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, 2010
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
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
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 man, looking through a scope, standing between two steel columns]
Semi-annual report for the six months ended January 31, 2010
American High-Income Municipal Bond Fund® seeks a high level of current income exempt from regular federal income taxes through a diversified, carefully researched portfolio of higher yielding, lower rated, higher risk municipal bonds. It may invest without limits in bonds subject to the alternative minimum tax.
This fund is one of the 30 American Funds. American Funds is one of the nation’s largest mutual fund families. For 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, so they may lose value. For current information and month-end results, visit americanfunds.com.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2009 (the most recent calendar quarter-end): | ||||||||||||
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 3.75% maximum sales charge | 19.75 | % | 1.30 | % | 3.78 | % |
The total annual fund operating expense ratio was 0.72% for Class A shares as of July 31, 2009.
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. Fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 and 27 for details.
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. Bond ratings, which typically range from AAA (highest) to D (lowest), are generally issued by independent rating agencies and are designed to provide an indication of an issuer’s creditworthiness. See the fund’s most recent statement of additional information for details. See the prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
Fellow shareholders:
[photo of a man, looking through a scope, standing between two steel columns]
Strong investor demand for higher yielding securities helped boost results for American High-Income Municipal Bond Fund. For the six months ended January 31, 2010, the fund produced a total return of 10.3%. Fund results, though strong, fell short of its peer group reference, the Lipper High-Yield Municipal Debt Funds Average, which returned 12.5% for the same period. In comparison, the Barclays Capital Municipal Bond Index, a proxy for the investment-grade municipal bond market, gained 4.9%. Comparative results for longer time periods are shown in the table below.
Income is an important part of the fund’s objective and a key component of its total return. For the six-month period, the fund paid monthly dividends totaling 32.7 cents a share. This amounts to an income return of approximately 2.6% (5.2% annualized), which is equivalent to a 4.0% (8.0% annualized) taxable income return for those in the top federal tax bracket. In addition, the fund’s total return was boosted by a 7.6% rise in the fund’s share price.
Municipal market overview
The fund’s current fiscal year began August 1, 2009, in the midst of a sustained rally in the municipal market that could be traced back to the end of 2008. In part, the rally was a reaction to the severely depressed prices of late 2008, when the unfolding financial crisis hampered large portions of the broader fixed-income market. By 2009, lower bond prices were attracting eager buyers. Investors were especially drawn to the higher yields of lower rated bonds.
[Begin Sidebar]
Results at a glance | ||||||||||||||||
For periods ended January 31, 2010, with dividends reinvested | ||||||||||||||||
Total returns | Average annual total returns | |||||||||||||||
1 year | 5 years | 10 years | Lifetime | |||||||||||||
(since 9/26/94) | ||||||||||||||||
American High-Income Municipal Bond Fund | ||||||||||||||||
(Class A shares) | 19.88 | % | 2.13 | % | 4.38 | % | 5.20 | % | ||||||||
Barclays Capital Municipal Bond Index* | 9.49 | 4.23 | 5.85 | 5.93 | ||||||||||||
Lipper High-Yield Municipal Debt | ||||||||||||||||
Funds Average† | 25.07 | 1.58 | 4.07 | 4.68 | ||||||||||||
*Barclays Capital Municipal Bond Index is unmanaged and primarily holds bonds with investment-grade ratings; its results do not reflect the effect of sales charges, commissions or expenses. | ||||||||||||||||
† Source: Lipper. Averages are based on total return and do not reflect the effect of sales charges. |
[End Sidebar]
Throughout 2009, the rally was nurtured by actions of the federal government to stimulate markets and economic growth, a growing preference for fixed-income securities among investors and changes within the municipal market itself. The financial crisis greatly altered the composition and complexion of the municipal market. The number of brokerage firms that made a market for tax-exempt securities was reduced significantly; atypical financings, such as auction-rate securities, were sidelined; nontraditional buyers, such as hedge funds, fled the market and bond insurers fell out of favor, as their guarantees meant little to investors. The diminished presence of bond insurance increased the ranks of lower rated issuers and created many new opportunities for those willing and able to do the research necessary to understand the risks and potential rewards associated with these bonds.
Additionally, cash-strapped governments were lured to the market by low and declining interest rates and the prospect of financing projects that created jobs for the growing ranks of unemployed. At the same time, the federal government eased the path to issuance through its Build America Bonds (BABs). Overall, the municipal market arguably experienced more changes in the past two years than in the entire decade prior.
[Begin Sidebar]
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,* then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 4.64% tax-exempt distribution rate† as of January 31, 2010. For example, investors in the highest federal tax bracket (35%) would need a taxable distribution rate of 7.14% to match the fund’s distribution rate.
If your taxable income is ... | ... then your federal | The fund’s tax-exempt distribution rate of 4.64% is equivalent to a | ||||||||||||
Single | Joint | tax rate* is ... | taxable rate of … | |||||||||||
$ | 0 – 8,350 | $ | 0 – 16,700 | 10.0 | % | 5.16 | % | |||||||
8,351 – 33,950 | 16,701 – 67,900 | 15.0 | 5.46 | |||||||||||
33,951 – 82,250 | 67,901 – 137,050 | 25.0 | 6.19 | |||||||||||
82,251 – 171,550 | 137,051 – 208,850 | 28.0 | 6.44 | |||||||||||
171,551 – 372,950 | 208,851 – 372,950 | 33.0 | 6.93 | |||||||||||
Over 372,950 | Over 372,950 | 35.0 | 7.14 |
*Based on 2009 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, 2010. |
[End Sidebar]
The increasing popularity of BABs (which are taxable and can be less costly for issuers because of the federal subsidy, but which are not appropriate for this fund) ironically may have helped to bolster prices for traditional tax-exempt issues. As taxable municipal bonds found a new institutional audience and claimed a growing share of issuance, soaring retail demand for traditional municipals pushed prices higher and yields lower. (Remember: A bond’s price and its yield move in opposite directions.)
Municipal bond prices rose sharply during the first two months of the fiscal period, then experienced a modest correction during the month of October. The remaining three months brought a steadier market tone and delivered a more moderate improvement in prices. Overall, most classes of municipal debt posted positive results for the six-month period. However, lower rated bonds provided significantly higher returns than did top quality bonds, and longer maturities fared better than shorter maturities. Revenue bonds, which are the mainstay of this fund, outpaced the gains of general obligation debt.
Inside the portfolio
As the bond market recovered and returned to more normalized conditions in 2009, the fund’s portfolio counselors began to ease off their defensive investment posture and to focus more on developing opportunities among lower rated bonds. Some of these opportunities were the result of the diminished presence of bond insurance. Portfolio counselors also found compelling opportunities among so-called corporate munis. These are tax-exempt revenue bonds issued by corporate entities to finance projects that provide a public benefit. Examples include passenger terminal improvements at airports, pollution control facilities for electric utilities and waste recycling projects. Other additions to the portfolio included bonds issued to finance construction or renovations for hospitals and life care facilities.
Altogether, these additions helped to lower the overall credit profile of the portfolio, resulting in a larger weighting of A-rated bonds and debt rated below investment grade. In conjunction, portfolio counselors lowered the fund’s cash and short-term securities position from 9.4% at the start of the period to 6.0% at the end of January. The table atop the summary portfolio on page 6 provides a profile of the credit composition of the fund at the close of the period.
Overall, net assets of the fund grew 12.7% over the six months, while the number of shareholder accounts rose 4.3%. As of January 31, 2010, the portfolio held more than 950 individual bonds representing 46 states and four territories.
Looking ahead
We believe new issuance is likely to remain healthy through the remainder of the fiscal year, supported by the growing financial needs of many local governments, the appeal of federally subsidized BABs, the low interest rate environment and an eagerness to finance projects that create jobs. Further, we expect investor demand for tax-exempt securities to remain strong over the near term given uncertainties about federal and local tax rates going forward.
As always, our extensive research efforts continue to steer our investment decisions by helping to determine which issues are most appropriate given current market conditions and the long-term needs of our shareholders. Though we are focused on finding issues with attractive yields, we are also mindful of the greater volatility that accompanies high-yield bonds, and whenever possible, we strive to limit volatility in the portfolio. This caution may lead to lower relative results versus our peers during market rallies, but it has also helped us provide better relative results during market downturns. The longer term benefits of this approach are reflected in the results table on page 1 and in the relatively high level of tax-free income we have provided our shareholders.
We appreciate this opportunity to discuss the fund and its results. We look forward to reporting to you again in six months.
Cordially,
/s/ Paul G. Haaga, Jr.
Paul G. Haaga, Jr.
Vice Chairman of the Board
/s/ Karl J. Zeile
Karl J. Zeile
President
March 16, 2010
For current information about the fund, visit americanfunds.com.
The fund’s 30-day yield for Class A shares as of February 28, 2010, calculated in accordance with the Securities and Exchange Commission formula, was 4.57%. (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 7.03%.) The fund’s distribution rate for Class A shares as of that date was 4.60%. Both reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.
Other share class results
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, 2009 (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 | 18.51 | % | 1.01 | % | 3.62 | % | ||||||
Not reflecting CDSC | 23.51 | 1.35 | 3.62 | |||||||||
Class C shares — first sold 3/15/01 | ||||||||||||
Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
if shares are sold within one year of purchase | 22.45 | 1.28 | 2.86 | |||||||||
Not reflecting CDSC | 23.45 | 1.28 | 2.86 | |||||||||
Class F-1 shares† — first sold 3/19/01 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | 24.32 | 2.01 | 3.58 | |||||||||
Class F-2 shares† — first sold 8/12/08 | ||||||||||||
Not reflecting annual asset-based fee charged | ||||||||||||
by sponsoring firm | 24.65 | — | 1.81 |
*These shares are not available for purchase.
