Limited Term Tax Exempt Bond Fund Of America NCSRS 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, 2011

Courtney R. Taylor

Capital Research and Management Company

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

Limited Term Tax-Exempt Bond Fund of AmericaSM

[photo of a woman sitting in an auditorium - her hand raised - a group of other people sitting in front of her]

Semi-annual report for the six months ended January 31, 2011

Limited Term Tax-Exempt Bond Fund of America 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 33 American Funds. American Funds is one of the nation’s largest mutual fund families. For 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, so they may lose value. 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, 2010 (the most recent calendar quarter-end):

Class A shares	1 year			5 years			10 years

Reflecting 2.50% maximum sales charge*		1.08	%		3.15	%		3.73	%

*The maximum initial sales charge was 3.75% prior to November 1, 2006.

The total annual fund operating expense ratio was 0.61% for Class A shares as of the most recent fiscal year-end.

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. Applicable fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 24 and 25 for details.

Results for other share classes can be found on page 28.

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. Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. 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. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

Fellow shareholders:

[photo of a woman sitting in an auditorium - her hand raised - a group of other people sitting in front of her]

The municipal bond market posted a record five consecutive months of negative total returns as of the end of January. The fourth quarter of 2010 was particularly challenging, with some of the weakest quarterly results since 1994. The downturn was sparked by several factors, including worries about rising interest rates, the sunset of the Build America Bonds program, and fears over a handful of state and local governments’ budgetary problems.

In this environment, Limited Term Tax-Exempt Bond Fund of America reported a total return of –1.4% for the first six months of the fiscal year, ended January 31, 2011, including reinvested dividends. In comparison, the Barclays Capital Municipal Short-Intermediate 1-10 Years Index lost 0.8% (this index is unmanaged and its results do not include expenses). The Lipper Intermediate Municipal Debt Funds Average (a measure of peer group results) fell 2.1%. Results for longer time periods are shown in the table below.

A portion of the fund’s total return comes from dividends derived from the income earned on portfolio holdings. For the six-month period, the fund paid monthly dividends totaling nearly 23 cents a share. This amounts to an income return of 1.5% (3.0% annualized), which is equivalent to a taxable return of 2.3% (4.6% annualized) for those in the top federal tax bracket.

Results at a glance

For periods ended January 31, 2011, with distributions 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)		2.29	%		3.51	%		3.81	%		4.36	%

Lipper Intermediate Municipal
Debt Funds Average*		1.22			3.33			3.77			4.33

Barclays Capital Municipal Short-
Intermediate 1-10 Years Index†		2.29			4.48			4.32			4.70

*Lipper average does not reflect the effect of sales charges, account fees or taxes.
† Barclays Capital Municipal Short-Intermediate 1-10 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years. This index is unmanaged and its results do not reflect the effect of sales charges, commissions, account fees, expenses or taxes.

Municipal market overview

The fund’s current fiscal year, which began August 1, 2010, initially saw the municipal market rise slightly, followed by a prolonged sell-off beginning in September. From November 5 to November 17, the Barclays Capital Municipal Bond Index fell 3.4%. A subsequent rally helped regain about a third of that drop; however, a second drop, in early December, cut another 2.5% off the index. All told, that broad muni index lost more than 4% in the fourth quarter of 2010.

The upheaval was ignited by investor emotion as much as by credit concerns. Public discussion and negative media reports focused on the financial distress of several state and local governments, adding to the near-panic selloff in November. Although we believe there could be continued financial distress in the coming years, we expect that the scope and impact will be much more limited than the media coverage implied.

Adding to the municipal bond market’s difficulties, rising Treasury bond yields weighed heavily on munis. The broad bond market saw higher yields in general based on concerns about future inflationary pressures. Also, the muni market, which tends to have longer bond maturities than the taxable bond market, was hurt when the Build America Bonds (BABs) program was not extended past 2010. The BABs (which are taxable and thus not appropriate for this fund) were created as part of the 2009 economic stimulus bill; the federal government agreed to pay 35% of the interest cost on these taxable bonds issued by states and cities. This incentive had shifted a large portion of newly issued longer-dated municipal debt into the taxable market, but now states and cities must return to the tax-exempt market, which could increase the muni bond supply at a time of weaker demand. The demand for municipals was also impacted when Congress left individual income tax rates unchanged through 2012, which reduced the appeal of tax-exempt investments. If the marginal tax brackets for higher-income households had been allowed to rise in 2011, it would likely have increased retail investor interest in tax-free bonds.

[Begin Sidebar]

Tax-exempt yields vs. taxable yields

Find your estimated taxable income below to determine your federal tax rate,* then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.97% tax-exempt distribution rate† as of January 31, 2011.

							The 2.97% distribution
If your taxable income is ...				... then your federal			rate is equivalent
Single		Joint		tax rate is ...			to a taxable rate of ...

$	0 – 8,375	$	0 – 16,750		10.0	%		3.30	%
	8,376 – 34,000		16,751 – 68,000		15.0			3.49
	34,001 – 82,400		68,001 – 137,300		25.0			3.96
	82,401 – 171,850		137,301 – 209,250		28.0			4.13
	171,851 – 373,650		209,251 – 373,650		33.0			4.43
Over 373,650		Over 373,650			35.0			4.57

*Based on 2010 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, 2011.

[End Sidebar]

Inside the portfolio

Of the two primary municipal categories, revenue bonds and general obligation bonds (GOs), the former are the major focus of Limited Term Tax-Exempt Bond Fund of America. The fund ended the six-month period with 84.0% invested in revenue bonds, mainly focused on hospitals (13.7% of the fund’s net assets), airports (9.4% of the fund), municipal electric utilities (7.3%), and sales-tax revenue bonds (4.2%) — very specific types of bonds that fund mission-critical monopoly-type local enterprises. They make up the largest part of the municipal market, and they are where credit research is most useful; these types of issues are largely based on revenue-generating activities versus issues reliant on tax increases or budget cutbacks. Our extensive research has allowed us to concentrate more on localized revenue bonds rather than the broader general obligation bonds. GOs, both local and state, made up 7.3% of the fund’s net assets, down from 9.2% six months before.

The fund’s portfolio counselors concentrated on finding issues of incrementally higher yield for the portfolio; however, rather than simply reach for longer maturity bonds, which tend to have higher yields than shorter maturity bonds, we focused on revenue bonds and A-rated (or equivalent) types of debt. Additions to the portfolio included hospital bonds, university issues and electric utility debt. The fund invests in the investment-grade portion (BBB and above) of the tax-exempt market. While it may hold some longer maturity bonds, the average maturity of the portfolio is weighted between three and 10 years — emphasizing intermediate-term securities.

The quality of the fund’s bonds remained roughly the same as six months ago, with A-rated and higher making up 89.0% of the fund’s net assets, including cash. A-rated debt increased slightly to 30.5% of portfolio assets at the end of the period from 29.3% at the start, while AA-rated increased to 39.5% from 35.0% and AAA-rated debt stood at 10.3% versus 17.3%. The credit composition of the portfolio as of January 31, 2011, is detailed on page 5.

Looking ahead

Now more than ever, extensive research is important to the municipal bond investor. Before the financial crisis, about 50% of municipal bonds were backed by bond insurers. Many of these insurers ran into trouble because the guarantees they made on taxable mortgage bonds were tied to subprime mortgages. Consequently, less than 10% of new municipal debt is insured today. For this reason, it’s important to know what bonds you own. Because investors can no longer rely on the backing of bond insurance, they must look much closer at the credit quality of each issue and issuer. And with 3,000 counties, 36,000 municipalities, 37,400 special districts and 14,600 public school systems in the United States, there is no shortage of bond issues to research.

It is important to remember that the recent muni sell-off was not sparked by any large defaults on the state or local level, but on the fears of such troubles. After the end of the fiscal six-month period, the sharply lower bond prices were indeed attracting buyers. Many nontraditional “crossover” buyers who do not often seek tax-free income were entering the market to take advantage of low municipal bond prices. We point out that some muni yields have recently exceeded Treasury yields, even before accounting for muni tax advantages. Emotion-driven yield spikes can represent buying opportunities for long-term investors.

As always, we steer our investment decisions by determining which issues are most appropriate and promising for the long-term needs of our investors. Although we are focused on finding issues with attractive yields, we are equally devoted to preserving principal. In both, research is the guiding force.

We thank you for your trust in our investment philosophy, 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, 2011

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

The fund’s 30-day yield for Class A shares as of February 28, 2011, calculated in accordance with the Securities and Exchange Commission formula, was 2.36%. (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 3.63%.) The fund’s distribution rate for Class A shares as of that date was 2.94%. 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.

Summary investment portfolio, January 31, 2011

unaudited

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

[begin pie chart]

Quality ratings*

Aaa/AAA	10.3	%
Aa/AA	39.5
A/A	30.5
Baa/BBB	8.9
Ba/BB	0.2
Unrated	1.9
Short-term securities & other assets less liabilities	8.7

*Bond ratings which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's, Standard & Poor's and/or Fitch as an indication of an issuer's creditworthiness. If agency ratings differ, securities are put in the highest category consistent with fund investment policies. Securities in the "unrated" category (at left) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund investment policies.

[end pie chart]

	Principal						Percent
	amount			Value			of net
Bonds & notes - 91.26%		(000	)		(000	)	assets

Alabama - 0.51%
City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project), Series 2007-C, 5.00% 2034 (put 2015)	$	7,000		$	7,640			.31	%
Other securities					5,045			.20
					12,685			.51

Arizona - 2.87%
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2009-C, 5.00% 2038 (put 2014)		8,500			9,081			.37
Industrial Dev. Auth. of the County of Maricopa, Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 2.65% 2031 (put 2011)		3,000			3,005			.12
Other securities					59,251			2.38
					71,337			2.87

California - 9.65%
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), Series 2001-A, 6.125% 2020		7,630			7,723			.31
Econ. Recovery Bonds, Ref. Series 2009-B, 5.00% 2023 (put 2014)		11,250			12,206			.49
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034 (put 2016)		7,500			8,173			.33
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2016		8,430			9,470			.38
Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-A, AMT, National insured, 5.35% 2016		8,000			8,195			.33
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003-A, AMT, 5.00% 2038 (put 2013)		7,000			7,219
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005-A, AMT, 4.70% 2025 (put 2012)		1,250			1,274			.34
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2002-C, AMT, 5.25% 2023 (put 2017) (1)		8,250			8,303			.34
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017		8,500			9,526			.38
City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2020		7,820			7,958			.32
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2010-L, 5.00% 2017		9,500			10,667			.43
Other securities					149,466			6.00
					240,180			9.65

Connecticut - 0.53%
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019		8,550			9,588			.39
Other securities					3,584			.14
					13,172			.53

District of Columbia - 1.74%
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018)		8,500			8,942			.36
Other securities					34,301			1.38
					43,243			1.74

Florida - 9.87%
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2008-A-1, 5.00% 2011		3,000			3,042
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017		10,035			10,523
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.00% 2015		7,000			7,278
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.25% 2017		4,250			4,399
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2012		2,000			2,071
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2013		2,000			2,086			1.18
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2008-A, 5.00% 2014		13,500			14,364			.58
Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2018		7,585			7,787			.31
Other securities					194,233			7.80
					245,783			9.87

Georgia - 3.16%
DeKalb County Hospital Auth., Rev. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 5.25% 2020		8,750			8,519			.34
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019		16,000			18,121			.73
Public Gas Partners, Inc., Gas Project Rev. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018		10,930			11,498			.46
Other securities					40,448			1.63
					78,586			3.16

Hawaii - 0.79%
Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018		8,080			8,473			.34
Other securities					11,245			.45
					19,718			.79

Illinois - 7.09%
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds, Series 2003-A, FGIC-National insured, 5.50% 2018		7,720			8,359			.33
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2018		7,500			7,905			.32
G.O. Ref. Bonds, Series of June 2006, 5.00% 2015		7,750			8,097			.32
State Toll Highway Auth., Toll Highway Priority Rev. Ref. Bonds, Series 1998-A, Assured Guaranty Municipal insured, 5.50% 2015		9,825			10,677			.43
Other securities					141,613			5.69
					176,651			7.09

Indiana - 3.14%
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017		20,545			21,477			.86
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured, 5.00% 2022		7,500			7,422			.30
Other securities					49,282			1.98
					78,181			3.14

Massachusetts - 1.37%
G.O. Ref. Bonds, Series 2008-A, 5.00% 2014		3,000			3,364			.14
Other securities					30,652			1.23
					34,016			1.37

Michigan - 3.89%
State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017		6,500			7,275			.29
Strategic Fund, Exempt Facs. Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 3.20% 2027 (put 2013)		2,500			2,471			.10
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 5.50% 2029 (put 2016)		7,000			7,606			.31
Other securities					79,452			3.19
					96,804			3.89

Mississippi - 0.31%
Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project), Series 2007, Assured Guaranty Municipal insured, 5.00% 2034 (put 2015)		7,085			7,767			.31


New Jersey - 2.88%
Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014		8,000			8,683
Transportation Trust Fund Auth., Transportation System Bonds, Current Interest Bonds, Series 2006-A, 5.50% 2021		4,070			4,375
Transportation Trust Fund Auth., Transportation System Bonds, Series 1999-A, 5.75% 2017		5,000			5,637
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2016		2,500			2,711
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2017		2,500			2,680
Transportation Trust Fund Auth., Transportation System Bonds, Series 2004-B, FGIC-National insured, 5.25% 2013		4,410			4,775			1.16
Other securities					42,923			1.72
					71,784			2.88

New York - 6.44%
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018		8,500			9,334			.38
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), Series 2005, AMT, 5.50% 2016		7,025			7,546			.30
Thruway Auth., Local Highway and Bridge Service Contract Bonds, Series 2009, 5.00% 2017		10,000			11,190			.45
Other securities					132,159			5.31
					160,229			6.44

Ohio - 3.64%
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2014		7,500			8,116			.33
Other securities					82,402			3.31
					90,518			3.64

