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: 811-08576
American High-Income Municipal Bond Fund, Inc.
(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, 2008
Kimberly S. Verdick
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street, 25th Floor
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
American High-Income Municipal Bond Fund
[photo – view of a construction crane through the glass ceiling of a building]
Semi-annual report for the six months ended January 31, 2008
American High-Income Municipal Bond Fund® seeks a high level of current income exempt from regular federal income taxes through a diversified, carefully researched portfolio of higher yielding, lower rated, higher risk municipal bonds. It may invest without limits in bonds subject to the alternative minimum tax.
This fund is one of the 30 American Funds. American Funds is one of the nation’s largest mutual fund families. For more than 75 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 3.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For current information and month-end results, visit americanfunds.com.
| Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2007 (the most recent calendar quarter-end): | ||||||||||||
| 1 year | 5 years | 10 years | ||||||||||
| Class A shares | ||||||||||||
| Reflecting 3.75% maximum sales charge | –4.55 | % | 3.60 | % | 4.00 | % | ||||||
The total annual fund operating expense ratio for Class A shares as of the most recent fiscal year-end was 0.70%. This figure does not reflect a fee waiver currently in effect; therefore, the actual expense ratio is lower.
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 24 and 25 for details.
Results for other share classes can be found on page 4.
The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund. 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. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal.
Fellow shareholders:
[photo – view of a construction crane through the glass ceiling of a building]
The bond market experienced a significant re-pricing of risk premiums over the past six months, which dampened returns on most high-yield municipal bonds. This weakness was clearly reflected in the fund’s peer group measure, the Lipper High-Yield Municipal Debt Funds Average, which returned –2.8% for the period. In contrast, the unmanaged Lehman Brothers Municipal Bond Index, which only measures the investment-grade market and does not include expenses, gained 3.7%. The difference in returns for these two benchmarks is the story of the bond market since last summer.
American High-Income Municipal Bond Fund fared better than many of its peers, but nonetheless produced a total return of –0.4% for the six months ended January 31, 2008. The total return includes an income return of about 2.3% and a 2.7% decline in the fund’s share price.
The fund’s income return is based on the dividends paid out for the reporting period. For this six-month period, the fund paid monthly dividends totaling about 36 cents a share. Those who reinvested these dividends recorded an income return of 2.32% (4.64% annualized), which is equivalent to a taxable return of 3.57% (7.14% annualized) for investors in the top tax bracket. Shareholders who took dividends in cash received an income return of 2.30% (4.60% annualized).
[Begin Sidebar]
| Results at a glance | ||||||||||||||||
| For periods ended January 31, 2008, with dividends reinvested | ||||||||||||||||
| Total returns | Average annual total returns | |||||||||||||||
| Lifetime | ||||||||||||||||
| 1 year | 5 years | 10 years | (since 9/26/94) | |||||||||||||
| American High-Income Municipal | ||||||||||||||||
| Bond Fund (Class A shares) | 0.26 | % | 4.68 | % | 4.41 | % | 5.99 | % | ||||||||
| Lehman Brothers Municipal | ||||||||||||||||
| Bond Index* | 4.93 | 4.61 | 5.20 | 6.14 | ||||||||||||
| Lipper High-Yield Municipal | ||||||||||||||||
| Debt Funds Average | –2.21 | 4.90 | 3.99 | 5.28 | ||||||||||||
| *The index is unmanaged and its results do not reflect the effects of sales charges, commissions or expenses. | ||||||||||||||||
[End Sidebar]
Bond market overview
Mirroring developments in the taxable bond market, the municipal market has experienced a sharp divergence between its high-quality and high-yield issuers since the start of the fund’s fiscal year in August 2007. This divergence can be traced, in part, to mounting concerns over subprime mortgages and worries about the economy.
Although the municipal market has little direct exposure to these problem home loans, investors have become increasingly wary of lower rated bonds as the housing slump has deepened and mortgage delinquencies have increased. Additionally, many of the municipal bond insurers, which guarantee a large portion of municipal debt, also provide guarantees for structured taxable debt that does include subprime mortgages. As concerns about these insurers grew because of their subprime exposure, investors discounted the value of the guarantees, which contributed to the trend of higher risk premiums.
Mortgage-related concerns have generally been more pronounced in the taxable bond market, where they have had a significant impact on financial issuers. To help alleviate investor concerns, support troubled financial institutions and bolster the economy, the Federal Reserve has substantially lowered its key lending rate by 2.25 points to 3.00% since last August. This reduction in the federal funds rate has led to a steeper municipal yield curve, which plots the current yields on municipal bonds that mature each year out to 30 years.
Most of the yield decline has occurred among short-term and intermediate maturities, which posted some of the strongest returns. (Remember, as a bond’s yield declines, its price rises.) Additionally, the highest quality bonds generally benefited from a flight to safety, as investors shunned lower rated debt.
Despite these concerns, the municipal market posted a record volume of issuance in calendar year 2007, totaling about $429 billion.
How the fund responded
Prior to the start of the fiscal period, the portfolio counselors of American High-Income Municipal Bond Fund had implemented a defensive investment strategy that raised the credit quality of the portfolio to its highest level in nearly a decade. While this conservative posture constrained results in prior years when risk premiums were shrinking, it also helped to buffer results during the recent period when premiums widened significantly.
Nonetheless, portfolio counselors could not shelter the entire portfolio from the abrupt shift in market sentiment that weakened demand and prices for lower rated bonds. Even as quality served to buoy results, our exposure to airline, life care and tax assessment bonds, for example, proved a drag on recent returns. We believe our carefully selected holdings in these areas will benefit our shareholders in the long run, once investors more carefully differentiate underlying credit profiles and renew their appetite for higher income.
As the reporting period progressed, portfolio counselors gradually trimmed the fund’s quality exposure to take advantage of emerging opportunities within the high-yield sector. As always, they relied on the fund’s extensive research capabilities to identify issues that they believe possess the greatest potential for income and long-term appreciation for shareholders. With this transition, bonds rated A or higher declined as a percent of net assets to 34.6% at period-end from 40.1% at the start of the fiscal year. Conversely, bonds rated BBB or lower increased to 59.7% from 56.7%. A breakdown of the portfolio by credit quality can be found in the table atop the summary investment portfolio on page 5.
Looking ahead
Concerns about the strength of the economy are likely to dog the bond market in the months ahead, as are worries about the pervasiveness of troubles stemming from subprime mortgages and related problem loans. Over the near term, the slowing economy and possibility of recession are likely to keep a lid on yields.
As the bond market continues to reassess the risk profiles of a broad spectrum of securities, we are heartened by the potential for these unsettled markets to deliver attractive investment opportunities that meet our rigorous research and investment criteria and serve the long-term goals of our shareholders.
We appreciate your confidence and patience, especially during difficult market periods. We encourage you to take a long-term perspective on all your investments, as we do, and look forward to reporting to you again at the close of this fiscal year.
Cordially,
/s/ Paul G. Haaga, Jr.
Paul G. Haaga, Jr.
Vice Chairman of the Board
/s/ Mark R. Macdonald
Mark R. Macdonald
President
March 14, 2008
For current information about the fund, visit americanfunds.com.
The fund’s 30-day yield for Class A shares as of February 29, 2008, calculated in accordance with the Securities and Exchange Commission formula, was 4.53% (4.50% without the fee waiver). (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 6.97%, which reflects the fee waiver — 6.92% without the fee waiver.) The fund’s distribution rate for Class A shares as of that date was 4.71% (4.68% without the fee waiver). Both reflect the 3.75% 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.
Other share class results
Class B, Class C and Class 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, 2007 (the most recent calendar quarter-end): | ||||||||||||
| Life | ||||||||||||
| 1 year | 5 years | of class | ||||||||||
Class B shares — first sold 3/15/00 | ||||||||||||
| Reflecting applicable contingent deferred sales | ||||||||||||
| charge (CDSC), maximum of 5%, payable only | ||||||||||||
| if shares are sold within six years of purchase | –6.22 | % | 3.33 | % | 4.54 | % | ||||||
| Not reflecting CDSC | –1.48 | 3.67 | 4.54 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
| Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
| if shares are sold within one year of purchase | –2.48 | 3.58 | 3.91 | |||||||||
| Not reflecting CDSC | –1.53 | 3.58 | 3.91 | |||||||||
Class F shares* — first sold 3/19/01 | ||||||||||||
| Not reflecting annual asset-based fee charged | ||||||||||||
| by sponsoring firm | –0.83 | 4.33 | 4.64 | |||||||||
| *These shares are sold without any initial or contingent deferred sales charge. | ||||||||||||
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 24 and 25 for details that include expense ratios for all share classes.
For information regarding the differences among the various share classes, please refer to the fund’s prospectus.
Tax-free yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,* then look in the right-hand column to see what you would have had to earn from a taxable investment to equal the fund’s 4.47% tax-free distribution rate† as of January 31, 2008.
| If your taxable income is ... | ||||||||||||||
| Single | Joint | ... then your federal tax rate is ... | The 4.47% distribution rate is equivalent to a taxable rate of … | |||||||||||
| $ | 0 – 7,825 | $ | 0 – 15,650 | 10.0 | % | 4.97 | % | |||||||
| 7,826 – 31,850 | 15,651 – 63,700 | 15.0 | 5.26 | |||||||||||
| 31,851 – 77,100 | 63,701 – 128,500 | 25.0 | 5.96 | |||||||||||
| 77,101 – 160,850 | 128,501 – 195,850 | 28.0 | 6.21 | |||||||||||
| 160,851 – 349,700 | 195,851 – 349,700 | 33.0 | 6.67 | |||||||||||
| Over 349,700 | Over 349,700 | 35.0 | 6.88 | |||||||||||
| *Based on 2007 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, 2008. |
Summary investment portfolio, January 31, 2008
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie chart]
[end pie chart]| Quality ratings* | ||||
| Aaa/AAA | 16.1 | % | ||
| Aa/AA | 6.9 | |||
| A/A | 11.6 | |||
| Baa/BBB | 21.4 | |||
| Ba/BB | 21.3 | |||
| B | 14.8 | |||
| Caa/CCC or less | 2.2 | |||
| Short-term securities & other assets less liabilities | 5.7 | |||
| *Bond ratings reflect those of a credit rating agency; if ratings are not available, they are assigned by the fund's investment analysts. | ||||
Principal amount (000) | Market value (000) | Percent of net assets | |
| Bonds & notes - 94.28% | |||
| Alaska - 1.30% | |||
| Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, Subseries A-2, AMT, 4.60% 2022 | $ 9,090 | $ 8,952 | .41% |
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011) | 7,625 | 8,131 | .37 |
| Other securities | 11,511 | .52 | |
| 28,594 | 1.30 | ||
| Arizona - 2.54% | |||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | 8,000 | 7,262 | .33 |
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2007, AMT, 6.55% 2037 | 14,500 | 14,188 | .65 |
| Other securities | 34,240 | 1.56 | |
| 55,690 | 2.54 | ||
| California - 7.06% | |||
| Pollution Control Fncg. Auth., AMT: | |||
| Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003-A, 5.00% 2038 | 1,000 | 1,033 | |
| Solid Waste Disposal Rev. Ref. Bonds: | |||
| USA Waste Services, Inc. Project, Series 1998-A, 5.10% 2018 | 1,000 | 1,004 | |
| Waste Management, Inc. Project, Series 2002-A, 5.00% 2022 | 3,000 | 2,931 | .23 |
| Other securities | 149,809 | 6.83 | |
| 154,777 | 7.06 | ||
| Colorado - 5.29% | |||
| City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2007-A, AMT, 5.25% 2032 | 17,000 | 14,493 | .66 |
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 11,071 | .50 |
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 8,500 | 9,084 | .41 |
| Rampart Range Metropolitan Dist. No. 1 (City of Lone Tree), Rev. Bonds (Rampart Range Metropolitan Dist. No. 2 Project), Series 2001, 7.75% 2026 (preref. 2011) | 7,155 | 8,337 | .38 |
| Other securities | 73,078 | 3.34 | |
| 116,063 | 5.29 | ||
| Connecticut - 1.25% | |||
| Other securities | 27,459 | 1.25 | |
| Florida - 15.54% | |||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), Series 2006-A, AMT, 4.80% 2038 | 6,985 | 7,110 | .32 |
| The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, Series 2000-C, 7.10% 2030 | 7,355 | 7,519 | .34 |
| Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 | 11,500 | 10,530 | .48 |
| Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 12,162 | .55 |
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 2011 | 7,250 | 6,786 | .31 |
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029 | 12,425 | 11,210 | .51 |
| Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 4.00% 2018 | 1,000 | 1,006 | .05 |
| Seminole Tribe of Florida 5.25% 2027 (1) | 7,000 | 6,658 | .30 |
| Other securities | 277,930 | 12.68 | |
| 340,911 | 15.54 | ||
| Georgia - 1.28% | |||
| Other securities | 28,048 | 1.28 | |
| Idaho - 1.33% | |||
| Housing and Fin. Assn., Single-family Mortgage Bonds, AMT: | |||
| Series 1997-H-2, 5.40% 2010 | 115 | 117 | |
| Series 1997-I-2, 5.55% 2010 | 65 | 66 | |
| Series 1998-B-2, 5.20% 2011 | 110 | 112 | |
| Series 1999-B-2, 5.00% 2013 | 240 | 242 | |
| Series 1999-D-3, 5.15% 2013 | 240 | 242 | |
| Series 1999-G, 5.75% 2014 | 130 | 132 | |
| Class III: | |||
| Series 2001-B, 5.75% 2020 | 1,030 | 1,066 | |
| Series 2001-E, 5.40% 2021 | 730 | 740 | |
| Series 2001-F, 5.30% 2021 | 950 | 959 | |
| Series 2002-C, 5.50% 2021 | 910 | 932 | |
| Series 2002-E, 5.30% 2022 | 840 | 853 | |
| Series 2003-B, 5.10% 2023 | 820 | 828 | |
| Series 2003-C, 4.50% 2023 | 780 | 745 | |
| Series 2003-E, 5.15% 2023 | 1,250 | 1,264 | |
| Series 2004-A, 4.75% 2024 | 1,150 | 1,114 | |
| Series 2004-B, 5.40% 2024 | 1,740 | 1,759 | |
| Series 2005-B, 5.00% 2025 | 1,970 | 2,016 | |
| Series 2005-C, 4.80% 2026 | 950 | 955 | |
| Series 2005-D, 4.90% 2026 | 1,205 | 1,219 | |
| Series 2005-F, 5.00% 2026 | 1,175 | 1,196 | |
| Series 2006-D, 5.20% 2027 | 3,155 | 3,291 | |
| Series 2006-F, 4.80% 2028 | 1,400 | 1,426 | |
| Series 2007-A, 4.85% 2028 | 1,195 | 1,220 | |
| Series 2007-B, 4.60% 2028 | 875 | 824 | |
| Series 2007-C, 4.75% 2028 | 2,000 | 2,032 | |
| Series 2007-E-1, 4.85% 2028 | 2,650 | 2,546 | |
| Series 2007-J, 5.00% 2028 | 1,190 | 1,219 | 1.33 |
| 29,115 | 1.33 | ||
| Illinois - 6.22% | |||
| Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 9,000 | 8,623 | .39 |
| Other securities | 127,841 | 5.83 | |
| 136,464 | 6.22 | ||
| Indiana - 2.45% | |||
| Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 11,800 | 12,175 | .56 |
| Other securities | 41,521 | 1.89 | |
| 53,696 | 2.45 | ||
| Iowa - 1.38% | |||
| Higher Education Loan Auth., Private College Fac. Rev. Bonds (Waldorf College Project), 7.375% 2019 (preref. 2010) | 9,245 | 10,510 | .48 |
| Other securities | 19,814 | .90 | |
| 30,324 | 1.38 | ||
| Louisiana - 2.96% | |||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 13,000 | 13,401 | .61 |
| Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 19,750 | 19,223 | .88 |
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 16,422 | .75 |
| Other securities | 15,807 | .72 | |
| 64,853 | 2.96 | ||
| Maryland - 1.67% | |||
| City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 7,000 | 6,482 | .30 |
| Other securities | 30,150 | 1.37 | |
| 36,632 | 1.67 | ||
| Massachusetts - 1.46% | |||
| Dev. Fin. Agcy., Resource Recovery Rev. Bonds (Waste Management, Inc. Project), Series 1999-B, AMT, 6.90% 2029 | 1,000 | 1,056 | .05 |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 10,000 | 9,690 | .44 |
| Other securities | 21,196 | .97 | |
| 31,942 | 1.46 | ||
| Michigan - 1.90% | |||
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2007-B, AMT, FSA insured, 4.95% 2044 | 8,000 | 7,669 | .35 |
| Other securities | 34,096 | 1.55 | |
| 41,765 | 1.90 | ||
| Missouri - 2.03% | |||
| State Environmental Improvement and Energy Resources Auth., Water Facs. Rev. Ref. Bonds (Missouri-American Water Co. Project), Series 2006, AMT, AMBAC insured, 4.60% 2036 | 10,000 | 9,234 | .42 |
