Limited Term Tax Exempt Bond Fund Of America N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-07888

Limited Term Tax-Exempt Bond Fund of America

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (213) 486-9200

Date of fiscal year end: July 31

Date of reporting period: January 31, 2009

Kimberly S. Verdick

Capital Research and Management Company

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Paul, Hastings, Janofsky & Walker LLP

515 South Flower Street, 25th Floor

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

[logo - American Funds®]

The right choice for the long term®

Limited Term Tax-Exempt Bond Fund of America

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Semi-annual report for the six months ended January 31, 2009

Limited Term Tax-Exempt Bond Fund of AmericaSM seeks current income exempt from regular federal income taxes, consistent with preservation of capital, by investing primarily in investment-grade municipal bonds. The fund’s portfolio maintains a dollar-weighted average maturity between three and 10 years.

This fund is one of the 31 American Funds. American Funds is one of the nation’s largest mutual fund families. For nearly 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 2.50%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2008 (the most recent calendar quarter-end):
Class A shares	1 year			5 years			10 years
Reflecting 2.50% maximum sales charge*		–3.77	%		1.44	%		3.11	%
*The maximum initial sales charge was 3.75% prior to November 1, 2006.

The total annual fund operating expense ratio was 0.66% for Class A shares as of the most recent fiscal year-end. This figure does not reflect the fee waiver described below.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Respective fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 24 and 25 for details.

The fund’s 30-day yield for Class A shares as of February 28, 2009, calculated in accordance with the Securities and Exchange Commission formula, was 2.78%. (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 4.28%.) The fund’s distribution rate for Class A shares as of that date was 3.42% (3.40% without the fee waiver). Both reflect the 2.50% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

Results for other share classes can be found on page 4.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income may be subject to state or local income taxes and/or federal alternative minimum taxes. Certain other income, as well as capital gain distributions, may be taxable. Please consult with your tax adviser.

Fellow shareholders:

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Since our last report, financial markets have encountered a period of extraordinary challenges and dislocations that have exacerbated the economic recession that began in December 2007. Most major asset classes experienced sharp price declines since last summer, except for U.S. government bonds and cash equivalents. In the municipal market, higher quality, shorter maturity bonds, which are the mainstay of this fund, generally escaped the worst of the downturn.

For the six months ended January 31, 2009, Limited Term Tax-Exempt Bond Fund of America recorded a total return of 1.8%. These results compared favorably to its peer group as measured by the Lipper Intermediate Municipal Debt Funds Average, which produced a return of 1.3%. In contrast, the Barclays Capital (7-year) Municipal Bond Index* returned 6.6%. The index benefited from a concentrated weighting in the highest quality bonds, and its return does not include expenses.

The fund’s total return reflects changes in the share price plus income generated from portfolio holdings. Despite interim fluctuations, the share price ended the period where it began, at $15.01. Consequently, the fund’s total return derived mainly from income reinvested. For the six-month period, the fund paid monthly dividends totaling about 25.6 cents a share. Those who reinvested these dividends recorded an income return of 1.72% (3.44% annualized), which is equivalent to a taxable return of 2.65% (5.30% annualized) for those in the top tax bracket. Those who took dividends in cash recorded similar returns.

[Begin Sidebar]

Results at a glance
For periods ended January 31, 2009, with dividends reinvested
	Total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 10/6/93)
Limited Term Tax-Exempt Bond
Fund of America (Class A shares)		0.62	%		2.59	%		3.66	%		4.38	%
Lipper Intermediate Municipal
Debt Funds Average		0.36			2.56			3.64			4.31
Barclays Capital (7-Year)
Municipal Bond Index*		6.03			4.37			5.05			5.36
*The index, formerly Lehman Brothers (7-year) Municipal Bond Index, was taken over by Barclays Capital in 2008. It is unmanaged and its results do not reflect the effect of sales charges, commissions or expenses.

[End Sidebar]

Bond market overview

The current fiscal year began in August 2008 with the municipal market hampered by challenges endemic to its market, including problems with bond insurers and auction-rate securities. Bond insurers faced capital constraints and rating downgrades primarily because of their exposure to taxable mortgage-related securities, which diminished the credibility of their guarantees on municipal debt. Auction-rate securities, which blended features of both long- and short-term bonds, suffered severe dislocations as investment banks ceased to support regular auctions and buyers balked.

While the municipal market grappled with these troubles, a deeper crisis was brewing in the taxable bond market, precipitated by the housing slump and mounting losses on mortgage-backed securities. In September, the crisis escalated when, in a matter of weeks, the government took over Fannie Mae, Freddie Mac and troubled insurer AIG; the investment bank Lehman Brothers filed for bankruptcy; the Federal Deposit Insurance Corporation arranged a takeover of Washington Mutual; and Merrill Lynch sought protection by selling itself to Bank of America. Arranged takeovers of other faltering regional banks occurred in October. In the municipal market, the disappearance of key investment banks strained liquidity (the ease of buying or selling an asset), especially for lower quality issues.

As investors digested the breadth and depth of the evolving crisis, financial markets plummeted, sending stock, bond and commodities prices lower. Government bonds bucked the downtrend, as wary investors flocked to the safety of U.S. Treasuries. As waves of pessimism overwhelmed the markets, the economy slipped deeper into recession and job losses began to rise rapidly.

To address deteriorating conditions, the Federal Reserve injected billions to help increase liquidity in the debt markets, and Congress passed the Emergency Economic Stabilization Act. Additionally, the Fed slashed its overnight lending rate in mid-December to a range of 0%-0.25%, a historic low.

Shortly thereafter, bond markets began to show tentative signs of improvement, and a rally ensued that extended through the end of the fiscal period. In the municipal market, where yields significantly exceeded those of Treasuries — a rare occurrence for tax-exempt bonds — high-quality, short- and intermediate-term bonds were the first to experience renewed demand. By January, even lower rated, longer maturity bonds met with strong interest. Overall, general obligation bonds recorded higher returns for the period than did revenue bonds.

Effects on the portfolio

By design, Limited Term Tax-Exempt Bond Fund of America focuses on short- to intermediate-term bonds that carry investment-grade ratings. During adverse market conditions, such bonds tend to be less volatile than lower rated, longer dated securities.

At the close of the recent period, about 91% of bonds held by the fund were rated investment grade. Of this amount, about 55% were rated in the top two rating categories, AAA or AA, and about 36% were rated A or BBB. In general, the lower investment-grade categories posted weaker results for the period, as investors shied away from riskier investments during the height of the turmoil. Over time, however, these same bonds have tended to provide higher levels of income than the highest quality bonds.

As always, portfolio counselors rely on rigorous research to achieve a mix of bonds in the portfolio that they believe can protect shareholder principal while affording a reasonable level of current income. This mix varies over time depending on current and expected market conditions. During the recent period, portfolio counselors modestly increased the portfolio’s exposure to the highest rating categories. At the same time, they maintained a somewhat higher level of cash and short-term bond equivalents, given the unsettled nature of the municipal market. A guide to the mix of securities held in the portfolio can be found on page 5.

Despite troubled market conditions, many investors continued to seek the benefits of tax-free bonds, opting for conservative investment approaches and prudent professional management. Consequently, Limited Term Tax-Exempt Bond Fund of America experienced solid growth over the period. Net assets of the fund rose 32%, as the number of shareholder accounts increased 24%. We take this opportunity to welcome new shareholders to the fund.

Looking ahead

We have been greatly encouraged by improving conditions in the municipal market since mid-December, yet significant challenges remain, particularly for municipal issuers. The ongoing recession is likely to strain state and local revenues and could lead to rating downgrades for some issuers. Also, the decline of bond insurance means that many issuing entities will face even greater scrutiny of their credit profiles. We believe that these challenges, while meaningful, play to the strengths of our research-driven investment approach.

The portfolio counselors and analysts of Limited Term Tax-Exempt Bond Fund of America are well-prepared to meet these challenges with years of investment experience, a conservative management style and rigorous attention to detail. We cannot control what the market does, but we can strive to tailor our approach to take advantage of opportunities as they arise, with the goal of limiting the effects of adverse markets. Our extensive research efforts are crucial to achieving these goals.

Most importantly, we maintain a long-term perspective on all our investments, even when the market becomes myopic. This focus has guided the portfolio through several turbulent markets during the fund’s lifetime and keeps our efforts centered on the long-term needs of our shareholders.

We appreciate your confidence in us, and we look forward to reporting to you again in six months.

Cordially,

/s/ Paul G. Haaga, Jr.

Paul G. Haaga, Jr.

Vice Chairman of the Board

/s/ Brenda S. Ellerin

Brenda S. Ellerin

President

March 16, 2009

For current information about the fund, visit americanfunds.com.

Other share class results

Classes B, C and F

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.

Average annual total returns for periods ended
December 31, 2008 (the most recent							Life
calendar quarter-end):	1 year			5 years			of class
Class B shares — first sold 3/15/00
Reflecting applicable contingent deferred sales
charge (CDSC), maximum of 5%, payable only
if shares are sold within six years of purchase		–6.76	%		0.90	%		3.18	%
Not reflecting CDSC		–2.00			1.26			3.18
Class C shares — first sold 3/15/01
Reflecting CDSC, maximum of 1%, payable only if
shares are sold within one year of purchase		–3.00			1.18			2.33
Not reflecting CDSC		–2.05			1.18			2.33
Class F-1 shares* — first sold 3/15/01
Not reflecting annual asset-based fee charged
by sponsoring firm		–1.31			1.93			3.06
Class F-2 shares* — first sold 8/18/08
Not reflecting annual asset-based fee charged
by sponsoring firm		—			—			–2.93	†
*These shares are sold without any initial or contingent deferred sales charge.
† Results are cumulative total returns; they are not annualized.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Respective fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 24 and 25 for details that include expense ratios for all share classes.

For information regarding the differences among the various share classes, please refer to the fund’s prospectus.

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,* then look in the right-hand column to see what you would have had to earn from a taxable investment to equal the fund’s 3.40% tax-exempt distribution rate† as of January 31, 2009.

If your taxable income is ...
Single		Joint		… then your federal tax rate is ...			The 3.40% distribution rate is equivalent to a taxable rate of …
$	0 – 8,025	$	0 – 16,050		10.0	%		3.78	%
	8,026 – 32,550		16,051 – 65,100		15.0			4.00
	32,551 – 78,850		65,101 – 131,450		25.0			4.53
	78,851 – 164,550		131,451 – 200,300		28.0			4.72
	164,551 – 357,700		200,301 – 357,700		33.0			5.07
Over 357,700		Over 357,700			35.0			5.23

*Based on 2008 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phase-out of itemized deductions that are applicable to certain taxable income levels.

†The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2009.

Summary investment portfolio, January 31, 2009

unaudited

The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.

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Quality ratings*
Aaa/AAA	19.9	%
Aa/AA	35.2
A/A	22.7
Baa/BBB	12.8
Ba/BB	0.4
CCC or below	0.1
Short-term securities & other assets less liabilities	8.9
*Bond ratings reflect those of a credit rating agency; if ratings are not available, they are assigned by the fund's investment analysts.

[end pie chart]