Pennsylvania - 3.49%
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 3.70% 2021 (put 2015)		4,900			4,840			.19
Other securities					82,096			3.30
					86,936			3.49

South Carolina - 1.00%
Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018		8,000			8,759			.35
Other securities					16,019			.65
					24,778			1.00

Tennessee - 0.86%
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.375% 2018		6,590			6,993			.28
Other securities					14,520			.58
					21,513			.86

Texas - 8.79%
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009, Subseries 2009-A, 5.00% 2019		1,000			1,116
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017		4,000			4,556
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020		4,000			4,433			.40
Harris County, Toll Road Rev. Ref. Bonds, Series 2010-A, 2.00% 2021 (put 2011) (2)		7,000			7,057			.28
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 6.00% 2020 (put 2013)		3,500			3,694			.15
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E, Subseries 2008-E-3, 5.75% 2038 (put 2016)		9,850			10,864			.44
Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2002-B, 5.25% 2015		6,670			7,644			.31
Other securities					179,592			7.21
					218,956			8.79

Virginia - 0.53%
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			1,034			.04
Other securities					12,079			.49
					13,113			.53

Washington - 2.46%
Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, FGIC-National insured, 5.25% 2021		7,445			8,374			.33
Various Purpose G.O. Bonds, Series 1992-B, 6.40% 2017		9,400			10,925			.44
Other securities					42,013			1.69
					61,312			2.46

Wisconsin - 1.29%
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			3,540			.14
Other securities					28,679			1.15
					32,219			1.29

Other states & U.S. territories - 14.96%
Other securities					372,633			14.96


Total bonds & notes (cost: $2,232,950,000)					2,272,114			91.26



	Principal						Percent
	amount			Value			of net
Short-term securities - 7.84%		(000	)		(000	)	assets

State of California, Econ. Recovery Bonds, Series 2004-C-1, 0.26% 2023 (2)		6,400			6,400
State of California, Econ. Recovery Bonds, Series 2004-C-4, 0.24% 2023 (2)		3,000			3,000			.38
California Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company), Series 2009-A, 0.25% 2026 (2)		3,200			3,200
California Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company), Series 2009-C, 0.25% 2016 (2)		16,000			16,000			.77
Commonwealth of Massachusetts, G.O. Rev. Anticipation Notes, Series 2010-A, 2.00% 4/28/2011		20,000			20,081
Commonwealth of Massachusetts, G.O. Rev. Anticipation Notes, Series 2010-C, 2.00% 6/23/2011		15,000			15,101			1.41
State of Rhode Island and Providence Plantations, G.O. Tax Anticipation Notes, Fiscal Year 2011, 2.00% 6/30/2011		10,000			10,069			.41
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2008, 0.30% 2038 (2)		9,215			9,215			.37
State of Texas, Tax and Rev. Anticipation Notes, Series 2010, 2.00% 8/31/2011		30,000			30,292			1.22
State of Wisconsin, Operating Notes of 2010, 2.00% 6/15/2011		10,000			10,060			.40
Other securities					71,768			2.88

Total short-term securities (cost: $195,178,000)					195,186			7.84


Total investment securities (cost: $2,428,128,000)					2,467,300			99.10
Other assets less liabilities					22,292			.90

Net assets				$	2,489,592			100.00	%

"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio.

(1) Acquired 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, including those in "Other securities," was $13,186,000, which represented .53% of the net assets of the fund.

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

Key to abbreviations

Agcy. = Agency

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

See Notes to Financial Statements

Financial statements

Statement of assets and liabilities			unaudited
at January 31, 2011	(dollars in thousands)

Assets:
Investment securities, at value (cost: $2,428,128)			$	2,467,300
Cash				392
Receivables for:
Sales of investments	$	1,726
Sales of fund's shares		4,414
Interest		25,624		31,764
				2,499,456
Liabilities:
Payables for:
Purchases of investments		1,143
Repurchases of fund's shares		5,947
Dividends on fund's shares		1,157
Investment advisory services		561
Services provided by related parties		872
Trustees' deferred compensation		112
Other		72		9,864
Net assets at January 31, 2011			$	2,489,592

Net assets consist of:
Capital paid in on shares of beneficial interest			$	2,448,743
Undistributed net investment income				272
Undistributed net realized gain				1,405
Net unrealized appreciation				39,172
Net assets at January 31, 2011			$	2,489,592

	(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) - unlimited shares authorized (162,339 total shares outstanding)
		Net assets		Shares outstanding		Net asset value per share
Class A		$	2,184,255		142,429	$	15.34
Class B			14,256		930		15.34
Class C			74,438		4,854		15.34
Class F-1			101,206		6,599		15.34
Class F-2			115,437		7,527		15.34

See Notes to Financial Statements

Statement of operations				unaudited
for the six months ended January 31, 2011	(dollars in thousands)

Investment income:
Income:
Interest				$	47,391

Fees and expenses*:
Investment advisory services	$	3,488
Distribution services		4,183
Transfer agent services		263
Administrative services		147
Reports to shareholders		51
Registration statement and prospectus		188
Trustees' compensation		38
Auditing and legal		4
Custodian		7
Federal and state income taxes		5
Other		88			8,462
Net investment income					38,929

Net realized gain and unrealized depreciation on investments:
Net realized gain on investments					4,948
Net unrealized depreciation on investments					(80,115	)
Net realized gain and unrealized depreciation on investments					(75,167	)
Net decrease in net assets resulting from operations				$	(36,238	)

(*) 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, 2011*			Year ended July 31, 2010
Operations:
Net investment income	$	38,929		$	75,194
Net realized gain on investments		4,948			5,899
Net unrealized (depreciation) appreciation on investments		(80,115	)		96,312
Net (decrease) increase in net assets resulting from operations		(36,238	)		177,405

Dividends paid or accrued to shareholders from net investment income		(38,613	)		(75,299	)

Net capital share transactions		(100,870	)		453,166

Total (decrease) increase in net assets		(175,721	)		555,272

Net assets:
Beginning of period		2,665,313			2,110,041
End of period (including undistributed and distributions in excess of
net investment income: $272 and $(44), respectively)	$	2,489,592		$	2,665,313

*Unaudited.

See Notes to Financial Statements

Notes to financial statements

unaudited

1.	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. Effective November 1, 2010, the fund reorganized from a Massachusetts business trust to a Delaware statutory trust in accordance with a proposal approved by shareholders on November 24, 2009.

The fund has five share classes, some of which are only available to limited categories of investors. 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 B and C shares of the fund are not available for purchase.

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.

2.	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 fund follows the significant accounting policies described on the following page, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income – Security transactions are recorded by the 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.

Valuation

The fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The fund generally determines the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs – The fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained as of approximately 3:00 p.m. New York time from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.

Where the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair 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.

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 guidelines adopted by authority of the fund's board of trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs 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. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Classifications - The fund classifies its assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. 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 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, 2011, all of the fund’s investment securities were classified as Level 2.

4.	Risk factors

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

Market conditions – The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.

Investing in bonds – Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default.

Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features could cause the fund to experience a loss and may affect its share price.

Investing in lower rated bonds – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than higher quality debt securities. The market prices of these securities may fluctuate more than higher quality debt securities and may decline significantly in periods of general economic difficulty.

Thinly traded securities – There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value or sell.

Concentration – Investing significantly in municipal obligations of issuers in the same state or similar project type may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.

Management – The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the techniques and risk analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

5.	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, 2011, 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 interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2006 and by state tax authorities for tax years before 2005.

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; deferred expenses; net capital losses; and amortization of discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the 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, 2010, the components of distributable earnings on a tax basis were as follows:

	(dollars in thousands)
Undistributed tax-exempt income				$	836
Capital loss carryforwards*:
Expiring 2011	$	(1,412	)
Expiring 2012		(638	)
Expiring 2017		(1,493	)		(3,543	)

*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.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of January 31, 2011, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:

(dollars in thousands)
Gross unrealized appreciation on investment securities	$	59,118
Gross unrealized depreciation on investment securities		(19,614	)
Net unrealized appreciation on investment securities		39,504
Cost of investment securities		2,427,796

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

Share class	Six months ended January 31, 2011		Year ended July 31, 2010
Class A	$	33,966	$	62,901
Class B		198		549
Class C		934		1,827
Class F-1		1,547		3,410
Class F-2		1,968		6,612
Total	$	38,613	$	75,299

6.	Fees and transactions with related parties

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

Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a series of decreasing 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. For the six months ended January 31, 2011, the investment advisory services fee was $3,488,000, which was equivalent to an annualized rate of 0.260% 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 Class F-2. 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 with a plan 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. This class reimburses AFD 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, 2011, unreimbursed expenses subject to reimbursement totaled $2,791,000 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 as described below.

Administrative services – The fund has an administrative services agreement with CRMC for all share classes, except Classes A and B, to provide certain services, including transfer agent and recordkeeping services; coordinating, monitoring, assisting and overseeing third-party service providers; and educating advisers and shareholders about the impact of market-related events, tax laws affecting investments, retirement plan restrictions, exchange limitations and other related matters. Each relevant share class pays CRMC annual fees up to 0.15% 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, 2011, were as follows (dollars in thousands):

					Administrative services
Share class	Distribution services		Transfer agent services		CRMC administrative services		Transfer agent services
Class A	$	3,523	$	261	Not applicable		Not applicable
Class B		90		2	Not applicable		Not applicable
Class C		435	Included in administrative services		$	30	$	2
Class F-1		135				57		2
Class F-2	Not applicable					55		1
Total	$	4,183	$	263	$	142	$	5

Trustees’ deferred compensation – Trustees who are unaffiliated with CRMC may 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 $38,000, shown on the accompanying financial statements, includes $20,000 in current fees (either paid in cash or deferred) and a net increase of $18,000 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.

7.	Capital share transactions

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

	Sales(*)				Reinvestments of dividends				Repurchases(*)						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended January 31, 2011
Class A	$	346,687		22,008	$	29,579		1,881	$	(442,606	)		(28,273	)	$	(66,340	)		(4,384	)
Class B		1,484		94		170		11		(7,819	)		(497	)		(6,165	)		(392	)
Class C		10,158		645		811		52		(25,020	)		(1,597	)		(14,051	)		(900	)
Class F-1		19,632		1,251		1,329		84		(29,168	)		(1,857	)		(8,207	)		(522	)
Class F-2		31,825		2,016		1,247		79		(39,179	)		(2,501	)		(6,107	)		(406	)
Total net increase
(decrease)	$	409,786		26,014	$	33,136		2,107	$	(543,792	)		(34,725	)	$	(100,870	)		(6,604	)


Year ended July 31, 2010
Class A	$	977,062		63,218	$	53,466		3,450	$	(500,301	)		(32,345	)	$	530,227			34,323
Class B		5,539		358		452		30		(11,093	)		(718	)		(5,102	)		(330	)
Class C		34,032		2,197		1,522		98		(21,301	)		(1,379	)		14,253			916
Class F-1		48,140		3,115		2,862		185		(51,653	)		(3,343	)		(651	)		(43	)
Class F-2		101,415		6,568		4,142		267		(191,118	)		(12,365	)		(85,561	)		(5,530	)
Total net increase
(decrease)	$	1,166,188		75,456	$	62,444		4,030	$	(775,466	)		(50,150	)	$	453,166			29,336

* Includes exchanges between share classes of the fund.

8.	Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $135,711,000 and $252,735,000, respectively, during the six months ended January 31, 2011.

Financial highlights(1)

				(Loss) income from investment operations(2)
		Net asset value, beginning of period		Net investment income		Net (losses) gains 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 1/31/2011(5)	$	15.78	$	.23	$	(.44	)	$	(.21	)	$	(.23	)	$	15.34		(1.36	)%	$	2,184		.61	%	(6)		.61	%	(6)		2.92	%	(6)
	Year ended 7/31/2010		15.11		.48		.67			1.15			(.48	)		15.78		7.71			2,316		.61				.61				3.08
	Year ended 7/31/2009		15.01		.50		.10			.60			(.50	)		15.11		4.12			1,700		.64				.63				3.36
	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

Class B:	Six months ended 1/31/2011(5)		15.78		.17		(.44	)		(.27	)		(.17	)		15.34		(1.71	)		14		1.31		(6)		1.31		(6)		2.22		(6)
	Year ended 7/31/2010		15.11		.37		.67			1.04			(.37	)		15.78		6.96			21		1.31				1.31				2.40
	Year ended 7/31/2009		15.01		.40		.10			.50			(.40	)		15.11		3.40			25		1.34				1.33				2.69
	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

Class C:	Six months ended 1/31/2011(5)		15.78		.17		(.44	)		(.27	)		(.17	)		15.34		(1.73	)		75		1.36		(6)		1.36		(6)		2.17		(6)
	Year ended 7/31/2010		15.11		.36		.67			1.03			(.36	)		15.78		6.91			91		1.36				1.36				2.34
	Year ended 7/31/2009		15.01		.39		.10			.49			(.39	)		15.11		3.35			73		1.39				1.38				2.64
	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

Class F-1:	Six months ended 1/31/2011(5)		15.78		.23		(.44	)		(.21	)		(.23	)		15.34		(1.38	)		101		.65		(6)		.65		(6)		2.88		(6)
	Year ended 7/31/2010		15.11		.47		.67			1.14			(.47	)		15.78		7.68			112		.63				.63				3.06
	Year ended 7/31/2009		15.01		.50		.10			.60			(.50	)		15.11		4.11			108		.66				.64				3.33
	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

Class F-2:	Six months ended 1/31/2011(5)		15.78		.25		(.44	)		(.19	)		(.25	)		15.34		(1.24	)		116		.38		(6)		.38		(6)		3.14		(6)
	Year ended 7/31/2010		15.11		.52		.67			1.19			(.52	)		15.78		7.97			125		.36				.36				3.35
	Period from 8/18/2008 to 7/31/2009		15.15		.50		(.04	)		.46			(.50	)		15.11		3.15			204		.38		(6)		.38		(6)		3.51		(6)

	Six months ended January 31,			Year ended July 31
	2011(5)			2010			2009			2008			2007			2006

Portfolio turnover rate for all share classes		6	%		13	%		7	%		16	%		26	%		25	%

(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 some of the periods shown, CRMC reduced fees for investment advisory services.
(5)Unaudited.
(6)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 six-month period (August 1, 2010, through January 31, 2011).

