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, 2009
Kimberly S. Verdick
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street, 25th Floor
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
[logo - American Funds®]
The right choice for the long term®
American High-Income
Municipal Bond Fund
[photo of a drop of water on the tip of a leaf]
Semi-annual report for the six months ended January 31, 2009
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 31 American Funds. American Funds is one of the nation’s largest mutual fund families. For nearly 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 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, 2008 (the most recent calendar quarter-end): | ||||||||||||
| 1 year | 5 years | 10 years | ||||||||||
| Class A shares | ||||||||||||
| Reflecting 3.75% maximum sales charge | –22.40 | % | –1.97 | % | 1.30 | % | ||||||
The total annual fund operating expense ratio was 0.69% for Class A shares as of the most recent fiscal year-end. This figure does not reflect the fee waiver described below.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Respective fund results shown reflect actual expenses, with the waiver applied. Fund results would have been lower without the waiver. Please see the Financial Highlights table on pages 26 to 29 for details.
The fund’s 30-day yield for Class A shares as of February 28, 2009, calculated in accordance with the Securities and Exchange Commission formula, was 5.46%. (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 8.40%.) The fund’s distribution rate for Class A shares as of that date was 5.60% (5.56% 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.
Results for other share classes can be found on page 5.
The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income may be subject to state or local income taxes and/or federal alternative minimum taxes. Certain other income, as well as capital gain distributions, may be taxable. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds.
Fellow shareholders:
[photo of a drop of water on the tip of a leaf]
Since our last report, financial markets have encountered extraordinary challenges that have exacerbated the economic recession that began in December 2007. All major asset classes experienced sharp price declines since last summer, except for U.S. government bonds and cash equivalents. In the municipal market, lower rated, higher yielding bonds, which are the mainstay of this fund, bore the brunt of the downturn.
In this environment, American High-Income Municipal Bond Fund recorded a total return of –13.2% for the six months ended January 31, 2009. Though we are disappointed with this result, we are also mindful that many investors fared much worse during this difficult period. The Lipper High-Yield Municipal Debt Funds Average, a measure of peer group results, returned –18.3% for the same period. In contrast, the Barclays Capital Municipal Bond Index* gained 0.7%. This index serves as a proxy for the investment-grade municipal market, which held up much better than below investment-grade municipals. To illustrate the difference: The Barclays Capital Municipal High Yield Index, which focuses only on bonds rated below investment grade, recorded a –19.5% return. American High-Income Municipal Bond Fund invests in both investment-grade and non-investment-grade bonds.
[Begin Sidebar]
| Results at a glance | ||||||||||||||||
| For periods ended January 31, 2009, 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) | –16.45 | % | –0.44 | % | 2.10 | % | 4.25 | % | ||||||||
| Lipper High-Yield Municipal | ||||||||||||||||
| Debt Funds Average | –21.51 | –1.49 | 1.11 | 3.30 | ||||||||||||
| Barclays Capital Municipal | ||||||||||||||||
| Bond Index* | –0.16 | 3.33 | 4.51 | 5.68 | ||||||||||||
| *The index, formerly Lehman Brothers Municipal Bond Index, was taken over by Barclays Capital in 2008. It is unmanaged and primarily holds bonds with investment-grade ratings; its results do not reflect the effect of sales charges, commissions or expenses. | ||||||||||||||||
[End Sidebar]
Income is a prime objective of the fund and a key component of its total return. For the six months, the fund paid dividends totaling about 35 cents a share. Shareholders who reinvested dividends recorded an income return of 2.50% (5.00% annualized), which is equivalent to a taxable return of 3.85% (7.70% annualized) for investors in the top federal tax bracket. Those who took dividends in cash earned an income return of 2.47% (4.94% annualized). Nonetheless, a decline in the fund’s share price during the period more than offset the income, resulting in the negative total return.
Bond market overview
The current fiscal year began in August 2008 with the municipal market hampered by challenges endemic to its market, including problems with bond insurers and auction-rate securities. Bond insurers faced capital constraints and rating downgrades primarily because of their exposure to taxable mortgage-related securities, which diminished the credibility of their guarantees on municipal debt. Auction-rate securities, which blended features of both long- and short-term bonds, suffered severe dislocations as investment banks ceased to support regular auctions and buyers balked.
While the municipal market grappled with these troubles, a deeper crisis was brewing in the taxable bond market, precipitated by the housing slump and mounting losses on mortgage-backed securities. In September, the crisis escalated when, in a matter of weeks, the government took over Fannie Mae, Freddie Mac and troubled insurer AIG; the investment bank Lehman Brothers filed for bankruptcy; the Federal Deposit Insurance Corporation arranged a takeover of Washington Mutual; and Merrill Lynch sold itself to Bank of America. Arranged takeovers of other faltering regional banks occurred in October. In the municipal market, the disappearance of key investment banks strained liquidity (the ease of buying or selling an asset), especially for lower quality issues.
As investors digested the breadth and depth of the evolving crisis, financial markets plummeted, sending stock, bond and commodities prices lower. Government bonds bucked the downtrend, as wary investors flocked to the safety of U.S. Treasuries. As waves of pessimism overwhelmed the markets, the economy slipped deeper into recession and job losses began to rise rapidly.
To address deteriorating conditions, the Federal Reserve injected billions to help increase liquidity in the debt markets, and Congress passed the Emergency Economic Stabilization Act. Additionally, the Fed slashed its overnight lending rate in mid-December to a range of 0%–0.25%, a historic low.
Shortly thereafter, bond markets began to show tentative signs of improvement, and a rally ensued that extended through the end of the fiscal period. In the municipal market, high-quality, short- and intermediate-term bonds were the first to experience renewed demand. By January, some even lower rated, longer maturity bonds met with investor interest. In fact, high-yield municipal bonds returned nearly 6% in January, one of the strongest months on record. Yet despite this recovery, high-yield returns for the fiscal period remained negative, owing to the scope of the downturn during the final four months of 2008.
Effects on the portfolio
American High-Income Municipal Bond Fund could not escape the market dynamics and economic weakness that dampened bond prices last year. However, portfolio counselors were able to soften the blow by entering the decline with a larger concentration of high-quality bonds than would typically be held by the fund. At the start of the fiscal period, approximately 57% of the portfolio was composed of bonds with investment-grade ratings, including approximately 21% in the two highest rating categories. This defensive posture helped cushion the portfolio against the broader downturn, enabling us to deliver better relative results for the period.
Portfolio counselors largely maintained exposure to investment-grade bonds, as shown in the chart atop page 6. At the same time, they lowered exposure to bonds rated below investment grade, to about 32% from 36%. They also increased cash and other short-term holdings, affording them additional flexibility to take advantage of emerging opportunities that tend to result from market dislocations.
Careful research has always determined the makeup of the fund’s portfolio. During the six months, our research efforts led to an increase in holdings of airport bonds and multifamily housing bonds (mainly student housing and state-sponsored affordable housing projects). At the same time, we trimmed hospital holdings and tax assessment bonds by identifying issuers and markets most likely to become impaired by a weakening economy. Given the unsettled nature of current market conditions, the scope of economic uncertainty and the greatly diminished presence of bond insurers, ongoing and thorough research remains indispensable to our efforts to cushion the portfolio against further disruptions and to deliver a high level of tax-exempt income to our shareholders.
Looking ahead
We have been greatly encouraged by improving conditions in the municipal market since mid-December, yet significant challenges remain. The ongoing recession is likely to strain state and local revenues and could lead to rating downgrades for some issuers. Also, the decline of bond insurance means that many issuing entities will face even greater scrutiny of their credit profiles. We believe that these challenges, while meaningful, play to the strengths of our research-driven investment approach.
We believe the portfolio counselors and analysts of American High-Income Municipal Bond Fund are well-prepared to meet these challenges with years of investment experience, a conservative management style and rigorous attention to detail. We cannot control what the market does, but we can strive to tailor our approach to take advantage of opportunities as they arise, with the goal of limiting the effects of adverse markets. Our extensive research efforts are crucial to achieving these goals.
Most importantly, we maintain a long-term perspective on all our investments, even when the market becomes myopic. This focus has guided the portfolio through several turbulent markets during the fund’s lifetime and keeps our efforts centered on the long-term needs of our shareholders.
We appreciate your confidence and patience, especially during difficult market periods, and we 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/ Karl J. Zeile
Karl J. Zeile
President
March 16, 2009
For current information about the fund, visit americanfunds.com.
[Begin Sidebar]
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,* then look in the right-hand column to see what you would have had to earn from a taxable investment to equal the fund’s 5.66% tax-exempt distribution rate as of January 31, 2009. For example, investors in the highest federal tax bracket (35%) would need a taxable distribution rate of 8.71% to match the fund’s distribution rate.
| If your taxable income is ... | ||||||||||||||
| Single | Joint | Then your federal tax rate* is ... | The fund’s distribution rate† equals a taxable rate of … | |||||||||||
| $ | 0 – 8,025 | $ | 0 – 16,050 | 10.0 | % | 6.29 | % | |||||||
| 8,026 – 32,550 | 16,051 – 65,100 | 15.0 | 6.66 | |||||||||||
| 32,551 – 78,850 | 65,101 – 131,450 | 25.0 | 7.55 | |||||||||||
| 78,851 – 164,550 | 131,451 – 200,300 | 28.0 | 7.86 | |||||||||||
| 164,551– 357,700 | 200,301 –357,700 | 33.0 | 8.45 | |||||||||||
| Over 357,700 | Over 357,700 | 35.0 | 8.71 | |||||||||||
| *Based on 2008 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phase-out of itemized deductions that are applicable to certain taxable income levels. |
†The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2009. |
| [End Sidebar] |
Other share class results
Classes B, C and F
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
Average annual total returns for periods ended | Life | |||||||||||
December 31, 2008 (the most recent calendar quarter-end): | 1 year | 5 years | of class | |||||||||
Class B shares — first sold 3/15/00 | ||||||||||||
| Reflecting applicable contingent deferred sales | ||||||||||||
| charge (CDSC), maximum of 5%, payable only | ||||||||||||
| if shares are sold within six years of purchase | –23.81 | % | –2.23 | % | 1.48 | % | ||||||
| Not reflecting CDSC | –19.99 | –1.91 | 1.48 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
| Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
| if shares are sold within one year of purchase | –20.79 | –1.98 | 0.48 | |||||||||
| Not reflecting CDSC | –20.03 | –1.98 | 0.48 | |||||||||
Class F-1 shares* — first sold 3/19/01 | ||||||||||||
| Not reflecting annual asset-based fee charged | ||||||||||||
| by sponsoring firm | –19.44 | –1.27 | 1.18 | |||||||||
Class F-2 shares* — first sold 8/12/08 | ||||||||||||
| Not reflecting annual asset-based fee charged | ||||||||||||
| by sponsoring firm | — | — | –17.76 | † | ||||||||
| *These shares are sold without any initial or contingent deferred sales charge. | ||||||||||||
†Results are cumulative total returns; they are not annualized. | ||||||||||||
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Respective fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on pages 26 to 29 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.
Summary investment portfolio
January 31, 2009
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie chart]
| Quality ratings* | ||||||
| Aaa/AAA | 9.5 | % | ||||
| Aa/AA | 10.6 | |||||
| A/A | 14.3 | |||||
| Baa/BBB | 21.3 | |||||
| Ba/BB | 14.9 | |||||
| B/B | 14.6 | |||||
| Caa/CCC or less | 2.2 | |||||
| Short-term securities & other assets less liabilities | 12.6 | |||||
| *Bond ratings reflect those of a credit rating agency; if ratings are not available, they are assigned by the fund's investment analysts. | ||||||
[end pie chart]
| Principal | Percent | |||||||||||||
| amount | Value | of net | ||||||||||||
| Bonds & notes - 87.40% | (000 | ) | (000 | ) | assets | |||||||||
| Alaska - 1.22% | ||||||||||||||
| Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, Subseries A-2, AMT, 4.60% 2022 | $ | 9,090 | $ | 8,304 | .46 | % | ||||||||
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011) | 5,000 | 5,340 | .30 | |||||||||||
| Other securities | 8,252 | .46 | ||||||||||||
| 21,896 | 1.22 | |||||||||||||
| Arizona - 3.69% | ||||||||||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | 10,500 | 7,080 | .40 | |||||||||||
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), AMT: | ||||||||||||||
| Series 2007, 6.55% 2037 | 14,500 | 9,859 | ||||||||||||
| Series 2008, 7.50% 2038 | 10,000 | 7,683 | .98 | |||||||||||
| Salt River Project Agricultural Improvement and Power Dist., Salt River Project Electric System Rev. Bonds, Series 2009-A, 5.00% 2039 | 7,000 | 6,851 | .38 | |||||||||||
| Industrial Dev. Auth. of the County of Yavapai, Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003-A-1, AMT, 4.90% 2028 | 2,200 | 1,484 | .08 | |||||||||||
| Other securities | 33,118 | 1.85 | ||||||||||||
| 66,075 | 3.69 | |||||||||||||
| California - 6.62% | ||||||||||||||
| Pollution Control Fncg. Auth., Waste Management, Inc. Project, AMT: | ||||||||||||||
| Solid Waste Disposal Rev. Bonds, Series 2003-A, 5.00% 2038 | 1,000 | 891 | ||||||||||||
| Solid Waste Disposal Rev. Ref. Bonds, Series 2002-A, 5.00% 2022 | 3,000 | 2,266 | .18 | |||||||||||
| Other securities | 115,283 | 6.44 | ||||||||||||
| 118,440 | 6.62 | |||||||||||||
| Colorado - 4.76% | ||||||||||||||
| 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 | 8,903 | .50 | |||||||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 7,355 | .41 | |||||||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 8,500 | 7,215 | .40 | |||||||||||
| Other securities | 61,623 | 3.45 | ||||||||||||
| 85,096 | 4.76 | |||||||||||||
| Connecticut - 1.19% | ||||||||||||||
| Other securities | 21,315 | 1.19 | ||||||||||||
| Florida - 12.92% | ||||||||||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), Series 2006-A, AMT, 4.80% 2038 | 6,780 | 6,045 | .34 | |||||||||||
| The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, Series 2000-C, 7.10% 2030 | 7,355 | 5,807 | .32 | |||||||||||
| Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 | 11,500 | 5,829 | .33 | |||||||||||
| Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 9,080 | .51 | |||||||||||
| 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 | 7,152 | .40 | |||||||||||
| Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 4.00% 2018 | 1,000 | 979 | .05 | |||||||||||
| Other securities | 196,247 | 10.97 | ||||||||||||
| 231,139 | 12.92 | |||||||||||||
| Georgia - 1.90% | ||||||||||||||
| Other securities | 33,962 | 1.90 | ||||||||||||
| Idaho - 1.40% | ||||||||||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, AMT: | ||||||||||||||
| Series 1997-H-2, 5.40% 2010 | 60 | 61 | ||||||||||||
| Series 1997-I-2, 5.55% 2010 | 30 | 30 | ||||||||||||
| Series 1998-B-2, 5.20% 2011 | 65 | 66 | ||||||||||||
| Series 1999-B-2, 5.00% 2013 | 165 | 165 | ||||||||||||
| Series 1999-D-3, 5.15% 2013 | 165 | 166 | ||||||||||||
| Series 1999-G, 5.75% 2014 | 100 | 103 | ||||||||||||
| Series 2001-B, Class III, 5.75% 2020 | 810 | 830 | ||||||||||||