†These shares are sold without any initial or contingent deferred sales charge.
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. Fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 and 27 for details that include expense ratios for all share classes.
For information regarding the differences among the various share classes, refer to the fund’s prospectus.
Summary investment portfolio, January 31, 2010
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
[begin pie chart]
Quality ratings* | ||||||
Aaa/AAA | 7.1 | % | ||||
Aa/AA | 11.4 | |||||
A/A | 22.5 | |||||
Baa/BBB | 22.6 | |||||
Ba/BB | 13.0 | |||||
B/B | 12.6 | |||||
Caa/CCC or less | 4.8 | |||||
Short-term securities & other assets less liabilities | 6.0 | |||||
*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 - 94.03% | (000 | ) | (000 | ) | assets | |||||||||
Arizona - 3.47% | ||||||||||||||
Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | $ | 10,500 | $ | 8,975 | .38 | % | ||||||||
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 | 14,099 | ||||||||||||
Series 2008, 7.50% 2038 | 10,000 | 10,408 | 1.04 | |||||||||||
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 | 2,108 | .09 | |||||||||||
Other securities | 46,248 | 1.96 | ||||||||||||
81,838 | 3.47 | |||||||||||||
California - 10.06% | ||||||||||||||
Various Purpose G.O. Bonds, 5.00% 2029 | 10,000 | 9,518 | .40 | |||||||||||
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 | 5,900 | 6,238 | .26 | |||||||||||
Morongo Band of Mission Indians, Enterprise Rev. Bonds, Series 2008-B, 6.50% 2028 | 7,250 | 6,754 | .29 | |||||||||||
Pollution Control Fncg. Auth. (Pacific Gas and Electric Co.), AMT: | ||||||||||||||
Pollution Control Rev. Ref. Bonds: | ||||||||||||||
Series 2004-A, FGIC insured, 4.75% 2023 | 5,575 | 5,367 | ||||||||||||
Series 2004-B, FGIC insured, 4.75% 2023 | 3,820 | 3,677 | ||||||||||||
Series 2004-C, AMBAC/FGIC insured, 4.75% 2023 | 1,500 | 1,444 | ||||||||||||
Series 2004-C, FGIC insured, 4.75% 2023 | 1,030 | 992 | ||||||||||||
Series 2004-D, FGIC insured, 4.75% 2023 | 5,050 | 4,862 | ||||||||||||
Rev. Ref. Bonds, Series 1996-A, National insured, 5.35% 2016 | 4,710 | 4,865 | .90 | |||||||||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2002-A, AMT, 5.00% 2022 | 3,000 | 2,956 | .13 | |||||||||||
Other securities | 190,952 | 8.08 | ||||||||||||
237,625 | 10.06 | |||||||||||||
Colorado - 4.35% | ||||||||||||||
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 | 12,769 | .54 | |||||||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 10,370 | .44 | |||||||||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 7,500 | 7,432 | .31 | |||||||||||
Other securities | 72,056 | 3.06 | ||||||||||||
102,627 | 4.35 | |||||||||||||
Connecticut - 1.21% | ||||||||||||||
Other securities | 28,649 | 1.21 | ||||||||||||
Florida - 12.31% | ||||||||||||||
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 | 10,500 | 11,576 | .49 | |||||||||||
Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, Series 2000-C, 7.10% 2030 | 7,355 | 7,207 | .31 | |||||||||||
Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 8,715 | .37 | |||||||||||
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 | 13,425 | 11,082 | .47 | |||||||||||
Seminole Tribe of Florida 5.25% 2027 (1) | 9,150 | 8,260 | .35 | |||||||||||
Other securities | 243,689 | 10.32 | ||||||||||||
290,529 | 12.31 | |||||||||||||
Georgia - 3.84% | ||||||||||||||
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation I, LLC Project), Series 2008, 6.00% 2034 | 6,500 | 7,014 | .30 | |||||||||||
Other securities | 83,633 | 3.54 | ||||||||||||
90,647 | 3.84 | |||||||||||||
Illinois - 5.92% | ||||||||||||||
Fin. Auth., Rev. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 | 6,000 | 6,594 | .28 | |||||||||||
Fin. Auth., Rev. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 9,800 | 11,040 | .47 | |||||||||||
Other securities | 122,181 | 5.17 | ||||||||||||
139,815 | 5.92 | |||||||||||||
Indiana - 2.47% | ||||||||||||||
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 | 7,000 | 7,568 | .32 | |||||||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 7,750 | 7,434 | .31 | |||||||||||
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 12,450 | 12,654 | .54 | |||||||||||
Other securities | 30,673 | 1.30 | ||||||||||||
58,329 | 2.47 | |||||||||||||
Louisiana - 2.03% | ||||||||||||||
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 9,000 | 9,314 | .39 | |||||||||||
Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 10,500 | 10,006 | .42 | |||||||||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 16,854 | .71 | |||||||||||
Other securities | 11,780 | .51 | ||||||||||||
47,954 | 2.03 | |||||||||||||
Maryland - 1.62% | ||||||||||||||
Other securities | 38,241 | 1.62 | ||||||||||||
Massachusetts - 1.89% | ||||||||||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 10,000 | 9,177 | .39 | |||||||||||
Other securities | 35,469 | 1.50 | ||||||||||||
44,646 | 1.89 | |||||||||||||
Michigan - 2.80% | ||||||||||||||
Other securities | 66,155 | 2.80 | ||||||||||||
Missouri - 1.93% | ||||||||||||||
Industrial Dev. Auth. of the City of Kirkwood, Retirement Community Rev. Bonds (Aberdeen Heights Project), Series 2010-C-3, 6.50% 2015 | 7,700 | 7,700 | .33 | |||||||||||
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 | 6,389 | .27 | |||||||||||
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 | 8,053 | .34 | |||||||||||
Other securities | 23,365 | .99 | ||||||||||||
45,507 | 1.93 | |||||||||||||
Nevada - 2.93% | ||||||||||||||
Other securities | 69,225 | 2.93 | ||||||||||||
New Jersey - 2.87% | ||||||||||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT: | ||||||||||||||
6.25% 2029 | 13,000 | 11,427 | ||||||||||||
6.25%-6.40% 2019-2023 | 3,000 | 2,773 | .60 | |||||||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 12,500 | 10,415 | .44 | |||||||||||
Transportation Trust Fund Auth., Transportation System Bonds: | ||||||||||||||
Current Interest Bonds, Series 2006-A, 5.25% 2019 | 1,000 | 1,119 | ||||||||||||
Series 2009-A, 0% 2039 | 12,000 | 1,988 | ||||||||||||
Capital Appreciation Bonds, Series 2010-A, 0% 2030-2040 | 17,000 | 4,046 | .30 | |||||||||||
Other securities | 35,893 | 1.53 | ||||||||||||
67,661 | 2.87 | |||||||||||||
New York - 3.07% | ||||||||||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-C, CIFG insured, 5.25% 2029 | 6,000 | 6,606 | .28 | |||||||||||
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 | 7,852 | ||||||||||||
8.00% 2028 | 2,000 | 2,013 | .42 | |||||||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), Series 2005, AMT, 5.50% 2015 | 9,500 | 10,170 | .43 | |||||||||||
Other securities | 45,902 | 1.94 | ||||||||||||
72,543 | 3.07 | |||||||||||||
Ohio - 3.37% | ||||||||||||||
Ohio Air Quality Dev. Auth.: | ||||||||||||||
Pollution Control Rev. Ref. Bonds: | ||||||||||||||
FirstEnergy Generation Corp. Project, Series 2009-C, 5.625% 2018 | 8,580 | 9,072 | ||||||||||||
FirstEnergy Nuclear Generation Corp. Project, Series 2009-A, 5.75% 2033 (put 2016) | 6,100 | 6,550 | .66 | |||||||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 12,345 | 10,658 | .45 | |||||||||||
City of Cleveland, Airport Special Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,400 | 1,220 | .05 | |||||||||||
Other securities | 52,171 | 2.21 | ||||||||||||
79,671 | 3.37 | |||||||||||||
Pennsylvania - 2.92% | ||||||||||||||
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,459 | .06 | |||||||||||
Other securities | 67,386 | 2.86 | ||||||||||||
68,845 | 2.92 | |||||||||||||
South Carolina - 1.08% | ||||||||||||||
Other securities | 25,615 | 1.08 | ||||||||||||
Tennessee - 1.77% | ||||||||||||||
Other securities | 41,744 | 1.77 | ||||||||||||
Texas - 8.72% | ||||||||||||||
Alliance Airport Auth., Inc., Special Facs. (American Airlines, Inc. Project), AMT: | ||||||||||||||
Rev. Bonds, Series 1990, 7.00% 2011 | 2,500 | 2,366 | ||||||||||||
Rev. Ref. Bonds, Series 2007, 5.25% 2029 | 2,000 | 1,252 | ||||||||||||
Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc., AMT: | ||||||||||||||
Rev. Bonds, Series 1999, 6.375% 2035 | 6,000 | 4,263 | ||||||||||||
Rev. Bonds, Series 2002, 8.25% 2036 | 4,580 | 3,983 | ||||||||||||
Rev. Ref. Bonds, Series 2000-A, Subseries 2, 9.00% 2029 (put 2015) | 5,655 | 5,580 | ||||||||||||
Rev. Ref. Bonds, Series 2007, 5.50% 2030 | 6,000 | 3,887 | .90 | |||||||||||
