems (MBIA Insured) 2008 @ 102
5.000% Due 05/15/24 AAA 2019 @ 100 S.F. 194,356
- -----------------------------------------------------------------------------------------------------------------------
H 250,000 North Carolina, Med Care Community Hospital, Revenue
Bonds (Duke University Hospital) PJ-Series C 2006 @ 100
5.250% Due 06/01/26 AA 2022 @ 100 S.F. 247,845
- -----------------------------------------------------------------------------------------------------------------------
I 300,000 North Carolina, Medicare Community Hospital Revenue
Bonds, Firsthealth of the Carolinas 2008 @ 101
5.000% Due 10/01/28 AA- 2027 @ 100 S.F. 289,311
------------- -------------
$ 2,010,000 $ 1,914,945
============= =============
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
INSURED MUNICIPALS INCOME TRUST
AND INVESTORS' QUALITY TAX-EXEMPT TRUST, MULTI-SERIES 301
Notes to Financial Statements
April 30, 1999
- --------------------------------------------------------------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Security Valuation - Tax-exempt municipal securities are stated at the value
determined by the Evaluator, American Portfolio Evaluation Services (a division
of an affiliate of the Sponsor). The Evaluator may determine the value of the
Bonds (1) on the basis of current bid prices of the Bonds obtained from dealers
or brokers who customarily deal in Bonds comparable to those held by each of the
Trusts, (2) on the basis of bid prices for comparable Bonds, (3) by determining
the value of the Bonds by appraisal or (4) by any combination of the above.
Security Cost - The original cost to each of the Trusts (IM-IT, Florida
IM-IT, Michigan IM-IT and North Carolina Quality) was based on the determination
by Interactive Data Corporation of the offering prices of the Bonds on the date
of deposit (May 22, 1998). Since the valuation is based upon the bid prices,
such Trusts (IM-IT, Florida IM-IT, Michigan IM-IT and North Carolina Quality)
recognized downward adjustments of $66,300, $22,650, $23,569 and $14,700,
respectively, on the date of deposit resulting from the difference between the
bid and offering prices. These downward adjustments were included in the
aggregate amount of unrealized depreciation reported in the financial statements
for each Trust for the period ended April 30, 1999.
Unit Valuation - The redemption price per Unit is the pro rata share of each
Unit in each Trust based upon (1) the cash on hand in such Trust or monies in
the process of being collected, (2) the Bonds in such Trust based on the value
determined by the Evaluator and (3) interest accrued thereon, less accrued
expenses of the Trust, if any.
Federal Income Taxes - The Trust is not a taxable entity for Federal income
tax purposes. Each Unitholder is considered to be the owner of a pro rata
portion of such Trust and, accordingly, no provision has been made for Federal
income taxes.
Other - The financial statements are presented on the accrual basis of
accounting. Any realized gains or losses from securities transactions are
reported on an identified cost basis.
NOTE 2 - PORTFOLIO
Ratings - The source of all ratings, exclusive of those designated N/R or *
is Standard & Poor's, A Division of the McGraw-Hill Companies. Ratings marked *
are by Moody's Investors Service, Inc. as these Bonds are not rated by Standard
& Poor's, A Division of the McGraw-Hill Companies. N/R indicates that the Bond
is not rated by Standard & Poor's, A Division of the McGraw-Hill Companies or
Moody's Investors Service, Inc. The ratings shown represent the latest published
ratings of the Bonds. For a brief description of rating symbols and their
related meanings, see "Description of Securities Ratings" in the Information
Supplement.
Redemption Feature - There is shown under this heading the year in which each
issue of Bonds is initially or currently callable and the call price for that
year. Each issue of Bonds continues to be callable at declining prices
thereafter (but not below par value) except for original issue discount Bonds
which are redeemable at prices based on the issue price plus the amount of
original issue discount accreted to redemption date plus, if applicable, some
premium, the amount of which will decline in subsequent years. "S.F." indicates
a sinking fund is established with respect to an issue of Bonds. "P.R."
indicates a bond has been prerefunded. Redemption pursuant to call provisions
generally will, and redemption pursuant to sinking fund provisions may, occur at
times when the redeemed Bonds have an offering side evaluation which represents
a premium over par. To the extent that the Bonds were deposited in the Trust at
a price higher than the price at which they are redeemed, this will represent a
loss of capital when compared with the original Public Offering Price of the
Units. Conversely, to the extent that the Bonds were acquired at a price lower
than the redemption price, this will represent an increase in capital when
compared with the original Public Offering Price of the Units. Distributions
will generally be reduced by the amount of the income which would otherwise have
been paid with respect to redeemed Bonds and there will be distributed to
Unitholders the principal amount in excess of $1 per Unit semi-annually and any
premium received on such redemption. However, should the amount available for
distribution in the Principal Account exceed $10.00 per Unit, the Trustee will
make a special distribution from the Principal Account on the next succeeding
monthly distribution date to holders of record on the related monthly record
date. The Estimated Current Return in this event may be affected by such
redemptions. For the Federal tax effect on Unitholders of such redemptions and
resultant distributions, see "Federal Tax Status" in Part II.
NOTE 2 - PORTFOLIO (continued)
Insurance - Insurance coverage providing for the timely payment when due of
all principal and interest on the Bonds in the Trusts has been obtained by the
Trusts or by one of the Preinsured Bond Insurers (as indicated in the Bond
name). Such insurance does not guarantee the market value of the Bonds or the
value of the Units. For Bonds covered under the Trust's insurance policy the
insurance is effective only while Bonds thus insured are held in the Trust and
the insurance premium, which is a Trust obligation, is paid on a monthly basis.