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, 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 be lower by the amount of these fees.

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 8/1/2010		Ending account value 1/31/2011		Expenses paid during period*		Annualized expense ratio

Class A -- actual return	$	1,000.00	$	986.38	$	3.05		.61	%
Class A -- assumed 5% return		1,000.00		1,022.13		3.11		.61
Class B -- actual return		1,000.00		982.93		6.55		1.31
Class B -- assumed 5% return		1,000.00		1,018.60		6.67		1.31
Class C -- actual return		1,000.00		982.70		6.80		1.36
Class C -- assumed 5% return		1,000.00		1,018.35		6.92		1.36
Class F-1 -- actual return		1,000.00		986.21		3.25		.65
Class F-1 -- assumed 5% return		1,000.00		1,021.93		3.31		.65
Class F-2 -- actual return		1,000.00		987.56		1.90		.38
Class F-2 -- assumed 5% return		1,000.00		1,023.29		1.94		.38

*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).

Other share class results

unaudited

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, 2010 (the most recent calendar quarter-end):

							10 years1/
							Life of
	1 year			5 years			class
Class B shares2
Reflecting applicable contingent deferred sales charge
(CDSC), maximum of 5%, payable only if shares
are sold within six years of purchase		–2.08	%		2.59	%		3.40	%
Not reflecting CDSC		2.92			2.95			3.40

Class C shares2 — first sold 3/15/01
Reflecting CDSC, maximum of 1%, payable only
if shares are sold within one year of purchase		1.86			2.90			3.01
Not reflecting CDSC		2.86			2.90			3.01

Class F-1 shares3 — first sold 3/15/01
Not reflecting annual asset-based fee charged
by sponsoring firm		3.61			3.65			3.75

Class F-2 shares3 — first sold 8/18/08
Not reflecting annual asset-based fee charged
by sponsoring firm		3.89			—			4.35

1Applicable to Class B shares only. All other share classes reflect results for the life of the class.

2These shares are not available for purchase.

3These shares are sold without any initial or contingent deferred sales charge.

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

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

(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

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, CA 90071-3106

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

A complete January 31, 2011, 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. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling 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 or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2011, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

What makes American Funds different?

For 80 years, we have followed a consistent philosophy to benefit our investors. Our 33 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 more than 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 27 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 funds

American Balanced Fund®

American Funds Global Balanced FundSM

•Bond funds

American Funds Mortgage FundSM

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 Funds Short-Term Tax-Exempt Bond FundSM

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

American Funds Tax-Exempt Fund of New YorkSM

The Tax-Exempt Fund of California®

The Tax-Exempt Fund of Maryland®

The Tax-Exempt Fund of Virginia®

•Money market fund

American Funds Money Market Fund®

•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-943-0311P

Litho in USA CGD/ACME/8089-S26186

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

Limited Term Tax-Exempt Bond Fund of AmericaSM

Investment portfolio

January 31, 2011

unaudited

Bonds & notes — 91.26%	Principal amount (000)		Value (000)

ALABAMA — 0.51%
Industrial Dev. Board of the Town of Courtland, Industrial Dev. Rev. Ref. Bonds (International Paper Co. Projects),
Series 2003-A, 5.00% 2013	$	1,000	$	1,043
City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project),
Series 2007-C, 5.00% 2034 (put 2015)		7,000		7,640
Public School and College Auth., Capital Improvement Ref. Bonds, Series 2009-A, 5.00% 2015		2,000		2,226
Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Bonds, Series 2008-A, 5.25% 2017		1,160		1,241
Board of Trustees of the University of Alabama, University of Alabama at Birmingham Hospital Rev. Bonds,
Series 2006-A, 5.00% 2015		500		535
				12,685


ALASKA — 0.29%
Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, National insured, 5.50% 2037		1,645		1,697
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011)		3,310		3,358
Student Loan Corp., Capital Project Rev. Bonds, Series 2004-A, National insured, 4.00% 2011		1,000		1,010
Student Loan Corp., Education Loan Rev. Bonds, Series 2006-A-2, AMT, 5.00% 2016		1,000		1,057
				7,122


ARIZONA — 2.87%
Pollution Control Corp. of the County of Cochise, Solid Waste Disposal Rev. Bonds (Arizona Electric
Power Cooperative, Inc. Project), Series 1994-A, AMT, 1.24% 20241		2,800		2,801
Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University), Series 2007, 5.25% 2018		1,135		1,220
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 1.29% 2042 (put 2015)1		4,000		3,484
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 1.14% 2042 (put 2015)1		4,000		3,492
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2016		1,900		2,018
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2017		3,000		3,152
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2018		500		523
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West),
Series 2007-A, 4.125% 2015		1,000		1,027
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West),
Series 2007-A, 5.00% 2016		2,000		2,100
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West),
Series 2009-A, 5.00% 2016		2,400		2,521
Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Bonds (Catholic Healthcare West),
Series 2009-C, 5.00% 2038 (put 2014)		8,500		9,081
Industrial Dev. Auth. of the County of Maricopa, Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2001, AMT, 2.65% 2031 (put 2011)		3,000		3,005
Maricopa County Community College Dist., G.O. Bonds (Project of 2004), Series 2009-C, 5.00% 2018		3,500		3,980
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 (escrowed to maturity)		1,345		1,355
City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2010-A, 5.00% 2019		1,000		1,052
City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2017		2,000		2,179
City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2018		1,000		1,074
City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2018		1,000		1,164
City of Phoenix Civic Improvement Corp., Water System Rev. Bonds, Series 2009-A, 5.00% 2018		2,300		2,602
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		374		387
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		715		730
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2012		1,250		1,265
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2013		1,000		1,011
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2015		1,250		1,260
School Facs. Board, Certs. of Part., Series 2008, 5.50% 2016		1,500		1,663
School Facs. Board, Certs. of Part., Series 2008, 5.50% 2017		3,000		3,309
School Facs. Board, Ref. Certs. of Part., Series 2005-A-1, FGIC-National insured, 5.00% 2015		5,000		5,428
School Facs. Board, State School Improvement Rev. Ref. Bonds, Series 2005, 5.00% 2015		2,000		2,250
School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017		2,000		2,146
State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2019		3,770		4,058
				71,337


CALIFORNIA — 9.65%
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House),
Series 2010, 4.00% 2016		1,500		1,470
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.),
Series 2001-A, 6.125% 2020		7,630		7,723
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		1,002
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		730		741
California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds (Alameda County Tobacco
Asset Securitization Corp.), Series 2002, 4.75% 2019		445		436
City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds, 4.15% 2012		485		491
City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds, 4.40% 2014		695		699
Central Valley Fncg. Auth., Cogeneration Project Rev. Ref. Bonds (Carson Ice-Gen Project), Series 2009, 5.00% 2016		800		872
Central Valley Fncg. Auth., Cogeneration Project Rev. Ref. Bonds (Carson Ice-Gen Project), Series 2009, 5.00% 2017		1,130		1,225
Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),
Series 2009, 5.00% 2016		1,000		1,104
Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),
Series 2009, 5.00% 2017		1,000		1,099
Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.75% 2018		5,170		5,888
Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.80% 2019		3,000		3,410
Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects),
Series 2002-A, AMBAC insured, 5.00% 2021		1,000		947
Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects),
Series A, AMBAC insured, 5.00% 2019		1,570		1,538
Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2019		3,000		3,255
Econ. Recovery Bonds, Ref. Series 2009-B, 5.00% 2023 (put 2014)		11,250		12,206
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,
Series 2003-B, FGIC insured, 5.50% 2033 (preref. 2013)		1,000		1,099
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011)		80		81
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011)		920		935
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-I, 4.95% 2026 (put 2014)		1,000		1,068
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-I, 5.125% 2022		1,500		1,557
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-K, 5.125% 2022		1,175		1,213
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 5.25% 2016		500		561
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 5.50% 2017		500		563
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2008-C, 6.00% 2018		600		694
Health Facs. Fncg. Auth., Rev. Bonds (St. Joseph Health System), Series 2009-B, 5.00% 2015		4,260		4,654
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034 (put 2016)		7,500		8,173
Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates),
Series 2006-A, 5.00% 2016		1,255		1,270
City of Long Beach, Harbor Rev. Bonds, Series 2002-B, AMT, National insured, 5.25% 2013		1,045		1,125
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2016		8,430		9,470
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2017		1,500		1,678
City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019		3,500		3,840
City of Long Beach, Harbor Rev. Ref. Bonds, Series 2005-A, AMT, National insured, 5.00% 2022		1,300		1,292
City of Los Angeles Harbor Dept., Rev. Bonds, Series 2006-D, AMT, National insured, 5.00% 2020		3,100		3,189
City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, National insured, 5.00% 2014		1,370		1,493
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds,
Series 2003-A, Subseries A-1, National insured, 5.00% 2015		2,500		2,724
City of Los Angeles, Wastewater System Rev. Bonds, Ref. Series 2002-A, FGIC-National insured, 6.00% 2021		3,000		3,549
City of Los Angeles, Wastewater System Rev. Bonds, Ref. Series 2009-A, 5.00% 2018		2,500		2,814
County of Los Angeles, Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds,
Series 2009-B, 5.00% 2017		2,500		2,838
Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds,
Series 2006-A, AMT, National insured, 5.00% 2015		1,575		1,694
Los Angeles Convention and Exhibition Center Auth., Lease Rev. Ref. Bonds, Series 2008-A, 5.00% 2016		1,570		1,660
Los Angeles State Building Auth., Lease Rev. Ref. Bonds (State of California Dept. of General Services Lease),
Series 1993-A, National insured, 5.625% 2011		1,180		1,193
Los Angeles Unified School Dist. (County of Los Angeles), Election of 2004 G.O. Bonds, Series 2009-I, 5.00% 2020		3,500		3,718
Morongo Band of Mission Indians, Enterprise Rev. Bonds, Series 2008-B, 5.50% 2018		1,730		1,626
Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, 0.803% 20171		2,500		2,119
Northern California Power Agcy., Hydroelectric Project Number One Rev. Bonds, Ref. Series 2010-A, 5.00% 2019		1,000		1,094
Northern California Power Agcy., Hydroelectric Project Number One Rev. Bonds, Ref. Series 2010-A, 5.00% 2020		2,000		2,130
Northern California Power Agcy., Hydroelectric Project Number One Rev. Bonds, Ref. Series 2010-A, 5.00% 2021		1,000		1,051
Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2011		1,000		1,029
Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2012		2,000		2,093
Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2015		2,220		2,357
Port of Oakland, Rev. Ref. Bonds, Series 2007-C, National insured, 5.00% 2016		1,000		1,082
Port of Oakland, Rev. Ref. Bonds, Series 2007-C, National insured, 5.00% 2017		1,900		2,037
Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-A, AMT,
National insured, 5.35% 2016		8,000		8,195
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2003-A, AMT, 5.00% 2038 (put 2013)		7,000		7,219
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2005-A, AMT, 4.70% 2025 (put 2012)		1,250		1,274
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project),
Series 2002-C, AMT, 5.25% 2023 (put 2017)2		8,250		8,303
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport),
Issue of 2005, AMT, Assured Guaranty Municipal insured, 5.00% 2014		1,020		1,093
County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2017		6,000		6,310
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017		8,500		9,526
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2017		2,500		2,791
San Francisco State Building Auth., Lease Rev. Ref. Bonds (San Francisco Civic Center Complex),
Series 2005-A, FGIC-National insured, 5.00% 2016		2,500		2,617
City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.00% 2014		4,380		4,636
City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2020		7,820		7,958
South Orange County Public Fncg. Auth., Special Tax Rev. Bonds (Ladera Ranch),
Series 2005-A, AMBAC insured, 5.00% 2016		2,420		2,486
Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2016		1,000		1,026
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Ref.
Series 2009-A, 5.00% 2019		2,500		2,743
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2010, 5.375% 2020		2,730		2,661
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-I, 3.45% 2035 (put 2011)		1,000		1,008
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019		2,000		2,083
Statewide Communities Dev. Auth., Rev. Bonds (Proposition 1A Receivables Program), Series 2009, 5.00% 2013		5,000		5,282
Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2005-A,
RADIAN insured, 5.00% 2014		1,300		1,344
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.00% 2019		1,100		1,147
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2004, 5.50% 2013		1,750		1,847
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2004, 5.50% 2014		1,975		2,104
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),
Series 2008, 5.00% 2018		2,500		2,544
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		4,354
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.00% 2017		2,000		2,195
Val Verde Unified School Dist., Certs. of Part. (Ref. and School Construction Project),
Series 2005-B, FGIC-National insured, 5.00% 2014		1,000		1,048
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 2010-L, 5.00% 2017		9,500		10,667
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2010-L, 5.00% 2019		5,000		5,543
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2010-M, 4.00% 2019		2,500		2,586
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2010-M, 5.00% 2016		1,000		1,123
				240,180


