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: 811-22349
Capital Group Private Client Services Funds
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: October 31
Date of reporting period: April 30, 2015
Courtney R. Taylor
Capital Group Private Client Services Funds
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Morgan, Lewis & Bockius LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
Fellow investors:
Global equities rose solidly in the six months ended April 30, 2015. The U.S. market reached a series of record highs even as signs emerged that the domestic economy may be easing back from the robust pace it achieved late last year. The prospect of softer growth increased the likelihood that the Federal Reserve will delay an initial interest rate increase until September. European and Japanese markets were lifted by aggressive stimulus measures, global currency swings and nascent signs of economic improvement. In Europe, stocks were paced by the launch of a long-awaited program by the European Central Bank to buy government bonds. European shares also benefited from data pointing to a pickup in growth. In Japan, the central bank proceeded with its massive quantitative easing program. In China, stocks rose as the government took steps to boost growth amid economic cooling.
Fixed-income markets in the U.S. rallied amid renewed economic uncertainty, moderate inflation and strong buying demand from overseas investors. The yield on the benchmark 10-year Treasury note finished the period at 2.03%, down from 2.34%. Economic softness, partially caused by inclement weather on the East Coast, boosted the appeal of bonds as concerns arose about the outlook for corporate profits. Meanwhile record-low yields on European and Japanese debt have made rates in the U.S. look attractive by comparison.
Below is a more detailed discussion of the investment results for each of the Capital Group Private Client Services Funds during the covered reporting period.
Equity Commentary
Over the past six months, the Capital Group U.S. Equity Fund rose 5.15%, outpacing the 4.39% gain in the S&P 500 Index. The Capital Group Global Equity Fund advanced 6.96%, topping the 5.09% rise for its benchmark, the MSCI World Index. The Capital Group Non-U.S. Equity Fund climbed 10.03%, exceeding the 6.82% gain in the MSCI EAFE Index.
All three funds have benefited from holdings in the health care sector, particularly in companies developing medications to treat a variety of diseases. This wave of innovation appears likely to continue as researchers build on the mapping of the human genome and other medical breakthroughs. One of the most promising areas of research is in immuno-oncology, which marshals the human body’s own immune system to fight cancer. The health care industry was also boosted by heavy merger activity as companies with depleted drug pipelines sought to acquire competitors with more promising treatments. Novo Nordisk was the top-performing stock in the Non-U.S. Equity and Global Equity funds, as the Danish diabetes company was expected to win U.S. regulatory approval for its long-acting insulin drug following a similar approval in Europe. Amerisource Bergen and Bristol-Myers Squibb helped results in the U.S. Equity fund. On the downside, Gilead Sciences, which had been a top contributor, eased back slightly after a multi-year advance.
The Non-U.S. and Global Equity funds were helped by the strong performance of Japanese exporters, particularly those focused on robotics and factory automation. Despite weakness in the Japanese economy, the prospects are bright for Japanese industrial technology companies that derive significant portions of their revenue from overseas. Fanuc, an automation-equipment maker, and Hamamatsu Photonics, a manufacturer of optical sensors, were among the top contributors in the Non-U.S. Equity and Global Equity funds. Other portfolio holdings in this space include Keyence and Murata Manufacturing. Japanese multinationals also are getting a boost from the weakness of the yen, which is effectively reducing the cost of their products to overseas customers.
Continuing demand for aircraft and related servicing has given a boost to the commercial aerospace sector. The industry is undergoing a strong replacement cycle in which aging planes are being phased out in favor of lighter and more fuel-efficient aircraft. A backlog of orders has provided strong demand for aircraft manufacturer Boeing and components supplier Hexcel.
The shifting outlook for interest rates globally, combined with changes in the financial sector, led the equity funds to adjust their holdings of banks and other financial-services companies. The funds are focused on market leaders, often
those with narrowly focused business lines rather than those that are more broadly diversified.
On the downside, all three funds were hurt by positions in the energy sector as crude oil prices remained depressed following last year’s plunge. Despite a moderate rebound in prices, companies had to contend with ongoing challenges, including the need to reduce expenses and scale back capital spending. In the U.S. Equity fund, Noble Energy and Cenovus Energy were among the top detractors. Cenovus suffered in part because of the uncertain outlook for companies with exposure to shale oil. The Non-U.S. Equity fund was weighed down by Oil Search Limited, while Global Equity was hurt by Cenovus and oilfield-services company Schlumberger.
Despite the strong U.S. dollar, international stocks easily outpaced those in the U.S. It is too early to tell if this trend will continue, but the rally in non-U.S. equities underscored the importance of maintaining a globally diversified portfolio. Though the dollar retreated slightly toward the end of the period, the continued strength of the currency is likely to weigh on U.S. multinationals that do extensive business overseas. Conversely, it is likely to benefit international companies with significant sales in the U.S. Historically, geographic leadership changes over time, and it has alternated roughly evenly between U.S. and non-U.S. equities over the past decade. In some cases, the economic challenges in Europe and Japan have created favorable buying opportunities that bode well for patient investors over the long term.
Fixed-Income Commentary
The uncertain outlook for the U.S. economy, combined with ultra-low rates overseas, caused bond yields to decline over the past six months. The Capital Group Core Bond, Core Municipal, Short-Term Municipal, California Core Municipal and California Short-Term Municipal funds all rose during the period. Core Bond had a total return of 1.54%, in line with the 1.55% return of its benchmark. The fund was significantly underweight U.S. Treasuries, while being moderately overweight investment-grade bonds. It also had notable holdings in asset-backed securities. The California Core Municipal and the California Short-Term Municipal funds exceeded their benchmarks, rising 0.75% and 0.19%, respectively. Core Municipal advanced 0.48%, while the Short-Term Municipal Fund increased 0.09%, slightly lagging their benchmarks.
Yields have been held down in part by a rush into U.S. securities as overseas investors seek alternatives to low rates in Europe and elsewhere. Though moderate by historical standards, interest rates in the U.S. are notably higher than those of many other countries. For example, for the first time in history, a sizable portion of short-term European sovereign bonds have negative yields. The expectation of rising interest rates has further increased the attraction of U.S. bonds.
The funds are positioned with the expectation that interest rates will begin to edge higher later this year. Duration, which measures a portfolio’s sensitivity to changing interest rates, has been shortened to help guard against an uptick in rates when the Federal Reserve begins to act. The funds also are structured to seek to gain from an expected flattening of the yield curve. This would occur if short-term interest rates rise by a greater degree than longer-term rates.
The funds hold securities that have the potential to benefit from a pick-up in the U.S. economy. That includes high-quality revenue bonds, which are issued to finance public-related services such as roads, bridges, airports or schools. In general, their credit quality improves during a strengthening economy as usage of the services increases. On the taxable side, the funds held securities backed by auto loans and credit cards. Beyond that, our portfolio team has used Treasury Inflation-Protected Securities (TIPS) to add another layer of protection against rising rates, as any significant rise in rates would likely be accompanying a rise in inflation expectations.
It’s likely that the fixed-income market will experience heightened volatility as the Fed moves closer to a decision on interest rates. As always, the funds are positioned to take advantage of buying opportunities as securities with promising long-term prospects become undervalued during intermittent periods of turbulence. Despite the potential for higher rates, it’s more important than ever to maintain well-diversified portfolios with appropriate fixed-income allocations. Historically, bonds have been highly effective in smoothing out the volatility of stocks. That’s partly due to their low correlation to equities. Such diversification, along with a long-term investment horizon, should help to offset temporary fluctuations that may occur.
We appreciate the continued trust and confidence you have placed in us to manage your assets. We look forward to reporting back to you again in six months.
Sincerely yours,
John S. Armour
President
William L. Robbins
Principal Investment Officer and Equity Portfolio Manager
John R. Queen
Senior Vice President and Fixed-Income Portfolio Manager
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - 96.2% | ||||||||||||||||||
Municipals - 96.0% | ||||||||||||||||||
Alabama - 1.4% | ||||||||||||||||||
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2021 | $ | 2,230 | $ | 2,589 | ||||||||||||||
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, September 1, 2023 | 100 | 119 | ||||||||||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, May 1, 2015 | 1,000 | 1,000 | ||||||||||||||||
5.00%, May 1, 2017 | 1,000 | 1,086 | ||||||||||||||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, September 1, 2018 | 150 | 168 | ||||||||||||||||
__________ | ||||||||||||||||||
4,962 | ||||||||||||||||||
__________ | ||||||||||||||||||
Alaska - 0.2% | ||||||||||||||||||
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, June 1, 2040 | 685 | 718 | ||||||||||||||||
__________ | ||||||||||||||||||
718 | ||||||||||||||||||
__________ | ||||||||||||||||||
Arizona - 3.3% | ||||||||||||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 1.96%, February 1, 20481 | 3,100 | 3,186 | ||||||||||||||||
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, May 15, 2018 | 1,000 | 1,107 | ||||||||||||||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, July 1, 2018 | 795 | 860 | ||||||||||||||||
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, July 1, 2016 | 1,000 | 1,054 | ||||||||||||||||
5.00%, July 1, 2020 | 2,800 | 3,260 | ||||||||||||||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, July 1, 2024 | 125 | 142 | ||||||||||||||||
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, June 1, 2022 | 1,000 | 1,090 | ||||||||||||||||
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||||||
5.00%, January 1, 2020 | 160 | 183 | ||||||||||||||||
5.00%, January 1, 2021 | 1,000 | 1,110 | ||||||||||||||||
__________ | ||||||||||||||||||
11,992 | ||||||||||||||||||
__________ | ||||||||||||||||||
Arkansas - 0.2% | ||||||||||||||||||
Arkansas Dev. Fin. Auth., Health Care Facs. Rev. Bonds (Mandatory Put 09/01/22 @ 100), 1.66%, September 1, 20441 | 600 | 600 | ||||||||||||||||
__________ | ||||||||||||||||||
600 | ||||||||||||||||||
__________ | ||||||||||||||||||
California - 11.7% | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, May 15, 2016 | 1,500 | 1,504 | ||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, September 2, 2021 | 990 | 1,077 | ||||||||||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, October 1, 2017 | 100 | 106 | ||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||||||||
1.01%, April 1, 2045 | 2,200 | 2,217 | ||||||||||||||||
1.01%, April 1, 2047 | 1,500 | 1,511 | ||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.81%, April 1, 20471 | 1,000 | 1,017 | ||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, April 1, 2022 | 125 | 130 | ||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||||||||||||
5.00%, July 1, 2026 | 300 | 357 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
California - continued | ||||||||||||||||||
5.00%, November 1, 2028 | $ | 315 | $ | 361 | ||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, November 15, 2019 | 750 | 874 | ||||||||||||||||
5.00%, March 1, 2020 | 1,000 | 1,163 | ||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, July 1, 20431 | 1,800 | 2,122 | ||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.39%, October 1, 20471 | 1,000 | 1,001 | ||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.39%, April 1, 20381 | 1,300 | 1,300 | ||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.40%, October 1, 2020 | 1,250 | 1,250 | ||||||||||||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, August 1, 2025 | 620 | 731 | ||||||||||||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, September 1, 2020 | 940 | 1,084 | ||||||||||||||||
City & County of San Francisco, G.O. Prop. Tax Ref. Bonds, Series R3, 5.00%, June 15, 2027 | 225 | 226 | ||||||||||||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, April 1, 2017 | 100 | 108 | ||||||||||||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||||||||||||
3.125%, September 2, 2021 | 565 | 588 | ||||||||||||||||
4.00%, September 2, 2017 | 1,215 | 1,301 | ||||||||||||||||
City of Long Beach CA Harbor Rev., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 15, 2024 | 685 | 848 | ||||||||||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, September 1, 2020 | 900 | 1,058 | ||||||||||||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, January 15, 20531 | 1,000 | 1,073 | ||||||||||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2020 | 1,000 | 1,172 | ||||||||||||||||
Golden State Tobacco Securitization Corp., Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, June 1, 2019 | 670 | 769 | ||||||||||||||||
5.00%, June 1, 2020 | 750 | 877 | ||||||||||||||||
5.00%, June 1, 2021 | 1,000 | 1,188 | ||||||||||||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, August 1, 2029 | 500 | 575 | ||||||||||||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, September 1, 2030 | 850 | 957 | ||||||||||||||||
Lake Elsinore Public Fncg. Auth., Special Tax Ref. Bonds, 4.00%, September 1, 2019 | 940 | 1,011 | ||||||||||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2021 | 100 | 121 | ||||||||||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, September 1, 2022 | 1,600 | 1,928 | ||||||||||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, September 1, 2020 | 700 | 814 | ||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.49%, July 1, 20271 | 1,350 | 1,350 | ||||||||||||||||
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.814%, July 1, 20191 | 100 | 98 | ||||||||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2028 | 855 | 986 | ||||||||||||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, September 1, 2030 | 1,250 | 1,431 | ||||||||||||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2020 | 250 | 296 | ||||||||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, August 1, 2018 | 200 | 201 | ||||||||||||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, September 1, 2019 | 600 | 684 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
California - continued | ||||||||||||||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, September 1, 2026 | $ | 1,825 | $ | 2,186 | ||||||||||||||
State of California, G.O. General Fund Ref. Bonds, 5.00%, February 1, 2020 | 1,500 | 1,752 | ||||||||||||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, June 1, 2015 | 100 | 100 | ||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, July 1, 2020 | 420 | 486 | ||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Govt. Securities to 07/01/19 @ 100), 5.25%, July 1, 2021 | 35 | 41 | ||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100), 5.25%, July 1, 2021 | 65 | 76 | ||||||||||||||||
Stockton Public Fin. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2023 | 375 | 451 | ||||||||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, January 1, 2024 | 200 | 226 | ||||||||||||||||
__________ | ||||||||||||||||||
42,783 | ||||||||||||||||||
__________ | ||||||||||||||||||
Colorado - 1.6% | ||||||||||||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, November 15, 2028 | 200 | 229 | ||||||||||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, November 15, 2017 | 300 | 322 | ||||||||||||||||
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, November 15, 2021 | 500 | 592 | ||||||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, November 15, 20171 | 115 | 123 | ||||||||||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2017 | 2,000 | 2,144 | ||||||||||||||||
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2022 | 645 | 774 | ||||||||||||||||
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 1.86%, September 1, 20391 | 475 | 478 | ||||||||||||||||
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, June 1, 2018 | 1,000 | 1,116 | ||||||||||||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, June 1, 2020 | 150 | 176 | ||||||||||||||||
__________ | ||||||||||||||||||
5,954 | ||||||||||||||||||
__________ | ||||||||||||||||||
District of Columbia - 1.0% | ||||||||||||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, December 1, 2024 | 700 | 872 | ||||||||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, October 1, 2018 | 2,500 | 2,691 | ||||||||||||||||
Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, October 1, 2015 | 200 | 204 | ||||||||||||||||
__________ | ||||||||||||||||||
3,767 | ||||||||||||||||||
__________ | ||||||||||||||||||
Florida - 11.8% | ||||||||||||||||||
Brevard County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, April 1, 2021 | 500 | 582 | ||||||||||||||||
5.00%, April 1, 2022 | 500 | 584 | ||||||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | ||||||||||||||||||
5.00%, June 1, 2016 | 700 | 734 | ||||||||||||||||
5.25%, June 1, 2017 | 2,100 | 2,292 | ||||||||||||||||
6.00%, June 1, 2016 | 300 | 318 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Florida - continued | ||||||||||||||||||
6.00%, June 1, 2017 | $ | 1,275 | $ | 1,411 | ||||||||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1: | ||||||||||||||||||
5.00%, June 1, 2019 | 2,500 | 2,845 | ||||||||||||||||
5.00%, June 1, 2020 | 1,100 | 1,276 | ||||||||||||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | 150 | 171 | ||||||||||||||||
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, October 1, 2018 | 1,000 | 1,119 | ||||||||||||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, December 1, 2018 | 100 | 113 | ||||||||||||||||
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, September 1, 2016 | 100 | 105 | ||||||||||||||||
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, October 1, 2019 | 1,000 | 1,153 | ||||||||||||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, November 15, 2016 | 1,200 | 1,284 | ||||||||||||||||
5.00%, November 15, 2017 | 2,000 | 2,209 | ||||||||||||||||
County of Lee Trans. Facs. Rev., Highway Tolls Rev. Ref. Bond (AGM Insured): | ||||||||||||||||||
5.00%, October 1, 2021 | 500 | 592 | ||||||||||||||||
5.00%, October 1, 2022 | 1,300 | 1,558 | ||||||||||||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, October 1, 2018 | 1,100 | 1,238 | ||||||||||||||||
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, June 1, 2016 | 100 | 105 | ||||||||||||||||
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, April 1, 2022 | 1,000 | 1,144 | ||||||||||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, July 1, 2028 | 505 | 537 | ||||||||||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, January 1, 2029 | 760 | 806 | ||||||||||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, January 1, 2029 | 430 | 457 | ||||||||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, July 1, 2016 | 2,700 | 2,849 | ||||||||||||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2020 | 600 | 697 | ||||||||||||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E: | ||||||||||||||||||
5.00%, July 1, 2015 | 800 | 807 | ||||||||||||||||
5.00%, July 1, 2016 | 2,000 | 2,109 | ||||||||||||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, July 1, 2019 | 1,450 | 1,631 | ||||||||||||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | ||||||||||||||||||
5.00%, January 15, 2020 | 300 | 342 | ||||||||||||||||
5.00%, January 15, 2022 | 400 | 454 | ||||||||||||||||
5.00%, January 15, 2023 | 300 | 340 | ||||||||||||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, July 1, 2021 | 1,750 | 2,074 | ||||||||||||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured): | ||||||||||||||||||
3.00%, July 1, 2015 | 675 | 678 | ||||||||||||||||
3.00%, July 1, 2016 | 2,050 | 2,110 | ||||||||||||||||
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, November 1, 2015 | 100 | 102 | ||||||||||||||||
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, October 1, 2017 | 1,000 | 1,102 | ||||||||||||||||
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 400 | 454 | ||||||||||||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, May 15, 2027 | 300 | 342 | ||||||||||||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, May 1, 2021 | 75 | 78 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Florida - continued | ||||||||||||||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations 05/01/16 @ 100) (NATL-RE Insured), 5.00%, May 1, 2021 | $ | 200 | $ | 209 | ||||||||||||||
Southeast Overtown Park West Comm Redev. Agcy., Tax Increment Allocation Local Housing Rev. Ref. Bonds, Series A-1:2 | ||||||||||||||||||
5.00%, March 1, 2019 | 1,000 | 1,106 | ||||||||||||||||
5.00%, March 1, 2021 | 785 | 892 | ||||||||||||||||
Tampa Bay Water Rev. Ref. Bonds, Series B, 5.00%, October 1, 2018 | 430 | 486 | ||||||||||||||||
Volusia County Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series B: | ||||||||||||||||||
5.00%, October 15, 2023 | 400 | 472 | ||||||||||||||||
5.00%, October 15, 2028 | 1,000 | 1,131 | ||||||||||||||||
__________ | ||||||||||||||||||
43,098 | ||||||||||||||||||
__________ | ||||||||||||||||||
Georgia - 2.8% | ||||||||||||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, January 1, 2023 | 300 | 344 | ||||||||||||||||
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, January 1, 2017 | 1,250 | 1,342 | ||||||||||||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, September 1, 2020 | 2,000 | 2,269 | ||||||||||||||||
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, November 15, 2024 | 200 | 229 | ||||||||||||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, June 1, 2044 | 1,760 | 1,903 | ||||||||||||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, June 1, 2018 | 400 | 448 | ||||||||||||||||
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, January 1, 2016 | 100 | 103 | ||||||||||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.41%, July 1, 20251 | 800 | 799 | ||||||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, November 1, 2019 | 1,000 | 1,156 | ||||||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, January 1, 2021 | 500 | 585 | ||||||||||||||||
Private Colleges & Universities Auth., College & Univ. Imps. Rev. Bonds, 5.00%, April 1, 2020 | 1,000 | 1,143 | ||||||||||||||||
__________ | ||||||||||||||||||
10,321 | ||||||||||||||||||
__________ | ||||||||||||||||||
Guam - 0.4% | ||||||||||||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 1,200 | 1,429 | ||||||||||||||||
__________ | ||||||||||||||||||
1,429 | ||||||||||||||||||
__________ | ||||||||||||||||||
Hawaii - 0.8% | ||||||||||||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, November 1, 2019 | 600 | 697 | ||||||||||||||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, December 1, 2019 | 1,250 | 1,453 | ||||||||||||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, July 1, 2022 | 700 | 817 | ||||||||||||||||
__________ | ||||||||||||||||||
2,967 | ||||||||||||||||||
__________ | ||||||||||||||||||
Illinois - 6.9% | ||||||||||||||||||
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, December 1, 2016 | 100 | 100 | ||||||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, January 1, 2017 | 1,675 | 1,767 | ||||||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, January 1, 2022 | 1,000 | 1,151 | ||||||||||||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, January 1, 2021 | 500 | 584 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Illinois - continued | ||||||||||||||||||
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, January 1, 2021 | $ | 1,000 | $ | 1,071 | ||||||||||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.15%, November 1, 2024 | 600 | 593 | ||||||||||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, October 1, 2022 | 200 | 222 | ||||||||||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, July 1, 20251 | 2,000 | 2,004 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||||||||||||
5.00%, May 15, 2027 | 590 | 680 | ||||||||||||||||
5.00%, August 15, 2027 | 600 | 671 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, November 15, 2021 | 250 | 296 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, November 1, 20301 | 1,000 | 1,135 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2015 | 100 | 101 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, November 1, 20301 | 1,500 | 1,726 | ||||||||||||||||
Illinois Fin. Auth., Loc. or GTD Housing, College & Univ. Imps. Rev. Bonds, 5.00%, July 1, 2030 | 1,000 | 1,057 | ||||||||||||||||
Illinois Muni. Electric Agcy., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, February 1, 2027 | 1,000 | 1,171 | ||||||||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, December 1, 2020 | 500 | 590 | ||||||||||||||||
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, June 1, 2020 | 2,000 | 2,359 | ||||||||||||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, June 1, 2018 | 1,200 | 1,341 | ||||||||||||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, July 1, 2020 | 1,610 | 1,914 | ||||||||||||||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, January 1, 2021 | 2,000 | 2,251 | ||||||||||||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||||||||||||
5.00%, July 1, 2017 | 300 | 322 | ||||||||||||||||
5.00%, July 1, 2021 | 375 | 420 | ||||||||||||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, June 15, 2020 | 1,500 | 1,736 | ||||||||||||||||
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.25%, October 1, 2024 | 30 | 33 | ||||||||||||||||
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 10/01/17 @ 100) (AMBAC Insured), 5.25%, October 1, 2024 | 70 | 77 | ||||||||||||||||
__________ | ||||||||||||||||||
25,372 | ||||||||||||||||||
__________ | ||||||||||||||||||
Indiana - 1.6% | ||||||||||||||||||
City of Whiting, Ind. Imps. Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.85%, June 1, 20441 | 500 | 502 | ||||||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, August 15, 2019 | 500 | 551 | ||||||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, May 1, 2024 | 100 | 114 | ||||||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, February 15, 2020 | 1,400 | 1,451 | ||||||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, March 1, 2020 | 1,200 | 1,390 | ||||||||||||||||
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, October 1, 2017 | 1,000 | 1,100 | ||||||||||||||||
Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, July 1, 2015 | 150 | 151 | ||||||||||||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, July 1, 2021 | 550 | 657 | ||||||||||||||||
__________ | ||||||||||||||||||
5,916 | ||||||||||||||||||
__________ | ||||||||||||||||||
Iowa - 0.3% | ||||||||||||||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, February 1, 2043 | 851 | 784 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Iowa - continued | ||||||||||||||||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, August 1, 2019 | $ | 300 | $ | 348 | ||||||||||||||
__________ | ||||||||||||||||||
1,132 | ||||||||||||||||||
__________ | ||||||||||||||||||
Kansas - 0.1% | ||||||||||||||||||
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, September 1, 2018 | 500 | 565 | ||||||||||||||||
__________ | ||||||||||||||||||
565 | ||||||||||||||||||
__________ | ||||||||||||||||||
Kentucky - 1.7% | ||||||||||||||||||
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, September 1, 2024 | 1,500 | 1,809 | ||||||||||||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, July 1, 2027 | 520 | 525 | ||||||||||||||||
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, July 1, 2017 | 3,575 | 3,886 | ||||||||||||||||
__________ | ||||||||||||||||||
6,220 | ||||||||||||||||||
__________ | ||||||||||||||||||
Louisiana - 1.5% | ||||||||||||||||||
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, March 1, 2016 | 300 | 311 | ||||||||||||||||
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, May 15, 2027 | 250 | 264 | ||||||||||||||||
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2022 | 1,500 | 1,786 | ||||||||||||||||
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, December 1, 20401 | 2,000 | 2,172 | ||||||||||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, May 15, 2025 | 1,000 | 1,031 | ||||||||||||||||
__________ | ||||||||||||||||||
5,564 | ||||||||||||||||||
__________ | ||||||||||||||||||
Maine - 0.2% | ||||||||||||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, July 1, 2020 | 600 | 706 | ||||||||||||||||
__________ | ||||||||||||||||||
706 | ||||||||||||||||||
__________ | ||||||||||||||||||
Maryland - 0.2% | ||||||||||||||||||
Maryland Comm. Dev. Administration, Loc. or GTD Housing Rev. Ref. Bonds, Series C, 4.00%, September 1, 2044 | 690 | 750 | ||||||||||||||||
__________ | ||||||||||||||||||
750 | ||||||||||||||||||
__________ | ||||||||||||||||||
Massachusetts - 1.6% | ||||||||||||||||||
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, April 1, 2016 | 160 | 167 | ||||||||||||||||
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, July 1, 2025 | 100 | 101 | ||||||||||||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.66%, July 1, 20381 | 995 | 995 | ||||||||||||||||
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.39%, July 1, 20411 | 1,500 | 1,500 | ||||||||||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, December 15, 2025 | 100 | 117 | ||||||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 172, 4.00%, June 1, 2045 | 1,500 | 1,630 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Massachusetts - continued | ||||||||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, December 1, 2044 | $ | 1,215 | $ | 1,318 | ||||||||||||||
__________ | ||||||||||||||||||
5,828 | ||||||||||||||||||
__________ | ||||||||||||||||||
Michigan - 4.7% | ||||||||||||||||||
City of Detroit Sewage Disposal System Rev., Sewer Rev. Ref. Bonds (AGM Insured), 0.784%, July 1, 20321 | 1,000 | 895 | ||||||||||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, April 1, 2018 | 109 | 109 | ||||||||||||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, May 1, 2019 | 1,400 | 1,578 | ||||||||||||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.25%, May 1, 2032 | 1,110 | 1,296 | ||||||||||||||||
Michigan Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, January 1, 2018 | 2,000 | 2,219 | ||||||||||||||||
5.00%, January 1, 2021 | 700 | 806 | ||||||||||||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, April 1, 2018 | 591 | 592 | ||||||||||||||||
Michigan Fin. Auth., Water Util. Imps. Rev. Bonds, 5.00%, July 1, 2024 | 1,000 | 1,164 | ||||||||||||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, December 1, 2044 | 1,750 | 1,901 | ||||||||||||||||
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, August 15, 2017 | 1,500 | 1,646 | ||||||||||||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, July 1, 2020 | 1,160 | 1,368 | ||||||||||||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, April 1, 2016 | 150 | 157 | ||||||||||||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2022 | 850 | 1,005 | ||||||||||||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, December 1, 2017 | 1,500 | 1,648 | ||||||||||||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, November 15, 2016 | 700 | 744 | ||||||||||||||||
__________ | ||||||||||||||||||
17,128 | ||||||||||||||||||
__________ | ||||||||||||||||||
Minnesota - 0.6% | ||||||||||||||||||
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, January 1, 2017 | 350 | 376 | ||||||||||||||||
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, July 1, 2028 | 520 | 551 | ||||||||||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, December 1, 2042 | 855 | 809 | ||||||||||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, July 1, 2040 | 525 | 553 | ||||||||||||||||
__________ | ||||||||||||||||||
2,289 | ||||||||||||||||||
__________ | ||||||||||||||||||
Missouri - 0.6% | ||||||||||||||||||
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, June 1, 2029 | 55 | 55 | ||||||||||||||||
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, January 1, 2019 | 100 | 114 | ||||||||||||||||
Missouri State Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, November 15, 2027 | 1,825 | 2,130 | ||||||||||||||||
__________ | ||||||||||||||||||
2,299 | ||||||||||||||||||
__________ | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Nebraska - 0.7% | ||||||||||||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, August 1, 20391 | $ | 1,000 | $ | 1,150 | ||||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, September 1, 2044 | 490 | 532 | ||||||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured): | ||||||||||||||||||
2.50%, September 1, 2034 | 460 | 470 | ||||||||||||||||
3.00%, March 1, 2043 | 385 | 402 | ||||||||||||||||
__________ | ||||||||||||||||||
2,554 | ||||||||||||||||||
__________ | ||||||||||||||||||
Nevada - 1.5% | ||||||||||||||||||
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, June 15, 2015 | 100 | 101 | ||||||||||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, July 1, 2016 | 325 | 342 | ||||||||||||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, July 1, 2017 | 1,400 | 1,527 | ||||||||||||||||
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, July 1, 2018 | 2,000 | 2,174 | ||||||||||||||||
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, June 1, 2019 | 1,100 | 1,259 | ||||||||||||||||