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-C, AMT, 5.75% 2036 (put 2011) | 8,500 | 7,999 | .34 | |||||||||||
Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds (Waste Management of Texas, Inc.), AMT: | ||||||||||||||
Brazoria County Project, Series 2003-A, 5.20% 2028 | 3,000 | 2,961 | ||||||||||||
Travis County Project, Series 2003-C, 5.20% 2028 | 1,500 | 1,481 | ||||||||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 6.00% 2020 (put 2013) | 2,500 | 2,693 | .30 | |||||||||||
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.50% 2034 | 9,500 | 10,180 | .43 | |||||||||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), Series 2001, AMT, 6.75% 2029 | 10,000 | 9,453 | .40 | |||||||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.20% 2018 | 15,300 | 15,259 | .65 | |||||||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2020 | 6,500 | 6,598 | .28 | |||||||||||
North Texas Tollway Auth.: | ||||||||||||||
System Rev. Ref. Bonds: | ||||||||||||||
Series 2008-F, 5.75% 2038 | 8,000 | 8,111 | ||||||||||||
Current Interest Bonds, Series 2008-A, 5.625%-6.00% 2021-2033 | 5,000 | 5,199 | ||||||||||||
Insured Capital Appreciation Bonds, Series 2008-D, Assured Guaranty insured, 0% 2028 | 10,920 | 3,933 | ||||||||||||
Series 2008-F, 5.75% 2033 | 4,000 | 4,107 | ||||||||||||
System Rev. Bonds, Series 2009-A, 6.00% 2028 | 3,000 | 3,198 | 1.04 | |||||||||||
Private Activity Bond Surface Transportation Corp., Rev. Bonds (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project), Series 2009, 6.875% 2039 | 13,000 | 13,591 | .58 | |||||||||||
Other securities | 89,795 | 3.80 | ||||||||||||
205,889 | 8.72 | |||||||||||||
Washington - 1.39% | ||||||||||||||
Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 8,065 | .34 | |||||||||||
Other securities | 24,842 | 1.05 | ||||||||||||
32,907 | 1.39 | |||||||||||||
Other states & U.S. territories - 12.01% | ||||||||||||||
State of Alaska, Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, Subseries A-2, AMT, 4.60% 2022 | 9,090 | 9,116 | .39 | |||||||||||
State of Kentucky, Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.85% 2017 | 7,000 | 6,595 | .28 | |||||||||||
State of Maine, Fin. Auth., Rev. Obligation Securities, Point Lookout Issue, Series 2008, 9.875% 2017 (2) | 12,500 | 9,070 | .39 | |||||||||||
State of Maine, Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,501 | .06 | |||||||||||
State of Oregon, Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2002, AMT, 5.25% 2029 | 5,000 | 4,704 | .20 | |||||||||||
State of Virginia, Industrial Dev. Auth. of the County of Charles City, Tax-Exempt Solid Waste Disposal Rev. Bonds (Waste Management, Inc.), Series 2002, AMT, 6.25% 2027 (put 2012) | 1,000 | 1,067 | .05 | |||||||||||
State of Wisconsin, City of Franklin (Waste Management of Wisconsin, Inc. Project), AMT: | ||||||||||||||
Regional Solid Waste Fin. Commission, Demand Solid Waste Disposal Rev. Bonds, Series 2003-A, 4.95% 2016 | 2,250 | 2,308 | ||||||||||||
Solid Waste Disposal Rev. Bonds, Series 2006-A, 4.95% 2016 (put 2016) | 2,500 | 2,528 | .21 | |||||||||||
Other securities | 246,454 | 10.43 | ||||||||||||
283,343 | 12.01 | |||||||||||||
Total bonds & notes (cost: $2,372,200,000) | 2,220,005 | 94.03 | ||||||||||||
Principal | Percent | |||||||||||||
amount | Value | of net | ||||||||||||
Short-term securities - 4.89% | (000 | ) | (000 | ) | assets | |||||||||
State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-E, 0.16% 2026 (3) | 4,700 | 4,700 | .20 | |||||||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2009-A, 2.00% 6/25/2010 | 10,000 | 10,076 | .43 | |||||||||||
State of New Jersey, Tax and Rev. Anticipation Notes: | ||||||||||||||
Series 2010-B, 2.50% 6/24/2010 | 20,000 | 20,187 | ||||||||||||
Series 2010-C, 2.50% 6/24/2010 | 10,000 | 10,092 | 1.28 | |||||||||||
State of Texas, Tax and Rev. Anticipation Notes, Series 2009, 2.50% 8/31/2010 | 25,000 | 25,336 | 1.07 | |||||||||||
State of Wisconsin, Operating Notes of 2009, 2.50% 6/15/2010 | 10,000 | 10,088 | .43 | |||||||||||
Other securities | 34,940 | 1.48 | ||||||||||||
Total short-term securities (cost: $115,299,000) | 115,419 | 4.89 | ||||||||||||
Total investment securities (cost: $2,487,499,000) | 2,335,424 | 98.92 | ||||||||||||
Other assets less liabilities | 25,580 | 1.08 | ||||||||||||
Net assets | $ | 2,361,004 | 100.00 | % |
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. |
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item. |
(1) Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the 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 $42,193,000, which represented 1.79% of the net assets of the fund. |
(2) Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 4/18/2008 at a cost of $12,500,000) may be subject to legal or contractual restrictions on resale. |
(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, 2010 | (dollars in thousands) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $2,487,499) | $ | 2,335,424 | ||||||
Cash | 657 | |||||||
Receivables for: | ||||||||
Sales of investments | $ | 10,275 | ||||||
Sales of fund's shares | 6,967 | |||||||
Interest | 34,099 | 51,341 | ||||||
2,387,422 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 16,941 | |||||||
Repurchases of fund's shares | 5,677 | |||||||
Dividends on fund's shares | 1,996 | |||||||
Investment advisory services | 684 | |||||||
Services provided by affiliates | 930 | |||||||
Directors' deferred compensation | 92 | |||||||
Other | 98 | 26,418 | ||||||
Net assets at January 31, 2010 | $ | 2,361,004 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of capital stock | $ | 2,615,272 | ||||||
Undistributed net investment income | 3,576 | |||||||
Accumulated net realized loss | (105,769 | ) | ||||||
Net unrealized depreciation | (152,075 | ) | ||||||
Net assets at January 31, 2010 | $ | 2,361,004 |
(dollars and shares in thousands, except per-share amounts) | ||||||||||||
Total authorized capital stock - 200,000 shares, $.001 par value (172,852 total shares outstanding) | ||||||||||||
Net assets | Shares outstanding | Net asset value per share* | ||||||||||
Class A | $ | 1,955,725 | 143,181 | $ | 13.66 | |||||||
Class B | 40,338 | 2,953 | 13.66 | |||||||||
Class C | 149,751 | 10,964 | 13.66 | |||||||||
Class F-1 | 169,867 | 12,436 | 13.66 | |||||||||
Class F-2 | 45,323 | 3,318 | 13.66 | |||||||||
(*) 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 $14.19. | ||||||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | |||||||
for the six months ended January 31, 2010 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 64,554 | ||||||
Fees and expenses*: | ||||||||
Investment advisory services | $ | 3,968 | ||||||
Distribution services | 3,689 | |||||||
Transfer agent services | 399 | |||||||
Administrative services | 200 | |||||||
Reports to shareholders | 86 | |||||||
Registration statement and prospectus | 232 | |||||||
Directors' compensation | 30 | |||||||
Auditing and legal | 12 | |||||||
Custodian | 6 | |||||||
Federal and state income taxes | 65 | |||||||
Other | 56 | 8,743 | ||||||
Net investment income | 55,811 | |||||||
Net realized loss and unrealized appreciation on investments: | ||||||||
Net realized loss on investments | (7,398 | ) | ||||||
Net unrealized appreciation on investments | 168,914 | |||||||
Net realized loss and unrealized appreciation on investments | 161,516 | |||||||
Net increase in net assets resulting from operations | $ | 217,327 | ||||||
(*) 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, 2010 | Year ended July 31, 2009 | |||||||
Operations: | ||||||||
Net investment income | $ | 55,811 | $ | 104,740 | ||||
Net realized loss on investments | (7,398 | ) | (75,912 | ) | ||||
Net unrealized appreciation (depreciation) on investments | 168,914 | (155,345 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 217,327 | (126,517 | ) | |||||
Dividends paid or accrued to shareholders from net investment income | (54,925 | ) | (104,244 | ) | ||||
Net capital share transactions | 103,459 | 104,771 | ||||||
Total increase (decrease) in net assets | 265,861 | (125,990 | ) | |||||
Net assets: | ||||||||
Beginning of period | 2,095,143 | 2,221,133 | ||||||
End of period (including undistributed net investment | ||||||||
income: $3,576 and $2,690, respectively) | $ | 2,361,004 | $ | 2,095,143 | ||||
*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.