| Other securities | 35,266 | 1.61 | |
| 44,500 | 2.03 | ||
| Nevada - 2.77% | |||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 8,475 | 6,843 | .31 |
| Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007-B, AMT, 5.70% 2041 | 7,000 | 7,539 | .34 |
| Other securities | 46,447 | 2.12 | |
| 60,829 | 2.77 | ||
| New Hampshire - 0.51% | |||
| Other securities | 11,215 | .51 | |
| New Jersey - 2.48% | |||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 7,000 | 6,578 | .30 |
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 11,500 | 10,063 | .46 |
| Other securities | 37,857 | 1.72 | |
| 54,498 | 2.48 | ||
| New York - 4.26% | |||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A: | |||
| 6.25% 2015 | 19,000 | 19,551 | |
| 6.50% 2035 | 8,500 | 8,771 | 1.29 |
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. | |||
| John F. Kennedy International Airport Project), Series 2005, AMT: | |||
| 7.625% 2025 | 8,000 | 8,568 | |
| 8.00% 2028 | 7,000 | 7,707 | .74 |
| Other securities | 48,815 | 2.23 | |
| 93,412 | 4.26 | ||
| North Carolina - 1.12% | |||
| Other securities | 24,473 | 1.12 | |
| Ohio - 2.61% | |||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2: | |||
| 5.875% 2030 | 20,500 | 20,397 | |
| 5.125% 2024 | 2,000 | 1,935 | 1.02 |
| Other securities | 34,878 | 1.59 | |
| 57,210 | 2.61 | ||
| Oklahoma - 0.58% | |||
| Trustees of the Tulsa Municipal Airport Trust, Rev. Bonds (American Airlines Corp.), Ref. Series 2000-B, AMT, 6.00% 2035 | 2,500 | 2,485 | .11 |
| Other securities | 10,311 | .47 | |
| 12,796 | .58 | ||
| Oregon - 0.53% | |||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 6,665 | 6,382 | .29 |
| Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002, AMT, 5.25% 2029 | 5,000 | 4,774 | .22 |
| Other securities | 548 | .02 | |
| 11,704 | .53 | ||
| Pennsylvania - 2.50% | |||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), Series 2007-A, 5.00% 2017 | 8,500 | 8,373 | .38 |
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,429 | .07 |
| Other securities | 44,951 | 2.05 | |
| 54,753 | 2.50 | ||
| Puerto Rico - 0.54% | |||
| Other securities | 11,902 | .54 | |
| South Carolina - 1.62% | |||
| Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds, Series 2001-B, 6.00% 2022 | 9,750 | 9,905 | .45 |
| Other securities | 25,577 | 1.17 | |
| 35,482 | 1.62 | ||
| Tennessee - 1.87% | |||
| Other securities | 41,056 | 1.87 | |
| Texas - 6.80% | |||
| Alliance Airport Auth., Inc., AMT: | |||
| Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, 7.00% 2011 | 2,500 | 2,475 | |
| Special Facs. Rev. Ref. Bonds (American Airlines, Inc. Project), Series 2007, 5.25% 2029 | 2,000 | 1,531 | |
| Dallas-Fort Worth International Airport Fac. Improvement Corp., AMT: | |||
| American Airlines, Inc. Rev. Bonds: | |||
| Series 1999, 6.375% 2035 | 6,000 | 5,311 | |
| Series 2002, 8.25% 2036 | 4,580 | 4,794 | |
| American Airlines, Inc. Rev. Ref. Bonds: | |||
| Series 2000-A, 8.50% 2029 | 2,000 | 2,005 | |
| Series 2000-A, 9.125% 2029 | 5,000 | 5,519 | |
| Series 2000-A, Subseries 2, 9.00% 2029 | 5,655 | 6,244 | |
| Series 2007, 5.50% 2030 | 6,000 | 4,810 | 1.49 |
| Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-C, AMT, 5.75% 2036 (put 2011) | 7,680 | 7,410 | .34 |
| Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds, (Waste Management of Texas, Inc.), AMT: | |||
| Brazoria County Project, Series 2003-A, 5.20% 2028 | 2,000 | 1,889 | |
| Travis County Project, Series 2003-C, 2.85% 2028 | 1,500 | 1,417 | .15 |
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.20% 2018 | 15,300 | 13,972 | .64 |
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2020 | 6,500 | 6,582 | .30 |
| Other securities | 85,097 | 3.88 | |
| 149,056 | 6.80 | ||
| Utah - 1.01% | |||
| Housing Corp., Single-family Mortgage Bonds, Class III, AMT: | |||
| Series 2001-E-1, 5.20% 2018 | 1,315 | 1,374 | |
| Series 2001-F-1, 4.95% 2018 | 1,175 | 1,195 | |
| Series 2002-A-1, 5.30% 2018 | 555 | 597 | |
| Series 2002-C-2, 5.25% 2018 | 2,040 | 2,189 | |
| Series 2002-D-2, 5.00% 2018 | 905 | 924 | |
| Series 2002-E-2, 4.95% 2019 | 2,590 | 2,699 | |
| Series 2002-F-1, 4.625% 2019 | 1,585 | 1,642 | |
| Series 2002-G-2, 4.875% 2019 | 1,195 | 1,226 | |
| Series 2003-B-2, 4.85% 2024 | 1,345 | 1,337 | |
| Series 2003-C, 5.00% 2025 | 745 | 747 | |
| Series 2004-H-1, 4.75% 2027 | 800 | 772 | |
| Series 2007-B-1, 4.85% 2027 | 1,120 | 1,166 | |
| Housing Fin. Agcy., Single-family Mortgage Bonds, AMT: | |||
| Federally Insured or Guaranteed Mortgage Loans, 1999 Issue D, 5.60% 2013 | 20 | 20 | |
| Series 1997-G-2, Class III, 5.60% 2010 | 45 | 46 | |
| Series 1998-G-2, Class III, 4.90% 2012 | 75 | 76 | |
| Series 1999-B-2, Class III, 5.10% 2012 | 100 | 102 | |
| Series 1999-C-2, Class III, 5.60% 2013 | 105 | 108 | .74 |
| Other securities | 5,881 | .27 | |
| 22,101 | 1.01 | ||
| Virginia - 1.13% | |||
| 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 | 1,000 | 1,077 | .05 |
| Other securities | 23,598 | 1.08 | |
| 24,675 | 1.13 | ||
| Washington - 0.73% | |||
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 6,500 | 6,495 | .30 |
| Other securities | 9,499 | .43 | |
| 15,994 | .73 | ||
| West Virginia - 0.60% | |||
| County Commission of Ohio County, Tax-Exempt Commercial Dev. Improvement and Rev. Ref. Bonds (Wheeling Jesuit University, Inc. Project), Series 2006-A, 5.50% 2036 | 8,425 | 8,148 | .37 |
| Other securities | 4,953 | .23 | |
| 13,101 | .60 | ||
| Wisconsin - 1.50% | |||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 13,175 | 13,526 | .62 |
| City of Franklin, Waste Management of Wisconsin, Inc. Project, AMT: | |||
| Regional Solid Waste Fin. Commission, Demand Solid Waste Disposal Rev. Bonds, Series 2003-A, 4.95% 2016 | 2,250 | 2,300 | |
| Solid Waste Disposal Rev. Bonds, Series 2006-A, 4.95% 2016 | 2,500 | 2,562 | .22 |
| Health and Educational Facs. Auth., Rev. and Ref. Bonds (Wheaton Franciscan Services, Inc. System), Series 2002, 6.25% 2022 (preref. 2012) | 6,500 | 7,444 | .34 |
| Other securities | 6,994 | .32 | |
| 32,826 | 1.50 | ||
| Other states & U.S. territories - 3.85% | |||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.85% 2017 | 7,000 | 7,001 | .32 |
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,496 | .07 |
| Other securities | 75,997 | 3.46 | |
| 84,494 | 3.85 | ||
| Multi-state - 1.61% | |||
| Charter Mac Equity Issuer Trust, Medium Term Tax-Exempt Multi-family Housing Trust Certificates, Series A-1, AMT, 7.10% (undated) (1) (2) | 9,000 | 9,482 | .43 |
| Other securities | 25,783 | 1.18 | |
| 35,265 | 1.61 | ||
| Total bonds & notes (cost: $2,103,247,000) | 2,067,675 | 94.28 | |
Principal amount (000) | Market value (000) | Percent of net assets | |
| Short-term securities - 4.34% | |||
| Industrial Dev. Board of the City of Decatur, Alabama, AMT: | |||
| Environmental Facs. Rev. Bonds (BP Amoco Chemical Co. Project), Series 2001, 1.87% 2035 (2) | $ 2,000 | 2,000 | |
| Solid Waste Disposal Rev. Bonds (Amoco Chemical Company Project), Series 1995, 1.87% 2025 (2) | 1,700 | 1,700 | |
| Will County, Illinois, Exempt Fac. Industrial Rev. Bonds (Amoco Chemical Co. Project), Series 1998, AMT, 1.87% 2028 (2) | 1,000 | 1,000 | |
| City of Whiting, Indiana, Environmental Facs. Rev. Bonds (BP Products North America Inc. Projects), Series 2003, AMT, 1.87% 2038 (2) | 225 | 225 | |
| State of Texas, Gulf Coast Waste Disposal Auth., AMT: | |||
| Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), Series 2006, 1.87% 2036 (2) | 3,600 | 3,600 | |
| Pollution Control Rev. Bonds (Amoco Oil Co. Project), Series 1994, 1.87% 2024 (2) | 1,500 | 1,500 | |
| Pollution Control and Solid Waste Disposal Rev. Ref. Bonds (Amoco Oil Co. Project), Series 1996, 1.87% 2024 (2) | 500 | 500 | |
| Washington Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds | |||
| (BP West Coast Products LLC Project), AMT: | |||
| Series 2002, 1.87% 2033 (2) | 2,000 | 2,000 | |
| Series 2003, 1.87% 2038 (2) | 2,200 | 2,200 | |
| Series 2006, 1.87% 2040 (2) | 1,400 | 1,400 | .74 |
| Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, AMT, 2.25% 2027 (2) | 2,000 | 2,000 | |
| State of Massachusetts, Dev. Fin. Agcy., Solid Waste Disposal Rev. Bonds (Wheelabrator Millbury Inc. Project), Series 2002, AMT, 1.98% 2027 (2) | 3,100 | 3,100 | |
| Washington Econ. Dev. Fin. Auth., Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002-D, 2.25% 2030 (2) | 3,000 | 3,000 | .37 |
| Water Dev. Auth., Pollution Control Rev. Bonds (Ohio Edison Co. Project), Series 1988-B, AMT, 1.87% 2018 (2) | 9,800 | 9,800 | .45 |
| Utah Housing Corp., Single-family Mortgage Bonds, AMT: | |||
| Series 2002-C, Class I, 2.20% 2033 (2) | 2,700 | 2,700 | |
| Series 2003-C, Class I, 2.20% 2034 (2) | 1,500 | 1,500 | |
| Series 2006-E, Class I, 2.20% 2038 (2) | 8,000 | 8,000 | |
| Utah Housing Fin. Agcy., Single-family Mortgage Bonds, Series 2000-C-1, Class I, AMT, 2.20% 2031 (2) | 4,600 | 4,600 | .77 |
| Other securities | 44,285 | 2.01 | |
| Total short-term securities (cost: $95,110,000) | 95,110 | 4.34 | |
| Total investment securities (cost: $2,198,357,000) | 2,162,785 | 98.62 | |
| Other assets less liabilities | 30,350 | 1.38 | |
| Net assets | $2,193,135 | 100.00% | |
| "Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. | |||
| The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. | |||
| (1) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $78,065,000, which represented 3.56% of the net assets of the fund. | |||
| (2) Coupon rate may change periodically; the date of the next scheduled coupon rate change is considered to be the maturity date. | |||
| See Notes to Financial Statements | |||
| Key to abbreviations | |||
| Agcy. = Agency | |||
| AMT = Alternative Minimum Tax | |||
| Auth. = Authority | |||
| Certs. of Part. = Certificates of Participation | |||
| Dept. = Department | |||
| Dev. = Development | |||
| Dist. = District | |||
| Econ. = Economic | |||
| Fac. = Facility | |||
| Facs. = Facilities | |||
| Fin. = Finance | |||
| Fncg. = Financing | |||
| G.O. = General Obligation | |||
| Preref. = Prerefunded | |||
| Redev. = Redevelopment | |||
| Ref. = Refunding | |||
| Rev. = Revenue | |||
| TECP = Tax-Exempt Commercial Paper | |||
Financial statements
| Statement of assets and liabilities | unaudited | |||||||
| at January 31, 2008 | (dollars and shares in thousands, except per-share amounts) | |||||||
| Assets: | ||||||||
| Investment securities at market (cost: $2,198,357) | $ | 2,162,785 | ||||||
| Cash | 265 | |||||||
| Receivables for: | ||||||||
| Sales of investments | $ | 2,058 | ||||||
| Sales of fund's shares | 6,753 | |||||||
| Interest | 28,976 | |||||||
| Other | 14 | 37,801 | ||||||
| 2,200,851 | ||||||||
| Liabilities: | ||||||||
| Payables for: | ||||||||
| Repurchases of fund's shares | 3,816 | |||||||
| Dividends on fund's shares | 2,171 | |||||||
| Investment advisory services | 562 | |||||||
| Services provided by affiliates | 1,032 | |||||||
| Directors' deferred compensation | 99 | |||||||
| Other | 36 | 7,716 | ||||||
| Net assets at January 31, 2008 | $ | 2,193,135 | ||||||
| Net assets consist of: | ||||||||
| Capital paid in on shares of capital stock | $ | 2,242,987 | ||||||
| Undistributed net investment income | 2,915 | |||||||
| Accumulated net realized loss | (17,195 | ) | ||||||
| Net unrealized depreciation | (35,572 | ) | ||||||
| Net assets at January 31, 2008 | $ | 2,193,135 | ||||||
| Total authorized capital stock - 200,000 shares, $.001 par value (145,071 total shares outstanding) | ||||||||||||
| Net assets | Shares outstanding | Net asset value per share* | ||||||||||
| Class A | $ | 1,841,363 | 121,802 | $ | 15.12 | |||||||
| Class B | 60,009 | 3,969 | 15.12 | |||||||||
| Class C | 113,352 | 7,498 | 15.12 | |||||||||
| Class F | 151,580 | 10,027 | 15.12 | |||||||||
| Class R-5 | 26,831 | 1,775 | 15.12 | |||||||||
| (*) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $15.71. | ||||||||||||
| See Notes to Financial Statements | ||||||||||||
| Statement of operations | unaudited | |||||||
| for the six months ended January 31, 2008 | (dollars in thousands) | |||||||
| Investment income: | ||||||||
| Income: | ||||||||
| Interest | $ | 60,585 | ||||||
| Fees and expenses(*): | ||||||||
| Investment advisory services | $ | 3,818 | ||||||
| Distribution services | 3,865 | |||||||
| Transfer agent services | 312 | |||||||
| Administrative services | 154 | |||||||
| Reports to shareholders | 31 | |||||||
| Registration statement and prospectus | 95 | |||||||
| Postage, stationery and supplies | 37 | |||||||
| Directors' compensation | 28 | |||||||
| Auditing and legal | 32 | |||||||
| Custodian | 6 | |||||||
Federal and state income taxes | 48 | |||||||
| Other state and local taxes | 1 | |||||||
| Other | 37 | |||||||
| Total fees and expenses before waiver | 8,464 | |||||||
| Less waiver of fees and expenses: | ||||||||
| Investment advisory services | 382 | |||||||
| Total fees and expenses after waiver | 8,082 | |||||||
| Net investment income | 52,503 | |||||||
| Net realized gain and unrealized depreciation on investments: | ||||||||
| Net realized gain on investments | 5,627 | |||||||
| Net unrealized depreciation on investments | (69,528 | ) | ||||||
| Net realized gain and unrealized depreciation on investments | (63,901 | ) | ||||||
| Net decrease in net assets resulting from operations | $ | (11,398 | ) | |||||
| (*) 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 | Year ended | |||||||
| ended January 31, | July 31, | |||||||
| 2008 | * | 2007 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 52,503 | $ | 93,551 | ||||
| Net realized gain on investments | 5,627 | 7,159 | ||||||
| Net unrealized depreciation on investments | (69,528 | ) | (21,951 | ) | ||||
| Net (decrease) increase in net assets resulting from operations | (11,398 | ) | 78,759 | |||||
| Dividends paid or accrued to shareholders from net investment income | (51,770 | ) | (93,128 | ) | ||||
| Net capital share transactions | (53,262 | ) | 417,210 | |||||
| Total (decrease) increase in net assets | (116,430 | ) | 402,841 | |||||
| Net assets: | ||||||||
| Beginning of period | 2,309,565 | 1,906,724 | ||||||
| End of period (including undistributed | ||||||||
| net investment income: $2,915 and $2,182, respectively) | $ | 2,193,135 | $ | 2,309,565 | ||||
*Unaudited. | ||||||||
| See Notes to Financial Statements | ||||||||
Notes to financial statements
unaudited
1. Organization and significant accounting policies
Organization – American High-Income Municipal Bond Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks a high level of current income exempt from regular federal income taxes through a diversified, carefully researched portfolio of higher yielding, lower rated, higher risk municipal bonds. It may invest without limits in bonds subject to the alternative minimum tax.
The fund offers five share classes consisting of four retail share classes and one retirement plan share class. The retirement plan share class (R-5) is sold without any sales charges and does not carry any conversion rights. 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 3.75% | 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 after 10 years |
| Class F | None | None | None |
| Class R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation – Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of the debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.
2. Federal income taxation and distributions
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, 2008, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2003 and by state tax authorities for tax years before 2002.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as short-term capital gains and losses; net capital losses; and amortization of market discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of July 31, 2007, the components of distributable earnings on a tax basis were as follows:
(dollars in thousands) | ||||
| Undistributed tax-exempt income | $1,992 | |||
| Capital loss carryforwards*: | ||||
| Expiring 2009 | $ | (1,369) | ||
| Expiring 2011 | (402) | |||
| Expiring 2012 | (17,397) | |||
| Expiring 2013 | (3,652) | (22,820) | ||
| *The capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while capital loss carryforwards remain. | ||||
As of January 31, 2008, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
| (dollars in thousands) | ||||
| Gross unrealized appreciation on investment securities | $ | 42,733 | ||
| Gross unrealized depreciation on investment securities | (76,762 | ) | ||
| Net unrealized depreciation on investment securities | (34,029 | ) | ||
| Cost of investment securities | 2,196,814 | |||
Tax-exempt income distributions paid or accrued to shareholders were as follows (dollars in thousands):
| Share class | Six months ended January 31, 2008 | Year ended July 31, 2007 | ||||||
| Class A | $ | 43,905 | $ | 79,219 | ||||
| Class B | 1,244 | 2,479 | ||||||
| Class C | 2,275 | 4,109 | ||||||
| Class F | 3,751 | 6,305 | ||||||
| Class R-5 | 595 | 1,016 | ||||||
| Total | $ | 51,770 | $ | 93,128 | ||||
3. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company SM ("AFS"), the fund’s transfer agent, and American Funds Distributors, SM Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.30% on the first $60 million of daily net assets and decreasing to 0.15% on such assets in excess of $3 billion. The agreement also provides for monthly fees, accrued daily, of 3.00% on the first $3,333,333 of the fund's monthly gross income and 2.50% on such income in excess of $3,333,333.