COLORADO — 1.94%
Arapahoe County, Ref. Certs. of Part. (Sheriff/Coroner Building and Centrepoint Plaza),
Series 2006, AMBAC insured, 5.00% 2015		2,000		2,230
City and County of Denver, Airport System Rev. Bonds, Series 2006-B, AMT, FGIC-National insured, 5.00% 2015		1,000		1,090
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.25% 2013		2,000		2,181
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.25% 2015		5,300		5,877
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4,
Subseries 2008-A2-A4, AMT, 5.25% 2032 (put 2011)		5,000		5,061
City and County of Denver, Airport System Rev. Bonds, Series 2010-A, 5.00% 2021		3,000		3,152
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC-National insured, 5.00% 2012		1,500		1,596
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project),
Series 2006, 5.00% 2015		1,420		1,508
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project),
Series 2009-B, 5.00% 2039 (put 2014)		3,200		3,332
Health Facs. Auth., Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2002, 5.00% 2011		1,100		1,121
Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-F, 5.00% 2015		440		475
Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-F, 5.00% 2015 (escrowed to maturity)		980		1,133
Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project),
Series 2006-B, RADIAN insured, 5.25% 2014		1,810		1,880
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2008-C-2, 4.00% 2040 (put 2015)		1,000		1,057
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2008-C-8, 4.10% 2036 (put 2011)		5,000		5,115
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series D-3, 5.50% 2038 (put 2015)		3,500		3,935
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 5.25% 2011		560		571
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014		1,320		1,367
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015		1,145		1,181
Housing and Fin. Auth., Single-family Program Bonds, Series 1998-D-3, 6.125% 2023		265		284
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 5.75% 2018		460		482
Regional Transportation Dist., Certs. of Part., Series 2010-A, 5.00% 2018		1,640		1,766
Regents of the University of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.00% 2018		1,750		1,985
				48,379


CONNECTICUT — 0.53%
Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program),
Series 2005-A, AMT, National insured, 4.20% 2014		730		765
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2018		2,500		2,819
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019		8,550		9,588
				13,172


DELAWARE — 0.25%
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		2,008
Housing Auth., Single-family Mortgage Rev. Bonds, Series 2007-D-1, AMT, 5.60% 2039		2,025		2,134
Housing Auth., Single-family Mortgage Rev. Bonds, Series 2009-A-1, 5.45% 2040		1,875		2,018
				6,160


DISTRICT OF COLUMBIA — 1.74%
Certs. of Part., Lease Rev. Bonds, Series 2002, AMBAC insured, 5.25% 2013		1,365		1,426
Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC-National insured, 5.25% 2014		1,000		1,076
Convention Center Auth., Dedicated Tax Rev. and Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2016		2,500		2,739
Convention Center Auth., Dedicated Tax Rev. and Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2018		5,000		5,298
Friendship Public Charter School, Inc. Issue Rev. Bonds, Series 2003, ACA insured, 5.00% 2012		1,000		1,013
G.O. Ref. Bonds, Series 2007-B, AMBAC insured, 5.00% 2017		6,000		6,633
G.O. Ref. Bonds, Series B, XLCA-Assured Guaranty Municipal insured, 5.25% 2020		2,000		2,216
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018)		8,500		8,942
Housing Fin. Agcy., Capital Program Rev. Bonds (Housing Auth. Modernization Program),
Series 2005, Assured Guaranty Municipal insured, 5.00% 2014		1,785		1,915
Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2009-B, 5.00% 2017		4,000		4,543
Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2009-B, 5.00% 2018		3,000		3,388
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2007-B, AMT, AMBAC insured, 5.00% 2025		3,000		2,928
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.50% 2017		1,000		1,126
				43,243


FLORIDA — 9.87%
Broward County, Airport System Rev. Ref. Bonds, Series 2009-O, 5.00% 2015		1,000		1,082
Broward County, Airport System Rev. Ref. Bonds, Series 2009-O, 5.00% 2016		1,000		1,084
Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project),
Series 2006, National insured, 5.00% 2016		1,000		1,116
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2008-A-1, 5.00% 2011		3,000		3,042
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017		10,035		10,523
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.00% 2015		7,000		7,278
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.25% 2017		4,250		4,399
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2012		2,000		2,071
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2013		2,000		2,086
City of Coral Gables, Health Facs. Auth., Hospital Rev. Bonds (Baptist Health South Florida Obligated Group),
Series 2004, Assured Guaranty Municipal insured, 5.00% 2034 (preref. 2014)		1,000		1,126
Dept. of Environmental Protection, Forever Rev. Bonds, Series 2007-B, National insured, 5.00% 2018		3,000		3,281
Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),
Series 2010-A, 5.00% 2017		2,510		2,548
Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),
Series 2010-A, 5.125% 2020		1,270		1,250
Escambia County Health Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2003-A, 5.25% 2012		1,535		1,640
Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program),
Series 2007-B, AMT, 4.70% 2039		1,880		1,811
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2002-B, AMT,
Assured Guaranty Municipal insured, 5.25% 2019		4,925		4,987
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2007-A, AMT,
Assured Guaranty Municipal insured, 5.00% 2016		3,000		3,254
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-A, AMT, 6.00% 2016		2,500		2,831
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2013		1,095		1,193
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2005-B, 5.00% 2014		1,025		1,131
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),
Series 2006-G, 5.00% 2015		970		1,066
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		172
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		165
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		34
Hillsborough County Aviation Auth., Tampa International Airport, Rev. Ref. Bonds,
Series 2003-D, AMT, National insured, 5.25% 2016		3,085		3,229
Hillsborough County Aviation Auth., Tampa International Airport, Rev. Ref. Bonds,
Series 2003-D, AMT, National insured, 5.25% 2018		2,000		2,055
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project),
Series 2003-A, 5.00% 2012		2,195		2,283
Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project),
Series 2002, 5.10% 2013		2,350		2,453
Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project),
Series 2006, AMBAC insured, 5.00% 2034 (put 2012)		6,275		6,498
Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project),
Series 2007-A, 5.65% 2018		4,000		4,361
School Board of Hillsborough County, Master Lease Program, Series 2006-B, National insured, 5.00% 2015		2,000		2,168
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2009-A-1, 5.00% 2028		1,230		1,309
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.35% 2016		665		668
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.45% 2017		625		628
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 5.75% 2037		1,925		1,984
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2009-2, 5.50% 2041		970		1,026
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2006-A, 5.25% 2012		1,000		1,044
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2008-A, 5.00% 2013		2,000		2,110
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2008-A, 5.00% 2014		13,500		14,364
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2015		1,900		2,029
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016		3,000		3,198
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series A, National insured, 5.00% 2011		2,000		2,027
Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2018		7,585		7,787
Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2021		1,830		1,804
Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2023		1,935		1,851
City of Lakeland, Retirement Community First Mortgage Rev. and Ref. Bonds (Carpenter’s Home Estates, Inc. Project),
Series 2008, 5.875% 2019		1,000		995
Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2016		2,535		2,707
Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2015		2,260		2,399
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2017		4,990		5,407
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2019		2,500		2,652
Miami-Dade County Educational Facs. Auth., Rev. Bonds (University of Miami Issue), Series 2008-A, 5.25% 2020		2,270		2,383
Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue),
Series 2007-B, AMBAC insured, 5.25% 2018		3,760		4,027
Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.00% 2021		2,250		2,327
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Bonds, Series 2009-A, 5.75% 2022		1,500		1,599
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Bonds, Series 2009-B, 5.50% 2018		3,580		3,956
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Bonds, Series 2009-B, 5.75% 2021		2,000		2,169
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,
Series 2003-E, AMT, National insured, 5.375% 2017		6,075		6,522
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		3,807
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,
Series 2005-B, AMT, XLCA insured, 5.00% 2018		2,700		2,760
Miami-Dade County, Capital Asset Acquisition Special Obligation Bonds,
Series 2009-A, Assured Guaranty insured, 3.50% 2013		1,000		1,031
Miami-Dade County, G.O. Bonds (Building Better Communities Program), Series 2008-B, 5.00% 2017		2,500		2,789
Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-C, 5.25% 2017		3,000		3,357
School Board of Miami-Dade County, Certs. of Part., Series 2006-C, AMBAC insured, 5.00% 2017		1,140		1,230
School Board of Miami-Dade County, Certs. of Part., Series 2008-A, AMBAC insured, 5.00% 2017		5,000		5,401
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2017		2,500		2,678
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2018		4,650		4,926
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009, 5.25% 2020		2,430		2,573
Municipal Power Agcy., Stanton Project Rev. Ref. Bonds, Series 2008, 5.125% 2017		5,000		5,392
Municipal Power Agcy., Rev. Bonds (St. Lucie Project), Series 2009-A, 5.00% 2017		3,455		3,701
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2006, 5.00% 2018		1,000		1,096
Palm Beach County, Public Improvement Rev. Ref. Bonds (Convention Center Project),
Series 2004, FGIC-National insured, 5.00% 2030 (put 2011)		1,500		1,540
State Board of Education, Lottery Rev. Ref. Bonds, Series 2010-E, 5.00% 2016		3,000		3,352
State Board of Education, Public Education Capital Outlay Bonds, Series 2007-D, 5.00% 2020		3,500		3,868
State Board of Education, Public Education Capital Outlay Bonds, Series 2008-A, 5.00% 2014		1,000		1,112
City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2010, 5.00% 2016		1,410		1,562
City of Tampa, Health System Rev. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2017		1,500		1,592
City of Tampa, Health System Rev. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2018		5,000		5,273
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2008-A, 5.00% 2017		3,435		3,899
Dept. of Transportation, Turnpike Rev. Bonds, Series 2007-A, National insured, 5.00% 2016		5,000		5,599
Dept. of Transportation, Turnpike Rev. Bonds, Series 2009-A, 5.00% 2017		2,650		2,963
Dept. of Transportation, Turnpike Rev. Bonds, Series 2010-B, 5.00% 2016		4,825		5,403
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2010-A, 5.00% 2019		3,000		3,309
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 4.00% 2017		2,000		2,163
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020		2,000		2,218
				245,783


GEORGIA — 3.16%
City of Atlanta, Water and Wastewater Rev. Bonds, Series 2004, Assured Guaranty Municipal insured, 5.00% 2012		2,000		2,118
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project),
Second Series 2008, 4.95% 2048 (put 2011)		5,000		5,035
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		1,399
DeKalb County Hospital Auth., Rev. Anticipation Certificates (DeKalb Medical Center, Inc. Project),
Series 2010, 5.25% 2020		8,750		8,519
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project),
Series 2007, 5.00% 2014		1,215		1,196
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2013		2,000		2,124
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2015		1,525		1,585
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2016		4,470		4,611
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2017		1,500		1,533
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2020		5,000		4,813
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.125% 2015		190		198
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds (Third Indenture Series), Ref.
Series 2005-A, FGIC-National insured, 5.00% 2020		4,000		4,446
Municipal Electric Auth., Project One Bonds, Series 1998-A, National insured, 5.25% 2013		1,000		1,071
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019		16,000		18,121
Public Gas Partners, Inc., Gas Project Rev. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2017		5,000		5,317
Public Gas Partners, Inc., Gas Project Rev. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018		10,930		11,498
Savannah Econ. Dev. Auth., Pollution Control Rev. Ref. Bonds (International Paper Co. Projects),
Series 2003-A, 5.10% 2014		1,000		1,046
State Road & Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2019		3,500		3,956
				78,586


GUAM — 0.08%
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2014		1,000		1,015
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2016		1,000		999
				2,014


HAWAII — 0.79%
Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018		8,080		8,473
G.O. Bonds, Series CM, FGIC-Assured Guaranty Municipal insured, 6.50% 2016		3,000		3,669
G.O. Ref. Bonds, Series 2009-DT, 5.00% 2016		3,000		3,440
G.O. Bonds, Series DQ, 5.00% 2016 (escrowed to maturity)		455		528
Harbor System Rev. Bonds, Series 2007-A, AMT, Assured Guaranty Municipal insured, 5.25% 2016		1,000		1,068
City and County of Honolulu, G.O. Bonds, Series 2007-A, Assured Guaranty Municipal insured, 5.00% 2019		1,000		1,111
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.00% 2016		450		465
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.00% 2017		450		459
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.00% 2018		500		505
				19,718


IDAHO — 0.33%
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2009-A, 5.00% 2020		3,000		3,270
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-C-2, AMT, 5.25% 2011		10		10
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-E-3, AMT, 5.125% 2011		10		10
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-H, AMT, 4.65% 2012		35		35
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-I-2, AMT, 4.70% 2012		25		25
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021		215		215
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-F, Class III, AMT, 4.875% 2023		800		792
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023		580		557
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023		495		496
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-G, Class III, AMT, 4.60% 2028		1,355		1,231
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-B, Class III, AMT, 4.60% 2028		770		700
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028		985		918
				8,259