__________ | ||||||||||||||||||
5,403 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Hampshire - 0.2% | ||||||||||||||||||
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, January 1, 2022 | 575 | 612 | ||||||||||||||||
__________ | ||||||||||||||||||
612 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Jersey - 5.4% | ||||||||||||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, November 1, 2020 | 1,000 | 1,174 | ||||||||||||||||
5.00%, November 1, 2021 | 200 | 238 | ||||||||||||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds: | ||||||||||||||||||
4.00%, December 15, 2015 | 1,000 | 1,020 | ||||||||||||||||
5.00%, December 15, 2017 | 2,000 | 2,165 | ||||||||||||||||
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, June 15, 2025 | 1,200 | 1,337 | ||||||||||||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.01%, February 1, 20171 | 1,025 | 1,019 | ||||||||||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A: | ||||||||||||||||||
5.00%, December 1, 2015 | 1,000 | 1,028 | ||||||||||||||||
5.00%, December 1, 2017 | 1,420 | 1,558 | ||||||||||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.79%, January 1, 20241 | 2,050 | 2,063 | ||||||||||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.79%, January 1, 20241 | 1,150 | 1,157 | ||||||||||||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, June 15, 2015 | 500 | 503 | ||||||||||||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series D (Mandatory Put 06/15/15 @ 100) (AMBAC Insured), 5.00%, June 15, 2017 | 100 | 101 | ||||||||||||||||
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, December 15, 2015 | 2,000 | 2,061 | ||||||||||||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, September 15, 2018 | 1,300 | 1,451 | ||||||||||||||||
5.00%, September 15, 2021 | 2,000 | 2,304 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
New Jersey - continued | ||||||||||||||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, May 1, 2019 | $ | 525 | $ | 600 | ||||||||||||||
__________ | ||||||||||||||||||
19,779 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Mexico - 0.6% | ||||||||||||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, April 1, 20291 | 2,000 | 1,995 | ||||||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.912%, December 1, 20281 | 65 | 65 | ||||||||||||||||
__________ | ||||||||||||||||||
2,060 | ||||||||||||||||||
__________ | ||||||||||||||||||
New York - 6.3% | ||||||||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, August 1, 2017 | 2,000 | 2,187 | ||||||||||||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, March 1, 2017 | 100 | 106 | ||||||||||||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Sub-Series A-6, 0.61%, August 1, 20311 | 1,250 | 1,250 | ||||||||||||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, May 1, 2016 | 1,830 | 1,912 | ||||||||||||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.11%, November 1, 20201 | 2,000 | 2,017 | ||||||||||||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 0.69%, November 15, 20391 | 2,000 | 2,000 | ||||||||||||||||
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, November 15, 2024 | 2,000 | 2,389 | ||||||||||||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, February 15, 2017 | 2,000 | 2,153 | ||||||||||||||||
New York City Housing Dev. Corp. Multi-Family Mortgage Rev. Bond (8 Spruce Street), 3.50%, February 15, 2048 | 320 | 327 | ||||||||||||||||
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, January 15, 2019 | 100 | 113 | ||||||||||||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, January 1, 20361 | 1,350 | 1,362 | ||||||||||||||||
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, July 1, 2016 | 125 | 130 | ||||||||||||||||
New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, February 15, 2016 | 500 | 519 | ||||||||||||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 1,000 | 1,102 | ||||||||||||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 2,500 | 2,845 | ||||||||||||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, July 1, 20222 | 578 | 599 | ||||||||||||||||
Southold Local Dev. Corp., Health Care Facs. Nursing Homes Rev. Bonds, 3.125%, December 1, 2025 | 225 | 222 | ||||||||||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2017 | 1,850 | 2,016 | ||||||||||||||||
__________ | ||||||||||||||||||
23,249 | ||||||||||||||||||
__________ | ||||||||||||||||||
North Carolina - 1.1% | ||||||||||||||||||
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, October 1, 2015 | 110 | 112 | ||||||||||||||||
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, July 1, 2023 | 400 | 472 | ||||||||||||||||
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, January 1, 2020 | 175 | 192 | ||||||||||||||||
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 2,500 | 2,853 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
North Carolina - continued | ||||||||||||||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, March 1, 2017 | $ | 400 | $ | 432 | ||||||||||||||
__________ | ||||||||||||||||||
4,061 | ||||||||||||||||||
__________ | ||||||||||||||||||
North Dakota - 0.1% | ||||||||||||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, July 1, 2042 | 445 | 474 | ||||||||||||||||
__________ | ||||||||||||||||||
474 | ||||||||||||||||||
__________ | ||||||||||||||||||
Ohio - 4.0% | ||||||||||||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, January 1, 2017 | 1,250 | 1,336 | ||||||||||||||||
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, January 1, 2025 | 1,000 | 1,134 | ||||||||||||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | ||||||||||||||||||
5.00%, September 1, 2018 | 1,000 | 1,117 | ||||||||||||||||
5.00%, September 1, 2019 | 2,000 | 2,271 | ||||||||||||||||
5.00%, September 1, 2020 | 1,030 | 1,187 | ||||||||||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 5.00%, July 1, 2020 | 200 | 228 | ||||||||||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2021 | 1,220 | 1,401 | ||||||||||||||||
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, September 1, 2019 | 800 | 883 | ||||||||||||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, June 1, 20331 | 1,000 | 1,045 | ||||||||||||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, June 1, 2018 | 1,000 | 1,109 | ||||||||||||||||
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, August 1, 2020 | 1,000 | 1,153 | ||||||||||||||||
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 1,500 | 1,652 | ||||||||||||||||
__________ | ||||||||||||||||||
14,516 | ||||||||||||||||||
__________ | ||||||||||||||||||
Oklahoma - 0.7% | ||||||||||||||||||
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2024 | 200 | 226 | ||||||||||||||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 0.91%, January 1, 20231 | 1,540 | 1,541 | ||||||||||||||||
Tulsa Airports Imp. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 5.00%, June 1, 2020 | 815 | 931 | ||||||||||||||||
__________ | ||||||||||||||||||
2,698 | ||||||||||||||||||
__________ | ||||||||||||||||||
Oregon - 1.6% | ||||||||||||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, October 1, 2018 | 1,500 | 1,491 | ||||||||||||||||
Oregon State Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, April 1, 2031 | 600 | 674 | ||||||||||||||||
Oregon State Lottery, Misc. Rev. Ref. Bonds, Series C (Moral Obligation Insured), 5.00%, April 1, 2023 | 725 | 888 | ||||||||||||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, December 1, 2044 | 1,500 | 1,624 | ||||||||||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, November 1, 2017 | 1,000 | 1,036 | ||||||||||||||||
__________ | ||||||||||||||||||
5,713 | ||||||||||||||||||
__________ | ||||||||||||||||||
Pennsylvania - 2.8% | ||||||||||||||||||
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2022 | 400 | 470 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Pennsylvania - continued | ||||||||||||||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, July 1, 2021 | $ | 325 | $ | 358 | ||||||||||||||
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, June 15, 2015 | 3,000 | 3,018 | ||||||||||||||||
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, August 15, 2015 | 200 | 203 | ||||||||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, June 15, 2017 | 1,500 | 1,635 | ||||||||||||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.79%, December 1, 20181 | 1,500 | 1,502 | ||||||||||||||||
Pennsylvania Turnpike Commission., Misc. Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, July 15, 2025 | 1,000 | 1,226 | ||||||||||||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, June 1, 2015 | 1,745 | 1,752 | ||||||||||||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, September 15, 2024 | 200 | 233 | ||||||||||||||||
__________ | ||||||||||||||||||
10,397 | ||||||||||||||||||
__________ | ||||||||||||||||||
Puerto Rico - 0.6% | ||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||||||||
3.00%, October 1, 2018 | 500 | 476 | ||||||||||||||||
5.00%, October 1, 2016 | 400 | 410 | ||||||||||||||||
5.00%, October 1, 2017 | 500 | 520 | ||||||||||||||||
5.00%, October 1, 2019 | 710 | 748 | ||||||||||||||||
__________ | ||||||||||||||||||
2,154 | ||||||||||||||||||
__________ | ||||||||||||||||||
South Carolina - 1.1% | ||||||||||||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, August 1, 2018 | 1,025 | 1,129 | ||||||||||||||||
5.00%, November 1, 2020 | 500 | 581 | ||||||||||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, July 1, 2030 | 785 | 850 | ||||||||||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref.Bonds (Escrowed to Maturity), 5.00%, January 1, 2016 | 385 | 397 | ||||||||||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, December 1, 2021 | 1,000 | 1,163 | ||||||||||||||||
__________ | ||||||||||||||||||
4,120 | ||||||||||||||||||
__________ | ||||||||||||||||||
South Dakota - 0.7% | ||||||||||||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, May 1, 2044 | 2,265 | 2,469 | ||||||||||||||||
__________ | ||||||||||||||||||
2,469 | ||||||||||||||||||
__________ | ||||||||||||||||||
Tennessee - 1.0% | ||||||||||||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, December 1, 2018 | 100 | 113 | ||||||||||||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.71%, October 1, 20381 | 1,400 | 1,405 | ||||||||||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||||||||||||
4.00%, July 1, 2038 | 810 | 865 | ||||||||||||||||
4.50%, July 1, 2037 | 745 | 797 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Tennessee - continued | ||||||||||||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, January 1, 2027 | $ | 485 | $ | 513 | ||||||||||||||
__________ | ||||||||||||||||||
3,693 | ||||||||||||||||||
__________ | ||||||||||||||||||
Texas - 7.1% | ||||||||||||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, July 1, 2025 | 275 | 298 | ||||||||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.86%, May 15, 20341 | 1,400 | 1,401 | ||||||||||||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, November 15, 2018 | 1,500 | 1,702 | ||||||||||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, February 1, 2017 | 550 | 592 | ||||||||||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.49%, February 1, 20331 | 3,150 | 3,150 | ||||||||||||||||
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, August 15, 2016 | 100 | 106 | ||||||||||||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||||||||
3.00%, December 1, 2017 | 1,695 | 1,790 | ||||||||||||||||
4.00%, December 1, 2016 | 955 | 1,009 | ||||||||||||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, November 1, 2023 | 100 | 107 | ||||||||||||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, November 1, 2020 | 900 | 1,059 | ||||||||||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, November 1, 2020 | 1,000 | 1,176 | ||||||||||||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, December 15, 2016 | 1,500 | 1,557 | ||||||||||||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||||||||
5.00%, November 15, 2017 | 445 | 491 | ||||||||||||||||
5.00%, November 15, 2018 | 275 | 311 | ||||||||||||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, November 15, 2023 | 125 | 143 | ||||||||||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.67%, July 1, 20311 | 200 | 200 | ||||||||||||||||
Harris County-Houston Sports Auth., Hotel Occupancy Tax Rev. Ref. Bonds, Series A, 5.00%, November 15, 2019 | 400 | 461 | ||||||||||||||||
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 11/16/17 @ 100), 0.64%, May 15, 20481 | 950 | 955 | ||||||||||||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.669%, August 15, 20361 | 750 | 751 | ||||||||||||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, January 1, 2030 | 300 | 338 | ||||||||||||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, January 1, 20381 | 1,825 | 1,847 | ||||||||||||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, 6.00%, January 1, 2021 | 15 | 17 | ||||||||||||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds (Pre-refunded with FHL Banks/U.S. Treasury Obligations 01/01/18 @ 100), 6.00%, January 1, 2021 | 85 | 96 | ||||||||||||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, January 1, 2019 | 100 | 112 | ||||||||||||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, December 1, 2019 | 980 | 1,122 | ||||||||||||||||
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, October 1, 2020 | 1,180 | 1,364 | ||||||||||||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, August 15, 2023 | 350 | 391 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Texas - continued | ||||||||||||||||||
5.00%, October 1, 2029 | $ | 1,315 | $ | 1,432 | ||||||||||||||
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, January 1, 2016 | 1,500 | 1,549 | ||||||||||||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, July 15, 2022 | 600 | 659 | ||||||||||||||||
__________ | ||||||||||||||||||
26,186 | ||||||||||||||||||
__________ | ||||||||||||||||||
Virginia - 0.4% | ||||||||||||||||||
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, July 15, 2019 | 850 | 917 | ||||||||||||||||
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, October 1, 2017 | 200 | 221 | ||||||||||||||||
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, October 1, 2015 | 275 | 279 | ||||||||||||||||
__________ | ||||||||||||||||||
1,417 | ||||||||||||||||||
__________ | ||||||||||||||||||
Washington - 2.4% | ||||||||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, July 1, 2022 | 15 | 16 | ||||||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with U.S. Govt Securities 07/01/16 @ 100), 5.00%, July 1, 2022 | 85 | 90 | ||||||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, July 1, 2015 | 500 | 504 | ||||||||||||||||
5.00%, July 1, 2017 | 1,000 | 1,093 | ||||||||||||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, July 1, 2020 | 155 | 166 | ||||||||||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, June 1, 2016 | 1,500 | 1,575 | ||||||||||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, May 1, 2027 | 100 | 112 | ||||||||||||||||
State of Washington, Highway Imps. Rev. Bonds, 5.00%, September 1, 2020 | 2,000 | 2,334 | ||||||||||||||||
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, October 1, 20421 | 800 | 947 | ||||||||||||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, October 1, 2020 | 1,100 | 1,275 | ||||||||||||||||
5.00%, July 1, 2026 | 500 | 568 | ||||||||||||||||
__________ | ||||||||||||||||||
8,680 | ||||||||||||||||||
__________ | ||||||||||||||||||
West Virginia - 1.0% | ||||||||||||||||||
County of Mason, Ind. Imps. Rev. Bonds, Series L (Mandatory Put 10/01/18 @ 100), 1.625%, October 1, 20221 | 2,500 | 2,499 | ||||||||||||||||
West Virginia Econ. Dev. Auth., Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/19 @ 100), 1.90%, March 1, 20401 | 1,000 | 1,000 | ||||||||||||||||
__________ | ||||||||||||||||||
3,499 | ||||||||||||||||||
__________ | ||||||||||||||||||
Wisconsin - 1.0% | ||||||||||||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2018 | 1,145 | 1,277 | ||||||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, August 15, 2018 | 100 | 109 | ||||||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, October 15, 2017 | 1,200 | 1,321 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Municipals - continued | ||||||||||||||||||
Wisconsin - continued | ||||||||||||||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, July 1, 2020 | $ | 800 | $ | 935 | ||||||||||||||
__________ | ||||||||||||||||||
3,642 | ||||||||||||||||||
__________ | ||||||||||||||||||
Wyoming - 0.5% | ||||||||||||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, December 1, 2044 | 1,750 | 1,827 | ||||||||||||||||
__________ | ||||||||||||||||||
1,827 | ||||||||||||||||||
__________ | ||||||||||||||||||
Total municipals | 351,563 | |||||||||||||||||
__________ | ||||||||||||||||||
Corporate bonds & notes - 0.2% | ||||||||||||||||||
Electric - 0.2% | ||||||||||||||||||
Southern California Edison Co., 1.125%, May 1, 2017 | 455 | 457 | ||||||||||||||||
__________ | ||||||||||||||||||
457 | ||||||||||||||||||
__________ | ||||||||||||||||||
Total corporate bonds & notes | 457 | |||||||||||||||||
__________ | ||||||||||||||||||
Total bonds & notes (cost: $342,832,000) | 352,020 | |||||||||||||||||
__________ | ||||||||||||||||||
Short-term securities - 4.2% | ||||||||||||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.11%, November 1, 20261 | 1,000 | 1,000 | ||||||||||||||||
California Statewide Comms. Dev. Auth., Res. Recovery Rev. Ref. Bonds, 0.12%, May 15, 20241 | 915 | 915 | ||||||||||||||||
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.12%, January 15, 20451 | 1,045 | 1,045 | ||||||||||||||||
City of Irvine, Public Imps. Special Assessment Ref. Bonds, Series B, 0.13%, September 2, 20291 | 1,500 | 1,500 | ||||||||||||||||
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.13%, November 15, 20351 | 900 | 900 | ||||||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.13%, August 1, 20201 | 1,200 | 1,200 | ||||||||||||||||
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.13%, December 1, 20331 | 1,200 | 1,200 | ||||||||||||||||
Colorado Educ. & Cultural Facs. Auth., Misc. Rev. Ref. Bonds, 0.13%, February 1, 20351 | 1,500 | 1,500 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Nursing Homes Rev. Bonds, Series A, 0.15%, August 1, 20441 | 500 | 500 | ||||||||||||||||
Iowa Fin. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 0.13%, February 15, 20351 | 1,975 | 1,975 | ||||||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-6, 0.11%, July 1, 20341 | 300 | 300 | ||||||||||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series B, 0.12%, November 1, 20351 | 1,200 | 1,200 | ||||||||||||||||
Missouri State Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.12%, February 15, 20341 | 465 | 465 | ||||||||||||||||
Missouri State Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series D, 0.12%, September 1, 20301 | 500 | 500 | ||||||||||||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.16%, July 1, 20381 | 680 | 680 | ||||||||||||||||
Univ. of Michigan, College & Univ. Rev. Ref. Bonds, Series E (Mandatory Put 04/02/18 @ 100), 0.54%, April 1, 20331 | 600 | 600 | ||||||||||||||||
__________ | ||||||||||||||||||
Total short-term securities (cost: $15,480,000) | 15,480 | |||||||||||||||||
__________ | ||||||||||||||||||
Total investment securities (cost: $358,312,000) | 367,500 | |||||||||||||||||
Other assets less liabilities | (1,371) | |||||||||||||||||
__________ | ||||||||||||||||||
Net assets | $ | 366,129 | ||||||||||||||||
__________ | ||||||||||||||||||
__________ | ||||||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate market value of these securities amounted to $2,597,000, representing 0.71% of net assets. | |||||||||||||||||
Key to abbreviations | ||||||||||||||||||
Agcy. | = Agency | |
AGM | = Assured Guaranty Municipal Corporation | |
AMBAC | = American Municipal Bond Assurance Corporation | |
Auth. | = Authority | |
BAM | = Build America Mutual Assurance Company | |
CA Mtg. Ins. | = California Mortgage Insurance | |
Certs. of Part. | = Certificates of Participation | |
CIFG | = CDC IXIS Financial Guaranty | |
COLL | = Collateral | |
Comm. | = Community | |
Comms. | = Communities | |
Corp. | = Corporation | |
Corps. | = Corporations | |
Dept. | = Department | |
Dev. | = Development | |
Dist. | = District | |
Econ. | = Economic | |
Edu. | = Education | |
Educ. | = Educational | |
Facs. | = Facilities | |
FGIC | = Financial Guaranty Insurance Company | |
FHL | = Federal Home Loan | |
FHLMC | = Federal Home Loan Mortgage Corporation | |
Fin. | = Finance | |
Fncg. | = Financing | |
Fndg. | = Funding | |
FNMA | = Federal National Mortgage Association | |
GNMA | = Government National Mortgage Association | |
G.O. | = General Obligation | |
Govt. | = Government | |
GTD | = Guaranteed | |
GTY | = Guaranty | |
HUD | = Housing and Urban Development | |
Imp. | = Improvement | |
Imps. | = Improvements | |
Ind. | = Industrial | |
Intl. | = International | |
Ln. | = Loan | |
Lns. | = Loans | |
Loc. | = Local | |
Mgmt. | = Management | |
Misc. | = Miscellaneous | |
Muni. | = Municipal | |
NATL-RE | = National Reinsurance | |
No. | = Number | |
Prop. | = Property | |
PSF | = Permanent School Fund | |
Redev. | = Redevelopment | |
Ref. | = Refunding | |
Res. | = Resource | |
Ress. | = Resources | |
Rev. | = Revenue | |
St. | = State | |
Trans. | = Transportation | |
Univ. | = University | |
Util. | = Utility | |
Utils. | = Utilities | |
Withhldg. | = Withholding | |
See Notes to Financial Statements
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - 89.3% | ||||||||||||||||||
Alabama - 0.7% | ||||||||||||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, May 1, 2015 | $ | 1,000 | $ | 1,000 | ||||||||||||||
__________ | ||||||||||||||||||
1,000 | ||||||||||||||||||
__________ | ||||||||||||||||||
Arizona - 0.6% | ||||||||||||||||||
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, July 1, 2017 | 250 | 273 | ||||||||||||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, December 1, 2017 | 550 | 596 | ||||||||||||||||
__________ | ||||||||||||||||||
869 | ||||||||||||||||||
__________ | ||||||||||||||||||
California - 8.6% | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||||||||
1.01%, April 1, 2045 | 1,500 | 1,511 | ||||||||||||||||
1.01%, April 1, 2047 | 550 | 554 | ||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 625 | 631 | ||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, April 1, 2022 | 500 | 574 | ||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2020 | 1,000 | 1,163 | ||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, July 1, 20431 | 1,000 | 1,159 | ||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.39%, April 1, 20381 | 500 | 500 | ||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, December 1, 2016 | 600 | 634 | ||||||||||||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, December 1, 2019 | 200 | 222 | ||||||||||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2019 | 1,000 | 1,151 | ||||||||||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation, Ref. Bonds, 5.00%, September 1, 2020 | 600 | 707 | ||||||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2015 | 300 | 303 | ||||||||||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, July 1, 2020 | 500 | 591 | ||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, July 1, 20371 | 750 | 783 | ||||||||||||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2018 | 150 | 168 | ||||||||||||||||
State of California Dept. of Water Ress. Power Supply, Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2020 | 200 | 235 | ||||||||||||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, September 1, 2018 | 1,000 | 1,100 | ||||||||||||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 4.00%, September 1, 2017 | 400 | 429 | ||||||||||||||||
__________ | ||||||||||||||||||
12,415 | ||||||||||||||||||
__________ | ||||||||||||||||||
Colorado - 0.5% | ||||||||||||||||||
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, March 1, 2018 | 525 | 570 | ||||||||||||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, June 1, 2019 | 150 | 173 | ||||||||||||||||
__________ | ||||||||||||||||||
743 | ||||||||||||||||||
__________ | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Connecticut - 1.9% | ||||||||||||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, November 15, 2032 | $ | 485 | $ | 523 | ||||||||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series C- 1, 4.00%, November 15, 2044 | 725 | 787 | ||||||||||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, November 15, 2044 | 1,320 | 1,426 | ||||||||||||||||
__________ | ||||||||||||||||||
2,736 | ||||||||||||||||||
__________ | ||||||||||||||||||
District of Columbia - 0.1% | ||||||||||||||||||
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, July 1, 2016 | 100 | 101 | ||||||||||||||||
__________ | ||||||||||||||||||
101 | ||||||||||||||||||
__________ | ||||||||||||||||||
Florida - 6.2% | ||||||||||||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | 2,100 | 2,390 | ||||||||||||||||
City of Cape Coral, Water Rev. Ref. Bonds (AGM Insured), 3.00%, October 1, 2017 | 600 | 628 | ||||||||||||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, November 15, 2015 | 750 | 770 | ||||||||||||||||
City of Tampa, Sewer Imps. Prop. Tax Bonds, 4.00%, October 1, 2015 | 225 | 229 | ||||||||||||||||
County of Broward, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, October 1, 2017 | 1,000 | 1,100 | ||||||||||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, July 1, 2029 | 405 | 429 | ||||||||||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, January 1, 2029 | 230 | 244 | ||||||||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, July 1, 2015 | 450 | 454 | ||||||||||||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, October 1, 2017 | 300 | 322 | ||||||||||||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Ref. Bonds, 5.00%, May 15, 2021 | 500 | 575 | ||||||||||||||||
Tampa Bay Water, Water Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, October 1, 2016 | 1,250 | 1,329 | ||||||||||||||||
5.00%, October 1, 2017 | 450 | 495 | ||||||||||||||||
__________ | ||||||||||||||||||
8,965 | ||||||||||||||||||
__________ | ||||||||||||||||||
Georgia - 4.6% | ||||||||||||||||||
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, September 1, 2017 | 250 | 274 | ||||||||||||||||
City of Atlanta Dept., Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, January 1, 2019 | 95 | 108 | ||||||||||||||||
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, November 1, 2019 | 1,000 | 1,159 | ||||||||||||||||
Gainesville & Hall County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 02/18/20 @ 100), 1.06%, August 15, 20351 | 400 | 400 | ||||||||||||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, June 1, 2044 | 640 | 692 | ||||||||||||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A-1, 3.50%, June 1, 2045 | 200 | 214 | ||||||||||||||||
Georgia State Road & Tollway Auth., Govt. Fndg. Grant Highway Imps. Rev. Bonds, Series A, 5.00%, June 1, 2019 | 1,155 | 1,323 | ||||||||||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.41%, July 1, 20251 | 1,300 | 1,298 | ||||||||||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series B (Mandatory Put 07/01/17 @ 100), 0.39%, July 1, 20251 | 1,000 | 997 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Georgia - continued | ||||||||||||||||||
Muni. Electric Auth. of Georgia, Energy Res. Imps. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2018 | $ | 120 | $ | 133 | ||||||||||||||
__________ | ||||||||||||||||||
6,598 | ||||||||||||||||||
__________ | ||||||||||||||||||
Guam - 0.4% | ||||||||||||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, January 1, 2017 | 600 | 639 | ||||||||||||||||
__________ | ||||||||||||||||||
639 | ||||||||||||||||||
__________ | ||||||||||||||||||
Hawaii - 0.8% | ||||||||||||||||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, December 1, 2017 | 1,000 | 1,109 | ||||||||||||||||
__________ | ||||||||||||||||||
1,109 | ||||||||||||||||||
__________ | ||||||||||||||||||
Illinois - 7.1% | ||||||||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, January 1, 2016 | 1,000 | 1,025 | ||||||||||||||||
City of Chicago, Sewer Imps. Rev. Bonds: | ||||||||||||||||||
3.00%, January 1, 2017 | 325 | 334 | ||||||||||||||||
5.00%, January 1, 2018 | 200 | 216 | ||||||||||||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.00%, November 1, 2019 | 700 | 726 | ||||||||||||||||
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, December 1, 2017 | 300 | 332 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2015 | 1,345 | 1,364 | ||||||||||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, November 1, 20301 | 1,000 | 1,151 | ||||||||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, December 1, 2020 | 500 | 590 | ||||||||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, December 1, 2017 | 1,500 | 1,661 | ||||||||||||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, June 1, 2015 | 1,000 | 1,004 | ||||||||||||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, July 1, 2015 | 1,000 | 1,010 | ||||||||||||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, July 1, 2017 | 725 | 778 | ||||||||||||||||
__________ | ||||||||||||||||||
10,191 | ||||||||||||||||||
__________ | ||||||||||||||||||
Indiana - 1.3% | ||||||||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, March 1, 2016 | 600 | 623 | ||||||||||||||||
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2018 | 500 | 562 | ||||||||||||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, July 1, 2020 | 200 | 235 | ||||||||||||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, July 1, 2017 | 405 | 443 | ||||||||||||||||
__________ | ||||||||||||||||||
1,863 | ||||||||||||||||||
__________ | ||||||||||||||||||
Kentucky - 0.1% | ||||||||||||||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, July 1, 2027 | 180 | 182 | ||||||||||||||||
__________ | ||||||||||||||||||
182 | ||||||||||||||||||
__________ | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Louisiana - 0.8% | ||||||||||||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, December 1, 2028 | $ | 1,055 | $ | 1,137 | ||||||||||||||
__________ | ||||||||||||||||||
1,137 | ||||||||||||||||||
__________ | ||||||||||||||||||
Maine - 0.5% | ||||||||||||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, July 1, 2018 | 625 | 703 | ||||||||||||||||
__________ | ||||||||||||||||||
703 | ||||||||||||||||||
__________ | ||||||||||||||||||
Massachusetts - 2.9% | ||||||||||||||||||
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series D-2 (Mandatory Put 08/01/17 @ 100), 0.41%, August 1, 20431 | 1,750 | 1,747 | ||||||||||||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, July 1, 2016 | 600 | 632 | ||||||||||||||||
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.39%, July 1, 20411 | 500 | 500 | ||||||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 171, 4.00%, December 1, 2044 | 1,000 | 1,080 | ||||||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, December 1, 2044 | 240 | 260 | ||||||||||||||||
__________ | ||||||||||||||||||
4,219 | ||||||||||||||||||
__________ | ||||||||||||||||||
Michigan - 3.1% | ||||||||||||||||||
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, May 1, 2018 | 1,000 | 1,103 | ||||||||||||||||
Michigan Fin. Auth., School Imps. Misc. Rev. Bonds, Series E (St. Aid Withhldg. Insured), 2.85%, August 20, 2015 | 400 | 401 | ||||||||||||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, December 1, 2044 | 1,000 | 1,086 | ||||||||||||||||
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, August 15, 2015 | 1,000 | 1,014 | ||||||||||||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2018 | 300 | 336 | ||||||||||||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, November 15, 2016 | 550 | 585 | ||||||||||||||||
__________ | ||||||||||||||||||
4,525 | ||||||||||||||||||
__________ | ||||||||||||||||||
Minnesota - 1.2% | ||||||||||||||||||
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, January 1, 2017 | 500 | 537 | ||||||||||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, July 1, 2040 | 255 | 269 | ||||||||||||||||
Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, December 1, 2016 | 900 | 964 | ||||||||||||||||
__________ | ||||||||||||||||||
1,770 | ||||||||||||||||||
__________ | ||||||||||||||||||
Missouri - 0.6% | ||||||||||||||||||
City of Saint Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, July 1, 2017 | 330 | 360 | ||||||||||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, November 1, 2030 | 460 | 496 | ||||||||||||||||
__________ | ||||||||||||||||||
856 | ||||||||||||||||||
__________ | ||||||||||||||||||
Nebraska - 2.6% | ||||||||||||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, August 1, 20391 | 1,000 | 1,150 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Nebraska - continued | ||||||||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: | ||||||||||||||||||
3.00%, March 1, 2044 | $ | 460 | $ | 477 | ||||||||||||||
4.00%, September 1, 2044 | 980 | 1,064 | ||||||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, September 1, 2034 | 385 | 394 | ||||||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E (GNMA/FNMA/FHLMC Insured), 3.00%, September 1, 2043 | 575 | 598 | ||||||||||||||||
__________ | ||||||||||||||||||
3,683 | ||||||||||||||||||
__________ | ||||||||||||||||||
Nevada - 0.8% | ||||||||||||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D: | ||||||||||||||||||
5.00%, July 1, 2016 | 300 | 316 | ||||||||||||||||
5.00%, July 1, 2017 | 750 | 819 | ||||||||||||||||
__________ | ||||||||||||||||||
1,135 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Hampshire - 0.5% | ||||||||||||||||||
New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, February 1, 2018 | 600 | 665 | ||||||||||||||||
__________ | ||||||||||||||||||
665 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Jersey - 3.8% | ||||||||||||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, November 1, 2018 | 550 | 621 | ||||||||||||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, June 15, 2019 | 750 | 828 | ||||||||||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, December 1, 2015 | 500 | 514 | ||||||||||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.79%, January 1, 20241 | 250 | 252 | ||||||||||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.79%, January 1, 20241 | 500 | 503 | ||||||||||||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||||||||||||
5.00%, September 15, 2018 | 750 | 837 | ||||||||||||||||
5.00%, September 15, 2019 | 1,500 | 1,703 | ||||||||||||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, May 1, 2019 | 225 | 257 | ||||||||||||||||
__________ | ||||||||||||||||||
5,515 | ||||||||||||||||||