CRMC is currently waiving 10% of investment advisory services fees. During the six months ended January 31, 2008, total investment advisory services fees waived by CRMC were $382,000. As a result, the fee shown on the accompanying financial statements of $3,818,000, which was equivalent to an annualized rate of 0.339%, was reduced to $3,436,000, or 0.305% 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 R-5. Under the plans, the board of directors 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 below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes 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 directors 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, 2008, there were no unreimbursed expenses subject to reimbursement 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 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Class A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Class A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.
Expenses under the agreements described above for the six months ended January 31, 2008, were as follows (dollars in thousands):
| Share class | Distribution services | Transfer agent services | Administrative services | |
| CRMC administrative services | Transfer agent services | |||
| Class A | $2,765 | $301 | Not applicable | Not applicable |
| Class B | 314 | 11 | Not applicable | Not applicable |
| Class C | 583 | Included in administrative services | $43 | $4 |
| Class F | 203 | 86 | 8 | |
| Class R-5 | Not applicable | 12 | 1 | |
| Total | $3,865 | $312 | $141 | $13 |
Directors’ deferred compensation – Since the adoption of the deferred compensation plan in 1994, directors 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. Directors’ compensation of $28,000, shown on the accompanying financial statements, includes $25,000 in current fees (either paid in cash or deferred) and a net increase of $3,000 in the value of the deferred amounts.
Affiliated officers and directors – Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
4. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
| Share class | Sales(*) | Reinvestments of dividends | Repurchases(*) | Net (decrease) increase | ||||||||||||||||||||||||||||
| Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
| Six months ended January 31, 2008 | ||||||||||||||||||||||||||||||||
| Class A | $ | 227,525 | 14,952 | $ | 33,277 | 2,188 | $ | (298,296 | ) | (19,655 | ) | $ | (37,494 | ) | (2,515 | ) | ||||||||||||||||
| Class B | 2,578 | 169 | 903 | 59 | (7,460 | ) | (490 | ) | (3,979 | ) | (262 | ) | ||||||||||||||||||||
| Class C | 17,654 | 1,161 | 1,704 | 112 | (22,507 | ) | (1,482 | ) | (3,149 | ) | (209 | ) | ||||||||||||||||||||
| Class F | 29,434 | 1,933 | 2,931 | 193 | (43,498 | ) | (2,865 | ) | (11,133 | ) | (739 | ) | ||||||||||||||||||||
| Class R-5 | 5,107 | 337 | 322 | 21 | (2,936 | ) | (192 | ) | 2,493 | 166 | ||||||||||||||||||||||
| Total net increase | ||||||||||||||||||||||||||||||||
| (decrease) | $ | 282,298 | 18,552 | $ | 39,137 | 2,573 | $ | (374,697 | ) | (24,684 | ) | $ | (53,262 | ) | (3,559 | ) | ||||||||||||||||
| Year ended July 31, 2007 | ||||||||||||||||||||||||||||||||
| Class A | $ | 575,478 | 36,485 | $ | 59,926 | 3,802 | $ | (288,218 | ) | (18,306 | ) | $ | 347,186 | 21,981 | ||||||||||||||||||
| Class B | 10,473 | 664 | 1,781 | 113 | (11,723 | ) | (743 | ) | 531 | 34 | ||||||||||||||||||||||
| Class C | 40,404 | 2,562 | 3,091 | 196 | (24,222 | ) | (1,539 | ) | 19,273 | 1,219 | ||||||||||||||||||||||
| Class F | 79,205 | 5,025 | 4,944 | 314 | (37,104 | ) | (2,357 | ) | 47,045 | 2,982 | ||||||||||||||||||||||
| Class R-5 | 10,096 | 640 | 500 | 32 | (7,421 | ) | (471 | ) | 3,175 | 201 | ||||||||||||||||||||||
| Total net increase | ||||||||||||||||||||||||||||||||
| (decrease) | $ | 715,656 | 45,376 | $ | 70,242 | 4,457 | $ | (368,688 | ) | (23,416 | ) | $ | 417,210 | 26,417 | ||||||||||||||||||
| (*) Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
5. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities, of $302,953,000 and $406,206,000, respectively, during the six months ended January 31, 2008.
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 1/31/2008 | (5 | ) | $ | 15.54 | $ | .36 | $ | (.42 | ) | $ | (.06 | ) | $ | (.36 | ) | $ | 15.12 | (.39 | )% | $ | 1,841 | .69 | % | (6 | ) | .66 | % | (6 | ) | 4.73 | % | (6 | ) | |||||||||||||||||||||||||||
| Year ended 7/31/2007 | 15.60 | .70 | (.06 | ) | .64 | (.70 | ) | 15.54 | 4.12 | 1,932 | .70 | .67 | 4.44 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2006 | 15.61 | .70 | (.02 | ) | .68 | (.69 | ) | 15.60 | 4.44 | 1,597 | .69 | .66 | 4.47 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2005 | 15.23 | .68 | .37 | 1.05 | (.67 | ) | 15.61 | 7.03 | 1,370 | .71 | .69 | 4.39 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2004 | 14.98 | .71 | .24 | .95 | (.70 | ) | 15.23 | 6.45 | 1,108 | .74 | .74 | 4.67 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2003 | 15.28 | .77 | (.31 | ) | .46 | (.76 | ) | 14.98 | 3.06 | 955 | .77 | .77 | 5.08 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 1/31/2008 | (5 | ) | 15.54 | .30 | (.42 | ) | (.12 | ) | (.30 | ) | 15.12 | (.75 | ) | 60 | 1.40 | (6 | ) | 1.37 | (6 | ) | 4.02 | (6 | ) | |||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2007 | 15.60 | .59 | (.06 | ) | .53 | (.59 | ) | 15.54 | 3.40 | 66 | 1.41 | 1.38 | 3.74 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2006 | 15.61 | .59 | (.02 | ) | .57 | (.58 | ) | 15.60 | 3.71 | 66 | 1.41 | 1.38 | 3.75 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2005 | 15.23 | .58 | .37 | .95 | (.57 | ) | 15.61 | 6.30 | 65 | 1.42 | 1.40 | 3.69 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2004 | 14.98 | .61 | .24 | .85 | (.60 | ) | 15.23 | 5.71 | 60 | 1.45 | 1.45 | 3.96 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2003 | 15.28 | .66 | (.31 | ) | .35 | (.65 | ) | 14.98 | 2.34 | 52 | 1.47 | 1.47 | 4.34 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 1/31/2008 | (5 | ) | 15.54 | .30 | (.42 | ) | (.12 | ) | (.30 | ) | 15.12 | (.77 | ) | 113 | 1.45 | (6 | ) | 1.41 | (6 | ) | 3.97 | (6 | ) | |||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2007 | 15.60 | .58 | (.06 | ) | .52 | (.58 | ) | 15.54 | 3.35 | 120 | 1.46 | 1.43 | 3.68 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2006 | 15.61 | .58 | (.02 | ) | .56 | (.57 | ) | 15.60 | 3.66 | 101 | 1.46 | 1.43 | 3.70 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2005 | 15.23 | .56 | .37 | .93 | (.55 | ) | 15.61 | 6.17 | 90 | 1.54 | 1.52 | 3.55 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2004 | 14.98 | .59 | .24 | .83 | (.58 | ) | 15.23 | 5.59 | 70 | 1.57 | 1.57 | 3.83 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2003 | 15.28 | .64 | (.31 | ) | .33 | (.63 | ) | 14.98 | 2.21 | 56 | 1.59 | 1.59 | 4.19 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class F: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 1/31/2008 | (5 | ) | 15.54 | .35 | (.42 | ) | (.07 | ) | (.35 | ) | 15.12 | (.41 | ) | 152 | .73 | (6 | ) | .70 | (6 | ) | 4.68 | (6 | ) | |||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2007 | 15.60 | .69 | (.06 | ) | .63 | (.69 | ) | 15.54 | 4.08 | 167 | .74 | .71 | 4.39 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2006 | 15.61 | .69 | (.02 | ) | .67 | (.68 | ) | 15.60 | 4.41 | 121 | .72 | .69 | 4.43 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2005 | 15.23 | .67 | .37 | 1.04 | (.66 | ) | 15.61 | 6.95 | 86 | .78 | .76 | 4.29 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2004 | 14.98 | .70 | .24 | .94 | (.69 | ) | 15.23 | 6.35 | 46 | .82 | .82 | 4.55 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2003 | 15.28 | .76 | (.31 | ) | .45 | (.75 | ) | 14.98 | 2.96 | 24 | .85 | .85 | 4.91 | |||||||||||||||||||||||||||||||||||||||||||||||
| Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 1/31/2008 | (5 | ) | 15.54 | .37 | (.42 | ) | (.05 | ) | (.37 | ) | 15.12 | (.28 | ) | 27 | .47 | (6 | ) | .44 | (6 | ) | 4.95 | (6 | ) | |||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2007 | 15.60 | .73 | (.06 | ) | .67 | (.73 | ) | 15.54 | 4.35 | 25 | .48 | .45 | 4.67 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2006 | 15.61 | .73 | (.02 | ) | .71 | (.72 | ) | 15.60 | 4.66 | 22 | .48 | .45 | 4.68 | |||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2005 | 15.23 | .72 | .37 | 1.09 | (.71 | ) | 15.61 | 7.27 | 22 | .48 | .46 | 4.62 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2004 | 14.98 | .75 | .24 | .99 | (.74 | ) | 15.23 | 6.68 | 27 | .51 | .51 | 4.90 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended 7/31/2003 | 15.28 | .80 | (.31 | ) | .49 | (.79 | ) | 14.98 | 3.29 | 14 | .53 | .53 | 5.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Six months ended January 31, 2008 (5) | |||||||||||||||
| Year ended July 31 | |||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
| Portfolio turnover rate for all classes of shares | 14% | 23% | 14% | 10% | 6% | 7% | |||||||||
| (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 period (August 1, 2007, through January 31, 2008).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning account value 8/1/2007 | Ending account value 1/31/2008 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
| Class A -- actual return | $ | 1,000.00 | $ | 996.08 | $ | 3.31 | .66 | % | ||||||||
| Class A -- assumed 5% return | 1,000.00 | 1,021.82 | 3.35 | .66 | ||||||||||||
| Class B -- actual return | 1,000.00 | 992.52 | 6.86 | 1.37 | ||||||||||||
| Class B -- assumed 5% return | 1,000.00 | 1,018.25 | 6.95 | 1.37 | ||||||||||||
| Class C -- actual return | 1,000.00 | 992.30 | 7.06 | 1.41 | ||||||||||||
| Class C -- assumed 5% return | 1,000.00 | 1,018.05 | 7.15 | 1.41 | ||||||||||||
| Class F -- actual return | 1,000.00 | 995.86 | 3.51 | .70 | ||||||||||||
| Class F -- assumed 5% return | 1,000.00 | 1,021.62 | 3.56 | .70 | ||||||||||||
| Class R-5 -- actual return | 1,000.00 | 997.16 | 2.21 | .44 | ||||||||||||
| Class R-5 -- assumed 5% return | 1,000.00 | 1,022.92 | 2.24 | .44 | ||||||||||||
*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 (184), and divided by 366 (to reflect the one-half year period).
Offices of the fund and of the
investment adviser
Capital Research and
Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address nearest you.)
P.O. Box 25065
Santa Ana, CA 92799-5065
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071-2228
Independent registered public
accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete January 31, 2008, portfolio of American High-Income Municipal Bond Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
American High-Income Municipal Bond Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of American High-Income Municipal Bond Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2008, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
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The right choice for the long term®
What makes American Funds different?
For more than 75 years, we have followed a consistent philosophy to benefit our investors. Our 30 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 method of portfolio management, developed 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives. |
| •Experienced investment professionals |
| American Funds portfolio counselors have an average of 26 years of investment experience, providing a wealth of knowledge and experience that few organizations have. |
| •A commitment to low operating expenses |
| The American Funds provide exceptional value for shareholders, with operating expenses 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 FundSM |
SMALLCAP World Fund® |
| •Growth-and-income funds |
American Mutual Fund® |
Capital World Growth and Income FundSM |
Fundamental InvestorsSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
| •Equity-income funds |
Capital Income Builder® |
The Income Fund of America®
| •Balanced fund |
American Balanced Fund® |
| •Bond funds |
American High-Income TrustSM |
The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM
U.S. Government Securities FundSM |
| •Tax-exempt bond funds |
>American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
| State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
| •Money market funds |
The Cash Management Trust of America® |
The Tax-Exempt Money Fund of AmericaSM |
The U.S. Treasury Money Fund of AmericaSM |
•American Funds Target Date Retirement Series® |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGESR-940-0308P
Litho in USA CGD/INS/8075-S10053
10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
[logo – American Funds®]
American High-Income Municipal Bond Fund®
Investment portfolio
January 31, 2008
unaudited
| Bonds & notes — 94.28% | Principal amount (000) | Market value (000) | ||||||
| ALABAMA — 0.49% | ||||||||
| 21st Century Auth., Tobacco Settlement Asset-backed Rev. Bonds, Series 2001, 5.25% 2009 | $ | 2,215 | $ | 2,271 | ||||
Health Care Auth. of the City of Huntsville, Series 2007-A Bonds, 4.303% 20321 | 2,000 | 1,649 | ||||||
| Special Care Fac. Fncg. Auth. of the City of Huntsville — Carlton Cove, Retirement Fac. Rev. Bonds | ||||||||
(Carlton Cove, Inc. Project), Series 2001, 8.125% 20312 | 5,750 | 2,723 | ||||||
| Industrial Dev. Board of the City of Phenix City, Environmental Improvement Rev. Ref. Bonds | ||||||||
| (MeadWestvaco-Mead Coated Board Project), Series 2002-A, AMT, 6.35% 2035 | 3,000 | 3,062 | ||||||
| Board of Trustees of the University of Alabama, University of Alabama at Birmingham Hospital Rev. Bonds, | ||||||||
| Series 2006-A, 5.00% 2021 | 1,000 | 1,038 | ||||||
| 10,743 | ||||||||
| ALASKA — 1.30% | ||||||||
| Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, Subseries A-2, AMT, 4.60% 2022 | 9,090 | 8,952 | ||||||
| Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, MBIA insured, 5.50% 2037 | 4,325 | 4,626 | ||||||
| Industrial Dev. and Export Auth., Community Provider Rev. Bonds (Boys and Girls Home and Family Services, Inc. Project), | ||||||||
| Series 2007-C, 5.875% 2027 | 2,260 | 2,170 | ||||||
| Industrial Dev. and Export Auth., Revolving Fund Ref. Bonds, Series 2002-A, AMT, MBIA insured, 5.50% 2010 | 1,775 | 1,876 | ||||||
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2000, 6.20% 2022 (preref. 2010) | 1,145 | 1,208 | ||||||
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011) | 7,625 | 8,131 | ||||||
| Student Loan Corp., Education Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2014 | 1,500 | 1,631 | ||||||
| 28,594 | ||||||||
| ARIZONA — 2.54% | ||||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.70% 2027 | 470 | 450 | ||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.80% 2032 | 1,005 | 955 | ||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | 8,000 | 7,262 | ||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 2037 | 3,000 | 2,560 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 3.20% 2042 (put 2015)1 | 6,000 | 5,640 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 3.05% 2042 (put 2015)1 | 5,000 | 4,725 | ||||||
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 3.978% 20371 | 5,000 | 4,175 | ||||||
| Industrial Dev. Auth. of the County of Navajo, Rev. Bonds (Stone Container Corp. Project), Series 1997, AMT, 7.20% 2027 | 3,600 | 3,626 | ||||||
| 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 | 3,939 | 4,097 | ||||||
| Industrial Dev. Authorities of the County of Pima and the City of Tucson, Joint Single-family Mortgage Rev. Bonds, | ||||||||
| Series 2007-A-1, AMT, 5.10% 2038 | 3,000 | 3,121 | ||||||
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), | ||||||||
| Series 2007, AMT, 6.55% 2037 | 14,500 | 14,188 | ||||||
| Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 | 4,520 | 4,234 | ||||||
| Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 | 725 | 657 | ||||||
| 55,690 | ||||||||
| ARKANSAS — 0.24% | ||||||||
| Washington County, Hospital Rev. Ref. Bonds (Washington Regional Medical Center), Series 2005-B, 5.00% 2013 | 2,465 | 2,583 | ||||||
| Washington County, Hospital Rev. Ref. Bonds (Washington Regional Medical Center), Series 2005-B, 5.00% 2019 | 2,635 | 2,697 | ||||||
| 5,280 | ||||||||
| CALIFORNIA — 7.06% | ||||||||
| Antelope Valley Healthcare Dist., Rev. Bonds, Series 2002-A, 5.25% 2017 | 3,500 | 3,599 | ||||||
| City of Antioch Public Fncg. Auth., 1998 Reassessment Rev. Bonds, Series B, 5.80% 2011 | 1,330 | 1,394 | ||||||
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, | ||||||||
| Series 2007, 5.00% 2020 | 1,020 | 950 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
| Series 2001-A, 6.125% 2020 | 3,000 | 3,152 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
| Series 2003-C, 5.375% 2021 | 1,500 | 1,551 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. | ||||||||
| (American Baptist Homes of the West Facs. Project), Series 1998-A, 6.10% 2017 | 1,650 | 1,685 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. (Episcopal Homes Foundation), | ||||||||
| Series 1998, 5.125% 2013 | 3,500 | 3,550 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. (Episcopal Homes Foundation), | ||||||||
| Series 1998, 5.125% 2018 | 1,000 | 1,011 | ||||||
| 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, 6.125% 2032 | 1,000 | 1,037 | ||||||
| California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds | ||||||||
| (Alameda County Tobacco Asset Securitization Corp.), Series 2002, 4.75% 2019 | 815 | 793 | ||||||
| Capistrano Unified School Dist., Community Facs. Dist. No. 90-2 (Talega), Special Tax Bonds | ||||||||
| (Improvement Area No. 2002-1), Series 2003, 6.00% 2033 | 1,210 | 1,231 | ||||||
| Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), | ||||||||
| Series 2007-C, 5.00% 2025 | 1,165 | 1,142 | ||||||
| Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), | ||||||||
| Series 2007-C, 5.00% 2030 | 2,675 | 2,538 | ||||||
| City of Chino Hills, Community Facs. Dist. No. 10 (Fairfield Ranch), Special Tax Bonds, 6.95% 2030 | 1,000 | 1,046 | ||||||
| City of Chula Vista, Community Facs. Dist. No. 12-I, Special Tax Bonds (McMillin Otay Ranch Village Seven), | ||||||||
| Series 2005, 5.25% 2030 | 2,135 | 1,937 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1992-B, AMT, 5.00% 2027 | 1,250 | 1,265 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1997-A, AMT, 4.90% 2023 | 1,000 | 1,010 | ||||||
| Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,250 | 1,120 | ||||||
| Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2010 | 700 | 724 | ||||||
| Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2015 | 995 | 1,044 | ||||||
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Bonds, | ||||||||
| Series 1999, 6.125% 2016 | 990 | 1,022 | ||||||
| City of Folsom, Community Facs. Dist. No. 10, Special Tax Bonds, Series 1999, 7.00% 2024 | 1,840 | 1,916 | ||||||