	Principal						Percent
	amount			Value			of net
Bonds & notes - 91.09%		(000	)		(000	)	assets
Alabama - 0.50%
Other securities				$	7,839			.50
Alaska - 0.87%
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011)	$	6,365			6,798			.43
Other securities					6,924			.44
					13,722			.87
Arizona - 2.05%
Other securities					32,199			2.05
California - 5.17%
Various Purpose G.O. Bonds 5.00% 2015		5,000			5,461			.35
Other securities					75,850			4.82
					81,311			5.17
Colorado - 2.59%
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.25% 2015		5,300			5,565			.35
Other securities					35,205			2.24
					40,770			2.59
Connecticut - 0.62%
Other securities					9,727			.62
Delaware - 0.54%
Other securities					8,438			.54
District of Columbia - 1.25%
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018)		8,500			8,681			.55
Other securities					10,912			.70
					19,593			1.25
Florida - 7.39%
Board of Education, Capital Outlay Ref. Bonds, Series 2005-B, 5.00% 2017		7,000			7,857			.50
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2008-A, 5.00% 2014		9,500			10,058			.64
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, Series 2003-E, AMT, MBIA insured, 5.375% 2017		6,075			6,163			.39
Municipal Power Agcy., Stanton Project Rev. Ref. Bonds, Series 2008, 5.125% 2017		5,000			5,728			.36
Other securities					86,520			5.50
					116,326			7.39
Georgia - 1.97%
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019		6,500			7,468			.48
Other securities					23,461			1.49
					30,929			1.97
Idaho - 1.06%
Other securities					16,759			1.06
Illinois - 5.56%
City of Chicago, Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Co. Project), Series 2000-B, 4.75% 2030 (put 2014)		6,500			6,633			.42
Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, FSA insured, 5.00% 2016		5,000			5,721			.37
G.O. Bonds, Illinois FIRST, Series of August 2001, MBIA insured, 5.50% 2017		4,575			5,496
G.O. Ref. Bonds, Series of June 2006, 5.00% 2015		7,750			8,874			.91
Other securities					60,695			3.86
					87,419			5.56
Indiana - 2.25%
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017		10,320			8,650			.55
Other securities					26,801			1.70
					35,451			2.25
Kentucky - 0.81%
State Property and Buildings Commission, Rev. and Rev. Ref. Bonds (Project No. 87), FGIC insured, 5.00% 2018		5,000			5,660			.36
Other securities					7,121			.45
					12,781			.81
Louisiana - 0.57%
Other securities					8,928			.57
Maryland - 0.99%
Other securities					15,531			.99
Massachusetts - 1.58%
G.O. Bonds, Consolidated Loan of 2002, Series D, 5.50% 2018		3,000			3,641
G.O. Ref. Bonds, Series 2008-A, 5.00% 2014		3,000			3,477			.45
Other securities					17,713			1.13
					24,831			1.58
Michigan - 4.14%
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018		5,000			5,707			.36
State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017		6,500			7,455			.48
Other securities					51,946			3.30
					65,108			4.14
Minnesota - 0.81%
Other securities					12,721			.81
Missouri - 1.74%
Other securities					27,332			1.74
Nebraska - 0.83%
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. and Ref. Bonds (Methodist Health System), Series 2008, 5.50% 2018		5,260			5,405			.34
Other securities					7,642			.49
					13,047			.83
Nevada - 2.43%
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2007-C, 5.00% 2017		5,500			6,216			.40
Other securities					31,973			2.03
					38,189			2.43
New Jersey - 4.12%
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2003, 6.125% 2024 (preref. 2013)		9,095			9,632			.61
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023		11,270			8,255			.53
Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014		8,000			8,856
Transportation Trust Fund Auth., Transportation System Bonds:
Series 1999-A, 5.75% 2017		5,000			5,953
Series 2004-B, FGIC insured, 5.25% 2013		4,410			5,005
Series 2003-B-2, 5.00% 2016-2017		5,000			5,702			1.62
Other securities					21,450			1.36
					64,853			4.12
New York - 3.82%
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), Series 2002-B, 5.25% 2023 (put 2012)		5,000			5,284			.34
Other securities					54,851			3.48
					60,135			3.82
North Carolina - 2.05%
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds:
Ref. Series 2008-A, 5.25% 2017		3,000			3,321
Series 1992, MBIA insured, 6.00% 2010		3,000			3,111
Series 1997-A, MBIA insured, 5.125% 2011		2,750			2,756
Series 1999-B, 6.625% 2010		2,500			2,607
Series 2003-A, 5.50% 2012-2013		4,750			5,177			1.08
Other securities					15,323			.97
					32,295			2.05
Ohio - 2.58%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.125% 2024		7,210			5,289			.34
Higher Education G.O. Ref. Bonds, Series 2009-A, 5.00% 2017		5,000			5,861			.37
Other securities					29,474			1.87
					40,624			2.58
Pennsylvania - 3.34%
Harrisburg Auth., Dauphin County, Recovery Fac. Rev. Bonds, Series D, Subseries D-2, FSA insured, 5.00% 2033 (put 2013)		6,500			6,964			.44
Health Care Facs. Auth. of Sayre, Rev. Bonds (Guthrie Health Issue), Series 2007, 2.126% 2017 (1)		7,665			5,404			.34
Other securities					40,163			2.56
					52,531			3.34
Puerto Rico - 1.28%
Other securities					20,133			1.28
Rhode Island - 0.55%
Other securities					8,718			.55
South Carolina - 0.82%
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Ref. Bonds, Series 2008, 5.00% 2018		6,000			5,720			.36
Other securities					7,260			.46
					12,980			.82
Tennessee - 1.06%
Other securities					16,613			1.06
Texas - 15.52%
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Ref. and Improvement Bonds, Series 2007-A, 5.00% 2018		5,500			6,347			.40
Dallas County Community College Dist. (Dallas County), G.O. Ref. and Improvement Bonds, Series 2008, 5.00% 2018		5,690			6,632			.42
Harris County, Tax and Rev. Ref. Bonds, Series 2004-B, FSA insured, 5.00% 2032 (put 2012)		5,000			5,437			.34
Harris County, Toll Road Unlimited Tax and Rev. Ref. Bonds, Series 2007-C, 5.00% 2016		5,000			5,858			.37
North Texas Tollway Auth., System Rev. Ref. Bonds:
Current Interest Bonds, Series 2008-A:
6.00% 2019		5,000			5,439
5.50% 2018		3,000			3,189
Series 2008-E, Subseries 2008-E-3, 5.75% 2038 (put 2016)		9,850			10,173			1.20
City of San Antonio, General Improvement and Ref. Bonds, Series 2005, 5.25% 2015		10,000			11,738			.75
City of San Antonio:
Electric and Gas Systems Rev. Ref. Bonds:
New Series 2002, 5.375% 2015		5,480			6,397
New Series 2003-A, 5.25% 2014		1,500			1,715
New Series 2008-A, 5.50% 2015		2,000			2,338
Electric and Gas Systems Rev. and Ref. Bonds, New Series 2007, 5.00% 2018		4,000			4,541
Electric and Gas Systems Rev. Bonds, New Series 2006-A, 5.00% 2015		1,000			1,147			1.02
Transportation Commission:
G.O. Bonds, Series 2005-A, 5.00% 2013		4,250			4,815
G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017-2020		12,250			14,178			1.21
Board of Regents of the University of Texas System:
Rev. Ref. Fncg. System Bonds:
Series 2002-B, 5.25% 2015		6,670			7,918
Series 2004-B, 5.25% 2016		10,090			12,040
Rev. Fncg. System Bonds, Series 2008-A, 5.25% 2019		2,000			2,343			1.42
Other securities					131,969			8.39
					244,214			15.52
Utah - 0.56%
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, FSA insured, 5.25% 2019		5,250			6,196			.39
Other securities					2,646			.17
					8,842			.56
Virginia - 1.08%
Other securities					17,017			1.08
Washington - 2.94%
G.O. Bonds and Motor Vehicle Fuel Tax G.O. Bonds, Series 1992-B and AT-7, 6.40% 2017		9,400			11,433
Various Purpose G.O. Bonds, Series 1999-B, 5.00% 2018		1,000			1,002
Various Purpose G.O. Ref. Bonds, AMBAC insured:
Series R-2005-A, 5.00% 2020		1,500			1,625
Series R-2006-A, 5.00% 2015		2,500			2,915			1.08
Other securities					29,264			1.86
					46,239			2.94
Wisconsin - 2.71%
G.O. Bonds:
Series 2003-C, 5.25% 2014		7,770			8,948
Series 2008-C, 5.00% 2022		4,000			4,276
Series 2008-D, 5.00% 2017		2,500			2,899
G.O. Ref. Bonds, Series 2005-1, MBIA insured, 5.00% 2017		2,500			2,811			1.20
Other securities					23,696			1.51
					42,630			2.71
Multi-state - 0.52%
Other securities					8,141			.52
Other states & U.S. territories - 2.42%
State of Mississippi, Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project), Series 2007, FSA insured, 5.00% 2034 (put 2015)		6,000			6,690			.43
Other securities					31,342			1.99
					38,032			2.42
Total bonds & notes (cost: $1,430,347,000)					1,432,948			91.09
	Principal						Percent
	amount			Value			of net
Short-term securities - 8.66%		(000	)		(000	)	assets
State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project):
Series 2003-A, 0.47% 2033 (1)		1,790			1,790
Series 2007-B, 0.62% 2033 (1)		4,300			4,300			.39
Commonwealth of Massachusetts:
G.O. Bond Anticipation Notes, Series 2008-A, 3.00% 3/5/2009		5,000			5,011
G.O. Demand Bonds, Consolidated Loan of 2006, Series A, 2.00% 2026 (1)		4,550			4,550
G.O. Ref. Bonds, Series 2006-F, TECP, 1.05% 2/2/2009		2,200			2,200
G.O. Rev. Anticipation Notes, Series 2008-B, 4.00% 4/30/2009		3,000			3,027			.94
Las Vegas Valley Water Dist., Nevada, G.O. (Limited Tax) Water Improvement Bonds, Series 2006-B, 0.60% 2036 (1)		5,900			5,900			.37
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2009-A, 3.00% 6/25/2009		5,000			5,053			.32
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003 Series Subseries 2-B, 0.90% 2022 (1)		13,000			13,000			.83
State of Pennsylvania, Montgomery County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Co. Project), Series 1994-A, TECP, 0.27% 3/10/2009		9,700			9,700			.62
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool):
Series 2002, 0.40% 2032 (1)		3,200			3,200
Series 2006, 0.40% 2036 (1)		1,300			1,300
Series 2008, 0.40% 2038 (1)		2,200			2,200			.43
State of Texas, Tax and Rev. Anticipation Notes, Series 2008, 3.00% 8/28/2009		20,000			20,324			1.29
Other securities					54,600			3.47
Total short-term securities (cost: $135,946,000)					136,155			8.66
Total investment securities (cost: $1,566,293,000)					1,569,103			99.75
Other assets less liabilities					3,968			.25
Net assets				$	1,573,071			100.00	%

"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with aggregate value of $12,049,000, which represented .77% of the net assets of the fund) may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

The following footnote applies to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

(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.

See Notes to Financial Statements

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

TECP = Tax-Exempt Commercial Paper

Financial statements

Statement of assets and liabilities			unaudited
at January 31, 2009	(dollars in thousands)
Assets:
Investment securities, at value (cost: $1,566,293)			$	1,569,103
Cash				124
Receivables for:
Sales of investments	$	8,080
Sales of fund's shares		9,284
Interest		16,702		34,066
				1,603,293
Liabilities:
Payables for:
Purchases of investments		23,973
Repurchases of fund's shares		4,200
Dividends on fund's shares		987
Investment advisory services		370
Services provided by affiliates		585
Trustees' deferred compensation		78
Other		29		30,222
Net assets at January 31, 2009			$	1,573,071
Net assets consist of:
Capital paid in on shares of beneficial interest			$	1,577,373
Undistributed net investment income				10
Accumulated net realized loss				(7,122	)
Net unrealized appreciation				2,810
Net assets at January 31, 2009			$	1,573,071

(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (104,790 total shares outstanding)
	Net assets		Shares outstanding		Net asset value per share*
Class A	$	1,271,800		84,721	$	15.01
Class B		25,972		1,730		15.01
Class C		67,943		4,526		15.01
Class F-1		100,298		6,681		15.01
Class F-2		5,992		399		15.01
Class R-5		101,066		6,733		15.01
(*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $15.39.
See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended January 31, 2009	(dollars in thousands)
Investment income:
Income:
Interest				$	27,493
Fees and expenses*:
Investment advisory services	$	1,988
Distribution services		2,203
Transfer agent services		129
Administrative services		97
Reports to shareholders		19
Registration statement and prospectus		195
Postage, stationery and supplies		22
Trustees' compensation		(18	)
Auditing and legal		4
Custodian		3
Federal and state income taxes		3
Other state and local taxes		1
Other		1
Total fees and expenses before waiver		4,647
Less investment advisory services waiver		162
Total fees and expenses after waiver					4,485
Net investment income					23,008
Net realized loss and unrealized
appreciation on investments:
Net realized loss on investments					(4,198	)
Net unrealized appreciation on investments					13,753
Net realized loss and unrealized appreciation on investments					9,555
Net increase in net assets resulting from operations				$	32,563
(*)Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.
See Notes to Financial Statements
Statements of changes in net assets		(dollars in thousands)
	Six months
	ended January 31, 2009*			Year ended July 31, 2008
Operations:
Net investment income	$	23,008		$	36,697
Net realized (loss) gain on investments		(4,198	)		283
Net unrealized appreciation (depreciation) on investments		13,753			(9,252	)
Net increase in net assets resulting from operations		32,563			27,728
Dividends paid or accrued to
shareholders from net investment income		(22,980	)		(36,708	)
Net capital share transactions		372,861			241,493
Total increase in net assets		382,444			232,513
Net assets:
Beginning of period		1,190,627			958,114
End of period (including undistributed and distributions in excess of
net investment income: $10 and $(18), respectively)	$	1,573,071		$	1,190,627
*Unaudited.
See Notes to Financial Statements

Notes to financial statements       

                                                                                                              unaudited

1. Organization and significant accounting policies

Organization – Limited Term Tax-Exempt Bond Fund of America (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks current income exempt from regular federal income taxes, consistent with preservation of capital, by investing primarily in investment-grade municipal bonds. The fund’s portfolio maintains a dollar-weighted average maturity between three and 10 years.

The fund has six share classes consisting of five retail share classes and one retirement plan share class. The retirement plan share class (R-5) is generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 2.50%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Class B	None	Declines from 5% to 0% for redemptions within six years of purchase	Class B converts to Class A after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Classes F-1 and F-2	None	None	None
Class R-5	None	None	None

Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds.Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.

Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:

Security valuation – Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (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. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of trustees. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, 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.

Security transactions and related investment income – Security transactions are recorded by the fund 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 fund will segregate liquid assets sufficient to meet its payment obligations. 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.

Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.

Dividends and distributions to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.

2. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

The values of, and the income generated by, most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities.

A bond's effective maturity is the market's trading assessment of its maturity and represents an estimate of the most likely time period during which an investor in that bond will receive payment of principal. For example, as market interest rates decline, issuers may exercise call provisions that shorten the bond's effective maturity. Conversely, if interest rates rise, effective maturities tend to lengthen. A portfolio’s dollar-weighted average maturity is the weighted average of all effective maturities in the portfolio, where more weight is given to larger holdings.