__________ | ||||||||||||||||||
New Mexico - 0.7% | ||||||||||||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, April 1, 20291 | 1,000 | 997 | ||||||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.912%, December 1, 20281 | 65 | 65 | ||||||||||||||||
__________ | ||||||||||||||||||
1,062 | ||||||||||||||||||
__________ | ||||||||||||||||||
New York - 7.4% | ||||||||||||||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, November 1, 2016 | 1,000 | 1,071 | ||||||||||||||||
City of New York Transitional Fin. Auth., Public Imps. Rev. Bonds, 5.00%, November 1, 2019 | 750 | 871 | ||||||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.66%, August 1, 20251 | 1,000 | 999 | ||||||||||||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.01%, November 1, 20181 | 650 | 655 | ||||||||||||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series C, 5.00%, November 15, 2020 | 850 | 999 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
New York - continued | ||||||||||||||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 0.69%, November 15, 20391 | $ | 2,600 | $ | 2,600 | ||||||||||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, February 15, 2016 | 400 | 415 | ||||||||||||||||
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, July 15, 2017 | 500 | 547 | ||||||||||||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, January 1, 20361 | 500 | 504 | ||||||||||||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 300 | 341 | ||||||||||||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, July 1, 20222 | 270 | 280 | ||||||||||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2015 | 325 | 326 | ||||||||||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series B, 5.00%, June 1, 2019 | 1,000 | 1,004 | ||||||||||||||||
__________ | ||||||||||||||||||
10,612 | ||||||||||||||||||
__________ | ||||||||||||||||||
North Dakota - 1.4% | ||||||||||||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||||||||||||
3.75%, July 1, 2042 | 195 | 208 | ||||||||||||||||
4.00%, January 1, 2038 | 1,610 | 1,753 | ||||||||||||||||
__________ | ||||||||||||||||||
1,961 | ||||||||||||||||||
__________ | ||||||||||||||||||
Ohio - 2.6% | ||||||||||||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, January 1, 2016 | 1,660 | 1,711 | ||||||||||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (Assured GTY Insured), 5.00%, January 1, 2017 | 750 | 801 | ||||||||||||||||
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B, 5.00%, September 1, 2015 | 500 | 508 | ||||||||||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 4.00%, July 1, 2018 | 220 | 236 | ||||||||||||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, November 1, 2028 | 470 | 501 | ||||||||||||||||
__________ | ||||||||||||||||||
3,757 | ||||||||||||||||||
__________ | ||||||||||||||||||
Oklahoma - 0.5% | ||||||||||||||||||
Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, July 1, 2015 | 125 | 125 | ||||||||||||||||
Stillwater Utilis. Auth., Power Plants (Non Nuclear) Multiple Util. Rev. Ref. Bonds, Series A, 4.00%, October 1, 2019 | 150 | 167 | ||||||||||||||||
Tulsa Airports Imps. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 3.00%, June 1, 2016 | 400 | 410 | ||||||||||||||||
__________ | ||||||||||||||||||
702 | ||||||||||||||||||
__________ | ||||||||||||||||||
Oregon - 3.7% | ||||||||||||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, October 1, 2018 | 1,000 | 994 | ||||||||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.11%, October 1, 20221 | 2,225 | 2,235 | ||||||||||||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, December 1, 2044 | 1,500 | 1,623 | ||||||||||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, November 1, 2017 | 400 | 415 | ||||||||||||||||
__________ | ||||||||||||||||||
5,267 | ||||||||||||||||||
__________ | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Pennsylvania - 0.7% | ||||||||||||||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 3.00%, July 1, 2018 | $ | 250 | $ | 262 | ||||||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, June 15, 2015 | 750 | 755 | ||||||||||||||||
__________ | ||||||||||||||||||
1,017 | ||||||||||||||||||
__________ | ||||||||||||||||||
Puerto Rico - 0.6% | ||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, October 1, 2018 | 350 | 367 | ||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||||||||
5.00%, October 1, 2016 | 250 | 257 | ||||||||||||||||
5.00%, October 1, 2017 | 250 | 260 | ||||||||||||||||
__________ | ||||||||||||||||||
884 | ||||||||||||||||||
__________ | ||||||||||||||||||
South Carolina - 0.3% | ||||||||||||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, July 1, 2030 | 465 | 504 | ||||||||||||||||
__________ | ||||||||||||||||||
504 | ||||||||||||||||||
__________ | ||||||||||||||||||
South Dakota - 0.3% | ||||||||||||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, May 1, 2044 | 420 | 458 | ||||||||||||||||
__________ | ||||||||||||||||||
458 | ||||||||||||||||||
__________ | ||||||||||||||||||
Tennessee - 1.8% | ||||||||||||||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.71%, October 1, 20381 | 700 | 703 | ||||||||||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||||||||||||
4.00%, July 1, 2038 | 400 | 427 | ||||||||||||||||
4.00%, January 1, 2045 | 950 | 1,033 | ||||||||||||||||
4.50%, July 1, 2037 | 375 | 401 | ||||||||||||||||
__________ | ||||||||||||||||||
2,564 | ||||||||||||||||||
__________ | ||||||||||||||||||
Texas - 9.5% | ||||||||||||||||||
Central Texas Turnpike System, Highway Tolls Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 5.00%, August 15, 20421 | 1,000 | 1,153 | ||||||||||||||||
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, March 1, 2016 | 1,000 | 1,040 | ||||||||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.86%, May 15, 20341 | 600 | 601 | ||||||||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 0.71%, May 15, 20341 | 1,000 | 1,002 | ||||||||||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, February 1, 2017 | 500 | 539 | ||||||||||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.49%, February 1, 20331 | 650 | 650 | ||||||||||||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, Series B (Mandatory Put 08/15/15 @ 100), 0.70%, August 15, 20211 | 1,000 | 1,001 | ||||||||||||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, December 1, 2016 | 100 | 106 | ||||||||||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, November 1, 2018 | 200 | 226 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Texas - continued | ||||||||||||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, November 1, 2019 | $ | 500 | $ | 577 | ||||||||||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, December 15, 2016 | 350 | 363 | ||||||||||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.67%, July 1, 20311 | 200 | 200 | ||||||||||||||||
Houston Higher Edu. Finance Corp., Charter Sch. Aid, Rev. Ref. Bonds, Series A (PSF-GTD Insured), 5.00%, February 15, 2018 | 455 | 504 | ||||||||||||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.669%, August 15, 20361 | 650 | 651 | ||||||||||||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, January 1, 20381 | 600 | 607 | ||||||||||||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, December 1, 2019 | 400 | 458 | ||||||||||||||||
State of Texas, G.O. Public Imps. Prop. Tax Bonds, (Mandatory Put 10/01/18 @ 100), 0.49%, October 1, 20411 | 1,000 | 999 | ||||||||||||||||
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, 3.00%, July 1, 2016 | 325 | 335 | ||||||||||||||||
Texas A&M Univ., College & Univ. Rev. Ref. Bonds, Series B, 5.00%, May 15, 2021 | 450 | 539 | ||||||||||||||||
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 5.00%, July 1, 2029 | 275 | 295 | ||||||||||||||||
Texas State Univ. System, College & Univ. Rev. Ref. Bonds, Series A, 5.00%, March 15, 2020 | 550 | 640 | ||||||||||||||||
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, August 15, 2016 | 500 | 517 | ||||||||||||||||
Texas Trans. Commission State Highway Fund, Highway Imps. Fuel Sales Tax Rev. Bonds, Series B (Mandatory Put 04/01/17 @ 100), 0.46%, April 1, 20321 | 500 | 500 | ||||||||||||||||
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, July 15, 2015 | 225 | 227 | ||||||||||||||||
__________ | ||||||||||||||||||
13,730 | ||||||||||||||||||
__________ | ||||||||||||||||||
Virginia - 1.5% | ||||||||||||||||||
Northern Virginia Trans. Auth., Transit Imps. Misc. Taxes Rev. Bonds, 5.00%, June 1, 2020 | 250 | 294 | ||||||||||||||||
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds: | ||||||||||||||||||
5.00%, September 15, 2019 | 600 | 695 | ||||||||||||||||
5.00%, March 15, 2020 | 1,000 | 1,169 | ||||||||||||||||
__________ | ||||||||||||||||||
2,158 | ||||||||||||||||||
__________ | ||||||||||||||||||
Washington - 5.8% | ||||||||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||||||
4.00%, July 1, 2015 | 500 | 503 | ||||||||||||||||
5.00%, July 1, 2015 | 250 | 252 | ||||||||||||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, January 1, 2017 | 300 | 312 | ||||||||||||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, January 1, 2016 | 1,000 | 1,032 | ||||||||||||||||
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, August 1, 2018 | 600 | 673 | ||||||||||||||||
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, December 1, 2015 | 1,000 | 1,029 | ||||||||||||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2006A (AMBAC Insured), 5.00%, July 1, 2015 | 500 | 504 | ||||||||||||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, July 1, 2016 | 1,000 | 1,055 | ||||||||||||||||
State of Washington, Highway Imps. Rev. Bonds: | ||||||||||||||||||
5.00%, September 1, 2018 | 1,500 | 1,685 | ||||||||||||||||
5.00%, September 1, 2019 | 900 | 1,034 | ||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||
Washington - continued | ||||||||||||||||||
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, April 1, 2029 | $ | 335 | $ | 356 | ||||||||||||||
__________ | ||||||||||||||||||
8,435 | ||||||||||||||||||
__________ | ||||||||||||||||||
West Virginia - 1.2% | ||||||||||||||||||
West Virginia Univ., College & Univ. Rev. Ref. Bonds (Mandatory Put 10/01/19 @ 100), 0.64%, October 1, 20411 | 1,750 | 1,751 | ||||||||||||||||
__________ | ||||||||||||||||||
1,751 | ||||||||||||||||||
__________ | ||||||||||||||||||
Wisconsin - 1.1% | ||||||||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, November 15, 20431 | 1,000 | 1,098 | ||||||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, October 15, 2016 | 500 | 517 | ||||||||||||||||
__________ | ||||||||||||||||||
1,615 | ||||||||||||||||||
__________ | ||||||||||||||||||
Wyoming - 0.5% | ||||||||||||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, December 1, 2044 | 750 | 783 | ||||||||||||||||
__________ | ||||||||||||||||||
783 | ||||||||||||||||||
__________ | ||||||||||||||||||
Total bonds & notes (cost: $127,876,000) | 128,879 | |||||||||||||||||
__________ | ||||||||||||||||||
Short-term securities - 8.1% | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.13%, July 1, 20411 | 800 | 800 | ||||||||||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.11%, November 1, 20261 | 2,000 | 2,000 | ||||||||||||||||
City of New York Transitional Fin. Auth., Public Imps. Rev. Bonds, Sub-Series 1C, 0.14%, November 1, 20221 | 1,000 | 1,000 | ||||||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.13%, August 1, 20201 | 2,000 | 2,000 | ||||||||||||||||
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.13%, December 1, 20331 | 1,300 | 1,300 | ||||||||||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.13%, December 1, 20301 | 1,000 | 1,000 | ||||||||||||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.16%, July 1, 20381 | 600 | 600 | ||||||||||||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.13%, June 1, 20311 | 1,625 | 1,625 | ||||||||||||||||
New York City Trust for Cultural Ress., Rev. Ref. Bonds, Series A-1, 0.14%, December 1, 20351 | 980 | 980 | ||||||||||||||||
State of California, G.O. General Fund School Imps. Bonds, 0.12%, May 1, 20341 | 300 | 300 | ||||||||||||||||
__________ | ||||||||||||||||||
Total short-term securities (cost: $11,605,000) | 11,605 | |||||||||||||||||
__________ | ||||||||||||||||||
Total investment securities (cost: $139,481,000) | 140,484 | |||||||||||||||||
Other assets less liabilities | 3,820 | |||||||||||||||||
__________ | ||||||||||||||||||
Net assets | $ | 144,304 | ||||||||||||||||
__________ | ||||||||||||||||||
__________ | ||||||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate market value of these securities amounted to $280,000, representing 0.19% of net assets. | |||||||||||||||||
Key to abbreviations | ||||||||||||||||||
Agcy. | = Agency | |
AGM | = Assured Guaranty Municipal Corporation | |
AMBAC | = American Municipal Bond Assurance Corporation | |
Auth. | = Authority | |
BAM | = Build America Mutual Assurance Company | |
Certs. of Part. | = Certificates of Participation | |
COLL | = Collateral | |
Comm. | = Community | |
Corp. | = Corporation | |
Dept. | = Department | |
Dev. | = Development | |
Dist. | = District | |
Econ. | = Economic | |
Edu. | = Education | |
Educ. | = Educational | |
Facs. | = Facilities | |
FHA | = Federal Housing Administration | |
FHLMC | = Federal Home Loan Mortgage Corporation | |
Fin. | = Finance | |
Fncg. | = Financing | |
Fndg. | = Funding | |
FNMA | = Federal National Mortgage Association | |
GNMA | = Government National Mortgage Association | |
G.O. | = General Obligation | |
Govt. | = Government | |
GTD | = Guaranteed | |
GTY | = Guaranty | |
HUD | = Housing and Urban Development | |
Imp. | = Improvement | |
Imps. | = Improvements | |
Ind. | = Industrial | |
Ln. | = Loan | |
Lns. | = Loans | |
Loc. | = Local | |
Mgmt. | = Management | |
Misc. | = Miscellaneous | |
Muni. | = Municipal | |
NATL-RE | = National Reinsurance | |
No. | = Number | |
Prop. | = Property | |
PSF | = Permanent School Fund | |
Ref. | = Refunding | |
Res. | = Resource | |
Ress. | = Resources | |
Rev. | = Revenue | |
St. | = State | |
Trans. | = Transportation | |
Univ. | = University | |
Util. | = Utility | |
Utils. | = Utilities | |
Withhldg. | = Withholding | |
See Notes to Financial Statements
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - 96.2% | ||||||||||||||||||||
California - 91.2% | ||||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, July 1, 2020 | $ | 1,000 | $ | 1,131 | ||||||||||||||||
5.00%, November 15, 2020 | 715 | 796 | ||||||||||||||||||
5.00%, November 15, 2021 | 495 | 553 | ||||||||||||||||||
5.00%, November 15, 2022 | 1,000 | 1,121 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||||||||||||||
4.00%, May 15, 2016 | 1,500 | 1,504 | ||||||||||||||||||
5.125%, September 1, 2020 | 1,500 | 1,660 | ||||||||||||||||||
5.25%, May 15, 2020 | 1,000 | 1,102 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||||||||||||||
5.00%, April 1, 2019 | 400 | 455 | ||||||||||||||||||
5.00%, April 1, 2020 | 550 | 638 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||||||||||||||
5.00%, September 2, 2021 | 600 | 653 | ||||||||||||||||||
5.00%, September 2, 2022 | 225 | 243 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 2, 2023 | 375 | 449 | ||||||||||||||||||
5.00%, September 2, 2024 | 400 | 480 | ||||||||||||||||||
5.00%, September 2, 2025 | 515 | 611 | ||||||||||||||||||
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, October 1, 2021 | 1,250 | 1,493 | ||||||||||||||||||
5.00%, October 1, 2022 | 975 | 1,180 | ||||||||||||||||||
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, March 1, 2019 | 875 | 971 | ||||||||||||||||||
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2024 | 455 | 534 | ||||||||||||||||||
5.00%, September 1, 2025 | 425 | 491 | ||||||||||||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, October 1, 2017 | 575 | 610 | ||||||||||||||||||
Anaheim Public Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.00%, May 1, 2017 | 300 | 326 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.21%, April 1, 20451 | 3,700 | 3,700 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.01%, April 1, 20451 | 2,800 | 2,821 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, April 1, 20451 | 1,500 | 1,511 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 650 | 657 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1 (Pre-refunded with U.S. Govt. Securities to 04/01/19 @ 100), 5.00%, April 1, 2021 | 100 | 115 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 0.71%, April 1, 20341 | 1,000 | 1,000 | ||||||||||||||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, October 1, 2023 | 500 | 617 | ||||||||||||||||||
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, September 1, 2021 | 700 | 724 | ||||||||||||||||||
5.00%, September 1, 2026 | 500 | 518 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||||||||||||||
5.00%, April 1, 2019 | 950 | 1,079 | ||||||||||||||||||
5.00%, February 1, 2021 | 550 | 643 | ||||||||||||||||||
5.00%, October 1, 2021 | 700 | 836 | ||||||||||||||||||
5.00%, November 1, 2021 | 525 | 537 | ||||||||||||||||||
5.50%, April 1, 2029 | 300 | 347 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, January 1, 2018 | 125 | 139 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2015 | $ | 625 | $ | 637 | ||||||||||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, September 1, 2020 | 165 | 195 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
4.00%, November 1, 2021 | 560 | 626 | ||||||||||||||||||
4.00%, November 1, 2022 | 500 | 553 | ||||||||||||||||||
4.50%, November 1, 2017 | 335 | 365 | ||||||||||||||||||
5.00%, October 1, 2021 | 535 | 626 | ||||||||||||||||||
5.00%, January 1, 2024 | 100 | 114 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||||||||||||||
4.00%, August 15, 2016 | 710 | 739 | ||||||||||||||||||
5.00%, August 15, 2018 | 1,100 | 1,243 | ||||||||||||||||||
5.00%, August 15, 2025 | 400 | 483 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||||||||||||||
5.00%, October 1, 2018 | 275 | 311 | ||||||||||||||||||
5.00%, October 1, 2022 | 770 | 873 | ||||||||||||||||||
5.00%, November 15, 2024 | 150 | 175 | ||||||||||||||||||
5.00%, November 15, 2025 | 375 | 435 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, August 15, 2020 | 1,325 | 1,563 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, July 1, 2025 | 100 | 112 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.125%, July 1, 2022 | 525 | 529 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||||||||||||||
5.00%, January 1, 2020 | 1,005 | 1,165 | ||||||||||||||||||
5.00%, November 1, 2022 | 175 | 206 | ||||||||||||||||||
5.00%, November 1, 2023 | 135 | 160 | ||||||||||||||||||
5.00%, July 1, 2025 | 130 | 157 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, October 1, 2019 | 525 | 611 | ||||||||||||||||||
5.00%, November 15, 2019 | 1,350 | 1,573 | ||||||||||||||||||
5.00%, March 1, 2020 | 675 | 781 | ||||||||||||||||||
5.00%, November 15, 2020 | 500 | 592 | ||||||||||||||||||
5.00%, November 15, 2021 | 350 | 418 | ||||||||||||||||||
5.00%, March 1, 2023 | 1,000 | 1,189 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | ||||||||||||||||||||
4.00%, August 15, 2019 | 400 | 446 | ||||||||||||||||||
5.00%, November 15, 2021 | 1,000 | 1,025 | ||||||||||||||||||
5.375%, July 1, 2021 | 1,500 | 1,506 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, July 1, 20431 | 1,750 | 2,029 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 10/01/18 @ 100), 6.25%, October 1, 2028 | 200 | 236 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, July 1, 20431 | 250 | 295 | ||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.39%, October 1, 20471 | 1,000 | 1,001 | ||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.39%, April 1, 20381 | 2,500 | 2,500 | ||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | ||||||||||||||||||||
4.50%, October 1, 2025 | 100 | 108 | ||||||||||||||||||
4.50%, October 1, 2026 | 100 | 107 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | ||||||||||||||||||||
5.00%, February 1, 2018 | $ | 100 | $ | 110 | ||||||||||||||||
5.00%, February 1, 2019 | 100 | 109 | ||||||||||||||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, October 1, 2022 | 160 | 185 | ||||||||||||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, October 1, 2023 | 465 | 512 | ||||||||||||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, October 1, 2017 | 150 | 161 | ||||||||||||||||||
California Muni. Fin. Auth., Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 04/02/18 @ 100), 0.61%, October 1, 20451 | 1,325 | 1,325 | ||||||||||||||||||
California Muni., Fin., Auth., Loc. or GTD Housing Rev. Bonds, 5.00%, August 15, 2030 | 1,000 | 1,101 | ||||||||||||||||||
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, December 1, 2020 | 750 | 787 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11: | ||||||||||||||||||||
4.875%, May 1, 2018 | 200 | 223 | ||||||||||||||||||
5.00%, May 1, 2018 | 2,000 | 2,240 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, May 1, 2017 | 100 | 109 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, May 1, 2018 | 225 | 252 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, May 1, 2021 | 200 | 235 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2018 | 1,250 | 1,400 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series O, 5.00%, May 1, 2022 | 500 | 606 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, May 1, 2021 | 100 | 112 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | ||||||||||||||||||||
4.50%, December 1, 2016 | 525 | 559 | ||||||||||||||||||
5.00%, December 1, 2022 | 70 | 79 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, December 1, 2023 | 200 | 225 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE (Pre-refunded with U.S. Treasury Obligations to 06/01/18@ 100), 5.00%, December 1, 2022 | 940 | 1,056 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, October 1, 2017 | 300 | 330 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, March 1, 2018 | 1,350 | 1,503 | ||||||||||||||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A, 5.00%, June 1, 2023 | 790 | 958 | ||||||||||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (Escrowded to Maturity) (NATL-RE FGIC Insured), 5.00%, June 1, 2015 | 200 | 201 | ||||||||||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, June 1, 2023 | 600 | 728 | ||||||||||||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, November 1, 2018 | 750 | 854 | ||||||||||||||||||
5.00%, November 1, 2023 | 250 | 308 | ||||||||||||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, November 1, 2021 | 955 | 978 | ||||||||||||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 11/01/15 @ 100) (NATL-RE Insured), 5.00%, November 1, 2021 | 1,645 | 1,685 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, May 15, 2019 | 1,000 | 1,118 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, July 1, 2021 | 100 | 111 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, April 1, 2019 | 600 | 687 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, July 1, 2016 | $ | 1,100 | $ | 1,159 | ||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.10%, October 1, 2019 | 2,000 | 2,001 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.): | ||||||||||||||||||||
2.50%, August 1, 2020 | 700 | 714 | ||||||||||||||||||
3.00%, August 1, 2021 | 600 | 615 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, July 1, 2016 | 100 | 101 | ||||||||||||||||||
5.00%, May 15, 2019 | 600 | 680 | ||||||||||||||||||
5.00%, November 1, 2019 | 1,000 | 1,151 | ||||||||||||||||||
5.00%, May 15, 2024 | 300 | 344 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, October 1, 2023 | 500 | 578 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, July 1, 2021 | 1,100 | 1,292 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, November 15, 2020 | 210 | 246 | ||||||||||||||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, October 1, 2021 | 1,625 | 1,918 | ||||||||||||||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, August 1, 2023 | 745 | 895 | ||||||||||||||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, August 1, 2024 | 260 | 314 | ||||||||||||||||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured): | ||||||||||||||||||||
5.00%, November 1, 2019 | 2,000 | 2,200 | ||||||||||||||||||
5.00%, November 1, 2024 | 600 | 643 | ||||||||||||||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||||||||||
5.00%, September 1, 2020 | 1,000 | 1,174 | ||||||||||||||||||
5.00%, September 1, 2022 | 450 | 539 | ||||||||||||||||||
5.00%, September 1, 2025 | 665 | 793 | ||||||||||||||||||
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2021 | 500 | 583 | ||||||||||||||||||
5.00%, September 1, 2022 | 1,400 | 1,652 | ||||||||||||||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, June 15, 2020 | 1,350 | 1,600 | ||||||||||||||||||
City of Carlsbad California, Special Assessment Ref. Bonds: | ||||||||||||||||||||
3.00%, September 2, 2018 | 325 | 334 | ||||||||||||||||||
3.15%, September 2, 2021 | 570 | 582 | ||||||||||||||||||
3.55%, September 2, 2023 | 350 | 359 | ||||||||||||||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, July 1, 2018 | 1,150 | 1,154 | ||||||||||||||||||
City of Fontana California, Special Tax Ref. Bonds, 5.00%, September 1, 2023 | 535 | 632 | ||||||||||||||||||
City of Irvine California, Public Imps. Special Assessment Bonds: | ||||||||||||||||||||
4.00%, September 2, 2019 | 500 | 518 | ||||||||||||||||||
4.375%, September 2, 2021 | 700 | 726 | ||||||||||||||||||
City of Irvine California, Special Assessment Ref. Bonds: | ||||||||||||||||||||
2.50%, September 2, 2019 | 1,230 | 1,255 | ||||||||||||||||||
3.00%, September 2, 2020 | 1,250 | 1,326 | ||||||||||||||||||
3.25%, September 2, 2022 | 700 | 752 | ||||||||||||||||||
3.375%, September 2, 2023 | 850 | 884 | ||||||||||||||||||
4.00%, September 2, 2018 | 500 | 543 | ||||||||||||||||||
4.00%, September 2, 2019 | 475 | 515 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
4.00%, September 2, 2022 | $ | 400 | $ | 451 | ||||||||||||||||
4.50%, September 2, 2022 | 250 | 259 | ||||||||||||||||||
4.75%, September 2, 2023 | 250 | 259 | ||||||||||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, May 15, 2021 | 100 | 117 | ||||||||||||||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 15, 2024 | 500 | 619 | ||||||||||||||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, November 15, 2018 | 2,250 | 2,408 | ||||||||||||||||||
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, September 2, 2017 | 120 | 123 | ||||||||||||||||||
City of Roseville, Special Tax Ref. Bonds: | ||||||||||||||||||||
3.50%, September 1, 2015 | 1,000 | 1,008 | ||||||||||||||||||
4.00%, September 1, 2016 | 2,000 | 2,067 | ||||||||||||||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, March 1, 2018 | 700 | 778 | ||||||||||||||||||
Compton Comm. College Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, July 1, 2026 | 800 | 949 | ||||||||||||||||||
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||||||||||||||
5.00%, March 1, 2020 | 500 | 579 | ||||||||||||||||||
5.00%, March 1, 2023 | 450 | 537 | ||||||||||||||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, June 1, 2021 | 275 | 298 | ||||||||||||||||||
County of El Dorado, Special Tax Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2022 | 1,295 | 1,528 | ||||||||||||||||||
5.00%, September 1, 2024 | 860 | 993 | ||||||||||||||||||
County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, July 1, 2015 | 200 | 202 | ||||||||||||||||||
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, July 1, 2016 | 490 | 509 | ||||||||||||||||||
Desert Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, August 1, 2022 | 1,200 | 1,457 | ||||||||||||||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, June 1, 2019 | 900 | 1,039 | ||||||||||||||||||
El Centro Fncg. Auth., Sewer Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||||||||||||||
5.00%, October 1, 2026 | 530 | 627 | ||||||||||||||||||
5.00%, October 1, 2027 | 500 | 586 | ||||||||||||||||||
5.00%, October 1, 2030 | 1,000 | 1,146 | ||||||||||||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (AGM Insured): | ||||||||||||||||||||
5.00%, September 1, 2022 | 1,700 | 2,055 | ||||||||||||||||||
5.00%, September 1, 2026 | 1,000 | 1,186 | ||||||||||||||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, January 15, 20531 | 2,000 | 2,145 | ||||||||||||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, June 1, 2020 | 1,200 | 1,406 | ||||||||||||||||||
5.00%, June 1, 2021 | 1,200 | 1,426 | ||||||||||||||||||
Hemet Unified School Dist. Fncg. Auth., Misc. Purposes Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2026 | 600 | 701 | ||||||||||||||||||
5.00%, September 1, 2028 | 720 | 829 | ||||||||||||||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, August 1, 2029 | 500 | 575 | ||||||||||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, November 1, 2017 | 100 | 111 | ||||||||||||||||||
5.25%, November 1, 2025 | 100 | 113 | ||||||||||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, November 1, 2022 | 700 | 816 | ||||||||||||||||||
Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A: | ||||||||||||||||||||
3.00%, September 2, 2015 | 200 | 201 | ||||||||||||||||||
4.00%, September 2, 2021 | 1,350 | 1,396 | ||||||||||||||||||
4.00%, September 2, 2023 | 430 | 444 | ||||||||||||||||||
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, March 1, 2017 | 100 | 108 | ||||||||||||||||||
Irvine Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, September 1, 2023 | 330 | 403 | ||||||||||||||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, September 1, 2023 | 500 | 594 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
5.00%, September 1, 2029 | $ | 710 | $ | 805 | ||||||||||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, September 1, 2019 | 500 | 555 | ||||||||||||||||||
5.00%, September 1, 2019 | 200 | 229 | ||||||||||||||||||
Lake Elsinore Public Fncg. Auth., Special Tax Ref. Bonds, 5.00%, September 1, 2028 | 2,000 | 2,249 | ||||||||||||||||||
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, August 1, 2015 | 100 | 101 | ||||||||||||||||||
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, September 1, 2021 | 840 | 886 | ||||||||||||||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, November 1, 2020 | 750 | 845 | ||||||||||||||||||
5.00%, November 1, 2021 | 500 | 597 | ||||||||||||||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, June 1, 2022 | 15 | 17 | ||||||||||||||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds, Series A, 5.00%, June 1, 2022 | 85 | 95 | ||||||||||||||||||
Los Angeles Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2020 | 600 | 692 | ||||||||||||||||||
5.00%, September 1, 2023 | 700 | 831 | ||||||||||||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2016 | 500 | 528 | ||||||||||||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, July 1, 2020 | 2,685 | 3,188 | ||||||||||||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, July 1, 2018 | 1,000 | 1,131 | ||||||||||||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||||||||||||||
5.00%, September 1, 2022 | 1,190 | 1,434 | ||||||||||||||||||
5.00%, September 1, 2024 | 1,000 | 1,219 | ||||||||||||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, September 1, 2019 | 1,000 | 1,143 | ||||||||||||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, December 1, 2020 | 3,000 | 3,532 | ||||||||||||||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, November 15, 2020 | 420 | 424 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, May 15, 2029 | 200 | 227 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, May 15, 2019 | 850 | 979 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, May 15, 2022 | 700 | 828 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series A: | ||||||||||||||||||||
4.00%, July 1, 2019 | 1,000 | 1,119 | ||||||||||||||||||
5.00%, July 1, 2021 | 1,000 | 1,207 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, July 1, 2020 | 1,000 | 1,163 | ||||||||||||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, July 1, 2019 | 2,175 | 2,514 | ||||||||||||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, July 1, 2020 | 1,000 | 1,181 | ||||||||||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, July 1, 2024 | 100 | 115 | ||||||||||||||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, August 1, 2020 | 900 | 1,064 | ||||||||||||||||||
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, September 1, 2024 | 1,000 | 766 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, July 1, 2015 | 500 | 504 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.49%, July 1, 20271 | 500 | 500 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
Modesto Irrigation Dist., Certs. of Part. Lease Ref. Bonds, Series A (AMBAC Insured), 5.00%, October 1, 2015 | $ | 800 | $ | 816 | ||||||||||||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 400 | 439 | ||||||||||||||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, August 1, 2019 | 380 | 442 | ||||||||||||||||||
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, August 1, 2019 | 420 | 481 | ||||||||||||||||||
5.00%, August 1, 2020 | 375 | 438 | ||||||||||||||||||
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 08/01/15 @ 100) (NATL-RE Insured), 5.00%, August 1, 2018 | 150 | 152 | ||||||||||||||||||
Natomas Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, August 1, 2021 | 500 | 598 | ||||||||||||||||||
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, September 1, 2021 | 1,050 | 1,225 | ||||||||||||||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||||||||
5.00%, June 1, 2016 | 750 | 789 | ||||||||||||||||||
5.50%, July 1, 2021 | 1,000 | 1,177 | ||||||||||||||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, July 1, 2017 | 200 | 219 | ||||||||||||||||||
5.00%, July 1, 2019 | 200 | 231 | ||||||||||||||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, September 1, 2018 | 500 | 561 | ||||||||||||||||||
Ohlone Comm. College Dist., G.O. Ref. Bonds, 5.00%, August 1, 2024 | 1,000 | 1,218 | ||||||||||||||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, October 1, 2020 | 385 | 425 | ||||||||||||||||||
4.00%, October 1, 2021 | 1,485 | 1,646 | ||||||||||||||||||
Orange County Sanitation Dist., Certs. of Part. Sewer Imps. Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 02/01/17 @ 100) (AGM Insured), 5.00%, February 1, 2019 | 965 | 1,040 | ||||||||||||||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2020 | 770 | 897 | ||||||||||||||||||
5.00%, September 1, 2021 | 375 | 440 | ||||||||||||||||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, June 1, 2021 | 750 | 873 | ||||||||||||||||||
Palomar Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, May 1, 2029 | 1,000 | 1,193 | ||||||||||||||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, September 1, 2024 | 1,000 | 1,177 | ||||||||||||||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: | ||||||||||||||||||||
3.375%, September 15, 2017 | 500 | 519 | ||||||||||||||||||
3.75%, September 15, 2018 | 770 | 800 | ||||||||||||||||||