| City of Folsom, Community Facs. Dist. No. 10, Special Tax Bonds, Series 1999, 7.00% 2024 (preref. 2009) | 770 | 841 | ||||||
| City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, Series 1999, 6.50% 2015 (preref. 2009) | 1,000 | 1,072 | ||||||
| City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, Series 1999, 6.625% 2030 (preref. 2009) | 1,000 | 1,074 | ||||||
| Veterans G.O. Bonds, Series CB, AMT, 4.75% 2018 | 1,000 | 1,041 | ||||||
| Veterans G.O. Bonds, Series CD, AMT, 4.55% 2029 | 2,000 | 1,857 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
| Series 2003-A-1, 6.25% 2033 (preref. 2013) | 1,700 | 1,904 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-A-1, 5.00% 2033 | 3,000 | 2,638 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011) | 165 | 176 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011) | 1,835 | 1,901 | ||||||
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2016 | 1,500 | 1,599 | ||||||
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2020 | 1,000 | 1,043 | ||||||
| City of Irvine, Assessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Group Seven, 5.00% 2020 | 455 | 452 | ||||||
| City of Lathrop (San Joaquin County), Community Facs. Dist. No. 2006-1, | ||||||||
| Special Tax Bonds (Central Lathrop Specific Plan Phase 1 Infrastructure), Series 2006, 5.375% 2036 | 1,000 | 834 | ||||||
| Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 995 | ||||||
| Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2005, 5.25% 2028 | 1,750 | 1,614 | ||||||
| City of Lincoln, Community Facs. Dist. No. 2003-1, Special Tax Bonds (Lincoln Crossing Project), | ||||||||
| Series 2003-A, 6.125% 2033 (preref. 2013) | 1,330 | 1,579 | ||||||
| City of Lincoln, Community Facs. Dist. No. 2003-1, Special Tax Bonds (Lincoln Crossing Project), | ||||||||
| Series 2004, 6.00% 2034 (preref. 2013) | 2,000 | 2,362 | ||||||
| City of Loma Linda, Hospital Rev. Bonds (Loma Linda University Medical Center), Series 2005-A, 5.00% 2017 | 3,000 | 3,091 | ||||||
| Long Beach Bond Fin. Auth., Natural Gas Purchase Rev. Bonds, Series 2007-A, 5.25% 2020 | 1,250 | 1,298 | ||||||
| City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, MBIA insured, 5.00% 2018 | 4,990 | 5,425 | ||||||
| City of Los Angeles, Multi-family Housing Rev. Bonds (GNMA Collateralized — Ridgecroft Apartments Project), | ||||||||
| Series 1997-E, AMT, 6.00% 2017 | 500 | 507 | ||||||
| Dept. of Airports of the City of Los Angeles, Ontario International Airport Rev. Ref. Bonds, | ||||||||
| Series 2006-A, AMT, MBIA insured, 5.00% 2023 | 2,430 | 2,495 | ||||||
| City of Moorpark, Community Facs. Dist. No 2004-1, Special Tax Bonds (Moorpark Highlands), Series 2006, 5.25% 2026 | 1,000 | 926 | ||||||
| Northstar Community Services Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2005, 5.55% 2036 | 4,000 | 3,871 | ||||||
| Northstar Community Services Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2006, 5.00% 2037 | 1,500 | 1,334 | ||||||
| City of Oxnard, Community Facs. Dist. No. 3 (Seabridge at Mandalay Bay), Special Tax Bonds, Series 2005, 5.00% 2022 | 1,000 | 958 | ||||||
| City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, | ||||||||
| Series 2007, 5.05% 2027 | 2,000 | 1,807 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2020 | 4,815 | 2,832 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2021 | 4,145 | 2,293 | ||||||
| Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 1996-A, AMT, MBIA insured, 5.35% 2016 | 1,000 | 1,061 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Browning-Ferris Industries of California, Inc. Project), | ||||||||
| BFI Corp. Guarantee, Series 1996-A, AMT, 5.80% 2016 | 1,000 | 969 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2003-A, AMT, 5.00% 2038 (put 2013) | 1,000 | 1,033 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (USA Waste Services, Inc. Project), | ||||||||
| Series 1998-A, AMT, 5.10% 2018 (put 2008) | 1,000 | 1,004 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2002-A, AMT, 5.00% 2022 | 3,000 | 2,931 | ||||||
| City of Poway, Community Facs. Dist. No. 88-1 (Parkway Business Centre), Special Tax Ref. Bonds, | ||||||||
| Series 1998, 6.75% 2015 | 2,800 | 2,888 | ||||||
| Public Works Board, Lease Rev. Bonds (Dept. of Corrections, State Prison, Kern County at Delano II), | ||||||||
| Series 2003-C, 5.50% 2018 | 1,000 | 1,094 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 6.625% 20173 | 3,000 | 3,000 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 7.00% 20273 | 6,000 | 6,004 | ||||||
| Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), | ||||||||
| Issue of 2005, AMT, FSA insured, 5.00% 2017 | 1,120 | 1,198 | ||||||
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2005, 5.00% 2023 | 1,040 | 989 | ||||||
| City of Rio Vista, Community Facs. Dist. No. 2004-1, Special Tax Bonds (Northwest Wastewater Fac.), | ||||||||
| Series 2005, 5.70% 2024 | 1,000 | 1,010 | ||||||
| City of Rio Vista, Community Facs. Dist. No. 2004-1, Special Tax Bonds (Northwest Wastewater Fac.), | ||||||||
| Series 2005, 5.85% 2035 | 2,000 | 1,945 | ||||||
| Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds | ||||||||
| (Improvement Area No. 2), Series 2005-A, 5.25% 2035 | 1,200 | 1,068 | ||||||
| County of Riverside Community Facs. Dist. No. 04-2 (Lake Hills Crest), Special Tax Bonds, Series 2005, 5.00% 2025 | 1,000 | 926 | ||||||
| County of Sacramento, Laguna Creek Ranch/Elliott Ranch Community Facs. Dist. No. 1, | ||||||||
| Improvement Area No. 2 Special Tax Ref. Bonds (Elliott Ranch), 6.125% 2014 | 250 | 255 | ||||||
| County of Sacramento, Laguna Creek Ranch/Elliott Ranch Community Facs. Dist. No. 1, | ||||||||
| Improvement Area No. 2 Special Tax Ref. Bonds (Elliott Ranch), 6.30% 2021 | 500 | 508 | ||||||
| San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds, 6.625% 2026 | 1,000 | 1,057 | ||||||
| County of San Diego, Reassessment Dist. No. 97-1 (4-S Ranch), Limited Obligation Improvement Bonds, 6.00% 2009 | 940 | 960 | ||||||
| County of San Diego, Reassessment Dist. No. 97-1 (4-S Ranch), Limited Obligation Improvement Bonds, 6.25% 2012 | 945 | 965 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Bonds, Series 1999, 6.10% 2014 | 1,740 | 1,821 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Bonds, | ||||||||
| Series 1999, 6.10% 2014 (preref. 2009) | 325 | 351 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.50% 20113 | 800 | 809 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.875% 20163 | 3,000 | 3,083 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 5.00% 20203 | 2,700 | 2,733 | ||||||
| Community Facs. Dist. No. 2002-1, Saugus Union School Dist., Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 995 | ||||||
| Statewide Communities Dev. Auth., Apartment Dev. Rev. Ref. Bonds (Irvine Apartment Communities, LP), | ||||||||
| Series 1998-A-1, AMT, 5.05% 2025 (put 2008) | 5,000 | 5,004 | ||||||
| Statewide Communities Dev. Auth., Apartment Dev. Rev. Ref. Bonds (Irvine Apartment Communities, LP), | ||||||||
| Series 1998-A-3, 5.10% 2025 (put 2010) | 4,000 | 4,043 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-A, 5.25% 2024 | 1,440 | 1,455 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-H, 5.25% 2025 | 1,295 | 1,302 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2007-A, 5.40% 2017 | 2,000 | 2,027 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2007-A, 5.625% 2033 | 1,000 | 955 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2019 | 2,830 | 2,922 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2029 | 4,030 | 3,889 | ||||||
| Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 | 2,640 | 2,731 | ||||||
| City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, | ||||||||
| Series 2003, 5.90% 2034 | 2,500 | 2,404 | ||||||
| Community Facs. Dist. No. 88-12, Temecula (Ynez Corridor), Special Tax Ref. Bonds, Series 1998-A, 5.35% 2009 | 940 | 963 | ||||||
| Tobacco Securitization Auth., Tobacco Settlement Asset-backed Bonds (San Diego County Tobacco Asset Securitization Corp.), | ||||||||
| Series 2001-A, 5.25% 2027 (preref. 2012) | 910 | 1,007 | ||||||
| Whittier Redev. Agcy., Tax Allocation Bonds (Commercial Corridor Redev. Project), Series 2007-A, 5.00% 2030 | 1,000 | 882 | ||||||
| 154,777 | ||||||||
| COLORADO — 5.29% | ||||||||
| Arapahoe County, Capital Improvement Trust Fund Highway Rev. Bonds (E-470 Project), Capital Appreciation Bonds, | ||||||||
| Series 2000-B, 0% 2034 (preref. 2010) | 7,500 | 1,158 | ||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 4.80% 2017 | 1,500 | 1,409 | ||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 4.95% 2022 | 4,110 | 3,700 | ||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 5.00% 2026 | 2,500 | 2,175 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2010 | 250 | 258 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2013 | 595 | 617 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2014 | 355 | 367 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2018 | 600 | 599 | ||||||
| Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, | ||||||||
| Series 2007-A, RADIAN insured, 5.60% 2034 | 3,610 | 3,744 | ||||||
| Copperleaf Metropolitan Dist. No. 2 (Arapahoe County), Limited Tax G.O. Bonds, Series 2006, 5.95% 2036 | 2,000 | 1,703 | ||||||
| Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 6.125% 2037 | 2,000 | 1,732 | ||||||
| City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC insured, 5.00% 2012 | 500 | 536 | ||||||
| City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), | ||||||||
| Series 2007-A, AMT, 5.25% 2032 | 17,000 | 14,493 | ||||||
| City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), | ||||||||
| Series 2007-A, AMT, 5.75% 2032 | 1,000 | 913 | ||||||
Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2007-B, 4.533% 20331 | 5,000 | 3,989 | ||||||
| Eagle County, Bachelor Gulch Metropolitan Dist., G.O. Bonds, Series 1999, 6.70% 2019 | 3,500 | 3,601 | ||||||
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Brighton Charter School Project), | ||||||||
| Series 2006, 6.00% 2036 | 1,700 | 1,671 | ||||||
| Educational and Cultural Facs. Auth., Rev. Bonds (Cerebral Palsy of Colorado Project), Series 2006-A, 6.25% 2036 | 1,275 | 1,280 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2000, 6.60% 2016 | 385 | 417 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2002, 5.90% 2027 | 1,830 | 1,895 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2006, 5.25% 2024 | 3,880 | 4,000 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2006, 5.25% 2036 | 1,850 | 1,832 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2000, 6.60% 2016 (preref. 2010) | 615 | 697 | ||||||
| Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2026 | 2,100 | 1,977 | ||||||
| Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2037 | 2,750 | 2,572 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 6.125% 2033 | 1,000 | 1,020 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 | 1,320 | 1,372 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 | 1,150 | 1,189 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 | 1,485 | 1,517 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 | 2,095 | 2,131 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 11,071 | ||||||
| Housing and Fin. Auth., Single-family Program Bonds, Series 1997-B-2, AMT, 7.00% 2026 | 15 | 15 | ||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
| Series 2003, 8.00% 2025 | 8,500 | 9,084 | ||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
| Series 2005, 8.125% 2025 | 5,000 | 5,001 | ||||||
| Lincoln Park Metropolitan Dist. (Douglas County), G.O. Limited Tax Ref. and Improvement Bonds, Series 2001, 7.75% 2026 | 2,750 | 2,891 | ||||||
| North Range Metropolitan Dist. No. 1 (City of Commerce, Adams County), Limited Tax G.O. Bonds, | ||||||||
| Series 2001, 7.25% 2031 (preref. 2011) | 995 | 1,145 | ||||||
| North Range Metropolitan Dist. No. 2 (Adams County), Limited Tax G.O. Bonds, Series 2007, 5.50% 2027 | 500 | 451 | ||||||
| North Range Metropolitan Dist. No. 2 (Adams County), Limited Tax G.O. Bonds, Series 2007, 5.50% 2037 | 1,750 | 1,526 | ||||||
| Prairie Center Metropolitan Dist. No. 3 (City of Brighton, Adams County), | ||||||||
| Limited Property Tax Supported Primary Improvements Rev. Bonds, Series 2006-A, 5.40% 2031 | 2,750 | 2,470 | ||||||
| Rampart Range Metropolitan Dist. No. 1 (City of Lone Tree), Rev. Bonds (Rampart Range Metropolitan Dist. No. 2 Project), | ||||||||
| Series 2001, 7.75% 2026 (preref. 2011) | 7,155 | 8,337 | ||||||
| Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) Ref. and Improvement Bonds, | ||||||||
| Series 2007, 5.25% 2037 | 1,250 | 1,056 | ||||||
| Tallyn’s Reach Metropolitan Dist. No. 3 (City of Aurora), Limited Tax G.O. Bonds (Convertible to Unlimited Tax), | ||||||||
| Series 2007, 5.20% 2036 | 1,225 | 1,065 | ||||||
| Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, | ||||||||
| Series 2006, 5.75% 2036 | 1,190 | 978 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Bonds, Series 2001, 7.50% 2031 (preref. 2009) | 3,980 | 4,232 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 6.625% 2040 | 2,250 | 2,177 | ||||||
| 116,063 | ||||||||
| CONNECTICUT — 1.25% | ||||||||
| Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-A, 5.85% 2028 | 1,375 | 1,409 | ||||||
| Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-B, AMT, 5.95% 2028 | 1,500 | 1,531 | ||||||
| Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program), | ||||||||
| Series 2005-A, AMT, MBIA insured, 4.25% 2019 | 825 | 817 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-A, 5.50% 20363 | 1,500 | 1,407 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.60% 20093 | 1,000 | 1,021 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.75% 20183 | 3,000 | 3,022 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 5.375% 2011 | 770 | 788 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.00% 2016 | 6,100 | 6,258 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.25% 2021 | 3,000 | 3,030 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.25% 2031 | 2,000 | 2,013 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.50% 2013 | 1,680 | 1,736 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.25% 2033 | 5,000 | 4,427 | ||||||
| 27,459 | ||||||||
| DELAWARE — 0.05% | ||||||||
| Housing Auth., Single-family Mortgage Rev. Bonds, Series 2007-D-1, AMT, 5.60% 2039 | 1,000 | 1,076 | ||||||
| FLORIDA — 15.54% | ||||||||
Alachua County Health Facs. Auth., Health Facs. Rev. Bonds (Shands HealthCare Project), Series 2007-A, 4.303% 20371 | 1,500 | 1,255 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.625% 2022 | 1,000 | 974 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.75% 2026 | 5,000 | 4,762 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.875% 2042 | 4,500 | 4,232 | ||||||
| Arborwood Community Dev. Dist. (City of Fort Myers), Capital Improvement Rev. Bonds (Centex Homes Project), | ||||||||
| Series 2006-B, 5.25% 2016 | 3,720 | 3,366 | ||||||
| Arborwood Community Dev. Dist. (City of Fort Myers), Capital Improvement Rev. Bonds (Centex Homes Project), | ||||||||
| Series 2006-B-2, 5.10% 2016 | 2,145 | 1,908 | ||||||
| Ave Maria Stewardship Community Dist. (Collier County), Bond Anticipation Bonds, Series 2006, 4.80% 2012 | 3,000 | 2,787 | ||||||
| Ave Maria Stewardship Community Dist. (Collier County), Capital Improvement Rev. Bonds, Series 2006-A, 5.125% 2038 | 2,000 | 1,569 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 | 1,600 | 1,436 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 | 1,715 | 1,384 | ||||||
| Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
| Series 2007-A, 6.00% 2038 | 2,000 | 1,767 | ||||||
| Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
| Series 2007-B, 6.20% 2038 | 1,500 | 1,332 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.00% 2014 | 640 | 676 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.25% 2033 | 1,960 | 2,020 | ||||||
| Belmont Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2006-B, 5.125% 2014 | 1,000 | 911 | ||||||
| Boynton Village Community Dev. Dist. (City of Boynton Beach), Special Assessment Bonds, Series 2007-A-2, 6.00% 2038 | 1,500 | 1,335 | ||||||
| Capital Projects Fin. Auth., Continuing Care Retirement Community Rev. Bonds | ||||||||
| (Capital Projects Loan Program — Glenridge on Palmer Ranch Project), Series 2002-A, 8.00% 2032 (preref. 2012) | 3,400 | 4,170 | ||||||
| Capital Projects Fin. Auth., Continuing Care Retirement Community Rev. Bonds | ||||||||
| (Capital Projects Loan Program — Glenridge on Palmer Ranch Project), Series 2002-B, 7.625% 2032 (preref. 2009) | 2,470 | 2,620 | ||||||
| Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 3,510 | 3,542 | ||||||
| City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2005-A, 6.125% 2036 | 4,490 | 4,114 | ||||||
| City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2007-A, 6.00% 2038 | 5,715 | 5,042 | ||||||
| Concorde Estates Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2011 | 555 | 535 | ||||||
| Connerton West Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-B, 5.125% 2016 | 2,500 | 2,242 | ||||||
| Crosscreek Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2007-A, 5.60% 2039 | 1,500 | 1,088 | ||||||
| Crosscreek Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2007-B, 5.50% 2017 | 3,400 | 2,754 | ||||||
| East Homestead Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2006-B, 5.00% 2011 | 685 | 653 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
| Series 2006-A, AMT, 4.80% 2038 | 6,985 | 7,110 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
| Series 2007-B, AMT, 4.70% 2039 | 3,000 | 3,014 | ||||||
| Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2004-B, 5.125% 2009 | 325 | 319 | ||||||
| Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2007-B, 5.00% 2012 | 1,950 | 1,845 | ||||||
| Fleming Island Plantation Community Dev. Dist. (Clay County), Series 2000-B, 7.375% 2031 (preref. 2010) | 985 | 1,102 | ||||||
| The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, | ||||||||
| Series 2000-C, 7.10% 2030 | 7,355 | 7,519 | ||||||
| Gateway Services Community Dev. Dist., Special Assessment Bonds (Sun City Center Fort Myers Project), | ||||||||
| Series 2003-B, 5.50% 2010 | 510 | 502 | ||||||
| Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 | 11,500 | 10,530 | ||||||
| Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 12,162 | ||||||
| Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-A, 7.00% 2033 | 930 | 975 | ||||||
| Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-B, 6.25% 2009 | 75 | 75 | ||||||
| Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2001-B, 6.35% 2010 | 1,165 | 1,168 | ||||||
| Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 4,340 | 4,404 | ||||||
| Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005, 5.60% 2036 | 1,280 | 1,075 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2002-B, 5.00% 2011 (escrowed to maturity) | 2,000 | 2,176 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2002-B, 5.00% 2013 (preref. 2012) | 3,535 | 3,882 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2016 | 1,200 | 1,275 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2018 | 2,000 | 2,107 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2018 | 3,000 | 3,204 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2023 | 2,000 | 2,075 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
| Series 2007-A, 5.25% 2027 | 2,000 | 2,026 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2012 | 1,000 | 1,060 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2013 | 1,500 | 1,598 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2018 | 3,795 | 3,922 | ||||||
| Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2020 | 3,485 | 3,614 | ||||||
| Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
| Series 2007-A, 6.00% 2017 | 2,750 | 2,776 | ||||||
| Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
| Series 2007-A, 6.25% 2027 | 4,000 | 4,014 | ||||||
| Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), Series 2007-A, 5.00% 2024 | 2,000 | 2,052 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-A, 7.40% 2032 | 775 | 813 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-B, 6.40% 2011 | 165 | 165 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2003-B, 5.40% 2008 | 285 | 284 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005-A, 5.60% 2037 | 930 | 804 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005-B, 4.875% 2010 | 3,375 | 3,262 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 4.875% 2010 | 1,285 | 1,242 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036 | 2,850 | 2,391 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-A, 5.30% 2038 | 2,000 | 1,561 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 2011 | 7,250 | 6,786 | ||||||
| City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2022 | 2,235 | 2,296 | ||||||
| City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2032 | 3,000 | 2,935 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project), Series 2006, 5.40% 2037 | 1,000 | 813 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006, 5.50% 2036 | 3,250 | 2,689 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B, 5.00% 2013 | 3,275 | 3,035 | ||||||
| Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-A, 5.50% 2038 | 1,000 | 738 | ||||||
| Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-B, 5.20% 2015 | 5,000 | 4,081 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. Project), | ||||||||
| Series 1997-A, 6.25% 2017 | 2,500 | 2,521 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | ||||||||
| (Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 2006, 5.00% 2032 | 2,000 | 1,768 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | ||||||||
| (Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 2006, 5.125% 2036 | 2,250 | 2,003 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, | ||||||||
| Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2016 | 2,000 | 2,019 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, | ||||||||
| Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2022 | 2,000 | 1,932 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, | ||||||||
| Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029 | 12,425 | 11,210 | ||||||
| Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2016 | 4,535 | 4,919 | ||||||
| Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-A, 5.45% 2039 | 4,000 | 3,262 | ||||||
| Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-B, 5.25% 2014 | 2,750 | 2,523 | ||||||
| Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 2014 | 4,255 | 4,003 | ||||||
| Marion County Hospital Dist., Health System Ref. and Improvement Rev. Bonds (Munroe Regional Health System), | ||||||||
| Series 2007, 5.00% 2022 | 1,100 | 1,139 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2000-A, 7.65% 2032 | 2,875 | 3,017 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 4,755 | 4,919 | ||||||
| Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-A, 6.85% 2033 (preref. 2011) | 2,080 | 2,358 | ||||||
| Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-1, 4.80% 2009 | 835 | 816 | ||||||
| Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2009 | 145 | 143 | ||||||
| Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2036 | 1,975 | 1,778 | ||||||
| Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2004, AMT, 4.00% 2018 (put 2009) | 1,000 | 1,006 | ||||||
| Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
| Series 2005-B, AMT, XLCA insured, 5.00% 2018 | 4,000 | 4,170 | ||||||
| Midtown Miami Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Infrastructure Project), | ||||||||
| Series 2004-B, 6.50% 2037 | 2,000 | 1,880 | ||||||
| Naturewalk Community Dev. Dist. (Walton County), Capital Improvement Rev. Bonds, Series 2007-A, 5.50% 2038 | 1,000 | 801 | ||||||
| Naturewalk Community Dev. Dist. (Walton County), Capital Improvement Rev. Bonds, Series 2007-B, 5.30% 2016 | 1,970 | 1,770 | ||||||
| New Port Tampa Bay Community Dev. Dist., Special Assessment Bonds (City of Tampa), Series 2006-A, 5.875% 2038 | 1,500 | 987 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Heron Bay Project), | ||||||||
| Series 1997, 7.00% 2019 | 2,250 | 2,260 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds | ||||||||
| (Parkland Golf and Country Club Assessment Area), Series 2005-A-1, 5.45% 2026 | 3,875 | 3,061 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Parkland Isles Project), | ||||||||
| Series 1997-A, 7.00% 2019 | 1,000 | 1,004 | ||||||
| Northern Palm Beach County Improvement Dist., Water Control and Improvement Bonds (Unit of Dev. No. 9B), | ||||||||
| Series 1999, 5.85% 2013 (preref. 2009) | 560 | 585 | ||||||
| City of Orlando, Special Assessment Rev. Bonds (Conroy Road Interchange Project), Series 1998-A, 5.80% 2026 | 3,250 | 3,205 | ||||||
| Palm Beach County Health Facs. Auth., Retirement Communities Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2020 | 2,000 | 2,001 | ||||||
| Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, | ||||||||
| Series 2006, 5.70% 2037 | 3,780 | 3,223 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-A, 5.60% 2038 | 1,500 | 1,254 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-B, 5.35% 2015 | 2,000 | 1,839 | ||||||
| Parklands Lee Community Dev. Dist. (Bonita Springs), Special Assessment Bonds, Series 2005-B, 5.125% 2011 | 1,045 | 1,005 | ||||||
| Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 | 2,040 | 1,951 | ||||||
| Pine Air Lakes Community Dev. Dist., Collier County, Special Assessment Rev. Bonds, Series 2002, 7.25% 2033 | 2,360 | 2,487 | ||||||
| City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 | 1,455 | 1,446 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 | 1,765 | 1,778 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 | 3,230 | 2,999 | ||||||
Seminole Tribe of Florida 5.75% 20223 | 2,760 | 2,804 | ||||||
Seminole Tribe of Florida 5.50% 20243 | 2,500 | 2,484 | ||||||
Seminole Tribe of Florida 5.25% 20273 | 7,000 | 6,658 | ||||||
| Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.10% 2025 | 4,000 | 3,655 | ||||||
| Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.125% 2037 | 4,000 | 3,537 | ||||||
| Six Mile Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, Series 2007, 5.875% 2038 | 3,350 | 2,572 | ||||||
| South-Dade Venture Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2002, 6.90% 2033 | 3,795 | 3,979 | ||||||
| South Village Community Dev. Dist. (Clay County), Capital Improvement Rev. Bonds, Series 2005-A, 5.70% 2035 | 970 | 825 | ||||||
| Split Pine Community Dev. Dist. (City of Jacksonville), Special Assessment Bonds, Series 2007-A, 5.25% 2039 | 3,000 | 2,418 | ||||||
| Stoneybrook West Community Dev. Dist. (City of Winter Garden, Orange County), Special Assessment Rev. Bonds, | ||||||||
| Series 2000-B, 6.45% 2010 | 50 | 50 | ||||||
| Stoneybrook South Community Dev. Dist. (Osceola County), Special Assessment Rev. Bonds, Series 2007-B, 5.45% 2015 | 6,250 | 5,728 | ||||||
| Sweetwater Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2007-B-1, 5.30% 2017 | 2,000 | 1,770 | ||||||
| Tison’s Landing Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005-B, 5.00% 2011 | 2,000 | 1,884 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2006, 5.40% 2037 | 995 | 825 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.45% 2023 | 2,000 | 1,982 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.65% 2040 | 2,000 | 1,975 | ||||||
| Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005, 6.00% 2036 | 2,930 | 2,605 | ||||||
| Turnbull Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2005, 5.80% 2035 | 975 | 833 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,590 | 4,185 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,175 | 1,014 | ||||||
| Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-A, 6.95% 2033 (preref. 2011) | 3,285 | 3,685 | ||||||
| Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, Series 2004, 6.00% 2020 | 995 | 957 | ||||||
| Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-A, 6.75% 2034 | 980 | 983 | ||||||
| Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-B, 5.95% 2012 | 80 | 78 | ||||||
| Waterlefe Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, Series 2001-B, 6.25% 2010 | 20 | 20 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 | 1,690 | 1,620 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-B, 6.55% 2015 | 3,910 | 3,830 | ||||||
| West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 | 6,000 | 5,200 | ||||||
| Winter Garden Village at Fowler Groves Community Dev. Dist. (City of Winter Garden), Special Assessment Bonds, | ||||||||
| Series 2006, 5.65% 2037 | 2,000 | 1,763 | ||||||
| 340,911 | ||||||||
| GEORGIA — 1.28% | ||||||||
| City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.75% 2014 (preref. 2011) | 815 | 934 | ||||||
| City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.90% 2024 (preref. 2011) | 2,000 | 2,408 | ||||||
| City of Atlanta, Tax Allocation Bonds (Eastside Project), Series 2005-A, AMT, 5.625% 2016 | 1,750 | 1,769 | ||||||
| Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 | 1,500 | 1,360 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.00% 2018 | 1,500 | 1,504 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2027 | 2,000 | 1,892 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2037 | 3,500 | 3,190 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2018 | 2,000 | 2,030 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2022 | 5,000 | 4,843 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 | 2,000 | 2,017 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 | 1,000 | 986 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2028 | 1,395 | 1,362 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2027 | 2,750 | 2,499 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2037 | 1,375 | 1,208 | ||||||
| Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds | ||||||||
| (Georgia College & State University Foundation Property III, LLC Student Housing System Project), | ||||||||
| Series 2004, 6.00% 2012 (escrowed to maturity) | 40 | 46 | ||||||
| 28,048 | ||||||||
| GUAM — 0.05% | ||||||||
| Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 | 1,000 | 1,041 | ||||||
| IDAHO — 1.33% | ||||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-H-2, AMT, 5.40% 2010 | 115 | 117 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-I-2, AMT, 5.55% 2010 | 65 | 66 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-B-2, AMT, 5.20% 2011 | 110 | 112 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-B-2, AMT, 5.00% 2013 | 240 | 242 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-D-3, AMT, 5.15% 2013 | 240 | 242 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-G, AMT, 5.75% 2014 | 130 | 132 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-B, Class III, AMT, 5.75% 2020 | 1,030 | 1,066 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021 | 730 | 740 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-F, Class III, AMT, 5.30% 2021 | 950 | 959 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-C, Class III, AMT, 5.50% 2021 | 910 | 932 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-E, Class III, AMT, 5.30% 2022 | 840 | 853 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 | 820 | 828 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 | 780 | 745 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 1,250 | 1,264 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 1,150 | 1,114 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-B, Class III, AMT, 5.40% 2024 | 1,740 | 1,759 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-B, Class III, AMT, 5.00% 2025 | 1,970 | 2,016 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 950 | 955 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-D, Class III, AMT, 4.90% 2026 | 1,205 | 1,219 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-F, Class III, AMT, 5.00% 2026 | 1,175 | 1,196 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-D, Class III, AMT, 5.20% 2027 | 3,155 | 3,291 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-F, Class III, AMT, 4.80% 2028 | 1,400 | 1,426 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-A, Class III, AMT, 4.85% 2028 | 1,195 | 1,220 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-B, Class III, AMT, 4.60% 2028 | 875 | 824 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 | 2,000 | 2,032 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-E-1, Class III, AMT, 4.85% 2028 | 2,650 | 2,546 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-J, Class III, AMT, 5.00% 2028 | 1,190 | 1,219 | ||||||
| 29,115 | ||||||||
| ILLINOIS — 6.22% | ||||||||
| Village of Bolingbrook, Will and DuPage Counties, Special Service Area No. 2005-1, Special Tax Bonds | ||||||||
| (Forest City Project), Series 2005, 5.90% 2027 | 6,000 | 6,129 | ||||||
| City of Chicago, Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Co. Project), | ||||||||
| Series 2000-B, 4.75% 2030 (put 2014) | 1,000 | 1,031 | ||||||
| City of Chicago, Midway Airport Rev. Bonds, Series 2001-A, AMT, FSA insured, 5.50% 2015 | 1,000 | 1,076 | ||||||
| City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2001-C, AMT, AMBAC insured, 5.50% 2015 | 4,030 | 4,211 | ||||||
| City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2001-E, AMT, AMBAC insured, 5.50% 2016 | 1,170 | 1,220 | ||||||
| City of Chicago, Special Assessment Improvement Bonds (Lakeshore East Project), Series 2002, 6.75% 2032 | 2,000 | 2,075 | ||||||
| Village of Deerfield, Lake and Cook Counties, Educational Fac. Rev. Bonds (Chicagoland Jewish High School Project), | ||||||||
| Series 2006, 5.85% 2026 | 500 | 499 | ||||||
| Village of Deerfield, Lake and Cook Counties, Educational Fac. Rev. Bonds (Chicagoland Jewish High School Project), | ||||||||
| Series 2006, 6.00% 2041 | 790 | 779 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.40% 2016 | 550 | 545 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.625% 2036 | 3,650 | 3,338 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2021 | 1,000 | 965 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2026 | 1,000 | 926 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2036 | 3,500 | 3,077 | ||||||
| Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.00% 2025 | 2,250 | 2,212 | ||||||
| Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 9,000 | 8,623 | ||||||
| Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. — Obligated Group), Series 2007-A, 5.00% 2026 | 2,000 | 2,052 | ||||||
| Fin. Auth., Rev. Bonds (Landing at Plymouth Place Project), Series 2005-A, 6.00% 2037 | 2,500 | 2,403 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2027 | 3,490 | 3,557 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2037 | 2,000 | 2,015 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2042 | 5,725 | 5,761 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2027 | 1,000 | 960 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2037 | 3,000 | 2,829 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2042 | 2,000 | 1,863 | ||||||
| Fin. Auth., Rev. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 | 2,000 | 1,970 | ||||||
| Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2026 | 1,000 | 966 | ||||||
| Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 | 2,000 | 1,871 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Fairview Obligated Group), Series 2004-A, 5.75% 2014 | 750 | 748 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Fairview Obligated Group), Series 2004-A, 6.00% 2020 | 1,000 | 1,001 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 3,000 | 2,809 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 | 3,500 | 3,164 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 | 1,020 | 1,074 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 | 1,000 | 1,007 | ||||||
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2004, 5.25% 2008 | 1,500 | 1,521 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 | 1,500 | 1,413 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-A, 5.25% 2034 | 3,000 | 2,754 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.25% 2019 | 5,500 | 5,509 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.00% 2025 | 5,000 | 4,668 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 13, Special Tax Bonds (Tuscany Woods Project), | ||||||||
| Series 2007, 5.75% 2037 | 5,000 | 4,492 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 16, Special Tax Bonds | ||||||||
| (Crown Dev. Projects — Prairie Ridge West), Series 2007-A, 6.00% 2046 | 3,230 | 3,009 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 18, Special Tax Bonds | ||||||||
| (Crown Dev. Projects — Tamms Farm), Series 2007-A, 6.00% 2044 | 1,210 | 1,128 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 19, Special Tax Bonds | ||||||||
| (Crown Dev. Projects — Prairie Ridge East), Series 2007-A, 6.00% 2046 | 3,000 | 2,775 | ||||||
| Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), Series 1999, FSA insured, 5.125% 2028 | 295 | 301 | ||||||
| Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2014 | 1,500 | 1,526 | ||||||
| Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2018 | 500 | 508 | ||||||
| Health Facs. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2002, 6.25% 2017 | 5,000 | 5,452 | ||||||
| Health Facs. Auth., Rev. Bonds (Lutheran Senior Ministries Obligated Group — Lutheran Hillside Village Project), | ||||||||