On November 24, 2009, shareholders approved a proposal to reorganize the fund from a Maryland corporation to a Delaware statutory trust. The reorganization may be completed in 2010 or early 2011; however, the fund reserves the right to delay the implementation. Shareholders also approved amendments to the fund’s Investment Advisory and Service Agreement and amendments to and elimination of certain fundamental investment policies of the fund.
The fund has five share classes, some of which are only available to limited categories of investors. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
Class A | Up to 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 B shares of the fund are not available for purchase.
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
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:
Net asset value – The fund generally determines its net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Security valuation – Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from one or more independent pricing vendors when such prices are available. However, where the investment adviser deems it appropriate to do so, such securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Vendors base bond prices on, among other things, valuation matrices that incorporate dealer-supplied valuations, proprietary pricing models and evaluations of the yield curve as of approximately 3:00 p.m. New York time. 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 guidelines 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. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
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 prices of, and the income generated by, the securities held by the fund may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.
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.
Changes in the credit quality of banks and financial institutions providing credit and liquidity enhancements could cause the fund to experience a loss and may affect its share price.
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 debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. In addition, longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than 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, 2010, 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 2005 and by state tax authorities for tax years before 2004.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; 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, 2009, the components of distributable earnings on a tax basis were as follows:
(dollars in thousands) | ||||||||
Undistributed tax-exempt income | $ | 1,831 | ||||||
Capital loss carryforwards*: | ||||||||
Expiring 2012 | $ | (17,001 | ) | |||||
Expiring 2013 | (3,652 | ) | ||||||
Expiring 2017 | (14,384 | ) | (35,037 | ) | ||||
Post-October capital loss deferrals (realized during the period November 1, 2008, through July 31, 2009)† | (63,219 | ) | ||||||
*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, 2010, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
(dollars in thousands) | ||||
Gross unrealized appreciation on investment securities | $ | 61,311 | ||
Gross unrealized depreciation on investment securities | (209,847 | ) | ||
Net unrealized depreciation on investment securities | (148,536 | ) | ||
Cost of investment securities | 2,483,960 |
Tax-exempt income distributions paid or accrued to shareholders were as follows (dollars in thousands):
Share class | Six months ended January 31, 2010 | Year ended July 31, 2009 | ||||||
Class A | $ | 46,085 | $ | 88,139 | ||||
Class B | 874 | 2,101 | ||||||
Class C | 2,872 | 5,036 | ||||||
Class F-1 | 4,058 | 7,798 | ||||||
Class F-2 | 1,036 | 432 | ||||||
Class R-5* | - | 738 | ||||||
Total | $ | 54,925 | $ | 104,244 | ||||
*Class R-5 shares were only available through July 31, 2009. |
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 Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares, and American Funds Service Company® ("AFS"), the fund’s transfer agent.
Investment advisory services - The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a 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. For the six months ended January 31, 2010, the investment advisory services fee was $3,968,000, which was equivalent to an annualized rate of 0.344% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services – The fund has adopted plans of distribution for all share classes, except Class F-2. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A, the board of 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, 2010, 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 as 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% 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, 2010, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | |
CRMC administrative services | Transfer agent services | |||
Class A | $2,554 | $390 | Not applicable | Not applicable |
Class B | 213 | 9 | Not applicable | Not applicable |
Class C | 711 | Included in administrative services | $60 | $6 |
Class F-1 | 211 | 104 | 5 | |
Class F-2 | Not applicable | 24 | 1 | |
Total | $3,689 | $399 | $188 | $12 |
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 $30,000, shown on the accompanying financial statements, includes $18,000 in current fees (either paid in cash or deferred) and a net increase of $12,000 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 classifies its assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are generally high-quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At January 31, 2010, all of the fund’s investment securities were classified as Level 2.
6. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Sales(*) | Reinvestments of dividends | Repurchases(*) | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2010 | ||||||||||||||||||||||||||||||||
Class A | $ | 255,028 | 18,982 | $ | 37,083 | 2,744 | $ | (209,306 | ) | (15,532 | ) | $ | 82,805 | 6,194 | ||||||||||||||||||
Class B | 2,648 | 197 | 696 | 51 | (9,104 | ) | (680 | ) | (5,760 | ) | (432 | ) | ||||||||||||||||||||
Class C | 29,580 | 2,206 | 2,231 | 165 | (18,255 | ) | (1,358 | ) | 13,556 | 1,013 | ||||||||||||||||||||||
Class F-1 | 28,118 | 2,101 | 3,319 | 246 | (29,750 | ) | (2,213 | ) | 1,687 | 134 | ||||||||||||||||||||||
Class F-2 | 14,718 | 1,100 | 687 | 51 | (4,234 | ) | (313 | ) | 11,171 | 838 | ||||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 330,092 | 24,586 | $ | 44,016 | 3,257 | $ | (270,649 | ) | (20,096 | ) | $ | 103,459 | 7,747 | ||||||||||||||||||
Year ended July 31, 2009 | ||||||||||||||||||||||||||||||||
Class A | $ | 561,169 | 45,233 | $ | 70,558 | 5,642 | $ | (550,444 | ) | (44,135 | ) | $ | 81,283 | 6,740 | ||||||||||||||||||
Class B | 10,206 | 830 | 1,663 | 133 | (16,914 | ) | (1,354 | ) | (5,045 | ) | (391 | ) | ||||||||||||||||||||
Class C | 52,418 | 4,196 | 3,867 | 309 | (37,208 | ) | (2,980 | ) | 19,077 | 1,525 | ||||||||||||||||||||||
Class F-1 | 83,565 | 6,672 | 6,235 | 498 | (84,479 | ) | (6,684 | ) | 5,321 | 486 | ||||||||||||||||||||||
Class F-2 | 32,896 | 2,659 | 255 | 21 | (2,439 | ) | (200 | ) | 30,712 | 2,480 | ||||||||||||||||||||||
Class R-5(†) | 7,877 | 646 | 482 | 38 | (34,936 | ) | (2,682 | ) | (26,577 | ) | (1,998 | ) | ||||||||||||||||||||
Total net increase | ||||||||||||||||||||||||||||||||
(decrease) | $ | 748,131 | 60,236 | $ | 83,060 | 6,641 | $ | (726,420 | ) | (58,035 | ) | $ | 104,771 | 8,842 | ||||||||||||||||||
(*)Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
(†)Class R-5 shares were only available through July 31, 2009. |
7. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $336,010,000 and $176,820,000, respectively, during the six months ended January 31, 2010.
Financial highlights(1)
Income (loss) from investment operations(2) | |||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Net asset value, end of period | Total return(3)(4) | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers(4) | Ratio of net income to average net assets(4) | |||||||||||||||||||||||||||||||||||
Class A: | Six months ended 1/31/2010(5) | $ | 12.69 | $ | .33 | $ | .97 | $ | 1.30 | $ | (.33 | ) | $ | 13.66 | 10.28 | % | $ | 1,956 | .69 | %(6) | .69 | %(6) | 4.90 | %(6) | |||||||||||||||||||||
Year ended 7/31/2009 | 14.21 | .68 | (1.52 | ) | (.84 | ) | (.68 | ) | 12.69 | (5.69 | ) | 1,738 | .72 | .70 | 5.43 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class B: | Six months ended 1/31/2010(5) | 12.69 | .28 | .97 | 1.25 | (.28 | ) | 13.66 | 9.87 | 40 | 1.43 | (6) | 1.43 | (6) | 4.19 | (6) | |||||||||||||||||||||||||||||
Year ended 7/31/2009 | 14.21 | .59 | (1.52 | ) | (.93 | ) | (.59 | ) | 12.69 | (6.39 | ) | 43 | 1.46 | 1,45 | 4.70 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class C: | Six months ended 1/31/2010(5) | 12.69 | .27 | .97 | 1.24 | (.27 | ) | 13.66 | 9.84 | 150 | 1.48 | (6) | 1.48 | (6) | 4.11 | (6) | |||||||||||||||||||||||||||||
Year ended 7/31/2009 | 14.21 | .58 | (1.52 | ) | (.94 | ) | (.58 | ) | 12.69 | (6.44 | ) | 126 | 1.51 | 1.50 | 4.63 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-1: | Six months ended 1/31/2010(5) | 12.69 | .32 | .97 | 1.29 | (.32 | ) | 13.66 | 10.24 | 170 | .76 | (6) | .76 | (6) | 4.84 | (6) | |||||||||||||||||||||||||||||
Year ended 7/31/2009 | 14.21 | .67 | (1.52 | ) | (.85 | ) | (.67 | ) | 12.69 | (5.77 | ) | 156 | .80 | .78 | 5.35 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Class F-2: | Six months ended 1/31/2010(5) | 12.69 | .34 | .97 | 1.31 | (.34 | ) | 13.66 | 10.38 | 45 | .50 | (6) | .50 | (6) | 5.08 | (6) | |||||||||||||||||||||||||||||
Period from 8/12/2008 to 7/31/2009 | 14.28 | .66 | (1.58 | ) | (.92 | ) | (.67 | ) | 12.69 | (6.19 | ) | 32 | .53 | (6) | .53 | (6) | 5.50 | (6) |
Six months ended January 31, | Year ended July 31 | |||||||||||||||||||||||
2010(5) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Portfolio turnover rate for all classes of shares | 8 | % | 29 | % | 27 | % | 23 | % | 14 | % | 10 | % |
(1)Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | |||||||||||
(2)Based on average shares outstanding. | |||||||||||
(3)Total returns exclude any applicable sales charges, including contingent deferred sales charges. | |||||||||||
(4)This column reflects the impact, if any, of certain waivers from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services. | |||||||||||
(5)Unaudited. | |||||||||||
(6)Annualized. | |||||||||||
See Notes to Financial Statements |
Expense example
unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2009, through January 31, 2010).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 8/1/2009 | Ending account value 1/31/2010 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 1,102.76 | $ | 3.66 | .69 | % | ||||||||
Class A -- assumed 5% return | 1,000.00 | 1,021.73 | 3.52 | .69 | ||||||||||||
Class B -- actual return | 1,000.00 | 1,098.74 | 7.56 | 1.43 | ||||||||||||
Class B -- assumed 5% return | 1,000.00 | 1,018.00 | 7.27 | 1.43 | ||||||||||||
Class C -- actual return | 1,000.00 | 1,098.44 | 7.83 | 1.48 | ||||||||||||
Class C -- assumed 5% return | 1,000.00 | 1,017.74 | 7.53 | 1.48 | ||||||||||||
Class F-1 -- actual return | 1,000.00 | 1,102.40 | 4.03 | .76 | ||||||||||||
Class F-1 -- assumed 5% return | 1,000.00 | 1,021.37 | 3.87 | .76 | ||||||||||||
Class F-2 -- actual return | 1,000.00 | 1,103.78 | 2.65 | .50 | ||||||||||||
Class F-2 -- 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).