4.00%, September 15, 2020 | 340 | 375 | ||||||||||||||||||
4.00%, September 15, 2022 | 440 | 490 | ||||||||||||||||||
5.00%, September 1, 2020 | 600 | 692 | ||||||||||||||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, September 1, 2022 | 850 | 998 | ||||||||||||||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||||||||||||||
5.00%, September 1, 2020 | 775 | 913 | ||||||||||||||||||
5.00%, September 1, 2025 | 750 | 903 | ||||||||||||||||||
5.00%, September 1, 2026 | 600 | 714 | ||||||||||||||||||
5.00%, September 1, 2028 | 800 | 933 | ||||||||||||||||||
Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, September 2, 2017 | 100 | 101 | ||||||||||||||||||
Rio Elementary School Dist. Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, September 1, 2022 | 400 | 467 | ||||||||||||||||||
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, September 1, 2023 | 500 | 595 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
Riverside Cnty. Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, October 1, 2020 | $ | 405 | $ | 474 | ||||||||||||||||
5.00%, October 1, 2021 | 615 | 727 | ||||||||||||||||||
Riverside Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
3.00%, September 1, 2016 | 1,120 | 1,159 | ||||||||||||||||||
5.00%, September 1, 2021 | 1,000 | 1,191 | ||||||||||||||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured): | ||||||||||||||||||||
5.00%, September 1, 2025 | 350 | 417 | ||||||||||||||||||
5.00%, September 1, 2026 | 400 | 472 | ||||||||||||||||||
Sacramento City Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, July 1, 2028 | 500 | 583 | ||||||||||||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, December 1, 2018 | 500 | 569 | ||||||||||||||||||
5.00%, December 1, 2025 | 1,190 | 1,462 | ||||||||||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, August 15, 2017 | 475 | 522 | ||||||||||||||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, March 1, 2023 | 615 | 702 | ||||||||||||||||||
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, August 1, 2020 | 725 | 852 | ||||||||||||||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, August 1, 2018 | 1,000 | 1,134 | ||||||||||||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, July 1, 2023 | 225 | 272 | ||||||||||||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||||||||||||||
5.00%, July 1, 2018 | 850 | 951 | ||||||||||||||||||
5.00%, July 1, 2020 | 700 | 816 | ||||||||||||||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2021 | 500 | 602 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, May 1, 2018 | 700 | 787 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, May 1, 2020 | 750 | 885 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, July 1, 2016 | 475 | 500 | ||||||||||||||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, May 15, 2022 | 100 | 116 | ||||||||||||||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A, 4.00%, August 1, 2020 | 100 | 108 | ||||||||||||||||||
San Diego Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series R-4, 5.00%, July 1, 2026 | 1,475 | 1,783 | ||||||||||||||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2022 | 800 | 956 | ||||||||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, May 1, 2024 | 100 | 116 | ||||||||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 1, 2019 | 400 | 461 | ||||||||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, May 1, 2021 | 300 | 344 | ||||||||||||||||||
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series C, 5.00%, August 1, 2022 | 305 | 367 | ||||||||||||||||||
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Series C: | ||||||||||||||||||||
4.75%, August 1, 2017 | 265 | 287 | ||||||||||||||||||
5.00%, August 1, 2018 | 275 | 306 | ||||||||||||||||||
5.25%, August 1, 2019 | 290 | 333 | ||||||||||||||||||
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, August 1, 2021 | 500 | 533 | ||||||||||||||||||
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, August 1, 2020 | 800 | 930 | ||||||||||||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, June 15, 2019 | 1,150 | 1,330 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, August 1, 2022 | $ | 500 | $ | 560 | ||||||||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, August 1, 2018 | 400 | 401 | ||||||||||||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, August 1, 2018 | 800 | 872 | ||||||||||||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, June 15, 2022 | 650 | 746 | ||||||||||||||||||
5.00%, June 15, 2020 | 500 | 590 | ||||||||||||||||||
5.00%, June 15, 2022 | 500 | 608 | ||||||||||||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, July 15, 2023 | 200 | 232 | ||||||||||||||||||
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, September 1, 2020 | 750 | 896 | ||||||||||||||||||
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, November 15, 2022 | 285 | 320 | ||||||||||||||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, September 1, 2026 | 1,475 | 1,767 | ||||||||||||||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2022 | 325 | 377 | ||||||||||||||||||
5.00%, September 1, 2024 | 550 | 643 | ||||||||||||||||||
5.00%, September 1, 2025 | 375 | 434 | ||||||||||||||||||
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, September 1, 2020 | 995 | 1,148 | ||||||||||||||||||
Signal Hill Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||||||||||
5.00%, October 1, 2021 | 250 | 297 | ||||||||||||||||||
5.00%, October 1, 2023 | 500 | 603 | ||||||||||||||||||
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, March 1, 2021 | 1,000 | 1,195 | ||||||||||||||||||
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured): | ||||||||||||||||||||
5.00%, August 15, 2015 | 900 | 913 | ||||||||||||||||||
5.00%, August 15, 2020 | 1,000 | 1,012 | ||||||||||||||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.44%, November 1, 20171 | 1,625 | 1,623 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||||||||||
5.00%, July 1, 2018 | 200 | 226 | ||||||||||||||||||
5.00%, July 1, 2020 | 1,550 | 1,830 | ||||||||||||||||||
5.00%, July 1, 2023 | 800 | 949 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, July 1, 2021 | 500 | 555 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, July 1, 2016 | 500 | 528 | ||||||||||||||||||
5.00%, July 1, 2018 | 350 | 395 | ||||||||||||||||||
5.00%, July 1, 2021 | 750 | 903 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, July 1, 2019 | 1,000 | 1,156 | ||||||||||||||||||
5.00%, July 1, 2020 | 245 | 289 | ||||||||||||||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, July 1, 2023 | 100 | 114 | ||||||||||||||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, October 1, 2020 | 100 | 118 | ||||||||||||||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, December 1, 20271 | 750 | 797 | ||||||||||||||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||||||||||||||
4.00%, December 1, 2020 | 1,175 | 1,337 | ||||||||||||||||||
5.00%, February 1, 2019 | 2,000 | 2,281 | ||||||||||||||||||
5.00%, April 1, 2019 | 600 | 687 | ||||||||||||||||||
5.00%, February 1, 2020 | 2,700 | 3,154 | ||||||||||||||||||
5.00%, October 1, 2020 | 1,000 | 1,187 | ||||||||||||||||||
5.00%, December 1, 2024 | 800 | 971 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
5.25%, October 1, 2020 | $ | 650 | $ | 764 | ||||||||||||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.56%, May 1, 20331 | 2,900 | 2,900 | ||||||||||||||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.50%, April 1, 2018 | 100 | 113 | ||||||||||||||||||
State of California, G.O. Public Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, August 1, 2020 | 5 | 5 | ||||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 950 | 1,041 | ||||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Govt. Securities to 07/01/19 @ 100), 5.25%, July 1, 2021 | 385 | 450 | ||||||||||||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100), 5.25%, July 1, 2021 | 675 | 788 | ||||||||||||||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2021 | 750 | 886 | ||||||||||||||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, September 1, 2025 | 200 | 234 | ||||||||||||||||||
Suisun City Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (BAM Insured), 5.00%, October 1, 2022 | 400 | 479 | ||||||||||||||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, September 1, 2027 | 1,720 | 2,008 | ||||||||||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||||||||
5.00%, January 1, 2022 | 1,500 | 1,688 | ||||||||||||||||||
5.25%, January 1, 2024 | 100 | 113 | ||||||||||||||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, January 1, 2018 | 500 | 554 | ||||||||||||||||||
5.00%, January 1, 2020 | 610 | 708 | ||||||||||||||||||
5.00%, January 1, 2022 | 700 | 817 | ||||||||||||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (Pre-refunded with St. & Loc. Govt. Series to 05/15/16 @ 101) (NATL-RE FGIC Insured), 5.00%, May 15, 2023 | 130 | 138 | ||||||||||||||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E: | ||||||||||||||||||||
4.00%, May 15, 2017 | 500 | 535 | ||||||||||||||||||
5.00%, May 15, 2020 | 500 | 589 | ||||||||||||||||||
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 05/01/15 @ 100) (AMBAC Insured), 4.00%, May 1, 2018 | 200 | 200 | ||||||||||||||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||||||||||||||
4.00%, September 1, 2025 | 400 | 450 | ||||||||||||||||||
5.00%, September 1, 2022 | 340 | 408 | ||||||||||||||||||
__________ | ||||||||||||||||||||
271,870 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
District of Columbia - 0.0% | ||||||||||||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, October 1, 2017 | 100 | 110 | ||||||||||||||||||
__________ | ||||||||||||||||||||
110 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Florida - 0.2% | ||||||||||||||||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | 500 | 569 | ||||||||||||||||||
__________ | ||||||||||||||||||||
569 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Guam - 1.0% | ||||||||||||||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, October 1, 2019 | 150 | 172 | ||||||||||||||||||
5.00%, October 1, 2020 | 225 | 261 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
Guam - continued | ||||||||||||||||||||
5.00%, October 1, 2021 | $ | 350 | $ | 409 | ||||||||||||||||
5.00%, October 1, 2022 | 710 | 837 | ||||||||||||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 1,100 | 1,311 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,990 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Iowa - 0.1% | ||||||||||||||||||||
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, June 1, 2027 | 100 | 114 | ||||||||||||||||||
__________ | ||||||||||||||||||||
114 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Michigan - 0.0% | ||||||||||||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, November 15, 2024 | 100 | 113 | ||||||||||||||||||
__________ | ||||||||||||||||||||
113 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Missouri - 0.1% | ||||||||||||||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA Insured), 3.75%, May 1, 2038 | 350 | 379 | ||||||||||||||||||
__________ | ||||||||||||||||||||
379 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Oregon - 0.4% | ||||||||||||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.11%, October 1, 20221 | 1,000 | 1,004 | ||||||||||||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, November 1, 2017 | 100 | 104 | ||||||||||||||||||
__________ | ||||||||||||||||||||
1,108 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Puerto Rico - 2.1% | ||||||||||||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, July 1, 2019 | 500 | 386 | ||||||||||||||||||
Puerto Rico Highways & Trans. Auth., Highway Tolls Rev. Ref. Bonds, Series BB (AGM Insured), 5.25%, July 1, 2022 | 435 | 467 | ||||||||||||||||||
Puerto Rico Highways & Trans. Auth., Sales Tax Rev. Ref. Bonds, Series AA-1 (AGM Insured), 4.95%, July 1, 2026 | 1,405 | 1,448 | ||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||||||||||
3.00%, October 1, 2018 | 355 | 338 | ||||||||||||||||||
5.00%, October 1, 2016 | 350 | 359 | ||||||||||||||||||
5.00%, October 1, 2017 | 500 | 520 | ||||||||||||||||||
5.00%, October 1, 2019 | 500 | 527 | ||||||||||||||||||
5.00%, October 1, 2021 | 1,000 | 1,058 | ||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 1,000 | 1,045 | ||||||||||||||||||
__________ | ||||||||||||||||||||
6,148 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Texas - 0.4% | ||||||||||||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.86%, May 15, 20341 | 1,100 | 1,101 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
Texas - continued | ||||||||||||||||||||
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations to 02/01/16 @ 100), 5.00%, February 1, 2024 | $ | 100 | $ | 103 | ||||||||||||||||
__________ | ||||||||||||||||||||
1,204 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
U. S. Virgin Islands - 0.7% | ||||||||||||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, October 1, 2024 | 500 | 578 | ||||||||||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, October 1, 2019 | 1,400 | 1,587 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,165 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Total bonds & notes (cost: $278,709,000) | 286,770 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Short-term securities - 5.1% | ||||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.13%, July 1, 20411 | 1,900 | 1,900 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.12%, September 1, 20381 | 400 | 400 | ||||||||||||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.11%, November 1, 20261 | 3,100 | 3,100 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.12%, August 15, 20271 | 625 | 625 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Res. Recovery Rev. Ref. Bonds, 0.12%, May 15, 20241 | 650 | 650 | ||||||||||||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.13%, September 2, 20291 | 2,760 | 2,760 | ||||||||||||||||||
City of Irvine California, Special Assessment Ref. Bonds, 0.13%, September 2, 20501,2 | 2,000 | 2,000 | ||||||||||||||||||
City of Irvine, Public Imps. Special Assessment Ref. Bonds, Series B, 0.13%, September 2, 20291 | 900 | 900 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-6, 0.11%, July 1, 20341 | 1,400 | 1,400 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.11%, July 1, 20351 | 1,500 | 1,500 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total short-term securities (cost: $15,235,000) | 15,235 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Total investment securities (cost: $293,944,000) | 302,005 | |||||||||||||||||||
Other assets less liabilities | (3,942) | |||||||||||||||||||
__________ | ||||||||||||||||||||
Net assets | $ | 298,063 | ||||||||||||||||||
__________ | ||||||||||||||||||||
__________ | ||||||||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate market value of these securities amounted to $2,000,000, representing 0.67% of net assets. | |||||||||||||||||||
| ||||||||||||||||||||
Key to abbreviations | ||||||||||||||||||||
Agcy. | = Agency | |
AGM | = Assured Guaranty Municipal Corporation | |
AMBAC | = American Municipal Bond Assurance Corporation | |
Auth. | = Authority | |
BAM | = Build America Mutual Assurance Company | |
CA Mtg. Ins. | = California Mortgage Insurance | |
Certs. of Part. | = Certificates of Participation | |
CIFG | = CDC IXIS Financial Guaranty | |
Comm. | = Community | |
Comms. | = Communities | |
Corp. | = Corporation | |
Corps. | = Corporations | |
Dept. | = Department | |
Dev. | = Development | |
Dist. | = District | |
Econ. | = Economic | |
Educ. | = Educational | |
Facs. | = Facilities | |
FGIC | = Financial Guaranty Insurance Company | |
Fin. | = Finance | |
Fncg. | = Financing | |
FNMA | = Federal National Mortgage Association | |
GNMA | = Government National Mortgage Association | |
G.O. | = General Obligation | |
Govt. | = Government | |
GTD | = Guaranteed | |
Imps. | = Improvements | |
Ind. | = Industrial | |
Intl. | = International | |
Loc. | = Local | |
Mgmt. | = Management | |
Misc. | = Miscellaneous | |
Muni. | = Municipal | |
NATL-RE | = National Reinsurance | |
Prop. | = Property | |
Rec. | = Recreational | |
Redev. | = Redevelopment | |
Ref. | = Refunding | |
Res. | = Resource | |
Ress. | = Resources | |
Rev. | = Revenue | |
St. | = State | |
Trans. | = Transportation | |
Univ. | = University | |
Util. | = Utility | |
|
See Notes to Financial Statements
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - 96.8% | ||||||||||||||||||||
California - 93.5% | ||||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, May 15, 2016 | $ | 500 | $ | 501 | ||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, August 1, 2016 | 200 | 212 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||||||||||||||
4.00%, April 1, 2016 | 400 | 413 | ||||||||||||||||||
5.00%, April 1, 2018 | 250 | 278 | ||||||||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds, 4.00%, September 2, 2019 | 525 | 581 | ||||||||||||||||||
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, March 1, 2018 | 500 | 546 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||||||||||
1.01%, April 1, 2045 | 500 | 504 | ||||||||||||||||||
1.01%, April 1, 2047 | 250 | 252 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, April 1, 20451 | 750 | 756 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.81%, April 1, 20471 | 800 | 814 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 600 | 606 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, April 1, 2018 | 250 | 273 | ||||||||||||||||||
5.00%, April 1, 2017 | 400 | 434 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 0.71%, April 1, 20341 | 250 | 250 | ||||||||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series H (Mandatory Put 04/01/21 @ 100), 0.81%, April 1, 20341 | 250 | 251 | ||||||||||||||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 4.00%, October 1, 2019 | 570 | 638 | ||||||||||||||||||
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, August 1, 2019 | 700 | 805 | ||||||||||||||||||
Burbank Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured): | ||||||||||||||||||||
5.00%, December 1, 2020 | 700 | 827 | ||||||||||||||||||
5.00%, December 1, 2022 | 500 | 606 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, October 1, 2015 | 350 | 356 | ||||||||||||||||||
4.00%, September 1, 2016 | 75 | 79 | ||||||||||||||||||
4.00%, February 1, 2017 | 100 | 106 | ||||||||||||||||||
5.00%, October 1, 2016 | 250 | 266 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
3.00%, November 1, 2016 | 400 | 415 | ||||||||||||||||||
5.00%, October 1, 2015 | 500 | 510 | ||||||||||||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||||||||||
3.00%, October 1, 2015 | 150 | 152 | ||||||||||||||||||
4.00%, April 1, 2016 | 300 | 310 | ||||||||||||||||||
4.00%, April 1, 2017 | 200 | 212 | ||||||||||||||||||
4.00%, October 1, 2018 | 400 | 435 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||||||||||||||
5.00%, August 15, 2017 | 510 | 557 | ||||||||||||||||||
5.00%, August 15, 2018 | 500 | 565 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, August 15, 2016 | 200 | 212 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.125%, July 1, 2022 | 375 | 378 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, August 15, 2015 | 150 | 152 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
5.00%, November 15, 2016 | $ | 225 | $ | 231 | ||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||||||||||||||
4.00%, January 1, 2018 | 425 | 459 | ||||||||||||||||||
5.00%, January 1, 2019 | 500 | 567 | ||||||||||||||||||
5.00%, November 1, 2019 | 200 | 228 | ||||||||||||||||||
5.00%, July 1, 2020 | 150 | 174 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
4.00%, March 1, 2018 | 200 | 216 | ||||||||||||||||||
4.00%, March 1, 2019 | 500 | 548 | ||||||||||||||||||
4.00%, February 1, 2020 | 625 | 695 | ||||||||||||||||||
5.00%, November 15, 2016 | 250 | 268 | ||||||||||||||||||
5.00%, October 1, 2018 | 500 | 567 | ||||||||||||||||||
5.00%, October 1, 2019 | 525 | 611 | ||||||||||||||||||
5.00%, November 15, 2019 | 300 | 347 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, November 15, 2015 | 150 | 153 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, July 1, 20431 | 1,075 | 1,188 | ||||||||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, July 1, 20431 | 500 | 589 | ||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.39%, October 1, 20471 | 500 | 500 | ||||||||||||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.39%, April 1, 20381 | 1,100 | 1,100 | ||||||||||||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, October 1, 2016 | 200 | 210 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, May 1, 2017 | 200 | 215 | ||||||||||||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2018 | 1,250 | 1,400 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, December 1, 2018 | 160 | 182 | ||||||||||||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, May 1, 2016 | 1,000 | 1,048 | ||||||||||||||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | ||||||||||||||||||||
4.00%, March 1, 2019 | 400 | 441 | ||||||||||||||||||
5.00%, April 1, 2018 | 400 | 446 | ||||||||||||||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I: | ||||||||||||||||||||
4.00%, November 1, 2017 | 210 | 227 | ||||||||||||||||||
4.00%, November 1, 2019 | 500 | 556 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, October 1, 2017 | 475 | 523 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, March 1, 2016 | 400 | 413 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, March 1, 2016 | 500 | 520 | ||||||||||||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, December 1, 2016 | 325 | 343 | ||||||||||||||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A: | ||||||||||||||||||||
5.00%, September 1, 2018 | 250 | 282 | ||||||||||||||||||
5.00%, June 1, 2020 | 700 | 815 | ||||||||||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, June 1, 2018 | 425 | 464 | ||||||||||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (Escrowded to Maturity) (NATL-RE FGIC Insured), 5.00%, June 1, 2015 | 100 | 100 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, October 1, 2016 | $ | 240 | $ | 256 | ||||||||||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, November 1, 2016 | 400 | 428 | ||||||||||||||||||
5.00%, November 1, 2017 | 475 | 525 | ||||||||||||||||||
5.00%, November 1, 2018 | 400 | 455 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, July 1, 2016 | 500 | 527 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, November 1, 20291 | 600 | 653 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.), 2.50%, August 1, 2020 | 1,100 | 1,122 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, November 1, 2015 | 300 | 307 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, November 15, 2019 | 160 | 177 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, July 1, 2020 | 625 | 727 | ||||||||||||||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, November 15, 2019 | 280 | 323 | ||||||||||||||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, October 1, 2018 | 700 | 782 | ||||||||||||||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||||||||||
5.00%, September 1, 2017 | 500 | 548 | ||||||||||||||||||
5.00%, September 1, 2020 | 625 | 734 | ||||||||||||||||||
City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, October 1, 2015 | 500 | 510 | ||||||||||||||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds: | ||||||||||||||||||||
5.00%, June 15, 2018 | 1,745 | 1,968 | ||||||||||||||||||
5.00%, June 15, 2019 | 380 | 440 | ||||||||||||||||||
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A: | ||||||||||||||||||||
5.00%, October 1, 2018 | 500 | 569 | ||||||||||||||||||
5.00%, October 1, 2019 | 555 | 646 | ||||||||||||||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, July 1, 2018 | 1,100 | 1,104 | ||||||||||||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, May 15, 2018 | 225 | 246 | ||||||||||||||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, November 15, 2018 | 1,425 | 1,525 | ||||||||||||||||||
City of Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, May 15, 2021 | 250 | 289 | ||||||||||||||||||
City of Los Angeles, Res. Recovery Imps. Rev. Bonds, Series A, 5.00%, February 1, 2019 | 550 | 630 | ||||||||||||||||||
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 4.00%, June 1, 2016 | 100 | 104 | ||||||||||||||||||
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 500 | 563 | ||||||||||||||||||
Concord Redv. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, March 1, 2017 | 700 | 755 | ||||||||||||||||||
5.00%, March 1, 2018 | 600 | 666 | ||||||||||||||||||
County of El Dorado, Special Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, September 1, 2018 | 450 | 487 | ||||||||||||||||||
5.00%, September 1, 2020 | 545 | 629 | ||||||||||||||||||
Desert Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, August 1, 2018 | 700 | 768 | ||||||||||||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, September 1, 2018 | 500 | 564 | ||||||||||||||||||
5.00%, September 1, 2019 | 600 | 693 | ||||||||||||||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured): | ||||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
4.00%, December 1, 2019 | $ | 600 | $ | 667 | ||||||||||||||||
5.00%, December 1, 2020 | 500 | 589 | ||||||||||||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, June 1, 2018 | 500 | 561 | ||||||||||||||||||
5.00%, June 1, 2019 | 500 | 575 | ||||||||||||||||||
Golden West Schools Fncg. Auth., Misc. Rev. Ref. Bonds, Series A (NATL-RE Insured), 0.00%, February 1, 2020 | 1,100 | 974 | ||||||||||||||||||
Hemet Unified School Dist, G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, August 1, 2018 | 1,000 | 1,126 | ||||||||||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C: | ||||||||||||||||||||
5.00%, November 1, 2016 | 300 | 321 | ||||||||||||||||||
5.00%, November 1, 2018 | 425 | 481 | ||||||||||||||||||
Irvine Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, September 1, 2021 | 650 | 779 | ||||||||||||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 4.00%, September 1, 2018 | 500 | 547 | ||||||||||||||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, November 1, 2018 | 700 | 793 | ||||||||||||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2016 | 500 | 528 | ||||||||||||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Ref. Bonds, Series S, 5.00%, September 1, 2019 | 1,000 | 1,154 | ||||||||||||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, December 1, 2018 | 1,100 | 1,248 | ||||||||||||||||||
5.00%, December 1, 2019 | 700 | 810 | ||||||||||||||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, November 15, 2020 | 245 | 247 | ||||||||||||||||||
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 770 | 851 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, May 15, 2015 | 300 | 300 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, May 15, 2021 | 400 | 476 | ||||||||||||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, May 15, 2015 | 200 | 200 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2015 | 420 | 423 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, July 1, 2020 | 400 | 465 | ||||||||||||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, July 1, 2019 | 1,100 | 1,271 | ||||||||||||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, July 1, 2018 | 500 | 564 | ||||||||||||||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, August 1, 2016 | 500 | 523 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, July 1, 2015 | 200 | 202 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.49%, July 1, 20271 | 500 | 500 | ||||||||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, July 1, 20371 | 700 | 730 | ||||||||||||||||||
Milpitas Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, September 1, 2017 | 750 | 806 | ||||||||||||||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2015 | 300 | 302 | ||||||||||||||||||
Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, August 1, 2015 | 375 | 379 | ||||||||||||||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, September 1, 2018 | 500 | 561 | ||||||||||||||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||||||||||
3.00%, October 1, 2017 | 360 | 376 | ||||||||||||||||||
4.00%, October 1, 2018 | 300 | 325 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
Orange County Sanitation Dist., Certs. of Part. Sewer Imps. Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 02/01/17 @ 100) (AGM Insured), 5.00%, February 1, 2019 | $ | 1,000 | $ | 1,078 | ||||||||||||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||||||||||||||
5.00%, September 1, 2018 | 375 | 421 | ||||||||||||||||||
5.00%, September 1, 2019 | 200 | 229 | ||||||||||||||||||
5.00%, September 1, 2021 | 200 | 235 | ||||||||||||||||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, June 1, 2021 | 350 | 408 | ||||||||||||||||||
Palomar Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, May 1, 2022 | 325 | 393 | ||||||||||||||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, September 1, 2019 | 370 | 428 | ||||||||||||||||||
Riverside County Redev. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, October 1, 2019 | 275 | 316 | ||||||||||||||||||
Riverside Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series A: | ||||||||||||||||||||
4.00%, September 1, 2017 | 500 | 538 | ||||||||||||||||||
5.00%, September 1, 2019 | 850 | 983 | ||||||||||||||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, September 1, 2021 | 285 | 337 | ||||||||||||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, December 1, 2018 | 500 | 569 | ||||||||||||||||||
5.00%, December 1, 2019 | 500 | 582 | ||||||||||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, July 1, 2015 | 100 | 101 | ||||||||||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, August 15, 2017 | 225 | 247 | ||||||||||||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, August 15, 2017 | 250 | 275 | ||||||||||||||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, March 1, 2018 | 250 | 276 | ||||||||||||||||||
San Bernardino County Trans. Auth. Rev. Ref. Bonds, Series A, 4.00%, March 1, 2018 | 500 | 545 | ||||||||||||||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, August 1, 2017 | 400 | 431 | ||||||||||||||||||
5.00%, August 1, 2018 | 1,000 | 1,134 | ||||||||||||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||||||||||||||
5.00%, July 1, 2016 | 250 | 264 | ||||||||||||||||||
5.00%, July 1, 2017 | 650 | 709 | ||||||||||||||||||
5.00%, July 1, 2018 | 100 | 112 | ||||||||||||||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2018 | 300 | 337 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, May 1, 2018 | 500 | 562 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, May 1, 2017 | 850 | 926 | ||||||||||||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, July 1, 2016 | 175 | 184 | ||||||||||||||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, May 15, 2015 | 300 | 301 | ||||||||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 1, 2016 | 200 | 210 | ||||||||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, May 1, 2018 | 500 | 562 | ||||||||||||||||||
San Francisco City & County Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series C: | ||||||||||||||||||||
4.00%, August 1, 2017 | 500 | 536 | ||||||||||||||||||
5.00%, August 1, 2020 | 500 | 586 | ||||||||||||||||||
San Francisco Municipal Trans. Agcy., Transit Rev. Ref. Bonds, 4.00%, March 1, 2018 | 245 | 267 | ||||||||||||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, June 15, 2018 | 500 | 564 | ||||||||||||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, June 15, 2015 | 100 | 101 | ||||||||||||||||||
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, August 1, 2016 | 300 | 312 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, August 1, 2018 | $ | 300 | $ | 330 | ||||||||||||||||
4.00%, August 1, 2019 | 475 | 531 | ||||||||||||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, 4.00%, June 15, 2020 | 775 | 876 | ||||||||||||||||||
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A: | ||||||||||||||||||||
4.00%, March 1, 2016 | 500 | 516 | ||||||||||||||||||
5.00%, March 1, 2018 | 750 | 837 | ||||||||||||||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.44%, November 1, 20171 | 1,075 | 1,074 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||||||||||
4.00%, July 1, 2015 | 225 | 226 | ||||||||||||||||||
5.00%, July 1, 2016 | 200 | 211 | ||||||||||||||||||
5.00%, July 1, 2017 | 750 | 821 | ||||||||||||||||||
5.00%, July 1, 2018 | 200 | 226 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||||||||||
4.00%, July 1, 2016 | 150 | 157 | ||||||||||||||||||
5.00%, July 1, 2017 | 775 | 849 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, July 1, 2016 | 500 | 528 | ||||||||||||||||||
5.00%, July 1, 2018 | 350 | 395 | ||||||||||||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||||||||||
5.00%, July 1, 2016 | 705 | 744 | ||||||||||||||||||
5.00%, July 1, 2019 | 600 | 694 | ||||||||||||||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 300 | 338 | ||||||||||||||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, December 1, 20271 | 500 | 532 | ||||||||||||||||||
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 0.953%, December 1, 20291 | 500 | 508 | ||||||||||||||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||||||||||||||
5.00%, February 1, 2018 | 1,000 | 1,113 | ||||||||||||||||||
5.00%, February 1, 2019 | 650 | 741 | ||||||||||||||||||
State of California, G.O. General Fund Ref. Bonds, Series CF, 3.00%, December 1, 2016 | 375 | 390 | ||||||||||||||||||
State of California, G.O. General Fund Ref. Notes, 5.00%, December 1, 2019 | 900 | 1,047 | ||||||||||||||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, June 1, 2015 | 250 | 251 | ||||||||||||||||||
State of California, G.O. Misc. Rev. Ref. Bonds, 4.00%, September 1, 2017 | 500 | 539 | ||||||||||||||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.56%, May 1, 20331 | 1,500 | 1,500 | ||||||||||||||||||
State of California, G.O. Prop. Tax Ref. Bonds: | ||||||||||||||||||||
4.00%, April 1, 2018 | 500 | 545 | ||||||||||||||||||
5.00%, June 1, 2015 | 200 | 201 | ||||||||||||||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.86%, May 1, 20171 | 400 | 403 | ||||||||||||||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||||||||||||||
4.00%, September 1, 2018 | 570 | 627 | ||||||||||||||||||
5.50%, April 1, 2019 | 2,050 | 2,386 | ||||||||||||||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2020 | 500 | 584 | ||||||||||||||||||
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||||||||||
4.00%, April 1, 2016 | 340 | 351 | ||||||||||||||||||
4.00%, April 1, 2017 | 350 | 370 | ||||||||||||||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, September 1, 2019 | 525 | 598 | ||||||||||||||||||
Suisun City Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series B (BAM Insured): | ||||||||||||||||||||