| Series 2001-A, 7.375% 2031 (preref. 2011) | 500 | 583 | ||||||
| Health Facs. Auth., Rev. Bonds (Riverside Health System), Series 2002, 5.75% 2022 (preref. 2012) | 1,000 | 1,132 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 4.85% 2026 | 1,915 | 1,842 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 5.00% 2042 | 1,665 | 1,568 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.20% 2015 | 1,135 | 1,169 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.30% 2016 | 445 | 461 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.55% 2021 | 825 | 830 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.80% 2032 | 1,000 | 966 | ||||||
| Housing Dev. Auth., Multi-family Housing Rev. Bonds (GNMA Collateralized — Lifelink Developments), | ||||||||
| Series 2006, AMT, 4.70% 2026 | 5,480 | 5,707 | ||||||
| Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,850 | 1,872 | ||||||
| Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
| (Groebe Farm-Stonegate Project), Series 2007, 5.75% 2022 | 2,500 | 2,444 | ||||||
| Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
| (Groebe Farm-Stonegate Project), Series 2007, 6.125% 2040 | 5,000 | 4,726 | ||||||
| Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Bonds (Lakewood Creek Project), | ||||||||
| Series 2001, 7.75% 2030 (preref. 2011) | 3,798 | 4,413 | ||||||
| Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds (Lakewood Creek Project), | ||||||||
| Series 2006, RADIAN insured, 4.70% 2030 | 1,000 | 939 | ||||||
| 136,464 | ||||||||
| INDIANA — 2.45% | ||||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2028 | 2,055 | 1,899 | ||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2032 | 1,000 | 905 | ||||||
| Dev. Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Inland Steel Co. Project No. 15), Series 1997-A, 5.75% 2011 | 1,000 | 1,009 | ||||||
| City of Fort Wayne, Pollution Control Rev. Ref. Bonds (General Motors Corp. Project), Series 2002, 6.20% 2025 | 3,375 | 3,220 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-A, 5.00% 2036 | 2,500 | 2,418 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-A, 5.00% 2039 | 2,000 | 1,922 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-B, 5.00% 2023 | 5,220 | 5,312 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2027 | 4,000 | 3,933 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 3,750 | 3,535 | ||||||
| Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.00% 2019 (preref. 2012) | 3,450 | 3,619 | ||||||
| Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 | 1,000 | 1,091 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), | ||||||||
Series 1995-A, AMT, 6.50% 20312 | 3,500 | 297 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 11,800 | 12,175 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2004-I, AMT, MBIA insured, 5.25% 2014 | 2,000 | 2,193 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2015 | 2,000 | 2,142 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2016 | 2,000 | 2,139 | ||||||
| St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2026 | 230 | 226 | ||||||
| St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2038 | 500 | 474 | ||||||
| Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 | 1,375 | 1,391 | ||||||
| Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 | 4,000 | 3,796 | ||||||
| 53,696 | ||||||||
| IOWA — 1.38% | ||||||||
| Coralville, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2007-C, 5.00% 2047 | 2,075 | 1,893 | ||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2037 | 2,500 | 2,521 | ||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2042 | 5,000 | 5,035 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2000-B, AMBAC insured, 6.00% 2027 | 1,000 | 1,070 | ||||||
| Fin. Auth., Single-family Mortgage Bonds, Series 2006-E, AMT, 5.50% 2036 | 1,420 | 1,517 | ||||||
| Higher Education Loan Auth., Private College Fac. Rev. Bonds (Waldorf College Project), 7.375% 2019 (preref. 2010) | 9,245 | 10,510 | ||||||
| Higher Education Loan Auth., Private College Fac. Rev. Bonds (Wartburg College Project), Series 2005-B, 5.55% 2037 | 5,620 | 5,580 | ||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011) | 2,000 | 2,198 | ||||||
| 30,324 | ||||||||
| KANSAS — 0.41% | ||||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.125% 2017 | 1,200 | 1,198 | ||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.50% 2039 | 1,500 | 1,364 | ||||||
| City of Manhattan, Health Care Fac. Rev. Bonds (Meadowlark Hills Retirement Community), Series 2007-B, 5.125% 2042 | 1,000 | 857 | ||||||
| City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project), | ||||||||
| Series 2006, 5.125% 2028 | 2,705 | 2,481 | ||||||
| City of Salina, Hospital Ref. and Improvement Rev. Bonds (Salina Regional Health Center, Inc.), Series 2006, 4.625% 2031 | 1,500 | 1,398 | ||||||
| Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds | ||||||||
| (Legends at Village West Project), Series 2006, 4.60% 2016 | 1,855 | 1,819 | ||||||
| 9,117 | ||||||||
| KENTUCKY — 0.41% | ||||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.60% 2008 | 1,000 | 1,000 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.80% 2012 | 1,000 | 1,002 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.85% 2017 | 7,000 | 7,001 | ||||||
| 9,003 | ||||||||
| LOUISIANA — 2.96% | ||||||||
| Health Education Auth., Rev. Ref. Bonds (Lambeth House Project), Series 1998-A, 6.20% 2028 | 5,000 | 5,013 | ||||||
| Village of Hodge, Combined Utility System Rev. Ref. Bonds (Stone Container Corp. Project), Series 2003, AMT, 7.45% 2024 | 4,000 | 4,298 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2007, 6.75% 2032 | 13,000 | 13,401 | ||||||
| Parish of Morehouse, Pollution Control Rev. Ref. Bonds (International Paper Co. Project), Series 2001-A, 5.25% 2013 | 2,500 | 2,611 | ||||||
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 | 1,000 | 990 | ||||||
| Public Facs. Auth., Rev. Ref. Bonds (Pennington Medical Foundation Project), Series 2006, 5.00% 2026 | 2,875 | 2,895 | ||||||
| Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 19,750 | 19,223 | ||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 16,422 | ||||||
| 64,853 | ||||||||
| MAINE — 0.11% | ||||||||
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,496 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Bonds (Piper Shores Issue), Series 1999-A, 7.50% 2019 (preref. 2009) | 850 | 889 | ||||||
| 2,385 | ||||||||
| MARYLAND — 1.67% | ||||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 | 2,710 | 2,446 | ||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 | 2,000 | 1,995 | ||||||
| Anne Arundel County, Special Obligation Bonds (Arundel Mills Project), Series 1999, 7.10% 2029 (preref. 2009) | 990 | 1,071 | ||||||
| Baltimore County, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2027 | 1,000 | 966 | ||||||
| Mayor and City Council of Baltimore, Convention Center Hotel Rev. Bonds, Series 2006-B, 5.875% 2039 | 1,500 | 1,464 | ||||||
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||||||||
| Series 2006-F, AMT, 6.00% 2039 | 2,340 | 2,523 | ||||||
| Econ. Dev. Corp., Rev. Bonds (Anne Arundel County, Golf Course System), Series 2001, 8.25% 2028 (preref. 2011) | 970 | 1,140 | ||||||
| Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 1998, 6.625% 2025 | 3,500 | 3,535 | ||||||
| Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 5.95% 2030 | 3,000 | 2,965 | ||||||
| Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 6.25% 2030 | 985 | 982 | ||||||
| City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 7,000 | 6,482 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2012 | 1,000 | 1,051 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2015 | 2,590 | 2,812 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.375% 2024 | 2,000 | 2,045 | ||||||
| Housing Auth. of Prince George’s County, Mortgage Rev. Bonds | ||||||||
| (GNMA Collateralized — Langley Gardens Apartments Project), Series 1997-A, 5.75% 2029 | 1,000 | 1,018 | ||||||
| Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,900 | 1,859 | ||||||
| Prince George’s County, Special Obligation Bonds (Woodview Village Phase II Subdistrict), | ||||||||
| Series 2002, 7.00% 2032 (preref. 2012) | 1,911 | 2,278 | ||||||
| 36,632 | ||||||||
| MASSACHUSETTS — 1.46% | ||||||||
| Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 | 1,400 | 1,375 | ||||||
| Dev. Fin. Agcy., Resource Recovery Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 1999-B, AMT, 6.90% 2029 (put 2009) | 1,000 | 1,056 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2029 | 4,150 | 4,018 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.25% 2018 | 1,000 | 944 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.50% 2027 | 2,500 | 2,291 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2035 | 3,000 | 2,775 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2042 | 2,000 | 1,815 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.60% 2022 | 5,000 | 4,937 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 10,000 | 9,690 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series C, 6.00% 2015 | 1,000 | 1,088 | ||||||
| Housing Fin. Agcy., Housing Bonds, Series 2006-D, AMT, 4.625% 2026 | 2,025 | 1,953 | ||||||
| 31,942 | ||||||||
| MICHIGAN — 1.90% | ||||||||
| Econ. Dev. Corp. of the County of Delta, Environmental Improvement Rev. Ref. Bonds | ||||||||
| (MeadWestvaco-Escanaba Paper Co. Project), Series 2002-A, 6.25% 2027 (preref. 2012) | 2,000 | 2,280 | ||||||
| City of Flint, Hospital Building Auth., Rev. Ref. Bonds (Hurley Medical Center), Series 1998-A, 5.00% 2008 | 710 | 710 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 | 1,500 | 1,457 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2028 | 2,750 | 2,467 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.25% 2014 | 405 | 417 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 5.00% 2016 | 445 | 476 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.00% 2017 | 460 | 458 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.10% 2018 | 480 | 480 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-P, AMT, AMBAC insured, 4.50% 2017 | 5,000 | 5,077 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017 | 3,000 | 3,147 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.95% 2026 | 2,500 | 2,515 | ||||||
| Hospital Fin. Auth., Hospital Rev. Bonds (Detroit Medical Center Obligated Group), Series 1998-A, 5.125% 2018 | 1,550 | 1,512 | ||||||
| Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2026 | 1,000 | 1,015 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Hackley Hospital Obligated Group), Series 1998-A, 5.30% 2013 | 1,000 | 1,012 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Pontiac Osteopathic), Series 1994-A, 6.00% 2014 | 900 | 901 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2002-C, 5.375% 2023 | 1,500 | 1,566 | ||||||
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2007-B, AMT, FSA insured, 4.95% 2044 | 8,000 | 7,669 | ||||||
| County of Monroe Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), | ||||||||
| Series 2006, 5.375% 2026 | 1,250 | 1,158 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2010 | 1,330 | 1,383 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2014 | 1,600 | 1,710 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2015 | 1,710 | 1,812 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2017 | 2,425 | 2,543 | ||||||
| 41,765 | ||||||||
| MINNESOTA — 0.20% | ||||||||
| Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2006-I, AMT, 5.75% 2038 | 2,900 | 3,167 | ||||||
| Housing and Redev. Auth. of St. Paul and Minneapolis, Health Care Fac. Rev. Bonds | ||||||||
| (HealthPartners Obligated Group Project), Series 2003, 5.25% 2009 | 1,250 | 1,290 | ||||||
| 4,457 | ||||||||
| MISSISSIPPI — 0.34% | ||||||||
| Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2004-B-1, 5.00% 2024 | 2,500 | 2,533 | ||||||
| Hospital Equipment and Facs. Auth., Rev. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 | 5,000 | 5,047 | ||||||
| 7,580 | ||||||||
| MISSOURI — 2.03% | ||||||||
| Branson Regional Airport Transportation Dev. Dist., Airport Rev. Bonds (Branson Airport Project), | ||||||||
| Series 2007-B, AMT, 6.00% 2037 | 1,000 | 933 | ||||||
| Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), | ||||||||
| Series 2007, 5.00% 2019 | 2,885 | 2,903 | ||||||
| City of Fenton, Tax Increment Rev. Ref. Bonds (Gravois Bluffs Redev. Project), Series 2006, 4.50% 2021 | 1,850 | 1,859 | ||||||
| Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 | 2,100 | 1,983 | ||||||
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (St. Luke’s Episcopal — Presbyterian Hospitals), | ||||||||
| Series 2006, 5.00% 2018 | 1,600 | 1,697 | ||||||
| Health and Educational Facs. Auth., Health Facs. Rev. Bonds (St. Luke’s Episcopal — Presbyterian Hospitals), | ||||||||
| Series 2006, 5.00% 2019 | 2,000 | 2,105 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (SSM Health Care), Series 2002-A, 5.25% 2012 | 2,515 | 2,726 | ||||||
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), | ||||||||
| Series 2007-B, 4.875% 2038 | 3,000 | 2,761 | ||||||
| Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group), | ||||||||
| Series 2007-A, 5.125% 2026 | 4,000 | 4,000 | ||||||
| Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group), | ||||||||
| Series 2007-A, 5.125% 2032 | 3,500 | 3,381 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2007-B, AMT, FSA insured, 5.00% 2027 | 5,490 | 5,585 | ||||||
| Industrial Dev. Auth. of the City of St. Louis, Tax Increment Rev. Ref. Bonds (Southtown Redev. Project), | ||||||||
| Series 2006, 5.125% 2026 | 2,000 | 1,877 | ||||||
| State Environmental Improvement and Energy Resources Auth., Water Facs. Rev. Ref. Bonds | ||||||||
| (Missouri-American Water Co. Project), Series 2006, AMT, AMBAC insured, 4.60% 2036 | 10,000 | 9,234 | ||||||
| Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds | ||||||||
| (Missouri Bottom Road/Taussig Road), Series 2002, 7.20% 2033 | 3,300 | 3,456 | ||||||
| 44,500 | ||||||||
| MONTANA — 0.25% | ||||||||
| Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.00% 2025 | 1,250 | 1,242 | ||||||
| Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.125% 2036 | 2,100 | 2,098 | ||||||
| Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037 | 1,950 | 2,083 | ||||||
| 5,423 | ||||||||
| NEBRASKA — 0.43% | ||||||||
| Educational Fin. Auth., Rev. and Ref. Bonds (Concordia University Project), Series 2007, 5.00% 2037 | 2,000 | 1,826 | ||||||
| Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036 | 2,960 | 3,162 | ||||||
| Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-D, AMT, 5.50% 2036 | 4,230 | 4,489 | ||||||
| 9,477 | ||||||||
| NEVADA — 2.77% | ||||||||
| Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), AMT, 3.25% 2031 (put 2009) | 2,000 | 2,007 | ||||||
| Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Bonds, | ||||||||
| Series 1999, 7.50% 2019 (preref. 2009) | 4,150 | 4,608 | ||||||
| Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, | ||||||||
| Series 2006-B, 5.30% 2029 | 1,000 | 855 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.125% 2011 | 975 | 1,011 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.40% 2014 | 1,180 | 1,222 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.50% 2015 | 930 | 964 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.875% 2021 | 2,400 | 2,484 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.60% 2013 | 990 | 993 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.75% 2014 | 990 | 993 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 6.375% 2023 | 3,345 | 3,308 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1998-A, 5.375% 2026 (preref. 2008) | 775 | 793 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1998-A, 5.375% 2026 (preref. 2008) | 225 | 230 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 1,755 | 1,950 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 245 | 272 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 | 4,000 | 4,034 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2018 | 1,120 | 1,010 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2019 | 1,400 | 1,243 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2014 | 730 | 704 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2017 | 1,000 | 927 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 | 2,500 | 2,138 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 8,475 | 6,843 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.75% 2013 | 1,640 | 1,687 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.90% 2018 | 965 | 979 | ||||||
| Housing Division, Single-family Mortgage Bonds, Series 1999-B-1, 4.95% 2012 | 55 | 56 | ||||||
| Housing Division, Single-family Mortgage Bonds, Series 1999-D-2, AMT, 5.90% 2013 | 55 | 56 | ||||||
| City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Bonds, Series 2004, 5.75% 2016 | 2,130 | 2,095 | ||||||
| City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), | ||||||||
| Local Improvement and Ref. Bonds, Series 2007, 5.875% 2021 | 1,000 | 985 | ||||||
| City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 | 5,000 | 4,901 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 | 2,000 | 1,849 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 | 2,375 | 2,093 | ||||||
| Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), | ||||||||
| Series 2007-B, AMT, 5.70% 2041 | 7,000 | 7,539 | ||||||
| 60,829 | ||||||||
| NEW HAMPSHIRE — 0.51% | ||||||||
| Business Fin. Auth., Pollution Control Rev. Ref. Tax-Exempt Bonds (Public Service Co. of New Hampshire Project), | ||||||||
| Series 1992-D, AMT, 6.00% 2021 | 2,000 | 2,042 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Exeter Hospital Obligated Group Issue), Series 2001-A, 5.75% 2031 | 1,000 | 1,030 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire Medical Center Issue), | ||||||||
| Series 2007-A, 5.25% 2028 | 5,000 | 5,036 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.25% 2020 | 1,200 | 1,280 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.00% 2027 | 1,715 | 1,725 | ||||||
| Housing Fin. Auth., Single-family Mortgage Acquisition Rev. Bonds, Series 1997-D, AMT, 5.60% 2012 | 100 | 102 | ||||||
| 11,215 | ||||||||
| NEW JERSEY — 2.48% | ||||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2014 | 1,500 | 1,625 | ||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 5,500 | 5,979 | ||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.50% 2016 | 2,750 | 3,027 | ||||||
| Econ. Dev. Auth., Econ. Dev. Bonds (City of Elizabeth — Kapkowski Road Landfill Reclamation Improvement Dist. Project), | ||||||||