| Series 2001-E, Class III, 5.40% 2021 | 650 | 653 | ||||||||||||
| Series 2001-F, Class III, 5.30% 2021 | 770 | 770 | ||||||||||||
| Series 2002-C, Class III, 5.50% 2021 | 745 | 754 | ||||||||||||
| Series 2002-E, Class III, 5.30% 2022 | 735 | 737 | ||||||||||||
| Series 2003-B, Class III, 5.10% 2023 | 700 | 669 | ||||||||||||
| Series 2003-C, Class III, 4.50% 2023 | 695 | 613 | ||||||||||||
| Series 2003-E, Class III, 5.15% 2023 | 1,075 | 1,075 | ||||||||||||
| Series 2004-A, Class III, 4.75% 2024 | 1,000 | 900 | ||||||||||||
| Series 2004-B, Class III, 5.40% 2024 | 1,475 | 1,455 | ||||||||||||
| Series 2005-B, Class III, 5.00% 2025 | 1,740 | 1,619 | ||||||||||||
| Series 2005-C, Class III, 4.80% 2026 | 885 | 775 | ||||||||||||
| Series 2005-D, Class III, 4.90% 2026 | 1,145 | 1,020 | ||||||||||||
| Series 2005-F, Class III, 5.00% 2026 | 1,105 | 1,031 | ||||||||||||
| Series 2006-D, Class III, 5.20% 2027 | 2,985 | 2,881 | ||||||||||||
| Series 2006-F, Class III, 4.80% 2028 | 1,280 | 1,092 | ||||||||||||
| Series 2007-A, Class III, 4.85% 2028 | 2,160 | 1,833 | ||||||||||||
| Series 2007-B, Class III, 4.60% 2028 | 860 | 701 | ||||||||||||
| Series 2007-C, Class III, 4.75% 2028 | 1,965 | 1,638 | ||||||||||||
| Series 2007-E-1, Class III, 4.85% 2028 | 2,605 | 2,211 | ||||||||||||
| Series 2007-J, Class III, 5.00% 2028 | 1,190 | 1,114 | 1.40 | |||||||||||
| 24,962 | 1.40 | |||||||||||||
| Illinois - 4.95% | ||||||||||||||
| Other securities | 88,580 | 4.95 | ||||||||||||
| Indiana - 2.04% | ||||||||||||||
| Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 8,000 | 6,705 | .37 | |||||||||||
| Other securities | 29,745 | 1.67 | ||||||||||||
| 36,450 | 2.04 | |||||||||||||
| Iowa - 0.55% | ||||||||||||||
| Other securities | 9,901 | .55 | ||||||||||||
| Kentucky - 0.77% | ||||||||||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.85% 2017 | 7,000 | 5,383 | .30 | |||||||||||
| Other securities | 8,403 | .47 | ||||||||||||
| 13,786 | .77 | |||||||||||||
| Louisiana - 2.29% | ||||||||||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 13,000 | 9,094 | .51 | |||||||||||
| Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 10,500 | 7,130 | .40 | |||||||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 12,883 | .72 | |||||||||||
| Other securities | 11,836 | .66 | ||||||||||||
| 40,943 | 2.29 | |||||||||||||
| Maine - 0.78% | ||||||||||||||
| Fin. Auth., Rev. Obligation Securities, Point Lookout Issue, Series 2008, 9.875% 2017 (1) | 15,000 | 12,666 | .71 | |||||||||||
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,218 | .07 | |||||||||||
| 13,884 | .78 | |||||||||||||
| Maryland - 1.21% | ||||||||||||||
| Other securities | 21,651 | 1.21 | ||||||||||||
| Massachusetts - 1.91% | ||||||||||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, AMT: | ||||||||||||||
| Issue E, Series 2007: | ||||||||||||||
| AMBAC insured, 4.70% 2027 | 10,000 | 7,883 | ||||||||||||
| 4.60% 2022 | 5,000 | 4,327 | ||||||||||||
| Issue H, Series 2008, ASSURED GUARANTY insured, 6.125% 2022 | 8,000 | 8,307 | 1.15 | |||||||||||
| Other securities | 13,715 | .76 | ||||||||||||
| 34,232 | 1.91 | |||||||||||||
| Michigan - 2.48% | ||||||||||||||
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2007-B, AMT, FSA insured, 4.95% 2044 | 8,000 | 6,450 | .36 | |||||||||||
| Other securities | 37,899 | 2.12 | ||||||||||||
| 44,349 | 2.48 | |||||||||||||
| Missouri - 1.65% | �� | |||||||||||||
| 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 | 6,851 | .38 | |||||||||||
| Other securities | 22,666 | 1.27 | ||||||||||||
| 29,517 | 1.65 | |||||||||||||
| Nebraska - 0.69% | ||||||||||||||
| Other securities | 12,339 | .69 | ||||||||||||
| Nevada - 2.43% | ||||||||||||||
| Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007-B, AMT, 5.70% 2041 | 6,870 | 6,717 | .38 | |||||||||||
| Other securities | 36,686 | 2.05 | ||||||||||||
| 43,403 | 2.43 | |||||||||||||
| New Hampshire - 0.54% | ||||||||||||||
| Other securities | 9,616 | .54 | ||||||||||||
| New Jersey - 2.69% | ||||||||||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 5,500 | 5,490 | .31 | |||||||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 13,000 | 8,180 | .45 | |||||||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 12,500 | 7,981 | .45 | |||||||||||
| Other securities | 26,521 | 1.48 | ||||||||||||
| 48,172 | 2.69 | |||||||||||||
| New Mexico - 0.77% | ||||||||||||||
| Other securities | 13,758 | .77 | ||||||||||||
| New York - 3.20% | ||||||||||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 9,000 | 7,529 | .42 | |||||||||||
| 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 | 5,710 | ||||||||||||
| 8.00% 2028 | 11,000 | 8,001 | .77 | |||||||||||
| Other securities | 35,987 | 2.01 | ||||||||||||
| 57,227 | 3.20 | |||||||||||||
| North Carolina - 0.80% | ||||||||||||||
| Other securities | 14,300 | .80 | ||||||||||||
| Ohio - 2.65% | ||||||||||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 23,145 | 14,799 | .83 | |||||||||||
| Other securities | 32,617 | 1.82 | ||||||||||||
| 47,416 | 2.65 | |||||||||||||
| Oregon - 0.51% | ||||||||||||||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 8,165 | 5,467 | .31 | |||||||||||
| Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002, AMT, 5.25% 2029 | 5,000 | 3,594 | .20 | |||||||||||
| 9,061 | .51 | |||||||||||||
| Pennsylvania - 2.67% | ||||||||||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), Series 2007-A, 5.00% 2017 | 8,500 | 5,955 | .33 | |||||||||||
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,061 | .06 | |||||||||||
| Other securities | 40,716 | 2.28 | ||||||||||||
| 47,732 | 2.67 | |||||||||||||
| South Carolina - 1.22% | ||||||||||||||
| Other securities | 21,890 | 1.22 | ||||||||||||
| Tennessee��- 1.45% | ||||||||||||||
| Other securities | 25,904 | 1.45 | ||||||||||||
| Texas - 7.24% | ||||||||||||||
| Alliance Airport Auth., Inc., American Airlines, Inc. Project, AMT: | ||||||||||||||
| Special Facs. Rev. Bonds, Series 1990, 7.00% 2011 | 2,500 | 1,733 | ||||||||||||
| Special Facs. Rev. Ref. Bonds, Series 2007, 5.25% 2029 | 2,000 | 785 | ||||||||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., AMT: | ||||||||||||||
| American Airlines, Inc. Rev. Bonds: | ||||||||||||||
| Series 1999, 6.375% 2035 | 6,000 | 2,624 | ||||||||||||
| Series 2002, 8.25% 2036 | 4,580 | 2,429 | ||||||||||||
| American Airlines, Inc. Rev. Ref. Bonds: | ||||||||||||||
| Series 2000-A: | ||||||||||||||
| 9.125% 2029 | 5,000 | 3,004 | ||||||||||||
| Subseries 2, 9.00% 2029 | 5,655 | 3,480 | ||||||||||||
| Series 2007, 5.50% 2030 | 6,000 | 2,477 | .92 | |||||||||||
| Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-C, AMT, 5.75% 2036 (put 2011) | 11,680 | 7,699 | .43 | |||||||||||
| Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds, AMT: | ||||||||||||||
| Waste Management of Texas, Inc. Brazoria County Project, Series 2003-A, 5.20% 2028 | 2,000 | 1,418 | ||||||||||||
| Waste Management of Texas, Inc. Travis County Project, Series 2003-C, 5.20% 2028 | 1,500 | 1,064 | ||||||||||||
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 6.00% 2020 | 2,500 | 2,298 | .27 | |||||||||||
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.20% 2018 | 15,300 | 12,767 | .71 | |||||||||||
| North Texas Tollway Auth. System, Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 8,000 | 7,062 | .40 | |||||||||||
| Other securities | 80,667 | 4.51 | ||||||||||||
| 129,507 | 7.24 | |||||||||||||
| Utah - 0.85% | ||||||||||||||
| Other securities | 15,195 | .85 | ||||||||||||
| Virginia - 0.63% | ||||||||||||||
| 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 | 950 | .05 | |||||||||||
| Other securities | 10,274 | .58 | ||||||||||||
| 11,224 | .63 | |||||||||||||
| Washington - 1.11% | ||||||||||||||
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 5,962 | .33 | |||||||||||
| Other securities | 13,967 | .78 | ||||||||||||
| 19,929 | 1.11 | |||||||||||||
| Wisconsin - 1.14% | ||||||||||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 12,180 | 11,277 | .63 | |||||||||||
| 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 | 1,861 | ||||||||||||
| Solid Waste Disposal Rev. Bonds, Series 2006-A, 4.95% 2016 | 2,500 | 2,064 | .22 | |||||||||||
| Other securities | 5,093 | .29 | ||||||||||||
| 20,295 | 1.14 | |||||||||||||
| Multi-state - 1.06% | ||||||||||||||
| Charter Mac Equity Issuer Trust, Preferred Shares, Series A-1, AMT, 7.10% (undated) (2) | 9,000 | 9,127 | .51 | |||||||||||
| Other securities | 9,745 | .55 | ||||||||||||
| 18,872 | 1.06 | |||||||||||||
| Other states & U.S. territories - 3.42% | ||||||||||||||
| Other securities | 61,165 | 3.42 | ||||||||||||
| Total bonds & notes (cost: $2,022,650,000) | 1,563,183 | 87.40 | ||||||||||||
| Principal | Percent | |||||||||||||
| amount | Value | of net | ||||||||||||
| Short-term securities - 11.52% | (000 | ) | (000 | ) | assets | |||||||||
| Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), AMT: | ||||||||||||||
| Series 2009-A-1, 0.60% 2035 (3) | $ | 2,025 | $ | 2,025 | ||||||||||
| Series 2009-A-4, 0.75% 2039 (3) | 5,625 | 5,625 | .43 | % | ||||||||||
| Parish of East Baton Rouge, Louisiana, (Exxon Project): | ||||||||||||||
| Pollution Control Rev. Ref. Bonds, Series 1989, 0.25% 2019 (3) | 2,000 | 2,000 | ||||||||||||
| Solid Waste Disposal Rev. Bonds, Series 1998, AMT, 0.30% 2028 (3) | 2,000 | 2,000 | ||||||||||||
| Parish of St. Bernard, Louisiana, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), Series 1996, AMT, 0.35% 2026 (3) | 700 | 700 | ||||||||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), AMT: | ||||||||||||||
| Series 2001-A, 0.35% 2030 (3) | 6,000 | 6,000 | ||||||||||||
| Series 2001-B, 0.35% 2025 (3) | 2,550 | 2,550 | ||||||||||||
| Lincoln County, Wyoming, Pollution Control Rev. Bonds (Exxon Project), AMT: | ||||||||||||||
| Series 1987-B, 0.35% 2017 (3) | 500 | 500 | ||||||||||||
| Series 1987-C, 0.35% 2017 (3) | 2,200 | 2,200 | .89 | |||||||||||
| State of Massachusetts, Dev. Fin. Agcy., Solid Waste Disposal Rev. Bonds (Wheelabrator Millbury Inc. Project), Series 2002, AMT, 0.50% 2027 (3) | 2,500 | 2,500 | .14 | |||||||||||
| State of New Jersey, Tax and Rev. Anticipation Notes, Series 2009-A, 3.00% 6/25/2009 | 14,000 | 14,149 | .79 | |||||||||||
| City of Reno, Nevada, Sales Tax Rev. Ref. Bonds (Re-TRAC-Reno Transportation Rail Access Corridor Project), Series 2008-A, 0.45% 2042 (3) | 5,600 | 5,600 | .31 | |||||||||||
| State of Oregon, G.O. Veterans' Welfare Bonds: | ||||||||||||||
| Series 86, 0.65% 2040 (3) | 6,400 | 6,400 | ||||||||||||
| Series 89-B, AMT, 0.65% 2038 (3) | 2,500 | 2,500 | ||||||||||||
| Series 90-B, 1.25% 2045 (3) | 9,500 | 9,500 | 1.03 | |||||||||||
| Commonwealth of Puerto Rico, Tax and Rev. Anticipation Notes, Series 2009-A, Subseries 2009-A-2, 3.00% 7/30/2009 | 10,000 | 10,111 | .57 | |||||||||||
| Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund): | ||||||||||||||
| Series 2003, 0.40% 2033 (3) | 5,100 | 5,100 | ||||||||||||
| Series 2008, 0.40% 2038 (3) | 6,200 | 6,200 | .63 | |||||||||||
| Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, 0.40% 2034 (3) | 10,000 | 10,000 | .56 | |||||||||||
| State of Texas, Tax and Rev. Anticipation Notes, Series 2008, 3.00% 8/28/2009 | 30,000 | 30,486 | 1.70 | |||||||||||
| Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2006-B, 0.62% 2026 (3) | 8,000 | 8,000 | .45 | |||||||||||
| Other securities | 71,950 | 4.02 | ||||||||||||
| Total short-term securities (cost: $205,729,000) | 206,096 | 11.52 | ||||||||||||
| Total investment securities (cost: $2,228,379,000) | 1,769,279 | 98.92 | ||||||||||||
| Other assets less liabilities | 19,342 | 1.08 | ||||||||||||
| Net assets | $ | 1,788,621 | 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. This security (acquired 4/18/2008 at a cost of $15,000,000) may be subject to legal or contractual restrictions on resale. |
| (2) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $54,416,000, which represented 3.04% of the net assets of the fund. |
| (3) Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
| See Notes to Financial Statements |
| Key to abbreviations |
| Agcy. = Agency |
| AMT = Alternative Minimum Tax |
| Auth. = Authority |
| Certs. of Part. = Certificates of Participation |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| G.O. = General Obligation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| TECP = Tax-Exempt Commercial Paper |
Financial statements
| Statement of assets and liabilities | unaudited | |||||||
| at January 31, 2009 | (dollars in thousands) | |||||||
| Assets: | ||||||||
| Investment securities, at value (cost: $2,228,379) | $ | 1,769,279 | ||||||
| Cash | 72 | |||||||
| Receivables for: | ||||||||
| Sales of investments | $ | 2,663 | ||||||
| Sales of fund's shares | 8,475 | |||||||
| Interest | 28,023 | 39,161 | ||||||
| 1,808,512 | ||||||||
| Liabilities: | ||||||||
| Payables for: | ||||||||
| Purchases of investments | 12,455 | |||||||
| Repurchases of fund's shares | 4,111 | |||||||
| Dividends on fund's shares | 1,756 | |||||||
| Investment advisory services | 550 | |||||||
| Services provided by affiliates | 895 | |||||||
| Directors' deferred compensation | 71 | |||||||
| Other | 53 | 19,891 | ||||||
| Net assets at January 31, 2009 | $ | 1,788,621 | ||||||
| Net assets consist of: | ||||||||
| Capital paid in on shares of capital stock | $ | 2,315,800 | ||||||
| Undistributed net investment income | 1,976 | |||||||
| Accumulated net realized loss | (70,055 | ) | ||||||
| Net unrealized depreciation | (459,100 | ) | ||||||
| Net assets at January 31, 2009 | $ | 1,788,621 | ||||||
| (dollars and shares in thousands, except per-share amounts) | ||||||||||||
| Total authorized capital stock - 200,000 shares, $.001 par value (149,146 total shares outstanding) | ||||||||||||
| Net assets | Shares outstanding | Net asset value per share * | ||||||||||
| Class A | $ | 1,493,980 | 124,577 | $ | 11.99 | |||||||
| Class B | 41,761 | 3,482 | 11.99 | |||||||||
| Class C | 97,662 | 8,144 | 11.99 | |||||||||
| Class F-1 | 137,137 | 11,435 | 11.99 | |||||||||
| Class F-2 | 4,972 | 415 | 11.99 | |||||||||
| Class R-5 | 13,109 | 1,093 | 11.99 | |||||||||
| (*) 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 $12.46. | ||||||||||||
| See Notes to Financial Statements | ||||||||||||
| Statement of operations | unaudited | |||||||
| for the six months ended January 31, 2009 | (dollars in thousands) | |||||||
| Investment income: | ||||||||
| Income: | ||||||||
| Interest | $ | 60,567 | ||||||
| Fees and expenses*: | ||||||||
| Investment advisory services | $ | 3,566 | ||||||
| Distribution services | 3,295 | |||||||
| Transfer agent services | 344 | |||||||
| Administrative services | 149 | |||||||
| Reports to shareholders | 41 | |||||||
| Registration statement and prospectus | 110 | |||||||
| Postage, stationery and supplies | 54 | |||||||
| Directors' compensation | 1 | |||||||
| Auditing and legal | 3 | |||||||
| Custodian | 5 | |||||||
Federal and state income taxes | 522 | |||||||
| Other | 48 | |||||||
| Total fees and expenses before waiver | 8,138 | |||||||
| Less investment advisory services waiver | 302 | |||||||
| Total fees and expenses after waiver | 7,836 | |||||||
| Net investment income | 52,731 | |||||||
| Net realized loss and unrealized depreciation on investments: | ||||||||
| Net realized loss on investments | (47,673 | ) | ||||||
| Net unrealized depreciation on investments | (293,456 | ) | ||||||
| Net realized loss and unrealized depreciation on investments | (341,129 | ) | ||||||
| Net decrease in net assets resulting from operations | $ | (288,398 | ) | |||||
| (*) 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 | ||||||||
ended January 31, 2009* | Year ended July 31, 2008 | |||||||
| Operations: | ||||||||
| Net investment income | $ | 52,731 | $ | 105,740 | ||||
| Net realized loss on investments | (47,673 | ) | (167 | ) | ||||
| Net unrealized depreciation on investments | (293,456 | ) | (199,600 | ) | ||||
| Net decrease in net assets resulting from operations | (288,398 | ) | (94,027 | ) | ||||
| Dividends paid or accrued to shareholders | ||||||||
| from net investment income | (52,633 | ) | (104,341 | ) | ||||
| Net capital share transactions | (91,481 | ) | 109,936 | |||||
| Total decrease in net assets | (432,512 | ) | (88,432 | ) | ||||
| Net assets: | ||||||||
| Beginning of period | 2,221,133 | 2,309,565 | ||||||
| End of period (including undistributed net investment | ||||||||
| income: $1,976 and $1,878, respectively) | $ | 1,788,621 | $ | 2,221,133 | ||||
*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 has six share classes consisting of five retail share classes and one retirement plan share class. The retirement plan share class (R-5) is generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described below:
| Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
| Class A | Up to 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-1 after 10 years |
| Classes F-1 and F-2 | None | None | None |
| Class R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies – The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation – Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under procedures adopted by authority of the fund's board of 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. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.