ILLINOIS — 7.09%
Build Bonds (Sales Tax Rev. Bonds), Second Series May 2002, FGIC-National insured, 5.75% 2019		2,390		2,592
Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.00% 2015		2,500		2,676
Build Bonds (Sales Tax Rev. Bonds), Series June 2010, 5.00% 2016		1,000		1,071
Build Bonds (Sales Tax Rev. Bonds), Series June 2010, 5.00% 2020		1,000		1,026
Village of Cary, McHenry County, Special Service Area Number One, Special Tax Ref. Bonds,
Series 2006, RADIAN insured, 4.40% 2016		507		496
Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds,
Series 2006, RADIAN insured, 4.40% 2016		672		651
Chicago Transit Auth., Capital Grant Receipts Rev. Bonds (Federal Transit Administration Section 5307
Guideway Modernization Formula Funds), Assured Guaranty insured, 5.00% 2019		5,500		5,566
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		3,142
City of Chicago, Chicago Midway Airport, Rev. Bonds, Series 2010-B, 5.00% 2034 (put 2015)		1,000		1,077
City of Chicago, G.O. Bonds (Modern Schools Across Chicago Program), Series 2007-I, AMBAC insured, 5.00% 2015		2,940		3,152
City of Chicago, G.O. Bonds, Project and Ref. Series 2007-C, National insured, 5.00% 2018		2,000		2,099
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2008-A,
Assured Guaranty Municipal insured, 5.00% 2019		2,000		2,093
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,
Series 2005-B, FGIC-National insured, 5.25% 2015		1,500		1,609
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B, National insured, 5.25% 2016		3,000		3,230
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2010-D, AMT, 5.25% 2016		1,250		1,344
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2010-D, AMT, 5.25% 2019		1,000		1,053
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2009-A, 5.00% 2022		3,000		3,157
Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, Assured Guaranty Municipal insured, 5.00% 2014		4,500		4,883
Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, Assured Guaranty Municipal insured, 5.00% 2016		5,000		5,465
County of Cook, G.O. Ref. Bonds, Series 2009-A, 5.00% 2016		2,500		2,724
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds, Series
2003-A, FGIC-National insured, 5.50% 2018		7,720		8,359
Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Ref. Bonds,
Series 1999, Assured Guaranty Municipal insured, 5.75% 2017		5,000		5,566
Dev. Fin. Auth., Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Co. Project), Series 2003-E, AMT,
AMBAC insured, 4.875% 2038 (put 2018)		5,000		5,057
Educational Facs. Auth., Rev. Bonds (Art Institute of Chicago), Series 2000-A, 4.25% 2034 (put 2014)		1,430		1,484
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2009-A, 5.25% 2019		1,400		1,519
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2010-A, 5.00% 2015		1,400		1,519
Educational Facs. Auth., Rev. Bonds (Field Museum of Natural History), Series 2002, 4.05% 2036 (put 2011)		4,000		4,066
Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project),
Series 2007-A, 5.00% 2014		725		751
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-3, 3.875% 2030 (put 2012)		1,500		1,530
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.25% 2016		1,000		1,111
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.50% 2018		1,000		1,106
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2010-D, 5.00% 2019		1,000		1,065
Health Facs. Auth., Rev. Bonds (Advocate Health Care Network), Series 2003-A, 4.375% 2022 (put 2014)		875		909
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2017		2,180		2,370
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2018		2,230		2,402
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2019		2,185		2,335
Fin. Auth., Rev. Bonds (Northwestern Memorial Hospital), Series 2009-A, 5.00% 2018		3,000		3,246
Fin. Auth., Rev. Bonds (Provena Health), Series 2010-A, 5.50% 2017		2,500		2,532
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.00% 2017		2,500		2,827
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.50% 2019		2,500		2,858
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-C, XLCA insured, 3.50% 2027 (put 2011)1		2,700		2,709
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2016		2,665		2,760
Fin. Auth., Rev. Ref. Bonds (NorthShore University HealthSystem), Series 2010, 5.00% 2021		1,765		1,775
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2017		2,500		2,678
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2018		7,500		7,905
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),
Series 2006-B, 5.00% 2015		2,000		2,051
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),
Series 2006-B, 5.00% 2016		4,295		4,382
G.O. Bonds, Illinois FIRST, Series of August 2001, National insured, 5.50% 2017		4,575		4,808
G.O. Ref. Bonds, Series of June 2006, 5.00% 2015		7,750		8,097
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2018		1,000		1,000
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2012		1,000		1,024
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2013		1,000		1,042
Village of Hodgkins, Cook County, Tax Increment Rev. Ref. Bonds, Series 2005, 5.00% 2014		2,150		2,259
Housing Dev. Auth., Housing Bonds, Series G, 4.15% 2014		875		915
Housing Dev. Auth., Housing Bonds, Series G, 4.15% 2014		805		846
Housing Dev. Auth., Housing Bonds, Series K, 4.20% 2014		135		142
Housing Dev. Auth., Housing Bonds, Series K, 4.25% 2015		140		146
City of Quincy, Adams County, Rev. Ref. Bonds (Blessing Hospital), Series 2007, 5.00% 2015		1,165		1,209
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.00% 2014		1,500		1,576
City of Springfield, Electric Rev. Bonds, Series 2008, 5.00% 2017		3,000		3,249
State Toll Highway Auth., Toll Highway Priority Rev. Bonds, Series 2005-A,
Assured Guaranty Municipal insured, 5.00% 2014		2,000		2,135
State Toll Highway Auth., Toll Highway Priority Rev. Ref. Bonds, Series 1998-A,
Assured Guaranty Municipal insured, 5.50% 2015		9,825		10,677
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2005-A, Assured Guaranty Municipal insured, 5.00% 2019		3,000		3,112
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2006-A-1, Assured Guaranty Municipal insured, 5.00% 2018		2,000		2,096
Board of Trustees of the University of Illinois, Certs. of Part. (Academic Facs. Projects),
Series 2006-A, AMBAC insured, 5.00% 2014		2,000		2,128
Board of Trustees of the University of Illinois, Certs. of Part. (Academic Facs. Projects),
Series 2006-A, AMBAC insured, 5.00% 2015		2,315		2,468
Board of Trustees of the University of Illinois, Ref. Certs. of Part., Series 2009-A, 5.00% 2014		1,630		1,744
				176,651


INDIANA — 3.14%
City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2016		1,320		1,305
Fin. Auth., Hospital Rev. Bonds (Parkview Health System Obligated Group), Series 2009-A, 5.00% 2017		1,640		1,721
Fin. Auth., State Revolving Fund Program Bonds, Series 2005-A, 5.25% 2018		3,000		3,474
Fin. Auth., State Revolving Fund Program Bonds, Series 2007-B, 5.00% 2018		3,545		4,048
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2012		1,650		1,699
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2014		1,060		1,122
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2015		1,785		1,897
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),
Series 2006-B, 5.00% 2016		1,090		1,149
Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Senior Credit Group),
Series 2006-B-7, 4.10% 2046 (put 2016)		2,000		2,075
Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), 5.50% 2011		1,420		1,472
Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2005-A-5, 5.00% 2027 (put 2013)		3,000		3,236
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Charity Obligated Group), Series 1999-D, 5.50% 2011		1,965		1,983
Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), 5.50% 2011 (escrowed to maturity)		220		229
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Community Health Network Project),
Series 2005-A, AMBAC insured, 5.00% 2012		1,195		1,242
Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2017		1,000		1,142
Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2018		1,000		1,138
Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2019		1,000		1,131
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017		20,545		21,477
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project),
Series 2006-F, AMT, AMBAC insured, 5.00% 2016		2,000		2,148
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project),
Series 2006-F, AMT, AMBAC insured, 5.00% 2022		7,500		7,422
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project),
Series 2006-F, AMT, AMBAC insured, 5.00% 2023		2,500		2,435
Indianapolis Local Public Improvement Bond Bank, Ref. Bonds, Series 2009-B, 5.00% 2017		3,000		3,348
Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 1988-A, National insured, 5.60% 2016		4,000		4,359
Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 1988-C, National insured, 5.85% 2019		2,000		2,161
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 1994-B, National insured, 5.20% 2013		1,000		1,055
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project),
Series 2003, AMBAC insured, 5.70% 2017		2,000		2,174
State Revolving Fund Program Bonds, Series 2001-A, 5.50% 2011		1,500		1,539
				78,181


IOWA — 0.21%
City of Altoona, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2008, 5.00% 2015		1,000		1,074
Coralville, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2007-C, 5.00% 2015		1,195		1,294
Fin. Auth., Demand Health Facs. Rev. Bonds, Series 2009-F, 5.00% 2039 (put 2012)		1,000		1,059
Fin. Auth., Single-family Mortgage Bonds (Mortgage-backed Securities Program), Series 2009-A, 5.00% 2038		850		904
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011)		1,000		1,027
				5,358


KANSAS — 0.24%
Dev. Fin. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2009-D, 5.00% 2020		1,150		1,236
Dev. Fin. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2009-D, 5.00% 2022		1,750		1,818
City of Olathe, Health Facs. Rev. Bonds (Olathe Medical Center), Series 2008-A, 4.125% 2037 (put 2013)		2,850		2,909
				5,963


KENTUCKY — 0.90%
Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2007-1, National insured, 5.00% 2015		2,500		2,804
Econ. Dev. Fin. Auth., Hospital Rev. Bond (Baptist Healthcare System Obligated Group), Series 2009-A, 5.00% 2015		2,000		2,204
Econ. Dev. Fin. Auth., Hospital Rev. Bond (Baptist Healthcare System Obligated Group), Series 2009-A, 5.00% 2017		2,000		2,193
Econ. Dev. Fin. Auth., Hospital Rev. Bond (Baptist Healthcare System Obligated Group), Series 2009-A, 5.00% 2018		2,250		2,447
State Property and Buildings Commission, Rev. and Rev. Ref. Bonds (Project No. 87), FGIC-National insured, 5.00% 2018		3,000		3,279
State Property and Buildings Commission, Rev. and Rev. Ref. Bonds (Project No. 90), 5.00% 2018		2,500		2,760
State Property and Buildings Commission, Rev. Bonds (Project No. 89), Assured Guaranty Municipal insured, 5.00% 2018		2,500		2,739
State Property and Buildings Commission, Road Fund Rev. Bonds (Project No. 94), 5.00% 2018		3,630		4,020
				22,446


LOUISIANA — 1.23%
Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2017		2,500		2,583
Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2018		5,000		5,077
Housing Fin. Agcy., Multi-family Mortgage Rev. Ref. Bonds (Section 8 Assisted - 202 Elderly Projects),
Series 2006-A, 4.75% 2031		3,505		3,352
Military Dept., Custodial Receipts, 5.00% 2014		870		941
Military Dept., Custodial Receipts, 5.00% 2015		1,725		1,877
Parish of Morehouse, Pollution Control Rev. Ref. Bonds (International Paper Co. Project), Series 2001-A, 5.25% 2013		2,000		2,068
Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2015		2,005		2,147
Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2016		1,000		1,073
Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2017		1,125		1,202
Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 5.00% 2015		3,000		3,212
Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 5.00% 2016		2,000		2,110
Regional Transit Auth. (New Orleans), Sales Tax Rev. Bonds, Series 2010,
Assured Guaranty Municipal insured, 5.00% 2020		1,250		1,335
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030		3,685		3,570
				30,547


MAINE — 0.07%
Municipal Bond Bank, Transportation Infrastructure Rev. Bonds (TransCap Program), Series 2009-A, 5.00% 2015		1,435		1,622



MARYLAND — 0.49%
Anne Arundel County, Tax Increment Fncg. Bonds (Parole Town Center Project), Series 2002, 5.00% 2012		805		814
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds,
Series 2006-F, AMT, 6.00% 2039		1,610		1,683
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2011		1,775		1,809
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2013		1,530		1,634
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),
Series 1997-A, 4.30% 2011		285		288
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),
Series 1997-A, 4.40% 2015		1,275		1,325
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.00% 2014		2,750		3,064
University System, Auxiliary Fac. and Tuition Rev. Bonds, Series A, 5.00% 2016		680		734
University System, Auxiliary Fac. and Tuition Rev. Bonds, Series A, 5.00% 2016 (preref. 2013)		820		894
				12,245


MASSACHUSETTS — 1.37%
Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2015		1,000		1,070
Dev. Fin. Agcy., Rev. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2015		1,915		2,061
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue I, Series 2009, 5.25% 2016		2,000		2,162
Federal Highway Grant Anticipation Notes, Series 1998-A, 5.50% 2013 (escrowed to maturity)		1,000		1,132
G.O. Ref. Bonds, Series 2008-A, 5.00% 2014		3,000		3,364
Health and Educational Facs. Auth., Rev. Bonds (Baystate Medical Center Issue), Series 2009-K-2, 5.00% 2039 (put 2015)		2,300		2,472
Health and Educational Facs. Auth., Rev. Bonds (CareGroup Issue), Series 2008-E-2, 5.00% 2017		5,000		5,227
Health and Educational Facs. Auth., Rev. Bonds (Northeastern University Issue), Series 2008-T-2, 4.10% 2037 (put 2012)		1,350		1,395
Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series E, 5.00% 2012		1,500		1,581
Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2004-B, 5.25% 2015		2,500		2,863
Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2004-C, 5.25% 2014		3,000		3,380
Massachusetts Bay Transportation Auth., Sales Tax Bonds, Series 2004-C, 5.50% 2018		3,000		3,535
Port Auth., Special Facs. Rev. Bonds (BOSFUEL Project), Series 2007, AMT, FGIC-National insured, 5.00% 2015		1,000		1,018
Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC-National insured, 5.00% 2020		2,580		2,756
				34,016


MICHIGAN — 3.89%
Certs. of Part. (New Center Dev. Inc.), Series 2004-A, National insured, 5.00% 2031 (put 2011)		1,000		1,015
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.),
Series 2005-A, Assured Guaranty Municipal insured, 5.00% 2018		4,500		4,638
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018		5,000		5,473
G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2019		2,000		2,152
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017		5,500		5,657
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2015		2,000		2,128
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2009, 5.50% 2017		1,000		1,072
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Hospital), Series 1984-A,
AMBAC insured, 6.00% 2011 (escrowed to maturity)		1,250		1,291
Hospital Fin. Auth., Rev. and Ref. Bonds (McLaren Health Care), Series 2008-A, 5.25% 2016		3,000		3,227
Hospital Fin. Auth., Rev. and Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.00% 2034 (put 2017)		4,000		4,700
Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047 (put 2015)		2,000		2,224
Municipal Bond Auth., Local Government Loan Program Rev. Bonds, Series 2003-C, 5.00% 2013		2,000		2,124
Municipal Bond Auth., Local Government Loan Program Rev. Bonds, Series 2007-B, AMBAC insured, 5.00% 2015		1,000		1,026
Municipal Bond Auth., State Revolving Fund and Clean Water Revolving Fund Rev. Bonds, Ref. Series 2002, 5.50% 2015		3,315		3,819
Public Power Agcy., Rev. Ref. Bonds (Belle River Project), Series 2002-A, National insured, 5.25% 2018		6,000		6,687
City of Royal Oak Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (William Beaumont Hospital Obligated Group),
Series 2009-V, 6.25% 2014		5,200		5,710
City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2020		2,400		2,384
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2011		1,395		1,412
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2013		1,040		1,089
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2017		1,000		1,017
State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017		6,500		7,275
State Hospital Fin. Auth., Project Rev. and Ref. Bonds (Ascension Health Senior Credit Group),
Series 2010-B, 5.00% 2019		2,000		2,144
Strategic Fund, Exempt Facs. Rev. Bonds (Waste Management, Inc. Project),
Series 2001, AMT, 3.20% 2027 (put 2013)		2,500		2,471
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),
Series 2008-ET-2, 5.50% 2029 (put 2016)		7,000		7,606
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,
Series 2007-A, 5.125% 2022		4,450		3,539
Charter County of Wayne, Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),
Series 2002-D, AMT, FGIC-National insured, 5.25% 2011		2,530		2,590
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		1,802
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),
Series 2010-A, AMT, 5.00% 2017		4,365		4,415
Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2014		1,050		1,164
Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2016		3,235		3,626
Board of Trustees of Western Michigan University, General Rev. Ref. Bonds,
Series 2009, Assured Guaranty insured, 3.00% 2011		1,305		1,327
				96,804