5.00%, October 1, 2019 | 675 | 777 | ||||||||||||||||||
5.00%, October 1, 2021 | 500 | 591 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
California - continued | ||||||||||||||||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, September 1, 2021 | $ | 515 | $ | 610 | ||||||||||||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||||||||||
4.00%, January 1, 2018 | 250 | 270 | ||||||||||||||||||
5.00%, January 1, 2017 | 300 | 322 | ||||||||||||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, May 15, 2016 | 350 | 368 | ||||||||||||||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, May 15, 2016 | 200 | 210 | ||||||||||||||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||||||||||||||
5.00%, September 1, 2020 | 275 | 321 | ||||||||||||||||||
5.00%, September 1, 2021 | 265 | 314 | ||||||||||||||||||
Walnut Energy Center Auth., Energy Res. Auth. Rev. Ref. Bonds, 4.00%, January 1, 2018 | 300 | 325 | ||||||||||||||||||
__________ | ||||||||||||||||||||
114,458 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Florida - 0.5% | ||||||||||||||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, July 1, 2016 | 600 | 633 | ||||||||||||||||||
__________ | ||||||||||||||||||||
633 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Guam - 0.3% | ||||||||||||||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, January 1, 2017 | 300 | 319 | ||||||||||||||||||
__________ | ||||||||||||||||||||
319 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Illinois - 0.5% | ||||||||||||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, December 1, 2017 | 500 | 554 | ||||||||||||||||||
__________ | ||||||||||||||||||||
554 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Louisiana - 0.1% | ||||||||||||||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, December 1, 2028 | 140 | 151 | ||||||||||||||||||
__________ | ||||||||||||||||||||
151 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Massachusetts - 0.1% | ||||||||||||||||||||
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.54%, January 1, 20181 | 175 | 175 | ||||||||||||||||||
__________ | ||||||||||||||||||||
175 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Puerto Rico - 1.1% | ||||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, October 1, 2018 | 800 | 839 | ||||||||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||||||||||
5.00%, October 1, 2016 | 200 | 205 | ||||||||||||||||||
5.00%, October 1, 2017 | 250 | 260 | ||||||||||||||||||
__________ | ||||||||||||||||||||
1,304 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds & notes - continued | ||||||||||||||||||||
U. S. Virgin Islands - 0.7% | ||||||||||||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, October 1, 2019 | $ | 800 | $ | 907 | ||||||||||||||||
__________ | ||||||||||||||||||||
907 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Total bonds & notes (cost: $117,289,000) | 118,501 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Short-term securities - 3.4% | ||||||||||||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.12%, September 1, 20381 | 1,320 | 1,320 | ||||||||||||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.11%, November 1, 20261 | 800 | 800 | ||||||||||||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.13%, September 2, 20291 | 100 | 100 | ||||||||||||||||||
Irvine Unified School Dist., School Imps. Special Tax Rev. Bonds, 0.12%, September 1, 20511 | 643 | 643 | ||||||||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-6, 0.11%, July 1, 20341 | 1,300 | 1,300 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total short-term securities (cost: $4,163,000) | 4,163 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Total investment securities (cost: $121,452,000) | 122,664 | |||||||||||||||||||
Other assets less liabilities | (230) | |||||||||||||||||||
__________ | ||||||||||||||||||||
Net assets | $ | 122,434 | ||||||||||||||||||
__________ | ||||||||||||||||||||
__________ | ||||||||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||||||||
Key to abbreviations | ||||||||||||||||||||
Agcy. | = Agency | |
AGM | = Assured Guaranty Municipal Corporation | |
Auth. | = Authority | |
BAM | = Build America Mutual Assurance Company | |
CA Mtg. Ins. | = California Mortgage Insurance | |
Certs. of Part. | = Certificates of Participation | |
COLL | = Collateral | |
Comm. | = Community | |
Comms. | = Communities | |
Corp. | = Corporation | |
Corps. | = Corporations | |
Dept. | = Department | |
Dev. | = Development | |
Dist. | = District | |
Econ. | = Economic | |
Educ. | = Educational | |
Facs. | = Facilities | |
FGIC | = Financial Guaranty Insurance Company | |
Fin. | = Finance | |
Fncg. | = Financing | |
FNMA | = Federal National Mortgage Association | |
GNMA | = Government National Mortgage Association | |
G.O. | = General Obligation | |
Govt. | = Government | |
GTD | = Guaranteed | |
Imps. | = Improvements | |
Ind. | = Industrial | |
Loc. | = Local | |
Mgmt. | = Management | |
Misc. | = Miscellaneous | |
Muni. | = Municipal | |
NATL-RE | = National Reinsurance | |
Prop. | = Property | |
Redev. | = Redevelopment | |
Ref. | = Refunding | |
Res. | = Resource | |
Ress. | = Resources | |
Rev. | = Revenue | |
St. | = State | |
Trans. | = Transportation | |
Univ. | = University | |
Util. | = Utility | |
See Notes to Financial Statements
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - 95.8% | ||||||||||||||||||||
U.S. government & government agency bonds & notes - 51.7% | ||||||||||||||||||||
Fannie Mae: | ||||||||||||||||||||
0.375%, July 5, 2016 | $ | 1,000 | $ | 999 | ||||||||||||||||
1.25%, September 28, 2016 | 1,000 | 1,011 | ||||||||||||||||||
1.00%, November 15, 2017 | 4,645 | 4,647 | ||||||||||||||||||
0.875%, May 21, 2018 | 500 | 498 | ||||||||||||||||||
1.75%, September 12, 2019 | 1,545 | 1,565 | ||||||||||||||||||
2.625%, September 6, 2024 | 1,990 | 2,053 | ||||||||||||||||||
Federal Home Loan Banks: | ||||||||||||||||||||
1.00%, June 21, 2017 | 600 | 603 | ||||||||||||||||||
1.875%, March 13, 2020 | 2,910 | 2,968 | ||||||||||||||||||
Freddie Mac: | ||||||||||||||||||||
0.50%, August 28, 2015 | 2,500 | 2,503 | ||||||||||||||||||
4.75%, January 19, 2016 | 2,000 | 2,064 | ||||||||||||||||||
2.50%, May 27, 2016 | 1,000 | 1,023 | ||||||||||||||||||
1.00%, June 29, 2017 | 350 | 352 | ||||||||||||||||||
1.00%, July 28, 2017 | 145 | 146 | ||||||||||||||||||
4.875%, June 13, 2018 | 500 | 559 | ||||||||||||||||||
U.S. Treasury Bonds: | ||||||||||||||||||||
7.625%, February 15, 2025 | 750 | 1,128 | ||||||||||||||||||
3.00%, November 15, 2044 | 250 | 263 | ||||||||||||||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||||||||||||||
0.25%, January 15, 2025 | 4,509 | 4,574 | ||||||||||||||||||
2.00%, January 15, 2026 | 591 | 703 | ||||||||||||||||||
1.375%, February 15, 2044 | 1,007 | 1,174 | ||||||||||||||||||
0.75%, February 15, 2045 | 200 | 201 | ||||||||||||||||||
U.S. Treasury Inflation Indexed Notes: | ||||||||||||||||||||
0.125%, April 15, 2016 | 1,058 | 1,071 | ||||||||||||||||||
2.50%, July 15, 2016 | 4,567 | 4,800 | ||||||||||||||||||
2.375%, January 15, 2017 | 384 | 407 | ||||||||||||||||||
0.125%, April 15, 2018 | 1,015 | 1,040 | ||||||||||||||||||
0.125%, April 15, 2020 | 16,868 | 17,235 | ||||||||||||||||||
0.375%, July 15, 2023 | 504 | 520 | ||||||||||||||||||
U.S. Treasury Notes: | ||||||||||||||||||||
1.25%, September 30, 2015 | 500 | 502 | ||||||||||||||||||
4.50%, February 15, 2016 | 500 | 517 | ||||||||||||||||||
2.625%, February 29, 2016 | 5,075 | 5,177 | ||||||||||||||||||
0.50%, June 15, 2016 | 3,205 | 3,212 | ||||||||||||||||||
1.50%, July 31, 2016 | 3,650 | 3,702 | ||||||||||||||||||
0.625%, August 15, 2016 | 1,000 | 1,003 | ||||||||||||||||||
1.00%, September 30, 2016 | 1,000 | 1,008 | ||||||||||||||||||
4.625%, February 15, 2017 | 4,000 | 4,292 | ||||||||||||||||||
1.00%, March 31, 2017 | 1,000 | 1,008 | ||||||||||||||||||
0.875%, April 30, 2017 | 1,000 | 1,005 | ||||||||||||||||||
4.50%, May 15, 2017 | 26,110 | 28,170 | ||||||||||||||||||
8.75%, May 15, 2017 | 490 | 571 | ||||||||||||||||||
0.875%, July 15, 2017 | 1,000 | 1,005 | ||||||||||||||||||
0.75%, March 31, 2018 | 500 | 498 | ||||||||||||||||||
3.875%, May 15, 2018 | 1,000 | 1,089 | ||||||||||||||||||
1.375%, June 30, 2018 | 250 | 253 | ||||||||||||||||||
1.25%, October 31, 2018 | 500 | 503 | ||||||||||||||||||
3.75%, November 15, 2018 | 3,800 | 4,152 | ||||||||||||||||||
1.50%, December 31, 2018 | 7,460 | 7,556 | ||||||||||||||||||
1.25%, April 30, 2019 | 500 | 501 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
U.S. government & government agency bonds & notes - continued | ||||||||||||||||||||
1.50%, May 31, 2019 | $ | 2,750 | $ | 2,776 | ||||||||||||||||
1.625%, July 31, 2019 | 1,000 | 1,013 | ||||||||||||||||||
1.625%, August 31, 2019 | 750 | 760 | ||||||||||||||||||
1.00%, September 30, 2019 | 500 | 493 | ||||||||||||||||||
1.75%, September 30, 2019 | 3,000 | 3,052 | ||||||||||||||||||
1.50%, October 31, 2019 | 1,000 | 1,006 | ||||||||||||||||||
1.625%, December 31, 2019 | 500 | 505 | ||||||||||||||||||
1.375%, March 31, 2020 | 4,615 | 4,602 | ||||||||||||||||||
1.375%, May 31, 2020 | 1,000 | 996 | ||||||||||||||||||
2.00%, November 30, 2020 | 1,000 | 1,022 | ||||||||||||||||||
2.25%, March 31, 2021 | 4,640 | 4,797 | ||||||||||||||||||
3.125%, May 15, 2021 | 2,000 | 2,167 | ||||||||||||||||||
1.875%, November 30, 2021 | 3,565 | 3,591 | ||||||||||||||||||
2.125%, December 31, 2021 | 1,000 | 1,023 | ||||||||||||||||||
1.50%, January 31, 2022 | 4,875 | 4,788 | ||||||||||||||||||
1.75%, March 31, 2022 | 2,000 | 1,995 | ||||||||||||||||||
2.00%, February 15, 2023 | 2,000 | 2,019 | ||||||||||||||||||
1.75%, May 15, 2023 | 1,000 | 988 | ||||||||||||||||||
2.50%, August 15, 2023 | 1,050 | 1,097 | ||||||||||||||||||
2.75%, November 15, 2023 | 2,250 | 2,394 | ||||||||||||||||||
2.75%, February 15, 2024 | 5,000 | 5,314 | ||||||||||||||||||
2.25%, November 15, 2024 | 500 | 509 | ||||||||||||||||||
2.00%, February 15, 2025 | 2,455 | 2,446 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total U.S. government & government agency bonds & notes | 169,184 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Mortgage-backed obligations - 13.8% | ||||||||||||||||||||
Federal agency mortgage-backed obligations - 8.1% | ||||||||||||||||||||
Fannie Mae: | ||||||||||||||||||||
4.50%, July 1, 2019 | 66 | 69 | ||||||||||||||||||
4.50%, March 1, 2020 | 369 | 389 | ||||||||||||||||||
3.50%, October 1, 2025 | 4,018 | 4,271 | ||||||||||||||||||
3.00%, May 1, 2030 TBA | 4,680 | 4,898 | ||||||||||||||||||
5.50%, April 25, 2037 | 76 | 85 | ||||||||||||||||||
5.50%, September 1, 2038 | 815 | 922 | ||||||||||||||||||
5.00%, June 1, 2041 | 1,198 | 1,347 | ||||||||||||||||||
5.00%, August 1, 2041 | 309 | 347 | ||||||||||||||||||
6.00%, May 1, 2045 TBA | 250 | 286 | ||||||||||||||||||
Freddie Mac: | ||||||||||||||||||||
1.873%, January 25, 2018 | 98 | 98 | ||||||||||||||||||
2.699%, May 25, 2018 | 790 | 823 | ||||||||||||||||||
3.034%, October 25, 20201 | 495 | 526 | ||||||||||||||||||
3.974%, January 25, 20211 | 524 | 578 | ||||||||||||||||||
2.373%, May 25, 2022 | 500 | 505 | ||||||||||||||||||
2.811%, January 25, 2025 | 710 | 725 | ||||||||||||||||||
3.50%, October 1, 2034 | 3,034 | 3,196 | ||||||||||||||||||
3.00%, March 1, 2035 | 382 | 393 | ||||||||||||||||||
3.00%, April 1, 2035 | 2,735 | 2,820 | ||||||||||||||||||
6.00%, February 15, 2037 | 47 | 52 | ||||||||||||||||||
Ginnie Mae: | ||||||||||||||||||||
4.50%, January 20, 2040 | 127 | 139 | ||||||||||||||||||
4.00%, November 20, 2044 | 951 | 1,021 | ||||||||||||||||||
5.616%, September 20, 2059 | 419 | 443 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Mortgage-backed obligations - continued | ||||||||||||||||||||
Federal agency mortgage-backed obligations - continued | ||||||||||||||||||||
1.046%, July 20, 20621 | $ | 712 | $ | 721 | ||||||||||||||||
5.075%, February 20, 2064 | 314 | 338 | ||||||||||||||||||
6.64%, July 20, 2064 | 1,347 | 1,464 | ||||||||||||||||||
__________ | ||||||||||||||||||||
26,456 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Commercial mortgage-backed securities - 5.7% | ||||||||||||||||||||
Commercial Mortgage Trust, 5.292%, December 10, 2046 | 336 | 355 | ||||||||||||||||||
Core Industrial Trust, Series 144A, 3.04%, February 10, 20342 | 1,335 | 1,373 | ||||||||||||||||||
Credit Suisse Commercial Mortgage Trust: | ||||||||||||||||||||
5.467%, September 15, 2039 | 1,229 | 1,282 | ||||||||||||||||||
5.695%, September 15, 2040 1 | 720 | 770 | ||||||||||||||||||
DBUBS Mortgage Trust, Series 144A:2 | ||||||||||||||||||||
3.386%, July 10, 2044 | 606 | 620 | ||||||||||||||||||
3.742%, November 10, 2046 | 1,415 | 1,437 | ||||||||||||||||||
Fannie Mae Aces, 1.4513%, February 25, 2018 | 1,034 | 1,037 | ||||||||||||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, 1.1813%, February 25, 20241 | 225 | 225 | ||||||||||||||||||
Greenwich Capital Commercial Funding Corp., 5.444%, March 10, 2039 | 350 | 369 | ||||||||||||||||||
GS Mortgage Securities Trust, 1.468%, August 10, 2044 | 47 | 47 | ||||||||||||||||||
Hilton USA Trust, Series 144A:2 | ||||||||||||||||||||
2.662%, November 5, 2030 | 480 | 480 | ||||||||||||||||||
3.367%, November 5, 2030 | 725 | 734 | ||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities Trust: | ||||||||||||||||||||
4.895%, September 12, 2037 | 360 | 361 | ||||||||||||||||||
5.44%, May 15, 2045 | 650 | 683 | ||||||||||||||||||
5.885%, February 12, 2049 1 | 650 | 698 | ||||||||||||||||||
5.85%, February 15, 2051 1 | 317 | 344 | ||||||||||||||||||
LB-UBS Commercial Mortgage Trust: | ||||||||||||||||||||
5.387%, February 15, 2040 | 622 | 666 | ||||||||||||||||||
5.493%, February 15, 2040 1 | 680 | 720 | ||||||||||||||||||
6.065%, July 15, 2044 1 | 313 | 339 | ||||||||||||||||||
6.369%, September 15, 2045 1 | 500 | 551 | ||||||||||||||||||
Merrill Lynch Mortgage Trust, 6.0289%, June 12, 20501 | 730 | 781 | ||||||||||||||||||
ML-CFC Commercial Mortgage Trust, 6.0766%, August 12, 20491 | 550 | 595 | ||||||||||||||||||
Morgan Stanley Capital I Trust: | ||||||||||||||||||||
5.363%, November 14, 2042 1 | 261 | 262 | ||||||||||||||||||
5.319%, December 15, 2043 | 443 | 467 | ||||||||||||||||||
Wachovia Bank Commercial Mortgage Trust: | ||||||||||||||||||||
5.342%, December 15, 2043 | 1,650 | 1,747 | ||||||||||||||||||
5.466%, January 15, 2045 1 | 510 | 523 | ||||||||||||||||||
5.591%, April 15, 2047 1 | 510 | 545 | ||||||||||||||||||
5.903%, June 15, 2049 1 | 725 | 775 | ||||||||||||||||||
__________ | ||||||||||||||||||||
18,786 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Total mortgage-backed obligations | 45,242 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Corporate bonds & notes - 22.1% | ||||||||||||||||||||
Banks - 3.1% | ||||||||||||||||||||
Bank of America Corp.: | ||||||||||||||||||||
2.60%, January 15, 2019 | 715 | 727 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Banks - continued | ||||||||||||||||||||
3.30%, January 11, 2023 | $ | 165 | $ | 166 | ||||||||||||||||
4.00%, April 1, 2024 | 780 | 819 | ||||||||||||||||||
Barclays Bank PLC, 2.50%, February 20, 2019 | 1,100 | 1,122 | ||||||||||||||||||
BB&T Corp.: | ||||||||||||||||||||
2.05%, June 19, 2018 | 500 | 506 | ||||||||||||||||||
2.45%, January 15, 2020 | 385 | 390 | ||||||||||||||||||
BNP Paribas SA, 0.7507%, March 17, 20171 | 520 | 521 | ||||||||||||||||||
JP Morgan Chase & Co.: | ||||||||||||||||||||
3.40%, June 24, 2015 | 120 | 120 | ||||||||||||||||||
3.20%, January 25, 2023 | 125 | 126 | ||||||||||||||||||
3.125%, January 23, 2025 | 775 | 765 | ||||||||||||||||||
Morgan Stanley: | ||||||||||||||||||||
2.125%, April 25, 2018 | 300 | 303 | ||||||||||||||||||
3.70%, October 23, 2024 | 440 | 451 | ||||||||||||||||||
Regions Financial Corp., 2.00%, May 15, 2018 | 500 | 499 | ||||||||||||||||||
The Bank of New York Mellon Corp., 2.10%, January 15, 2019 | 500 | 506 | ||||||||||||||||||
The Goldman Sachs Group, Inc.: | ||||||||||||||||||||
2.55%, October 23, 2019 | 510 | 516 | ||||||||||||||||||
3.625%, January 22, 2023 | 350 | 360 | ||||||||||||||||||
3.85%, July 8, 2024 | 690 | 714 | ||||||||||||||||||
The Royal Bank of Scotland PLC, 4.375%, March 16, 2016 | 700 | 721 | ||||||||||||||||||
Wells Fargo & Co., 3.00%, February 19, 2025 | 775 | 766 | ||||||||||||||||||
__________ | ||||||||||||||||||||
10,098 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Electric - 2.3% | ||||||||||||||||||||
Appalachian Power Co., Series S, 3.40%, May 24, 2015 | 250 | 250 | ||||||||||||||||||
Berkshire Hathaway Energy Co., 5.75%, April 1, 2018 | 300 | 337 | ||||||||||||||||||
CMS Energy Corp., 3.875%, March 1, 2024 | 400 | 425 | ||||||||||||||||||
Duke Energy Corp.: | ||||||||||||||||||||
3.95%, October 15, 2023 | 165 | 178 | ||||||||||||||||||
3.75%, April 15, 2024 | 730 | 778 | ||||||||||||||||||
Pacific Gas & Electric Co., 2.45%, August 15, 2022 | 300 | 294 | ||||||||||||||||||
PacifiCorp, 5.65%, July 15, 2018 | 755 | 852 | ||||||||||||||||||
Progress Energy, Inc., 7.05%, March 15, 2019 | 930 | 1,106 | ||||||||||||||||||
PSEG Power LLC, 2.75%, September 15, 2016 | 250 | 256 | ||||||||||||||||||
Public Service Co. of Colorado, 3.20%, November 15, 2020 | 300 | 317 | ||||||||||||||||||
Southern California Edison Co., 1.125%, May 1, 2017 | 430 | 432 | ||||||||||||||||||
Tampa Electric Co., 2.60%, September 15, 2022 | 350 | 348 | ||||||||||||||||||
Virginia Electric and Power Co.: | ||||||||||||||||||||
5.40%, April 30, 2018 | 621 | 695 | ||||||||||||||||||
2.95%, January 15, 2022 | 300 | 309 | ||||||||||||||||||
3.45%, February 15, 2024 | 1,020 | 1,078 | ||||||||||||||||||
__________ | ||||||||||||||||||||
7,655 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Pharmaceuticals - 2.3% | ||||||||||||||||||||
Abbvie, Inc., 2.90%, November 6, 2022 | 175 | 173 | ||||||||||||||||||
Actavis Funding SCS: | ||||||||||||||||||||
3.00%, March 12, 2020 | 485 | 495 | ||||||||||||||||||
3.45%, March 15, 2022 | 840 | 855 | ||||||||||||||||||
3.80%, March 15, 2025 | 850 | 861 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Pharmaceuticals - continued | ||||||||||||||||||||
Eli Lilly & Co., 1.95%, March 15, 2019 | $ | 660 | $ | 668 | ||||||||||||||||
EMD Finance LLC, Series 144A, 3.25%, March 19, 20252 | 1,165 | 1,174 | ||||||||||||||||||
GlaxoSmithKline Capital PLC, 0.75%, May 8, 2015 | 440 | 440 | ||||||||||||||||||
Mckesson Corp.: | ||||||||||||||||||||
0.95%, December 4, 2015 | 45 | 45 | ||||||||||||||||||
3.25%, March 1, 2016 | 310 | 316 | ||||||||||||||||||
Merck & Co., Inc.: | ||||||||||||||||||||
1.10%, January 31, 2018 | 250 | 250 | ||||||||||||||||||
1.85%, February 10, 2020 | 435 | 437 | ||||||||||||||||||
2.80%, May 18, 2023 | 250 | 254 | ||||||||||||||||||
Novartis Capital Corp., 3.40%, May 6, 2024 | 515 | 544 | ||||||||||||||||||
Novartis Securities Investment Ltd., 5.125%, February 10, 2019 | 300 | 338 | ||||||||||||||||||
Pfizer, Inc., 0.5706%, June 15, 20181 | 500 | 502 | ||||||||||||||||||
__________ | ||||||||||||||||||||
7,352 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Oil & gas - 1.6% | ||||||||||||||||||||
Anadarko Petroleum Corp., 6.375%, September 15, 2017 | 250 | 278 | ||||||||||||||||||
Chevron Corp.: | ||||||||||||||||||||
0.889%, June 24, 2016 | 500 | 502 | ||||||||||||||||||
2.411%, March 3, 2022 | 475 | 477 | ||||||||||||||||||
Devon Energy Corp.: | ||||||||||||||||||||
2.25%, December 15, 2018 | 225 | 228 | ||||||||||||||||||
3.25%, May 15, 2022 | 200 | 203 | ||||||||||||||||||
Ensco PLC, 5.20%, March 15, 2025 | 50 | 51 | ||||||||||||||||||
Exxon Mobil Corp., 0.4206%, March 15, 20191 | 1,115 | 1,117 | ||||||||||||||||||
Husky Energy, Inc., 7.25%, December 15, 2019 | 250 | 298 | ||||||||||||||||||
Noble Holding International Ltd., 5.95%, April 1, 2025 | 430 | 424 | ||||||||||||||||||
Phillips 66, 4.30%, April 1, 2022 | 290 | 316 | ||||||||||||||||||
Statoil ASA: | ||||||||||||||||||||
2.45%, January 17, 2023 | 540 | 534 | ||||||||||||||||||
3.25%, November 10, 2024 | 280 | 288 | ||||||||||||||||||
Total Capital International SA, 2.875%, February 17, 2022 | 230 | 233 | ||||||||||||||||||
Woodside Finance Ltd., Series 144A, 4.60%, May 10, 20212 | 185 | 200 | ||||||||||||||||||
__________ | ||||||||||||||||||||
5,149 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Pipelines - 1.5% | ||||||||||||||||||||
Boardwalk Pipelines LP, 4.95%, December 15, 2024 | 460 | 462 | ||||||||||||||||||
Enbridge, Inc.: | ||||||||||||||||||||
5.60%, April 1, 2017 | 790 | 843 | ||||||||||||||||||
4.00%, October 1, 2023 | 505 | 516 | ||||||||||||||||||
EnLink Midstream Partners LP, 4.40%, April 1, 2024 | 220 | 229 | ||||||||||||||||||
Kinder Morgan Energy Partners LP, 4.25%, September 1, 2024 | 430 | 436 | ||||||||||||||||||
Kinder Morgan, Inc., 4.30%, June 1, 2025 | 750 | 762 | ||||||||||||||||||
Spectra Energy Partners LP, 2.95%, September 25, 2018 | 500 | 515 | ||||||||||||||||||
TC PipeLines LP, 4.375%, March 13, 2025 | 415 | 420 | ||||||||||||||||||
TransCanada PipeLines Ltd., 3.40%, June 1, 2015 | 190 | 190 | ||||||||||||||||||
Williams Partners LP, 4.50%, November 15, 2023 | 535 | 558 | ||||||||||||||||||
__________ | ||||||||||||||||||||
4,931 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Insurance - 1.4% | ||||||||||||||||||||
ACE INA Holdings, Inc., 3.35%, May 15, 2024 | $ | 760 | $ | 791 | ||||||||||||||||
American International Group, Inc.: | ||||||||||||||||||||
2.30%, July 16, 2019 | 495 | 501 | ||||||||||||||||||
4.125%, February 15, 2024 | 360 | 388 | ||||||||||||||||||
Berkshire Hathaway Finance Corp., 2.00%, August 15, 2018 | 750 | 769 | ||||||||||||||||||
Prudential Financial, Inc.: | ||||||||||||||||||||
1.037%, August 15, 2018 1 | 570 | 574 | ||||||||||||||||||
2.30%, August 15, 2018 | 350 | 358 | ||||||||||||||||||
QBE Insurance Group Ltd., Series 144A, 2.40%, May 1, 20182 | 1,125 | 1,139 | ||||||||||||||||||
__________ | ||||||||||||||||||||
4,520 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
REITS - 0.9% | ||||||||||||||||||||
Corporate Office Properties LP, 5.25%, February 15, 2024 | 225 | 243 | ||||||||||||||||||
DCT Industrial Operating Partnership LP, 4.50%, October 15, 2023 | 500 | 529 | ||||||||||||||||||
DDR Corp., 3.625%, February 1, 2025 | 300 | 299 | ||||||||||||||||||
ERP Operating LP, 4.625%, December 15, 2021 | 350 | 389 | ||||||||||||||||||
Essex Portfolio LP, 3.50%, April 1, 2025 | 490 | 494 | ||||||||||||||||||
Kimco Realty Corp., 5.584%, November 23, 2015 | 325 | 333 | ||||||||||||||||||
Prologis LP, 2.75%, February 15, 2019 | 360 | 369 | ||||||||||||||||||
UDR, Inc., 3.70%, October 1, 2020 | 400 | 422 | ||||||||||||||||||
__________ | ||||||||||||||||||||
3,078 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Media - 0.9% | ||||||||||||||||||||
21st Century Fox America, Inc., 4.50%, February 15, 2021 | 350 | 388 | ||||||||||||||||||
CBS Corp., 1.95%, July 1, 2017 | 200 | 202 | ||||||||||||||||||
Comcast Corp.: | ||||||||||||||||||||
5.85%, November 15, 2015 | 300 | 309 | ||||||||||||||||||
5.70%, May 15, 2018 | 300 | 339 | ||||||||||||||||||
NBCUniversal Media LLC, 5.15%, April 30, 2020 | 350 | 401 | ||||||||||||||||||
The Walt Disney Co., 5.50%, March 15, 2019 | 300 | 344 | ||||||||||||||||||
Time Warner, Inc., 5.875%, November 15, 2016 | 300 | 322 | ||||||||||||||||||
Viacom, Inc.: | ||||||||||||||||||||
2.50%, September 1, 2018 | 350 | 356 | ||||||||||||||||||
3.875%, April 1, 2024 | 380 | 384 | ||||||||||||||||||
__________ | ||||||||||||||||||||
3,045 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Diversified financial services - 0.9% | ||||||||||||||||||||
American Express Co., 0.8515%, May 22, 20181 | 500 | 501 | ||||||||||||||||||
Ford Motor Credit Co. LLC, 4.375%, August 6, 2023 | 500 | 537 | ||||||||||||||||||
General Electric Capital Corp.: | ||||||||||||||||||||
2.45%, March 15, 2017 | 565 | 581 | ||||||||||||||||||
2.30%, April 27, 2017 | 250 | 257 | ||||||||||||||||||
Intercontinental Exchange, Inc., 4.00%, October 15, 2023 | 970 | 1,044 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,920 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Beverages - 0.9% | ||||||||||||||||||||
Pernod-Ricard SA, Series 144A, 2.95%, January 15, 20172 | 800 | 821 | ||||||||||||||||||
SABMiller Holdings, Inc., Series 144A, 2.45%, January 15, 20172 | 745 | 761 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Beverages - continued | ||||||||||||||||||||
The Coca-Cola Co.: | ||||||||||||||||||||
1.50%, November 15, 2015 | $ | 350 | $ | 352 | ||||||||||||||||
3.20%, November 1, 2023 | 850 | 886 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,820 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Healthcare-services - 0.8% | ||||||||||||||||||||
Aetna, Inc., 1.50%, November 15, 2017 | 350 | 352 | ||||||||||||||||||
Anthem, Inc.: | ||||||||||||||||||||
2.30%, July 15, 2018 | 285 | 290 | ||||||||||||||||||
4.35%, August 15, 2020 | 300 | 331 | ||||||||||||||||||
Laboratory Corp. of America Holdings, 4.70%, February 1, 2045 | 210 | 210 | ||||||||||||||||||
Roche Holdings, Inc., Series 144A, 2.875%, September 29, 20212 | 1,250 | 1,286 | ||||||||||||||||||
UnitedHealth Group, Inc., 1.40%, October 15, 2017 | 250 | 252 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,721 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Telecommunications - 0.8% | ||||||||||||||||||||
AT&T, Inc.: | ||||||||||||||||||||
0.90%, February 12, 2016 | 200 | 200 | ||||||||||||||||||
2.40%, August 15, 2016 | 200 | 204 | ||||||||||||||||||
Deutsche Telekom International Finance BV, Series 144A, 2.25%, March 6, 20172 | 500 | 509 | ||||||||||||||||||
Verizon Communications, Inc., 5.15%, September 15, 2023 | 940 | 1,063 | ||||||||||||||||||
Verizon Communications, Inc., Series 144A, 4.272%, January 15, 20362 | 500 | 482 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,458 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Healthcare-products - 0.7% | ||||||||||||||||||||
Becton Dickinson & Co., 3.734%, December 15, 2024 | 390 | 404 | ||||||||||||||||||
Medtronic, Inc., Series 144A, 3.50%, March 15, 20252 | 500 | 518 | ||||||||||||||||||
Zimmer Holdings, Inc.: | ||||||||||||||||||||
3.15%, April 1, 2022 | 470 | 473 | ||||||||||||||||||
3.55%, April 1, 2025 | 920 | 922 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,317 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Retail - 0.6% | ||||||||||||||||||||
CVS Health Corp., 4.00%, December 5, 2023 | 200 | 215 | ||||||||||||||||||
Starbucks Corp., 2.00%, December 5, 2018 | 190 | 194 | ||||||||||||||||||
Target Corp., 6.00%, January 15, 2018 | 705 | 794 | ||||||||||||||||||
The Home Depot, Inc., 4.40%, April 1, 2021 | 350 | 396 | ||||||||||||||||||
Wal-Mart Stores, Inc., 5.80%, February 15, 2018 | 300 | 338 | ||||||||||||||||||
__________ | ||||||||||||||||||||
1,937 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Real Estate - 0.5% | ||||||||||||||||||||
American Campus Communities Operating Partnership LP: | ||||||||||||||||||||
3.75%, April 15, 2023 | 300 | 304 | ||||||||||||||||||
4.125%, July 1, 2024 | 400 | 415 | ||||||||||||||||||
Scentre Group Trust 1 / Scentre Group Trust 2, Series 144A:2 | ||||||||||||||||||||
2.375%, November 5, 2019 | 100 | 101 | ||||||||||||||||||
3.50%, February 12, 2025 | 250 | 253 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Real Estate - continued | ||||||||||||||||||||
WEA Finance LLC, Series 144A, 2.70%, September 17, 20192 | $ | 475 | $ | 482 | ||||||||||||||||
__________ | ||||||||||||||||||||
1,555 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Auto Manufacturers - 0.4% | ||||||||||||||||||||
Daimler Finance North America LLC, Series 144A, 1.1382%, August 1, 20181,2 | 350 | 354 | ||||||||||||||||||
Ford Motor Credit Co. LLC, 3.219%, January 9, 2022 | 205 | 209 | ||||||||||||||||||
General Motors Co., 4.00%, April 1, 2025 | 235 | 238 | ||||||||||||||||||
Toyota Motor Credit Corp., 1.45%, January 12, 2018 | 350 | 352 | ||||||||||||||||||
__________ | ||||||||||||||||||||
1,153 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Agriculture - 0.3% | ||||||||||||||||||||
Altria Group, Inc.: | ||||||||||||||||||||
2.85%, August 9, 2022 | 250 | 249 | ||||||||||||||||||
2.95%, May 2, 2023 | 200 | 199 | ||||||||||||||||||
4.00%, January 31, 2024 | 580 | 615 | ||||||||||||||||||
__________ | ||||||||||||||||||||
1,063 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Cosmetics/Personal Care - 0.2% | ||||||||||||||||||||
The Procter & Gamble Co., 1.80%, November 15, 2015 | 790 | 796 | ||||||||||||||||||
__________ | ||||||||||||||||||||
796 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Software - 0.2% | ||||||||||||||||||||
Oracle Corp.: | ||||||||||||||||||||
1.20%, October 15, 2017 | 250 | 251 | ||||||||||||||||||
2.375%, January 15, 2019 | 500 | 512 | ||||||||||||||||||
__________ | ||||||||||||||||||||
763 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Chemicals - 0.2% | ||||||||||||||||||||
Ecolab, Inc., 3.00%, December 8, 2016 | 180 | 185 | ||||||||||||||||||
Ei Du Pont De Nemours & Co., 2.80%, February 15, 2023 | 350 | 351 | ||||||||||||||||||
The Dow Chemical Co., 4.125%, November 15, 2021 | 207 | 224 | ||||||||||||||||||
__________ | ||||||||||||||||||||
760 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Iron/Steel - 0.2% | ||||||||||||||||||||
Glencore Funding LLC, Series 144A, 1.6353%, January 15, 20191,2 | 750 | 749 | ||||||||||||||||||
__________ | ||||||||||||||||||||
749 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Environmental Control - 0.2% | ||||||||||||||||||||
Republic Services, Inc., 5.00%, March 1, 2020 | 350 | 390 | ||||||||||||||||||
Waste Management, Inc., 4.60%, March 1, 2021 | 300 | 335 | ||||||||||||||||||
__________ | ||||||||||||||||||||
725 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Aerospace/Defense - 0.2% | ||||||||||||||||||||
Airbus Finance BV, Series 144A, 2.70%, April 17, 20232 | 300 | 299 | ||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Corporate bonds & notes - continued | ||||||||||||||||||||
Aerospace/Defense - continued | ||||||||||||||||||||
The Boeing Co., 0.95%, May 15, 2018 | $ | 350 | $ | 348 | ||||||||||||||||
__________ | ||||||||||||||||||||
647 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Biotechnology - 0.2% | ||||||||||||||||||||
Celgene Corp., 3.625%, May 15, 2024 | 155 | 161 | ||||||||||||||||||
Gilead Sciences, Inc.: | ||||||||||||||||||||
3.05%, December 1, 2016 | 80 | 83 | ||||||||||||||||||
3.50%, February 1, 2025 | 320 | 332 | ||||||||||||||||||
__________ | ||||||||||||||||||||
576 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Miscellaneous manufacturing - 0.2% | ||||||||||||||||||||
Danaher Corp., 2.30%, June 23, 2016 | 200 | 204 | ||||||||||||||||||
General Electric Co., 2.70%, October 9, 2022 | 300 | 303 | ||||||||||||||||||
__________ | ||||||||||||||||||||
507 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Transportation - 0.1% | ||||||||||||||||||||
Burlington Northern Santa Fe LLC, 3.00%, March 15, 2023 | 150 | 152 | ||||||||||||||||||
Canadian National Railway Co.: | ||||||||||||||||||||
5.55%, May 15, 2018 | 50 | 56 | ||||||||||||||||||
2.85%, December 15, 2021 | 200 | 207 | ||||||||||||||||||
__________ | ||||||||||||||||||||
415 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Computers - 0.1% | ||||||||||||||||||||
International Business Machines Corp., 5.70%, September 14, 2017 | 350 | 388 | ||||||||||||||||||
__________ | ||||||||||||||||||||
388 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Commercial Services - 0.1% | ||||||||||||||||||||
Catholic Health Initiatives, 1.60%, November 1, 2017 | 350 | 351 | ||||||||||||||||||
__________ | ||||||||||||||||||||
351 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Food - 0.1% | ||||||||||||||||||||
ConAgra Foods, Inc., 1.90%, January 25, 2018 | 350 | 350 | ||||||||||||||||||
__________ | ||||||||||||||||||||
350 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Mining - 0.1% | ||||||||||||||||||||
Teck Resources Ltd., 3.15%, January 15, 2017 | 260 | 263 | ||||||||||||||||||
__________ | ||||||||||||||||||||
263 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Office/Business Equip - 0.1% | ||||||||||||||||||||
Xerox Corp., 2.95%, March 15, 2017 | 250 | 257 | ||||||||||||||||||
__________ | ||||||||||||||||||||
257 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Total corporate bonds & notes | 72,319 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Municipals - 2.6% | ||||||||||||||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, April 1, 2018 | $ | 109 | $ | 109 | ||||||||||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, April 1, 2016 | 8 | 8 | ||||||||||||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (Assured GTY Insured), 5.00%, April 1, 2022 | 8 | 8 | ||||||||||||||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, 1.061%, August 15, 2016 | 1,000 | 1,005 | ||||||||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 2.814%, July 1, 2024 | 500 | 501 | ||||||||||||||||||
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, July 1, 2020 | 3,000 | 3,074 | ||||||||||||||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (AGM Insured), 5.00%, April 1, 2016 | 42 | 42 | ||||||||||||||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (Assured GTY Insured), 5.00%, April 1, 2022 | 42 | 45 | ||||||||||||||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, April 1, 2018 | 591 | 592 | ||||||||||||||||||
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B: | ||||||||||||||||||||
1.087%, December 15, 2016 | 2,350 | 2,342 | ||||||||||||||||||
1.758%, December 15, 2018 | 350 | 346 | ||||||||||||||||||
Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, August 15, 2015 | 500 | 503 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total municipals | 8,575 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Government & government agency bonds & notes outside the U.S. - 0.6% | ||||||||||||||||||||
Sovereign - 0.6% | ||||||||||||||||||||
Mexico Government International Bond, 4.00%, October 2, 2023 | 450 | 474 | ||||||||||||||||||
Province of Manitoba Canada, 3.05%, May 14, 2024 | 200 | 211 | ||||||||||||||||||
Province of Ontario Canada, 3.20%, May 16, 2024 | 500 | 534 | ||||||||||||||||||
Ukraine Government AID Bonds, 1.844%, May 16, 2019 | 875 | 889 | ||||||||||||||||||
__________ | ||||||||||||||||||||
2,108 | ||||||||||||||||||||
__________ | ||||||||||||||||||||
Total government & government agency bonds & notes outside the U.S. | 2,108 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Asset-backed obligations - 5.0% | ||||||||||||||||||||
AEP Texas Central Transition Fndg II LLC, 5.09%, July 1, 2017 | 1 | 1 | ||||||||||||||||||
AmeriCredit Automobile Receivables Trust: | ||||||||||||||||||||
0.57%, July 10, 2017 | 293 | 293 | ||||||||||||||||||
1.15%, June 10, 2019 | 355 | 355 | ||||||||||||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2 | ||||||||||||||||||||
1.92%, September 20, 2019 | 1,000 | 1,000 | ||||||||||||||||||
2.97%, February 20, 2020 | 1,340 | 1,384 | ||||||||||||||||||