2. Risk factors
Investing in the fund may involve certain risks including, but not limited to, those described below.
The values of, and the income generated by, most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities.
A bond's effective maturity is the market's trading assessment of its maturity and represents an estimate of the most likely time period during which an investor in that bond will receive payment of principal. For example, as market interest rates decline, issuers may exercise call provisions that shorten the bond's effective maturity. Conversely, if interest rates rise, effective maturities tend to lengthen. A portfolio’s dollar-weighted average maturity is the weighted average of all effective maturities in the portfolio, where more weight is given to larger holdings.
Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality or longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality or shorter maturity debt securities. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.
3. Taxation and distributions
Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income and net capital gains each year. The fund is not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by the fund is exempt from federal income taxes; however, the fund may earn taxable income from certain investments.
As of and during the period ended January 31, 2009, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2004 and by state tax authorities for tax years before 2003.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as short-term capital gains and losses; net capital losses; and amortization of market discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of July 31, 2008, the components of distributable earnings on a tax basis were as follows:
| (dollars in thousands) | ||||||||
| Undistributed tax-exempt income | $ | 2,084 | ||||||
| Capital loss carryforwards*: | ||||||||
| Expiring 2012 | $ | (17,001 | ) | |||||
| Expiring 2013 | (3,652 | ) | (20,653 | ) | ||||
Post-October capital loss deferrals (realized during the period November 1, 2007, through July 31, 2008)† | (1,729 | ) | ||||||
| *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. | ||||||||
| †These deferrals are considered incurred in the subsequent year. | ||||||||
As of January 31, 2009, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
| (dollars in thousands) | ||||
| Gross unrealized appreciation on investment securities | $ | 11,449 | ||
| Gross unrealized depreciation on investment securities | (468,435 | ) | ||
| Net unrealized depreciation on investment securities | (456,986 | ) | ||
| Cost of investment securities | 2,226,265 | |||
Tax-exempt income distributions paid or accrued to shareholders were as follows (dollars in thousands):
| Share class | Six months ended January 31, 2009 | Year ended July 31, 2008 | ||||||
| Class A | $ | 44,557 | $ | 88,427 | ||||
| Class B | 1,100 | 2,408 | ||||||
| Class C | 2,497 | 4,624 | ||||||
| Class F-1 | 3,967 | 7,586 | ||||||
| Class F-2* | 49 | - | ||||||
| Class R-5 | 463 | 1,296 | ||||||
| Total | $ | 52,633 | $ | 104,341 | ||||
| *Class F-2 was offered beginning August 1, 2008. | ||||||||
4. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company® ("AFS"), the fund’s transfer agent, and American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC 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 waived a portion of its investment advisory services fee commencing on September 1, 2004, and terminating on December 31, 2008. During the six months ended January 31, 2009, total investment advisory services fees waived by CRMC were $302,000. As a result, the fee shown on the accompanying financial statements of $3,566,000, which was equivalent to an annualized rate of 0.365%, was reduced to $3,264,000, or 0.334% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services – The fund has adopted plans of distribution for all share classes, except Classes F-2 and R-5. Under the plans, the board of 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 on the following page. 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 except Classes F-2 and R-5 may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A, the board of 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, 2009, 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-1 | 0.25 | 0.50 |
Transfer agent services – The fund has a transfer agent agreement with AFS for Classes A and B. Under this agreement, these share classes compensate AFS for transfer agent services including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described below.
Administrative services – The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Classes A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.
Expenses under the agreements described above for the six months ended January 31, 2009, were as follows (dollars in thousands):
| Share class | Distribution services | Transfer agent services | Administrative services | |
| CRMC administrative services | Transfer agent services | |||
| Class A | $2,338 | $334 | Not applicable | Not applicable |
| Class B | 234 | 10 | Not applicable | Not applicable |
| Class C | 538 | Included in administrative services | $45 | $4 |
| Class F-1 | 185 | 83 | 7 | |
| Class F-2* | Not applicable | 1 | -† | |
| Class R-5 | Not applicable | 8 | 1 | |
| Total | $3,295 | $344 | $137 | $12 |
*Class F-2 was offered beginning August 1, 2008.
†Amount less than one thousand.
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 $1,000, shown on the accompanying financial statements, includes $22,000 in current fees (either paid in cash or deferred) and a net decrease of $21,000 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.
5. Disclosure of fair value measurements
The fund adopted the Statement of Financial Accounting Standards No. 157 (“FAS 157”), Fair Value Measurements, on August 1, 2008. FAS 157 requires the fund to classify its assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of January 31, 2009 (dollars in thousands):
| Investment securities | ||||
| Level 1 – Quoted prices | $ | - | ||
| Level 2 – Other significant observable inputs | 1,769,279 | |||
| Level 3 – Significant unobservable inputs | - | |||
| Total | $ | 1,769,279 | ||
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions during the six months ended January 31, 2009 (dollars in thousands):
| Level 3 investment securities | ||||
| Beginning value at 8/1/2008 | $ | 15,014 | ||
| Net unrealized depreciation (*) | (1,988 | ) | ||
| Net transfers out of Level 3 | (13,026 | ) | ||
| Ending value at 1/31/2009 | $ | - | ||
Net unrealized depreciation during the period on Level 3 investment securities held at 1/31/2009 (*) | $ | (1,988 | ) |
(*) Net unrealized depreciation is included in the related amounts on investments in the statement of operations.
6. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
| Share class | Sales(*) | Reinvestments of dividends | Repurchases(*) | Net (decrease) increase | ||||||||||||||||||||||||||||
| Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
| Six months ended January 31, 2009 | ||||||||||||||||||||||||||||||||
| Class A | $ | 271,533 | 21,640 | $ | 35,543 | 2,810 | $ | (378,192 | ) | (30,120 | ) | $ | (71,116 | ) | (5,670 | ) | ||||||||||||||||
| Class B | 4,317 | 346 | 864 | 68 | (8,965 | ) | (708 | ) | (3,784 | ) | (294 | ) | ||||||||||||||||||||
| Class C | 20,905 | 1,638 | 1,905 | 150 | (26,020 | ) | (2,070 | ) | (3,210 | ) | (282 | ) | ||||||||||||||||||||
| Class F-1 | 46,709 | 3,687 | 3,166 | 250 | (55,391 | ) | (4,318 | ) | (5,516 | ) | (381 | ) | ||||||||||||||||||||
Class F-2† | 5,836 | 483 | 32 | 3 | (834 | ) | (71 | ) | 5,034 | 415 | ||||||||||||||||||||||
| Class R-5 | 6,053 | 496 | 291 | 22 | (19,233 | ) | (1,423 | ) | (12,889 | ) | (905 | ) | ||||||||||||||||||||
| Total net increase | ||||||||||||||||||||||||||||||||
| (decrease) | $ | 355,353 | 28,290 | $ | 41,801 | 3,303 | $ | (488,635 | ) | (38,710 | ) | $ | (91,481 | ) | (7,117 | ) | ||||||||||||||||
| Year ended July 31, 2008 | ||||||||||||||||||||||||||||||||
| Class A | $ | 501,523 | 33,739 | $ | 68,599 | 4,635 | $ | (484,566 | ) | (32,444 | ) | $ | 85,556 | 5,930 | ||||||||||||||||||
| Class B | 5,655 | 381 | 1,792 | 121 | (14,259 | ) | (957 | ) | (6,812 | ) | (455 | ) | ||||||||||||||||||||
| Class C | 43,030 | 2,903 | 3,507 | 237 | (36,175 | ) | (2,421 | ) | 10,362 | 719 | ||||||||||||||||||||||
| Class F-1 | 80,253 | 5,414 | 5,991 | 405 | (71,180 | ) | (4,769 | ) | 15,064 | 1,050 | ||||||||||||||||||||||
| Class R-5 | 9,792 | 656 | 725 | 49 | (4,751 | ) | (316 | ) | 5,766 | 389 | ||||||||||||||||||||||
| Total net increase | ||||||||||||||||||||||||||||||||
| (decrease) | $ | 640,253 | 43,093 | $ | 80,614 | 5,447 | $ | (610,931 | ) | (40,907 | ) | $ | 109,936 | 7,633 | ||||||||||||||||||
| *Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
| †Class F-2 was offered beginning August 1, 2008. | ||||||||||||||||||||||||||||||||
7. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $181,712,000 and $351,663,000, respectively, during the six months ended January 31, 2009.
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 1/31/2009 | (5) | $14.21 | $.35 | $ | (2.22) | $(1.87) | $(.35) | $11.99 | (13.25)% | $1,494 | .77% | (6) | .74% | (6) | 5.41% | (6) | ||
| Year ended 7/31/2008 | 15.54 | .72 | (1.34) | (.62) | (.71) | 14.21 | (4.07) | 1,851 | .69 | .65 | 4.83 | |||||||
| 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 | |||||||
| Class B: | ||||||||||||||||||
| Six months ended 1/31/2009 | (5) | 14.21 | .30 | (2.22) | (1.92) | (.30) | 11.99 | (13.56) | 42 | 1.48 | (6) | 1.45 | (6) | 4.70 | (6) | |||
| Year ended 7/31/2008 | 15.54 | .61 | (1.34) | (.73) | (.60) | 14.21 | (4.76) | 54 | 1.41 | 1.37 | 4.11 | |||||||
| 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 | |||||||
| Class C: | ||||||||||||||||||
| Six months ended 1/31/2009 | (5) | 14.21 | .30 | (2.22) | (1.92) | (.30) | 11.99 | (13.58) | 98 | 1.53 | (6) | 1.50 | (6) | 4.65 | (6) | |||
| Year ended 7/31/2008 | 15.54 | .61 | (1.34) | (.73) | (.60) | 14.21 | (4.80) | 120 | 1.45 | 1.42 | 4.06 | |||||||
| 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 | |||||||
| Class F-1: | ||||||||||||||||||
| Six months ended 1/31/2009 | (5) | 14.21 | .35 | (2.22) | (1.87) | (.35) | 11.99 | (13.26) | 137 | .81 | (6) | .78 | (6) | 5.36 | (6) | |||
| Year ended 7/31/2008 | 15.54 | .71 | (1.34) | (.63) | (.70) | 14.21 | (4.12) | 168 | .74 | .70 | 4.77 | |||||||
| 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 | |||||||
| Class F-2: | ||||||||||||||||||
| Period from 8/12/2008 to 1/31/2009 | (5) | 14.28 | .32 | (2.28) | (1.96) | (.33) | 11.99 | (13.76) | 5 | .30 | .29 | 2.70 | ||||||
| Class R-5: | ||||||||||||||||||
| Six months ended 1/31/2009 | (5) | 14.21 | .37 | (2.22) | (1.85) | (.37) | 11.99 | (13.15) | 13 | .53 | (6) | .50 | (6) | 5.52 | (6) | |||
| Year ended 7/31/2008 | 15.54 | .75 | (1.34) | (.59) | (.74) | 14.21 | (3.86) | 28 | .47 | .44 | 5.05 | |||||||
| 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 | |||||||
| Six months ended | ||||||||||||||||||||||||
| January 31, | Year ended July 31 | |||||||||||||||||||||||
2009(5) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Portfolio turnover rate for all classes of shares | 10 | % | 27 | % | 23 | % | 14 | % | 10 | % | 6 | % | ||||||||||||
| (1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
| (2) Based on average shares outstanding. |
| (3) Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
| (4) This column reflects the impact, if any, of certain waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services. |
| (5) Unaudited. |
| (6) Annualized. |
| See Notes to Financial Statements |
Expense example
unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008, through January 31, 2009).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually) that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated on the previous page. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning account value 8/1/2008 | Ending account value 1/31/2009 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
| Class A -- actual return | $ | 1,000.00 | $ | 867.55 | $ | 3.48 | .74 | % | ||||||||
| Class A -- assumed 5% return | 1,000.00 | 1,021.48 | 3.77 | .74 | ||||||||||||
| Class B -- actual return | 1,000.00 | 864.37 | 6.81 | 1.45 | ||||||||||||
| Class B -- assumed 5% return | 1,000.00 | 1,017.90 | 7.38 | 1.45 | ||||||||||||
| Class C -- actual return | 1,000.00 | 864.16 | 7.05 | 1.50 | ||||||||||||
| Class C -- assumed 5% return | 1,000.00 | 1,017.64 | 7.63 | 1.50 | ||||||||||||
| Class F-1 -- actual return | 1,000.00 | 867.37 | 3.67 | .78 | ||||||||||||
| Class F-1 -- assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class F-2 -- actual return † | 1,000.00 | 862.37 | 2.76 | .63 | ||||||||||||
Class F-2 -- assumed 5% return † | 1,000.00 | 1,022.03 | 3.21 | .63 | ||||||||||||
| Class R-5 -- actual return | 1,000.00 | 868.52 | 2.35 | .50 | ||||||||||||
| Class R-5 -- assumed 5% return | 1,000.00 | 1,022.68 | 2.55 | .50 | ||||||||||||
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
† The period for the “annualized expense ratio” and “actual return” line is based on the number of days from August 12, 2008 (the initial sale of the share class), through January 31, 2009, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.
Offices of the fund and of the
investment adviser
Capital Research and
Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071-2228
Independent registered public
accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete January 31, 2009, portfolio of 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, 2009, 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 nearly 80 years, we have followed a consistent philosophy to benefit our investors. Our 31 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.