MINNESOTA — 0.62%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2006-I, AMT, 5.75% 2038		2,095		2,161
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2007-L, AMT, 5.50% 2048		2,100		2,211
Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Bonds,
Series 2005-B, AMT, AMBAC insured, 5.00% 2015		5,000		5,322
Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2010-D, AMT, 5.00% 2018		4,460		4,652
Regents of the University of Minnesota, G.O. Bonds, Series 2009-C, 5.00% 2018		1,000		1,141
				15,487


MISSISSIPPI — 0.31%
Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project),
Series 2007, Assured Guaranty Municipal insured, 5.00% 2034 (put 2015)		7,085		7,767



MISSOURI — 1.06%
Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.),
Series 2007, 5.00% 2016		1,000		1,030
Health and Educational Facs. Auth., Rev. Bonds (SSM Health Care), Series 2002-A, 5.00% 2011		4,005		4,065
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2014		1,300		1,361
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2015		1,365		1,433
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2016		1,440		1,496
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2007-A, 5.00% 2017		1,510		1,549
Highways and Transportation Commission, Ref. State Road Bonds, Series 2006, 5.00% 2018		2,700		3,128
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		2,330
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		2,358
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		2,447
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport),
Series 2003-A, Assured Guaranty Municipal insured, 5.25% 2012		1,000		1,049
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport),
Series 2007-B, AMT, Assured Guaranty Municipal insured, 5.00% 2015		1,260		1,344
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		2,695
				26,285


MONTANA — 0.04%
Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037		1,060		1,099



NEBRASKA — 0.42%
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. and Ref. Bonds (Methodist Health System),
Series 2008, 5.50% 2018		5,260		5,583
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036		560		579
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-D, AMT, 5.50% 2036		1,095		1,138
Public Power Dist., General Rev. Bonds, Series 2005-B-1, FGIC-National insured, 5.00% 2015		2,875		3,173
				10,473


NEVADA — 2.00%
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2005-C,
Assured Guaranty Municipal insured, 5.00% 2015		2,500		2,716
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2005-C,
Assured Guaranty Municipal insured, 5.00% 2018		2,000		2,180
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2007-C, 5.00% 2017		2,500		2,711
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2021		1,000		1,027
Clark County Water Reclamation Dist., G.O. (Limited Tax) Water Reclamation Bonds, Series 2009-B, 5.00% 2016		2,660		2,999
Clark County, Airport System Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2016		1,500		1,604
Clark County, Airport System Rev. Bonds, Series 2010-D, 5.00% 2021		1,500		1,514
Clark County, Airport System Rev. Notes, Series 2010-E-2, 5.00% 2012		1,000		1,046
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds,
Series 2007-A-1, AMT, AMBAC insured, 5.00% 2022		2,000		1,955
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds,
Series 2007-A-1, AMT, AMBAC insured, 5.00% 2023		1,000		959
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds,
Series 2007-A-1, AMT, AMBAC insured, 5.00% 2024		2,000		1,883
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Improvement and Ref. Bonds,
Series 2007, AMBAC insured, 5.00% 2020		3,500		3,660
Clark County, Sales and Excise Tax Rev. (Streets and Highway Projects) Improvement and Ref. Bonds,
Series 2010-B, 5.00% 2019		3,000		3,297
G.O. (Limited Tax) Capital Improvement and Cultural Affairs Ref. Bonds, Series 2008-C, 5.00% 2018		3,320		3,610
City of Henderson, Local Improvement Dist. No. T-14 (Anthem Master Planned Community),
Limited Obligation Ref. Bonds, Series 2007-A, Assured Guaranty Municipal insured, 5.00% 2016		1,905		1,985
Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2003, National insured, 5.00% 2013		2,000		2,176
Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2008, 5.00% 2017		4,000		4,422
Housing Division, Single-family Mortgage Bonds, Series 1998-B-1, 5.20% 2011		15		15
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds (Fremont Street Project), Series 2003-A, 4.50% 2012		3,625		3,707
City of Las Vegas, Redev. Agcy., Tax Increment Rev. Ref. Bonds (Fremont Street Project), Series 2003-A, 5.00% 2011		3,450		3,483
Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2018		1,000		1,108
Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program),
Series 2007-B, AMT, 5.70% 2041		1,635		1,722
				49,779


NEW HAMPSHIRE — 0.23%
Higher Educational and Health Facs. Auth., Hospital Rev. Bonds (Concord Hospital Issue),
Series 1996, AMBAC insured, 5.875% 2016		5,605		5,624



NEW JERSEY — 2.88%
Certs. of Part., Series 2004-A, 5.00% 2015		2,000		2,125
Certs. of Part., Series 2008-A, 5.00% 2015		1,500		1,620
Certs. of Part., Series 2008-A, 5.00% 2018		1,000		1,061
Econ. Dev. Auth., School Facs. Construction Ref. Bonds, Series 2010-DD-1, 5.00% 2017		5,000		5,361
Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2009-A, 5.00% 2017		2,500		2,724
Educational Facs. Auth., Rider University Issue Rev. Bonds, Series 2002-A, RADIAN insured, 5.25% 2012		1,795		1,878
Health Care Facs. Fncg. Auth., Rev. and Ref. Bonds, Saint Clare’s Hospital, Inc. Issue,
Series 2004-B, National insured, 5.25% 2013 (escrowed to maturity)		4,315		4,758
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2016		2,500		2,686
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2017		3,500		3,737
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 4.00% 2013		2,000		2,078
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 5.00% 2017		2,000		2,120
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2010-1A, 5.25% 2019		2,320		2,446
Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2009-F, 5.00% 2019		1,000		1,126
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2003, 6.125% 2024 (preref. 2013)		3,505		3,576
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023		6,715		5,627
Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014		8,000		8,683
Transportation Trust Fund Auth., Transportation System Bonds, Current Interest Bonds, Series 2006-A, 5.50% 2021		4,070		4,375
Transportation Trust Fund Auth., Transportation System Bonds, Series 1999-A, 5.75% 2017		5,000		5,637
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2016		2,500		2,711
Transportation Trust Fund Auth., Transportation System Bonds, Series 2003-B-2, 5.00% 2017		2,500		2,680
Transportation Trust Fund Auth., Transportation System Bonds, Series 2004-B, FGIC-National insured, 5.25% 2013		4,410		4,775
				71,784


NEW MEXICO — 0.22%
Fin. Auth., State Transportation Rev. Ref. Bonds, Series 2010-B, 5.00% 2018		2,000		2,294
Fin. Auth., State Transportation Rev. Ref. Bonds, Series 2010-B, 5.00% 2020		1,000		1,135
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-B-2, Class I, 5.65% 2039		975		1,059
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-C-2, Class I, 5.70% 2040		995		1,075
				5,563


NEW YORK — 6.44%
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		1,599
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		1,062
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		1,188
Dormitory Auth., City University System, Consolidated Fifth General Resolution Rev. Bonds, Series 2008-B, 5.00% 2017		4,550		5,029
Dormitory Auth., Lease Rev. Bonds (State University Educational Facs. Issue),
Series 2003, XLCA insured, 5.25% 2032 (put 2013)		4,455		4,825
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Bonds, Series 2009-A-1, 5.50% 2018		2,500		2,820
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Bonds, Series 2010-A, 5.00% 2019		3,000		3,267
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Bonds, Series 2010-A, 5.00% 2021		2,500		2,657
Dormitory Auth., Mount Sinai Hospital Obligated Group Rev. Bonds, Series 2010-A, 5.00% 2018		2,000		2,115
Dormitory Auth., Rochester General Hospital Insured Rev. Bonds, Series 2005, RADIAN insured, 5.00% 2012		1,175		1,203
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2009-A, 5.00% 2016		5,000		5,670
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2009-A, 5.00% 2020		2,000		2,193
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue),
Series 2002-B, 5.25% 2023 (put 2012)		5,000		5,252
Energy Research and Dev. Auth., Pollution Control Rev. Ref. Bonds (Electric & Gas Corp. Project),
Series 1994-C, 3.00% 2029 (put 2013)		4,500		4,516
Environmental Facs. Corp., State Clean Water and Drinking Water Rev. Second Resolution Bonds
(New York City Municipal Water Fin. Auth. Projects), Series 2009-A, 5.00% 2017		2,500		2,849
Environmental Facs. Corp., State Personal Income Tax Rev. Bonds (Environment), Series 2009-A, 5.25% 2018		2,500		2,868
Long Island Power Auth., Electric System General Rev. Bonds, Series 2006-E, 5.00% 2017		2,500		2,735
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2020		4,005		4,352
Long Island Power Auth., Electric System General Rev. Bonds, Series 2009-A, 5.25% 2021		2,000		2,141
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.00% 2018		500		554
Metropolitan Transportation Auth., State Service Contract Ref. Bonds, Series 2002-A, 5.50% 2017		5,000		5,680
Metropolitan Transportation Auth., State Service Contract Ref. Bonds, Series 2002-A, National insured, 5.75% 2017		1,500		1,720
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020		5,500		5,907
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018		8,500		9,334
City of New York, G.O. Bonds, Fiscal 2004 Series I, 4.50% 2012		3,000		3,168
City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2015		3,500		3,911
City of New York, Tax-Exempt Bonds, Subseries H-1, 5.00% 2016		2,000		2,232
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.70% 2015		615		640
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.75% 2016		635		655
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2014		1,000		1,064
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2015		2,485		2,663
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2016		7,025		7,546
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project),
Series 2005, AMT, 5.50% 2024		2,000		1,974
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds,
Fiscal 2009 Series EE, 5.00% 2018		2,500		2,822
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds,
Fiscal 2009 Series FF-1, 5.00% 2018		2,000		2,258
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-4, 5.00% 2018		2,545		2,807
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-5, 5.00% 2017		2,500		2,786
New York City Transitional Fin. Auth., Future Tax Secured Ref. Bonds, Series 2003-A, 5.50%/14.00% 20263		2,000		2,066
New York City, Health and Hospitals Corp., Health System Bonds, Series 2008-A, 5.00% 2017		2,000		2,180
New York City, Health and Hospitals Corp., Health System Bonds, Series 2008-A, 5.50% 2019		4,000		4,391
New York City, Health and Hospitals Corp., Health System Bonds, Series 2010-A, 5.00% 2017		2,565		2,821
New York City, Health and Hospitals Corp., Health System Bonds, Series 2010-A, 5.00% 2021		1,500		1,565
Thruway Auth., Local Highway and Bridge Service Contract Bonds, Series 2009, 5.00% 2017		10,000		11,190
Thruway Auth., Second General Highway and Bridge Trust Fund Bonds, Series 2005-B, AMBAC insured, 5.00% 2019		1,580		1,682
Thruway Auth., Second General Highway and Bridge Trust Fund Bonds, Series 2009-A-1, 5.00% 2018		4,000		4,460
Thruway Auth., State Personal Income Tax Rev. Bonds (Transportation), Series 2009-A, 5.00% 2016		1,250		1,418
Triborough Bridge and Tunnel Auth., General Rev. Bonds, Series 2008-B, 5.00% 2025 (put 2013)		3,000		3,272
Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2002-B, 5.25% 2017		2,485		2,652
Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-B, 5.00% 2017		2,500		2,789
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (Econ. Dev. and Housing), Series 2009-A-1, 5.00% 2017		1,000		1,136
Westchester County Health Care Corp., Rev. Bonds, Series 2010-B, 5.00% 2017		2,500		2,545
				160,229


NORTH CAROLINA — 1.41%
Eastern Municipal Power Agcy., Power System Rev. Bonds, Ref. Series 2008-A, 5.00% 2016		2,000		2,181
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-A, 5.50% 2012		4,155		4,310
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014		2,000		2,112
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-F, 5.50% 2014		2,900		3,170
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-F, 5.50% 2016		1,000		1,069
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2009-B, 5.00% 2017		1,500		1,623
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2008-A, 5.25% 2017		3,000		3,391
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2010-A, 5.00% 2020		2,000		2,182
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2010-A, 5.00% 2021		2,500		2,674
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2010-B, 5.00% 2020		1,650		1,800
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series A, 5.50% 2012		860		898
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series A, 5.50% 2013		1,525		1,646
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series A, 5.50% 2012 (escrowed to maturity)		1,640		1,714
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series A, 5.50% 2013 (escrowed to maturity)		725		790
Onslow County Hospital Auth., FHA insured Mortgage Rev. Bonds (Onslow Memorial Hospital Project),
Series 2006, National insured, 5.00% 2015		740		802
Raleigh-Durham Airport Auth., Airport Rev. Bonds, Series 2005-B, AMT, AMBAC insured, 5.00% 2015		2,835		3,061
Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2009, 5.00% 2018		1,590		1,797
				35,220