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. Lower quality or longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality or shorter maturity debt securities. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.

 3. Taxation and distributions                                                                                     

Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income and net capital gains each year. The fund is not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by the fund is exempt from federal income taxes; however, the fund may earn taxable income from certain investments.

As of and during the period ended January 31, 2009, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.

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 differing treatment for items such as short-term capital gains and losses; net capital losses; and amortization of market 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 fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of July 31, 2008, the components of distributable earnings on a tax basis were as follows:

	(dollars in thousands)
Undistributed tax-exempt income				$	838
Capital loss carryforwards*:
Expiring 2011	$	(2,286	)
Expiring 2012		(638	)		(2,924	)
*The capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while capital loss carryforwards remain.

As of January 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	48,591
Gross unrealized depreciation on investment securities		(45,642	)
Net unrealized appreciation on investment securities		2,949
Cost of investment securities		1,566,154

Tax-exempt income distributions paid or accrued to shareholders were as follows (dollars in thousands):

Share class	Six months ended January 31, 2009		Year ended  July 31, 2008
Class A	$	18,974	$	30,009
Class B		349		790
Class C		857		1,622
Class F-1		1,437		2,209
Class F-2*		56		-
Class R-5		1,307		2,078
Total	$	22,980	$	36,708
*Class F-2 was offered beginning August 1, 2008.

4. Fees and transactions with related parties

Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.

Investment advisory services - The Investment Advisory and Service Agreement with CRMC providesfor monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.30% on the first $60 million of daily net assets and decreasing to 0.15% on such assets in excess of $1 billion. The agreement also provides for monthly fees, accrued daily, of 3.00% on the first $3,333,333 of the fund's monthly gross income and 2.50% on such income in excess of $3,333,333. CRMC waived a portion of its investment advisory services fee commencing on September 1, 2004, and terminating on December 31, 2008. During the six months ended January 31, 2009, total investment advisory services fees waived by CRMC were $162,000. As a result, the fee shown on the accompanying financial statements of $1,988,000, which was equivalent to an annualized rate of 0.294%, was reduced to $1,826,000, or 0.270% of average daily net assets.

Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:

Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2 and R-5. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted on the following page. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.All share classes except Classes F-2 and R-5 may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Class A, the board of trustees has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. Thisclass reimbursesAFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of January 31, 2009, unreimbursed expenses subject to reimbursement totaled $2,094,000 for Class A.

Share class	Currently approved limits	Plan limits
Class A	0.30%	0.30%
Class B	1.00	1.00
Class C	1.00	1.00
Class F-1	0.25	0.50

Transfer agent services –The fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.

Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.

Expenses under the agreements described above for the six months ended January 31, 2009, were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services	Administrative services
			CRMC administrative services	Transfer agent services
Class A	$1,655	$126	Not applicable	Not applicable
Class B	126	3	Not applicable	Not applicable
Class C	317	Included in administrative services	$22	$2
Class F-1	105		32	2
Class F-2*	Not applicable		2	-†
Class R-5	Not applicable		36	1
Total	$2,203	$129	$92	$5

*Class F-2 was offered beginning August 1, 2008.

†Amount less than one thousand.

Trustees’ deferred compensation – Since the adoption of the deferred compensation plan in 1994, trustees who are unaffiliated with CRMCmay elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $(18,000), shown on the accompanying financial statements, includes $13,000 in current fees (either paid in cash or deferred) and a net decrease of $31,000 in the value of the deferred amounts.

Affiliated officers and trustees – Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or trustees received any compensation directly from the fund.

5. Disclosure of fair value measurements

The fund adopted the Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, on August 1, 2008. FAS 157 requires the fund to classify its assets and liabilities into three levels based on the method 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At January 31, 2009, all of the fund’s investment securities were classified as Level 2.

6. Capital share transactions

Capital share transactions in the fund were as follows (dollars and shares in thousands):

Share class	Sales(*)				Reinvestments of dividends				Repurchases(*)						Net increase (decrease)
	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2009
Class A	$	553,995		37,910	$	15,437		1,051	$	(276,192	)		(18,919	)	$	293,240			20,042
Class B		5,212		356		269		18		(4,960	)		(338	)		521			36
Class C		21,475		1,464		691		47		(14,173	)		(973	)		7,993			538
Class F-1		53,659		3,680		1,129		77		(29,082	)		(1,987	)		25,706			1,770
Class F-2†		6,624		450		41		3		(782	)		(54	)		5,883			399
Class R-5		45,294		3,084		480		33		(6,256	)		(421	)		39,518			2,696
Total net increase
(decrease)	$	686,259		46,944	$	18,047		1,229	$	(331,445	)		(22,692	)	$	372,861			25,481
Year ended July 31, 2008
Class A	$	455,888		30,010	$	23,424		1,547	$	(263,618	)		(17,348	)	$	215,694			14,209
Class B		2,461		162		587		39		(7,933	)		(522	)		(4,885	)		(321	)
Class C		13,233		871		1,278		84		(14,440	)		(950	)		71			5
Class F-1		57,621		3,794		1,512		100		(37,141	)		(2,447	)		21,992			1,447
Class R-5		18,956		1,244		713		47		(11,048	)		(728	)		8,621			563
Total net increase
(decrease)	$	548,159		36,081	$	27,514		1,817	$	(334,180	)		(21,995	)	$	241,493			15,903
*Includes exchanges between share classes of the fund.
†Class F-2 was offered beginning August 1, 2008.

7. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $351,509,000 and $43,298,000, respectively, during the six months ended January 31, 2009.

Financial highlights (1)

					Income from investment operations(2)
			Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)					Total from investment operations		Dividends (from net investment income)			Net asset value, end of period		Total return (3) (4)			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers					Ratio of expenses to average net assets after waivers (4)					Ratio of net income to average net assets (4)
Class A:
Six months ended 1/31/2009	(5	)	$	15.01	$	.26	$	-		(6	)	$	.26	$	(.26	)	$	15.01		1.76	%	$	1,272		.65	%	(7	)		.63	%	(7	)		3.44	%	(7	)
Year ended 7/31/2008				15.11		.54		(.10	)				.44		(.54	)		15.01		2.91			971		.66					.63					3.51
Year ended 7/31/2007				15.14		.53		(.03	)				.50		(.53	)		15.11		3.33			763		.68					.65					3.47
Year ended 7/31/2006				15.34		.50		(.20	)				.30		(.50	)		15.14		2.00			800		.66					.63					3.30
Year ended 7/31/2005				15.33		.51		.01					.52		(.51	)		15.34		3.40			857		.66					.64					3.29
Year ended 7/31/2004				15.17		.51		.16					.67		(.51	)		15.33		4.40			793		.68					.66					3.27
Class B:
Six months ended 1/31/2009	(5	)		15.01		.20		-		(6	)		.20		(.20	)		15.01		1.40			26		1.35		(7	)		1.33		(7	)		2.77		(7	)
Year ended 7/31/2008				15.11		.43		(.10	)				.33		(.43	)		15.01		2.18			25		1.37					1.34					2.83
Year ended 7/31/2007				15.14		.42		(.03	)				.39		(.42	)		15.11		2.62			30		1.38					1.35					2.78
Year ended 7/31/2006				15.34		.40		(.20	)				.20		(.40	)		15.14		1.30			41		1.37					1.33					2.59
Year ended 7/31/2005				15.33		.40		.01					.41		(.40	)		15.34		2.69			50		1.37					1.35					2.59
Year ended 7/31/2004				15.17		.40		.16					.56		(.40	)		15.33		3.69			52		1.38					1.37					2.57
Class C:
Six months ended 1/31/2009	(5	)		15.01		.20		-		(6	)		.20		(.20	)		15.01	��	1.37			68		1.40		(7	)		1.38		(7	)		2.71		(7	)
Year ended 7/31/2008				15.11		.42		(.10	)				.32		(.42	)		15.01		2.14			60		1.42					1.38					2.77
Year ended 7/31/2007				15.14		.42		(.03	)				.39		(.42	)		15.11		2.56			60		1.44					1.41					2.72
Year ended 7/31/2006				15.34		.39		(.20	)				.19		(.39	)		15.14		1.25			78		1.41					1.38					2.55
Year ended 7/31/2005				15.33		.38		.01					.39		(.38	)		15.34		2.57			100		1.49					1.47					2.46
Year ended 7/31/2004				15.17		.38		.16					.54		(.38	)		15.33		3.55			107		1.51					1.50					2.43
Class F-1:
Six months ended 1/31/2009	(5	)		15.01		.25		-		(6	)		.25		(.25	)		15.01		1.75			100		.66		(7	)		.63		(7	)		3.42		(7	)
Year ended 7/31/2008				15.11		.53		(.10	)				.43		(.53	)		15.01		2.89			74		.67					.64					3.49
Year ended 7/31/2007				15.14		.53		(.03	)				.50		(.53	)		15.11		3.32			52		.68					.65					3.46
Year ended 7/31/2006				15.34		.50		(.20	)				.30		(.50	)		15.14		2.00			46		.66					.63					3.29
Year ended 7/31/2005				15.33		.50		.01					.51		(.50	)		15.34		3.32			40		.74					.72					3.20
Year ended 7/31/2004				15.17		.49		.16					.65		(.49	)		15.33		4.32			33		.76					.75					3.17
Class F-2:
Period from 8/18/2008 to 1/31/2009	(5	)		15.15		.24		(.14	)				.10		(.24	)		15.01		.69			6		.21					.20					1.60
Class R-5:
Six months ended 1/31/2009	(5	)		15.01		.27		-		(6	)		.27		(.27	)		15.01		1.87			101		.43		(7	)		.41		(7	)		3.65		(7	)
Year ended 7/31/2008				15.11		.57		(.10	)				.47		(.57	)		15.01		3.13			61		.44					.41					3.74
Year ended 7/31/2007				15.14		.56		(.03	)				.53		(.56	)		15.11		3.55			53		.46					.43					3.69
Year ended 7/31/2006				15.34		.53		(.20	)				.33		(.53	)		15.14		2.22			41		.44					.41					3.52
Year ended 7/31/2005				15.33		.54		.01					.55		(.54	)		15.34		3.63			48		.44					.42					3.51
Year ended 7/31/2004				15.17		.54		.16					.70		(.54	)		15.33		4.63			50		.46					.44					3.49

	Six months ended January 31,			Year ended July 31
	2009(5)			2008			2007			2006			2005			2004
Portfolio turnover rate for all classes of shares		4	%		16	%		26	%		25	%		12	%		10	%

(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year.

(2) Based on average shares outstanding.

(3) Total returns exclude any applicable sales charges, including contingent deferred sales charges.

(4) This column reflects the impact, if any, of certain waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services.

(5) Unaudited.

(6) Amount less than $.01.

(7) Annualized.

See Notes to Financial Statements

Expense example

unaudited

As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund 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 (August 1, 2008, through January 31, 2009).

Actual expenses:

The first line of each share class in the table on the next page 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 share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 fund 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:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. 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 also be lower by the amount of these fees.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 8/1/2008		Ending account value 1/31/2009		Expenses paid during period*		Annualized expense ratio
Class A -- actual return	$	1,000.00	$	1,017.57	$	3.20		.63	%
Class A -- assumed 5% return		1,000.00		1,022.03		3.21		.63
Class B -- actual return		1,000.00		1,014.00		6.75		1.33
Class B -- assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class C -- actual return		1,000.00		1,013.73		7.00		1.38
Class C -- assumed 5% return		1,000.00		1,018.25		7.02		1.38
Class F-1 -- actual return		1,000.00		1,017.54		3.20		.63
Class F-1 -- assumed 5% return		1,000.00		1,022.03		3.21		.63
Class F-2 -- actual return †		1,000.00		1,006.93		2.05		.45
Class F-2 -- assumed 5% return †		1,000.00		1,022.94		2.29		.45
Class R-5 -- actual return		1,000.00		1,018.70		2.09		.41
Class R-5 -- assumed 5% return		1,000.00		1,023.14		2.09		.41

*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

†The period for the “annualized expense ratio” and “actual return” line is based on the number of days from August 18, 2008 (the initial sale of the share class), through January 31, 2009, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.

Offices of the fund and of the

investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618

Transfer agent for shareholder accounts

American Funds Service Company

(Please write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Paul, Hastings, Janofsky & Walker LLP

515 South Flower Street

Los Angeles, CA 90071-2228

Independent registered public accounting firm

PricewaterhouseCoopers LLP

350 South Grand Avenue

Los Angeles, CA 90071-2889

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 the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.

A complete January 31, 2009, portfolio of Limited Term Tax-Exempt Bond Fund of America’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).

Limited Term Tax-Exempt Bond Fund of America 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. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.

This report is for the information of shareholders of Limited Term Tax-Exempt Bond Fund of America, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2009, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

[logo - American Funds®]

The right choice for the long term®

What makes American Funds different?

For nearly 80 years, we have followed a consistent philosophy to benefit our investors. Our 31 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.

Our unique combination of strengths includes these five factors:

•A long-term, value-oriented approach

We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term.

•An extensive global research effort

Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets.

•The multiple portfolio counselor system

Our unique approach to portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.

•Experienced investment professionals

American Funds portfolio counselors have an average of 25 years of investment experience, providing a depth of knowledge and broad perspective that few organizations have.