Results of meeting of shareholders held November 24, 2009
Shares outstanding (all classes) on record date (August 28, 2009): | 166,444,070 | ||||
Total shares voting on November 24, 2009: | 117,156,896 | (70.4% of shares outstanding) |
Election of board members
Directors* | Votes for | Percent of Shares voting for | Votes withheld | Percent of shares withheld | ||||||||||||
Lee A. Ault III | 114,308,536 | 97.6 | % | 2,848,360 | 2.4 | % | ||||||||||
William H. Baribault | 114,317,255 | 97.6 | 2,839,641 | 2.4 | ||||||||||||
James G. Ellis | 114,322,004 | 97.6 | 2,834,892 | 2.4 | ||||||||||||
Martin Fenton | 114,309,787 | 97.6 | 2,847,109 | 2.4 | ||||||||||||
Leonard R. Fuller | 114,315,552 | 97.6 | 2,841,344 | 2.4 | ||||||||||||
Paul G. Haaga, Jr. | 114,314,745 | 97.6 | 2,842,151 | 2.4 | ||||||||||||
W. Scott Hedrick | 114,318,709 | 97.6 | 2,838,187 | 2.4 | ||||||||||||
R. Clark Hooper | 114,315,661 | 97.6 | 2,841,235 | 2.4 | ||||||||||||
Merit E. Janow | 114,307,664 | 97.6 | 2,849,232 | 2.4 | ||||||||||||
Laurel B. Mitchell | 114,326,665 | 97.6 | 2,830,231 | 2.4 | ||||||||||||
Frank M. Sanchez | 114,311,281 | 97.6 | 2,845,615 | 2.4 | ||||||||||||
Margaret Spellings | 114,320,891 | 97.6 | 2,836,005 | 2.4 | ||||||||||||
Steadman Upham | 114,279,467 | 97.5 | 2,877,429 | 2.5 | ||||||||||||
Karl J. Zeile | 114,321,852 | 97.6 | 2,835,044 | 2.4 |
Votes for | Percent of outstanding shares voting for | Votes against | Percent of outstanding shares voting against | Votes abstaining† | Percent of outstanding shares abstaining | |||||||||||||||||||
To approve an Agreement and Plan of Reorganization | 86,945,079 | 52.2 | % | 2,327,111 | 1.4 | % | 27,884,706 | 16.8 | % |
Votes for | Percent of shares voting for | Votes against | Percent of shares voting against | Votes abstaining† | Percent of shares abstaining | |||||||||||||||||||
To update the fund’s fundamental investment policies regarding: | ||||||||||||||||||||||||
Borrowing | 86,614,327 | 73.9 | % | 2,539,287 | 2.2 | % | 28,003,282 | 23.9 | % | |||||||||||||||
Issuance of senior securities | 86,561,601 | 73.9 | 2,563,305 | 2.2 | 28,031,990 | 23.9 | ||||||||||||||||||
Underwriting | 86,743,161 | 74.0 | 2,369,283 | 2.1 | 28,044,452 | 23.9 | ||||||||||||||||||
Investments in real estate or commodities | 86,561,956 | 73.9 | 2,684,821 | 2.3 | 27,910,119 | 23.8 | ||||||||||||||||||
Lending | 86,402,609 | 73.7 | 2,739,147 | 2.4 | 28,015,140 | 23.9 | ||||||||||||||||||
Industry concentration | 86,662,935 | 73.9 | 2,404,693 | 2.1 | 28,089,268 | 24.0 | ||||||||||||||||||
Investing in tax-exempt securities (applies only to tax-exempt funds) | 87,175,362 | 74.4 | 2,190,998 | 1.9 | 27,790,536 | 23.7 | ||||||||||||||||||
Elimination of certain policies | 86,361,747 | 73.7 | 2,555,712 | 2.2 | 28,239,437 | 24.1 | ||||||||||||||||||
To approve a policy allowing CRMC to appoint subsidiary management without additional shareholder approval | 85,823,709 | 73.2 | 3,254,645 | 2.8 | 28,078,542 | 24.0 | ||||||||||||||||||
To approve amendments to the fund’s Investment Advisory and Service Agreement with CRMC | 86,003,753 | 73.4 | 2,900,108 | 2.5 | 28,253,035 | 24.1 | ||||||||||||||||||
To approve a form of Subsidiary Agreement and appointment of one or more subsidiary advisers for the fund | 84,922,330 | 72.5 | 3,860,956 | 3.3 | 28,373,610 | 24.2 |
*Richard G. Capen, Jr. and Richard G. Newman did not stand for election at the Meeting of Shareholders because they plan to retire in December 2010. |
†Includes broker non-votes. |
Offices of the fund and of the
investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
Independent registered public
accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
A complete January 31, 2010, 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. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of shareholders of American High-Income Municipal Bond Fund, but it also may be used as sales literature when preceded or accompanied by the current summary prospectus or prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2010, 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 30 carefully conceived, broadly diversified funds, in addition to the target date retirement series, offer opportunities that have attracted over 50 million shareholder accounts.
Our unique combination of strengths includes these five factors:
•A long-term, value-oriented approach |
We seek to buy securities at reasonable prices relative to their prospects and hold them for the long term. |
•An extensive global research effort |
Our investment professionals travel the world to find the best investment opportunities and gain a comprehensive understanding of companies and markets. |
•The multiple portfolio counselor system |
Our unique approach to portfolio management, developed more than 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives. |
•Experienced investment professionals |
American Funds portfolio counselors have an average of 26 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 Funds Short-Term Tax-Exempt Bond FundSM |
>American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
State-specific tax-exempt funds |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
•Money market fund |
American Funds Money Market FundSM |
•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-940-0310P
Litho in USA AGD/B/8075-S20688
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
TEM 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, 2010
unaudited
Bonds & notes — 94.03% | Principal amount (000) | Value (000) | ||||||
ALABAMA — 0.16% | ||||||||
Incentives Fncg. Auth., Special Obligation Bonds, Series 2009-C, 5.00% 2029 | $ | 1,000 | $ | 1,048 | ||||
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 | 2,746 | ||||||
3,794 | ||||||||
ALASKA — 0.78% | ||||||||
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), First Series 2006, Subseries A-2, AMT, 4.60% 2022 | 9,090 | 9,116 | ||||||
Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, National insured, 5.50% 2037 | 785 | 800 | ||||||
Industrial Dev. and Export Auth., Revolving Fund Ref. Bonds, Series 2002-A, AMT, National insured, 5.50% 2010 | 1,775 | 1,788 | ||||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2000, 6.20% 2022 (preref. 2010) | 610 | 620 | ||||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 (preref. 2011) | 4,195 | 4,374 | ||||||
Student Loan Corp., Education Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2014 | 1,500 | 1,620 | ||||||
18,318 | ||||||||
ARIZONA — 3.47% | ||||||||
Certs. of Part., Series 2010-A, Assured Guaranty insured, 5.25% 2025 | 2,500 | 2,640 | ||||||
Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
(Montecito Assessment Dist.), Series 2007, 5.70% 2027 | 465 | 340 | ||||||
Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
(Montecito Assessment Dist.), Series 2007, 5.80% 2032 | 992 | 690 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 4.75% 2010 | 500 | 501 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 2022 | 10,500 | 8,975 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 2037 | 7,000 | 5,210 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 1.20% 2042 (put 2015)1 | 1,000 | 904 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 1.05% 2042 (put 2015)1 | 5,000 | 4,519 | ||||||
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 0.979% 20371 | 5,000 | 3,294 | ||||||
City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-B, AMT, 5.25% 2018 | 3,080 | 3,310 | ||||||
City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-B, AMT, 5.25% 2019 | 2,000 | 2,126 | ||||||
City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.00% 2020 | 2,000 | 2,074 | ||||||
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 | 5,854 | 6,104 | ||||||
Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), | ||||||||
Series 2007, AMT, 6.55% 2037 | 14,500 | 14,099 | ||||||
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 | 10,408 | ||||||
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 | 2,625 | 2,664 | ||||||
Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 | 4,520 | 3,573 | ||||||
Salt River Project Agricultural Improvement and Power Dist., Salt River Project Electric System Rev. Bonds, | ||||||||
Series 2009-A, 5.00% 2039 | 2,000 | 2,066 | ||||||
School Facs. Board, Certs. of Part., Series 2008, 5.25% 2023 | 1,000 | 1,074 | ||||||
School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017 | 2,500 | 2,663 | ||||||
University Medical Center Corp. (Tucson), Hospital Rev. Bonds, Series 2009, 6.50% 2039 | 1,000 | 1,061 | ||||||
Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 | 1,000 | 882 | ||||||
Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 | 725 | 553 | ||||||
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 | 2,108 | ||||||
81,838 | ||||||||
CALIFORNIA — 10.06% | ||||||||
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.50% 2030 | 1,640 | 1,644 | ||||||
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 | 500 | 502 | ||||||
Anaheim Public Fncg. Auth., Rev. Bonds (City of Anaheim Electric System Distribution Facs.), | ||||||||
Series 2007-A, National insured, 4.50% 2037 | 2,030 | 1,862 | ||||||
Antelope Valley Healthcare Dist., Rev. Bonds, Series 2002-A, 5.25% 2017 | 3,500 | 3,418 | ||||||
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, | ||||||||
Series 2007, 5.00% 2020 | 1,010 | 819 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
Series 2001-A, 6.125% 2020 | 3,500 | 3,576 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
Series 2003-C, 5.375% 2021 | 1,500 | 1,520 | ||||||
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 | 1,410 | 1,410 | ||||||