| Series 1998-A, 6.375% 2031 (preref. 2014) | 2,500 | 2,987 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Bonds (Fellowship Village Project), Series 1998-C, 5.50% 2018 | 1,000 | 1,021 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Bonds (Fellowship Village Project), Series 1998-C, 5.50% 2028 | 1,500 | 1,503 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.20% 2009 | 1,000 | 1,014 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.30% 2010 | 1,000 | 1,021 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.50% 2018 | 1,000 | 1,014 | ||||||
| Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.50% 2025 | 1,000 | 1,005 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Bonds (Cedar Crest Village, Inc. Fac.), | ||||||||
| Series 2001-A, 7.25% 2031 (preref. 2011) | 1,250 | 1,467 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Bonds (Seabrook Village, Inc. Fac.), | ||||||||
| Series 2000-A, 8.25% 2030 (preref. 2010) | 2,000 | 2,331 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2026 | 3,250 | 2,945 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 1,923 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 7,000 | 6,578 | ||||||
| Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, MBIA insured, 4.75% 2033 | 2,000 | 1,874 | ||||||
| Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, MBIA insured, 4.85% 2039 | 1,500 | 1,411 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023 | 3,690 | 3,432 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 11,500 | 10,063 | ||||||
| Transportation Trust Fund Auth., Transportation System Bonds, Current Interest Bonds, Series 2006-A, 5.25% 2019 | 2,000 | 2,278 | ||||||
| 54,498 | ||||||||
| NEW MEXICO — 0.48% | ||||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist. — Airport Road Business Center, Phase III), | ||||||||
| Series 2001-A, 8.375% 2021 | 1,925 | 1,908 | ||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist. — Border Industrial Park, Phase I & II), | ||||||||
| Series 2001-B, 8.875% 2021 | 4,870 | 4,821 | ||||||
| Sandoval County, Incentive Payment Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 3,500 | 3,721 | ||||||
| 10,450 | ||||||||
| NEW YORK — 4.26% | ||||||||
| Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), | ||||||||
| Series 2002-B, 6.00% 2029 (put 2012) | 2,000 | 2,234 | ||||||
| Town of Hempstead Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Hofstra University Civic Fac.), Series 2003, 5.25% 2019 | 550 | 585 | ||||||
| Housing Fin. Agcy., Service Contract Obligation Rev. Ref. Bonds, Series 1997-C, 5.10% 2009 | 800 | 811 | ||||||
| Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2006-B, 4.50% 2036 | 3,000 | 2,863 | ||||||
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 133, AMT, 6.00% 2032 | 895 | 969 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2006-C, AMT, 5.00% 2026 | 1,250 | 1,251 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 | 1,500 | 1,534 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 | 1,000 | 997 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 | 500 | 503 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 19,000 | 19,551 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 8,500 | 8,771 | ||||||
| New York City Industrial Dev. Agcy., Rev. Bonds (Brooklyn Navy Yard Cogeneration Partners, LP Project), | ||||||||
| Series 1997, AMT, 6.20% 2022 | 2,835 | 2,890 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds | ||||||||
| (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 7.625% 2025 | 8,000 | 8,568 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds | ||||||||
| (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 8.00% 2028 | 7,000 | 7,707 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (JetBlue Airways Corp. Project), | ||||||||
| Series 2006, AMT, 5.00% 2020 | 6,000 | 5,145 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (JetBlue Airways Corp. Project), | ||||||||
| Series 2006, AMT, 5.125% 2030 | 5,480 | 4,399 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.00% 2013 | 3,000 | 3,153 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2014 | 1,535 | 1,657 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2015 | 4,500 | 4,873 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2016 | 2,000 | 2,179 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2020 | 2,000 | 2,126 | ||||||
| Onondaga County Industrial Dev. Agcy., Solid Waste Disposal Fac. Rev. Ref. Bonds (Solvay Paperboard LLC Project), | ||||||||
| Series 1998, AMT, 6.80% 2014 | 1,200 | 1,226 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.25% 20163 | 2,000 | 2,053 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 20233 | 5,685 | 5,237 | ||||||
| Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Bonds | ||||||||
| (Peconic Landing at Southold, Inc. Project), Series 2000-A, 8.00% 2030 | 2,000 | 2,130 | ||||||
| 93,412 | ||||||||
| NORTH CAROLINA — 1.12% | ||||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.125% 2009 | 2,950 | 3,033 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 1,138 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-A, 5.20% 2010 | 1,000 | 1,036 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-B, 5.55% 2014 | 1,000 | 1,035 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-B, 5.70% 2017 | 2,000 | 2,068 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-D, 6.75% 2026 | 1,000 | 1,056 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014 | 2,000 | 2,119 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.375% 2017 | 1,500 | 1,588 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-D, 5.50% 2014 | 1,750 | 1,907 | ||||||
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 23-A, AMT, 5.00% 2036 | 4,910 | 5,123 | ||||||
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Southminster Project), | ||||||||
| Series 2007-A, 5.75% 2037 | 2,000 | 1,959 | ||||||
| Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 1999-B, 6.50% 2020 | 1,000 | 1,059 | ||||||
| Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 2003-A, 5.50% 2013 | 1,250 | 1,352 | ||||||
| 24,473 | ||||||||
| NORTH DAKOTA — 0.14% | ||||||||
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series B, AMT, 4.75% 2031 | 3,000 | 2,832 | ||||||
| Housing Fin. Agcy., Rev. Bonds, Series 1998-A, AMT, 5.25% 2018 | 220 | 222 | ||||||
| 3,054 | ||||||||
| OHIO — 2.61% | ||||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.125% 2024 | 2,000 | 1,935 | ||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.875% 2030 | 20,500 | 20,397 | ||||||
| City of Centerville, Health Care Rev. Bonds (Bethany Lutheran Village Continuing Care Facility Expansion Project), | ||||||||
| Series 2007-A, 6.00% 2038 | 1,000 | 954 | ||||||
| City of Cleveland, Airport Special Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,500 | 1,391 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2015 | 1,520 | 1,578 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2016 | 1,685 | 1,743 | ||||||
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 | 2,000 | 1,768 | ||||||
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.75% 2036 | 3,000 | 2,734 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.20% 2014 | 1,320 | 1,346 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.30% 2015 | 1,420 | 1,436 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-A, AMT, 5.50% 2036 | 2,335 | 2,471 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 | 4,000 | 4,294 | ||||||
| County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2013 | 1,075 | 1,172 | ||||||
| County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center), | ||||||||
| Series 2006, 5.25% 2018 | 1,020 | 1,073 | ||||||
| County of Montgomery, Hospital Facs. Rev. Bonds (Kettering Medical Center Network Obligated Group), | ||||||||
| Series 1999, 6.75% 2022 (preref. 2010) | 1,000 | 1,101 | ||||||
| City of Moraine, Solid Waste Disposal Rev. Bonds (General Motors Corp. Project), Series 1999, AMT, 5.65% 2024 | 1,940 | 1,740 | ||||||
| Solid Waste Rev. Bonds (General Motors Corp. Project), Series 2002, AMT, 6.30% 2032 | 1,845 | 1,736 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2022 | 335 | 352 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2030 | 585 | 609 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2022 (preref. 2010) | 665 | 742 | ||||||
| Water Dev. Auth., Solid Waste Disposal Rev. Bonds (Bay Shore Power Project), Series 1998-A, AMT, 5.875% 2020 | 3,400 | 3,338 | ||||||
| Water Dev. Auth., Solid Waste Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.15% 2015 | 3,500 | 3,300 | ||||||
| 57,210 | ||||||||
| OKLAHOMA — 0.58% | ||||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.30% 20163 | 1,125 | 1,109 | ||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.60% 20213 | 1,500 | 1,376 | ||||||
| Dev. Fin. Auth., Student Housing Rev. Bonds (Seminole State College Project), Series 2006, 5.125% 2036 | 1,250 | 1,140 | ||||||
| Langston Econ. Dev. Auth., Rev. Bonds (Langston University Student Housing/LDF Student Housing, LLC Project), | ||||||||
| Series 2006-A, ACA insured, 4.75% 2021 | 1,000 | 912 | ||||||
| Langston Econ. Dev. Auth., Student Housing Rev. Bonds (Langston Community Dev. Corp. Project), | ||||||||
| Series 2000-A, 7.40% 2017 (preref. 2010) | 1,000 | 1,137 | ||||||
| Langston Econ. Dev. Auth., Student Housing Rev. Bonds (Langston Community Dev. Corp. Project), | ||||||||
| Series 2000-A, 7.75% 2030 (preref. 2010) | 4,050 | 4,637 | ||||||
| Trustees of the Tulsa Municipal Airport Trust, Rev. Bonds (American Airlines Corp.), Ref. | ||||||||
| Series 2000-B, AMT, 6.00% 2035 (put 2008) | 2,500 | 2,485 | ||||||
| 12,796 | ||||||||
| OREGON — 0.53% | ||||||||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 4.875% 2008 | 550 | 548 | ||||||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 6,665 | 6,382 | ||||||
| Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2002, AMT, 5.25% 2029 | 5,000 | 4,774 | ||||||
| 11,704 | ||||||||
| PENNSYLVANIA — 2.50% | ||||||||
| Allegheny County Airport Auth., Airport Rev. Bonds (Pittsburgh International Airport), Ref. | ||||||||
| Series 2002-B, AMT, FGIC insured, 5.00% 2017 | 2,500 | 2,661 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2012 | 1,915 | 1,918 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2013 | 3,000 | 2,998 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2017 | 8,500 | 8,373 | ||||||
| Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
| Series 2005-A, 6.25% 2035 | 2,250 | 2,244 | ||||||
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,429 | ||||||
| Harrisburg Auth. (Dauphin County), University Rev. Bonds (Harrisburg University of Science and Technology Project), | ||||||||
| Series 2007-A, 5.40% 2016 | 1,500 | 1,534 | ||||||
| Harrisburg Auth. (Dauphin County), University Rev. Bonds (Harrisburg University of Science and Technology Project), | ||||||||
| Series 2007-B, 6.00% 2036 | 5,500 | 5,481 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 | 3,535 | 3,774 | ||||||
| Lehigh County, General Purpose Auth. Rev. Bonds (KidsPeace Obligated Group), Series 1998, ACA insured, 5.70% 2009 | 565 | 563 | ||||||
| McKean County Hospital Auth., Hospital Rev. Bonds (Bradford Hospital Project), Series 2005, ACA insured, 5.00% 2016 | 1,000 | 960 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.00% 2021 | 2,000 | 1,998 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.125% 2028 | 2,000 | 1,994 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.25% 2035 | 3,000 | 2,992 | ||||||
| Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2015 | 1,000 | 1,055 | ||||||
| Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2022 | 2,610 | 2,653 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Hospital), | ||||||||
| Series 2007-B, 5.00% 2017 | 4,000 | 4,049 | ||||||
| Philadelphia Auth. for Industrial Dev., Rev. Bonds (Cathedral Village Project), Series 1998, 5.50% 2010 | 1,000 | 1,001 | ||||||
| Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project — Tanger Outlet Dev.), | ||||||||
| Series 2006-A, 5.45% 2035 | 3,075 | 2,808 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.50% 2015 | 1,200 | 1,185 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.875% 2032 | 1,400 | 1,343 | ||||||
| Westmoreland County, Health Care Fac. Rev. Bonds (Redstone Presbyterian SeniorCare Obligated Group), | ||||||||
| Series 2000-B, 8.125% 2030 (preref. 2010) | 1,500 | 1,740 | ||||||
| 54,753 | ||||||||
| PUERTO RICO — 0.54% | ||||||||
| Government Dev. Bank, Series 2006-C, AMT, 5.25% 2015 | 4,025 | 4,295 | ||||||
| Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, 5.75% 2034 (put 2017) | 1,000 | 1,094 | ||||||
| Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series N, 5.25% 2016 | 2,760 | 2,953 | ||||||
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2004-A, 5.75% 2027 (put 2012) | 1,000 | 1,061 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, AMBAC insured, 0% 2054 | 20,000 | 1,619 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, FGIC insured, 0% 2040 | 5,000 | 880 | ||||||
| 11,902 | ||||||||
| RHODE ISLAND — 0.14% | ||||||||
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
| Series 2002, 6.375% 2021 | 130 | 140 | ||||||
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
| Series 2002, 6.375% 2021 (preref. 2012) | 870 | 1,007 | ||||||
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 55-B, AMT, 4.55% 2022 | 2,000 | 1,956 | ||||||
| 3,103 | ||||||||
| SOUTH CAROLINA — 1.62% | ||||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.00% 2016 | 3,045 | 2,833 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.125% 2026 | 1,000 | 878 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.30% 2036 | 2,015 | 1,750 | ||||||
| Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), Series 2003-C, 6.00% 2013 | 2,040 | 2,221 | ||||||
| Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Georgetown Memorial Hospital), Series 1998, 5.75% 2010 | 1,345 | 1,405 | ||||||
| Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), | ||||||||
| Series 2003-C, 6.375% 2034 (preref. 2013) | 3,105 | 3,664 | ||||||
| Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), | ||||||||
| Series 2003-C, 6.375% 2034 (preref. 2013) | 395 | 465 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.25% 2026 | 2,000 | 1,809 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.30% 2035 | 2,750 | 2,374 | ||||||
| Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Series 1999-A, 5.25% 2015 | 6,000 | 6,116 | ||||||
| Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds, Series 2001-B, 6.00% 2022 | 9,750 | 9,905 | ||||||
| SCAGO Educational Facs. Corp. for Union School Dist., Installment Purchase Rev. Bonds | ||||||||
| (School Dist. of Union County Project), Series 2006, RADIAN insured, 5.00% 2021 | 2,000 | 2,062 | ||||||
| 35,482 | ||||||||
| SOUTH DAKOTA — 0.06% | ||||||||
| Education Loans Incorporated, Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010 | 1,205 | 1,236 | ||||||
| TENNESSEE — 1.87% | ||||||||
| Health, Educational and Housing Fac. Board of the City of Chattanooga, Rev. Ref. Bonds (CDFI Phase I, LLC Project), | ||||||||
| Series 2005-A, 5.00% 2015 | 2,800 | 2,854 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2016 | 2,500 | 2,592 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2018 | 1,600 | 1,623 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2019 | 2,000 | 2,003 | ||||||
| Housing Dev. Agcy., Homeownership Program Bonds, Issue 2006-1, AMT, 5.75% 2036 | 3,275 | 3,516 | ||||||
| Knox County Health, Educational and Housing Facs. Board, Fort Sanders Alliance Obligated Group Hospital Rev. Bonds, | ||||||||
| Series 1990-A, MBIA insured, 6.25% 2013 | 1,000 | 1,133 | ||||||
| Industrial Dev. Board of Maury County, Multi-Modal Interchangeable Rate Pollution Control Rev. Ref. Bonds | ||||||||
| (Saturn Corp. Project), Series 1994, 6.50% 2024 | 4,500 | 4,387 | ||||||
| Health, Educational and Housing Fac. Board of the County of Shelby, Hospital Rev. Bonds (Methodist Healthcare), | ||||||||
| Series 2002, 6.00% 2020 (preref. 2012) | 1,880 | 2,151 | ||||||
| Health, Educational and Housing Fac. Board of the County of Shelby, Hospital Rev. Bonds (Methodist Healthcare), | ||||||||
| Series 2002, 6.00% 2020 (preref. 2012) | 1,120 | 1,282 | ||||||
| Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | ||||||||
| (Wellmont Health System Project), Series 2002, 6.25% 2022 (preref. 2012) | 1,220 | 1,408 | ||||||
| Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | ||||||||
| (Wellmont Health System Project), Series 2002, 6.25% 2022 (preref. 2012) | 730 | 843 | ||||||
| Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | ||||||||
| (Wellmont Health System Project), Series 2002, 6.25% 2032 (preref. 2012) | 2,000 | 2,309 | ||||||
| Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Ref. Bonds | ||||||||
| (Wellmont Health System Project), Series 2003, RADIAN insured, 5.00% 2013 | 2,000 | 2,147 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2019 | 5,000 | 5,253 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2024 | 5,000 | 5,030 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021 | 2,500 | 2,525 | ||||||
| 41,056 | ||||||||
| TEXAS — 6.80% | ||||||||
| Alliance Airport Auth., Inc., Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, AMT, 7.00% 2011 | 2,500 | 2,475 | ||||||
| Alliance Airport Auth., Inc., Special Facs. Rev. Ref. Bonds (American Airlines, Inc. Project), Series 2007, AMT, 5.25% 2029 | 2,000 | 1,531 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
| Series 1999, AMT, 6.375% 2035 | 6,000 | 5,311 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
| Series 2002, AMT, 8.25% 2036 | 4,580 | 4,794 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2000-A, AMT, 8.50% 2029 (put 2008) | 2,000 | 2,005 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2000-A, AMT, 9.125% 2029 | 5,000 | 5,519 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2000-A, Subseries 2, AMT, 9.00% 2029 (put 2015) | 5,655 | 6,244 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2007, AMT, 5.50% 2030 | 6,000 | 4,810 | ||||||
| Angelina and Neches River Auth., Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), | ||||||||
| Series 2003-A, AMT, 5.375% 2015 | 5,000 | 5,194 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel Rev. Ref. Bonds, Series 2006-B, 6.00% 2011 | 1,005 | 1,047 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel Rev. Ref. Bonds, Series 2006-B, 6.00% 2012 | 630 | 660 | ||||||
| Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
| Series 2001-C, AMT, 5.75% 2036 (put 2011) | 7,680 | 7,410 | ||||||
| Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
| Series 2001-B, AMT, 5.75% 2030 (put 2011) | 3,745 | 3,613 | ||||||
| Brazos River Auth., Rev. Ref. Bonds (Reliant Energy, Inc. Project), Series 1999-A, 5.375% 2019 | 3,000 | 2,933 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 | 1,000 | 931 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2027 | 1,150 | 1,046 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2037 | 1,850 | 1,615 | ||||||