Our unique combination of strengths includes these five factors:
| · | A long-term, value-oriented approach |
| We seek to buy securities at reasonable prices |
| relative to their prospects and hold them for |
| the long term. |
| · | An extensive global research effort |
| Our investment professionals travel the world to |
| find the best investment opportunities and gain |
| a comprehensive understanding of companies |
| and markets. |
· | The multiple portfolio counselor system |
| Our unique approach to portfolio management, |
| developed 50 years ago, blends teamwork |
| with individual accountability and has provided |
| American Funds with a sustainable method of |
| achieving fund objectives. |
| · | Experienced investment professionals |
| American Funds portfolio counselors have an |
| average of 25 years of investment experience, |
| providing a depth of knowledge and broad |
| perspective that few organizations have. |
| · | A commitment to low management fees |
| The American Funds provide exceptional value for |
| shareholders, with management fees that are |
| among the lowest in the mutual fund industry. |
American Funds span a range of investment objectives
•Growth funds |
AMCAP Fund® |
EuroPacific Growth Fund® |
The Growth Fund of America® |
The New Economy Fund® |
New Perspective Fund® |
New World Fund® |
SMALLCAP World Fund® |
•Growth-and-income funds |
American Mutual Fund® |
Capital World Growth and Income FundSM |
Fundamental InvestorsSM |
International Growth and Income FundSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
•Equity-income funds |
Capital Income Builder® |
The Income Fund of America® |
•Balanced fund |
American Balanced Fund® |
•Bond funds |
American High-Income TrustSM |
The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM |
U.S. Government Securities FundSM |
•Tax-exempt bond funds |
>American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
| State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
•Money market funds |
The Cash Management Trust of America® |
The Tax-Exempt Money Fund of AmericaSM |
The U.S. Treasury Money Fund of AmericaSM |
•American Funds Target Date Retirement Series® |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGESR-940-0309P
Litho in USA CGD/WG/8075-S16786
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
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American High-Income Municipal Bond Fund®
Investment portfolio
January 31, 2009
unaudited
| Bonds & notes — 87.40% | Principal amount (000) | Value (000) | ||||||
| ALABAMA — 0.23% | ||||||||
| 21st Century Auth., Tobacco Settlement Asset-backed Rev. Bonds, Series 2001, 5.25% 2009 | $ | 2,215 | $ | 2,221 | ||||
| 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 | 1,799 | ||||||
| 4,020 | ||||||||
| ALASKA — 1.22% | ||||||||
| Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, | ||||||||
| Subseries A-2, AMT, 4.60% 2022 | 9,090 | 8,304 | ||||||
| Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, MBIA insured, 5.50% 2037 | 4,015 | 3,967 | ||||||
| Industrial Dev. and Export Auth., Revolving Fund Ref. Bonds, Series 2002-A, AMT, MBIA insured, 5.50% 2010 | 1,775 | 1,821 | ||||||
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
| Series 2000, 6.20% 2022 (preref. 2010) | 890 | 930 | ||||||
| Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
| Series 2001, 5.375% 2021 (preref. 2011) | 5,000 | 5,340 | ||||||
| Student Loan Corp., Education Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2014 | 1,500 | 1,534 | ||||||
| 21,896 | ||||||||
| ARIZONA — 3.69% | ||||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.70% 2027 | 470 | 288 | ||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.80% 2032 | 999 | 577 | ||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 4.75% 2010 | 500 | 488 | ||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | 10,500 | 7,080 | ||||||
| Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 2037 | 7,000 | 3,708 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 1.53% 2042 (put 2015)1 | 6,000 | 4,515 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 1.38% 2042 (put 2015)1 | 5,000 | 3,762 | ||||||
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 1.772% 20371 | 5,000 | 1,925 | ||||||
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-B, AMT, 5.25% 2018 | 3,080 | 3,071 | ||||||
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-B, AMT, 5.25% 2019 | 2,000 | 1,967 | ||||||
| City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.00% 2020 | 2,000 | 1,884 | ||||||
| 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 | 3,570 | 3,387 | ||||||
| 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 | 9,859 | ||||||
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), | ||||||||
| Series 2008, AMT, 7.50% 2038 | 10,000 | 7,683 | ||||||
| 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 | 2,955 | 2,706 | ||||||
| Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 | 4,520 | 2,694 | ||||||
| Salt River Project Agricultural Improvement and Power Dist., Salt River Project Electric System Rev. Bonds, | ||||||||
| Series 2009-A, 5.00% 2039 | 7,000 | 6,851 | ||||||
| School Facs. Board, Certs. of Part., Series 2008, 5.25% 2023 | 1,000 | 1,036 | ||||||
| Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 | 1,000 | 706 | ||||||
| Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 | 725 | 404 | ||||||
| Industrial Dev. Auth. of the County of Yavapai, Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2003-A-1, AMT, 4.90% 2028 | 2,200 | 1,484 | ||||||
| 66,075 | ||||||||
| CALIFORNIA — 6.62% | ||||||||
| Antelope Valley Healthcare Dist., Rev. Bonds, Series 2002-A, 5.25% 2017 | 3,500 | 2,950 | ||||||
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, | ||||||||
| Series 2007, 5.00% 2020 | 1,010 | 721 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
| Series 2001-A, 6.125% 2020 | 3,000 | 2,802 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
| Series 2003-C, 5.375% 2021 | 1,500 | 1,259 | ||||||
| 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 | 1,540 | 1,349 | ||||||
| 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 | 3,524 | ||||||
| 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 | 977 | ||||||
| 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 | 807 | ||||||
| California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds | ||||||||
| (Alameda County Tobacco Asset Securitization Corp.), Series 2002, 4.75% 2019 | 615 | 564 | ||||||
| Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), | ||||||||
| Series 2007-C, 5.00% 2025 | 1,165 | 846 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1992-B, AMT, 5.00% 2027 | 1,250 | 1,015 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1997-A, AMT, 4.90% 2023 | 1,000 | 851 | ||||||
| Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,250 | 848 | ||||||
| Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2015 | 995 | 949 | ||||||
Econ. Recovery Bonds, Series 2008-B, 5.00% 2023 (put 2010)1 | 3,000 | 3,083 | ||||||
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Bonds, | ||||||||
| Series 1999, 6.125% 2016 | 990 | 883 | ||||||
| City of Folsom, Community Facs. Dist. No. 10, Special Tax Bonds, Series 1999, 7.00% 2024 (preref. 2009) | 770 | 814 | ||||||
| City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, | ||||||||
| Series 1999, 6.50% 2015 (preref. 2009) | 1,000 | 1,040 | ||||||
| City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, | ||||||||
| Series 1999, 6.625% 2030 (preref. 2009) | 1,000 | 1,041 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
| Series 2003-A-1, 6.25% 2033 (preref. 2013) | 1,585 | 1,756 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-A-1, 5.00% 2033 | 3,000 | 1,876 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011) | 165 | 179 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011) | 835 | 834 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-K, 5.125% 2022 | 2,000 | 1,971 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 | 1,000 | 899 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 | 2,000 | 1,777 | ||||||
| City of Irvine, Assessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Group Seven, 5.00% 2020 | 380 | 305 | ||||||
| Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 720 | ||||||
| City of Loma Linda, Hospital Rev. Bonds (Loma Linda University Medical Center), Series 2005-A, 5.00% 2017 | 3,000 | 2,648 | ||||||
| City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, MBIA insured, 5.00% 2018 | 4,990 | 5,032 | ||||||
| City of Los Angeles, Multi-family Housing Rev. Bonds (GNMA Collateralized — Ridgecroft Apartments Project), | ||||||||
| Series 1997-E, AMT, 6.00% 2017 | 460 | 461 | ||||||
| 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 | 2,229 | ||||||
| Metropolitan Water Dist. of Southern California, Water Rev. Bonds, 2008 Authorization, Series A, 5.00% 2034 | 4,000 | 3,966 | ||||||
| City of Moorpark, Community Facs. Dist. No 2004-1, Special Tax Bonds (Moorpark Highlands), Series 2006, 5.25% 2026 | 990 | 658 | ||||||
| Morongo Band of Mission Indians, California Enterprise Rev. Bonds (Indians Enterprise Casino Project), | ||||||||
| Series B, 5.50% 2018 | 2,875 | 2,380 | ||||||
| Morongo Band of Mission Indians, California Enterprise Rev. Bonds (Indians Enterprise Casino Project), | ||||||||
| Series B, 6.50% 2028 | 5,250 | 3,995 | ||||||
| Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 | 2,000 | 1,326 | ||||||
| Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), | ||||||||
Series 2008-B, 6.125% 20482 | 1,000 | 647 | ||||||
| Municipal Fin. Auth., Rev. Ref. Bonds (BIOLA University), Series 2008-A, 5.80% 2028 | 500 | 394 | ||||||
| Municipal Fin. Auth., Rev. Ref. Bonds (BIOLA University), Series 2008-A, 5.875% 2034 | 2,000 | 1,511 | ||||||
| City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, | ||||||||
| Series 2007, 5.05% 2027 | 2,000 | 1,227 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2020 | 4,815 | 2,970 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2021 | 4,145 | 2,370 | ||||||
| Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 2004-C, AMT, FGIC insured, 4.75% 2023 | 1,030 | 748 | ||||||
| Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 2004-D, AMT, FGIC insured, 4.75% 2023 | 4,550 | 3,305 | ||||||
| Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 1996-A, AMT, MBIA insured, 5.35% 2016 | 1,000 | 942 | ||||||
| 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 | 883 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2003-A, AMT, 5.00% 2038 (put 2013) | 1,000 | 891 | ||||||
| Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2002-A, AMT, 5.00% 2022 | 3,000 | 2,266 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 6.625% 20172 | 3,000 | 2,463 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 7.00% 20272 | 6,000 | 4,501 | ||||||
| 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 | 1,139 | ||||||
| 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 | 760 | ||||||
| County of Riverside Community Facs. Dist. No. 04-2 (Lake Hills Crest), Special Tax Bonds, Series 2005, 5.00% 2025 | 1,000 | 688 | ||||||
| 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 | 437 | ||||||
| Sacramento County Water Fncg. Auth., Rev. Bonds (Sacramento County Water Agcy. Zones 40 and | ||||||||
41 2007 Water System Project), Series 2007-B, FGIC insured, 2.026% 20341 | 5,000 | 2,375 | ||||||
| San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds, 6.625% 2026 | 1,000 | 856 | ||||||
| Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Bonds, Ref. Series 2009-A, 5.00% 2026 | 1,000 | 1,011 | ||||||
| San Diego Unified School Dist., 2005 G.O. Ref. Bonds (Election of 1998), Series D-2, FSA insured, 4.75% 2026 | 1,500 | 1,488 | ||||||
| San Francisco Airport Auth., Ref. Bonds, Series A, AMT, 6.50% 2019 (put 2010) | 1,000 | 1,027 | ||||||
| San Mateo County Community College Dist. (County of San Mateo), Election of 2005 G.O. Bonds | ||||||||
| (Capital Appreciation Bonds), Series 2006-B, MBIA insured, 0% 2035 | 5,000 | 897 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Bonds, | ||||||||
| Series 1999, 6.10% 2014 (preref. 2009) | 325 | 342 | ||||||
| Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), | ||||||||
Series 2006, 4.50% 20112 | 600 | 566 | ||||||
| Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), | ||||||||
Series 2006, 4.875% 20162 | 3,500 | 2,740 | ||||||
| Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), | ||||||||
Series 2006, 5.00% 20202 | 3,200 | 2,147 | ||||||
| Community Facs. Dist. No. 2002-1, Saugus Union School Dist., Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 730 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Childrens Hospital Los Angeles), Series 2007, 5.00% 2047 | 4,000 | 2,406 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-A, 5.25% 2024 | 1,440 | 1,032 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-H, 5.25% 2025 | 1,245 | 877 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), | ||||||||
| Series 2007-A, 5.40% 2017 | 2,000 | 1,562 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2008, 6.00% 2040 | 2,250 | 1,521 | ||||||
| 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 | 2,495 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2029 | 1,000 | 732 | ||||||
| Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 | 2,640 | 2,370 | ||||||
| City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, | ||||||||
| Series 2003, 5.90% 2034 | 1,500 | 1,074 | ||||||
| Tobacco Securitization Auth., Tobacco Settlement Asset-backed Bonds | ||||||||
| (San Diego County Tobacco Asset Securitization Corp.), Series 2001-A, 5.25% 2027 (preref. 2012) | 910 | 1,030 | ||||||
| Dept. of Water Resources, Power Supply Rev. Bonds, Series 2005-F-3, 5.00% 2022 | 1,000 | 1,044 | ||||||
| Whittier Redev. Agcy., Tax Allocation Bonds (Commercial Corridor Redev. Project), Series 2007-A, 5.00% 2030 | 1,000 | 641 | ||||||
| 118,440 | ||||||||
| COLORADO — 4.76% | ||||||||
| Arapahoe County, Capital Improvement Trust Fund Highway Rev. Bonds (E-470 Project), Capital Appreciation Bonds, | ||||||||
| Series 2000-B, 0% 2034 (preref. 2010) | 7,500 | 1,205 | ||||||
| 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 | 1,099 | ||||||
| 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 | 2,553 | ||||||
| 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 | 1,397 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2013 | 595 | 571 | ||||||
| City of Black Hawk, Device Tax Rev. Ref. Bonds, Series 2006-A, 5.00% 2018 | 600 | 513 | ||||||
| Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, | ||||||||
| Series 2007-A, RADIAN insured, 5.60% 2034 | 3,610 | 2,913 | ||||||
| Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 6.125% 2037 | 2,000 | 1,227 | ||||||
| City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.00% 2017 | 2,000 | 2,025 | ||||||
| City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.50% 2016 | 2,210 | 2,345 | ||||||
| City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC insured, 5.00% 2012 | 500 | 520 | ||||||
| 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 | 8,903 | ||||||
| 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 | 562 | ||||||
Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2007-B, 2.576% 20331 | 4,930 | 2,046 | ||||||
| Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Brighton Charter School Project), | ||||||||
| Series 2006, 6.00% 2036 | 1,700 | 1,071 | ||||||
| Educational and Cultural Facs. Auth., Rev. Bonds (Cerebral Palsy of Colorado Project), Series 2006-A, 6.25% 2036 | 2,550 | 1,745 | ||||||
| Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
| Series 2008, 5.375% 2028 | 1,000 | 889 | ||||||
| Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
| Series 2008, 5.50% 2038 | 1,000 | 842 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2000, 6.60% 2016 | 385 | 399 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2002, 5.90% 2027 | 1,830 | 1,630 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2006, 5.25% 2024 | 3,880 | 3,321 | ||||||
| Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2000, 6.60% 2016 (preref. 2010) | 615 | 691 | ||||||
| Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2026 | 2,100 | 1,477 | ||||||
| Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2037 | 2,750 | 1,698 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 6.125% 2033 | 1,000 | 744 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 | 1,320 | 1,174 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 | 1,150 | 993 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 | 1,485 | 1,203 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 | 2,095 | 1,650 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 7,355 | ||||||
| Housing and Fin. Auth., Single-family Program Bonds, Series 1997-B-2, AMT, 7.00% 2026 | 5 | 5 | ||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
| Series 2003, 8.00% 2025 | 8,500 | 7,215 | ||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
| Series 2005, 8.125% 2025 | 5,000 | 4,119 | ||||||
| Lincoln Park Metropolitan Dist. (Douglas County), G.O. Limited Tax Ref. and Improvement Bonds, | ||||||||
| Series 2001, 7.75% 2026 (preref. 2011) | 2,750 | 3,221 | ||||||
| North Range Metropolitan Dist. No. 1 (City of Commerce, Adams County), Limited Tax G.O. Bonds, | ||||||||
| Series 2001, 7.25% 2031 (preref. 2011) | 995 | 1,146 | ||||||
| North Range Metropolitan Dist. No. 2 (Adams County), Limited Tax G.O. Bonds, Series 2007, 5.50% 2027 | 500 | 280 | ||||||
| North Range Metropolitan Dist. No. 2 (Adams County), Limited Tax G.O. Bonds, Series 2007, 5.50% 2037 | 1,750 | 889 | ||||||
| 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 | 1,731 | ||||||
| Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 | 2,000 | 1,625 | ||||||
| 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) | 2,875 | 3,340 | ||||||
| Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) | ||||||||
| Ref. and Improvement Bonds, Series 2007, 5.25% 2037 | 1,250 | 702 | ||||||
| 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 | 743 | ||||||
| Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, | ||||||||
| Series 2006, 5.75% 2036 | 1,190 | 728 | ||||||
| Regents of the Univeristy of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.375% 2038 | 1,250 | 1,270 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Bonds, Series 2001, 7.50% 2031 (preref. 2009) | 1,655 | 1,692 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 6.625% 2040 | 2,250 | 1,629 | ||||||
| 85,096 | ||||||||
| CONNECTICUT — 1.19% | ||||||||
| Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-A, 5.85% 2028 | 1,375 | 1,311 | ||||||
| Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), | ||||||||
| Series 1993-B, AMT, 5.95% 2028 | 1,500 | 1,241 | ||||||
| Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program), | ||||||||
| Series 2005-A, AMT, MBIA insured, 4.25% 2019 | 765 | 685 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-A, 5.50% 20362 | 1,500 | 904 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.60% 20092 | 1,000 | 987 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.75% 20182 | 3,000 | 2,304 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 5.375% 2011 | 525 | 513 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.00% 2016 | 6,100 | 5,295 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.25% 2021 | 3,000 | 2,360 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2001, 6.25% 2031 | 2,000 | 1,397 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.25% 2033 | 5,000 | 3,011 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.50% 2013 | 1,380 | 1,307 | ||||||
| 21,315 | ||||||||
| DELAWARE — 0.05% | ||||||||
| Housing Auth., Single-family Mortgage Rev. Bonds, Series 2006-C, AMT, 6.25% 2037 | 885 | 916 | ||||||
| DISTRICT OF COLUMBIA — 0.48% | ||||||||
| University Rev. Bonds (Georgetown University Issue), Series 1988-B, 5.75% 2039 | 2,000 | 1,994 | ||||||
| Water and Sewer Auth., Public Utility Rev. Bonds, Series 2009-A, 5.50% 2039 | 2,300 | 2,309 | ||||||
| Water and Sewer Auth., Public Utility Rev. Bonds, Series 2009-A, 6.00% 2035 | 4,000 | 4,197 | ||||||
| 8,500 | ||||||||
| FLORIDA — 12.92% | ||||||||
| Alachua County Health Facs. Auth., Health Facs. Rev. Bonds (Shands HealthCare Project), Series 2008-D-2, 6.75% 2030 | 900 | 866 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.625% 2022 | 1,000 | 706 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.75% 2026 | 5,000 | 3,322 | ||||||
| Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.875% 2042 | 4,500 | 2,628 | ||||||
| Arborwood Community Dev. Dist. (City of Fort Myers), Capital Improvement Rev. Bonds (Centex Homes Project), | ||||||||
| Series 2006-B-2, 5.10% 2016 | 2,080 | 1,573 | ||||||
| Ave Maria Stewardship Community Dist. (Collier County), Bond Anticipation Bonds, Series 2006, 4.80% 2012 | 3,000 | 1,805 | ||||||
| Ave Maria Stewardship Community Dist. (Collier County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2006-A, 5.125% 2038 | 1,980 | 917 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 | 1,500 | 1,152 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 | 1,715 | 923 | ||||||
| Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
| Series 2007-A, 6.00% 2038 | 1,850 | 1,134 | ||||||
| Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
| Series 2007-B, 6.20% 2038 | 1,500 | 903 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.00% 2014 | 610 | 559 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.25% 2033 | 1,960 | 1,492 | ||||||
| Belmont Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2006-B, 5.125% 2014 | 980 | 392 | ||||||
| Boynton Village Community Dev. Dist. (City of Boynton Beach), Special Assessment Bonds, | ||||||||
| Series 2007-A-2, 6.00% 2038 | 1,500 | 867 | ||||||
| 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) | 1,400 | 1,688 | ||||||
| Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 3,330 | 2,723 | ||||||
| City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2005-A, 6.125% 2036 | 4,435 | 2,765 | ||||||
| City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2007-A, 6.00% 2038 | 5,715 | 3,470 | ||||||
| Concorde Estates Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2011 | 525 | 270 | ||||||
| Connerton West Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-B, 5.125% 2016 | 2,290 | 1,410 | ||||||
| Crosscreek Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2007-A, 5.60% 2039 | 1,500 | 697 | ||||||
| Crosscreek Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2007-B, 5.50% 2017 | 3,400 | 1,577 | ||||||
| East Homestead Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2006-B, 5.00% 2011 | 635 | 455 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
| Series 2006-A, AMT, 4.80% 2038 | 6,780 | 6,045 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
| Series 2007-B, AMT, 4.70% 2039 | 2,985 | 2,637 | ||||||
| Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2004-B, 5.125% 2009 | 325 | 244 | ||||||
| Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2007-B, 5.00% 2012 | 1,775 | 893 | ||||||
| Fleming Island Plantation Community Dev. Dist. (Clay County), Series 2000-B, 7.375% 2031 (preref. 2010) | 985 | 1,077 | ||||||
| The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, | ||||||||
| Series 2000-C, 7.10% 2030 | 7,355 | 5,807 | ||||||
| Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 | 11,500 | 5,829 | ||||||
| Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 9,080 | ||||||
| Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2008-A, AMT, FSA insured, 5.25% 2018 | 2,000 | 2,041 | ||||||
| Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-A, 7.00% 2033 | 915 | 786 | ||||||
| Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-B, 6.25% 2009 | 60 | 56 | ||||||
| Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2001-B, 6.35% 2010 | 1,155 | 752 | ||||||
| Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 4,280 | 2,783 | ||||||
| Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005, 5.60% 2036 | 1,260 | 736 | ||||||
| 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 | 2,204 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2016 (preref. 2015) | 150 | 176 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2018 (preref. 2015) | 250 | 294 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2018 (preref. 2016) | 100 | 119 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2023 (preref. 2016) | 145 | 173 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2016 | 1,050 | 1,092 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2018 | 1,750 | 1,790 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2018 | 2,900 | 3,000 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2023 | 1,855 | 1,758 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
| Series 2007-A, 5.25% 2027 | 2,000 | 1,674 | ||||||
| City of Tampa, Capital Improvement Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
| Series 1999-A, 5.75% 2029 | 1,000 | 831 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2012 | 1,000 | 1,011 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2013 | 1,500 | 1,515 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
| Series 2003-A, 5.00% 2018 | 3,795 | 3,633 | ||||||
| Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2020 | 3,485 | 3,222 | ||||||
| Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
| Series 2007-A, 6.00% 2017 | 2,515 | 2,119 | ||||||
| Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
Series 2007-A, 6.25% 20272 | 2,500 | 1,848 | ||||||
| Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), Series 2007-A, 5.00% 2024 | 2,000 | 1,753 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-A, 7.40% 2032 | 740 | 669 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2001-B, 6.40% 2011 | 135 | 126 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005-A, 5.60% 2037 | 920 | 484 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005-B, 4.875% 2010 | 2,960 | 1,825 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 4.875% 2010 | 1,065 | 985 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036 | 2,755 | 1,548 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-A, 5.30% 2038 | 2,000 | 921 | ||||||
| Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 2011 | 7,250 | 3,352 | ||||||
| City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2022 | 2,235 | 1,921 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project), | ||||||||
| Series 2006, 5.40% 2037 | 985 | 514 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006, 5.50% 2036 | 3,205 | 1,710 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B, 5.00% 2013 | 3,165 | 1,923 | ||||||
| Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-A, 5.50% 2038 | 1,000 | 459 | ||||||
| Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-B, 5.20% 2015 | 3,000 | 1,375 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. Project), | ||||||||
| Series 1997-A, 6.25% 2017 | 2,315 | 1,944 | ||||||
| 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 | 1,095 | ||||||
| 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 | 1,210 | ||||||
| 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 | 1,598 | ||||||
| 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 | 3,000 | 1,966 | ||||||
| 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 | 7,152 | ||||||
| Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2016 | 4,535 | 4,666 | ||||||
| Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-A, 5.45% 2039 | 4,000 | 1,991 | ||||||
| Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-B, 5.25% 2014 | 2,750 | 1,468 | ||||||
| Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 2014 | 4,255 | 2,583 | ||||||
| Marion County Hospital Dist., Health System Ref. and Improvement Rev. Bonds (Munroe Regional Health System), | ||||||||
| Series 2007, 5.00% 2022 | 1,100 | 959 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2000-A, 7.65% 2032 | 2,840 | 2,641 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 4,665 | 3,211 | ||||||
| Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-1, 4.80% 2009 | 600 | 523 | ||||||
| Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2009 | 95 | 85 | ||||||
| Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2036 | 1,950 | 1,048 | ||||||
| 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 | 979 | ||||||
| Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
| Series 2003-E, AMT, MBIA insured, 5.375% 2017 | 1,000 | 1,014 | ||||||
| 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 | 3,851 | ||||||
| Midtown Miami Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Infrastructure Project), | ||||||||
| Series 2004-B, 6.50% 2037 | 1,975 | 1,287 | ||||||
| Naturewalk Community Dev. Dist. (Walton County), Capital Improvement Rev. Bonds, Series 2007-A, 5.50% 2038 | 1,000 | 523 | ||||||
| Naturewalk Community Dev. Dist. (Walton County), Capital Improvement Rev. Bonds, Series 2007-B, 5.30% 2016 | 1,970 | 1,144 | ||||||
| New Port Tampa Bay Community Dev. Dist., Special Assessment Bonds (City of Tampa), Series 2006-A, 5.875% 2038 | 1,500 | 523 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Heron Bay Project), | ||||||||
| Series 1997, 7.00% 2019 | 2,125 | 2,067 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds | ||||||||
| (Parkland Golf and Country Club Assessment Area), Series 2005-A-1, 5.45% 2026 | 2,905 | 1,811 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Parkland Isles Project), | ||||||||
| Series 1997-A, 7.00% 2019 | 1,000 | 972 | ||||||
| Northern Palm Beach County Improvement Dist., Water Control and Improvement Bonds (Unit of Dev. No. 9B), | ||||||||
| Series 1999, 5.85% 2013 (preref. 2009) | 475 | 490 | ||||||
| City of Orlando, Special Assessment Rev. Bonds (Conroy Road Interchange Project), Series 1998-A, 5.80% 2026 | 3,250 | 2,587 | ||||||
| Palm Beach County Health Facs. Auth., Retirement Communities Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2020 | 3,085 | 2,548 | ||||||
| Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, | ||||||||
| Series 2006, 5.70% 2037 | 3,730 | 1,985 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-A, 5.60% 2038 | 1,500 | 795 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-B, 5.35% 2015 | 2,000 | 1,522 | ||||||
| Parklands Lee Community Dev. Dist. (Bonita Springs), Special Assessment Bonds, Series 2005-B, 5.125% 2011 | 965 | 473 | ||||||
| Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 | 1,780 | 891 | ||||||
| Pine Air Lakes Community Dev. Dist. (Collier County), Special Assessment Rev. Bonds, Series 2002, 7.25% 2033 | 2,305 | 2,039 | ||||||
| City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 | 1,365 | 1,044 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 | 1,625 | 1,446 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 | 3,230 | 2,241 | ||||||
Seminole Tribe of Florida 5.25% 20272 | 7,000 | 4,648 | ||||||
Seminole Tribe of Florida 5.50% 20242 | 2,500 | 1,781 | ||||||
Seminole Tribe of Florida 5.75% 20222 | 2,760 | 2,090 | ||||||
| Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.10% 2025 | 3,995 | 2,498 | ||||||
| Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.125% 2037 | 3,995 | 2,180 | ||||||
| Six Mile Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, Series 2007, 5.875% 2038 | 3,350 | 1,462 | ||||||
| South-Dade Venture Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2002, 6.90% 2033 | 3,740 | 3,174 | ||||||
| South Village Community Dev. Dist. (Clay County), Capital Improvement Rev. Bonds, Series 2005-A, 5.70% 2035 | 965 | 544 | ||||||
| Split Pine Community Dev. Dist. (City of Jacksonville), Special Assessment Bonds, Series 2007-A, 5.25% 2039 | 3,000 | 1,531 | ||||||
| Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 2013 | 2,035 | 1,556 | ||||||
| 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 | 3,971 | ||||||
| Sweetwater Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2007-B-1, 5.30% 2017 | 2,000 | 1,110 | ||||||
| Tison’s Landing Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005-B, 5.00% 2011 | 1,740 | 616 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.45% 2023 | 2,000 | 1,438 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.65% 2040 | 2,000 | 1,263 | ||||||
| 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 | 1,688 | ||||||
| Turnbull Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2005, 5.80% 2035 | 960 | 582 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,850 | 3,117 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,135 | 615 | ||||||
| Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, Series 2004, 6.00% 2020 | 990 | 763 | ||||||
| Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-A, 6.75% 2034 | 980 | 679 | ||||||
| Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-B, 5.95% 2012 | 40 | 38 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, | ||||||||
| Series 2007-A, 6.60% 2039 | 1,690 | 1,027 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, | ||||||||
| Series 2007-B, 6.55% 2015 | 3,910 | 2,402 | ||||||
| West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), | ||||||||
| Series 2005, 5.80% 2036 | 6,000 | 3,477 | ||||||
| Winter Garden Village at Fowler Groves Community Dev. Dist. (City of Winter Garden), Special Assessment Bonds, | ||||||||
| Series 2006, 5.65% 2037 | 1,975 | 1,383 | ||||||
| 231,139 | ||||||||
| GEORGIA — 1.90% | ||||||||
| Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), | ||||||||
| Series 2004-A, ACA insured, 6.25% 2024 | 2,240 | 1,443 | ||||||
| City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.75% 2014 (preref. 2011) | 715 | 820 | ||||||
| City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.90% 2024 (preref. 2011) | 2,000 | 2,391 | ||||||
| City of Atlanta, Tax Allocation Bonds (Eastside Project), Series 2005-A, AMT, 5.625% 2016 | 2,545 | 2,288 | ||||||
| Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), | ||||||||
| Series 2008-C, 5.70% 2043 | 3,000 | 2,694 | ||||||
| Clayton County, Tax Allocation Bonds (Ellenwood Project), Series 2008, 7.50% 2033 | 4,705 | 3,910 | ||||||
| Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 | 4,500 | 3,056 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.00% 2018 | 1,500 | 1,081 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2027 | 2,500 | 1,545 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2037 | 2,500 | 1,284 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2018 | 2,000 | 1,658 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2019 | 1,000 | 814 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2022 | 5,000 | 3,831 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 | 2,000 | 1,568 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 | 1,000 | 766 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2028 | 1,395 | 1,032 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2008-A, 6.00% 20223 | 2,500 | 495 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2027 | 2,750 | 1,721 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2037 | 1,375 | 775 | ||||||
| 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 | 47 | ||||||
| Dev. Auth. of the City of Milledgeville and Baldwin County, Student Housing Rev. Ref. Bonds | ||||||||
| (Georgia College & State University Foundation Property V, LLC Project), | ||||||||
Series 2007, AMBAC insured, 1.611% 20331 | 1,500 | 743 | ||||||
| 33,962 | ||||||||
| GUAM — 0.05% | ||||||||
| Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 | 1,000 | 952 | ||||||
| IDAHO — 1.40% | ||||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-H-2, AMT, 5.40% 2010 | 60 | 61 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-I-2, AMT, 5.55% 2010 | 30 | 30 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-B-2, AMT, 5.20% 2011 | 65 | 66 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-B-2, AMT, 5.00% 2013 | 165 | 165 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-D-3, AMT, 5.15% 2013 | 165 | 166 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-G, AMT, 5.75% 2014 | 100 | 103 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-B, Class III, AMT, 5.75% 2020 | 810 | 830 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021 | 650 | 653 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-F, Class III, AMT, 5.30% 2021 | 770 | 770 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-C, Class III, AMT, 5.50% 2021 | 745 | 754 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-E, Class III, AMT, 5.30% 2022 | 735 | 737 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 | 700 | 669 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 | 695 | 613 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 1,075 | 1,075 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 1,000 | 900 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-B, Class III, AMT, 5.40% 2024 | 1,475 | 1,455 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-B, Class III, AMT, 5.00% 2025 | 1,740 | 1,619 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 885 | 775 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-D, Class III, AMT, 4.90% 2026 | 1,145 | 1,020 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-F, Class III, AMT, 5.00% 2026 | 1,105 | 1,031 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-D, Class III, AMT, 5.20% 2027 | 2,985 | 2,881 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-F, Class III, AMT, 4.80% 2028 | 1,280 | 1,092 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-A, Class III, AMT, 4.85% 2028 | 2,160 | 1,833 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-B, Class III, AMT, 4.60% 2028 | 860 | 701 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 | 1,965 | 1,638 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-E-1, Class III, AMT, 4.85% 2028 | 2,605 | 2,211 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-J, Class III, AMT, 5.00% 2028 | 1,190 | 1,114 | ||||||