2.50%, February 20, 2021 | 770 | 778 | ||||||||||||||||||
California Republic Auto Receivables Trust: | ||||||||||||||||||||
1.82%, September 15, 2020 | 775 | 780 | ||||||||||||||||||
2.51%, February 16, 2021 | 270 | 272 | ||||||||||||||||||
CarMax Auto Owner Trust: | ||||||||||||||||||||
1.16%, June 17, 2019 | 500 | 501 | ||||||||||||||||||
1.38%, November 15, 2019 | 655 | 658 | ||||||||||||||||||
Chesapeake Funding LLC, Series 144A, 0.5976%, March 7, 20261,2 | 194 | 194 | ||||||||||||||||||
Chrysler Capital Auto Receivables Trust, Series 144A, 1.22%, July 15, 20192 | 640 | 641 | ||||||||||||||||||
Discover Card Execution Note Trust: | ||||||||||||||||||||
0.532%, August 17, 2020 1 | 765 | 767 | ||||||||||||||||||
2.12%, December 15, 2021 | 655 | 666 | ||||||||||||||||||
Enterprise Fleet Financing LLC, Series 144A, 1.05%, March 20, 20202 | 800 | 801 | ||||||||||||||||||
Ford Credit Auto Lease Trust, 1.10%, November 15, 2017 | 165 | 165 | ||||||||||||||||||
Ford Credit Auto Owner Trust, Series 144A:2 | ||||||||||||||||||||
Principal amount (000) | Value (000) | |||||||||||||||||||
Bonds, notes & other debt investments - continued | ||||||||||||||||||||
Asset-backed obligations - continued | ||||||||||||||||||||
2.26%, November 15, 2025 | $ | 705 | $ | 718 | ||||||||||||||||
2.12%, July 15, 2026 | 945 | 953 | ||||||||||||||||||
Hertz Fleet Lease Funding LP, 2.73%, March 30, 2021 | 1,048 | 1,046 | ||||||||||||||||||
Hertz Fleet Lease Funding LP, Series 144A:1,2 | ||||||||||||||||||||
0.581%, April 10, 2028 | 575 | 575 | ||||||||||||||||||
0.931%, April 10, 2028 | 300 | 300 | ||||||||||||||||||
Hertz Vehicle Financing LLC, Series 144A, 1.12%, August 25, 20172 | 1,600 | 1,601 | ||||||||||||||||||
Santander Drive Auto Receivables Trust: | ||||||||||||||||||||
0.87%, January 16, 2018 | 310 | 310 | ||||||||||||||||||
1.27%, February 15, 2019 | 775 | 776 | ||||||||||||||||||
Trade MAPS 1 Ltd., Series 144A:1,2 | ||||||||||||||||||||
0.881%, December 10, 2018 | 430 | 430 | ||||||||||||||||||
1.431%, December 10, 2018 | 250 | 250 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total asset-backed obligations | 16,215 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Total bonds, notes & other debt investments (cost: $309,397,000) | 313,643 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Short-term securities - 7.5% | ||||||||||||||||||||
Abbot Laboratories, 0.10%, July 20, 20153 | 1,800 | 1,799 | ||||||||||||||||||
Caterpillar Financial Services Corp., 0.13%, June 1, 20153 | 5,200 | 5,199 | ||||||||||||||||||
Emerson Electric Co.:3 | ||||||||||||||||||||
0.09%, May 12, 2015 | 3,400 | 3,400 | ||||||||||||||||||
0.13%, July 20, 2015 | 4,000 | 3,999 | ||||||||||||||||||
Kimberly Clark Corp.:3 | ||||||||||||||||||||
0.14%, May 14, 2015 | 4,100 | 4,100 | ||||||||||||||||||
0.15%, May 22, 2015 | 2,600 | 2,600 | ||||||||||||||||||
United Technologies Corp., 0.15%, May 22, 20153 | 3,300 | 3,300 | ||||||||||||||||||
__________ | ||||||||||||||||||||
Total short-term securities (cost: $24,397,000) | 24,397 | |||||||||||||||||||
__________ | ||||||||||||||||||||
Total investment securities (cost: $333,794,000) | 338,040 | |||||||||||||||||||
Other assets less liabilities | (10,664) | |||||||||||||||||||
__________ | ||||||||||||||||||||
Net assets | $ | 327,376 | ||||||||||||||||||
__________ | ||||||||||||||||||||
__________ | ||||||||||||||||||||
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at April 30, 2015. | |||||||||||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the aggregate market value of these securities amounted to $23,397,000, representing 7.15% of net assets. | |||||||||||||||||||
3 | Zero coupon bond; interest rate represents current yield to maturity. | |||||||||||||||||||
Key to abbreviations | ||||||||||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |
Auth. | = Authority | |
Co. | = Company | |
Corp. | = Corporation | |
Fndg. | = Funding | |
G.O. | = General Obligation | |
GTY | = Guaranty | |
Imps. | = Improvements | |
Inc. | = Incorporated | |
Ltd. | = Limited | |
Misc. | = Miscellaneous | |
NATL-RE | = National Reinsurance | |
Prop. | = Property | |
Ref. | = Refunding | |
REITS | = Real Estate Investment Trusts | |
Rev. | = Revenue | |
TBA | = To be announced | |
Univ. | = University | |
See Notes to Financial Statements |
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - 96.5% | |||||||||||||||||||||
Financials - 18.4% | |||||||||||||||||||||
AIA Group Ltd. | 1,341,400 | $ | 8,954 | ||||||||||||||||||
Sampo Oyj, A Shares | 161,177 | 7,823 | |||||||||||||||||||
The Goldman Sachs Group, Inc. | 32,900 | 6,462 | |||||||||||||||||||
CME Group, Inc. | 68,000 | 6,182 | |||||||||||||||||||
Marsh & McLennan Cos., Inc. | 81,600 | 4,583 | |||||||||||||||||||
Aberdeen Asset Management PLC | 598,325 | 4,351 | |||||||||||||||||||
American Tower Corp. | 44,800 | 4,235 | |||||||||||||||||||
Wells Fargo & Co. | 72,080 | 3,972 | |||||||||||||||||||
JPMorgan Chase & Co. | 52,300 | 3,308 | |||||||||||||||||||
Iron Mountain, Inc. | 95,670 | 3,300 | |||||||||||||||||||
Deutsche Wohnen AG | 124,888 | 3,289 | |||||||||||||||||||
Lloyds Banking Group PLC | 2,738,100 | 3,249 | |||||||||||||||||||
Moody's Corp. | 27,800 | 2,989 | |||||||||||||||||||
Bank of China Ltd., Class H | 4,326,300 | 2,972 | |||||||||||||||||||
CaixaBank SA | 562,493 | 2,817 | |||||||||||||||||||
DBS Group Holdings Ltd. | 174,975 | 2,781 | |||||||||||||||||||
PacWest Bancorp | 57,890 | 2,611 | |||||||||||||||||||
The PNC Financial Services Group, Inc. | 26,900 | 2,467 | |||||||||||||||||||
Discover Financial Services | 41,000 | 2,377 | |||||||||||||||||||
HDFC Bank Ltd. (ADR) | 41,500 | 2,359 | |||||||||||||||||||
Svenska Handelsbanken AB, A Shares | 49,753 | 2,289 | |||||||||||||||||||
BNP Paribas SA | 34,973 | 2,202 | |||||||||||||||||||
Mercury General Corp. | 38,750 | 2,129 | |||||||||||||||||||
ACE Ltd. | 19,770 | 2,115 | |||||||||||||||||||
Crown Castle International Corp. | 22,750 | 1,900 | |||||||||||||||||||
Aon PLC | 19,600 | 1,886 | |||||||||||||||||||
DNB ASA | 80,566 | 1,431 | |||||||||||||||||||
Julius Baer Group Ltd.1 | 22,720 | 1,198 | |||||||||||||||||||
Prudential PLC | 42,900 | 1,070 | |||||||||||||||||||
HSBC Holdings PLC | 101,212 | 1,004 | |||||||||||||||||||
UBS Group AG1 | 21,927 | 442 | |||||||||||||||||||
__________ | |||||||||||||||||||||
98,747 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Information Technology - 15.7% | |||||||||||||||||||||
Keyence Corp. | 15,000 | 8,017 | |||||||||||||||||||
ASML Holding NV | 54,416 | 5,843 | |||||||||||||||||||
Murata Manufacturing Co. Ltd. | 38,000 | 5,362 | |||||||||||||||||||
Hamamatsu Photonics K.K. | 181,400 | 5,301 | |||||||||||||||||||
Gemalto NV | 53,052 | 4,929 | |||||||||||||||||||
Avago Technologies Ltd. | 40,500 | 4,734 | |||||||||||||||||||
Visa, Inc., A Shares | 66,800 | 4,412 | |||||||||||||||||||
Apple, Inc. | 34,694 | 4,342 | |||||||||||||||||||
Texas Instruments, Inc. | 66,115 | 3,584 | |||||||||||||||||||
Paychex, Inc. | 69,570 | 3,367 | |||||||||||||||||||
Xilinx, Inc. | 70,600 | 3,061 | |||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 123,300 | 3,013 | |||||||||||||||||||
Microsoft Corp. | 55,700 | 2,709 | |||||||||||||||||||
Jack Henry & Associates, Inc. | 40,511 | 2,694 | |||||||||||||||||||
Automatic Data Processing, Inc. | 29,342 | 2,481 | |||||||||||||||||||
Google, Inc., Class C1 | 4,422 | 2,376 | |||||||||||||||||||
Samsung Electronics Co. Ltd. (GDR) | 4,466 | 2,263 | |||||||||||||||||||
Jabil Circuit, Inc. | 97,700 | 2,200 | |||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Information Technology - continued | |||||||||||||||||||||
VeriSign, Inc.1 | 31,775 | $ | 2,018 | ||||||||||||||||||
Broadcom Corp., Class A | 44,600 | 1,972 | |||||||||||||||||||
VTech Holdings Ltd. | 138,000 | 1,917 | |||||||||||||||||||
Oracle Corp. | 64 | 2,829 | |||||||||||||||||||
Hitachi Ltd. | 204,000 | 1,390 | |||||||||||||||||||
Google, Inc., Class A1 | 2,460 | 1,350 | |||||||||||||||||||
Accenture PLC, Class A | 12,800 | 1,186 | |||||||||||||||||||
Trend Micro, Inc. | 31,900 | 1,080 | |||||||||||||||||||
__________ | |||||||||||||||||||||
84,430 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Industrials - 15.5% | |||||||||||||||||||||
FANUC Corp. | 31,600 | 6,912 | |||||||||||||||||||
Safran SA | 80,231 | 5,856 | |||||||||||||||||||
Nielsen NV | 124,400 | 5,591 | |||||||||||||||||||
Eaton Corp. PLC | 81,300 | 5,588 | |||||||||||||||||||
SMC Corp. | 17,900 | 5,387 | |||||||||||||||||||
China Everbright International Ltd. | 2,733,080 | 5,113 | |||||||||||||||||||
Siemens AG | 44,858 | 4,910 | |||||||||||||||||||
The Boeing Co. | 33,200 | 4,759 | |||||||||||||||||||
Zodiac Aerospace | 107,984 | 3,968 | |||||||||||||||||||
Assa Abloy AB, Class B | 62,609 | 3,619 | |||||||||||||||||||
Hexcel Corp. | 69,300 | 3,475 | |||||||||||||||||||
Meggitt PLC | 381,009 | 3,091 | |||||||||||||||||||
Schneider Electric SE | 40,360 | 3,010 | |||||||||||||||||||
Danaher Corp. | 36,300 | 2,972 | |||||||||||||||||||
BAE Systems PLC | 338,530 | 2,635 | |||||||||||||||||||
Norfolk Southern Corp. | 25,600 | 2,582 | |||||||||||||||||||
Towers Watson & Co., Class A | 18,959 | 2,406 | |||||||||||||||||||
Jardine Matheson Holdings Ltd. | 36,000 | 2,226 | |||||||||||||||||||
IDEX Corp. | 23,300 | 1,748 | |||||||||||||||||||
AA PLC1 | 256,484 | 1,640 | |||||||||||||||||||
FedEx Corp. | 9,600 | 1,628 | |||||||||||||||||||
3M Co. | 8,530 | 1,334 | |||||||||||||||||||
DKSH Holding AG Ltd.1 | 16,262 | 1,281 | |||||||||||||||||||
United Technologies Corp. | 9,200 | 1,046 | |||||||||||||||||||
Caterpillar, Inc. | 9,100 | 791 | |||||||||||||||||||
__________ | |||||||||||||||||||||
83,568 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Health Care - 13.9% | |||||||||||||||||||||
Novo Nordisk A/S, Class B | 175,091 | 9,808 | |||||||||||||||||||
Bristol-Myers Squibb Co. | 132,250 | 8,428 | |||||||||||||||||||
AstraZeneca PLC | 115,420 | 7,954 | |||||||||||||||||||
Novartis AG | 68,186 | 7,045 | |||||||||||||||||||
Gilead Sciences, Inc.1 | 52,192 | 5,246 | |||||||||||||||||||
Roche Holding AG | 16,603 | 4,782 | |||||||||||||||||||
Incyte Corp.1 | 48,500 | 4,712 | |||||||||||||||||||
Cerner Corp.1 | 59,700 | 4,287 | |||||||||||||||||||
Essilor International SA | 30,710 | 3,731 | |||||||||||||||||||
AbbVie, Inc. | 49,300 | 3,188 | |||||||||||||||||||
Bayer AG1 | 20,982 | 3,057 | |||||||||||||||||||
Pfizer, Inc. | 86,500 | 2,935 | |||||||||||||||||||
AmerisourceBergen Corp. | 24,700 | 2,823 | |||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Health Care - continued | |||||||||||||||||||||
Express Scripts Holding Co.1 | 27,600 | $ | 2,385 | ||||||||||||||||||
Sysmex Corp. | 32,400 | 1,790 | |||||||||||||||||||
St. Jude Medical, Inc. | 19,300 | 1,352 | |||||||||||||||||||
Agios Pharmaceuticals, Inc.1 | 12,500 | 1,154 | |||||||||||||||||||
__________ | |||||||||||||||||||||
74,677 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Consumer Discretionary - 10.9% | |||||||||||||||||||||
Liberty Global PLC, Class A1 | 95,730 | 4,991 | |||||||||||||||||||
Newell Rubbermaid, Inc. | 123,073 | 4,693 | |||||||||||||||||||
Cie Financiere Richemont SA | 48,982 | 4,373 | |||||||||||||||||||
Comcast Corp., Class A | 69,470 | 4,013 | |||||||||||||||||||
Daimler AG | 38,861 | 3,757 | |||||||||||||||||||
Starbucks Corp. | 70,800 | 3,510 | |||||||||||||||||||
Royal Caribbean Cruises Ltd. | 49,000 | 3,335 | |||||||||||||||||||
The Home Depot, Inc. | 30,260 | 3,237 | |||||||||||||||||||
Las Vegas Sands Corp. | 57,800 | 3,056 | |||||||||||||||||||
Greene King PLC | 216,900 | 2,760 | |||||||||||||||||||
Scripps Networks Interactive, Inc., Class A | 39,300 | 2,746 | |||||||||||||||||||
Marks & Spencer Group PLC | 295,700 | 2,505 | |||||||||||||||||||
Bayerische Motoren Werke AG | 20,357 | 2,421 | |||||||||||||||||||
SES SA | 64,266 | 2,248 | |||||||||||||||||||
Sirius XM Holdings, Inc.1 | 531,400 | 2,099 | |||||||||||||||||||
Electrolux AB, Series B | 61,286 | 1,827 | |||||||||||||||||||
Denso Corp. | 34,300 | 1,702 | |||||||||||||||||||
Delphi Automotive PLC | 16,700 | 1,386 | |||||||||||||||||||
ElringKlinger AG | 40,758 | 1,128 | |||||||||||||||||||
Home Retail Group PLC | 388,600 | 995 | |||||||||||||||||||
Wynn Macau Ltd. | 364,400 | 738 | |||||||||||||||||||
Charter Communications, Inc., Class A1 | 3,000 | 561 | |||||||||||||||||||
Liberty Global PLC, Series C1 | 5,100 | 257 | |||||||||||||||||||
__________ | |||||||||||||||||||||
58,338 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Consumer Staples - 8.0% | |||||||||||||||||||||
Unilever PLC | 156,000 | 6,850 | |||||||||||||||||||
Imperial Tobacco Group PLC | 139,614 | 6,826 | |||||||||||||||||||
Pernod Ricard SA | 50,629 | 6,284 | |||||||||||||||||||
Nestle SA | 68,459 | 5,338 | |||||||||||||||||||
L'Oreal SA1 | 27,170 | 5,183 | |||||||||||||||||||
Danone SA | 41,274 | 2,984 | |||||||||||||||||||
Philip Morris International, Inc. | 34,100 | 2,846 | |||||||||||||||||||
The Procter & Gamble Co. | 29,600 | 2,354 | |||||||||||||||||||
Tate & Lyle PLC | 251,500 | 2,301 | |||||||||||||||||||
Ajinomoto Co., Inc. | 60,000 | 1,330 | |||||||||||||||||||
Nestle SA (ADR) | 7,600 | 590 | |||||||||||||||||||
__________ | |||||||||||||||||||||
42,886 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Energy - 6.4% | |||||||||||||||||||||
ConocoPhillips | 112,780 | 7,660 | |||||||||||||||||||
Chevron Corp. | 63,800 | 7,086 | |||||||||||||||||||
Cenovus Energy, Inc. | 326,800 | 6,157 | |||||||||||||||||||
Schlumberger Ltd. | 35,686 | 3,376 | |||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Energy - continued | |||||||||||||||||||||
Enbridge, Inc. | 60,800 | $ | 3,178 | ||||||||||||||||||
Kinder Morgan, Inc. | 43,065 | 1,850 | |||||||||||||||||||
Crescent Point Energy Corp. | 65,900 | 1,721 | |||||||||||||||||||
Noble Energy, Inc. | 28,940 | 1,468 | |||||||||||||||||||
Total SA | 25,500 | 1,381 | |||||||||||||||||||
EOG Resources, Inc. | 4,955 | 490 | |||||||||||||||||||
__________ | |||||||||||||||||||||
34,367 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Materials - 3.4% | |||||||||||||||||||||
LyondellBasell Industries NV, Class A | 30,425 | 3,150 | |||||||||||||||||||
Monsanto Co. | 20,700 | 2,359 | |||||||||||||||||||
Rio Tinto PLC | 52,600 | 2,343 | |||||||||||||||||||
The Dow Chemical Co. | 45,400 | 2,315 | |||||||||||||||||||
Praxair, Inc. | 13,435 | 1,638 | |||||||||||||||||||
Nucor Corp. | 32,900 | 1,608 | |||||||||||||||||||
Air Liquide SA | 11,632 | 1,523 | |||||||||||||||||||
BHP Billiton Ltd. | 44,509 | 1,142 | |||||||||||||||||||
Amcor Ltd. | 102,277 | 1,088 | |||||||||||||||||||
The Mosaic Co. | 24,500 | 1,078 | |||||||||||||||||||
__________ | |||||||||||||||||||||
18,244 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Telecommunication Services - 2.9% | |||||||||||||||||||||
CenturyLink, Inc. | 34,500 | 1,241 | |||||||||||||||||||
Singapore Telecommunications Ltd. | 1,333,000 | 4,454 | |||||||||||||||||||
SoftBank Corp. | 75,500 | 4,718 | |||||||||||||||||||
Verizon Communications, Inc. | 66,300 | 3,344 | |||||||||||||||||||
Vodafone Group PLC | 458,935 | 1,620 | |||||||||||||||||||
__________ | |||||||||||||||||||||
15,377 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Utilities - 1.4% | |||||||||||||||||||||
National Grid PLC | 362,800 | 4,878 | |||||||||||||||||||
SSE PLC | 121,900 | 2,887 | |||||||||||||||||||
__________ | |||||||||||||||||||||
7,765 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Total common stocks (cost: $418,058,000) | 518,399 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Principal amount (000) | |||||||||||||||||||||
Short-term securities - 3.8% | |||||||||||||||||||||
BNP Paribas SA, 0.12%, May 1, 20152 | $ | 9,100 | 9,100 | ||||||||||||||||||
Federal Home Loan Bank, 0.09%, May 26, 20152 | 5,800 | 5,800 | |||||||||||||||||||
Old Line Funding LLC, 0.12%, May 18, 20152 | 5,400 | 5,399 | |||||||||||||||||||
__________ | |||||||||||||||||||||
Total short-term securities (cost: $20,299,000) | 20,299 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Total investment securities (cost: $438,357,000) | 538,698 | ||||||||||||||||||||
Other assets less liabilities | (1,533) | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Net assets | $ | 537,165 | |||||||||||||||||||
__________ | |||||||||||||||||||||
__________ | |||||||||||||||||||||
1 | Non-income producing security. | ||||||||||||||||||||
2 | Zero coupon bond; interest rate represents current yield to maturity. | ||||||||||||||||||||
Key to abbreviations | |||||||||||||||||||||
ADR | - American Depositary Receipts | ||||||||||||||||||||
GDR | - Global Depositary Receipts | ||||||||||||||||||||
See Notes to Financial Statements
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - 97.2% | |||||||||||||||||||||
Industrials - 18.3% | |||||||||||||||||||||
FANUC Corp. | 139,100 | $ | 30,424 | ||||||||||||||||||
SMC Corp. | 100,800 | 30,336 | |||||||||||||||||||
China Everbright International Ltd. | 13,199,390 | 24,694 | |||||||||||||||||||
Assa Abloy AB, Class B | 394,172 | 22,786 | |||||||||||||||||||
Safran SA | 271,370 | 19,807 | |||||||||||||||||||
Zodiac Aerospace | 498,676 | 18,327 | |||||||||||||||||||
Jardine Matheson Holdings Ltd. | 263,300 | 16,279 | |||||||||||||||||||
Siemens AG | 130,052 | 14,235 | |||||||||||||||||||
Schneider Electric SE | 170,420 | 12,708 | |||||||||||||||||||
Kawasaki Heavy Industries Ltd. | 2,443,000 | 12,543 | |||||||||||||||||||
AA PLC1 | 1,542,516 | 9,861 | |||||||||||||||||||
Marubeni Corp. | 1,429,100 | 8,866 | |||||||||||||||||||
Meggitt PLC | 1,025,309 | 8,319 | |||||||||||||||||||
DKSH Holding AG Ltd.1 | 98,054 | 7,724 | |||||||||||||||||||
Mitsubishi Corp. | 195,600 | 4,229 | |||||||||||||||||||
Kubota Corp. | 266,000 | 4,127 | |||||||||||||||||||
IHI Corp. | 665,000 | 3,050 | |||||||||||||||||||
__________ | |||||||||||||||||||||
248,315 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Financials - 15.8% | |||||||||||||||||||||
AIA Group Ltd. | 5,332,200 | 35,594 | |||||||||||||||||||
Sampo Oyj, A Shares | 593,440 | 28,804 | |||||||||||||||||||
Lloyds Banking Group PLC | 19,635,500 | 23,298 | |||||||||||||||||||
Prudential PLC | 811,440 | 20,250 | |||||||||||||||||||
Deutsche Wohnen AG | 709,248 | 18,677 | |||||||||||||||||||
DBS Group Holdings Ltd. | 782,582 | 12,439 | |||||||||||||||||||
CaixaBank SA | 2,403,031 | 12,035 | |||||||||||||||||||
BNP Paribas SA | 178,858 | 11,261 | |||||||||||||||||||
Bank of China Ltd., Class H | 13,534,000 | 9,296 | |||||||||||||||||||
HDFC Bank Ltd. (ADR) | 149,300 | 8,486 | |||||||||||||||||||
Svenska Handelsbanken AB, A Shares | 154,484 | 7,106 | |||||||||||||||||||
HSBC Holdings PLC | 614,707 | 6,098 | |||||||||||||||||||
Julius Baer Group Ltd.1 | 111,304 | 5,871 | |||||||||||||||||||
Sumitomo Mitsui Financial Group, Inc. | 126,400 | 5,512 | |||||||||||||||||||
ING Groep NV1 | 261,805 | 4,022 | |||||||||||||||||||
DNB ASA | 192,057 | 3,412 | |||||||||||||||||||
UBS Group AG1 | 109,670 | 2,210 | |||||||||||||||||||
__________ | |||||||||||||||||||||
214,371 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Health Care - 14.8% | |||||||||||||||||||||
Novo Nordisk A/S, Class B | 752,628 | 42,159 | |||||||||||||||||||
Roche Holding AG | 120,584 | 34,733 | |||||||||||||||||||
Novartis AG | 258,624 | 26,721 | |||||||||||||||||||
AstraZeneca PLC | 343,890 | 23,699 | |||||||||||||||||||
Sysmex Corp. | 334,300 | 18,471 | |||||||||||||||||||
Bayer AG1 | 119,176 | 17,361 | |||||||||||||||||||
Genmab A/S1 | 196,231 | 15,114 | |||||||||||||||||||
Grifols SA, Class B | 377,111 | 12,320 | |||||||||||||||||||
Essilor International SA | 86,706 | 10,534 | |||||||||||||||||||
__________ | |||||||||||||||||||||
201,112 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Information Technology - 14.6% | |||||||||||||||||||||
Keyence Corp. | 69,400 | $ | 37,089 | ||||||||||||||||||
Hamamatsu Photonics K.K. | 1,155,400 | 33,767 | |||||||||||||||||||
Murata Manufacturing Co. Ltd. | 205,000 | 28,924 | |||||||||||||||||||
Gemalto NV | 243,598 | 22,634 | |||||||||||||||||||
ASML Holding NV | 201,331 | 21,618 | |||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 547,200 | 13,374 | |||||||||||||||||||
Hitachi Ltd. | 1,655,000 | 11,279 | |||||||||||||||||||
Trend Micro, Inc. | 268,300 | 9,081 | |||||||||||||||||||
Samsung Electronics Co. Ltd. (GDR) | 13,686 | 6,934 | |||||||||||||||||||
SAP SE | 89,742 | 6,846 | |||||||||||||||||||
Oracle Corp. | 145,500 | 6,641 | |||||||||||||||||||
__________ | |||||||||||||||||||||
198,187 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Consumer Discretionary - 11.6% | |||||||||||||||||||||
Liberty Global PLC, Class A1 | 476,075 | 24,823 | |||||||||||||||||||
SES SA | 695,432 | 24,331 | |||||||||||||||||||
Cie Financiere Richemont SA | 253,125 | 22,597 | |||||||||||||||||||
Ryohin Keikaku Co. Ltd. | 105,100 | 16,715 | |||||||||||||||||||
Nissan Motor Co. Ltd. | 994,700 | 10,302 | |||||||||||||||||||
Daimler AG | 98,580 | 9,530 | |||||||||||||||||||
Home Retail Group PLC | 3,332,000 | 8,532 | |||||||||||||||||||
Bayerische Motoren Werke AG | 59,819 | 7,114 | |||||||||||||||||||
ElringKlinger AG | 227,196 | 6,286 | |||||||||||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 31,227 | 5,460 | |||||||||||||||||||
Denso Corp. | 104,400 | 5,179 | |||||||||||||||||||
Electrolux AB, Series B | 142,076 | 4,235 | |||||||||||||||||||
The Swatch Group AG | 43,902 | 3,853 | |||||||||||||||||||
Greene King PLC | 257,550 | 3,278 | |||||||||||||||||||
Wynn Macau Ltd. | 1,502,800 | 3,043 | |||||||||||||||||||
Liberty Global PLC, Series C1 | 37,700 | 1,902 | |||||||||||||||||||
__________ | |||||||||||||||||||||
157,180 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Consumer Staples - 9.6% | |||||||||||||||||||||
Pernod Ricard SA | 196,064 | 24,337 | |||||||||||||||||||
L'Oreal SA1 | 123,723 | 23,603 | |||||||||||||||||||
Imperial Tobacco Group PLC | 394,359 | 19,281 | |||||||||||||||||||
Nestle SA | 218,870 | 17,068 | |||||||||||||||||||
Danone SA | 179,953 | 13,010 | |||||||||||||||||||
Unilever PLC | 281,900 | 12,377 | |||||||||||||||||||
Diageo PLC | 316,800 | 8,799 | |||||||||||||||||||
Ajinomoto Co., Inc. | 259,000 | 5,741 | |||||||||||||||||||
Reckitt Benckiser Group PLC | 56,600 | 5,054 | |||||||||||||||||||
__________ | |||||||||||||||||||||
129,270 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Energy - 4.4% | |||||||||||||||||||||
Enbridge, Inc. | 353,700 | 18,487 | |||||||||||||||||||
Cenovus Energy, Inc. | 865,000 | 16,296 | |||||||||||||||||||
Tullow Oil PLC | 1,325,900 | 8,424 | |||||||||||||||||||
Total SA | 147,380 | 7,982 | |||||||||||||||||||
BG Group PLC | 308,500 | 5,599 | |||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Energy - continued | |||||||||||||||||||||
Oil Search Ltd. | 490,194 | $ | 3,123 | ||||||||||||||||||
__________ | |||||||||||||||||||||
59,911 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Telecommunication Services - 3.5% | |||||||||||||||||||||
SoftBank Corp. | 291,700 | 18,229 | |||||||||||||||||||
Vodafone Group PLC | 4,235,690 | 14,948 | |||||||||||||||||||
Singapore Telecommunications Ltd. | 2,348,300 | 7,847 | |||||||||||||||||||
Swisscom AG | 10,374 | 6,190 | |||||||||||||||||||
__________ | |||||||||||||||||||||
47,214 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Materials - 3.2% | |||||||||||||||||||||
Rio Tinto PLC | 277,500 | 12,362 | |||||||||||||||||||
Koninklijke DSM NV | 163,041 | 9,269 | |||||||||||||||||||
First Quantum Minerals Ltd. | 476,183 | 7,294 | |||||||||||||||||||
Air Liquide SA | 45,858 | 6,004 | |||||||||||||||||||
Amcor Ltd. | 405,135 | 4,311 | |||||||||||||||||||
BHP Billiton Ltd. | 158,558 | 4,069 | |||||||||||||||||||
__________ | |||||||||||||||||||||
43,309 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Utilities - 1.4% | |||||||||||||||||||||
National Grid PLC | 1,440,590 | 19,369 | |||||||||||||||||||
__________ | |||||||||||||||||||||
19,369 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Total common stocks (cost: $1,119,658,000) | 1,318,238 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Principal amount (000) | |||||||||||||||||||||
Short-term securities - 2.4% | |||||||||||||||||||||
General Electric Co., 0.01%, May 1, 20152 | $ | 11,000 | 11,000 | ||||||||||||||||||
PepsiCo, Inc., 0.08%, May 4, 20152 | 6,400 | 6,400 | |||||||||||||||||||
United Technologies, 0.12%, June 25, 20152 | 15,000 | 14,996 | |||||||||||||||||||
__________ | |||||||||||||||||||||
Total short-term securities (cost: $32,397,000) | 32,396 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Total investment securities (cost: $1,152,055,000) | 1,350,634 | ||||||||||||||||||||
Other assets less liabilities | 6,020 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Net assets | $ | 1,356,654 | |||||||||||||||||||
__________ | |||||||||||||||||||||
__________ | |||||||||||||||||||||
1 | Non-income producing security. | ||||||||||||||||||||
2 | Zero coupon bond; interest rate represents current yield to maturity. | ||||||||||||||||||||
Key to abbreviations | |||||||||||||||||||||
ADR | - American Depositary Receipts | ||||||||||||||||||||
GDR | - Global Depositary Receipts | ||||||||||||||||||||
See Notes to Financial Statements
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - 94.7% | |||||||||||||||||||||
Industrials - 16.4% | |||||||||||||||||||||
Nielsen NV | 84,000 | $ | 3,775 | ||||||||||||||||||
The Boeing Co. | 25,275 | 3,623 | |||||||||||||||||||
Eaton Corp. PLC | 48,400 | 3,327 | |||||||||||||||||||
Towers Watson & Co., Class A | 26,050 | 3,306 | |||||||||||||||||||
United Technologies Corp. | 28,600 | 3,253 | |||||||||||||||||||
Norfolk Southern Corp. | 28,400 | 2,864 | |||||||||||||||||||
Waste Connections, Inc. | 58,600 | 2,778 | |||||||||||||||||||
Danaher Corp. | 32,455 | 2,657 | |||||||||||||||||||
Hexcel Corp. | 49,700 | 2,492 | |||||||||||||||||||
B/E Aerospace, Inc. | 25,400 | 1,519 | |||||||||||||||||||
Siemens AG (ADR) | 11,800 | 1,284 | |||||||||||||||||||
IDEX Corp. | 16,700 | 1,253 | |||||||||||||||||||
Caterpillar, Inc. | 13,700 | 1,190 | |||||||||||||||||||
__________ | |||||||||||||||||||||
33,321 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Consumer Discretionary - 15.3% | |||||||||||||||||||||
Comcast Corp., Class A | 75,920 | 4,385 | |||||||||||||||||||
Newell Rubbermaid, Inc. | 112,000 | 4,270 | |||||||||||||||||||
The Home Depot, Inc. | 25,500 | 2,728 | |||||||||||||||||||
Scripps Networks Interactive, Inc., Class A | 30,900 | 2,159 | |||||||||||||||||||
Charter Communications, Inc., Class A1 | 11,500 | 2,151 | |||||||||||||||||||
Starbucks Corp. | 41,600 | 2,062 | |||||||||||||||||||
Daimler AG (ADR) | 20,575 | 1,975 | |||||||||||||||||||
NIKE, Inc., Class B | 18,400 | 1,819 | |||||||||||||||||||
Viacom, Inc., Class B | 25,700 | 1,785 | |||||||||||||||||||
Sirius XM Holdings, Inc.1 | 324,500 | 1,282 | |||||||||||||||||||
Norwegian Cruise Line Holdings Ltd.1 | 22,800 | 1,106 | |||||||||||||||||||
Carnival Corp. | 22,350 | 983 | |||||||||||||||||||
Yum! Brands, Inc. | 10,500 | 903 | |||||||||||||||||||
Delphi Automotive PLC | 9,400 | 780 | |||||||||||||||||||
The Priceline Group, Inc.1 | 620 | 767 | |||||||||||||||||||
Panera Bread Co., Class A1 | 3,700 | 675 | |||||||||||||||||||
Las Vegas Sands Corp. | 12,400 | 656 | |||||||||||||||||||
Whirlpool Corp. | 2,900 | 509 | |||||||||||||||||||
__________ | |||||||||||||||||||||
30,995 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Information Technology - 14.9% | |||||||||||||||||||||
Jack Henry & Associates, Inc. | 54,200 | 3,605 | |||||||||||||||||||
Automatic Data Processing, Inc. | 42,200 | 3,568 | |||||||||||||||||||
Texas Instruments, Inc. | 52,200 | 2,830 | |||||||||||||||||||
Visa, Inc., A Shares | 38,000 | 2,510 | |||||||||||||||||||
Apple, Inc. | 18,865 | 2,361 | |||||||||||||||||||
Avago Technologies Ltd. | 19,455 | 2,274 | |||||||||||||||||||
VeriSign, Inc.1 | 35,400 | 2,248 | |||||||||||||||||||
Jabil Circuit, Inc. | 99,175 | 2,233 | |||||||||||||||||||
Microsoft Corp. | 38,600 | 1,878 | |||||||||||||||||||
Oracle Corp. | 42,400 | 1,849 | |||||||||||||||||||
Broadcom Corp., Class A | 35,300 | 1,560 | |||||||||||||||||||
Google, Inc., Class C1 | 2,627 | 1,412 | |||||||||||||||||||
Accenture PLC, Class A | 12,825 | 1,188 | |||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Information Technology - continued | |||||||||||||||||||||
Google, Inc., Class A1 | 1,150 | $ | 631 | ||||||||||||||||||
__________ | |||||||||||||||||||||
30,147 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Health Care - 14.4% | |||||||||||||||||||||
Bristol-Myers Squibb Co. | 74,700 | 4,761 | |||||||||||||||||||
Gilead Sciences, Inc.1 | 35,355 | 3,554 | |||||||||||||||||||
Express Scripts Holding Co.1 | 39,200 | 3,387 | |||||||||||||||||||
St. Jude Medical, Inc. | 42,320 | 2,964 | |||||||||||||||||||
AmerisourceBergen Corp. | 22,800 | 2,606 | |||||||||||||||||||
Cerner Corp.1 | 34,100 | 2,449 | |||||||||||||||||||
AbbVie, Inc. | 34,125 | 2,207 | |||||||||||||||||||
Incyte Corp.1 | 15,100 | 1,467 | |||||||||||||||||||
AstraZeneca PLC (ADR) | 21,015 | 1,439 | |||||||||||||||||||
Novo Nordisk A/S (ADR) | 23,200 | 1,305 | |||||||||||||||||||
UnitedHealth Group, Inc. | 9,700 | 1,081 | |||||||||||||||||||
Medtronic PLC | 11,700 | 871 | |||||||||||||||||||
Pfizer, Inc. | 23,500 | 797 | |||||||||||||||||||
Agios Pharmaceuticals, Inc.1 | 3,500 | 323 | |||||||||||||||||||
__________ | |||||||||||||||||||||
29,211 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Financials - 14.3% | |||||||||||||||||||||
Marsh & McLennan Cos., Inc. | 71,300 | 4,004 | |||||||||||||||||||
The Goldman Sachs Group, Inc. | 17,700 | 3,477 | |||||||||||||||||||
Wells Fargo & Co. | 58,160 | 3,205 | |||||||||||||||||||
CME Group, Inc. | 31,125 | 2,830 | |||||||||||||||||||
JPMorgan Chase & Co. | 43,000 | 2,720 | |||||||||||||||||||
Iron Mountain, Inc. | 56,930 | 1,963 | |||||||||||||||||||
Discover Financial Services | 33,600 | 1,948 | |||||||||||||||||||
The PNC Financial Services Group, Inc. | 20,325 | 1,864 | |||||||||||||||||||
American Tower Corp. | 18,600 | 1,758 | |||||||||||||||||||
ACE Ltd. | 15,965 | 1,708 | |||||||||||||||||||
Aon PLC | 16,200 | 1,559 | |||||||||||||||||||
PacWest Bancorp | 17,800 | 803 | |||||||||||||||||||
Crown Castle International Corp. | 8,700 | 727 | |||||||||||||||||||
Moody's Corp. | 4,900 | 527 | |||||||||||||||||||
__________ | |||||||||||||||||||||
29,093 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Energy - 9.4% | |||||||||||||||||||||
ConocoPhillips | 60,745 | 4,126 | |||||||||||||||||||
Schlumberger Ltd. | 39,900 | 3,775 | |||||||||||||||||||
Chevron Corp. | 30,620 | 3,401 | |||||||||||||||||||
Cenovus Energy, Inc. | 84,900 | 1,598 | |||||||||||||||||||
Noble Energy, Inc. | 30,400 | 1,542 | |||||||||||||||||||
Kinder Morgan, Inc. | 35,100 | 1,507 | |||||||||||||||||||
EOG Resources, Inc. | 13,965 | 1,382 | |||||||||||||||||||
Halliburton Co. | 20,900 | 1,023 | |||||||||||||||||||
Enbridge, Inc. | 12,000 | 628 | |||||||||||||||||||
__________ | |||||||||||||||||||||
18,982 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Shares | Value (000) | ||||||||||||||||||||
Common Stocks - continued | |||||||||||||||||||||
Consumer Staples - 4.6% | |||||||||||||||||||||
Unilever PLC (ADR) | 49,700 | $ | 2,178 | ||||||||||||||||||
The Procter & Gamble Co. | 22,760 | 1,810 | |||||||||||||||||||
Nestle SA (ADR) | 23,100 | 1,793 | |||||||||||||||||||
Philip Morris International, Inc. | 20,200 | 1,686 | |||||||||||||||||||
Diageo PLC (ADR) | 8,300 | 921 | |||||||||||||||||||
Mondelez International, Inc. | 13,000 | 499 | |||||||||||||||||||
Mead Johnson Nutrition Co. | 4,900 | 470 | |||||||||||||||||||
__________ | |||||||||||||||||||||
9,357 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Materials - 3.8% | |||||||||||||||||||||
Monsanto Co. | 20,600 | 2,347 | |||||||||||||||||||
Praxair, Inc. | 16,570 | 2,020 | |||||||||||||||||||
The Dow Chemical Co. | 35,100 | 1,790 | |||||||||||||||||||
Air Products & Chemicals, Inc. | 8,315 | 1,193 | |||||||||||||||||||
The Mosaic Co. | 10,700 | 471 | |||||||||||||||||||
__________ | |||||||||||||||||||||
7,821 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Telecommunication Services - 1.2% | |||||||||||||||||||||
Verizon Communications, Inc. | 47,700 | 2,406 | |||||||||||||||||||
__________ | |||||||||||||||||||||
2,406 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Utilities - 0.4% | |||||||||||||||||||||
National Grid PLC (ADR) | 11,500 | 775 | |||||||||||||||||||
__________ | |||||||||||||||||||||
775 | |||||||||||||||||||||
__________ | |||||||||||||||||||||
Total common stocks (cost: $141,763,000) | 192,108 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Principal amount (000) | |||||||||||||||||||||
Short-term securities - 5.3% | |||||||||||||||||||||
General Electric Co., 0.01%, May 1, 20152 | $ | 1,500 | 1,500 | ||||||||||||||||||
Kimberly Clark Corp., 0.08%, May 15, 20152 | 5,600 | 5,600 | |||||||||||||||||||
Paccar Financial Corp., 0.10%, May 12, 20152 | 3,600 | 3,600 | |||||||||||||||||||
__________ | |||||||||||||||||||||
Total short-term securities (cost: $10,700,000) | 10,700 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Total investment securities (cost: $152,463,000) | 202,808 | ||||||||||||||||||||
Other assets less liabilities | 21 | ||||||||||||||||||||
__________ | |||||||||||||||||||||
Net assets | $ | 202,829 | |||||||||||||||||||
__________ | |||||||||||||||||||||
__________ | |||||||||||||||||||||
1 | Non-income producing security. | ||||||||||||||||||||
2 | Zero coupon bond; interest rate represents current yield to maturity. | ||||||||||||||||||||
Key to abbreviation | |||||||||||||||||||||
ADR | - American Depositary Receipts | ||||||||||||||||||||
See Notes to Financial Statements
Capital Group Core Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2015 (unaudited)
| |||||||||||
(dollars and shares in thousands, except per share amounts) | |||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $342,832) | $ | 352,020 | |||||||||
Short-term investments, at value (cost: $15,480) | 15,480 | ||||||||||
Cash | 171 | ||||||||||
Receivables for: | |||||||||||
Sales of investments | 1,164 | ||||||||||
Sales of fund's shares | 77 | ||||||||||
Interest | 3,945 | ||||||||||
Reimbursement from investment adviser | 2 | ||||||||||
Prepaid expenses | 8 | ||||||||||
5,196 | |||||||||||
Total assets | 372,867 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 6,532 | ||||||||||
Repurchases of fund's shares | 48 | ||||||||||
Investment advisory services | 105 | ||||||||||
Other accrued expenses | 53 | ||||||||||
Total liabilities | 6,738 | ||||||||||
Net assets at April 30, 2015: | $ | 366,129 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 356,665 | |||||||||
Distributions in excess of net investment income | (–) | * | |||||||||
Accumulated net realized gain | 276 | ||||||||||
Net unrealized appreciation | 9,188 | ||||||||||
Net assets at April 30, 2015 | $ | 366,129 | |||||||||