The premium for insurance which has been obtained from various insurance
companies by the issuer of the Bond involved is payable by the issuer. Insurance
expense for the period reflects adjustments for redeemed or sold Bonds.
An Accounting and Auditing Guide issued by the American Institute of
Certified Public Accountants states that, for financial reporting purposes,
insurance coverage of the type acquired by the Trust does not have any
measurable value in the absence of default of the underlying Bonds or indication
of the probability of such default. In the opinion of the Evaluator, there is no
indication of a probable default of Bonds in the portfolio as of the date of
these financial statements.
Unrealized Appreciation and Depreciation - An analysis of net unrealized
appreciation (depreciation) at April 30, 1999 is as follows:
<TABLE>
<CAPTION>
Florida Michigan North Carolina
IM-IT IM-IT IM-IT Quality
Trust Trust Trust Trust
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Unrealized Appreciation $ 5,681 $ -- $ 1,780 $ 426
Unrealized Depreciation (48,289) (26,754) (37,222) (20,774)
----------- ----------- ------------ -----------
$ (42,608) $ (26,754) $ (35,442) $ (20,348)
=========== =========== ============ ===========
</TABLE>
NOTE 3 - OTHER
Marketability - Although it is not obligated to do so, the Sponsor intends to
maintain a market for Units and to continuously offer to purchase Units at
prices, subject to change at any time, based upon the aggregate bid price of the
Bonds in the portfolio of each Trust, plus interest accrued to the date of
settlement. If the supply of Units exceeds demand, or for other business
reasons, the Sponsor may discontinue purchases of Units at such prices. In the
event that a market is not maintained for the Units, a Unitholder desiring to
dispose of his Units may be able to do so only by tendering such Units to the
Trustee for redemption at the redemption price.
Cost to Investors - The cost to original investors was based on the
Evaluator's determination of the aggregate offering price of the Bonds per Unit
on the date of an investor's purchase, plus a sales charge of 4.9% of the public
offering price which is equivalent to 5.152% of the aggregate offering price of
the Bonds. The secondary market cost to investors is based on the Evaluator's
determination of the aggregate bid price of the Bonds per Unit on the date of an
investor's purchase plus a sales charge based upon the years to average maturity
of the Bonds in the portfolio. The sales charge ranges from 1.0% of the public
offering price (1.010% of the aggregate bid price of the Bonds) for a Trust with
a portfolio with less than two years to average maturity to 5.40% of the public
offering price (5.708% of the aggregate bid price of the Bonds) for a Trust with
a portfolio with twenty-one or more years to average maturity.
Compensation of Evaluator - The Evaluator receives a fee for providing
portfolio supervisory services for each of the Trusts ($.25 per Unit, not to
exceed the aggregate cost of the Evaluator for providing such services to all
applicable Trusts). In addition, the Evaluator receives an annual fee for
regularly evaluating each of the Trust's portfolios. Both fees may be adjusted
for increases under the category "All Services Less Rent of Shelter" in the
Consumer Price Index.
NOTE 4 - REDEMPTION OF UNITS
Units were presented for redemption as follows:
Period ended
April 30, 1999
------------------
IM-IT Trust 21
Florida IM-IT Trust 9
Michigan IM-IT Trust 3
North Carolina Quality Trust --
File No. 333-45159 CIK #1024816
Contents of Post-Effective Amendment
to Registration Statement
This Post-Effective Amendment to the Registration Statement
comprises the following papers and documents:
The facing sheet
The prospectus
The signatures
The Consent of Independent Accountants
Signatures
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Insured Municipals Income Trust and Investors' Quality Tax-Exempt Trust,
Multi-Series 301, certifies that it meets all of the requirements for
effectiveness of this Registration Statement pursuant to Rule 485(b) under the
Securities Act of 1933 and has duly caused this Post-Effective Amendment to its
Registration Statement to be signed on its behalf by the undersigned thereunto
duly authorized, and its seal to be hereunto affixed and attested, all in the
City of Chicago and State of Illinois on the 25th day of August, 1999.
Insured Municipals Income Trust and Investors'
Quality Tax-Exempt Trust, Multi-Series 301
(Registrant)
By Van Kampen Funds Inc.
(Depositor)
By: Gina Costello
Assistant Secretary
(Seal)
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below on August 25, 1999 by the
following persons who constitute a majority of the Board of Directors of Van
Kampen Funds Inc.:
SIGNATURE TITLE
Richard F. Powers III Chairman and Chief Executive )
Officer )
John H. Zimmerman III President and Chief Operating )
Officer )
William R. Rybak Executive Vice President and )
Chief Financial Officer )
A. Thomas Smith III Executive Vice President, )
General Counsel and Secretary )
Michael H. Santo Executive Vice President )
Gina M. Costello______________
(Attorney in Fact)*
- --------------------
* An executed copy of each of the related powers of attorney is filed herewith
or was filed with the Securities and Exchange Commission in connection with the
Registration Statement on Form S-6 of Van Kampen Focus Portfolios, Series 136
(File No. 333-70897) and the same are hereby incorporated herein by this
reference.
Consent of Independent Certified Public Accountants
We have issued our report dated June 18, 1999 accompanying the financial
statements of Insured Municipals Income Trust and Investors' Quality Tax-Exempt
Trust, Multi-Series 301 as of April 30, 1999, and for the period then ended,
contained in this Post-Effective Amendment No. 1 to Form S-6.
We consent to the use of the aforementioned report in the Post-Effective
Amendment and to the use of our name as it appears under the caption "Auditors".
Grant Thornton LLP
Chicago, Illinois
August 25, 1999