| 24,962 | ||||||||
| ILLINOIS — 4.95% | ||||||||
| 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 | 4,052 | ||||||
| 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 | 1,020 | ||||||
| City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2001-C, AMT, AMBAC insured, 5.50% 2015 | 2,030 | 2,077 | ||||||
| City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2001-E, AMT, AMBAC insured, 5.50% 2016 | 1,170 | 1,191 | ||||||
| City of Chicago, Special Assessment Improvement Bonds (Lakeshore East Project), Series 2002, 6.75% 2032 | 2,000 | 1,346 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.40% 2016 | 800 | 669 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.625% 2036 | 3,650 | 2,058 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2021 | 1,000 | 760 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2026 | 1,000 | 681 | ||||||
| Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2036 | 4,000 | 2,428 | ||||||
| Fin. Auth., Rev. Bonds (Alexian Brothers Health System), Series 2008, 5.50% 2038 | 4,500 | 3,562 | ||||||
| Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), Series 1999, FSA insured, 5.125% 2028 | 295 | 272 | ||||||
| Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.00% 2025 | 2,250 | 1,440 | ||||||
| Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 4,750 | 2,631 | ||||||
| Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 | 5,500 | 3,612 | ||||||
| Health Facs. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2002, 6.25% 2017 | 3,335 | 3,403 | ||||||
| Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. — Obligated Group), Series 2007-A, 5.00% 2026 | 2,000 | 1,891 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2027 | 3,490 | 2,552 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2037 | 2,000 | 1,345 | ||||||
| Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 2042 | 5,725 | 3,758 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2027 | 1,000 | 628 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2037 | 3,000 | 1,717 | ||||||
| Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 2042 | 2,000 | 1,106 | ||||||
| Fin. Auth., Rev. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 | 2,000 | 1,388 | ||||||
| Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2026 | 1,500 | 1,031 | ||||||
| Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 | 2,000 | 1,187 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Fairview Obligated Group), Series 2004-A, 6.00% 2020 (preref. 2009) | 1,000 | 1,026 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 3,000 | 1,952 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 | 3,500 | 1,970 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 | 1,020 | 947 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 | 1,000 | 798 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 | 1,500 | 1,164 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-A, 5.25% 2034 | 2,990 | 1,900 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.00% 2025 | 5,000 | 3,495 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.25% 2019 | 5,500 | 4,582 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 13, Special Tax Bonds (Tuscany Woods Project), | ||||||||
| Series 2007, 5.75% 2037 | 5,000 | 2,646 | ||||||
| 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 | 1,641 | ||||||
| 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 | 615 | ||||||
| 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 | 1,525 | ||||||
| Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2014 | 1,500 | 1,516 | ||||||
| Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2018 | 500 | 501 | ||||||
| Health Facs. Auth., Rev. Bonds (Riverside Health System), Series 2002, 5.75% 2022 (preref. 2012) | 1,000 | 1,131 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 4.85% 2026 | 1,855 | 1,643 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 5.00% 2042 | 1,665 | 1,366 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.20% 2015 | 1,135 | 1,196 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.30% 2016 | 445 | 466 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.55% 2021 | 825 | 816 | ||||||
| Housing Dev. Auth., Housing Bonds, Series G, 4.80% 2032 | 1,000 | 882 | ||||||
| Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,850 | 1,157 | ||||||
| Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
| (Groebe Farm-Stonegate Project), Series 2007, 5.75% 2022 | 2,450 | 1,497 | ||||||
| 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 | 2,644 | ||||||
| Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Bonds (Lakewood Creek Project), | ||||||||
| Series 2001, 7.75% 2030 (preref. 2011) | 945 | 1,056 | ||||||
| Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds | ||||||||
| (Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030 | 986 | 643 | ||||||
| 88,580 | ||||||||
| INDIANA — 2.04% | ||||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2028 | 2,055 | 1,341 | ||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2032 | 1,000 | 619 | ||||||
| Dev. Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Inland Steel Co. Project No. 15), Series 1997-A, 5.75% 2011 | 1,000 | 948 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-A, 5.00% 2036 | 1,500 | 1,061 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-A, 5.00% 2039 | 1,500 | 1,046 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-B, 5.00% 2023 | 5,220 | 4,360 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2027 | 4,000 | 2,903 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 7,750 | 5,099 | ||||||
| Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 | 1,000 | 1,074 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), | ||||||||
Series 1995-A, AMT, 6.50% 20313 | 3,500 | 72 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 8,000 | 6,705 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2004-I, AMT, MBIA insured, 5.25% 2014 | 2,000 | 2,067 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2015 | 2,000 | 2,039 | ||||||
| Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
| Series 1988-C, MBIA insured, 5.60% 2016 | 1,000 | 1,028 | ||||||
| Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
| Series 1988-C, MBIA insured, 5.85% 2019 | 2,000 | 2,010 | ||||||
| St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2026 | 230 | 167 | ||||||
| St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2038 | 500 | 322 | ||||||
| Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 | 1,375 | 1,173 | ||||||
| Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 | 4,000 | 2,416 | ||||||
| 36,450 | ||||||||
| IOWA — 0.55% | ||||||||
| Coralville, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2007-C, 5.00% 2047 | 2,075 | 1,518 | ||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2037 | 2,500 | 1,677 | ||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2042 | 5,000 | 3,259 | ||||||
| Fin. Auth., Single-family Mortgage Bonds, Series 2006-E, AMT, 5.50% 2036 | 1,260 | 1,260 | ||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011) | 2,000 | 2,187 | ||||||
| 9,901 | ||||||||
| KANSAS — 0.37% | ||||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.125% 2017 | 1,200 | 991 | ||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.50% 2039 | 3,250 | 1,776 | ||||||
| City of Manhattan, Health Care Fac. Rev. Bonds (Meadowlark Hills Retirement Community), | ||||||||
| Series 2007-B, 5.125% 2042 | 1,000 | 593 | ||||||
| City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project), | ||||||||
| Series 2006, 5.125% 2028 | 2,705 | 1,735 | ||||||
| Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds | ||||||||
| (Legends at Village West Project), Series 2006, 4.60% 2016 | 1,745 | 1,471 | ||||||
| 6,566 | ||||||||
| KENTUCKY — 0.77% | ||||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.80% 2012 | 1,000 | 907 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.85% 2017 | 7,000 | 5,383 | ||||||
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), | ||||||||
| Series 2008-A-1, ASSURED GUARANTY insured, 5.75% 2028 | 2,500 | 2,523 | ||||||
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), | ||||||||
| Series 2008-A-1, ASSURED GUARANTY insured, 6.00% 2033 | 1,000 | 1,007 | ||||||
| Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), | ||||||||
| Series 2008-A-1, ASSURED GUARANTY insured, 6.00% 2042 | 2,000 | 1,987 | ||||||
| Louisville/Jefferson County Metro Government, Health Facs. Rev. Bonds | ||||||||
| (Jewish Hospital & St. Mary’s HealthCare, Inc. Project), Series 2008, 6.125% 2037 | 2,005 | 1,979 | ||||||
| 13,786 | ||||||||
| LOUISIANA — 2.29% | ||||||||
| Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2020 | 3,000 | 2,827 | ||||||
| Colonial Pinnacle Community Dev. Dist., Special Assessment Bonds, Series 2008, 7.00% 2037 | 4,000 | 2,497 | ||||||
| Health Education Auth., Rev. Ref. Bonds (Lambeth House Project), Series 1998-A, 6.20% 2028 | 5,000 | 3,555 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2007, 6.75% 2032 | 13,000 | 9,094 | ||||||
| Parish of Morehouse, Pollution Control Rev. Ref. Bonds (International Paper Co. Project), Series 2001-A, 5.25% 2013 | 2,500 | 2,233 | ||||||
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 | 1,000 | 724 | ||||||
| Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 10,500 | 7,130 | ||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 12,883 | ||||||
| 40,943 | ||||||||
| MAINE — 0.78% | ||||||||
Fin. Auth., Rev. Obligation Securities, Point Lookout Issue, Series 2008, 9.875% 20174 | 15,000 | 12,666 | ||||||
| Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,218 | ||||||
| 13,884 | ||||||||
| MARYLAND — 1.21% | ||||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 | 2,666 | 1,550 | ||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 | 1,987 | 1,034 | ||||||
| Baltimore County, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2027 | 1,000 | 778 | ||||||
| Mayor and City Council of Baltimore, Convention Center Hotel Rev. Bonds, Series 2006-B, 5.875% 2039 | 750 | 415 | ||||||
| Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||||||||
| Series 2006-F, AMT, 6.00% 2039 | 2,165 | 2,189 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 500 | 299 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.80% 2038 | 1,000 | 723 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), | ||||||||
| Series 2006, CIFG insured, 5.00% 2026 | 1,000 | 727 | ||||||
| Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 1998, 6.625% 2025 | 3,500 | 2,631 | ||||||
| Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 6.25% 2030 | 970 | 625 | ||||||
| City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 7,000 | 4,560 | ||||||
| Housing Auth. of Prince George’s County, Mortgage Rev. Bonds | ||||||||
| (GNMA Collateralized — Langley Gardens Apartments Project), Series 1997-A, AMT, 5.75% 2029 | 1,000 | 975 | ||||||
| Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,900 | 1,521 | ||||||
| Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 2,750 | 1,412 | ||||||
| Prince George’s County, Special Obligation Bonds (Woodview Village Phase II Subdistrict), | ||||||||
| Series 2002, 7.00% 2032 (preref. 2012) | 1,885 | 2,212 | ||||||
| 21,651 | ||||||||
| MASSACHUSETTS — 1.91% | ||||||||
| Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 | 1,400 | 1,133 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2019 | 800 | 655 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2029 | 4,150 | 2,673 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.25% 2018 | 1,000 | 721 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.50% 2027 | 2,500 | 1,462 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2035 | 3,000 | 1,664 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2042 | 2,000 | 1,067 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.60% 2022 | 5,000 | 4,327 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 10,000 | 7,883 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue H, Series 2008, AMT, | ||||||||
| ASSURED GUARANTY insured, 6.125% 2022 | 8,000 | 8,307 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Harvard University Issue), Series 2009-A, 5.50% 2036 | 1,500 | 1,574 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series C, 6.00% 2015 | 1,000 | 1,079 | ||||||
| Housing Fin. Agcy., Housing Bonds, Series 2006-D, AMT, 4.625% 2026 | 1,960 | 1,687 | ||||||
| 34,232 | ||||||||
| MICHIGAN — 2.48% | ||||||||
| Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. and Ref. Bonds (Henry Ford Village, Inc. Project), | ||||||||
| Series 2008, 7.00% 2038 | 2,500 | 1,869 | ||||||
| Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. and Ref. Bonds (Henry Ford Village, Inc. Project), | ||||||||
| Series 2008, 7.125% 2043 | 5,000 | 3,765 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 | 1,500 | 1,159 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2028 | 2,750 | 1,694 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.00% 2017 | 460 | 456 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.10% 2018 | 380 | 374 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.25% 2014 | 405 | 423 | ||||||
| Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 5.00% 2016 | 445 | 476 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-P, AMT, AMBAC insured, 4.50% 2017 | 5,000 | 4,239 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017 | 2,000 | 1,732 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.95% 2026 | 2,500 | 1,821 | ||||||
| Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2038 | 3,000 | 1,949 | ||||||
| Hospital Fin. Auth., Hospital Rev. Bonds (Detroit Medical Center Obligated Group), Series 1998-A, 5.125% 2018 | 1,550 | 1,158 | ||||||
| Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2026 | 1,000 | 854 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2002-C, 5.375% 2023 | 1,500 | 1,509 | ||||||
| Hospital Fin. Auth., Rev. and Ref. Bonds (McLaren Health Care), Series 2008-A, 5.625% 2028 | 1,000 | 854 | ||||||
| Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2007-B, AMT, FSA insured, 4.95% 2044 | 8,000 | 6,450 | ||||||
| County of Monroe Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), | ||||||||
| Series 2006, 5.375% 2026 | 1,250 | 789 | ||||||
| City of Royal Oak Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (William Beaumont Hospital Obligated Group), | ||||||||
| Series 2009-V, 8.25% 2039 | 4,000 | 4,109 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2010 | 1,330 | 1,363 | ||||||
| City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2017 | 2,425 | 2,452 | ||||||
| State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 | 1,000 | 1,031 | ||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A, 5.125% 2022 | 2,000 | 1,462 | ||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Turbo Term Bonds, | ||||||||
| Series 2008-A, 6.875% 2042 | 3,440 | 2,361 | ||||||
| 44,349 | ||||||||
| MINNESOTA — 0.07% | ||||||||
| 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 | 1,256 | ||||||
| MISSISSIPPI — 0.36% | ||||||||
| Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2004-B-1, 5.00% 2024 | 2,500 | 2,428 | ||||||
| Hospital Equipment and Facs. Auth., Rev. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 | 4,500 | 4,002 | ||||||
| 6,430 | ||||||||
| MISSOURI — 1.65% | ||||||||
| Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), | ||||||||
| Series 2007, 5.00% 2019 | 2,885 | 2,687 | ||||||
| City of Fenton, Tax Increment Rev. Ref. Bonds (Gravois Bluffs Redev. Project), Series 2006, 4.50% 2021 | 1,700 | 1,729 | ||||||
| Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 | 2,075 | 1,704 | ||||||
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), | ||||||||
| Series 2007-B, 4.875% 2038 | 3,000 | 1,851 | ||||||
| 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 | 7,000 | 5,133 | ||||||
| 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 | 2,341 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2007-B, AMT, FSA insured, 5.00% 2027 | 5,490 | 4,702 | ||||||
| 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 | 6,851 | ||||||
| Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), | ||||||||
| Series 2002, 7.20% 2033 | 3,300 | 2,519 | ||||||
| 29,517 | ||||||||
| MONTANA — 0.22% | ||||||||
| Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.00% 2025 | 1,250 | 886 | ||||||
| Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.125% 2036 | 2,100 | 1,343 | ||||||
| Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037 | 1,735 | 1,734 | ||||||
| 3,963 | ||||||||
| NEBRASKA — 0.69% | ||||||||
| Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. and Ref. Bonds (Methodist Health System), | ||||||||
| Series 2008, 5.75% 2028 | 3,500 | 3,161 | ||||||
| Educational Fin. Auth., Rev. and Ref. Bonds (Concordia University Project), Series 2007, 5.00% 2037 | 1,490 | 903 | ||||||
| Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036 | 4,580 | 4,642 | ||||||
| Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-D, AMT, 5.50% 2036 | 3,635 | 3,633 | ||||||
| 12,339 | ||||||||
| NEVADA — 2.43% | ||||||||
| Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), AMT, 3.25% 2031 (put 2009) | 1,000 | 999 | ||||||
| Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, | ||||||||
| Series 2006-B, 5.30% 2029 | 1,000 | 463 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.125% 2011 | 955 | 881 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.40% 2014 | 1,160 | 949 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.50% 2015 | 910 | 716 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.875% 2021 | 2,350 | 1,570 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.60% 2013 | 975 | 879 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.75% 2014 | 975 | 862 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, | ||||||||
| Series 2003, 6.375% 2023 | 3,290 | 2,371 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 1,755 | 1,920 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 245 | 268 | ||||||
| City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 | 2,000 | 1,574 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2018 | 1,115 | 450 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2019 | 1,395 | 563 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.125% 2025 | 3,490 | 1,407 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2014 | 720 | 639 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2017 | 990 | 794 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 | 2,500 | 957 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 8,475 | 3,071 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.75% 2013 | 1,640 | 1,604 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.90% 2018 | 960 | 864 | ||||||