Shares outstanding: | 34,894 | ||||||||||
Net asset value per share: | $ | 10.49 | |||||||||
* | Amount less than one thousand. | ||||||||||
See Notes to Financial Statements
Capital Group Core Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2015 (unaudited)
| |||||||||
(dollars in thousands) | |||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 4,166 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 614 | ||||||||
Administrative and accounting services | 49 | ||||||||
Registration fees | 14 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 7 | ||||||||
Trustees' compensation | 7 | ||||||||
Other | 4 | ||||||||
Total fees and expenses before reimbursements | 715 | ||||||||
Less reimbursements of fees and expenses | 13 | ||||||||
Total fees and expenses after reimbursements | 702 | ||||||||
Net investment income | 3,464 | ||||||||
Net realized gain and unrealized depreciation on investments: | |||||||||
Net realized gain on investments | 399 | ||||||||
Net unrealized depreciation on investments | (2,616) | ||||||||
Net realized gain and unrealized depreciation on investments | (2,217) | ||||||||
Net increase in net assets resulting from operations | $ | 1,247 | |||||||
See Notes to Financial Statements | |||||||||
Capital Group Core Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 3,464 | $ | 6,346 | |||||
Net realized gain (loss) on investments | 399 | (116) | |||||||
Net unrealized (depreciation) appreciation on investments | (2,616) | 3,611 | |||||||
Net increase in net assets resulting from operations | 1,247 | 9,841 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (3,465) | (6,345) | |||||||
Total dividends and distributions | (3,465) | (6,345) | |||||||
Net capital share transactions | 27,275 | 39,061 | |||||||
Total increase in net assets | 25,057 | 42,557 | |||||||
Net assets: | |||||||||
Beginning of period | 341,072 | 298,515 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)† and $1, respectively.) | $ | 366,129 | $ | 341,072 | |||||
* | Unaudited. | ||||||||
† | Amount less than one thousand. | ||||||||
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2015 (unaudited)
| |||||||||||
(dollars and shares in thousands, except per share amounts) | |||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $127,876) | $ | 128,879 | |||||||||
Short-term investments, at value (cost: $11,605) | 11,605 | ||||||||||
Cash | 282 | ||||||||||
Receivables for: | |||||||||||
Sales of investments | 2,185 | ||||||||||
Sales of fund's shares | 23 | ||||||||||
Interest | 1,433 | ||||||||||
Reimbursement from investment adviser | 6 | ||||||||||
Prepaid expenses | 7 | ||||||||||
3,654 | |||||||||||
Total assets | 144,420 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Repurchases of fund's shares | 31 | ||||||||||
Investment advisory services | 42 | ||||||||||
Other accrued expenses | 43 | ||||||||||
Total liabilities | 116 | ||||||||||
Net assets at April 30, 2015: | $ | 144,304 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 143,243 | |||||||||
Distributions in excess of net investment income | (–) | * | |||||||||
Accumulated net realized gain | 58 | ||||||||||
Net unrealized appreciation | 1,003 | ||||||||||
Net assets at April 30, 2015 | $ | 144,304 | |||||||||
Shares outstanding: | 14,255 | ||||||||||
Net asset value per share: | $ | 10.12 | |||||||||
* | Amount less than one thousand. | ||||||||||
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2015 (unaudited)
| |||||||||
(dollars in thousands) | |||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 1,200 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 274 | ||||||||
Administrative and accounting services | 22 | ||||||||
Registration fees | 13 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 7 | ||||||||
Trustees' compensation | 7 | ||||||||
Other | 1 | ||||||||
Total fees and expenses before reimbursements | 344 | ||||||||
Less reimbursements of fees and expenses | 32 | ||||||||
Total fees and expenses after reimbursements | 312 | ||||||||
Net investment income | 888 | ||||||||
Net realized gain and unrealized depreciation on investments: | |||||||||
Net realized gain on investments | 58 | ||||||||
Net unrealized depreciation on investments | (932) | ||||||||
Net realized gain and unrealized depreciation on investments | (874) | ||||||||
Net increase in net assets resulting from operations | $ | 14 | |||||||
See Notes to Financial Statements | |||||||||
Capital Group Short-Term Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 888 | $ | 1,756 | |||||
Net realized gain on investments | 58 | 87 | |||||||
Net unrealized depreciation on investments | (932) | (245) | |||||||
Net increase in net assets resulting from operations | 14 | 1,598 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (890) | (1,754) | |||||||
Distributions from capital gain | (67) | (212) | |||||||
Total dividends and distributions | (957) | (1,966) | |||||||
Net capital share transactions | (10,096) | 19,381 | |||||||
Total (decrease) increase in net assets | (11,039) | 19,013 | |||||||
Net assets: | |||||||||
Beginning of period | 155,343 | 136,330 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)† and $2, respectively.) | $ | 144,304 | $ | 155,343 | |||||
* | Unaudited. | ||||||||
† | Amount less than one thousand. | ||||||||
See Notes to Financial Statements
Capital Group California Core Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2015 (unaudited)
| |||||||||||
(dollars and shares in thousands, except per share amounts) | |||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $278,709) | $ | 286,770 | |||||||||
Short-term investments, at value (cost: $15,235) | 15,235 | ||||||||||
Cash | 270 | ||||||||||
Receivables for: | |||||||||||
Sales of fund's shares | 52 | ||||||||||
Interest | 2,912 | ||||||||||
Reimbursement from investment adviser | 1 | ||||||||||
Prepaid expenses | 2 | ||||||||||
2,967 | |||||||||||
Total assets | 305,242 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 6,998 | ||||||||||
Repurchases of fund's shares | 47 | ||||||||||
Investment advisory services | 85 | ||||||||||
Other accrued expenses | 49 | ||||||||||
Total liabilities | 7,179 | ||||||||||
Net assets at April 30, 2015: | $ | 298,063 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 290,267 | |||||||||
Accumulated undistributed net investment income | – | * | |||||||||
Accumulated net realized loss | (265) | ||||||||||
Net unrealized appreciation | 8,061 | ||||||||||
Net assets at April 30, 2015 | $ | 298,063 | |||||||||
Shares outstanding: | 28,181 | ||||||||||
Net asset value per share: | $ | 10.58 | |||||||||
* | Amount less than one thousand. | ||||||||||
See Notes to Financial Statements
Capital Group California Core Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2015 (unaudited)
| |||||||||
(dollars in thousands) | |||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 3,373 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 504 | ||||||||
Administrative and accounting services | 40 | ||||||||
Registration fees | 4 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 7 | ||||||||
Trustees' compensation | 7 | ||||||||
Other | 3 | ||||||||
Total fees and expenses before reimbursements | 585 | ||||||||
Less reimbursements of fees and expenses | 9 | ||||||||
Total fees and expenses after reimbursements | 576 | ||||||||
Net investment income | 2,797 | ||||||||
Net realized loss and unrealized depreciation on investments: | |||||||||
Net realized loss on investments | (105) | ||||||||
Net unrealized depreciation on investments | (1,175) | ||||||||
Net realized loss and unrealized depreciation on investments | (1,280) | ||||||||
Net increase in net assets resulting from operations | $ | 1,517 | |||||||
See Notes to Financial Statements | |||||||||
Capital Group California Core Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 2,797 | $ | 4,726 | |||||
Net realized (loss) gain on investments | (105) | 171 | |||||||
Net unrealized (depreciation) appreciation on investments | (1,175) | 4,891 | |||||||
Net increase in net assets resulting from operations | 1,517 | 9,788 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (2,800) | (4,723) | |||||||
Total dividends and distributions | (2,800) | (4,723) | |||||||
Net capital share transactions | 19,432 | 47,706 | |||||||
Total increase in net assets | 18,149 | 52,771 | |||||||
Net assets: | |||||||||
Beginning of period | 279,914 | 227,143 | |||||||
End of period (including undistributed net investment income: $–† and $3, respectively.) | $ | 298,063 | $ | 279,914 | |||||
* | Unaudited. | ||||||||
† | Amount less than one thousand. | ||||||||
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2015 (unaudited)
| |||||||||||
(dollars and shares in thousands, except per share amounts) | |||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $117,289) | $ | 118,501 | |||||||||
Short-term investments, at value (cost: $4,163) | 4,163 | ||||||||||
Cash | 88 | ||||||||||
Receivables for: | |||||||||||
Interest | 1,221 | ||||||||||
Reimbursement from investment adviser | 4 | ||||||||||
Prepaid expenses | 2 | ||||||||||
1,227 | |||||||||||
Total assets | 123,979 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 1,463 | ||||||||||
Repurchases of fund's shares | 4 | ||||||||||
Investment advisory services | 37 | ||||||||||
Other accrued expenses | 41 | ||||||||||
Total liabilities | 1,545 | ||||||||||
Net assets at April 30, 2015: | $ | 122,434 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 121,127 | |||||||||
Distributions in excess of net investment income | (–) | * | |||||||||
Accumulated net realized gain | 95 | ||||||||||
Net unrealized appreciation | 1,212 | ||||||||||
Net assets at April 30, 2015 | $ | 122,434 | |||||||||
Shares outstanding: | 11,933 | ||||||||||
Net asset value per share: | $ | 10.26 | |||||||||
* | Amount less than one thousand. | ||||||||||
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2015 (unaudited)
| |||||||||
(dollars in thousands) | |||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 912 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 240 | ||||||||
Administrative and accounting services | 19 | ||||||||
Registration fees | 2 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 7 | ||||||||
Trustees' compensation | 7 | ||||||||
Other | 2 | ||||||||
Total fees and expenses before reimbursements | 297 | ||||||||
Less reimbursements of fees and expenses | 23 | ||||||||
Total fees and expenses after reimbursements | 274 | ||||||||
Net investment income | 638 | ||||||||
Net realized gain and unrealized depreciation on investments: | |||||||||
Net realized gain on investments | 95 | ||||||||
Net unrealized depreciation on investments | (640) | ||||||||
Net realized gain and unrealized depreciation on investments | (545) | ||||||||
Net increase in net assets resulting from operations | $ | 93 | |||||||
See Notes to Financial Statements | |||||||||
Capital Group California Short-Term Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 638 | $ | 1,113 | |||||
Net realized gain on investments | 95 | 61 | |||||||
Net unrealized (depreciation) appreciation on investments | (640) | 316 | |||||||
Net increase in net assets resulting from operations | 93 | 1,490 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (639) | (1,112) | |||||||
Distributions from capital gain | (48) | (13) | |||||||
Total dividends and distributions | (687) | (1,125) | |||||||
Net capital share transactions | (15,278) | 23,288 | |||||||
Total (decrease) increase in net assets | (15,872) | 23,653 | |||||||
Net assets: | |||||||||
Beginning of period | 138,306 | 114,653 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)† and $1, respectively.) | $ | 122,434 | $ | 138,306 | |||||
* | Unaudited. | ||||||||
† | Amount less than one thousand. | ||||||||
See Notes to Financial Statements
Capital Group Core Bond Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2015 (unaudited)
| ||||||||||
(dollars and shares in thousands, except per share amounts) | ||||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $309,397) | $ | 313,643 | ||||||||
Short-term investments, at value (cost: $24,397) | 24,397 | |||||||||
Cash | 86 | |||||||||
Receivables for: | ||||||||||
Sales of investments | 3,074 | |||||||||
Sales of fund's shares | 1,493 | |||||||||
Interest | 1,897 | |||||||||
Reimbursement from investment adviser | 3 | |||||||||
Prepaid expenses | 7 | |||||||||
6,474 | ||||||||||
Total assets | 344,600 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Purchases of investments | 16,414 | |||||||||
Repurchases of fund's shares | 666 | |||||||||
Investment advisory services | 94 | |||||||||
Other accrued expenses | 50 | |||||||||
Total liabilities | 17,224 | |||||||||
Net assets at April 30, 2015: | $ | 327,376 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 321,944 | ||||||||
Distributions in excess of net investment income | (2) | |||||||||
Accumulated net realized gain | 1,188 | |||||||||
Net unrealized appreciation | 4,246 | |||||||||
Net assets at April 30, 2015 | $ | 327,376 | ||||||||
Shares outstanding: | 31,824 | |||||||||
Net asset value per share: | $ | 10.29 | ||||||||
See Notes to Financial Statements | ||||||||||
Capital Group Core Bond Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2015 (unaudited)
| |||||||||
(dollars in thousands) | |||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 2,928 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 548 | ||||||||
Administrative and accounting services | 44 | ||||||||
Registration fees | 13 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 7 | ||||||||
Trustees' compensation | 7 | ||||||||
Other | 4 | ||||||||
Total fees and expenses before reimbursements | 643 | ||||||||
Less reimbursements of fees and expenses | 16 | ||||||||
Total fees and expenses after reimbursements | 627 | ||||||||
Net investment income | 2,301 | ||||||||
Net realized gain and unrealized appreciation on investments: | |||||||||
Net realized gain on investments | 1,233 | ||||||||
Net unrealized appreciation on investments | 730 | ||||||||
Net realized gain and unrealized appreciation on investments | 1,963 | ||||||||
Net increase in net assets resulting from operations | $ | 4,264 | |||||||
See Notes to Financial Statements | |||||||||
Capital Group Core Bond Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 2,301 | $ | 4,762 | |||||
Net realized gain on investments | 1,233 | 822 | |||||||
Net unrealized appreciation on investments | 730 | 279 | |||||||
Net increase in net assets resulting from operations | 4,264 | 5,863 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (2,306) | (4,774) | |||||||
Distributions from capital gain | (748) | (753) | |||||||
Total dividends and distributions | (3,054) | (5,527) | |||||||
Net capital share transactions | 15,921 | 13,549 | |||||||
Total increase in net assets | 17,131 | 13,885 | |||||||
Net assets: | |||||||||
Beginning of period | 310,245 | 296,360 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(2) and $3, respectively.) | $ | 327,376 | $ | 310,245 | |||||
* | Unaudited. | ||||||||
See Notes to Financial Statements
Capital Group Global Equity Fund | ||||||||||||
Statement of assets and liabilities | ||||||||||||
at April 30, 2015 (unaudited)
| ||||||||||||
(dollars and shares in thousands, except per share amounts) | ||||||||||||
Assets: | ||||||||||||
Investment securities, at value (cost: $418,058) | $ | 518,399 | ||||||||||
Short-term investments, at value (cost: $20,299) | 20,299 | |||||||||||
Cash | 19 | |||||||||||
Foreign currency, at value (cost: $932) | 926 | |||||||||||
Receivables for: | ||||||||||||
Sales of investments | 889 | |||||||||||
Sales of fund's shares | 1,218 | |||||||||||
Dividends | 1,291 | |||||||||||
Reimbursement from investment adviser | 1 | |||||||||||
Prepaid expenses | – | * | ||||||||||
3,399 | ||||||||||||
Total assets | 543,042 | |||||||||||
Liabilities: | ||||||||||||
Payables for: | ||||||||||||
Purchases of investments | 5,384 | |||||||||||
Repurchases of fund's shares | 115 | |||||||||||
Unified fees | 373 | |||||||||||
Other accrued expenses | 5 | |||||||||||
Total liabilities | 5,877 | |||||||||||
Net assets at April 30, 2015: | $ | 537,165 | ||||||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 409,859 | ||||||||||
Accumulated undistributed net investment income | 2,767 | |||||||||||
Accumulated net realized gain | 24,195 | |||||||||||
Net unrealized appreciation | 100,344 | |||||||||||
Net assets at April 30, 2015 | $ | 537,165 | ||||||||||
Shares outstanding: | 38,942 | |||||||||||
Net asset value per share: | $ | 13.79 | ||||||||||
* | Amount less than one thousand. | |||||||||||
See Notes to Financial Statements
Capital Group Global Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2015 (unaudited)
| ||||||||||
(dollars in thousands) | ||||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $348) | $ | 5,669 | ||||||||
Interest | 12 | 5,681 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 2,164 | |||||||||
Trustees' compensation | 7 | |||||||||
Legal fees | 1 | |||||||||
Other | – | * | ||||||||
Total fees and expenses before reimbursements | 2,172 | |||||||||
Less reimbursements of fees and expenses | 8 | |||||||||
Total fees and expenses after reimbursements | 2,164 | |||||||||
Net investment income | 3,517 | |||||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||||
Net realized gain on investments | 25,460 | |||||||||
Net realized loss on currency | (54) | |||||||||
Net unrealized appreciation on investments | 2,509 | |||||||||
Net unrealized appreciation on currency translations | 40 | |||||||||
Net realized gain and unrealized appreciation on investments and currency | 27,955 | |||||||||
Net increase in net assets resulting from operations | $ | 31,472 | ||||||||
* | Amount less than one thousand. | |||||||||
See Notes to Financial Statements
Capital Group Global Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 3,517 | $ | 5,093 | |||||
Net realized gain on investments and currency | 25,406 | 11,042 | |||||||
Net unrealized appreciation on investments and currency | 2,549 | 17,218 | |||||||
Net increase in net assets resulting from operations | 31,472 | 33,353 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (5,230) | (3,426) | |||||||
Distributions from capital gain | (5,575) | – | |||||||
Total dividends and distributions | (10,805) | (3,426) | |||||||
Net capital share transactions | 6,338 | 67,793 | |||||||
Total increase in net assets | 27,005 | 97,720 | |||||||
Net assets: | |||||||||
Beginning of period | 510,160 | 412,440 | |||||||
End of period (including undistributed net investment income: $2,767 and $4,480, respectively.) | $ | 537,165 | $ | 510,160 | |||||
* | Unaudited. | ||||||||
See Notes to Financial Statements
Capital Group Non-U.S. Equity Fund | ||||||||||||
Statement of assets and liabilities | ||||||||||||
at April 30, 2015 (unaudited)
| ||||||||||||
(dollars and shares in thousands, except per share amounts) | ||||||||||||
Assets: | ||||||||||||
Investment securities, at value (cost: $1,119,658) | $ | 1,318,238 | ||||||||||
Short-term investments, at value (cost: $32,397) | 32,396 | |||||||||||
Cash | 30 | |||||||||||
Foreign currency, at value (cost: $301) | 299 | |||||||||||
Receivables for: | ||||||||||||
Sales of fund's shares | 2,054 | |||||||||||
Dividends | 5,800 | |||||||||||
Reimbursement from investment adviser | 1 | |||||||||||
Prepaid expenses | – | * | ||||||||||
7,855 | ||||||||||||
Total assets | 1,358,818 | |||||||||||
Liabilities: | ||||||||||||
Payables for: | ||||||||||||
Purchases of investments | 479 | |||||||||||
Repurchases of fund's shares | 742 | |||||||||||
Unified fees | 939 | |||||||||||
Other accrued expenses | 4 | |||||||||||
Total liabilities | 2,164 | |||||||||||
Net assets at April 30, 2015: | $ | 1,356,654 | ||||||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 1,165,524 | ||||||||||
Accumulated undistributed net investment income | 8,624 | |||||||||||
Accumulated net realized loss | (16,028) | |||||||||||
Net unrealized appreciation | 198,534 | |||||||||||
Net assets at April 30, 2015 | $ | 1,356,654 | ||||||||||
Shares outstanding: | 108,893 | |||||||||||
Net asset value per share: | $ | 12.46 | ||||||||||
* | Amount less than one thousand. | |||||||||||
See Notes to Financial Statements
Capital Group Non-U.S. Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2015 (unaudited)
| ||||||||||
(dollars in thousands) | ||||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $1,724) | $ | 15,583 | ||||||||
Interest | 32 | 15,615 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 6,320 | |||||||||
Trustees' compensation | 7 | |||||||||
Legal fees | 1 | |||||||||
Other | – | * | ||||||||
Total fees and expenses before reimbursements | 6,328 | |||||||||
Less reimbursements of fees and expenses | 8 | |||||||||
Total fees and expenses after reimbursements | 6,320 | |||||||||
Net investment income | 9,295 | |||||||||
Net realized gain and unrealized appreciation on investments and currency: | ||||||||||
Net realized gain on investments | 12,220 | |||||||||
Net realized gain on currency | 67 | |||||||||
Net unrealized appreciation on investments | 93,409 | |||||||||
Net unrealized appreciation on currency translations | 213 | |||||||||
Net realized gain and unrealized appreciation on investments and currency | 105,909 | |||||||||
Net increase in net assets resulting from operations | $ | 115,204 | ||||||||
* | Amount less than one thousand. | |||||||||
See Notes to Financial Statements
Capital Group Non-U.S. Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 9,295 | $ | 19,662 | |||||
Net realized gain (loss) on investments and currency | 12,287 | (18,488) | |||||||
Net unrealized appreciation (depreciation) on investments and currency | 93,622 | (13,928) | |||||||
Net increase (decrease) in net assets resulting from operations | 115,204 | (12,754) | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (19,733) | (8,308) | |||||||
Total dividends and distributions | (19,733) | (8,308) | |||||||
Net capital share transactions | (390,711) | 684,060 | |||||||
Total (decrease) increase in net assets | (295,240) | 662,998 | |||||||
Net assets: | |||||||||
Beginning of period | 1,651,894 | 988,896 | |||||||
End of period (including undistributed net investment income: $8,624 and $19,062, respectively.) | $ | 1,356,654 | $ | 1,651,894 | |||||
* | Unaudited. | ||||||||
See Notes to Financial Statements
Capital Group U.S. Equity Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2015 (unaudited)
| |||||||||||
(dollars and shares in thousands, except per share amounts) | |||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $141,763) | $ | 192,108 | |||||||||
Short-term investments, at value (cost: $10,700) | 10,700 | ||||||||||
Cash | 19 | ||||||||||
Receivables for: | |||||||||||
Sales of fund's shares | 309 | ||||||||||
Dividends | 306 | ||||||||||
Reimbursement from investment adviser | 1 | ||||||||||
616 | |||||||||||
Total assets | 203,443 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 329 | ||||||||||
Repurchases of fund's shares | 171 | ||||||||||
Unified fees | 110 | ||||||||||
Other accrued expenses | 4 | ||||||||||
Total liabilities | 614 | ||||||||||
Net assets at April 30, 2015: | $ | 202,829 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 145,675 | |||||||||
Accumulated undistributed net investment income | 449 | ||||||||||
Accumulated net realized gain | 6,360 | ||||||||||
Net unrealized appreciation | 50,345 | ||||||||||
Net assets at April 30, 2015 | $ | 202,829 | |||||||||
Shares outstanding: | 10,030 | ||||||||||
Net asset value per share: | $ | 20.22 | |||||||||
See Notes to Financial Statements | |||||||||||
Capital Group U.S. Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2015 (unaudited)
| ||||||||||
(dollars in thousands) | ||||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $40) | $ | 1,954 | ||||||||
Interest | 6 | 1,960 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 641 | |||||||||
Trustees' compensation | 7 | |||||||||
Legal fees | 1 | |||||||||
Other | – | * | ||||||||
Total fees and expenses before reimbursements | 649 | |||||||||
Less reimbursements of fees and expenses | 8 | |||||||||
Total fees and expenses after reimbursements | 641 | |||||||||
Net investment income | 1,319 | |||||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||||
Net realized gain on investments | 6,661 | |||||||||
Net realized loss on currency | (–) | * | ||||||||
Net unrealized appreciation on investments | 1,380 | |||||||||
Net realized gain and unrealized appreciation on investments and currency | 8,041 | |||||||||
Net increase in net assets resulting from operations | $ | 9,360 | ||||||||
* | Amount less than one thousand. | |||||||||
See Notes to Financial Statements
Capital Group U.S. Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/15* | For the year ended 10/31/14 | ||||||||
Operations: | |||||||||
Net investment income | $ | 1,319 | $ | 2,338 | |||||
Net realized gain on investments and currency | 6,661 | 7,218 | |||||||
Net unrealized appreciation on investments | 1,380 | 11,985 | |||||||
Net increase in net assets resulting from operations | 9,360 | 21,541 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (1,030) | (2,244) | |||||||
Distributions from capital gain | (6,835) | (2,564) | |||||||
Total dividends and distributions | (7,865) | (4,808) | |||||||
Net capital share transactions | 9,071 | 8,601 | |||||||
Total increase in net assets | 10,566 | 25,334 | |||||||
Net assets: | |||||||||
Beginning of period | 192,263 | 166,929 | |||||||
End of period (including undistributed net investment income: $449 and $160, respectively.) | $ | 202,829 | $ | 192,263 | |||||
* | Unaudited. | ||||||||
See Notes to Financial Statements
1. Organization
Capital Group Private Client Services Funds (the “Trust”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Trust has five fixed income funds (Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund) and three equity funds (Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund) (each a “fund,” collectively the “funds”).
Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax and to preserve capital. Capital Group Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal income tax. Capital Group California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes and to preserve capital. Capital Group California Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes. Capital Group Core Bond Fund seeks to provide current income and to preserve capital. Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund seek to preserve capital while providing growth and Capital Group U.S. Equity Fund also seeks to preserve capital while providing growth and secondarily seeks to provide income.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The financial statements have been prepared to comply with U.S generally accepted accounting principles ("U.S. GAAP"). These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The funds follow the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income – Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Dividends and distributions to shareholders – Dividend and distributions paid to shareholders are recorded on the ex-dividend date.
Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
Capital Guardian Trust Company (“CGTC”), the funds’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs – The funds’ investment adviser uses the following methods and inputs to establish the fair value of their assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the funds’ investment adviser.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the funds’ board of trustees as further described. The funds’ investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The funds’ investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that
trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure – The funds’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The funds’ investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the funds’ investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.
The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews including an annual control self-evaluation program facilitated by the funds’ investment adviser’s compliance group.
Classifications – The funds’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the funds’ investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the Funds’ valuation levels as of April 30, 2015 (dollars in thousands):
Investment securities | Level 1 | Level 2 | Level 3 | Total | |||||||||
Capital Group Core Municipal Fund | |||||||||||||
Bonds & notes | |||||||||||||
Municipals | $ | — | $ | 351,563 | $ | — | $ | 351,563 | |||||
Corporate bonds & notes | — | 457 | — | 457 | |||||||||
Short-term securities | — | 15,480 | — | 15,480 | |||||||||
_______________________________________ | |||||||||||||
Total | $ | — | $ | 367,500 | $ | — | $ | 367,500 | |||||
_______________________________________ | |||||||||||||
_______________________________________ | |||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||
Bonds & notes | $ | — | $ | 128,879 | $ | — | $ | 128,879 | ||||
Short-term securities | — | 11,605 | — | 11,605 | ||||||||
_______________________________________ | ||||||||||||
Total | $ | — | $ | 140,484 | $ | — | $ | 140,484 | ||||
_______________________________________ | ||||||||||||
_______________________________________ | ||||||||||||
Investment securities | Level 1 | Level 2 | Level 3 | Total | |||||||||
Capital Group California Core Municipal Fund | |||||||||||||
Bonds & notes | $ | — | $ | 286,770 | $ | — | $ | 286,770 | |||||
Short-term securities | — | 15,235 | — | 15,235 | |||||||||
_______________________________________ | |||||||||||||
Total | $ | — | $ | 302,005 | $ | — | $ | 302,005 | |||||
_______________________________________ | |||||||||||||
_______________________________________ | |||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||
Bonds & notes | $ | — | $ | 118,501 | $ | — | $ | 118,501 | ||||
Short-term securities | — | 4,163 | — | 4,163 | ||||||||
_______________________________________ | ||||||||||||
Total | $ | — | $ | 122,664 | $ | — | $ | 122,664 | ||||
_______________________________________ | ||||||||||||
_______________________________________ | ||||||||||||
Capital Group Core Bond Fund | |||||||||||||||||||||
Bonds, notes & other debt investments | |||||||||||||||||||||
U.S. government & government agency bonds & notes | $ | — | $ | 169,184 | $ | — | $ | 169,184 | |||||||||||||
Mortgage-backed obligations | — | 45,242 | — | 45,242 | |||||||||||||||||
Corporate bonds & notes | — | 72,319 | — | 72,319 | |||||||||||||||||
Municipals | — | 8,575 | — | 8,575 | |||||||||||||||||
Government & government agency bonds & notes outside the U.S. | — | 2,108 | — | 2,108 | |||||||||||||||||
Asset-backed obligations | — | 16,215 | — | 16,215 | |||||||||||||||||
Short-term securities | — | 24,397 | — | 24,397 | |||||||||||||||||
_______________________________________ | |||||||||||||||||||||
Total | $ | — | $ | 338,040 | $ | — | $ | 338,040 | |||||||||||||
_______________________________________ | |||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||
Capital Group Global Equity Fund | |||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||
Financials | $ | 52,875 | $ | 45,872 | 1 | $ | — | $ | 98,747 | ||||||||||||||||
Information Technology | 49,651 | 34,779 | 1 | — | 84,430 | ||||||||||||||||||||
Industrials | 33,920 | 49,648 | 1 | — | 83,568 | ||||||||||||||||||||
Health Care | 36,510 | 38,167 | 1 | 74,677 | |||||||||||||||||||||
Consumer Discretionary | 33,884 | 24,454 | 1 | — | 58,338 | ||||||||||||||||||||
Consumer Staples | 5,790 | 37,096 | 1 | — | 42,886 | ||||||||||||||||||||
Energy | 32,986 | 1,381 | 1 | — | 34,367 | ||||||||||||||||||||
Materials | 12,148 | 6,096 | 1 | — | 18,244 | ||||||||||||||||||||
Telecommunications Services | 4,585 | 10,792 | 1 | — | 15,377 | ||||||||||||||||||||
Utilities | — | 7,765 | 1 | — | 7,765 | ||||||||||||||||||||
Short-term securities | — | 20,299 | — | 20,299 | |||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
Total | $ | 262,349 | $ | 276,349 | $ | — | $ | 538,698 | |||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
| |||||||||||||||||||||||||
Investment securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Capital Group Non-U.S. Equity Fund | |||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||
Industrials | $ | — | $ | 248,315 | 2 | $ | — | $ | 248,315 | ||||||||||||||||
Financials | 8,486 | 205,885 | 2 | — | 214,371 | ||||||||||||||||||||
Health Care | — | 201,112 | 2 | — | 201,112 | ||||||||||||||||||||
Information Technology | 20,308 | 177,879 | 2 | — | 198,187 | ||||||||||||||||||||
Consumer Discretionary | 26,725 | 130,455 | 2 | — | 157,180 | ||||||||||||||||||||
Consumer Staples | — | 129,270 | 2 | — | 129,270 | ||||||||||||||||||||
Energy | 34,783 | 25,128 | 2 | — | 59,911 | ||||||||||||||||||||
Telecommunication Services | — | 47,214 | 2 | — | 47,214 | ||||||||||||||||||||
Materials | 7,294 | 36,015 | 2 | — | 43,309 | ||||||||||||||||||||
Utilities | — | 19,369 | 2 | — | 19,369 | ||||||||||||||||||||
Short-term securities | — | 32,396 | — | 32,396 | |||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
Total | $ | 97,596 | $ | 1,253,038 | $ | — | $ | 1,350,634 | |||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
Capital Group U.S. Equity Fund | |||||||||||||||||||||||||
Common Stocks3 | $ | 192,108 | $ | — | $ | — | $ | 192,108 | |||||||||||||||||
Short-term securities | — | 10,700 | — | 10,700 | |||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
Total | $ | 192,108 | $ | 10,700 | $ | — | $ | 202,808 | |||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
_______________________________________ | |||||||||||||||||||||||||
1 | Investment securities with a value of $234,894,000, which represented 43.73% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. Level 2 includes investment securities with an aggregate value of $256,050,000, which represented 47.67% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund's board of trustees as a result of significant market movements following the close of local trading. | ||||||||||||||||||||||||
2 | Investment securities with a value of $1,190,984,000, which represented 87.79% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. Level 2 includes investment securities with an aggregate value of $1,220,642,000, which represented 89.97% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund's board of trustees as a result of significant market movements following the close of local trading. | ||||||||||||||||||||||||
3 | The level classification by major category of investments is the same as the category presentation in the Schedule of investments. | ||||||||||||||||||||||||
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions – The prices of, and the income generated by, the securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.