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 | 1,001 | ||||||
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 | 958 | ||||||
Statewide Communities Dev. Auth., Senior Living Rev. Bonds (Southern California Presbyterian Homes), | ||||||||
Series 2006-A, 4.875% 2036 | 1,000 | 826 | ||||||
Statewide Communities Dev. Auth., Senior Living Rev. Bonds (Southern California Presbyterian Homes), | ||||||||
Series 2009, 7.00% 2029 | 1,500 | 1,587 | ||||||
Statewide Communities Dev. Auth., Senior Living Rev. Bonds (Southern California Presbyterian Homes), | ||||||||
Series 2009, 7.25% 2041 | 3,500 | 3,724 | ||||||
California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds | ||||||||
(Alameda County Tobacco Asset Securitization Corp.), Series 2002, 4.75% 2019 | 365 | 359 | ||||||
Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), | ||||||||
Series 2007-C, 5.00% 2025 | 1,165 | 1,018 | ||||||
Central Valley Fncg. Auth., Cogeneration Project Rev. Ref. Bonds (Carson Ice-Gen Project), Series 2009, 5.25% 2020 | 850 | 937 | ||||||
City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1992-B, AMT, 5.00% 2027 | 1,250 | 1,186 | ||||||
City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), | ||||||||
Series 1992-D, AMT, AMBAC insured, 5.00% 2027 | 2,000 | 1,911 | ||||||
City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1997-A, AMT, 4.90% 2023 | 1,000 | 983 | ||||||
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C, 5.875% 2034 | 1,100 | 1,208 | ||||||
Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,210 | 962 | ||||||
Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2015 | 995 | 1,042 | ||||||
Econ. Recovery Bonds, Ref. Series 2009-A, 5.25% 2021 | 5,000 | 5,466 | ||||||
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2006, 5.00% 2030 | 1,450 | 1,430 | ||||||
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Bonds, | ||||||||
Series 1999, 6.125% 2016 | 990 | 1,000 | ||||||
Various Purpose G.O. Bonds, 5.00% 2029 | 10,000 | 9,518 | ||||||
Various Purpose G.O. Bonds, 6.00% 2038 | 4,000 | 4,070 | ||||||
Various Purpose G.O. Bonds, 6.50% 2033 | 5,000 | 5,356 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Proposition 1A Receivables Program), Series 2009, 5.00% 2013 | 1,000 | 1,070 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, | ||||||||
Series 2003-A-1, 6.25% 2033 (preref. 2013) | 1,425 | 1,591 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-A-1, 5.00% 2033 | 3,000 | 2,340 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011) | 165 | 174 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011) | 835 | 863 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-I, 5.125% 2022 | 1,500 | 1,517 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-K, 5.125% 2022 | 2,000 | 2,023 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 | 1,000 | 1,015 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 | 2,000 | 2,006 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 | 1,000 | 1,002 | ||||||
City of Irvine, Assessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Group Seven, 5.00% 2020 | 370 | 347 | ||||||
Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 845 | ||||||
City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, National insured, 5.00% 2018 | 4,990 | 5,274 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, | ||||||||
Series 2007-A, Subseries A-1, AMBAC insured, 5.00% 2037 | 1,000 | 1,012 | ||||||
City of Los Angeles, Multi-family Housing Rev. Bonds (GNMA Collateralized — Ridgecroft Apartments Project), | ||||||||
Series 1997-E, AMT, 6.00% 2017 | 420 | 420 | ||||||
Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds, | ||||||||
Series 2006-A, AMT, National insured, 5.00% 2021 | 2,820 | 2,791 | ||||||
Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds, | ||||||||
Series 2006-A, AMT, National insured, 5.00% 2023 | 2,430 | 2,410 | ||||||
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 | 5,900 | 6,238 | ||||||
City of Moorpark, Community Facs. Dist. No 2004-1, Special Tax Bonds (Moorpark Highlands), Series 2006, 5.25% 2026 | 955 | 779 | ||||||
Morongo Band of Mission Indians, Enterprise Rev. Bonds, Series 2008-B, 5.50% 2018 | 4,065 | 3,829 | ||||||
Morongo Band of Mission Indians, Enterprise Rev. Bonds, Series 2008-B, 6.50% 2028 | 7,250 | 6,754 | ||||||
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2020 | 1,500 | 1,440 | ||||||
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2021 | 1,500 | 1,422 | ||||||
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 | 2,000 | 1,738 | ||||||
Municipal Fin. Auth., Education Rev. Bonds (American Heritage Education Foundation Project), | ||||||||
Series 2006-A, 5.25% 2036 | 2,100 | 1,737 | ||||||
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), | ||||||||
Series 2008-B, 6.125% 20482 | 1,000 | 821 | ||||||
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), 8.00% 2029 | 1,420 | 1,438 | ||||||
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), 8.50% 2039 | 2,000 | 2,025 | ||||||
Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 4.75% 2027 | 1,500 | 1,326 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 | 500 | 512 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.875% 2034 | 2,000 | 2,024 | ||||||
City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, | ||||||||
Series 2007, 5.05% 2027 | 2,000 | 1,433 | ||||||
Certs. of Part., Palomar Pomerado Health, 6.75% 2039 | 1,500 | 1,540 | ||||||
City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
Series 2006-A, AMBAC insured, 0% 2020 | 4,815 | 3,047 | ||||||
City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
Series 2006-A, AMBAC insured, 0% 2021 | 4,145 | 2,468 | ||||||
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 2004-A, AMT, FGIC insured, 4.75% 2023 | 5,575 | 5,367 | ||||||
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 2004-B, AMT, FGIC insured, 4.75% 2023 | 3,820 | 3,677 | ||||||
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 2004-C, AMT, AMBAC/FGIC insured, 4.75% 2023 | 1,500 | 1,444 | ||||||
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 | 992 | ||||||
Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 2004-D, AMT, FGIC insured, 4.75% 2023 | 5,050 | 4,862 | ||||||
Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 1996-A, AMT, National insured, 5.35% 2016 | 4,710 | 4,865 | ||||||
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 | 1,000 | ||||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), | ||||||||
Series 2002-A, AMT, 5.00% 2022 | 3,000 | 2,956 | ||||||
Public Works Board, Lease Rev. Bonds (Trustees of the California State University, J. Paul Leonard & Sutro Library), | ||||||||
Series 2009-J, 6.00% 2034 | 1,500 | 1,531 | ||||||
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 | 6,000 | 6,152 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 6.625% 20172 | 2,000 | 1,794 | ||||||
Quechan Indian Tribe, Fort Yuma, Governmental Project Bonds, 7.00% 20272 | 4,055 | 3,303 | ||||||
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 | 1,173 | ||||||
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 | 967 | ||||||
County of Riverside Community Facs. Dist. No. 04-2 (Lake Hills Crest), Special Tax Bonds, Series 2005, 5.00% 2025 | 1,000 | 802 | ||||||
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 | 500 | ||||||
Sacramento County Water Fncg. Auth., Rev. Bonds (Sacramento County Water Agcy. | ||||||||
Zones 40 and 41 2007 Water System Project), Series 2007-B, FGIC-National insured, 0.792% 20341 | 5,000 | 3,355 | ||||||
County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2022 | 1,000 | 998 | ||||||
County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.125% 2024 | 3,000 | 2,977 | ||||||
San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds, 6.625% 2026 | 1,000 | 1,001 | ||||||
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2022 | 1,000 | 1,098 | ||||||
Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Bonds, Ref. Series 2009-A, 5.00% 2026 | 1,000 | 1,061 | ||||||
San Diego Unified School Dist., 2005 G.O. Ref. Bonds (Election of 1998), Series D-2, FSA insured, 4.75% 2026 | 1,500 | 1,534 | ||||||
City and County of San Francisco Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, | ||||||||
Series 2009-E, 5.25% 2032 | 3,500 | 3,518 | ||||||
City and County of San Francisco Airport Commission, San Francisco International Airport, Second Series Rev. Notes, | ||||||||
Series 2008-A, AMT, 6.50% 2019 (put 2010) | 1,000 | 1,014 | ||||||
City and County of San Francisco Airport Commission, San Francisco International Airport, Second Series Rev. Notes, | ||||||||
Series 2008-A, AMT, 6.75% 2019 (put 2011) | 1,000 | 1,055 | ||||||
City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), | ||||||||
Series 2009-C, 6.50% 2039 | 1,000 | 1,051 | ||||||
City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), | ||||||||
Series 2009-D, 6.625% 2039 | 2,500 | 2,609 | ||||||
City and County of San Francisco, Certs. of Part. (Multiple Capital Improvement Projects), Series 2009-A, 5.00% 2025 | 2,500 | 2,553 | ||||||
San Mateo County Community College Dist. (County of San Mateo), Election of 2005 G.O. Bonds | ||||||||
(Capital Appreciation Bonds), Series 2006-B, National insured, 0% 2035 | 5,000 | 990 | ||||||
San Mateo County Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Youth Services Campus), Series 2008-A, 5.25% 2028 | 2,000 | 2,106 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.50% 20112 | 400 | 400 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.875% 20162 | 3,800 | 3,348 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 5.00% 20202 | 3,200 | 2,613 | ||||||