| Housing Division, Single-family Mortgage Bonds, Series 1999-B-1, 4.95% 2012 | 35 | 35 | ||||||
| Housing Division, Single-family Mortgage Bonds, Series 1999-D-2, AMT, 5.90% 2013 | 25 | 26 | ||||||
| City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Bonds, Series 2004, 5.75% 2016 | 2,115 | 1,675 | ||||||
| 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 | 601 | ||||||
| City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 | 5,000 | 3,642 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 | 2,000 | 1,430 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 | 2,375 | 1,494 | ||||||
| Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), | ||||||||
| Series 2007-B, AMT, 5.70% 2041 | 6,870 | 6,717 | ||||||
| City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
| Limited Obligation Improvement Bonds, 6.50% 2020 | 2,000 | 1,644 | ||||||
| City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
| Limited Obligation Improvement Bonds, 6.75% 2027 | 1,000 | 751 | ||||||
| City of Sparks, Tourism Improvement Dist. No. 1 (Legends at Sparks Marina), Sales Tax Anticipation Rev. Bonds, | ||||||||
| Series A, 6.50% 2020 | 2,000 | 1,587 | ||||||
| 43,403 | ||||||||
| NEW HAMPSHIRE — 0.54% | ||||||||
| 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 | 1,838 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Exeter Hospital Obligated Group Issue), Series 2001-A, 5.75% 2031 | 1,000 | 907 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire Medical Center Issue), | ||||||||
| Series 2007-A, 5.25% 2028 | 5,000 | 4,240 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.00% 2027 | 1,715 | 1,392 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.25% 2020 | 1,200 | 1,152 | ||||||
| Housing Fin. Auth., Single-family Mortgage Acquisition Rev. Bonds, Series 1997-D, AMT, 5.60% 2012 | 85 | 87 | ||||||
| 9,616 | ||||||||
| NEW JERSEY — 2.69% | ||||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2014 | 1,500 | 1,513 | ||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 5,500 | 5,490 | ||||||
| Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.50% 2016 | 2,750 | 2,719 | ||||||
| Econ. Dev. Auth., Econ. Dev. Bonds (City of Elizabeth — Kapkowski Road Landfill Reclamation Improvement Dist. Project), | ||||||||
| Series 1998-A, 6.375% 2031 (preref. 2014) | 1,500 | 1,848 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2026 | 3,625 | 2,363 | ||||||
| Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.00% 2015 | 665 | 625 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2019 | 2,000 | 1,436 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 13,000 | 8,180 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 1,353 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2007-E-2, FGIC insured, 3.42% 20371 | 5,000 | 5,000 | ||||||
| Higher Education Student Assistance Auth., Student Loan Rev. Bonds, | ||||||||
| Series 2008-A, AMT, ASSURED GUARANTY insured, 5.875% 2021 | 3,000 | 3,197 | ||||||
| Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, MBIA insured, 4.75% 2033 | 2,000 | 1,618 | ||||||
| Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, MBIA insured, 4.85% 2039 | 1,500 | 1,200 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023 | 3,425 | 2,509 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 12,500 | 7,981 | ||||||
| Transportation Trust Fund Auth., Transportation System Bonds, Current Interest Bonds, Series 2006-A, 5.25% 2019 | 1,000 | 1,140 | ||||||
| 48,172 | ||||||||
| NEW MEXICO — 0.77% | ||||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), | ||||||||
| Series 2001-A, 8.375% 2021 | 1,835 | 1,653 | ||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park, Phase I & II), | ||||||||
| Series 2001-B, 8.875% 2021 | 4,655 | 4,351 | ||||||
| Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2002-C, AMT, 5.82% 2033 | 1,180 | 1,192 | ||||||
| Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039 | 2,750 | 2,923 | ||||||
| Sandoval County, Incentive Payment Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 3,500 | 3,639 | ||||||
| 13,758 | ||||||||
| NEW YORK — 3.20% | ||||||||
| Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), | ||||||||
| Series 2002-B, 6.00% 2029 (put 2012) | 2,000 | 2,158 | ||||||
| Housing Fin. Agcy., Service Contract Obligation Rev. Ref. Bonds, Series 1997-C, 5.10% 2009 | 800 | 811 | ||||||
| Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 133, AMT, 6.00% 2032 | 855 | 873 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2006-C, AMT, 5.00% 2026 | 1,250 | 1,141 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 | 1,500 | 1,459 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 | 1,000 | 868 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 | 500 | 433 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 9,000 | 7,529 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 2,000 | 1,364 | ||||||
| New York City Industrial Dev. Agcy., Rev. Bonds (Brooklyn Navy Yard Cogeneration Partners, LP Project), | ||||||||
| Series 1997, AMT, 6.20% 2022 | 2,835 | 2,262 | ||||||
| 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 | 5,710 | ||||||
| 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 | 11,000 | 8,001 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (JetBlue Airways Corp. Project), | ||||||||
| Series 2006, AMT, 5.00% 2020 | 4,000 | 2,391 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.00% 2013 | 3,000 | 2,898 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2014 | 1,535 | 1,490 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2015 | 4,500 | 4,306 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2016 | 2,000 | 1,873 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2020 | 2,000 | 1,830 | ||||||
| New York City Municipal Water Fin. Auth., Water and Sewer System General Resolution Rev. Bonds, | ||||||||
| Fiscal Series 2009-EE, 5.00% 2018 | 3,000 | 3,428 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 20232 | 5,685 | 3,274 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.25% 20162 | 2,000 | 1,466 | ||||||
| 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 | 1,662 | ||||||
| 57,227 | ||||||||
| NORTH CAROLINA — 0.80% | ||||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 970 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014 | 2,000 | 2,089 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.375% 2017 | 1,500 | 1,545 | ||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-D, 5.50% 2014 | 1,750 | 1,875 | ||||||
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 23-A, AMT, 5.00% 2036 | 4,095 | 4,104 | ||||||
| Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 30-A, AMT, 5.50% 2039 | 985 | 985 | ||||||
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), | ||||||||
| Series 2008-A, 6.00% 2038 | 2,230 | 1,380 | ||||||
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Southminster Project), | ||||||||
| Series 2007-A, 5.75% 2037 | 2,000 | 1,352 | ||||||
| 14,300 | ||||||||
| NORTH DAKOTA — 0.10% | ||||||||
| Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series B, AMT, 4.75% 2031 | 2,000 | 1,616 | ||||||
| Housing Fin. Agcy., Rev. Bonds, Series 1998-A, AMT, 5.25% 2018 | 160 | 161 | ||||||
| 1,777 | ||||||||
| OHIO — 2.65% | ||||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.125% 2024 | 2,930 | 2,149 | ||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.875% 2030 | 23,145 | 14,799 | ||||||
| City of Centerville, Health Care Rev. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), | ||||||||
| Series 2007-A, 6.00% 2038 | 1,000 | 590 | ||||||
| City of Cleveland, Airport Special Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,500 | 966 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2015 | 1,520 | 1,434 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2016 | 1,685 | 1,568 | ||||||
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 | 2,000 | 1,376 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.20% 2014 | 1,205 | 1,206 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.30% 2015 | 1,295 | 1,290 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-A, AMT, 5.50% 2036 | 2,140 | 2,139 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 | 4,000 | 3,854 | ||||||
| County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.50% 2024 | 4,500 | 3,880 | ||||||
| County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 | 2,000 | 1,634 | ||||||
| County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2013 | 1,075 | 1,156 | ||||||
| County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center), | ||||||||
| Series 2006, 5.25% 2018 | 1,020 | 864 | ||||||
| County of Montgomery, Hospital Facs. Rev. Bonds (Kettering Medical Center Network Obligated Group), | ||||||||
| Series 1999, 6.75% 2022 (preref. 2010) | 1,000 | 1,074 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2022 | 335 | 341 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2030 | 585 | 564 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2022 (preref. 2010) | 665 | 735 | ||||||
| Solid Waste Rev. Bonds (General Motors Corp. Project), Series 2002, AMT, 6.30% 2032 | 1,845 | 277 | ||||||
| Water Dev. Auth., Solid Waste Disposal Rev. Bonds (Bay Shore Power Project), Series 1998-A, AMT, 5.875% 2020 | 3,200 | 2,477 | ||||||
| Water Dev. Auth., Solid Waste Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.15% 2015 | 3,500 | 3,043 | ||||||
| 47,416 | ||||||||
| OKLAHOMA — 0.34% | ||||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.30% 20162 | 1,125 | 1,004 | ||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.60% 20212 | 1,500 | 1,203 | ||||||
| Dev. Fin. Auth., Student Housing Rev. Bonds (Seminole State College Project), Series 2006, 5.125% 2036 | 650 | 391 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), | ||||||||
| Series 1999-D-2, AMT, 7.10% 2026 | 1,020 | 1,038 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), | ||||||||
| Series 2008-A, AMT, 6.80% 2038 | 2,000 | 2,108 | ||||||
| Langston Econ. Dev. Auth., Rev. Bonds (Langston University Student Housing/LDF Student Housing, LLC Project), | ||||||||
| Series 2006-A, ACA insured, 4.75% 2021 | 500 | 350 | ||||||
| 6,094 | ||||||||
| OREGON — 0.51% | ||||||||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 8,165 | 5,467 | ||||||
| Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2002, AMT, 5.25% 2029 | 5,000 | 3,594 | ||||||
| 9,061 | ||||||||
| PENNSYLVANIA — 2.67% | ||||||||
| Allegheny County Airport Auth., Airport Rev. Bonds (Pittsburgh International Airport), Ref. | ||||||||
| Series 2002-B, AMT, FGIC insured, 5.00% 2017 | 2,500 | 2,212 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2012 | 1,915 | 1,631 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2013 | 3,000 | 2,452 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2017 | 8,500 | 5,955 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2028 | 5,500 | 3,000 | ||||||
| Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
| Series 2005-A, 6.125% 2025 | 2,000 | 1,414 | ||||||
| Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
| Series 2005-A, 6.25% 2035 | 2,750 | 1,746 | ||||||
| Cumberland County Municipal Auth., Rev Bonds (Presbyterian Homes Obligated Group Project), | ||||||||
| Series 2008-A, 5.00% 2012 | 1,040 | 1,030 | ||||||
| Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,061 | ||||||
| Harrisburg Auth. (Dauphin County), University Rev. Bonds (Harrisburg University of Science and Technology Project), | ||||||||
| Series 2007-A, 5.40% 2016 | 1,410 | 1,346 | ||||||
| Harrisburg Auth. (Dauphin County), University Rev. Bonds (Harrisburg University of Science and Technology Project), | ||||||||
| Series 2007-B, 6.00% 2036 | 3,250 | 2,408 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
| Series 2008, 5.875% 2038 | 1,000 | 702 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 | 3,120 | 3,143 | ||||||
| Lehigh County, General Purpose Auth. Rev. Bonds (KidsPeace Obligated Group), Series 1998, ACA insured, 5.70% 2009 | 290 | 282 | ||||||
| McKean County Hospital Auth., Hospital Rev. Bonds (Bradford Hospital Project), Series 2005, ACA insured, 5.00% 2016 | 1,000 | 788 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.00% 2021 | 2,000 | 1,445 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.125% 2028 | 2,000 | 1,313 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.25% 2035 | 3,000 | 1,880 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2008, 7.00% 2036 | 2,000 | 1,366 | ||||||
| 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 | 952 | ||||||
| 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 | 2,126 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds | ||||||||
| (Temple University Health System Obligated Group), Series 2005-A, 6.625% 2023 | 1,000 | 789 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Hospital), | ||||||||
| Series 2007-B, 5.00% 2017 | 4,000 | 3,189 | ||||||
| Philadelphia Auth. for Industrial Dev., Rev. Bonds (Cathedral Village Project), Series 1998, 5.50% 2010 | 685 | 678 | ||||||
Health Care Facs. Auth. of Sayre, Rev. Bonds (Guthrie Health Issue), Series 2007, 2.306% 20311 | 2,500 | 1,175 | ||||||
| Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project — Tanger Outlet Dev.), | ||||||||
| Series 2006-A, 5.45% 2035 | 3,075 | 1,749 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.50% 2015 | 1,200 | 1,059 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.875% 2032 | 1,400 | 841 | ||||||
| 47,732 | ||||||||
| PUERTO RICO — 0.49% | ||||||||
| Government Dev. Bank, Series 2006-C, AMT, 5.25% 2015 | 4,025 | 3,956 | ||||||
| Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, 5.75% 2034 (put 2017) | 1,000 | 889 | ||||||
| Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series N, 5.25% 2016 | 2,760 | 2,645 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, AMBAC insured, 0% 2054 | 20,000 | 769 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, FGIC insured, 0% 2040 | 5,000 | 575 | ||||||
| 8,834 | ||||||||
| RHODE ISLAND — 0.17% | ||||||||
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
| Series 2002, 6.375% 2021 | 130 | 133 | ||||||
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
| Series 2002, 6.375% 2021 (preref. 2012) | 870 | 1,004 | ||||||
| Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 55-B, AMT, 4.55% 2022 | 2,000 | 1,812 | ||||||
| 2,949 | ||||||||
| SOUTH CAROLINA — 1.22% | ||||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.00% 2016 | 2,765 | 2,349 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.125% 2026 | 2,000 | 1,259 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.30% 2036 | 2,015 | 1,080 | ||||||
| Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Georgetown Memorial Hospital), Series 1998, 5.75% 2010 | 1,345 | 1,376 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), | ||||||||
| Series 2006-A, 5.25% 2026 | 2,000 | 1,228 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), | ||||||||
| Series 2006-A, 5.30% 2035 | 2,750 | 1,509 | ||||||
| Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Series 1999-A, 5.25% 2015 | 3,500 | 3,538 | ||||||
| Public Service Auth., Rev. Obligations (Santee Cooper), Series 2008-A, 5.375% 2028 | 2,850 | 2,953 | ||||||
| Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds, | ||||||||
| Series 2001-B, 6.00% 2022 (preref. 2012) | 1,790 | 1,896 | ||||||
| Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Ref. Bonds, Series 2008, 5.00% 2018 | 3,000 | 2,860 | ||||||
| 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 | 1,842 | ||||||
| 21,890 | ||||||||
| SOUTH DAKOTA — 0.06% | ||||||||
| Education Loans Inc., Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010 | 1,065 | 1,085 | ||||||
| TENNESSEE — 1.45% | ||||||||
| 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 | 2,505 | 2,214 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2016 | 2,500 | 2,150 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2018 | 1,600 | 1,311 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2019 | 2,000 | 1,615 | ||||||
| Housing Dev. Agcy., Homeownership Program Bonds, Issue 2006-1, AMT, 5.75% 2036 | 2,860 | 2,882 | ||||||
| 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 | 1,066 | ||||||
| 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 | 676 | ||||||
| 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 | 1,409 | ||||||
| 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. Ref. Bonds | ||||||||
| (Wellmont Health System Project), Series 2003, RADIAN insured, 5.00% 2013 | 2,000 | 2,163 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2019 | 5,000 | 4,038 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2024 | 5,000 | 3,691 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021 | 2,500 | 1,846 | ||||||
| 25,904 | ||||||||
| TEXAS — 7.24% | ||||||||
| Alliance Airport Auth., Inc., Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, AMT, 7.00% 2011 | 2,500 | 1,733 | ||||||
| Alliance Airport Auth., Inc., Special Facs. Rev. Ref. Bonds (American Airlines, Inc. Project), | ||||||||
| Series 2007, AMT, 5.25% 2029 | 2,000 | 785 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
| Series 1999, AMT, 6.375% 2035 | 6,000 | 2,624 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
| Series 2002, AMT, 8.25% 2036 | 4,580 | 2,429 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2000-A, AMT, 9.125% 2029 | 5,000 | 3,004 | ||||||
| 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 | 3,480 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
| Series 2007, AMT, 5.50% 2030 | 6,000 | 2,477 | ||||||
| Angelina and Neches River Auth., Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), | ||||||||
| Series 2003-A, AMT, 5.375% 2015 | 5,000 | 4,218 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel Rev. Ref. Bonds, Series 2006-B, 6.00% 20112 | 1,005 | 971 | ||||||
| Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Dow Chemical Co. Project), | ||||||||
| Series 2002-A-4, AMT, 5.95% 2033 | 3,000 | 2,062 | ||||||
| Brazos Harbor Industrial Dev. Corp., Environmental Facs. Rev. Bonds (Dow Chemical Co. Project), | ||||||||
| Series 2008, AMT, 5.90% 2038 (put 2028) | 3,000 | 1,994 | ||||||
| Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
| Series 2001-C, AMT, 5.75% 2036 (put 2011) | 11,680 | 7,699 | ||||||
| Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
| Series 2001-B, AMT, 5.75% 2030 (put 2011) | 3,745 | 2,478 | ||||||
| Brazos River Auth., Rev. Ref. Bonds (Reliant Energy, Inc. Project), Series 1999-A, 5.375% 2019 | 3,000 | 2,568 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.25% 2014 | 1,195 | 1,078 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 | 1,000 | 644 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2027 | 1,150 | 722 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2037 | 1,850 | 1,054 | ||||||