•A commitment to low management fees

The American Funds provide exceptional value for shareholders, with management fees that are among the lowest in the mutual fund industry.

American Funds span a range of investment objectives

•Growth funds

AMCAP Fund®

EuroPacific Growth Fund®

The Growth Fund of America®

The New Economy Fund®

New Perspective Fund®

New World Fund®

SMALLCAP World Fund®

•Growth-and-income funds

American Mutual Fund®

Capital World Growth and Income FundSM

Fundamental InvestorsSM

International Growth and Income FundSM

The Investment Company of America®

Washington Mutual Investors FundSM

•Equity-income funds

Capital Income Builder®

The Income Fund of America®

•Balanced fund

American Balanced Fund®

•Bond funds

American High-Income TrustSM

The Bond Fund of AmericaSM

Capital World Bond Fund®

Intermediate Bond Fund of America®

Short-Term Bond Fund of AmericaSM

U.S. Government Securities FundSM

•Tax-exempt bond funds

American High-Income Municipal Bond Fund®

>Limited Term Tax-Exempt Bond Fund of AmericaSM

The Tax-Exempt Bond Fund of America®

State-specific tax-exempt funds

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•Money market funds

The Cash Management Trust of America®

The Tax-Exempt Money Fund of AmericaSM

The U.S. Treasury Money Fund of AmericaSM

•American Funds Target Date Retirement Series®

The Capital Group Companies

American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust

Lit. No. MFGESR-943-0309P

Litho in USA CGD/CG/8089-S16772

Printed on paper containing 10% post-consumer waste

Printed with inks containing soy and/or vegetable oil

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

[logo – American Funds®]