Community Facs. Dist. No. 2002-1, Saugus Union School Dist., Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 938 | ||||||
Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 | 1,000 | 1,004 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Childrens Hospital Los Angeles), Series 2007, 5.00% 2047 | 4,000 | 3,305 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-H, 5.25% 2025 | 1,195 | 1,120 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 | 1,000 | 769 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2016 | 2,250 | 2,455 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019 | 4,700 | 4,988 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds | ||||||||
(CHF-Irvine, L.L.C.-UCI East Campus Apartments, Phase II), Series 2008, 5.00% 2017 | 1,000 | 1,047 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds | ||||||||
(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2008, 6.00% 2040 | 2,250 | 2,225 | ||||||
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 | 2,888 | ||||||
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 | 913 | ||||||
Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 | 2,640 | 2,455 | ||||||
City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, | ||||||||
Series 2003, 5.90% 2034 | 1,500 | 1,262 | ||||||
Tobacco Securitization Auth., Tobacco Settlement Asset-backed Bonds | ||||||||
(San Diego County Tobacco Asset Securitization Corp.), Series 2001-A, 5.25% 2027 (preref. 2012) | 910 | 1,002 | ||||||
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Company Project), Series 2009-A, 5.00% 2022 | 2,000 | 2,097 | ||||||
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Company Project), Series 2009-A, 5.625% 2029 | 3,100 | 3,319 | ||||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2005-F-3, 5.00% 2022 | 1,000 | 1,084 | ||||||
237,625 | ||||||||
COLORADO — 4.35% | ||||||||
Arapahoe County, Capital Improvement Trust Fund Highway Rev. Bonds (E-470 Project), Capital Appreciation Bonds, | ||||||||
Series 2000-B, 0% 2034 (preref. 2010) | 7,500 | 1,230 | ||||||
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 | 1,198 | ||||||
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 | 2,870 | ||||||
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 | 1,612 | ||||||
Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, | ||||||||
Series 2007-A, RADIAN insured, 5.60% 2034 | 3,610 | 2,766 | ||||||
Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 6.125% 2037 | 2,000 | 1,402 | ||||||
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.00% 2017 | 2,000 | 2,074 | ||||||
City and County of Denver, Airport System Rev. Bonds, Series 2008-A1-4, Subseries 2008-A1, AMT, 5.50% 2016 | 2,210 | 2,396 | ||||||
City and County of Denver, Airport System Rev. Bonds, Series 2009-A, 5.25% 2036 | 5,000 | 5,099 | ||||||
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC-National insured, 5.00% 2012 | 500 | 537 | ||||||
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 | 12,769 | ||||||
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 | 805 | ||||||
Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2007-B, 1.271% 20331 | 4,860 | 3,379 | ||||||
Educational and Cultural Facs. Auth., Charter School Rev. Bonds (Brighton Charter School Project), | ||||||||
Series 2006, 6.00% 2036 | 1,675 | 1,043 | ||||||
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
Series 2008, 5.375% 2028 | 1,000 | 1,021 | ||||||
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
Series 2008, 5.50% 2038 | 1,000 | 991 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2000, 6.60% 2016 | 385 | 400 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2002, 5.90% 2027 | 1,830 | 1,852 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2006, 5.25% 2024 | 3,880 | 3,788 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2009-A, 6.125% 2038 | 1,000 | 1,005 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2009-B, 5.00% 2039 (put 2014) | 1,900 | 1,976 | ||||||
Health Facs. Auth., Health Facs. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
Series 2000, 6.60% 2016 (preref. 2010) | 615 | 660 | ||||||
Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2026 | 2,100 | 1,884 | ||||||
Health Facs. Auth., Rev. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2037 | 2,750 | 2,348 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 6.125% 2033 | 1,000 | 963 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 | 1,320 | 1,374 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 | 1,150 | 1,185 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 | 1,485 | 1,482 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 | 2,095 | 2,065 | ||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 12,500 | 10,370 | ||||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
Series 2003, 8.00% 2025 | 7,500 | 7,432 | ||||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
Series 2005, 8.125% 2025 | 5,000 | 4,714 | ||||||
Lincoln Park Metropolitan Dist. (Douglas County), G.O. Limited Tax Ref. and Improvement Bonds, | ||||||||
Series 2001, 7.75% 2026 (preref. 2011) | 2,750 | 3,111 | ||||||
North Range Metropolitan Dist. No. 1 (City of Commerce, Adams County), Limited Tax G.O. Bonds, | ||||||||
Series 2001, 7.25% 2031 (preref. 2011) | 965 | 1,076 | ||||||
Prairie Center Metropolitan Dist. No. 3 (City of Brighton, Adams County), | ||||||||
Limited Property Tax Supported Primary Improvements Rev. Bonds, Series 2006-A, 5.40% 2031 | 2,750 | 2,117 | ||||||
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 | 2,000 | 2,152 | ||||||
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) | 2,795 | 3,134 | ||||||
Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) | ||||||||
Ref. and Improvement Bonds, Series 2007, 5.25% 2037 | 1,250 | 936 | ||||||
Tallyn’s Reach Metropolitan Dist. No. 3 (City of Aurora), Limited Tax G.O. Bonds (Convertible to Unlimited Tax), | ||||||||
Series 2007, 5.20% 2036 | 1,725 | 1,416 | ||||||
Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, | ||||||||
Series 2006, 5.75% 2036 | 1,190 | 826 | ||||||
Regents of the University of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.375% 2038 | 1,250 | 1,319 | ||||||
Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 6.625% 2040 | 2,250 | 1,850 | ||||||
102,627 | ||||||||
CONNECTICUT — 1.21% | ||||||||
Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-A, 5.85% 2028 | 1,375 | 1,385 | ||||||
Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), | ||||||||
Series 1993-B, AMT, 5.95% 2028 | 1,500 | 1,507 | ||||||
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043 | 4,000 | 4,149 | ||||||
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-B, 6.125% 2014 | 4,000 | 3,953 | ||||||
Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program), | ||||||||
Series 2005-A, AMT, National insured, 4.25% 2019 | 740 | 704 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-A, 5.50% 20362 | 1,500 | 786 | ||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.75% 20182 | 3,000 | 1,685 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2001, 5.375% 2011 | 275 | 268 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2001, 6.00% 2016 | 6,100 | 5,432 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2001, 6.25% 2021 | 3,000 | 2,535 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2001, 6.25% 2031 | 2,000 | 1,612 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2003, 5.25% 2033 | 5,000 | 3,630 | ||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
Series 2003, 5.50% 2013 | 1,080 | 1,003 | ||||||
28,649 | ||||||||
DELAWARE — 0.08% | ||||||||
Housing Auth., Single-family Mortgage Rev. Bonds, Series 2006-C, AMT, 6.25% 2037 | 725 | 773 | ||||||
Housing Auth., Single-family Mortgage Rev. Bonds, Series 2009-A-1, 5.45% 2040 | 1,000 | 1,093 | ||||||
1,866 | ||||||||
DISTRICT OF COLUMBIA — 0.47% | ||||||||
Dist. of Columbia, Rev. Bonds (Brookings Institution Issue), Series 2009, 5.75% 2039 | 2,000 | 2,153 | ||||||
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Current Interest Bonds, | ||||||||
Series 2009-A, 5.00% 2039 | 1,000 | 1,014 | ||||||
Water and Sewer Auth., Public Utility Rev. Bonds, Series 2009-A, 5.50% 2039 | 3,300 | 3,530 | ||||||
Water and Sewer Auth., Public Utility Rev. Bonds, Series 2009-A, 6.00% 2035 | 4,000 | 4,475 | ||||||
11,172 | ||||||||
FLORIDA — 12.31% | ||||||||
Alachua County Health Facs. Auth., Health Facs. Rev. Bonds (Shands HealthCare Project), Series 2008-D-2, 6.75% 2030 | 900 | 962 | ||||||
Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.625% 2022 | 1,000 | 881 | ||||||
Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.75% 2026 | 5,000 | 4,245 | ||||||
Alachua County, Industrial Dev. Rev. Bonds (North Florida Retirement Village, Inc. Project), Series 2007-A, 5.875% 2042 | 4,500 | 3,503 | ||||||
Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 | 1,300 | 1,115 | ||||||
Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 | 1,715 | 1,363 | ||||||
Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
Series 2007-A, 6.00% 2038 | 1,800 | 1,521 | ||||||
Beacon Lakes Community Dev. Dist. (Miami-Dade County), Special Assessment Completion Bonds, | ||||||||
Series 2007-B, 6.20% 2038 | 1,400 | 1,142 | ||||||
Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
Series 2002-B, 7.00% 2014 | 560 | 572 | ||||||
Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
Series 2002-B, 7.25% 2033 | 1,960 | 1,967 | ||||||
Boynton Village Community Dev. Dist. (City of Boynton Beach), Special Assessment Bonds, Series 2007-A-2, 6.00% 2038 | 1,485 | 1,088 | ||||||
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 | 1,631 | ||||||
Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 3,125 | 2,867 | ||||||