Issuer risks – The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in debt instruments – The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.
Investing in growth-oriented stocks – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.
Investing in income-oriented stocks – Income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.
Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.
Investing in lower rated debt instruments – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty.
Thinly traded securities – There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.
Investing in similar municipal bonds – Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make a fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in a fund’s share price may increase.
Investing in municipal bonds of issuers within the state of California – Because Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest primarily in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does concentrate its investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.
Investing in mortgage-related and other asset-backed securities – Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities.
Investing in securities backed by the U.S. government – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to
maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Investing outside the United States – Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled or operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by a fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.
Management – The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses employed by the funds’ investment adviser in this process may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Mortgage dollar rolls – Capital Group Core Bond Fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the fund’s portfolio turnover rate.
6. Taxation and distributions
Federal income taxation – The funds comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute substantially all of their net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required. Generally, income earned by Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund and Capital Group California Short-
Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.
As of and during the period ended April 30, 2015, the funds did not have a liability for any unrecognized tax benefits. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the funds did not incur any interest or penalties.
Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2010, the year the funds commenced operations.
Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2011, the year the funds commenced operations.
Non-U.S. Taxation – Dividend and interest income are recorded net of non-U.S. taxes paid.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting
purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; net capital losses; cost of investments sold; and amortization of discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2014 the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group Non-U.S. Equity Fund | Capital Group U.S. Equity Fund | |
As of October 31, 2014: | ||||||||
Undistributed tax- exempt income | $ 1 | $ 2 | $ 3 | $ 1 | $ – | $ – | $ – | $ – |
Undistributed ordinary income | – | – | – | – | 374 | 4,446 | 18,935 | 160 |
Undistributed long- term capital gain | – | 67 | – | 48 | 379 | 5,574 | – | 6,835 |
Capital loss carryforward* | ||||||||
No expiration | (116) | – | (160) | – | – | – | (26,839) | – |
Expiring 2019 | (7) | – | – | – | – | – | – | – |
$ (123) | $ – | $ (160) | $ – | $ – | $ – | $(26,839) | $ – | |
Capital loss carryforwards utilized | $ – | $ – | $ 171 | $ – | $ – | $ 5,308 | $ – | $ – |
* | The capital loss carryfoward will be used to offset any capital gains realized by the funds in the current year or in subsequent years through the expiration date. The funds will not make distributions from capital gains while a capital loss carryforward remains. |
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after October 31, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of April 30, 2015, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
| Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group Non-U.S. Equity Fund |
Capital Group U.S. Equity Fund |
Gross unrealized appreciation on investment securities | $ 9,715 | $ 1,185 | $ 8,584 | $ 1,294 | $ 5,288 | $107,492 | $ 220,105 | $ 51,289 |
Gross unrealized depreciation on investment securities | (527) | (182) | (523) | (82) | (1,042) | (7,151) | (21,526) | (944) |
Net unrealized appreciation on investment securities | $ 9,188 | $ 1,003 | $ 8,061 | $ 1,212 | $ 4,246 | $100,341 | $ 198,579 | $ 50,345 |
Cost of investments securities | $358,312 | $139,481 | $293,944 | $121,452 | $333,794 | $438,357 | $1,152,055 | $152,463 |
The tax character of distributions paid to shareholders was as follows (dollars in thousands):
Six months ended April 30, 2015 | Year ended October 31, 2014 | |||||
Tax-Exempt | Ordinary Income | Long-Term Capital Gains | Tax-Exempt | Ordinary Income | Long-Term Capital Gains | |
Capital Group Core Municipal Fund | $ 3,465 | $ – | $ – | $ 6,338 | $ 7 | $ – |
Capital Group Short-Term Municipal Fund | 890 | – | 67 | 1,754 | – * | 212 |
Capital Group California Core Municipal Fund | 2,800 | – | – | 4,712 | 11 | – |
Capital Group California Short-Term Municipal Fund | 639 | – | 48 | 1,112 | – * | 13 |
Capital Group Core Bond Fund | – | 2,675 | 379 | – | 4,774 | 753 |
Capital Group Global Equity Fund | – | 5,230 | 5,575 | – | 3,426 | – |
Capital Group Non-U.S. Equity Fund | – | 19,733 | – | – | 8,308 | – |
Capital Group U.S. Equity Fund | – | 1,030 | 6,835 | – | 2,244 | 2,564 |
* Amount less than one thousand.
7. Fees and transactions with related parties
CGTC serves as investment adviser to the funds and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through April 30, 2016, to limit the funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):
Fund | Expense Limitation |
Capital Group Core Municipal Fund | 0.40% |
Capital Group Short-Term Municipal Fund | 0.40% |
Capital Group California Core Municipal Fund | 0.40% |
Capital Group California Short-Term Municipal Fund | 0.40% |
Capital Group Core Bond Fund | 0.40% |
Capital Group Global Equity Fund | 0.85% |
Capital Group Non-U.S. Equity Fund | 0.85% |
Capital Group U.S. Equity Fund | 0.65% |
CGTC does not intend to recoup any reimbursed expenses or waived fees from a prior year under expense limitations then in effect for the Funds.
Investment advisory services – The funds have an investment advisory and service agreement with CGTC that provides for monthly fees accrued daily. The fee for each fixed income fund is 0.35% of the average daily net assets of the fund.
For the services it provides to Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund, CGTC receives a unified management fee based on a percentage of the average daily net assets of the funds. The unified management fee for Capital Group U.S. Equity Fund is 0.65% of the average daily net assets of the fund. The unified management fee for Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund is 0.85% of the average daily net assets of each fund.
For the equity funds, all managing and operating expenses are paid by CGTC from the unified management fees except brokerage expenses, taxes, interest, compensation, fees and expenses of the independent trustees (including legal counsel fees) and extraordinary expenses, such as litigation expenses. These expenses which are not paid by CGTC from the unified management fee are paid by the funds. A portion of the funds' management fee is paid by CGTC to unaffiliated third parties which provide recordkeeping and administrative services.
Distribution services – American funds Distributors, ® Inc. (the "Distributor") is the principal underwriter of each fund's shares. The Distributor does not receive any compensation related to the sale of shares of the funds.
Affiliated officers and trustees – Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or trustees received any compensation directly from the Trust.
8. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
| Sales | Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | |||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||
Period ended April 30, 2015 (unaudited) | |||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 46,371 | 4,397 | $ | 2,192 | 208 | $ | (21,288) | (2,018) | $ | 27,275 | 2,587 | |||||||||
Capital Group Short-Term Municipal Fund | 33,877 | 3,333 | 689 | 68 | (44,662) | (4,397) | (10,096) | (996) | |||||||||
Capital Group California Core Municipal Fund | 37,769 | 3,556 | 1,806 | 170 | (20,143) | (1,897) | 19,432 | 1,829 |
Capital Group California Short-Term Municipal Fund | 25,039 | 2,431 | 536 | 52 | (40,853) | (3,969) | (15,278) | (1,486) |
Capital Group Core Bond Fund | 34,331 | 3,339 | 2,306 | 225 | (20,716) | (2,016) | 15,921 | 1,548 |
Capital Group Global Equity Fund | 39,717 | 2,978 | 8,308 | 632 | (41,687) | (3,124) | 6,338 | 486 |
Capital Group Non-U.S. Equity Fund | 284,834 | 24,392 | 1,930 | 169 | (677,475) | (58,528) | (390,711) | (33,967) |
Capital Group U.S. Equity Fund | 14,033 | 704 | 7,127 | 366 | (12,089) | (601) | 9,071 | 469 |
Sales |
Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | ||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||
Year ended October 31, 2014 | |||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 79,163 | 7,544 | $ | 3,913 | 373 | $ | (44,015) | (4,202) | $ | 39,061 | 3,715 | |||||||||
Capital Group Short-Term Municipal Fund | 56,054 | 5,497 | 1,446 | 142 | (38,119) | (3,738) | 19,381 | 1,901 |
Capital Group California Core Municipal Fund | 70,225 | 6,670 | 2,921 | 278 | (25,440) | (2,428) | 47,706 | 4,520 |
Capital Group California Short-Term Municipal Fund | 60,388 | 5,864 | 875 | 85 | (37,975) | (3,692) | 23,288 | 2,257 |
Capital Group Core Bond Fund | 45,206 | 4,427 | 3,996 | 392 | (35,653) | (3,487) | 13,549 | 1,332 |
Capital Group Global Equity Fund | 134,023 | 10,395 | 2,602 | 203 | (68,832) | (5,334) | 67,793 | 5,264 |
Capital Group Non-U.S. Equity Fund | 971,687 | 82,973 | 996 | 84 | (288,623) | (24,574) | 684,060 | 58,483 |
Capital Group U.S. Equity Fund | 29,516 | 1,539 | 4,349 | 232 | (25,264) | (1,316) | 8,601 | 455 |
The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value).
9. Investment transactions
The funds made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the funds’ period ended April 30, 2015, as follows (dollars in thousands):
Fund | Cost of Investments Purchased | Proceeds from Investments Sold | ||
U.S. Government Agency Obligations | Other Investments | U.S. Government Agency Obligations | Other Investments | |
Capital Group Core Municipal Fund | $ – | $ 54,816 | $ – | $ 28,527 |
Capital Group Short-Term Municipal Fund | – | 20,837 | – | 27,875 |
Capital Group California Core Municipal Fund | – | 46,911 | – | 12,872 |
Capital Group California Short-Term Municipal Fund | – | 20,473 | – | 16,084 |
Capital Group Core Bond Fund | 191,045 | 33,408 | 182,691 | 25,138 |
Capital Group Global Equity Fund | – | 128,003 | – | 113,613 |
Capital Group Non-U.S. Equity Fund | – | 273,651 | – | 568,490 |
Capital Group U.S. Equity Fund | – | 29,832 | – | 26,210 |
Capital Group Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||
Financial highlights1 | ||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | |||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | $ | 10.00 | ||||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.10 | 0.21 | 0.21 | 0.21 | 0.21 | 0.10 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.07) | 0.12 | (0.20) | 0.35 | 0.04 | 0.26 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.03 | 0.33 | 0.01 | 0.56 | 0.25 | 0.36 | ||||||||||||||||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.21) | (0.21) | (0.21) | (0.21) | (0.09) | ||||||||||||||||||||||||||||||||
Distributions from capital gain | — | — | — | — | (0.02) | — | 5 | |||||||||||||||||||||||||||||||
Total dividends and distributions | (0.10) | (0.21) | (0.21) | (0.21) | (0.23) | (0.09) | ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.49 | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | ||||||||||||||||||||||||||
Total return6 | 0.31% | 3.18% | 0.10% | 5.46% | 2.56% | 3.63% | ||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 366 | $ | 341 | $ | 299 | $ | 292 | $ | 250 | $ | 269 | ||||||||||||||||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.41% | 0.41% | 0.42% | 0.42% | 0.43% | 7 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 1.97% | 7 | 2.00% | 2.00% | 1.98% | 2.10% | 1.81% | 7 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 8% | 8 | 9% | 18% | 13% | 19% | 25% | 8 | ||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||||||||||||||||||||||||||
2 | Unaudited. | |||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 13, 2010. | |||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | |||||||||||||||||||||||||||||||||||||
5 | Amount less than $0.01. | |||||||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | |||||||||||||||||||||||||||||||||||||
7 | Annualized. | |||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | |||||||||||||||||||||||||||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||
Financial highlights1 | ||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | |||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | $ | 10.00 | ||||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.06 | 0.13 | 0.14 | 0.14 | 0.11 | 0.05 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.07) | (0.01) | (0.07) | 0.13 | 0.02 | 0.17 | ||||||||||||||||||||||||||||||||
Total from investment operations | (0.01) | 0.12 | 0.07 | 0.27 | 0.13 | 0.22 | ||||||||||||||||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.06) | (0.13) | (0.14) | (0.14) | (0.10) | (0.05) | ||||||||||||||||||||||||||||||||
Distributions from capital gain | — | 5 | (0.01) | (0.04) | — | (0.01) | — | 5 | ||||||||||||||||||||||||||||||
Total dividends and distributions | (0.06) | (0.14) | (0.18) | (0.14) | (0.11) | (0.05) | ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.12 | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | ||||||||||||||||||||||||||
Total return6 | (0.08)% | 1.20% | 0.66% | 2.63% | 1.33% | 2.17% | ||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 144 | $ | 155 | $ | 136 | $ | 124 | $ | 138 | $ | 89 | ||||||||||||||||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.44% | 7 | 0.45% | 0.44% | 0.46% | 0.46% | 0.48% | 7 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 1.13% | 7 | 1.24% | 1.34% | 1.32% | 1.04% | 0.94% | 7 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 15% | 8 | 20% | 18% | 25% | 15% | 36% | 8 | ||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||||||||||||||||||||||||||
2 | Unaudited. | |||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 13, 2010. | |||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | |||||||||||||||||||||||||||||||||||||
5 | Amount less than $0.01. | |||||||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | |||||||||||||||||||||||||||||||||||||
7 | Annualized. | |||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | |||||||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||
Financial highlights1 | ||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | |||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | $ | 10.00 | ||||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.10 | 0.20 | 0.20 | 0.21 | 0.20 | 0.08 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.04) | 0.22 | (0.20) | 0.40 | 0.06 | 0.18 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.06 | 0.42 | — | 0.61 | 0.26 | 0.26 | ||||||||||||||||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.20) | (0.21) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||||||||||||
Distributions from capital gain | — | — | (0.04) | — | 5 | — | 5 | — | 5 | |||||||||||||||||||||||||||||
Total dividends and distributions | (0.10) | (0.20) | (0.25) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.58 | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | ||||||||||||||||||||||||||
Total return6 | 0.58% | 4.08% | (0.04)% | 5.99% | 2.61% | 2.61% | ||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 298 | $ | 280 | $ | 227 | $ | 208 | $ | 158 | $ | 169 | ||||||||||||||||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.41% | 0.41% | 0.42% | 0.42% | 0.45% | 7 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 1.94% | 7 | 1.92% | 1.93% | 1.99% | 1.98% | 1.41% | 7 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 5% | 8 | 18% | 17% | 21% | 24% | 13% | 8 | ||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||||||||||||||||||||||||||
2 | Unaudited. | |||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 13, 2010. | |||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | |||||||||||||||||||||||||||||||||||||
5 | Amount less than $0.01. | |||||||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | |||||||||||||||||||||||||||||||||||||
7 | Annualized. | |||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | |||||||||||||||||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||
Financial highlights1 | ||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | |||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | $ | 10.00 | ||||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.05 | 0.09 | 0.09 | 0.09 | 0.08 | 0.04 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.05) | 0.04 | (0.04) | 0.20 | (0.01) | 0.13 | ||||||||||||||||||||||||||||||||
Total from investment operations | 0.00 | 0.13 | 0.05 | 0.29 | 0.07 | 0.17 | ||||||||||||||||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.05) | (0.09) | (0.09) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||||||||||||
Distributions from capital gain | — | 5 | — | 5 | (0.01) | — | 5 | — | — | |||||||||||||||||||||||||||||
Total dividends and distributions | (0.05) | (0.09) | (0.10) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.26 | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | ||||||||||||||||||||||||||
Total return6 | 0.02% | 1.30% | 0.48% | 2.96% | 0.72% | 1.67% | ||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 122 | $ | 138 | $ | 115 | $ | 107 | $ | 77 | $ | 51 | ||||||||||||||||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.43% | 7 | 0.44% | 0.44% | 0.47% | 0.49% | 0.55% | 7 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 0.93% | 7 | 0.89% | 0.91% | 0.92% | 0.83% | 0.79% | 7 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 13% | 8 | 19% | 9% | 14% | 20% | 35% | 8 | ||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||||||||||||||||||||||||||||
2 | Unaudited. | |||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 13, 2010. | |||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | |||||||||||||||||||||||||||||||||||||
5 | Amount less than $0.01. | |||||||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | |||||||||||||||||||||||||||||||||||||
7 | Annualized. | |||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | |||||||||||||||||||||||||||||||||||||
Capital Group Core Bond Fund | |||||||||||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | ||||||||||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | $ | 10.00 | |||||||||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.07 | 0.16 | 0.15 | 0.17 | 0.19 | 0.09 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.06 | 0.04 | (0.22) | 0.23 | 0.09 | 0.46 | |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.13 | 0.20 | (0.07) | 0.40 | 0.28 | 0.55 | |||||||||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.07) | (0.16) | (0.15) | (0.17) | (0.20) | (0.09) | |||||||||||||||||||||||||||||||||||
Distributions from capital gain | (0.02) | (0.03) | (0.16) | (0.01) | (0.13) | (0.01) | |||||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.09) | (0.19) | (0.31) | (0.18) | (0.33) | (0.10) | |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.29 | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | |||||||||||||||||||||||||||||
Total return5 | 1.37% | 1.95% | (0.69)% | 3.92% | 2.80% | 5.52% | |||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 327 | $ | 310 | $ | 296 | $ | 296 | $ | 280 | $ | 230 | |||||||||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 6 | 0.41% | 0.41% | 0.42% | 0.42% | 0.44% | 6 | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.40% | 6 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 6 | |||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.47% | 6 | 1.57% | 1.43% | 1.63% | 1.82% | 1.65% | 6 | |||||||||||||||||||||||||||||||||
Portfolio turnover rate7: | |||||||||||||||||||||||||||||||||||||||||
Including mortgage dollar roll transactions | 69% | 8 | 137% | 192% | 134% | 118% | 123% | 8 | |||||||||||||||||||||||||||||||||
Excluding mortgage dollar roll transactions | 48% | 8 | — | 9 | —9 | —9 | —9 | —9 | |||||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||||||||||
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||||||||||||
7 | Refer to Note 5 for more information on mortgage dollar rolls. | ||||||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||||||||||
9 | Not available. | ||||||||||||||||||||||||||||||||||||||||
Capital Group Global Equity Fund | |||||||||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | 10/31/10 | ||||||||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | $ | 10.00 | $ | – | |||||||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.09 | 0.14 | 0.12 | 0.14 | 0.05 | — | |||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.72 | 0.80 | 2.45 | 0.71 | (0.87) | — | |||||||||||||||||||||||||||||||||
Total from investment operations | 0.81 | 0.94 | 2.57 | 0.85 | (0.82) | 0.00 | |||||||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.14) | (0.10) | (0.13) | (0.04) | — | — | |||||||||||||||||||||||||||||||||
Distributions from capital gain | (0.15) | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.29) | (0.10) | (0.13) | (0.04) | — | 0.00 | |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 13.79 | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | $ | 10.00 | |||||||||||||||||||||||||||
Total return5 | 6.19% | 7.60% | 26.10% | 9.19% | (8.20)% | 0.00% | |||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 537 | $ | 510 | $ | 412 | $ | 205 | $ | 125 | $ | – | |||||||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85% | 6 | 0.85% | 0.86% | 0.86% | 0.87% | 6 | 0% | 6 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6,7 | 0.85% | 7 | 0.85% | 0.85% | 0.85% | 6 | 0% | 6 | |||||||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.38% | 6 | 1.09% | 1.09% | 1.47% | 0.94% | 6 | 0% | 6 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 23% | 8 | 29% | 25% | 35% | 15% | 8 | 0% | |||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 1, 2011. | ||||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||||||||
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||||||||||
7 | Reimbursement was less than $0.005. | ||||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||||||||
Capital Group Non-U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | 10/31/10 | ||||||||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | $ | 10.00 | $ | – | |||||||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.07 | 0.16 | 0.15 | 0.13 | 0.07 | — | |||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.97 | (0.23) | 1.88 | 0.58 | (0.99) | — | |||||||||||||||||||||||||||||||||
Total from investment operations | 1.04 | (0.07) | 2.03 | 0.71 | (0.92) | 0.00 | |||||||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.14) | (0.09) | (0.05) | (0.05) | — | — | |||||||||||||||||||||||||||||||||
Distributions from capital gain | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.14) | (0.09) | (0.05) | (0.05) | — | 0.00 | |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.46 | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | $ | 10.00 | |||||||||||||||||||||||||||
Total return5 | 9.10% | (0.62)% | 20.93% | 7.91% | (9.20)% | 0.00% | |||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,357 | $ | 1,652 | $ | 989 | $ | 256 | $ | 50 | $ | – | |||||||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85% | 6 | 0.85% | 0.85% | 0.86% | 0.89% | 6 | 0% | 6 | ||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6,7 | 0.85% | 7 | 0.85% | 7 | 0.85% | 0.85% | 6 | 0% | 6 | ||||||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.25% | 6 | 1.35% | 1.44% | 1.38% | 1.32% | 6 | 0% | 6 | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 19% | 8 | 33% | 25% | 17% | 20% | 8 | 0% | |||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||||||||
3 | The fund commenced operations on April 1, 2011. | ||||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||||||||
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||||||||||
7 | Reimbursement was less than $0.005. | ||||||||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial highlights1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended |
For the eight months ended |
For the year ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/152 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | 3/31/11 | 7/31/10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ 20.11 | $ 18.33 | $14.75 | $ 14.32 | $ 15.33 | $ 13.09 | $ 11.78 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.13 | 0.25 | 0.20 | 0.22 | 0.10 | 0.16 | 0.22 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities and currency | 0.79 | 2.05 | 3.61 | 1.20 | (1.02) | 2.28 | 1.30 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 0.92 | 2.30 | 3.81 | 1.42 | (0.92) | 1.44 | 1.52 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.24) | (0.22) | (0.17) | (0.09) | (0.20) | (0.21) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from capital gain | (0.71) | (0.28) | (0.01) | (0.82) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.81) | (0.52) | (0.23) | (0.99) | (0.09) | (0.20) | (0.21) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ 20.22 | $ 20.11 | $ 18.33 | $ 14.75 | $ 14.32 | $ 15.33 | $ 13.09 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total return5 | 4.78% | 12.78 | % | 26.06 | % | 10.81 | % | (6.42) | % | 18.72 | % | 12.91 | % | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ 203 | $ 192 | $ 167 | $ 103 | $ 74 | $ 86 | $ 75 | ||||||||||||||||||||||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.66 | %6 | 0.66 | % | 0.66 | % | 0.67 | % | 0.67 | %6 | 1.04 | %6 | 0.79 | % | |||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.65 | %6 | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %6 | 0.75 | %6 | 0.75 | % | |||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.34 | %6 | 1.30 | % | 1.22 | % | 1.52 | % | 1.13 | %6 | 1.67 | %6 | 1.72 | % | |||||||||||||||||||||||||||||||||||
Portfolio turnover rate | 14 | %7 | 27 | % | 25 | % | 53 | % | 82 | %7 | 7 | %7 | 22 | % | |||||||||||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||||||||||||||||||
3 | Endowments – Growth and Income Portfolio was reorganized into the Capital Group U.S. Equity Fund at the close of business effective April 1, 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||||||||||||||||||
5 | Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser. | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||||||||||||||||||||
7 | Not annualized for periods of less than one year. | ||||||||||||||||||||||||||||||||||||||||||||||||
As a shareholder of the funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 through April 30, 2015).
Actual expenses:
The first line of each fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Shareholders of the funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Beginning account value 11/1/2014 | Ending account value 4/30/2015 | Expenses paid during period* | Annualized expense ratio | |||||||||
Capital Group Core Municipal Fund | ||||||||||||
actual return | $ | 1,000.00 | $ | 1,003.10 | $ | 1.99 | 0.40% | |||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | ||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||
actual return | 1,000.00 | 999.20 | 1.98 | 0.40% | ||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | ||||||||
Capital Group California Core Municipal Fund | ||||||||||||
actual return | 1,000.00 | 1,005.80 | 1.99 | 0.40% | ||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | ||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||
actual return | 1,000.00 | 1,000.20 | 1.98 | 0.40% | ||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | ||||||||
Capital Group Core Bond Fund | ||||||||||||
actual return | 1,000.00 | 1,013.70 | 2.00 | 0.40% | ||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | ||||||||
Capital Group Global Equity Fund | ||||||||||||
actual return | 1,000.00 | 1,061.90 | 4.35 | 0.85% | ||||||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | 0.85% | ||||||||
| Beginning account value 11/1/2014 | Ending account value 4/30/2015 | Expenses paid during period* | Annualized expense ratio | ||||||||
Capital Group Non-U.S. Equity Fund | ||||||||||||
actual return | $ | 1,000.00 | $ | 1,091.00 | $ | 4.41 | 0.85% | |||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | 0.85% | ||||||||
Capital Group U.S. Equity Fund | ||||||||||||
actual return | 1,000.00 | 1,047.80 | 3.30 | 0.65% | ||||||||
assumed 5% return | 1,000.00 | 1,021.60 | 3.26 | 0.65% | ||||||||
* | EExpenses are equal to the fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||||||||||
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Approval of Investment Advisory and Service Agreement – CGPCS Funds
The Capital Group Private Client Services Funds’ board has approved the funds’ Investment Advisory and Service Agreement (the “agreement”) with Capital Guardian Trust Company (“CGTC”) for an additional one year term through April 30, 2016. The board approved the agreement following the recommendation of the funds’ Contracts Committee (the “committee”), which is composed of all of the funds’ independent board members. The board and the committee determined that each fund’s advisory fee was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CGTC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CGTC and the Capital Group organization; and the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CGTC to the funds under the agreement and other agreements. The board and the committee concluded that the nature, extent and quality of the services provided by CGTC have benefited and should continue to benefit the funds and their shareholders.
2. Investment results
The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other relevant funds and data such as relevant market and fund indexes, over various periods through October 31, 2014. This report, including the letter to shareholders and related disclosures, contains certain information about the funds’ investment results.
Capital Group Global Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI World (Net) Index and (ii) the Lipper Global Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average over the lifetime, three-year, one-year and ten-month periods. They further noted that the fund’s investment results trailed the MSCI World Index over the same periods.
Capital Group Non-U.S. Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI EAFE (Net) Index and (ii) the Lipper International Funds Average. They noted that the fund’s investment results trailed the MSCI EAFE over the lifetime, three-year, one-year and ten-month periods. They further noted that the fund’s investment results compared to the Lipper Average were mixed over the same periods.
Capital Group U.S. Equity Fund seeks preservation while providing growth. The fund’s secondary objective is to provide income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index and (ii) the Lipper Growth and Income Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average over the lifetime, three-year, one-year and ten-month periods. They further noted that the investment results of the fund trailed the S&P 500 over the same periods.
Capital Group Core Municipal Fund seeks current income exempt from federal income tax and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper Intermediate Municipal Debt Funds Average. They noted that the fund trailed the Barclays Index and Lipper Average over the lifetime, three-year, one-year and ten-month periods.
Capital Group Short-Term Municipal Fund seeks preservation and secondarily current income exempt from federal income tax. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-5 Year Short Municipal Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average over the lifetime, three-year, one-year and ten-month periods. They further noted that the investment results of the fund trailed the Barclays Index over the same periods.
Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper California Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Lipper Average over the lifetime, three-year, one-year and ten-month periods. They further noted that the fund’s investment results compared to the Barclays Index were mixed over the same periods.
Capital Group California Short-Term Municipal Fund seeks preservation and, secondarily, current income exempt from federal and California income taxes. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California Short Municipal Bond Index and (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Barclays Index and Lipper Average over the lifetime, three-year, one-year and ten-month periods.
Capital Group Core Bond Fund seeks current income and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-10 Year U.S. Government/Credit, ex. BBB and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average. They noted that the fund’s investment results compared to the Barclays Index and Lipper Average were mixed over the lifetime, three-year, one-year and ten-month periods.
The board and the committee concluded that the funds’ investment results have been sufficient for renewal of the Agreement and that CGTC’s record in managing the funds indicated that its continued management should benefit the funds and their shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund (collectively the “Fixed Income Funds”) (each as a percentage of average net assets) to those of other relevant funds. They observed that the advisory fees and expenses of the Fixed Income Funds remain below those of most other relevant funds.
For Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund (collectively the “Equity Funds”), the agreement provides that the Equity Funds pay CGTC a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Equity Funds, other than brokerage expenses, taxes, interest, fees and expenses of the Equity Funds’ independent trustees (including expenses of their independent legal counsel) and extraordinary expenses, such as litigation expenses. Under the unified management fee structure, CGTC is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping and shareholder services for the Equity Funds, or arranging and supervising third parties that provide such services. The board believes the unified management fee structure benefits shareholders of the Equity Funds because, as the unified fee for an Equity Fund cannot be increased without a vote of its shareholders, it shifts to CGTC the risk of future increases in the Equity Funds’ operating costs and provides a direct incentive to minimize administrative inefficiencies. In addition, it allows shareholders to more easily compare the total expenses of the Equity Funds with the total expenses of other mutual funds. In reviewing the unified management fee for the Equity Funds the board and the committee compared the unified management fees of the Equity Funds to the total expense ratios and the advisory fees of other relevant funds. They also considered the estimated portion of the unified fee that was retained by CGTC after payment of certain administrative services fees to State Street Bank and Trust Company. They observed that the total expenses of the Equity Funds remain below those of most other relevant funds.
The board and the committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those to be paid by the funds, the differences appropriately reflected the significant investment, operational and regulatory differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients’ overall relationships with CGTC. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that the funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to CGTC by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CGTC and its affiliates receive as a result of CGTC’s relationship with the funds, including fees for administrative services paid to CGTC’s Capital Group Private Client Services division, and possible ancillary benefits to CGTC and its affiliates in managing other investment vehicles and accounts. The board and the committee reviewed CGTC’s portfolio trading practices, noting the potential benefits CGTC receives from the research obtained with commissions from portfolio transactions made on behalf of the funds. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees paid to CGTC by the funds.
5. Adviser financial information
The board and the committee reviewed information regarding CGTC’s costs of providing services to the funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CGTC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CGTC’s investment professionals. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of The Capital Group organization’s long-term profitability for maintaining CGTC’s independence, company culture and management continuity. They further considered CGTC’s reimbursement of fund expenses through voluntary fee caps. The board and the committee concluded that each fund’s fee structure reflected a reasonable sharing of benefits between CGTC and fund shareholders.
Offices of the funds Capital Guardian Trust Company 6455 Irvine Center Drive Irvine, CA 92618
| Independent registered public accounting firm Deloitte & Touche LLP 695 Town Center Drive Costa Mesa, CA 92626 |
Offices of the investment adviser Capital Guardian Trust Company 333 South Hope Street Los Angeles, CA 90071-1406
| Transfer agent State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 |
Custodian of assets State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Counsel Morgan, Lewis & Bockius LLP 355 South Grand Avenue, Suite 4400 Los Angeles, CA 90071-3106
|
Fund accounting and administration State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Principal underwriter American Funds Distributors, Inc. 333 South Hope Street Los Angeles, CA 90071-1406
|
Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Group Private Client Services Funds. This and other important information is contained in the funds’ prospectus, which can be obtained from your Capital Group Private Client Services representative and should be read carefully before investing. You may also call Capital Group Private Client Services at 800-421-4996 to obtain a copy of the prospectus.
The proxy voting procedures and principles of Capital Group Private Client Services Funds, which describe how we vote proxies relating to portfolio securities, is available upon request by calling Capital Group Private Client Services at 800-421-4996. The funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC website at http://www.sec.gov or by calling Capital Group Private Client Services at 800-421-4996.
Capital Group Private Client Services Funds files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The funds’ forms N-Q are available on the SEC’s website at http://www.sec.gov. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800-SEC-0330. Additionally, the list of portfolio holdings is available by calling Capital Group Private Client Services at 800-421-4996.
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
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.
CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS | |
By /s/ John S. Armour | |
John S. Armour, President and Principal Executive Officer | |
Date: June 30, 2015 |
Pursuant to the requirements of the Securities 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/ John S. Armour |
John S. Armour, President and Principal Executive Officer |
Date: June 30, 2015 |
By /s/ Gregory F. Niland |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: June 30, 2015 |