Limited Term Tax-Exempt Bond Fund of AmericaSM

Investment portfolio

January 31, 2009

unaudited

Bonds & notes — 91.09%	Principal amount (000)			Value (000)
ALABAMA — 0.50%
City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project),
Series 2007-C, 5.00% 2034 (put 2015)	$	5,000		$	5,110
Port Auth., Docks Facs. Rev. Bonds, Series 2006-A, AMT, MBIA insured, 5.00% 2016		1,000			1,000
Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Bonds, Series 2008-A, 5.25% 2017		1,160			1,211
Board of Trustees of the University of Alabama, University of Alabama at Birmingham Hospital Rev. Bonds,
Series 2006-A, 5.00% 2015		500			518
					7,839
ALASKA — 0.87%
Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, MBIA insured, 5.50% 2037		2,230			2,203
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds,
Series 2000, 5.60% 2010 (escrowed to maturity)		1,000			1,065
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 4.75% 2015 (preref. 2009)		410			416
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011)		6,365			6,798
Student Loan Corp., Capital Project Rev. Bonds, Series 2004-A, MBIA insured, 4.00% 2011		1,000			1,040
Student Loan Corp., Education Loan Rev. Bonds, Series 2006-A-2, AMT, 5.00% 2016		1,000			1,010
Student Loan Corp., Student Loan Rev. Bonds, Series 2000-A, AMT, AMBAC insured, 5.65% 2010 (escrowed to maturity)		1,140			1,190
					13,722
ARIZONA — 2.05%
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 1.53% 2042 (put 2015)1		4,000			3,010
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 1.38% 2042 (put 2015)1		4,000			3,010
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2016		1,900			2,024
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2017		3,000			3,192
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2018		500			529
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West),
Series 2007-A, 5.00% 2016		2,000			2,030
Industrial Dev. Auth. of the County of Mohave, Correctional Facs. Contract Rev. Bonds (Mohave Prison, LLC Project),
Series 2004-A, XLCA insured, 5.00% 2011		1,345			1,456
City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2018		1,000			1,190
Industrial Dev. Auth. of the City of Phoenix and the County of Pima, Single-family Mortgage Rev. Bonds,
Series 2006-3A, AMT, 5.25% 2038		894			848
Industrial Dev. Authorities of the City of Phoenix and the County of Maricopa, Single-family Mortgage Rev. Bonds,
Series 2007-A-2, AMT, 5.80% 2040		1,885			1,872
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2012		1,250			1,191
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2013		1,000			930
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2015		1,250			1,101
School Facs. Board, Certs. of Part., Series 2008, 5.50% 2016		1,500			1,755
School Facs. Board, Certs. of Part., Series 2008, 5.50% 2017		3,000			3,507
School Facs. Board, State School Improvement Rev. Ref. Bonds, Series 2005, 5.00% 2015		2,000			2,332
School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017		2,000			2,222
					32,199
CALIFORNIA — 5.17%
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.),
Series 2001-A, 6.125% 2020		2,500			2,335
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. (Episcopal Homes Foundation),
Series 1998, 5.125% 2013		1,000			1,007
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Southern California Presbyterian Homes Obligated Group,
Rev. Bonds (Redwood Senior Homes and Services), Series 2002, 5.50% 2012		1,390			1,490
California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds
(Alameda County Tobacco Asset Securitization Corp.), Series 2002, 4.75% 2019		1,075			986
City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds, 4.15% 2012		500			453
City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds, 4.40% 2014		705			605
Econ. Recovery Bonds, Series 2008-B, 5.00% 2023 (put 2010)1		3,000			3,083
Various Purpose G.O. Bonds 5.00% 2015		5,000			5,461
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,
Series 2003-B, FGIC insured, 5.50% 2033 (preref. 2013)		1,000			1,143
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011)		80			87
Statewide Communities Dev. Auth., Certs. of Part. (Catholic Healthcare West), 6.00% 2009 (escrowed to maturity)		30			31
Statewide Communities Dev. Auth., Certs. of Part. (Catholic Healthcare West), 6.00% 2009 (escrowed to maturity)		110			113
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011)		920			919
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 5.25% 2016		500			548
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 5.50% 2017		500			555
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 6.00% 2018		600			689
Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates), Series 2006-A, 5.00% 2016		1,255			1,095
City of Long Beach, Harbor Rev. Bonds, Series 2002-B, AMT, MBIA insured, 5.25% 2013		1,045			1,087
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2003-A, Subseries A-1,
MBIA insured, 5.00% 2015		2,500			2,784
Los Angeles Convention and Exhibition Center Auth., Lease Rev. Ref. Bonds, Series 2008-A, 5.00% 2016		1,570			1,789
Morongo Band of Mission Indians, Enterprise Rev. Bonds, Series 2008-B, 5.50% 2018		2,000			1,656
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, 1.562% 20171		2,500			1,425
Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, MBIA insured, 5.00% 2015		1,115			1,126
Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-A, AMT,
MBIA insured, 5.35% 2016		5,000			4,712
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2003-A, AMT, 5.00% 2038 (put 2013)		2,000			1,781
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2005-A, AMT, 4.70% 2025 (put 2012)		4,250			3,865
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport),
Issue of 2005, AMT, FSA insured, 5.00% 2014		1,020			1,067
San Francisco Airport Auth., Ref. Bonds, Series A, AMT, 6.50% 2019 (put 2010)		4,000			4,107
San Francisco Airport Auth., Ref. Bonds, Series A, AMT, 6.50% 2019 (put 2012)		2,000			2,091
South Orange County Public Fncg. Auth., Special Tax Rev. Bonds (Ladera Ranch),
Series 2005-A, AMBAC insured, 5.00% 2016		2,420			2,460
Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2016		1,000			811
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Ref.
Series 2009-A, 5.00% 2019		2,500			2,769
Statewide Communities Dev. Auth., Multi-family Housing Rev. Ref. Bonds (Equity Residential/Parkview
Terrace Club Apartments), Issue 1999-B, 5.20% 2029 (put 2009)		1,150			1,150
Statewide Communities Dev. Auth., Multi-family Housing Rev. Ref. Bonds (Equity Residential/Skylark Apartments),
Issue 1999-D, 5.20% 2029 (put 2009)		1,500			1,500
Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-G, 5.25% 2011		1,865			1,818
Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-G, 5.25% 2012		1,500			1,432
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-I, 3.45% 2035 (put 2011)		1,000			1,010
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2005-A, RADIAN insured, 5.00% 2014		1,300			1,298
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2004, 5.50% 2013		1,750			1,758
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2004, 5.50% 2014		1,975			1,966
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2008, 5.00% 2018		2,500			2,055
Tobacco Securitization Auth., Tobacco Settlement Asset-backed Bonds (San Diego County Tobacco Asset Securitization Corp.),
Series 2001-A, 5.25% 2027 (preref. 2012)		4,105			4,648
City of Torrance, Hospital Rev. Bonds (Torrance Memorial Medical Center), Series 2001-A, 4.70% 2009		1,010			1,017
City of Torrance, Hospital Rev. Bonds (Torrance Memorial Medical Center), Series 2001-A, 4.80% 2010		940			962
Val Verde Unified School Dist., Certs. of Part. (Ref. and School Construction Project),
Series 2005-B, FGIC insured, 5.00% 2014		1,000			1,054
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2005-F-3, 5.00% 2021		1,500			1,598
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2005-G-11, 5.00% 2018		2,500			2,791
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2005-G-4, 5.00% 2016		1,000			1,124
					81,311
COLORADO — 2.59%
Arapahoe County, Ref. Certs. of Part. (Sheriff/Coroner Building and Centrepoint Plaza),
Series 2006, AMBAC insured, 5.00% 2015		2,000			2,293
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.25% 2013		2,000			2,109
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.25% 2015		5,300			5,565
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC insured, 5.00% 2012		1,500			1,560
Denver Convention Center Hotel Auth., Rev. Bonds, Series 2003-A, XLCA insured, 5.00% 2012 (escrowed to maturity)		4,000			4,486
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project),
Series 2006, 5.00% 2015		1,420			1,413
Health Facs. Auth., Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2002, 5.00% 2010		1,000			1,018
Health Facs. Auth., Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2002, 5.00% 2011		1,100			1,119
Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-F, 5.00% 2015		440			460
Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-F, 5.00% 2015 (escrowed to maturity)		980			1,168
Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project),
Series 2006-B, RADIAN insured, 5.25% 2014		1,810			1,762
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2008-C-8, 4.10% 2036 (put 2011)		5,000			5,173
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series D-3, 5.50% 2038 (put 2015)		3,500			3,665
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 5.25% 2011		1,450			1,423
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2010		500			490
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014		1,320			1,174
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015		1,145			988
Housing and Fin. Auth., Single-family Program Bonds, Series 1998-D-3, 6.125% 2023		370			389
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 5.75% 2018		500			436
Southlands Metropolitan Dist. No. 1 (City of Aurora), G.O. Ref. and Improvement Bonds,
Series 2007, RADIAN insured, 5.00% 2015		1,170			1,097
Southlands Metropolitan Dist. No. 1 (City of Aurora), G.O. Ref. and Improvement Bonds,
Series 2007, RADIAN insured, 5.00% 2016		1,055			967
Regents of the Univeristy of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.00% 2018		1,750			2,015
					40,770
CONNECTICUT — 0.62%
G.O. Bonds, Series 2007-C, 5.00% 2016		2,500			2,961
Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program),
Series 2005-A, AMT, MBIA insured, 4.20% 2014		775			780
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.70% 20122		3,400			3,117
Special Tax Obligation Ref. Bonds, Transporation Infrastructure Purposes, Series 2009-1, 5.00% 2018		2,500			2,869
					9,727
DELAWARE — 0.54%
Econ. Dev. Auth., Pollution Control Rev. Ref. Bonds (Delmarva Power & Light Co. Project),
Series 2001-C, AMBAC insured, 4.90% 2026 (put 2011)		2,000			2,039
Housing Auth., Single-family Mortgage Rev. Bonds, Series 2007-D-1, AMT, 5.60% 2039		2,900			2,883
Transportation Auth., Transportation System Rev. Bonds, Series 2008-B, 5.00% 2016		3,000			3,516
					8,438
DISTRICT OF COLUMBIA — 1.25%
Certs. of Part., Lease Rev. Bonds, Series 2002, AMBAC insured, 5.25% 2010		1,000			1,029
Certs. of Part., Lease Rev. Bonds, Series 2002, AMBAC insured, 5.25% 2013		2,000			2,139
Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC insured, 5.25% 2014		1,000			1,096
Convention Center Auth. (Washington), Dedicated Tax Rev. and Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2016		2,500			2,731
Friendship Public Charter School, Inc. Issue Rev. Bonds, Series 2003, ACA insured, 5.00% 2012		1,000			929
G.O. Ref. Bonds, Series 1993-B-2, FSA insured, 5.50% 2010		1,000			1,035
G.O. Ref. Bonds, Series 1999-B, FSA insured, 5.50% 2009		695			706
G.O. Ref. Bonds, Series 1999-B, FSA insured, 5.50% 2009 (escrowed to maturity)		195			198
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018)		8,500			8,681
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.50% 2017		1,000			1,049
					19,593
FLORIDA — 7.39%
Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project),
Series 2006, MBIA insured, 5.00% 2016		1,000			1,126
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2008-A-1, 5.00% 2011		3,000			3,086
City of Coral Gables, Health Facs. Auth., Hospital Rev. Bonds (Baptist Health South Florida Obligated Group),
Series 2004, FSA insured, 5.00% 2034 (preref. 2014)		1,000			1,156
Board of Education, Capital Outlay Ref. Bonds, Series 2005-B, 5.00% 2017		7,000			7,857
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2008-A, 5.00% 2017		3,435			3,959
Board of Education, Public Education Capital Outlay Bonds, Series 2007-D, 5.00% 2020		3,500			3,872
Board of Education, Public Education Capital Outlay Bonds, Series 2008-A, 5.00% 2014		1,000			1,136
Dept. of Environmental Protection, Forever Rev. Bonds, Series 2007-B, MBIA insured, 5.00% 2018		3,000			3,308
Escambia County Health Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2003-A, 5.25% 2012		1,535			1,647
Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program),
Series 2007-B, AMT, 4.70% 2039		2,485			2,195
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2007-A, AMT, FSA insured, 5.00% 2016		3,000			3,110
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2008-A, AMT, FSA insured, 5.25% 2016		2,000			2,106
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2002-B, 5.00% 2010 (escrowed to maturity)		1,000			1,072
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2013 (escrowed to maturity)		155			178
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2014 (escrowed to maturity)		145			168
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-G, 5.00% 2015 (escrowed to maturity)		30			36
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-I, 5.00% 2029 (put 2009)		1,000			1,030
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2013		1,095			1,151
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2014		1,025			1,078
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-G, 5.00% 2015		970			1,015
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project),
Series 2003-A, 5.00% 2010		2,905			2,955
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project),
Series 2003-A, 5.00% 2012		2,195			2,218
Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project),
Series 2007-A, 5.65% 2018		2,000			2,039
School Board of Hillsborough County, Master Lease Program, Series 2006-B, MBIA insured, 5.00% 2015		2,000			2,228
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.35% 2016		1,105			1,085
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.45% 2017		1,035			1,014
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 5.75% 2037		2,955			2,956
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2008-A, 5.00% 2014		9,500			10,058
City of Lakeland, Retirement Community First Mortgage Rev. and Ref. Bonds (Carpenter’s Home Estates, Inc. Project),
Series 2008, 5.875% 2019		1,000			842
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group,
Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2014		2,040			1,758
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group,
Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2015		4,245			3,507
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group,
Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2016		2,455			1,962
Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2015		2,260			2,346
Lee County, Solid Waste System Rev. Ref. Bonds, Series 2001, AMT, MBIA insured, 5.25% 2010		2,000			2,060
Miami-Dade County, G.O. Bonds (Building Better Communities Program), Series 2008-B, 5.00% 2017		2,500			2,856
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,
Series 2003-E, AMT, MBIA insured, 5.375% 2017		6,075			6,163
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,
Series 2005-B, AMT, XLCA insured, 5.00% 2013		3,560			3,637
Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-C, 5.25% 2017		3,000			3,457
School Board of Miami-Dade County, Certs. of Part., Series 2007-A, FGIC insured, 5.00% 2016		1,000			1,089
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2017		2,500			2,840
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2018		3,000			3,387
Municipal Power Agcy., Stanton Project Rev. Ref. Bonds, Series 2008, 5.125% 2017		5,000			5,728
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2006, 5.00% 2018		3,500			3,883
Palm Beach County, Public Improvement Rev. Ref. Bonds (Convention Center Project),
Series 2004, FGIC insured, 5.00% 2030 (put 2011)		1,500			1,618
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 4.00% 2017		2,000			2,150
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020		2,000			2,204
					116,326
GEORGIA — 1.97%
City of Atlanta, Water and Wastewater Rev. Bonds, Series 2004, FSA insured, 5.00% 2012		2,000			2,210
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project),
Second Series 2008, 4.95% 2048 (put 2011)		1,835			1,881
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project),
Second Series 2008, 5.05% 2048 (put 2012)		1,350			1,384
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2010		1,000			961
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2012		1,000			907
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2014		1,715			1,444
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2016		2,000			1,827
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2015		1,525			1,347
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2016		4,470			3,904
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2017		1,500			1,273
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.125% 2015		1,000			885
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds (Third Indenture Series), Ref.
Series 2005-A, FGIC insured, 5.00% 2020		4,000			4,573
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019		6,500			7,468