| Industrial Dev. Corp. of Port of Corpus Christi, Rev. Ref. Bonds (Valero Refining and Marketing Co. Project), | ||||||||
| Series 1997-D, AMT, 5.125% 2009 | 2,250 | 2,283 | ||||||
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, | ||||||||
| Series 2001-A, AMT, FGIC insured, 5.625% 2011 | 1,000 | 1,083 | ||||||
| Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, | ||||||||
| Series 2001-A, AMT, FGIC insured, 5.75% 2015 | 1,185 | 1,249 | ||||||
| G.O. Bonds (Veterans’ Housing Assistance Program), Fund II Series 2001-A-1, AMT, 4.85% 2014 | 1,795 | 1,913 | ||||||
| Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds, | ||||||||
| (Waste Management of Texas, Inc. Brazoria County Project), Series 2003-A, AMT, 5.20% 2028 | 2,000 | 1,889 | ||||||
| Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds, | ||||||||
| (Waste Management of Texas, Inc. Travis County Project), Series 2003-C, AMT, 5.20% 2028 (put 2004) | 1,500 | 1,417 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2004-A, 5.25% 2014 | 1,415 | 1,542 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2004-A, 5.25% 2015 | 1,000 | 1,080 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2004-A, 5.25% 2017 | 1,500 | 1,603 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2004-A, 5.125% 2023 | 3,000 | 3,098 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 1996, 7.00% 2008 | 405 | 414 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 1996, 6.75% 2016 | 545 | 553 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2005, 5.00% 2012 | 1,315 | 1,366 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), | ||||||||
| Series 1996, 6.75% 2016 (preref. 2008) | 455 | 466 | ||||||
| City of Houston, Airport System Rev. Bonds, Series 2002-A, AMT, FSA insured, 5.625% 2018 | 1,825 | 1,919 | ||||||
| City of Houston, Airport System Rev. Ref. Bonds, Series 2001-A, AMT, FGIC insured, 5.50% 2015 | 2,855 | 2,990 | ||||||
| City of Houston, Health Facs. Dev. Corp. (Buckingham Senior Living Community, Inc.), | ||||||||
| Series 2004-A, 7.125% 2034 (preref. 2014) | 3,250 | 4,027 | ||||||
| Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds, | ||||||||
| Series 2006-A, AMT, MBIA insured, 5.00% 2015 | 1,000 | 1,095 | ||||||
| Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.125% 2027 | 2,500 | 2,413 | ||||||
| Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.25% 2037 | 1,000 | 953 | ||||||
| Matagorda County Navigation Dist. Number One, Pollution Control Rev. Ref. Bonds (AEP Texas Central Co. Project), | ||||||||
| Series 2005-B, AMT, AMBAC insured, 4.55% 2030 | 4,000 | 3,801 | ||||||
| Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 | 955 | 910 | ||||||
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), | ||||||||
| Series 2007-A, AMT, 5.20% 2018 | 15,300 | 13,972 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2016 | 1,000 | 1,037 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 | 2,500 | 2,617 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2018 | 2,000 | 2,071 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2020 | 6,500 | 6,582 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2025 | 4,000 | 3,863 | ||||||
Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, 4.214% 20271 | 2,500 | 2,175 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 | 3,000 | 3,218 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, 6.00% 2021 | 750 | 779 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, RADIAN insured, 5.125% 2017 | 2,000 | 2,067 | ||||||
| City of San Antonio, Airport System Rev. Improvement Bonds, Series 2002, AMT, FGIC insured, 5.75% 2016 | 1,000 | 1,100 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project), | ||||||||
| Series 2007, 5.25% 2022 | 1,855 | 1,903 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project), | ||||||||
| Series 2007, 5.25% 2027 | 1,000 | 998 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
| (Northwest Senior Housing Corp. — Edgemere Project), Series 2006-A, 6.00% 2026 | 2,200 | 2,186 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
| (Northwest Senior Housing Corp. — Edgemere Project), Series 2006-A, 6.00% 2036 | 1,500 | 1,471 | ||||||
| Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Baylor Health Care System Project), | ||||||||
| Series 2002-A, 5.00% 2019 | 2,500 | 2,581 | ||||||
| Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Baylor Health Care System Project), | ||||||||
| Series 2002-A, 5.25% 2022 | 2,000 | 2,092 | ||||||
| Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 1,660 | 1,655 | ||||||
| Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project), | ||||||||
| Series 2005-A, 5.65% 2035 | 1,600 | 1,487 | ||||||
| 149,056 | ||||||||
| UTAH — 1.01% | ||||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-E-1, Class III, AMT, 5.20% 2018 | 1,315 | 1,374 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-F-1, Class III, AMT, 4.95% 2018 | 1,175 | 1,195 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-A-1, Class III, AMT, 5.30% 2018 | 555 | 597 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 | 2,040 | 2,189 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 | 905 | 924 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 | 2,590 | 2,699 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-F-1, Class III, AMT, 4.625% 2019 | 1,585 | 1,642 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-G-2, Class III, AMT, 4.875% 2019 | 1,195 | 1,226 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 | 1,345 | 1,337 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 | 745 | 747 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 | 800 | 772 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2007-B-1, Class III, AMT, 4.85% 2027 | 1,120 | 1,166 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), | ||||||||
| 1999 Issue D, AMT, 5.60% 2013 | 20 | 20 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1997-G-2, Class III, AMT, 5.60% 2010 | 45 | 46 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-G-2, Class III, AMT, 4.90% 2012 | 75 | 76 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-B-2, Class III, AMT, 5.10% 2012 | 100 | 102 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-C-2, Class III, AMT, 5.60% 2013 | 105 | 108 | ||||||
| Mountain Regional Water Special Service Dist. Summit County, Special Assessment Bonds | ||||||||
| (Special Improvement Dist. No. 2002-1), Series 2003, 6.25% 2008 | 500 | 507 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2005, 5.00% 2022 | 1,100 | 1,097 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2024 | 1,400 | 1,374 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2027 | 1,190 | 1,131 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2029 | 1,900 | 1,772 | ||||||
| 22,101 | ||||||||
| VIRGINIA — 1.13% | ||||||||
| Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds | ||||||||
| (Celebrate Virginia South Project), Series 2006, 6.25% 2037 | 4,800 | 4,641 | ||||||
| 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 | 1,077 | ||||||
| Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011 | 3,000 | 3,271 | ||||||
| Fairfax County Econ. Dev. Auth., Retirement Community Rev. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
| Series 1999-A, 6.75% 2012 (preref. 2009) | 500 | 541 | ||||||
| Fairfax County Econ. Dev. Auth., Retirement Community Rev. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
| Series 1999-A, 7.50% 2029 (preref. 2009) | 2,500 | 2,757 | ||||||
| Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
| Series 2006-A, 4.75% 2026 | 1,000 | 951 | ||||||
| Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, | ||||||||
| Series 1999-B, 7.00% 2029 | 877 | 901 | ||||||
| Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), | ||||||||
| Series 1998, 6.25% 2026 | 3,925 | 3,954 | ||||||
| Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 2,550 | 2,545 | ||||||
| Prince William County Virginia Gateway Community Dev. Auth., Special Assessment Bonds, Series 1999, 6.25% 2026 | 1,781 | 1,798 | ||||||
| Small Business Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Mary Baldwin College), Series 2005, 5.00% 2021 | 1,125 | 1,109 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2005, 5.50% 2026 (preref. 2015) | 1,000 | 1,130 | ||||||
| 24,675 | ||||||||
| VIRGIN ISLANDS — 0.05% | ||||||||
| Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2015 | 1,000 | 1,069 | ||||||
| WASHINGTON — 0.73% | ||||||||
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 6,500 | 6,495 | ||||||
| Housing Fin. Commission, Single-family Program Bonds, Series 2007-2A, AMT, 4.50% 2021 | 4,730 | 4,614 | ||||||
| Housing Auth. of the City of Seattle, Capital Fund Program Rev. Bonds (High Rise Rehabilitation Program — Phase II), | ||||||||
| Series 2006, AMT, FSA insured, 4.55% 2025 | 3,915 | 3,796 | ||||||
| Port of Seattle, Rev. Bonds, Series 1999-B, AMT, FGIC insured, 5.50% 2012 | 1,000 | 1,089 | ||||||
| 15,994 | ||||||||
| WEST VIRGINIA — 0.60% | ||||||||
| County Commission of Harrison County, Solid Waste Disposal Rev. Ref. Bonds | ||||||||
| (Allegheny Energy Supply Co., LLC Harrison Station Project), Series 2007-D, AMT, 5.50% 2037 | 5,000 | 4,953 | ||||||
| County Commission of Ohio County, Tax-Exempt Commercial Dev. Improvement and Rev. Ref. Bonds | ||||||||
| (Wheeling Jesuit University, Inc. Project), Series 2006-A, 5.50% 2036 | 8,425 | 8,148 | ||||||
| 13,101 | ||||||||
| WISCONSIN — 1.50% | ||||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.50% 2010 | 750 | 777 | ||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.75% 2012 | 1,500 | 1,592 | ||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 13,175 | 13,526 | ||||||
| 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 | 2,250 | 2,300 | ||||||
| City of Franklin, Solid Waste Disposal Rev. Bonds (Waste Management of Wisconsin, Inc. Project), | ||||||||
| Series 2006-A, AMT, 4.95% 2016 (put 2016) | 2,500 | 2,562 | ||||||
| Health and Educational Facs. Auth., Rev. and Ref. Bonds (Wheaton Franciscan Services, Inc. System), | ||||||||
| Series 2002, 6.25% 2022 (preref. 2012) | 6,500 | 7,444 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), | ||||||||
| Series 2001, 5.625% 2013 | 90 | 100 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), | ||||||||
| Series 2001, 5.625% 2013 (preref. 2011) | 910 | 1,017 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Healthcare System), Series 2006-A, 5.25% 2019 | 2,500 | 2,551 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006, 5.00% 2026 | 1,000 | 957 | ||||||
| 32,826 | ||||||||
| MULTI-STATE — 1.61% | ||||||||
| Charter Mac Equity Issuer Trust, Medium Term Tax-Exempt Multi-family Housing Trust Certificates, | ||||||||
Series A-1, AMT, 7.10% (undated)1,3 | 9,000 | 9,482 | ||||||
GMAC Municipal Mortgage Trust, Series A-1-2, AMT, 4.90% cumulative preferred 2039 (put 2014)3 | 5,000 | 5,162 | ||||||
GMAC Municipal Mortgage Trust, Series A-1-3, AMT, 5.30% cumulative preferred 2039 (put 2019)3 | 3,000 | 3,116 | ||||||
GMAC Municipal Mortgage Trust, Series A-2, AMT, 4.80% cumulative preferred 2040 (put 2015)3 | 2,000 | 2,040 | ||||||
GMAC Municipal Mortgage Trust, Series B-2, AMT, 5.50% cumulative preferred 2040 (put 2025)3 | 3,000 | 2,992 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A, AMT, 6.875% cumulative preferred (undated)3 | 2,000 | 2,095 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% cumulative preferred (undated)3 | 4,000 | 4,129 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)3 | 4,000 | 4,164 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated)3 | 2,000 | 2,085 | ||||||
| 35,265 | ||||||||
| Total bonds & notes (cost: $2,103,247,000) | 2,067,675 | |||||||
| Short-term securities — 4.34% | ||||||||
| Industrial Dev. Board of the City of Decatur, Alabama, Environmental Facs. Rev. Bonds (BP Amoco Chemical Co. Project), | ||||||||
Series 2001, AMT, 1.87% 20351 | 2,000 | 2,000 | ||||||
| Industrial Dev. Board of the City of Decatur, Alabama, Solid Waste Disposal Rev. Bonds (Amoco Chemical Company Project), | ||||||||
Series 1995, AMT, 1.87% 20251 | 1,700 | 1,700 | ||||||
Will County, Illinois, Exempt Fac. Industrial Rev. Bonds (Amoco Chemical Co. Project), Series 1998, AMT, 1.87% 20281 | 1,000 | 1,000 | ||||||
| City of Whiting, Indiana, Environmental Facs. Rev. Bonds (BP Products North America Inc. Projects), | ||||||||
Series 2003, AMT, 1.87% 20381 | 225 | 225 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), | ||||||||
Series 2006, AMT, 1.87% 20361 | 3,600 | 3,600 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Bonds (Amoco Oil Co. Project), | ||||||||
Series 1994, AMT, 1.87% 20241 | 1,500 | 1,500 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control and Solid Waste Disposal Rev. Ref. Bonds | ||||||||
(Amoco Oil Co. Project), Series 1996, AMT, 1.87% 20241 | 500 | 500 | ||||||
| Washington Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds | ||||||||
(BP West Coast Products LLC Project), Series 2002, AMT, 1.87% 20331 | 2,000 | 2,000 | ||||||
| Washington Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds | ||||||||
(BP West Coast Products LLC Project), Series 2003, AMT, 1.87% 20381 | 2,200 | 2,200 | ||||||
| Washington Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds | ||||||||
(BP West Coast Products LLC Project), Series 2006, AMT, 1.87% 20401 | 1,400 | 1,400 | ||||||
| Industrial Dev. Board of the City of Stevenson, Alabama, Environmental Improvement Rev. Bonds (Mead Corp. Project), | ||||||||
Series 1997, AMT, 2.22% 20321 | 6,000 | 6,000 | ||||||
| Redev. Agcy. of the City of San Jose, California, Merged Area Redev. Project Housing Set-Aside Tax Allocation Demand Bonds, | ||||||||
Tax-Exempt Tax Allocation Bonds, Series 2005-D, AMT, 2.20% 20351 | 1,975 | 1,975 | ||||||
Colorado Housing and Fin. Auth., Single-family Mortgage Bonds, Series 2002-A-2, Class I, AMT, 2.20% 20211 | 1,760 | 1,760 | ||||||
Colorado Housing and Fin. Auth., Single-family Mortgage Bonds, Series 2007-A-2, Class I, AMT, 2.20% 20371 | 4,300 | 4,300 | ||||||
County of Pitkin, Colorado, Industrial Dev. Rev. Ref. Bonds (Aspen Skiing Co. Project), Series 1994-B, AMT, 2.00% 20141 | 2,200 | 2,200 | ||||||
| Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), | ||||||||
Series 2007, AMT, 2.25% 20271 | 2,000 | 2,000 | ||||||
| State of Massachusetts, Dev. Fin. Agcy., Solid Waste Disposal Rev. Bonds (Wheelabrator Millbury Inc. Project), | ||||||||
Series 2002, AMT, 1.98% 20271 | 3,100 | 3,100 | ||||||
| Washington Econ. Dev. Fin. Auth., Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
Series 2002-D, 2.25% 20301 | 3,000 | 3,000 | ||||||
| State of Florida, Pinellas County Health Facs. Auth., Hospital Facs. Rev. Ref. and Rev. Bonds (Bayfront Hospital Projects), | ||||||||
Series 2006-A, 1.80% 20361 | 700 | 700 | ||||||
Indiana Dev. Fin. Auth., Industrial Dev. Rev. Bonds (Republic Services, Inc. Project), Series 2002, AMT, 1.85% 20321 | 900 | 900 | ||||||
| Regional Airport Auth. of Louisville and Jefferson County, Kentucky, Special Facs. Rev. Bonds | ||||||||
(UPS Worldwide Forwarding, Inc. Project), Series 1999-C, AMT, 1.98% 20291 | 600 | 600 | ||||||
| Parish of St. Charles, State of Louisiana, Pollution Control Rev. Ref. Bonds (Shell Oil Co. Project), | ||||||||
Series 1992-B, 1.80% 20221 | 1,400 | 1,400 | ||||||
| Mississippi Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), | ||||||||
Series 2007-B, 2.09% 20301 | 1,800 | 1,800 | ||||||
Nebraska Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2004-B, AMT, 2.20% 20371 | 6,000 | 6,000 | ||||||
Clark County Industrial Dev. Rev. Bonds (Nevada Cogeneration Associates #2 Project), Series 1992, AMT, 1.88% 20221 | 350 | 350 | ||||||
New York State Housing Fin. Agcy., 66 West 38th Street Housing Rev. Bonds, Series 2001-A, AMT, 2.14% 20331 | 2,200 | 2,200 | ||||||
| State of North Carolina, Halifax County Industrial Facs. and Pollution Control Fncg. Auth., Demand Exempt Fac. Rev. Bonds | ||||||||
(Westmoreland-Hadson Partners Roanoke Valley Project), Series 1991, AMT, 1.98% 20191 | 3,300 | 3,300 | ||||||
Water Dev. Auth., Pollution Control Rev. Bonds (Ohio Edison Co. Project), Series 1988-B, AMT, 1.87% 20181 | 9,800 | 9,800 | ||||||
| Florence County, South Carolina, Solid Waste Disposal and Wastewater Treatment Facs. Rev. Bonds | ||||||||
(Roche Carolina Inc. Project), Series 1997, AMT, 1.88% 20271 | 1,800 | 1,800 | ||||||
City of Austin, Texas, Airport System Rev. Notes, Series A, AMT, 2.22% 20171 | 5,300 | 5,300 | ||||||
| State of Texas, Gulf Coast Industrial Dev. Auth., Environmental Facs. Rev. Bonds (CITGO Petroleum Corp. Project), | ||||||||
Series 2002, AMT, 1.87% 20321 | 2,200 | 2,200 | ||||||
Utah Housing Corp., Single-family Mortgage Bonds, Series 2002-C, Class I, AMT, 2.20% 20331 | 2,700 | 2,700 | ||||||
Utah Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class I, AMT, 2.20% 20341 | 1,500 | 1,500 | ||||||
Utah Housing Corp., Single-family Mortgage Bonds, Series 2006-E, Class I, AMT, 2.20% 20381 | 8,000 | 8,000 | ||||||
Utah Housing Fin. Agcy., Single-family Mortgage Bonds, Series 2000-C-1, Class I, AMT, 2.20% 20311 | 4,600 | 4,600 | ||||||
| Port of Vancouver, Washington, Special Rev. Bonds (United Grain Corp. of Oregon Project), | ||||||||
Series 1992, AMT, 2.30% 20101 | 1,500 | 1,500 | ||||||
| Total short-term securities (cost: $95,110,000) | 95,110 | |||||||
| Total investment securities (cost: $2,198,357,000) | 2,162,785 | |||||||
| Other assets less liabilities | 30,350 | |||||||
| Net assets | $ | 2,193,135 | ||||||
1Coupon rate may change periodically; the date of the next scheduled coupon rate change is considered to be the maturity date. |
2Scheduled interest and/or principal payment was not received. |
3Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $78,065,000, which represented 3.56% of the net assets of the fund. |
| 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 |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information
is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.
MFGEFP-940-0308O-S10866
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 directors 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 directors. 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, as amended, 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.
| AMERICAN HIGH-INCOME MUNICIPAL BOND FUND, INC. | |
By /s/ Mark R. Macdonald | |
Mark R. Macdonald, President and Principal Executive Officer | |
| Date: April 9, 2008 |
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/ Mark R. Macdonald |
Mark R. Macdonald, President and Principal Executive Officer |
| Date: April 9, 2008 |
By /s/ Sharon G. Moseley |
Sharon G. Moseley, Treasurer and Principal Financial Officer |
| Date: April 9, 2008 |