| 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 | 2,245 | ||||||
| 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 | 1,067 | ||||||
| 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 | 1,235 | ||||||
| G.O. Bonds (Veterans’ Housing Assistance Program), Fund II Series 2001-A-1, AMT, 4.85% 2014 | 1,575 | 1,659 | ||||||
| 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 | 1,418 | ||||||
| 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 | 1,500 | 1,064 | ||||||
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
| Series 2008, AMT, 6.00% 2020 (put 2013) | 2,500 | 2,298 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2004-A, 5.25% 2015 | 1,000 | 1,017 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2008-B, 7.25% 2035 | 3,500 | 3,676 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2005, 5.00% 2012 | 1,315 | 1,249 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2008, 5.00% 2026 | 1,000 | 703 | ||||||
| City of Houston, Airport System Rev. Ref. Bonds, Series 2001-A, AMT, FGIC insured, 5.50% 2015 | 2,855 | 2,918 | ||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), | ||||||||
| Series 2001, AMT, 6.75% 2029 | 3,000 | 1,989 | ||||||
| Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds, | ||||||||
| Series 2006-A, AMT, MBIA insured, 5.00% 2015 | 1,000 | 1,063 | ||||||
| Lewisville Independent School Dist. (Denton County), Unlimited Tax School Building Bonds, Series 2009, 5.00% 2028 | 1,000 | 1,004 | ||||||
| Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.125% 2027 | 2,500 | 1,952 | ||||||
| Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.25% 2037 | 1,000 | 725 | ||||||
| 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 | 2,532 | ||||||
| Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 | 920 | 616 | ||||||
| Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), | ||||||||
| Series 2007-A, AMT, 5.20% 2018 | 15,300 | 12,767 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2016 | 1,000 | 860 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 | 2,500 | 2,125 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2018 | 2,000 | 1,673 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2020 | 6,500 | 5,270 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2025 | 1,000 | 751 | ||||||
| North Texas Tollway Auth. System, Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 | 4,000 | 3,616 | ||||||
| North Texas Tollway Auth. System, Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 8,000 | 7,062 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 | 4,000 | 3,786 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Insured Capital Appreciation Bonds, | ||||||||
| Series 2008-D, ASSURED GUARANTY insured, 0% 2028 | 10,000 | 3,115 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 | 3,000 | 2,496 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, 6.00% 2021 | 750 | 658 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, | ||||||||
| Series 2002, RADIAN insured, 5.125% 2017 | 2,000 | 2,001 | ||||||
| City of San Antonio, Airport System Rev. Improvement Bonds, Series 2002, AMT, FGIC insured, 5.75% 2016 | 1,000 | 1,028 | ||||||
| San Leanna Education Facs. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), | ||||||||
| Series 2007, 5.00% 2020 | 1,000 | 839 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds | ||||||||
| (Scott and White Memorial Hospital and Scott, Sherwood and Brindley Foundation Project), | ||||||||
| Series 2008-A, 5.00% 2019 | 1,370 | 1,398 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
| (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2022 | 1,855 | 1,687 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
| (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2027 | 1,000 | 824 | ||||||
| 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 | 1,588 | ||||||
| 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 | 977 | ||||||
| Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 1,660 | 1,398 | ||||||
| Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project), | ||||||||
| Series 2005-A, 5.65% 2035 | 2,000 | 1,138 | ||||||
| 129,507 | ||||||||
| UTAH — 0.85% | ||||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-E-1, Class III, AMT, 5.20% 2018 | 1,030 | 996 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-F-1, Class III, AMT, 4.95% 2018 | 975 | 970 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-A-1, Class III, AMT, 5.30% 2018 | 460 | 455 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 | 1,635 | 1,611 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 | 715 | 722 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 | 1,745 | 1,661 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-F-1, Class III, AMT, 4.625% 2019 | 1,205 | 1,145 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-G-2, Class III, AMT, 4.875% 2019 | 1,010 | 1,002 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 | 1,155 | 1,056 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 | 670 | 618 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 | 685 | 581 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2007-B-1, Class III, AMT, 4.85% 2027 | 1,045 | 914 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), 1999 Issue D, | ||||||||
| AMT, 5.60% 2013 | 15 | 15 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1997-G-2, Class III, AMT, 5.60% 2010 | 15 | 15 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-G-2, Class III, AMT, 4.90% 2012 | 45 | 45 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-B-2, Class III, AMT, 5.10% 2012 | 60 | 61 | �� | |||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-C-2, Class III, AMT, 5.60% 2013 | 60 | 61 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2024 | 1,150 | 928 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2027 | 1,190 | 916 | ||||||
| Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2029 | 1,900 | 1,423 | ||||||
| 15,195 | ||||||||
| VIRGINIA — 0.63% | ||||||||
| Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds | ||||||||
| (Celebrate Virginia South Project), Series 2006, 6.25% 2037 | 4,800 | 3,000 | ||||||
| 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 | 950 | ||||||
| Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011 | 1,500 | 1,578 | ||||||
| Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
| Series 2006-A, 4.75% 2026 | 1,000 | 741 | ||||||
| Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, | ||||||||
| Series 1999-B, 7.00% 2029 | 849 | 634 | ||||||
| Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), | ||||||||
| Series 1998, 6.25% 2026 | 3,880 | 2,742 | ||||||
| Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 2,550 | 1,579 | ||||||
| 11,224 | ||||||||
| VIRGIN ISLANDS — 0.05% | ||||||||
| Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2015 | 1,000 | 977 | ||||||
| WASHINGTON — 1.11% | ||||||||
| Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 5,962 | ||||||
| Housing Fin. Commission, Nonprofit Rev. Bonds (Skyline at First Hill Project), Series 2007-A, 5.625% 2027 | 5,500 | 3,605 | ||||||
| Housing Fin. Commission, Nonprofit Rev. Bonds (Skyline at First Hill Project), Series 2007-A, 5.625% 2038 | 3,000 | 1,756 | ||||||
| Housing Fin. Commission, Single-family Program Bonds, Series 2007-2A, AMT, 4.50% 2021 | 4,730 | 4,351 | ||||||
| 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 | 3,182 | ||||||
| Port of Seattle, Rev. Bonds, Series 1999-B, AMT, FGIC insured, 5.50% 2012 | 1,000 | 1,073 | ||||||
| 19,929 | ||||||||
| WEST VIRGINIA — 0.38% | ||||||||
| 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 | 3,782 | ||||||
| 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 | 5,200 | 3,064 | ||||||
| 6,846 | ||||||||
| WISCONSIN — 1.14% | ||||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.50% 2010 | 750 | 758 | ||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.75% 2012 | 1,500 | 1,504 | ||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 12,180 | 11,277 | ||||||
| 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 | 1,861 | ||||||
| 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 | 2,064 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), | ||||||||
| Series 2001, 5.625% 2013 | 90 | 99 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Healthcare System), Series 2006-A, 5.25% 2019 | 2,500 | 1,923 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc), Series 2006, 5.00% 2026 | 1,000 | 809 | ||||||
| 20,295 | ||||||||
| MULTI-STATE — 1.06% | ||||||||
Charter Mac Equity Issuer Trust, Preferred Shares, Series A-1, AMT, 7.10% (undated)2 | 9,000 | 9,127 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A, AMT, 6.875% cumulative preferred (undated)2 | 2,000 | 1,689 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% cumulative preferred (undated)2 | 4,000 | 3,219 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)2 | 4,000 | 3,228 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated)2 | 2,000 | 1,609 | ||||||
| 18,872 | ||||||||
| Total bonds & notes (cost: $2,022,650,000) | 1,563,183 | |||||||
| Short-term securities — 11.52% | ||||||||
| State of Alabama, Industrial Dev. Board of the City of Montgomery, Pollution Control and | ||||||||
Solid Waste Disposal Rev. Ref. Bonds (General Electric Co. Project), Series 2006, AMT, 0.45% 20211 | 1,400 | 1,400 | ||||||
| Health Facs. Fncg. Auth., Insured Rev. Bonds (Southern California Presbyterian Homes), | ||||||||
Series 1998, MBIA insured, 7.00% 20281 | 2,935 | 2,935 | ||||||
| Community Redev. Agcy. of the City of Los Angeles, California, Multi-family Housing Rev. Bonds | ||||||||
(Wilshire Station Apartments), Series 2003-A, AMT, 0.50% 20381 | 3,500 | 3,500 | ||||||
| California Statewide Communities Dev. Auth., Multi-family Housing Rev. Bonds (IAC Project), | ||||||||
Series 2001-W-1, AMT, 0.75% 20341 | 1,300 | 1,300 | ||||||
State of California, Orange County Sanitation Dist., Ref. Certs. of Part., Series 2000-A, 0.65% 20291 | 4,000 | 4,000 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program), | �� | |||||||
Series D-3, 0.65% 20371 | 2,000 | 2,000 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program), | ||||||||
Series A-10, 0.65% 20371 | 400 | 400 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds | ||||||||
(National Jewish Federation Bond Program), 0.65% 20351 | 1,500 | 1,500 | ||||||
| County of Pitkin, Colorado, Industrial Dev. Rev. Ref. Bonds (Aspen Skiing Co. Project), | ||||||||
Series 1994-B, AMT, 0.85% 20141 | 1,700 | 1,700 | ||||||
| State of Connecticut Health and Educational Facs. Auth., Rev. Bonds (Greater Hartford YMCA Issue), | ||||||||
Series B, 0.30% 20381 | 300 | 300 | ||||||
| State of Florida, Broward County Educational Facs. Auth., Educational Facs. Rev. Bonds | ||||||||
(Nova Southeastern University Project), Series 2008-A, 0.40% 20381 | 1,800 | 1,800 | ||||||
| State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), | ||||||||
Series 2004, 0.35% 20341 | 3,500 | 3,500 | ||||||
| State of Florida, Orange County Educational Facs. Auth., Educational Facs. Rev. Bonds (Rollins College Project), | ||||||||
Series 2001, 0.47% 20311 | 2,000 | 2,000 | ||||||
| Florida Municipal Power Agcy., All-Requirements Power Supply Project Demand Rev. Ref. Bonds, | ||||||||
Series 2008-C, 0.40% 20351 | 3,050 | 3,050 | ||||||
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-1, AMT, 0.60% 20351 | 2,025 | 2,025 | ||||||
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-4, AMT, 0.75% 20391 | 5,625 | 5,625 | ||||||
| State of Kentucky, Lexington-Fayette Urban County Airport Board, General Airport Rev. and Rev. Ref. Bonds | ||||||||
(Lexington-Fayette Urban County Government G.O.), Series 2008-A, AMT, 0.85% 20381 | 2,000 | 2,000 | ||||||
State of Louisiana, Calcasieu Parish Public Trust Auth., Waste Disposal Rev. Bonds (WPT Corp.), AMT, 0.65% 20271 | 2,000 | 2,000 | ||||||
| Massachusetts Health and Educational Facs. Auth., Demand Rev. Bonds (Stonehill College Issue), | ||||||||
Series 2008-K, 0.25% 20371 | 1,200 | 1,200 | ||||||
| State of Massachusetts, Dev. Fin. Agcy., Solid Waste Disposal Rev. Bonds (Wheelabrator Millbury Inc. Project), | ||||||||
Series 2002, AMT, 0.50% 20271 | 2,500 | 2,500 | ||||||
City of Minneapolis, Minnesota, G.O. Library Bonds, Series 2003, 0.67% 20321 | 1,095 | 1,095 | ||||||
| Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Bonds | ||||||||
(Saint Louis University), Series 2008-B-2, 0.60% 20351 | 5,120 | 5,120 | ||||||
| North Carolina Medical Care Commission, Health Care Facs. Rev. Bonds (Cleveland HealthCare System Project), | ||||||||
Series 2001, 0.40% 20331 | 2,250 | 2,250 | ||||||
| State of New Jersey, Tax and Rev. Anticipation Notes, Series 2009-A, 3.00% 6/25/2009 | 14,000 | 14,149 | ||||||
| City of Reno, Nevada, Sales Tax Rev. Ref. Bonds (Re-TRAC-Reno Transportation Rail Access Corridor Project), | ||||||||
Series 2008-A, 0.45% 20421 | 5,600 | 5,600 | ||||||
Dormitory Auth. of the State of New York, Cornell University Rev. Bonds, Series 2008-B, 0.40% 20371 | 5,300 | 5,300 | ||||||
| State of Oklahoma, Trustees of the Tulsa Airports Improvement Trust, Tulsa International Airport General Rev. Bonds, | ||||||||
Ref. Series 2007-C, AMT, 0.65% 20231 | 3,600 | 3,600 | ||||||
State of Oregon, G.O. Veterans’ Welfare Bonds, Series 86, 0.65% 20401 | 6,400 | 6,400 | ||||||
State of Oregon, G.O. Veterans’ Welfare Bonds, Series 89-B, AMT, 0.65% 20381 | 2,500 | 2,500 | ||||||
State of Oregon, G.O. Veterans’ Welfare Bonds, Series 90-B, 1.25% 20451 | 9,500 | 9,500 | ||||||
| Commonwealth of Puerto Rico, Tax and Rev. Anticipation Notes, Series 2009-A, Subseries 2009-A-2, 3.00% 7/30/2009 | 10,000 | 10,111 | ||||||
| Lawrence County, South Dakota, Solid Waste Disposal Rev. Bonds (Homestake Mining Co. of California Project), | ||||||||
Series 1997-A, AMT, 0.62% 20321 | 2,000 | 2,000 | ||||||
| Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund), | ||||||||
Series 2003, 0.40% 20331 | 5,100 | 5,100 | ||||||
| Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund), | ||||||||
Series 2008, 0.40% 20381 | 6,200 | 6,200 | ||||||
| Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), | ||||||||
Series 2004, 0.40% 20341 | 10,000 | 10,000 | ||||||
| State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Bonds | ||||||||
(Dallas Center for the Performing Arts Foundation, Inc. Project), Series 2008-A, 0.35% 20411 | 2,000 | 2,000 | ||||||
| State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Bonds | ||||||||
(Dallas Center for the Performing Arts Foundation, Inc. Project), Series 2008-B, 0.60% 20411 | 2,700 | 2,700 | ||||||
| State of Texas, Montgomery County Housing Fin. Corp., Demand Multi-family Housing Rev. Bonds | ||||||||
(Park at Woodline Townhomes), Series 2005, AMT, 0.63% 20381 | 3,500 | 3,500 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds | ||||||||
(BP Products North America Inc. Project), Series 2006, AMT, 0.55% 20361 | 200 | 200 | ||||||
| Washington Industrial Dev. Corp. of the Port of Bellingham, Environmental Facs. Industrial Rev. Bonds | ||||||||
(BP West Coast Products LLC Project), Series 2003, AMT, 0.55% 20381 | 900 | 900 | ||||||
| State of Texas, Tax and Rev. Anticipation Notes, Series 2008, 3.00% 8/28/2009 | 30,000 | 30,486 | ||||||
| State of Virginia, Norfolk Redev. and Housing Auth., Demand Rev. and Ref. Bonds | ||||||||
| (Old Dominion University Real Estate Foundation 45th Street Parking Garage, | ||||||||
LLC University Village Parking Fac. Project), Series 2008, 0.40% 20311 | 2,500 | 2,500 | ||||||
| State of Virginia, Norfolk Redev. and Housing Auth., Demand Rev. and Ref. Bonds | ||||||||
| (Old Dominion University Real Estate Foundation Student Housing, LLC University Village Student Housing Project), | ||||||||
Series 2008, 0.40% 20331 | 2,500 | 2,500 | ||||||
| Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||||||||
Series 2006-B, 0.62% 20261 | 8,000 | 8,000 | ||||||
| Washington State Housing Fin. Commission, Demand Multi-family Rev. Bonds (Seaport Landing Retirement Project), | ||||||||
Series 2005-A, AMT, 1.00% 20411 | 2,000 | 2,000 | ||||||
| Washington State Housing Fin. Commission, Demand Multi-family Rev. Bonds (Park Vista Retirement Project), | ||||||||
Series 2005-A, AMT, 1.00% 20411 | 1,700 | 1,700 | ||||||
Lincoln County, Wyoming, Pollution Control Rev. Bonds (Exxon Project), Series 1987-B, AMT, 0.35% 20171 | 500 | 500 | ||||||
Lincoln County, Wyoming, Pollution Control Rev. Bonds (Exxon Project), Series 1987-C, AMT, 0.35% 20171 | 2,200 | 2,200 | ||||||
Parish of East Baton Rouge, Louisiana, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.25% 20191 | 2,000 | 2,000 | ||||||
| Parish of East Baton Rouge, Louisiana, Solid Waste Disposal Rev. Bonds (Exxon Project), | ||||||||
Series 1998, AMT, 0.30% 20281 | 2,000 | 2,000 | ||||||
| Parish of St. Bernard, Louisiana, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), | ||||||||
Series 1996, AMT, 0.35% 20261 | 700 | 700 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), | ||||||||
Series 2001-A, AMT, 0.35% 20301 | 6,000 | 6,000 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), | ||||||||
Series 2001-B, AMT, 0.35% 20251 | 2,550 | 2,550 | ||||||
| Total short-term securities (cost: $205,729,000) | 206,096 | |||||||
| Total investment securities (cost: $2,228,379,000) | 1,769,279 | |||||||
| Other assets less liabilities | 19,342 | |||||||
| Net assets | $ | 1,788,621 | ||||||
1Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $54,416,000, which represented 3.04% of the net assets of the fund. |
3Scheduled interest and/or principal payment was not received. |
4Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 4/18/2008 at a cost of $15,000,000) may be subject to legal or contractual restrictions on resale. |
| Key to abbreviations | |
| Agcy. = Agency | Facs. = Facilities |
| AMT = Alternative Minimum Tax | Fin. = Finance |
| Auth. = Authority | Fncg. = Financing |
| Certs. of Part. = Certificates of Participation | G.O. = General Obligation |
| Dept. = Department | Preref. = Prerefunded |
| Dev. = Development | Redev. = Redevelopment |
| Dist. = District | Ref. = Refunding |
| Econ. = Economic | Rev. = Revenue |
| Fac. = Facility | 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-940-0309O-S15834
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 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/ Karl J. Zeile | |
Karl J. Zeile, President and Principal Executive Officer | |
| Date: April 9, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Karl J. Zeile |
Karl J. Zeile, President and Principal Executive Officer |
| Date: April 9, 2009 |
By /s/ M. Susan Gupton |
M. Susan Gupton, Treasurer and Principal Financial Officer |
| Date: April 9, 2009 |