Savannah Econ. Dev. Auth., Pollution Control Rev. Ref. Bonds (International Paper Co. Projects), Series 2003-A, 5.10% 2014		1,000			865
					30,929
GUAM — 0.14%
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2014		1,000			1,074
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2016		1,000			1,073
					2,147
HAWAII — 0.28%
Harbor System Rev. Bonds, Series 2007-A, AMT, FSA insured, 5.25% 2016		1,000			1,053
City and County of Honolulu, G.O. Bonds, Series 2004-B, MBIA insured, 5.00% 2015		2,000			2,268
City and County of Honolulu, G.O. Bonds, Series 2007-A, FSA insured, 5.00% 2019		1,000			1,120
			��		4,441
IDAHO — 1.06%
Housing Fin. Assn., Grant and Rev. Anticipation Bonds, Series A, 5.00% 2020		3,000			3,322
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-C-2, AMT, 5.25% 2011		55			55
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-E-3, AMT, 5.125% 2011		65			65
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-H, AMT, 4.65% 2012		100			100
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-I-2, AMT, 4.70% 2012		40			40
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021		320			321
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-F, Class III, AMT, 4.875% 2023		1,225			1,184
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023		750			662
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023		690			690
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-G, Class III, AMT, 4.60% 2028		1,545			1,252
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-A, Class III, AMT, 4.85% 2028		3,940			3,344
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-B, Class III, AMT, 4.60% 2028		860			701
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028		1,205			1,004
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-J, Class III, AMT, 5.00% 2028		1,190			1,114
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-K, Class III, AMT, 5.20% 2028		3,200			2,905
					16,759
ILLINOIS — 5.56%
Village of Cary, McHenry County, Special Service Area Number One, Special Tax Ref. Bonds,
Series 2006, RADIAN insured, 4.40% 2016		632			576
Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds,
Series 2006, RADIAN insured, 4.40% 2016		840			875
Chicago Transit Auth., Capital Grant Receipts Rev. Bonds (Federal Transit Administration Section 5309
Guideway Modernization Formula Funds), Series 2008-A, 5.25% 2017		3,000			3,409
City of Chicago, G.O. Bonds (Modern Schools Across Chicago Program), Series 2007-I, AMBAC insured, 5.00% 2015		2,940			3,403
City of Chicago, G.O. Bonds, Project and Ref. Series 2007-C, MBIA insured, 5.00% 2018		2,000			2,294
City of Chicago, Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Co. Project),
Series 2000-B, 4.75% 2030 (put 2014)		6,500			6,633
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2008-A, FSA insured, 5.00% 2019		2,000			2,207
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B, FGIC insured, 5.25% 2015		1,500			1,662
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B, MBIA insured, 5.25% 2016		1,000			1,110
Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, FSA insured, 5.00% 2016		5,000			5,721
County of DuPage, Limited Tax G.O. Bonds (Courthouse Project), Series 2006, 5.00% 2016		1,570			1,819
Educational Facs. Auth., Rev. Bonds (Art Institute of Chicago), Series 2000-A, 4.25% 2034 (put 2014)		1,430			1,504
Educational Facs. Auth., Rev. Bonds (Field Museum of Natural History), Series 2002, 4.05% 2036 (put 2011)		4,000			4,186
Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project),
Series 2007-A, 5.00% 2014		725			667
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds
(Prairie Power, Inc. Project), Series 2008-A, AMT, 6.50% 2042 (put 2009)		1,000			1,000
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.25% 2016		1,000			1,079
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.50% 2018		1,000			1,086
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.00% 2017		2,500			2,870
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.50% 2019		2,500			2,895
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-C, XLCA insured, 3.50% 2027 (put 2011)1		2,930			2,985
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2016		2,665			2,534
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),
Series 2006-B, 5.00% 2015		2,000			1,816
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),
Series 2006-B, 5.00% 2016		4,295			3,805
G.O. Bonds, Illinois FIRST, Series of August 2001, MBIA insured, 5.50% 2017		4,575			5,496
G.O. Ref. Bonds, Series of June 2006, 5.00% 2015		7,750			8,874
Health Facs. Auth., Rev. Bonds (Advocate Health Care Network), Series 2000, 6.125% 2011 (preref. 2010)		1,000			1,093
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2018		1,000			1,002
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2012		1,000			1,004
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2013		1,000			995
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2014		2,150			2,116
Housing Dev. Auth., Housing Bonds, Series G, 4.15% 2014		875			922
Housing Dev. Auth., Housing Bonds, Series G, 4.15% 2014		805			850
Housing Dev. Auth., Housing Bonds, Series K, 4.20% 2014		295			312
Housing Dev. Auth., Housing Bonds, Series K, 4.25% 2015		310			329
City of Springfield, Electric Rev. Bonds, Series 2008, 5.00% 2017		3,000			3,366
Board of Trustees of the University of Illinois, Certs. of Part. (Academic Facs. Projects),
Series 2006-A, AMBAC insured, 5.00% 2014		2,000			2,267
Board of Trustees of the University of Illinois, Certs. of Part. (Academic Facs. Projects),
Series 2006-A, AMBAC insured, 5.00% 2015		2,315			2,657
					87,419
INDIANA — 2.25%
City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2016		1,320			1,150
Fin. Auth., State Revolving Fund Program Bonds, Series 2005-A, 5.25% 2018		3,000			3,519
Fin. Auth., State Revolving Fund Program Bonds, Series 2007-B, 5.00% 2018		3,545			4,089
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2012		1,650			1,652
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2014		1,060			1,050
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2015		1,500			1,469
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2016		1,090			1,056
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Charity Obligated Group), Series 1999-D, 5.50% 2011		2,000			2,060
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2011		1,640			1,746
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Community Health Network Project),
Series 2005-A, AMBAC insured, 5.00% 2012		1,195			1,237
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017		10,320			8,650
Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 1988-A, MBIA insured, 5.60% 2016		4,000			4,114
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 2003, AMBAC insured, 5.70% 2017		2,000			2,013
State Revolving Fund Program Bonds, Series 2001-A, 5.50% 2011		1,500			1,646
					35,451
IOWA — 0.28%
City of Altoona, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2008, 5.00% 2015		1,000			976
Coralville, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2007-C, 5.00% 2015		1,195			1,251
Fin. Auth., Hospital Rev. Bonds (Mercy Medical Center Project), Series 1999, FSA insured, 5.30% 2009		1,000			1,021
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011)		1,000			1,094
					4,342
KANSAS — 0.26%
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project),
Series 2007, 5.125% 2016		1,270			1,083
City of Olathe, Health Facs. Rev. Bonds (Olathe Medical Center), Series 2008-A, 4.125% 2037 (put 2013)		2,850			2,905
Unified Government of Wyandotte County/Kansas City, Tax-Exempt Sales Tax Special Obligation Rev. Ref. Bonds
(Redev. Project Area B), Series 2005-C, 3.85% 2013		170			171
					4,159
KENTUCKY — 0.81%
Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), Series 2000, 6.125% 2010		895			916
Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.),
Series 2000, 6.125% 2010 (escrowed to maturity)		450			468
State Property and Buildings Commission, Rev. and Rev. Ref. Bonds (Project No. 87), FGIC insured, 5.00% 2018		5,000			5,660
State Property and Buildings Commission, Rev. and Rev. Ref. Bonds (Project No. 90), 5.00% 2018		2,500			2,872
State Property and Buildings Commission, Rev. Bonds (Project No. 89), FSA insured, 5.00% 2018		2,500			2,865
					12,781
LOUISIANA — 0.57%
Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2017		2,500			2,500
Housing Fin. Agcy., Multi-family Mortgage Rev. Ref. Bonds (Section 8 Assisted - 202 Elderly Projects),
Series 2006-A, 4.75% 2031		3,780			3,645
Military Dept., Custodial Receipts, 5.00% 2014		870			933
Military Dept., Custodial Receipts, 5.00% 2015		1,725			1,850
					8,928
MAINE — 0.07%
Housing Auth., Mortgage Purchase Bonds, Series 2001-E-1, 4.125% 2010		1,000			1,031
MARYLAND — 0.99%
Anne Arundel County, Tax Increment Fncg. Bonds (Parole Town Center Project), Series 2002, 5.00% 2012		1,435			1,400
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds,
Series 2006-F, AMT, 6.00% 2039		2,160			2,184
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2010		1,755			1,807
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2011		1,775			1,838
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2013		1,530			1,596
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),
Series 1997-A, 4.25% 2009		265			264
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),
Series 1997-A, 4.30% 2011		560			533
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),
Series 1997-A, 4.40% 2015		1,275			1,082
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.00% 2014		2,750			3,170
University System, Auxiliary Fac. and Tuition Rev. Bonds, Series 2003-A, 5.00% 2016		1,500			1,657
					15,531
MASSACHUSETTS — 1.58%
Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2015		1,000			1,076
Federal Highway Grant Anticipation Notes, Series 1998-A, 5.50% 2013		1,000			1,174
G.O. Bonds, Consolidated Loan of 2002, Series D, 5.50% 2018		3,000			3,641
G.O. Ref. Bonds, Series 2008-A, 5.00% 2014		3,000			3,477
Health and Educational Facs. Auth., Rev. Bonds (CareGroup Issue), Series 2008-E-2, 5.00% 2017		5,000			4,924
Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series E, 5.00% 2012		1,500			1,592
Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2004-B, 5.25% 2015		2,500			2,964
Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2004-C, 5.25% 2014		3,000			3,509
Port Auth., Special Facs. Rev. Bonds (BOSFUEL Project), Series 2007, AMT, FGIC insured, 5.00% 2015		1,000			1,009
Water Pollution Abatement Trust, Pool Program Bonds, Series 11, 5.00% 2015		1,250			1,465
					24,831
MICHIGAN — 4.14%
Certs. of Part. (New Center Dev. Inc.), Series 2004-A, MBIA insured, 5.00% 2031 (put 2011)		1,000			1,075
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.),
Series 2005-A, FSA insured, 5.00% 2018		4,500			4,826
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018		5,000			5,707
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2019		2,000			2,239
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017		5,500			4,762
Higher Education Student Loan Auth., Student Loan Rev. Ref. Bonds, Series XVII-F, AMT, AMBAC insured, 4.45% 2010		2,000			1,915
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2015		2,000			1,939
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Detroit Medical Center Obligated Group), Series 1993-A, 6.375% 2009		620			620
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2003-A, 5.25% 2010 (escrowed to maturity)		2,000			2,099
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Hospital), Series 1984-A,
AMBAC insured, 6.00% 2011 (escrowed to maturity)		1,250			1,402
Hospital Fin. Auth., Rev. and Ref. Bonds (McLaren Health Care), Series 2008-A, 5.25% 2016		3,000			3,007
Hospital Fin. Auth., Rev. and Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.00% 2034 (put 2017)		4,000			4,282
Kent Hospital Fin. Auth., Rev. Bonds (Spectrum Health), Series 2001-A, 5.25% 2010		2,020			2,077
Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047 (put 2015)		2,000			2,090
Municipal Bond Auth., Local Government Loan Program Rev. Bonds, Series 2003-C, 5.00% 2013		2,000			2,246
Municipal Bond Auth., Local Government Loan Program Rev. Bonds, Series 2007-B, AMBAC insured, 5.00% 2015		1,000			1,108
Municipal Bond Auth., State Revolving Fund and Clean Water Revolving Fund Rev. Bonds, Ref. Series 2002, 5.50% 2015		3,315			3,994
City of Royal Oak Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (William Beaumont Hospital Obligated Group),
Series 2009-V, 6.25% 2014		2,000			2,074
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2011		1,395			1,438
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2013		1,040			1,077
State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017		6,500			7,455
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,
Series 2007-A, 5.125% 2022		4,500			3,290
Charter County of Wayne, Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),
Series 2002-D, AMT, FGIC insured, 5.25% 2011		2,530			2,609
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),
Series 2008-A, AMT, ASSURED GUARANTY insured, 5.25% 2018		1,745			1,777
					65,108
MINNESOTA — 0.81%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2006-I, AMT, 5.75% 2038		3,550			3,581
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2007-L, AMT, 5.50% 2048		2,965			2,984
Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Bonds, Series 2005-B, AMT,
AMBAC insured, 5.00% 2015		5,000			5,097
Housing and Redev. Auth. of St. Paul and Minneapolis, Health Care Fac. Rev. Bonds, Series 2003, 5.25% 2010		1,050			1,059
					12,721
MISSISSIPPI — 0.42%
Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project),
Series 2007, FSA insured, 5.00% 2034 (put 2015)		6,000			6,690
MISSOURI — 1.74%
Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.),
Series 2007, 5.00% 2016		1,000			979
Chesterfield Valley Transportation Dev. Dist. (Chesterfield), Transportation Sales Tax Rev. Bonds,
Series 2006, CIFG insured, 4.00% 2026		1,000			1,019
Health and Educational Facs. Auth., Rev. Bonds (SSM Health Care), Series 2002-A, 5.00% 2011		4,005			4,200
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2014		1,300			1,257
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2015		1,365			1,302
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2016		1,440			1,354
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2017		1,510			1,396
Highways and Transportation Commission, Ref. State Road Bonds, Series 2006, 5.00% 2018		2,700			3,182
Industrial Dev. Auth. of the City of Lee’s Summit, Health Facs. Rev. Bonds (John Knox Village),
Series 2002, 5.875% 2010 (escrowed to maturity)		1,325			1,421
Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group),
Series 2007-A, 5.00% 2015		2,240			2,049
Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group),
Series 2007-A, 5.00% 2016		2,300			2,060
Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group),
Series 2007-A, 5.00% 2017		2,420			2,142
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2003-A, FSA insured, 5.25% 2012		1,000			1,087
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport),
Series 2007-B, AMT, FSA insured, 5.00% 2015		1,260			1,315
Public Building Corp. of the City of Springfield, Leasehold Rev. Improvement Bonds (Springfield-Branson
National Airport Terminal Project), Series 2006-B, AMT, AMBAC insured, 5.00% 2015		2,480			2,569
					27,332
MONTANA — 0.11%
Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037		1,745			1,744
NEBRASKA — 0.83%
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. and Ref. Bonds (Methodist Health System),
Series 2008, 5.50% 2018		5,260			5,405
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2002-D, AMT, 3.90% 2009		570			575
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036		875			887
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-D, AMT, 5.50% 2036		1,705			1,704
Omaha Airport Auth., Airport Facs. Rev. Ref. Bonds, Series 2001, FSA insured, 5.50% 2012		1,155			1,243
Public Power Dist., General Rev. Bonds, Series 2005-B-1, FGIC insured, 5.00% 2015		2,875			3,233
					13,047
NEVADA — 2.43%
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2005-C, FSA insured, 5.00% 2015		2,500			2,846
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2007-C, 5.00% 2017		5,500			6,216
Clark County, Airport System Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2016		1,500			1,514
Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), AMT, 3.25% 2031 (put 2009)		3,000			2,996
G.O. (Limited Tax) Capital Improvement and Cultural Affairs Ref. Bonds, Series 2005-A, 5.00% 2015		2,500			2,856
G.O. (Limited Tax) Capital Improvement and Cultural Affairs Ref. Bonds, Series 2008-C, 5.00% 2018		3,320			3,802
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.20% 2009		155			159
City of Henderson, Local Improvement Dist. No. T-14 (Anthem Master Planned Community),
Limited Obligation Ref. Bonds, Series 2007-A, FSA insured, 5.00% 2016		1,985			2,246
Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2008, 5.00% 2017		4,000			4,614
Housing Division, Single-family Mortgage Bonds, Series 1998-B-1, 5.20% 2011		60			60
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds (Fremont Street Project), Series 2003-A, 4.50% 2012		3,625			3,560
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds (Fremont Street Project), Series 2003-A, 5.00% 2011		3,450			3,482
Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program),
Series 2007-B, AMT, 5.70% 2041		3,925			3,838
					38,189
NEW JERSEY — 4.12%
Certs. of Part., Series 2004-A, 5.00% 2010		3,500			3,663
Certs. of Part., Series 2004-A, 5.00% 2015		2,000			2,230
Certs. of Part., Series 2008-A, 5.00% 2018		1,000			1,110