OHIO — 3.64%
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),
Series 2006-A, 2.25% 2023 (put 2013)		4,000		3,940
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),
Series 2009-A, 5.70% 2014		7,500		8,116
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),
Series 2009-C, 5.625% 2018		3,375		3,554
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project),
Series 2009-A, 5.75% 2033 (put 2016)		1,500		1,624
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project),
Series 2008-C, AMT, 7.25% 2032 (put 2012)		3,000		3,245
Air Quality Dev. Auth., Rev. Ref. Bonds (Ohio Power Co. Project), Series 2010-A, 3.25% 2041 (put 2014)		2,000		2,008
County of Allen, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2019		2,500		2,669
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2011		2,040		2,106
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2012		2,150		2,301
American Municipal Power - Ohio, Inc., Prairie State Energy Campus Project Rev. Bonds, Series 2008-A, 5.00% 2017		1,500		1,624
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,
Series 2007-A-2, 5.125% 2024		8,650		6,522
City of Cleveland, Airport System Rev. Bonds, Series A, Assured Guaranty insured, 5.25% 2019		5,000		5,433
City of Cleveland, Water Rev. Bonds, Series 2009-T, 5.00% 2018		3,620		4,070
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2013		1,260		1,299
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2014		1,250		1,294
Higher Education G.O. Ref. Bonds, Series 2009-A, 5.00% 2017		5,000		5,703
Higher Educational Fac. Commission, Rev. Bonds (Kenyon College 2002 Project), 4.60% 2037 (preref. 2012)		2,000		2,110
Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2009-C-1, 3.75% 2025 (put 2013)		2,000		2,060
Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2009-C-2, 4.875% 2039 (put 2015)		1,800		1,936
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037		1,705		1,769
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2009-C, 4.50% 2039		930		973
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028		2,250		2,407
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2017		1,375		1,427
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2018		1,195		1,231
County of Lucas, Hospital Rev. Ref. Bonds (ProMedica Healthcare Obligated Group),
Series 2005-B, AMBAC insured, 5.00% 2018		6,350		6,599
Major New State Infrastructure Project Rev. Bonds, Series 2008-1, 5.75% 2019		1,000		1,152
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2013		2,125		2,240
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2014		1,000		1,065
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),
Series 2006, 5.25% 2016		1,815		1,924
Municipal Advisory Council, Beneficial Interest Ref. Certificates (Municipal Electric Generation Agcy.
Joint Venture 5 – OMEGA JV5), AMBAC insured, 5.00% 2015		2,290		2,449
Turnpike Rev. Ref. Bonds, Series 2009-A, 5.00% 2015		2,500		2,774
Turnpike Rev. Ref. Bonds, Series 2009-A, 5.00% 2020		1,000		1,081
Water Dev. Auth., Water Dev. Fresh Water Rev. Bonds, Series 2009-A, 5.00% 2013		1,635		1,813
				90,518


OKLAHOMA — 0.18%
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.10% 20112		200		203
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		1,076
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2009-B, 4.90% 2036		1,905		2,019
Tulsa County Industrial Auth., Health Care Rev. Bonds (Saint Francis Health System, Inc.), Series 2006, 5.00% 2015		1,000		1,109
				4,407


OREGON — 0.57%
Dept. of Administrative Services, Certs. of Part. (Tax-Exempt), Series 2009-A, 5.00% 2020		2,500		2,722
Dept. of Administrative Services, Ref. Certs. of Part., Series 2009-D, 5.00% 2018		2,530		2,833
Dept. of Administrative Services, Lottery Rev. Bonds, Series 2009-A, 5.00% 2017		2,000		2,278
Facs. Auth., Rev. Ref. Bonds (Legacy Health System), Series 2010-A, 5.00% 2016		1,500		1,600
City of Portland, Sewer System Rev. Ref. Bonds, Series 2007-A, National insured, 5.00% 2015		2,500		2,818
Port of Portland, Portland International Airport Rev. Bonds, Subseries Twenty C, AMT, 5.00% 2017		1,000		1,054
Port of Portland, Portland International Airport Rev. Bonds, Subseries Twenty C, AMT, 5.00% 2021		1,000		989
				14,294


PENNSYLVANIA — 3.49%
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2017		4,500		4,938
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-A, 5.00% 2018		4,000		4,305
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2008-B, 5.00% 2018		3,250		3,518
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2010-A, 5.00% 2017		2,000		2,196
Higher Educational Facs. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2010-E, 3.50% 2012		2,000		2,057
Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project), Series 2007-A, 4.25% 2014		1,405		1,451
Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project), Series 2007-A, 4.25% 2016		1,540		1,553
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		4,376
Dauphin County General Auth., Health System Rev. Bonds (Pinnacle Health System Project),
Series 2009-A, 5.25% 2017		2,500		2,627
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2004-A, 3.70% 2021 (put 2015)		4,900		4,840
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania),
Series 2005-A, AMBAC insured, 5.00% 2014		2,000		2,195
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),
Series 2008, 5.00% 2018		1,500		1,498
Higher Educational Facs. Auth., Rev. Bonds (State System of Higher Education), Series AJ, 5.00% 2017		5,000		5,634
Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at
East Stroudsburg University of Pennsylvania), Series 2010, 5.25% 2019		1,300		1,332
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2002-74, AMT, 4.25% 2012		910		930
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037		1,100		1,134
Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program),
Series 2009, 5.00% 2016		5,500		6,206
Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program),
Series 2010, 5.00% 2017		1,500		1,692
Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program),
Series 2010, 5.00% 2019		2,000		2,224
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds
(ACTS Retirement – Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.25% 2017		1,110		1,158
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds
(ACTS Retirement – Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.50% 2018		935		983
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds
(ACTS Retirement – Life Communities, Inc. Obligated Group), Series 2009-A-1, 5.50% 2019		975		1,012
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		2,916
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		2,679
Pennsylvania State University Bonds, Series 2009-A, 5.00% 2017		1,500		1,712
City of Philadelphia, Airport Rev. Bonds, Series 2007-A, AMT, Assured Guaranty Municipal insured, 5.00% 2016		1,000		1,059
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2018		2,500		2,776
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2019		3,000		3,310
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Children’s Hospital of
Philadelphia Project), Series 2007-A, 4.25% 2016		700		742
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Hospital),
Series 2007-B, 5.00% 2017		3,000		2,959
City of Pittsburgh, G.O. Ref. Bonds, Series 2008-A-1, 5.00% 2014		2,455		2,639
Health Care Facs. Auth. of Sayre, Rev. Bonds (Guthrie Health Issue), Series 2007, 0.848% 20171		6,765		6,093
University of Pittsburgh- of the Commonwealth System of Higher Education, University Capital Project Bonds,
Series 2005-A, 5.50% 2037 (put 2013)		1,000		1,096
University of Pittsburgh- of the Commonwealth System of Higher Education, University Capital Project Bonds,
Series 2005-A, 5.50% 2039 (put 2013)		1,000		1,096
				86,936


PUERTO RICO — 0.90%
Electric Power Auth., Power Rev. Ref. Bonds, Series VV, 5.50% 2020		5,000		5,266
Government Dev. Bank, Series 2006-C, AMT, 5.25% 2015		1,000		1,040
Housing Fin. Auth., Capital Fund Modernization Program Bonds (Public Housing Projects), Series 2008, 5.50% 2017		3,930		4,389
Public Buildings Auth., Government Facs. Rev. Bonds, Series D, 5.25% 2036 (preref. 2012)		1,000		1,064
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, 5.75% 2034 (put 2017)		5,500		5,930
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, AMBAC insured, 5.50% 2035 (put 2017)		2,500		2,661
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series N, 5.25% 2016		2,000		2,056
				22,406


RHODE ISLAND — 0.30%
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue),
Series 2006-A, Assured Guaranty Municipal insured, 5.00% 2015		2,635		2,860
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2011		2,000		2,022
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2014		1,250		1,335
City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2015		1,250		1,344
				7,561


SOUTH CAROLINA — 1.00%
Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health), Series 2009, 5.00% 2017		1,085		1,121
Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center),
Series 2007, 5.00% 2016		2,000		2,127
Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Ref. Series 2008-A-3, 5.00% 2016		1,500		1,635
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2016		1,995		2,258
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2017		2,000		2,275
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2018		1,275		1,449
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds,
Series 2001-B, 6.00% 2022 (preref. 2012)		1,145		1,168
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Ref. Bonds, Series 2008, 5.00% 2018		2,980		2,986
Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018		8,000		8,759
York County, Pollution Control Rev. Ref. Bonds (North Carolina Electric Membership Corp. Project),
Series 2000-B-2, 0.75% 2024 (put 2011)		1,000		1,000
				24,778


TENNESSEE — 0.86%
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2006-1, AMT, 5.75% 2036		800		835
Housing Dev. Agcy., Housing Fin. Program Bonds, Issue 2010-A-1, 5.00% 2027		1,000		1,062
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2008-A, AMT,
Assured Guaranty Municipal insured, 5.00% 2016		3,000		3,199
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2017		5,000		5,269
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.375% 2018		6,590		6,993
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019		2,500		2,629
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021		1,580		1,526
				21,513


TEXAS — 8.79%
Austin Community College Dist. Public Fac. Corp., Lease Rev. Bonds (Educational Fac. Project - Round Rock Campus),
Series 2008, 5.25% 2017		1,500		1,698
City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2009, 5.00% 2018		1,500		1,687
Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2017		2,665		2,976
Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2018		3,015		3,350
Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2015		2,235		2,515
Canadian River Municipal Water Auth., Contract Rev. Ref. Bonds (Conjunctive Use Groundwater Supply Project),
Series 2005, AMBAC insured, 5.00% 2014		2,045		2,243
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2005, FGIC-National insured, 0%/4.20% 20153		1,700		1,464
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2010, 5.75% 2020		1,000		1,028
Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2015		1,025		1,167
Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2016		1,080		1,242
Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds (Nueces County), Series 2009, 5.00% 2019		2,070		2,346
Cypress-Fairbanks Independent School Dist. (Harris County), Unlimited Tax Schoolhouse Bonds,
Series 2009-A, 5.00% 2016		1,315		1,493
City of Dallas (Dallas, Denton, Collin and Rockwall Counties), Waterworks and Sewer System Rev. Ref. Bonds,
Series 2005, 5.00% 2015		955		1,039
City of Dallas, G.O. Limited Bonds, 5.00% 2018		1,080		1,219
City of Dallas, G.O. Limited Bonds, 5.00% 2018 (preref. 2017)		4,420		5,083
Dallas Area Rapid Transit, Sales Tax Rev. Bonds, Series 2008, 5.00% 2018		1,000		1,139
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2016		2,000		2,293
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series 2010-A, 5.00% 2019		1,000		1,130
Dallas County Community College Dist. (Dallas County), G.O. Ref. and Improvement Bonds, Series 2008, 5.00% 2018		5,690		6,523
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2009-A, 5.00% 2016		2,000		2,218
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2009-A, 5.00% 2017		5,000		5,488
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2009-A, 5.00% 2018		1,000		1,088
Donna Independent School Dist. (Hidalgo County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2014		1,000		1,109
Fort Bend County, Fort Bend Independent School Dist., Unlimited Tax Ref. Bonds, Series 2009, 5.00% 2018		1,000		1,137
G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009, Subseries 2009-A, 5.00% 2019		1,000		1,116
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017		4,000		4,556
Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020		4,000		4,433
Harris County Cultural Education Facs. Fin. Corp., Rev. Bonds (Methodist Hospital System), Series 2008-B, 5.25% 2017		3,500		3,876
Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Methodist Hospital System),
Series 2009-B-2, 5.00% 2041 (put 2013)		4,000		4,325
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2011		1,500		1,541
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2012		1,750		1,840
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2013		1,000		1,063
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),
Series 2004-A, 5.25% 2014		1,500		1,608
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2001-A, 5.50% 2011		1,000		1,002
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2011		770		771
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2002, 5.00% 2012		810		840
Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project),
Series 2006, 4.70% 2018		2,000		2,050
Harris County, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2009-A, 5.00% 2017		3,990		4,529
Harris County, Tax and Rev. Ref. Bonds, Series 2004-B, Assured Guaranty Municipal insured, 5.00% 2032 (put 2012)		5,000		5,320
Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2017		1,100		1,248
Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2020		1,255		1,380
Harris County, Toll Road Rev. Ref. Bonds, Series 2007-A, National insured, 4.50% 2020		2,000		2,077
Harris County, Toll Road Rev. Ref. Bonds, Series 2010-A, 2.00% 2021 (put 2011)1		7,000		7,057
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039		1,265		1,352
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.00% 2016		2,100		2,340
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.00% 2017		1,600		1,779
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.00% 2019		1,500		1,627
City of Houston, Airport System Rev. Bonds, Series 1998-B, AMT, FGIC-National insured, 5.25% 2012		915		918
City of Houston, Airport System Rev. Ref. Bonds, Series 2007-B, FGIC-National insured, 5.00% 2017		1,000		1,090
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2010-C, 5.00% 2018		3,500		3,940
City of Houston, Public Improvement Ref. Bonds, Series 2009-A, 5.00% 2020		2,500		2,777
Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds, Series 2008, 5.00% 2018		1,500		1,694
Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds,
Series 2006-A, AMT, National insured, 5.00% 2015		1,530		1,703
Katy Independent School Dist. (Fort Bend, Harris and Waller Counties), Unlimited Tax School Building Bonds,
Series 2002-A, 5.25% 2011		1,000		1,002
Lone Star College System (Harris and Montgomery Counties), Limited Tax G.O. Bonds, Series 2009, 5.00% 2018		1,000		1,141
Mansfield Independent School Dist. (Tarrant and Johnson Counties), Unlimited Tax Ref. Bonds, Series 2010, 5.00% 2020		5,890		6,701
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),
Series 2008, AMT, 6.00% 2020 (put 2013)		3,500		3,694
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2015		3,500		3,652
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017		1,500		1,548
Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, 0.902% 20171		2,170		2,043
North Texas Tollway Auth., Dallas North Tollway System Rev. Bonds, Series 2005-C, 5.00% 2019		2,000		2,116
North Texas Tollway Auth., System Rev. Bonds, Series 2009-A, 5.00% 2013		1,000		1,061
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018		3,000		3,298
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2019		5,000		5,557
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E, Subseries 2008-E-3, 5.75% 2038 (put 2016)		9,850		10,864
Plano Independent School Dist. (Collin County), School Building Unlimited Tax Bonds, Series 2008-A, 5.00% 2017		1,000		1,143
Public Fin. Auth., Unemployment Compensation Obligation Assessment, Rev. Bonds, Series 2010-A, 5.00% 2016		3,500		3,953
Public Fin. Auth., Unemployment Compensation Obligation Assessment, Rev. Bonds, Series 2010-C, 2.60% 2020		2,500		2,505
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.25% 2017		1,000		1,027
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2007, AMT,
Assured Guaranty Municipal insured, 5.00% 2016		1,000		1,083
City of San Antonio, Passenger Fac. Charge and Airport System Rev. Improvement Bonds,
Series 2007, AMT, Assured Guaranty Municipal insured, 5.00% 2016		2,015		2,168
City of San Antonio, Electric and Gas Systems Rev. Bonds, New Series 2006-A, 5.00% 2015		1,000		1,124
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2008-A, 5.50% 2015		2,000		2,286
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series A, 5.25% 2014		1,485		1,656
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series A, 5.25% 2014 (escrowed to maturity)		15		17
City of San Antonio, General Improvement and Ref. Bonds, Series 2005, 5.25% 2015		3,000		3,409
City of San Antonio, General Improvement Forward Ref. Bonds, Series 2002, 5.00% 2011		985		1,008
City of San Antonio, General Improvement Forward Ref. Bonds, Series 2002, 5.00% 2011 (escrowed to maturity)		50		51
Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2016		1,000		1,087
Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2017		1,000		1,078
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		1,569
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project),
Series 2007, 5.00% 2015		1,170		1,234
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project),
Series 2007, 5.00% 2016		1,280		1,332
Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Cook Children’s Medical Center Project),
Series 2010-A, 4.50% 2022		500		484
Tarrant Regional Water Dist., A Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds,
Series 2009, 5.00% 2020		1,710		1,902
Board of Regents, Texas State University System, Rev. Fncg. System Ref. Bonds, Series 2010, 5.00% 2014		1,000		1,109
Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2015		1,355		1,384
Transportation Commission, State Highway Fund Rev. Bonds, Series 2007, 5.00% 2015		1,000		1,130
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2017		1,060		1,202
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2018		1,000		1,130
Board of Regents of the University of Houston System, Consolidated Rev. and Ref. Bonds, Series 2009, 5.00% 2020		2,200		2,432
Board of Regents of the University of North Texas System, Rev. Fncg. System Bonds, Series 2009-A, 5.00% 2018		1,000		1,134
Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2002-B, 5.25% 2015		6,670		7,644
Waco Health Facs. Dev. Corp., Rev. Ref. Bonds (Hillcrest Health System),
Series 2003, National insured, 5.00% 2011 (escrowed to maturity)		3,715		3,815
Weslaco Independent School Dist. (Hidalgo County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2015		2,360		2,656
				218,956