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2004-G, 4.00% 2010		3,000			3,096
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2005-O, 5.00% 2017		3,000			3,271
Educational Facs. Auth., Rider University Issue Rev. Bonds, Series 2002-A, RADIAN insured, 5.25% 2012		1,795			1,826
Health Care Facs. Fncg. Auth., Rev. and Ref. Bonds, Saint Clare’s Hospital, Inc. Issue,
Series 2004-B, MBIA insured, 5.25% 2013 (escrowed to maturity)		4,315			4,977
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2003, 6.125% 2024 (preref. 2013)		9,095			9,632
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023		11,270			8,255
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026		2,000			1,277
Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014		8,000			8,856
Transportation Trust Fund Auth., Transportation System Bonds, Series 1999-A, 5.75% 2017		5,000			5,953
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2016		2,500			2,858
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2017		2,500			2,844
Transportation Trust Fund Auth., Transportation System Bonds, Series 2004-B, FGIC insured, 5.25% 2013		4,410			5,005
					64,853
NEW YORK — 3.82%
City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Bonds (St. Peter’s Hospital of the City of Albany Project),
Series 2008-A, 5.25% 2017		1,500			1,404
City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Bonds (St. Peter’s Hospital of the City of Albany Project),
Series 2008-A, 5.50% 2012		1,000			995
City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Bonds (St. Peter’s Hospital of the City of Albany Project),
Series 2008-A, 5.50% 2013		1,100			1,094
Dormitory Auth., Lease Rev. Bonds (State University Educational Facs. Issue),
Series 2003, XLCA insured, 5.25% 2032 (put 2013)		3,455			3,637
Dormitory Auth., Rochester General Hospital Insured Rev. Bonds, Series 2005, RADIAN insured, 5.00% 2012		1,175			1,198
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue),
Series 2002-B, 5.25% 2023 (put 2012)		5,000			5,284
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2020		4,005			4,260
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2021		2,000			2,095
City of New York, G.O. Bonds, Fiscal 2001 Series B, 5.50% 2010		1,000			1,058
City of New York, G.O. Bonds, Fiscal 2001 Series D, 5.50% 2009		995			1,018
City of New York, G.O. Bonds, Fiscal 2004 Series I, 4.50% 2012		3,000			3,211
City of New York, G.O. Bonds, Fiscal 2001 Series D, 5.50% 2009 (escrowed to maturity)		5			5
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.70% 2015		615			629
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.75% 2016		635			644
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2014		1,000			971
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2015		2,485			2,378
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2016		3,000			2,810
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2024		2,000			1,714
New York City Municipal Water Fin. Auth., Water and Sewer System General Resolution Rev. Bonds,
Fiscal Series 2009-EE, 5.00% 2018		2,500			2,857
New York City Transitional Fin. Auth., Future Tax Secured Ref. Bonds, Series 2003-A, 5.50%/14.00% 20263		2,000			2,116
New York City, Health and Hospitals Corp., Health System Bonds, Series 2008-A, 5.00% 2017		2,000			2,166
New York City, Health and Hospitals Corp., Health System Bonds, Series 2008-A, 5.50% 2019		4,000			4,354
State Thruway Auth., Second General Highway and Bridge Trust Fund Bonds, Series 2005-B, AMBAC insured, 5.00% 2019		1,580			1,712
Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2002-B, 5.25% 2017		2,485			2,724
Urban Dev. Corp., Correctional and Youth Facs. Service Contract Rev. Bonds (Empire State Dev. Corp.),
Series 2002-A, 5.00% 2017 (put 2011)		3,000			3,090
Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-B, 5.00% 2017		2,500			2,768
Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-D, 5.00% 2015		2,500			2,779
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (Econ. Dev. and Housing), Series 2009-A-1, 5.00% 2017		1,000			1,164
					60,135
NORTH CAROLINA — 2.05%
City of Charlotte, Airport Rev. Bonds, Series 1999-B, AMT, MBIA insured, 5.125% 2009		35			35
Eastern Municipal Power Agcy., Power System Rev. Bonds, Ref. Series 2008-A, 5.00% 2016		2,000			2,085
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-A, 5.50% 2011		1,000			1,042
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-A, 5.50% 2012		2,155			2,267
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014		2,000			2,089
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-F, 5.50% 2014		2,900			3,106
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-F, 5.50% 2016		1,000			1,042
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2008-A, 5.25% 2017		3,000			3,321
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 1992, MBIA insured, 6.00% 2010		3,000			3,111
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 1997-A, MBIA insured, 5.125% 2011		2,750			2,756
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 1999-B, 6.625% 2010		2,500			2,607
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 2003-A, 5.50% 2012		2,500			2,700
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 2003-A, 5.50% 2013		2,250			2,477
Onslow County Hospital Auth., FHA insured Mortgage Rev. Bonds (Onslow Memorial Hospital Project),
Series 2006, MBIA insured, 5.00% 2015		740			767
Raleigh-Durham Airport Auth., Airport Rev. Bonds, Series 2005-B, AMT, AMBAC insured, 5.00% 2015		2,835			2,890
					32,295
OHIO — 2.58%
American Municipal Power – Ohio, Inc., Prairie State Energy Campus Project Rev. Bonds, Series 2008-A, 5.00% 2017		1,500			1,701
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,
Series 2007-A-2, 5.125% 2024		7,210			5,289
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2013		1,260			1,221
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2014		1,250			1,196
Higher Education G.O. Ref. Bonds, Series 2009-A, 5.00% 2017		5,000			5,861
Higher Educational Fac. Commission, Rev. Bonds (Kenyon College 2002 Project), 4.30% 2037 (put 2010)		2,000			2,058
Higher Educational Fac. Commission, Rev. Bonds (Kenyon College 2002 Project), 4.60% 2037 (put 2012)		2,000			2,093
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037		2,000			1,927
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2017		1,375			1,315
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2018		1,195			1,125
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2011		2,040			2,170
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2012		2,150			2,313
County of Lorain, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Healthcare Partners),
Series 2001-A, 5.25% 2009		1,170			1,195
Major New State Infrastructure Project Rev. Bonds, Series 2008-1, 5.75% 2019		1,000			1,190
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2013		2,125			2,015
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2014		1,000			930
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2016		1,815			1,608
Municipal Advisory Council, Beneficial Interest Ref. Certs. (Municipal Electric Generation Agcy.
Joint Venture 5 – OMEGA JV5), AMBAC insured, 5.00% 2015		2,290			2,445
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project),
Series 2008-C, AMT, 7.25% 2032 (put 2012)		3,000			2,972
					40,624
OKLAHOMA — 0.19%
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.10% 20112		800			791
Dev. Fin. Auth., Health System Rev. and Ref. Bonds (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc.,
INTEGRIS South Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.), Series 2008-C, 5.00% 2018		1,000			1,088
Tulsa County Industrial Auth., Health Care Rev. Bonds (Saint Francis Health System, Inc.), Series 2006, 5.00% 2015		1,000			1,050
					2,929
OREGON — 0.22%
City of Portland, Sewer System Rev. and Ref. Bonds, Series 2008-B, FSA insured, 5.00% 2023		3,250			3,485
PENNSYLVANIA — 3.34%
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2017		4,500			4,807
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2018		4,000			4,245
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-B, 5.00% 2018		3,250			3,415
Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project), Series 2007-A, 4.25% 2014		1,405			1,472
Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project), Series 2007-A, 4.25% 2016		1,540			1,584
Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),
Series 2008-C, AMT, 7.125% 2028 (put 2011)		4,300			4,275
Harrisburg Auth., Dauphin County, Recovery Fac. Rev. Bonds, Series D, Subseries D-2, FSA insured, 5.00% 2033 (put 2013)		6,500			6,964
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania),
Series 2005-A, AMBAC insured, 5.00% 2014		2,000			2,245
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),
Series 2008, 5.00% 2018		1,500			1,262
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2002-74, AMT, 4.25% 2012		910			926
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037		1,875			1,889
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement –
Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2015		2,755			2,624
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement –
Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2016		2,570			2,418
City of Philadelphia, Airport Rev. Bonds, Series 2007-A, AMT, FSA insured, 5.00% 2016		1,000			1,037
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Children’s Hospital of Philadelphia Project),
Series 2007-A, 4.25% 2016		700			714
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Hospital),
Series 2007-B, 5.00% 2017		3,000			2,392
City of Pittsburgh, G.O. Ref. Bonds, Series 2008-A-1, 5.00% 2014		2,455			2,630
University of Pittsburgh- of the Commonwealth System of Higher Education, University Capital Project Bonds,
Series 2005-A, 5.50% 2039 (put 2013)		1,000			1,107
University of Pittsburgh- of the Commonwealth System of Higher Education, University Capital Project Bonds,
Series 2005-A, 5.50% 2037 (put 2013)		1,000			1,121
Health Care Facs. Auth. of Sayre, Rev. Bonds (Guthrie Health Issue), Series 2007, 2.126% 20171		7,665			5,404
					52,531
PUERTO RICO — 1.28%
Children’s Trust Fund, Tobacco Settlement Asset-backed Bonds, Series 2000, 5.75% 2020 (preref. 2010)		1,650			1,734
Government Dev. Bank, Series 2006-C, AMT, 5.25% 2015		1,000			983
Housing Fin. Auth., Capital Fund Modernization Program Bonds (Public Housing Projects), Series 2008, 5.50% 2017		3,930			4,556
Public Buildings Auth., Government Facs. Rev. Bonds, Series D, 5.25% 2036 (preref. 2012)		1,000			1,109
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, 5.75% 2034 (put 2017)		5,500			4,892
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, AMBAC insured, 5.50% 2035 (put 2017)		4,250			3,715
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series N, 5.25% 2016		2,000			1,917
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2004-A, 5.75% 2027 (put 2012)		1,250			1,227
					20,133
RHODE ISLAND — 0.55%
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue),
Series 2002, 5.75% 2009		1,340			1,359
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue),
Series 2006-A, FSA insured, 5.00% 2015		2,635			2,857
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2011		2,000			2,033
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2014		1,250			1,242
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2015		1,250			1,227
					8,718
SOUTH CAROLINA — 0.82%
Jobs-Econ. Dev. Auth., Hospital Improvement Rev. Bonds (Palmetto Health), Series 2007, 1.28% 20391		2,000			1,865
Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center), Series 2007, 5.00% 2016		1,000			1,048
Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Ref. Series 2008-A-3, 5.00% 2016		1,500			1,599
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds,
Series 2001-B, 6.00% 2022 (preref. 2012)		2,595			2,748
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Ref. Bonds, Series 2008, 5.00% 2018		6,000			5,720
					12,980
SOUTH DAKOTA — 0.14%
Education Loans Inc., Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010		1,070			1,090
Housing Dev. Auth., Multiple Purpose Bonds, Series 2002-A, FSA insured, 4.15% 2009		1,135			1,158
					2,248
TENNESSEE — 1.06%
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2006-1, AMT, 5.75% 2036		1,230			1,239
Memphis-Shelby County Airport Auth., Special Facs. Rev. Ref. Bonds (Federal Express Corp.), Series 2001, 5.00% 2009		1,935			1,936
Memphis-Shelby County Airport Auth., Special Facs. Rev. Ref. Bonds (Federal Express Corp.), Series 2002, 5.05% 2012		2,440			2,435
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Ref. Bonds
(Wellmont Health System Project), Series 2003, RADIAN insured, 5.00% 2009		200			204
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2013		500			450
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2014		5,000			4,412
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2015		5,000			4,355
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2017		1,875			1,582
					16,613
TEXAS — 15.52%
Angelina and Neches River Auth., Pollution Control Rev. Ref. Bonds (Temple-Inland Forest Products Corp. Project),
Series 1991, 5.65% 2012		1,000			914
Austin Community College Dist. Public Fac. Corp., Lease Rev. Bonds (Educational Fac. Project – Round Rock Campus),
Series 2008, 5.25% 2017		1,500			1,745
Austin Convention Enterprises, Inc., Convention Center Hotel Rev. Ref. Bonds, Series 2006-A, XLCA insured, 5.25% 2015		1,280			1,192
City of Austin (Travis and Williamson Counties), Public Improvement Ref. Bonds, Series 2008, 5.00% 2018		2,500			2,882
City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2009, 5.00% 2018		1,500			1,725
Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2017		2,665			3,040
Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2018		3,015			3,419
Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2015		2,235			2,597
Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2016		2,000			2,337
Canadian River Municipal Water Auth., Contract Rev. Ref. Bonds (Conjunctive Use Groundwater Supply Project),
Series 2005, AMBAC insured, 5.00% 2014		2,045			2,279
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2005, FGIC insured, 0%/4.20% 20153		1,700			1,404
Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2015		1,025			1,200
Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2016		1,080			1,269
College Student Loan Bonds, Series 2000, AMT, 5.50% 2010		1,000			1,042
Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds (Nueces County), Series 2009, 5.00% 2019		2,070			2,338
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Bonds, Series 2005, 5.00% 2014		2,590			2,972
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Ref. and Improvement Bonds,
Series 2007-A, 5.00% 2018		5,500			6,347
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), Waterworks and Sewer System Rev. Ref. Bonds,
Series 2005, 5.00% 2015		955			1,075
Dallas Area Rapid Transit, Sales Tax Rev. Bonds, Series 2008, 5.00% 2018		1,000			1,169
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2016		2,000			2,352
Dallas County Community College Dist. (Dallas County), G.O. Ref. and Improvement Bonds, Series 2008, 5.00% 2018		5,690			6,632
Donna Independent School Dist. (Hidalgo County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2014		1,000			1,146
G.O. Bonds (Veterans’ Housing Assistance Program), Fund II Series 2001-A-1, AMT, 4.85% 2014		1,570			1,654
Harris County Cultural Education Facs. Fin. Corp., Rev. Bonds (Methodist Hospital System), Series 2008-B, 5.25% 2017		3,500			3,843
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2011		1,500			1,546
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2012		1,750			1,800
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2013		1,000			1,032
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2014		1,500			1,544
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hospital System Project),
Series 1997-A, MBIA insured, 6.00% 2009		3,215			3,247
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hospital System Project),
Series 1997-A, MBIA insured, 6.00% 2010		1,500			1,552
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2001-A, 5.50% 2010		1,705			1,756
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2001-A, 5.50% 2011		1,000			1,052
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2009		700			701
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2010		735			753
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2011		770			802
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2012		810			846
Harris County, G.O. and Rev. Ref. Bonds, Series 2002, 5.25% 2010		1,585			1,688
Harris County, Tax and Rev. Ref. Bonds, Series 2004-B, FSA insured, 5.00% 2032 (put 2012)		5,000			5,437
Harris County, Toll Road Rev. Ref. Bonds, Series 2007-A, MBIA insured, 4.50% 2020		2,000			2,124
Harris County, Toll Road Unlimited Tax and Rev. Ref. Bonds, Series 2007-C, 5.00% 2016		5,000			5,858
City of Houston, Airport System Rev. Bonds, Series 1998-B, AMT, FGIC insured, 5.25% 2012		915			919
City of Houston, Airport System Rev. Ref. Bonds, Series 2007-B, FGIC insured, 5.00% 2017		1,000			1,131
City of Houston, Public Improvement Ref. Bonds, Series 2008-A, 5.00% 2019		3,000			3,385
Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds, Series 2008, 5.00% 2018		1,500			1,730
Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds,
Series 2006-A, AMT, MBIA insured, 5.00% 2015		1,530			1,626
Katy Independent School Dist. (Fort Bend, Harris and Waller Counties), Unlimited Tax School Building Bonds,
Series 2002-A, 5.25% 2011		1,000			1,081
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2002, MBIA insured, 5.00% 2010		1,500			1,564
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2008, AMT, 6.00% 2020 (put 2013)		3,500			3,217
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2015		3,500			3,068
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017		1,500			1,275
Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, 2.037% 20171		2,500			2,037
North Central Texas Health Facs. Dev. Corp., Hospital Rev. Bonds (Baylor Health Care System Project),
Series 2002, 5.50% 2010		1,140			1,181
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018		3,000			3,189
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2019		5,000			5,439
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E, Subseries 2008-E-3, 5.75% 2038 (put 2016)		9,850			10,173
City of Plano (Collin and Denton Counties), G.O. Ref. and Improvement Bonds, Series 2003, 5.00% 2010		1,000			1,063
Plano Independent School Dist. (Collin County), School Building Unlimited Tax Bonds, Series 2008-A, 5.00% 2017		1,000			1,172
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002-A, 5.50% 2010		4,740			4,769
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002-B, RADIAN insured, 5.00% 2009		5,200			5,263
City of San Antonio (Bexar County), General Improvement and Ref. Bonds, Series 1998, 5.00% 2009		990			990
City of San Antonio, General Improvement and Ref. Bonds, Series 2005, 5.25% 2015		10,000			11,738
City of San Antonio, General Improvement Forward Ref. Bonds, Series 2002, 5.00% 2011		985			1,072
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2002, AMT, FGIC insured, 5.50% 2010		1,000			1,029
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2007, AMT, FSA insured, 5.00% 2016		1,000			1,037
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Improvement Bonds,
Series 2007, AMT, FSA insured, 5.00% 2016		1,000			1,037
City of San Antonio, Electric and Gas Systems Rev. and Ref. Bonds, New Series 2007, 5.00% 2018		4,000			4,541
City of San Antonio, Electric and Gas Systems Rev. Bonds, New Series 2006-A, 5.00% 2015		1,000			1,147
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2002, 5.375% 2015		5,480			6,397
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2003-A, 5.25% 2014		1,500			1,715
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2008-A, 5.50% 2015		2,000			2,338
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 1997, 5.30% 2011 (preref. 2009)		1,555			1,555
City of San Antonio, General Improvement Forward Ref. Bonds, Series 2002, 5.00% 2011 (escrowed to maturity)		50			55
Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2016		1,000			1,057
Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2017		1,000			1,055
Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Scott and White Memorial Hospital and Scott,
Sherwood and Brindley Foundation Project), Series 2008-A, 5.00% 2017		1,500			1,568
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project),
Series 2007, 5.00% 2015		1,170			1,169
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project),
Series 2007, 5.00% 2016		1,280			1,270
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, 5.10% 2010 (preref. 2009)		1,000			1,014
Board of Regents of the Texas State University System, Rev. Fncg. System Rev. Ref. Bonds,
Series 2002, FSA insured, 5.00% 2010		400			418
Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2015		1,355			1,273
Transportation Commission, State Highway Fund Rev. Bonds, Series 2007, 5.00% 2017		2,500			2,923
Transportation Commission, State Highway Fund Rev. Bonds, Series 2007, 5.00% 2015		1,000			1,162
Transportation Commission, G.O. Bonds, Series 2005-A, 5.00% 2013		4,250			4,815
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017		4,000			4,696
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2018		4,250			4,979
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020		4,000			4,503
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2017		1,060			1,215
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2018		1,000			1,140
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2020		2,200			2,436
Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2008-A, 5.25% 2019		2,000			2,343
Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2002-B, 5.25% 2015		6,670			7,918
Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2004-B, 5.25% 2016		10,090			12,040
Waco Health Facs. Dev. Corp., Rev. Ref. Bonds (Hillcrest Health System),
Series 2003, MBIA insured, 5.00% 2010 (escrowed to maturity)		2,040			2,169
Waco Health Facs. Dev. Corp., Rev. Ref. Bonds (Hillcrest Health System),
Series 2003, MBIA insured, 5.00% 2011 (escrowed to maturity)		3,715			4,065
Weslaco Independent School Dist. (Hidalgo County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2015		2,360			2,742
					244,214
UTAH — 0.56%
Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018		935			921
Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018		480			485
Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019		445			424
Housing Corp., Single-family Mortgage Bonds, Series 2007-A-1, Class III, AMT, 4.625% 2027		950			786
Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans),
1998 Issue D-2, AMT, 5.25% 2012		15			15
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-E-1, AMT, 5.25% 2012		15			15
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, FSA insured, 5.25% 2019		5,250			6,196
					8,842
VIRGINIA — 1.08%
Industrial Dev. Auth. of the County of Charles City, Tax-Exempt Solid Waste Disposal Rev. Bonds (Waste Management, Inc.),
Series 2002, AMT, 6.25% 2027 (put 2012)		1,000			949
Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011		2,000			2,104
Industrial Dev. Auth. of the Town of Louisa, Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project),
Series 2008-C, 5.00% 2035 (put 2011)		3,000			3,062
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2002, AMT, 5.00% 2011		1,500			1,554
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2002, AMT, 5.00% 2012		1,000			1,038
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2006, AMT, FSA insured, 5.50% 2014		2,735			2,889
Public Building Auth., Public Facs. Rev. Bonds, Series 2008-B, 5.00% 2014		1,525			1,770
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2005-C, 5.00% 2015		1,750			2,060
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2005, 5.25% 2019 (preref. 2012)		1,500			1,591
					17,017
VIRGIN ISLANDS — 0.31%
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 1998-A, 5.20% 2010		4,765			4,816
WASHINGTON — 2.94%
Public Utility Dist. No. 1 of Clark County, Electric System Rev. and Ref. Bonds, Series 2007, FGIC insured, 5.00% 2017		2,000			2,258
Energy Northwest, Project 1 Electric Rev. Ref. Bonds, Series 2007-C, 5.00% 2017		3,000			3,465
G.O. Bonds and Motor Vehicle Fuel Tax G.O. Bonds, Series 1992-B and AT-7, 6.40% 2017		9,400			11,433
Various Purpose G.O. Bonds, Series 1999-B, 5.00% 2018		1,000			1,002
Various Purpose G.O. Ref. Bonds, Series R-2005-A, AMBAC insured, 5.00% 2020		1,500			1,625
Various Purpose G.O. Ref. Bonds, Series R-2006-A, AMBAC insured, 5.00% 2015		2,500			2,915
Health Care Facs. Auth., Rev. Bonds (Kadlec Medical Center), Series 2006-A, ASSURED GUARANTY insured, 5.00% 2013		915			982
King County, Public Hospital Dist. No. 1, Limited Tax G.O. and Ref. Bonds,
Series 2008-A, ASSURED GUARANTY insured, 5.00% 2016		2,595			3,000
King County, Sewer Rev. Ref. Bonds, Series 1999-B, FSA insured, 5.25% 2011		1,895			2,032
Public Utility Dist. No. 1 of Lewis County, Rev. Ref. Bonds (Cowlitz Falls Hydroelectric Project),
Series 2003, XLCA insured, 5.00% 2011		2,000			2,149
North Kitsap School Dist. No. 400, Kitsap County, Unlimited Tax G.O. Ref. Bonds, Series 2005, FSA insured, 5.00% 2013		1,000			1,135
City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2008, 5.25% 2015		1,500			1,744
City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2008, 5.25% 2019		2,000			2,320
City of Seattle, Municipal Light and Power Rev. Bonds, Series 1997, 5.00% 2010		1,000			1,013
Housing Auth. of the City of Seattle, Capital Fund Program Rev. Bonds (High Rise Rehabilitation Program – Phase III),
Series 2007, AMT, FSA insured, 4.55% 2017		1,585			1,702
Public Utility Dist. No. 1 of Snohomish County, Electric System Rev. Ref. Bonds, Series 2005, FSA insured, 5.00% 2019		2,000			2,190
Public Utility Dist. No. 1 of Snohomish County, Generation System Rev. Ref. Bonds, Series 2002-B, FSA insured, 5.25% 2011		2,000			2,205
Snohomish County, Limited Tax G.O. Ref. Bonds, Series 2005-B, MBIA insured, 5.00% 2014		1,115			1,280
City of Spokane, Regional Solid Waste Management System, Rev. Ref. Bonds, Series 2001, AMBAC insured, 5.25% 2011		1,650			1,789
					46,239
WISCONSIN — 2.71%
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.50% 2010		750			758
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.75% 2012		3,000			3,009
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027		865			801
City of Franklin, Regional Solid Waste Fin. Commission, Demand Solid Waste Disposal Rev. Bonds
(Waste Management of Wisconsin, Inc. Project), Series 2003-A, AMT, 4.95% 2016		3,500			2,895
G.O. Bonds, Series 2003-C, 5.25% 2014		7,770			8,948
G.O. Bonds, Series 2008-C, 5.00% 2022		4,000			4,276
G.O. Bonds, Series 2008-D, 5.00% 2017		2,500			2,899
G.O. Ref. Bonds, Series 2005-1, MBIA insured, 5.00% 2017		2,500			2,811
Health and Educational Facs. Auth., Rev. and Ref. Bonds (Wheaton Franciscan Services, Inc. System),
Series 2002, 6.00% 2016 (preref. 2012)		1,230			1,413
Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), Series 2001, 5.65% 2009		1,935			1,981
Health and Educational Facs. Auth., Rev. Bonds (Hospital Sisters Services, Inc. Obligated Group),
Series 2003-D, FSA insured, 5.00% 2011		2,515			2,688
Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Services, Inc. System), Series 2003-A, 5.00% 2012		2,065			1,933
Housing and Econ. Dev. Auth., Single-family Mortgage Housing Rev. Bonds, Series 2000-C, MBIA insured, 4.35% 2009		595			599
City of Milwaukee, G.O. Corporate Purpose Bonds, Series R, 5.50% 2010		2,200			2,354
Village of Weston, Pollution Control Rev. Ref. Bonds (Wisconsin Public Service Corp. Projects), Series 2006, 3.95% 2013		5,000			5,265
					42,630
MULTI-STATE — 0.52%
MuniMae TE Bond Subsidiary, LLC, Series A, AMT, 6.875% cumulative preferred (undated)2		2,000			1,689
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% cumulative preferred (undated)2		2,000			1,609
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)2		6,000			4,843
					8,141
Total bonds & notes (cost: $1,430,347,000)					1,432,948
	Principal amount			Value
Short-term securities — 8.66%		(000	)		(000	)
State of Arizona, Salt River Project Agricultural Improvement & Power Dist., Series B, TECP, 0.75% 2/3/2009	$	3,600		$	3,600
California Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corporations, Rev. Bonds
(Oshman Family Jewish Community Center Project), Series 2007, 0.30% 20371		1,600			1,600
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series D-3, 0.65% 20371		700			700
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series D-5, 0.65% 20381		1,100			1,100
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series D-1, 0.65% 20361		1,450			1,450
Colorado Educational and Cultural Facs. Auth., Rev. Bonds (National Jewish Federation Bond Program),
Series A-1, 0.65% 20331		4,295			4,295
State of Connecticut Health and Educational Facs. Auth., Rev. Bonds (Greater Hartford YMCA Issue),
Series B, 0.30% 20381		1,000			1,000
State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project),
Series 2003-A, 0.47% 20331		1,790			1,790
State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project),
Series 2007-B, 0.62% 20331		4,300			4,300
Florida Municipal Power Agcy., All-Requirements Power Supply Project Demand Rev. Ref. Bonds,
Series 2008-C, 0.40% 20351		1,950			1,950
State of Florida, Orange County Educational Facs. Auth., Educational Facs. Rev. Bonds (Rollins College Project),
Series 2001, 0.47% 20311		1,000			1,000
County of Shelby, Kentucky, Assn. of Counties Leasing Trust, Lease Program Rev. Bonds, Series 2004-A, 0.60% 20341		900			900
Massachusetts Dev. Fin. Agcy., Demand Rev. Bonds (Boston University Issue), Series U-6-A, 0.25% 20421		1,000			1,000
Commonwealth of Massachusetts, G.O. Bond Anticipation Notes, Series 2008-A, 3.00% 3/5/2009		5,000			5,011
Commonwealth of Massachusetts, G.O. Demand Bonds, Consolidated Loan of 2006, Series A, 2.00% 20261		4,550			4,550
Commonwealth of Massachusetts, G.O. Ref. Bonds, Series 2006-F, TECP, 1.05% 2/2/2009		2,200			2,200
Commonwealth of Massachusetts, G.O. Rev. Anticipation Notes, Series 2008-B, 4.00% 4/30/2009		3,000			3,027
City of Minneapolis, Minnesota, G.O. Library Bonds, Series 2003, 0.67% 20321		1,365			1,365
Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Bonds (Saint Louis University),
Series 2008-A-2, 0.60% 20351		400			400
Montana Fac. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System), Series 2003, 0.65% 20251		210			210
Nebraska Educational Fin. Auth., Rev. Ref. Bonds (Creighton University Projects), Series 2008, 0.60% 20351		600			600
Las Vegas Valley Water Dist., Nevada, G.O. (Limited Tax) Water Improvement Bonds, Series 2006-B, 0.60% 20361		5,900			5,900
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2009-A, 3.00% 6/25/2009		5,000			5,053
State of New York, New York City Transitional Fin. Auth., New York City Recovery Bonds,
Fiscal 2003 Series Subseries 2-B, 0.90% 20221		13,000			13,000
County of Allen, Ohio, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2008-A, 0.35% 20311		900			900
County of Allen, Ohio, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2008-B, 0.65% 20311		1,000			1,000
Ohio State University, General Receipts, Series I, TECP, 0.30% 2/2/2009		4,200			4,200
Hospital Facs. Auth. of the City of Medford, Oregon, Demand Rev. Bonds (Rogue Valley Manor Project),
Series 2007, 0.65% 20371		4,800			4,800
State of Pennsylvania, Lancaster County Hospital Auth., Health System Rev. Bonds (Lancaster General Hospital Ref. Project),
Series of 2008, 0.32% 20411		2,500			2,500
State of Pennsylvania, Montgomery County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Co. Project),
Series 1994-A, TECP, 0.27% 3/10/2009		9,700			9,700
South Carolina Public Service Auth. (Santee Cooper), Rev. Notes, Series 1998, TECP, 0.30% 3/12/2009		2,795			2,795
Lawrence County, South Dakota, Solid Waste Disposal Rev. Bonds (Homestake Mining Co. of California Project),
Series 1997-A, AMT, 0.62% 20321		3,000			3,000
Health, Educational and Housing Fac. Board of the City of Chattanooga, Tennessee, Hospital Rev. Ref. Bonds
(Siskin Hospital for Physical Rehabilitation, Inc. Project), Series 2007, 0.40% 20281		1,000			1,000
Public Building Auth. of the City of Clarksville, Tennessee, Fncg. Rev. Bonds (Metropolitan Government of Nashville and
Davidson County Loan), Series 2008, 0.40% 20261		1,685			1,685
Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund),
Series 2001, 0.40% 20311		1,435			1,435
Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund),
Series 2003, 0.40% 20331		1,655			1,655
Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund),
Series 2005, 0.40% 20351		560			560
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),
Series 2002, 0.40% 20321		3,200			3,200
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),
Series 2006, 0.40% 20361		1,300			1,300
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),
Series 2008, 0.40% 20381		2,200			2,200
City of Austin, Texas, Airport System Rev. Notes, Series A, AMT, 0.65% 20171		2,200			2,200
State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Bonds (Dallas Center for the Performing
Arts Foundation, Inc. Project), Series 2008-A, 0.35% 20411		1,300			1,300
State of Texas, Gulf Coast Industrial Dev. Auth., Environmental Facs. Rev. Bonds (CITGO Petroleum Corp. Project),
Series 2001, AMT, 0.65% 20311		300			300
State of Texas, Harris County Cultural Educational Facs. Fin. Corp., Rev. Bonds (Young Men’s Christian Assn. of the
Greater Houston Area), Series 2008-A, 0.65% 20381		2,300			2,300
State of Texas, Tax and Rev. Anticipation Notes, Series 2008, 3.00% 8/28/2009		20,000			20,324
Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs),
Series 2006-C, 0.62% 20261		1,800			1,800
Total short-term securities (cost: $135,946,000)					136,155
Total investment securities (cost: $1,566,293,000)					1,569,103
Other assets less liabilities					3,968
Net assets				$	1,573,071

1Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

2Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of  all such securities was $12,049,000, which represented .77% of the net assets of the fund.

3Step bond; coupon rate will increase at a later date.

Key to abbreviations
Agcy. = Agency	Dist. = District	G.O. = General Obligation
AMT = Alternative Minimum Tax	Econ. = Economic	Preref. = Prerefunded
Auth. = Authority	Fac. = Facility	Redev. = Redevelopment
Certs. of Part. = Certificates of Participation	Facs. = Facilities	Ref. = Refunding
Dept. = Department	Fin. = Finance	Rev. = Revenue
Dev. = Development	Fncg. = Financing	TECP = Tax-Exempt Commercial Paper

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.

MFGEFP-943-0309O-S15830

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 and governance 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 and governance 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 and governance 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.

LIMITED TERM TAX-EXEMPT BOND FUND OF AMERICA

By /s/ Brenda S. Ellerin

Brenda S. Ellerin, President and

Principal Executive Officer

Date: April 9, 2009

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/ Brenda S. Ellerin

Brenda S. Ellerin, President and

Principal Executive Officer

Date: April 9, 2009

By /s/ M. Susan Gupton

M. Susan Gupton, Treasurer and

Principal Financial Officer

Date: April 9, 2009