UTAH — 0.50%
Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018		640		641
Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018		335		337
Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019		145		146
Housing Corp., Single-family Mortgage Bonds, Series 2007-A-1, Class III, AMT, 4.625% 2027		950		910
Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans),
1998 Issue D-2, AMT, 5.25% 2012		5		5
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-E-1, AMT, 5.25% 2012		5		5
Intermountain Power Agcy., Subordinated Power Supply, Rev. Ref. Bonds, Series 2009-A, 5.00% 2015		4,000		4,442
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2019		5,250		6,029
				12,515


VIRGINIA — 0.53%
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		1,034
Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011		2,000		2,000
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2002, AMT, 5.00% 2011		1,500		1,527
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2002, AMT, 5.00% 2012		1,000		1,052
Port Auth., Commonwealth Port Fund Rev. Bonds (2002 Resolution), Series 2006, AMT,
Assured Guaranty Municipal insured, 5.50% 2014		2,735		3,037
Public Building Auth., Public Facs. Rev. Bonds, Series 2008-B, 5.00% 2014		1,525		1,707
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2005-C, 5.00% 2015		1,750		1,983
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2005, 5.25% 2019 (preref. 2012)		755		773
				13,113


VIRGIN ISLANDS — 0.29%
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018		3,000		3,109
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2015		3,745		4,016
				7,125


WASHINGTON — 2.46%			��
Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Bonds,
Series 1999, FGIC-National insured, 5.25% 2021		7,445		8,374
Public Utility Dist. No. 1 of Clark County, Electric System Rev. and Ref. Bonds,
Series 2007, FGIC-National insured, 5.00% 2017		2,000		2,178
Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2007-C, 5.00% 2017		3,000		3,434
Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2009-A, 5.25% 2018		1,250		1,447
Energy Northwest, Electric Rev. Ref. Bonds (Project 3), Series 2010-A, 5.00% 2017		2,000		2,289
Various Purpose G.O. Bonds, Series 1992-B, 6.40% 2017		9,400		10,925
Various Purpose G.O. Ref. Bonds, Series R-2005-A, AMBAC insured, 5.00% 2020		1,500		1,605
Various Purpose G.O. Ref. Bonds, Series R-2006-A, AMBAC insured, 5.00% 2015		2,500		2,832
Health Care Facs. Auth., Rev. Bonds (Kadlec Medical Center), Series 2006-A, Assured Guaranty insured, 5.00% 2013		915		988
Health Care Facs. Auth., Rev. Ref. Bonds (Seattle Children’s Hospital), Series 2010-B, 5.00% 2021		1,235		1,303
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2016		1,015		1,109
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2018		2,235		2,404
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2019		2,350		2,505
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2010-A, 5.00% 2018		1,000		1,076
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		2,905
North Kitsap School Dist. No. 400, Kitsap County, Unlimited Tax G.O. Ref. Bonds,
Series 2005, Assured Guaranty Municipal insured, 5.00% 2013		1,000		1,098
City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2008, 5.25% 2015		1,500		1,703
Housing Auth. of the City of Seattle, Capital Fund Program Rev. Bonds (High Rise Rehabilitation Program - Phase III),
Series 2007, AMT, Assured Guaranty Municipal insured, 4.55% 2017		1,585		1,658
Port of Seattle, Passenger Fac. Charge Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2016		2,000		2,154
Port of Seattle, Rev. Ref. Bonds, Series 2010-C, AMT, 5.00% 2016		2,000		2,147
Public Utility Dist. No. 1 of Snohomish County, Electric System Rev. Ref. Bonds,
Series 2005, Assured Guaranty Municipal insured, 5.00% 2019		2,000		2,132
Public Utility Dist. No. 1 of Snohomish County, Generation System Rev. Ref. Bonds,
Series 2002-B, Assured Guaranty Municipal insured, 5.25% 2011		2,000		2,083
Snohomish County, Limited Tax G.O. Ref. Bonds, Series 2005-B, FGIC-National insured, 5.00% 2014		1,115		1,252
City of Spokane, Regional Solid Waste Management System, Rev. Ref. Bonds, Series 2001, AMBAC insured, 5.25% 2011		1,650		1,711
				61,312


WISCONSIN — 1.29%
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.75% 2012 (escrowed to maturity)		3,000		3,193
Clean Water Rev. Ref. Bonds, Series 2004-2, National insured, 5.00% 2020		3,000		3,203
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		3,540
G.O. Ref. Bonds, Series 2005-1, National insured, 5.00% 2017		2,500		2,756
General Fund Annual Appropriation Bonds, Series 2009-A, 5.00% 2018		2,000		2,245
Health and Educational Facs. Auth., Rev. and Ref. Bonds (Wheaton Franciscan Services, Inc. System),
Series 2002, 6.00% 2016 (preref. 2012)		1,230		1,310
Health and Educational Facs. Auth., Rev. Bonds (Thedacare, Inc.), Series 2009-A, 5.25% 2017		2,000		2,156
Health and Educational Facs. Auth., Rev. Bonds (Thedacare, Inc.), Series 2009-B, 5.00% 2017		2,000		2,117
Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Services, Inc. System), Series 2003-A, 5.00% 2012		2,065		2,122
Milwaukee County, Airport Rev. Bonds, Series 2010-B, AMT, 5.00% 2017		1,250		1,313
Milwaukee County, Airport Rev. Bonds, Series 2010-B, AMT, 5.00% 2018		1,500		1,549
Milwaukee County, Airport Rev. Bonds, Series 2010-B, AMT, 5.00% 2020		1,500		1,499
Village of Weston, Pollution Control Rev. Ref. Bonds (Wisconsin Public Service Corp. Projects), Series 2006, 3.95% 2013		5,000		5,216
				32,219


MULTI-STATE — 0.19%
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)2		6,000		4,680


Total bonds & notes (cost: $2,232,950,000)				2,272,114



Short-term securities — 7.84%

California Infrastructure and Econ. Dev. Bank, Rev. Bonds (RAND Corp.), Series 2008-B, 0.30% 20421		4,150		4,150
State of California, Econ. Recovery Bonds, Series 2004-C-1, 0.26% 20231		6,400		6,400
State of California, Econ. Recovery Bonds, Series 2004-C-4, 0.24% 20231		3,000		3,000
California Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2008-A, 0.21% 20361		4,800		4,800
Metropolitan Water Dist. of Southern California (The), Water Rev. Bonds 2000 Authorization, Series B-3, 0.22% 20351		1,500		1,500
California Infrastructure and Econ. Dev. Bank, Rev. Bonds (The J. Paul Getty Trust), Series 2003-B, 0.23% 20331		1,500		1,500
Sacramento County, California, Sanitation Districts Fncg. Auth., Subordinate Lien Rev. Ref. Bonds
(Sacramento Regional County Sanitation District), Series 2008-D, 0.29% 20391		1,200		1,200
California Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company),
Series 2009-A, 0.25% 20261		3,200		3,200
California Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company),
Series 2009-C, 0.25% 20161		16,000		16,000
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series C-4, 0.27% 20371		300		300
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series A-6, 0.27% 20251		1,500		1,500
Colorado Educational and Cultural Facs. Auth., Rev. Bonds (National Jewish Federation Bond Program),
Series A-1, 0.27% 20331		1,350		1,350
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program),
Series A-13, 0.32% 20381		430		430
State of Connecticut Health and Educational Facs. Auth., Rev. Bonds (Greater Hartford YMCA Issue),
Series B, 0.35% 20381		2,200		2,200
State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project),
Series 2007-B, 0.27% 20331		2,700		2,700
State of Idaho, Tax Anticipation Notes, Series 2010, 2.00% 6/30/2011		6,000		6,041
Illinois Fin. Auth., Demand Rev. Bonds (The University of Chicago Medical Center), Series 2009-D, 0.25% 20431		3,880		3,880
Indiana Fin. Auth., Industrial Dev. Rev. Bonds (Republic Services, Inc. Project), Series 2005, 0.27% 20351		500		500
County of Trimble, Kentucky, Association of Counties Leasing Trust, Lease Program Rev. Bonds,
Series 2008-A, 0.27% 20381		265		265
Parish of East Baton Rouge, Louisiana, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.21% 20191		1,100		1,100
Lincoln County, Wyoming, Pollution Control Rev. Bonds (Exxon Project), Series 1985, 0.21% 20151		2,800		2,800
Commonwealth of Massachusetts, G.O. Rev. Anticipation Notes, Series 2010-A, 2.00% 4/28/2011		20,000		20,081
Commonwealth of Massachusetts, G.O. Rev. Anticipation Notes, Series 2010-C, 2.00% 6/23/2011		15,000		15,101
Michigan Fin. Auth., State Aid Rev. Notes, Series 2010-D-3, 2.00% 8/22/2011		6,000		6,042
Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Bonds (Washington University),
Series 2004-B, 0.24% 20341		1,300		1,300
New Hampshire Health and Education Facs. Auth., Rev. Bonds (Dartmouth College Issue), Series 2007-B, 0.29% 20411		1,400		1,400
City of New York, New York, G.O. Bonds, Fiscal 1994 Series A-7, 0.24% 20201		800		800
State of New York, City of New York, G.O. Bonds, Fiscal 2006 Series E, Subseries E-2, 0.28% 20341		1,700		1,700
North Carolina Medical Care Commission, Demand Hospital Rev. Bonds (Randolph Hospital), Series 2007, 0.30% 20371		5,335		5,335
County of Allen, Ohio, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2008-B, 0.27% 20311		5,730		5,730
State of Ohio, Higher Educational Fac. Rev. Ref. Bonds (Case Western Reserve University Project),
Series 2008-B-1, 0.27% 20441		2,500		2,500
Hospital Facs. Auth. of the City of Medford, Oregon, Demand Rev. Bonds (Rogue Valley Manor Project),
Series 2007, 0.27% 20371		5,600		5,600
State of Rhode Island and Providence Plantations, G.O. Tax Anticipation Notes, Fiscal Year 2011, 2.00% 6/30/2011		10,000		10,069
Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund),
Series 2004, 0.30% 20341		1,145		1,145
Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),
Series 2008, 0.30% 20381		9,215		9,215
State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Bonds (Dallas Center for the
Performing Arts Foundation, Inc. Project), Series 2008-B, 0.27% 20411		1,700		1,700
Brazos River Harbor Navigation Dist. of Brazoria County, Texas, Environmental Facs. Rev. Bonds
(Merey Sweeny, L.P. Project), Series 2001-A, AMT, 0.30% 20211		2,300		2,300
State of Texas, Tax and Rev. Anticipation Notes, Series 2010, 2.00% 8/31/2011		30,000		30,292
State of Wisconsin, Operating Notes of 2010, 2.00% 6/15/2011		10,000		10,060


Total short-term securities (cost: $195,178,000)				195,186

Total investment securities (cost: $2,428,128,000)				2,467,300
Other assets less liabilities				22,292

Net assets			$	2,489,592

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.

2Acquired 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 $13,186,000, which represented .53% 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 they may lose value.

MFGEFP-943-0311O-S25568

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: March 31, 2011

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: March 31, 2011

By /s/ Dori Laskin

Dori Laskin, Treasurer and

Principal Financial Officer

Date: March 31, 2011

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