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 | 10,500 | 11,576 | ||||||
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2012 | 1,000 | 1,055 | ||||||
Citizens Property Insurance Corp., High-Risk Account Secured Ref. Bonds, Series 2007-A, National insured, 5.00% 2013 | 4,000 | 4,250 | ||||||
City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2005-A, 6.125% 20363 | 4,370 | 1,964 | ||||||
City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2007-A, 6.00% 20383 | 5,625 | 2,528 | ||||||
City of Clearwater, Water and Sewer Rev. Bonds, Series 2009-A, 5.25% 2039 | 2,000 | 2,056 | ||||||
Concorde Estates Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 20113 | 515 | 180 | ||||||
Connerton West Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-B, 5.125% 20163 | 2,290 | 885 | ||||||
Board of Education, Lottery Rev. Bonds, Series 2009-A, 5.00% 2021 | 3,000 | 3,226 | ||||||
Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), | ||||||||
Series 2010-A, 5.75% 2029 | 500 | 485 | ||||||
Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
Series 2006-A, AMT, 4.80% 2038 | 6,340 | 6,235 | ||||||
Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
Series 2007-B, AMT, 4.70% 2039 | 2,825 | 2,655 | ||||||
Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2004-B, 7.04% 2014 | 225 | 213 | ||||||
Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2007-B, 5.00% 2012 | 1,450 | 1,151 | ||||||
Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, | ||||||||
Series 2000-C, 7.10% 2030 | 7,355 | 7,207 | ||||||
Fleming Island Plantation Community Dev. Dist. (Clay County), Series 2000-B, 7.375% 2031 (preref. 2010) | 985 | 1,013 | ||||||
Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 | 11,500 | 5,688 | ||||||
Grand Bay at Doral Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds, Series 2007-B, 6.00% 2017 | 13,000 | 8,715 | ||||||
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2009-C, 5.00% 2027 | 1,000 | 1,014 | ||||||
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2009-C, 5.00% 2028 | 2,255 | 2,274 | ||||||
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2008-A, AMT, FSA insured, 5.25% 2018 | 2,000 | 2,110 | ||||||
Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-A, AMT, 6.00% 2016 | 2,500 | 2,814 | ||||||
Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-A, 7.00% 2033 | 895 | 902 | ||||||
Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-B, 7.00% 2012 | 60 | 59 | ||||||
Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2001-B, 6.35% 2010 | 1,145 | 1,021 | ||||||
Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 4,215 | 2,925 | ||||||
Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, | ||||||||
Series 2005, 5.60% 2036 | 1,220 | 877 | ||||||
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 | 2,144 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2005-B, 5.00% 2016 (preref. 2015) | 150 | 175 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2005-B, 5.00% 2018 (preref. 2015) | 250 | 291 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2006-G, 5.125% 2018 (preref. 2016) | 100 | 117 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2006-G, 5.125% 2023 (preref. 2016) | 145 | 170 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2005-B, 5.00% 2016 | 1,050 | 1,124 | ||||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
Series 2006-G, 5.125% 2023 | 1,855 | 1,902 | ||||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
Series 2007-A, 5.25% 2027 | 2,000 | 1,949 | ||||||
City of Tampa, Capital Improvement Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
Series 1999-A, 5.75% 2029 | 1,000 | 1,000 | ||||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
Series 2003-A, 5.00% 2012 | 1,000 | 1,055 | ||||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
Series 2003-A, 5.00% 2013 | 1,500 | 1,599 | ||||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), | ||||||||
Series 2003-A, 5.00% 2018 | 3,795 | 3,853 | ||||||
Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project), | ||||||||
Series 2006, AMBAC insured, 5.00% 2034 (put 2012) | 1,000 | 1,045 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2009-2, 5.50% 2041 | 1,000 | 1,096 | ||||||
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2006-A, 5.25% 2012 | 2,000 | 2,166 | ||||||
Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2020 | 3,485 | 3,537 | ||||||
Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
Series 2007-A, 6.00% 2017 | 2,205 | 2,260 | ||||||
Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. and Ref. Bonds (Proton Therapy Institute Project), | ||||||||
Series 2007-A, 6.25% 20272 | 2,500 | 2,397 | ||||||
Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), Series 2007-A, 5.00% 2024 | 2,000 | 2,024 | ||||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2001-A, 7.40% 2032 | 690 | 698 | ||||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2001-B, 6.40% 2011 | 115 | 112 | ||||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2005-A, 5.60% 2037 | 905 | 536 | ||||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2005-B, 4.875% 2010 | 2,680 | 2,173 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 4.875% 2010 | 840 | 651 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036 | 2,570 | 1,798 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-A, 5.30% 20383 | 1,970 | 791 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 20113 | 7,250 | 2,899 | ||||||
City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2022 | 2,235 | 2,264 | ||||||
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project), Series 2006, 5.40% 2037 | 975 | 695 | ||||||
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006, 5.50% 2036 | 3,155 | 2,292 | ||||||
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B, 5.00% 2013 | 3,135 | 2,528 | ||||||
Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-A, 5.50% 20383 | 1,000 | 330 | ||||||
Landmark at Doral Community Dev. Dist. (City of Doral), Special Assessment Bonds, Series 2006-B, 5.20% 20153 | 3,000 | 988 | ||||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. Project), | ||||||||
Series 1997-A, 6.25% 2017 | 2,115 | 1,954 | ||||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | ||||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 2006, 5.00% 2032 | 3,000 | 2,373 | ||||||
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 | 1,745 | ||||||
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 | 1,925 | ||||||
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 | 2,663 | ||||||
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 | 13,425 | 11,082 | ||||||
Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2016 | 4,535 | 4,644 | ||||||
Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-A, 5.45% 2039 | 4,000 | 1,907 | ||||||
Madeira Community Dev. Dist. (City of St. Augustine), Special Assessment Rev. Bonds, Series 2007-B, 5.25% 2014 | 2,750 | 1,443 | ||||||
Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 2014 | 4,255 | 2,621 | ||||||
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2018 | 2,200 | 2,431 | ||||||
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2023 | 3,090 | 3,296 | ||||||
Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2024 | 1,255 | 1,331 | ||||||
Marion County Hospital Dist., Health System Ref. and Improvement Rev. Bonds (Munroe Regional Health System), | ||||||||
Series 2007, 5.00% 2022 | 1,100 | 1,093 | ||||||
Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2000-A, 7.65% 2032 | 2,800 | 2,808 | ||||||
Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 4,580 | 3,655 | ||||||
Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-1, 7.00% 2012 | 590 | 568 | ||||||
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 20363 | 1,950 | 799 | ||||||
Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), | ||||||||
Series 2007-B, AMBAC insured, 5.25% 2024 | 1,000 | 1,065 | ||||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Bonds, Series 2009-A, 5.50% 2036 | 2,000 | 2,004 | ||||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Bonds, Series 2009-A, 5.75% 2022 | 3,000 | 3,260 | ||||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
Series 2003-E, AMT, National insured, 5.375% 2017 | 1,000 | 1,071 | ||||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
Series 2005-B, AMT, XLCA insured, 5.00% 2018 | 4,000 | 4,090 | ||||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
Series 2005-B, AMT, XLCA insured, 5.00% 2021 | 4,445 | 4,462 | ||||||
Midtown Miami Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Infrastructure Project), | ||||||||
Series 2004-B, 6.50% 2037 | 1,950 | 1,724 | ||||||
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.50% 2024 | 3,000 | 3,310 | ||||||
New Port Tampa Bay Community Dev. Dist., Special Assessment Bonds (City of Tampa), Series 2006-A, 5.875% 2038 | 1,480 | 502 | ||||||
North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Heron Bay Project), | ||||||||
Series 1997, 7.00% 2019 | 1,990 | 1,991 | ||||||
North Springs Improvement Dist. (Broward County), Special Assessment Bonds | ||||||||
(Parkland Golf and Country Club Assessment Area), Series 2005-A-1, 5.45% 2026 | 2,765 | 2,253 | ||||||
City of Orlando, Special Assessment Rev. Bonds (Conroy Road Interchange Project), Series 1998-A, 5.80% 2026 | 3,250 | 3,089 | ||||||
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2009-B, 5.00% 2033 | 1,000 | 1,039 | ||||||
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 | 3,029 | ||||||
Solid Waste Auth. of Palm Beach County, Improvement Rev. Bonds, Series 2009, 5.25% 2021 | 1,000 | 1,099 | ||||||
Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, | ||||||||
Series 2006, 5.70% 2037 | 3,675 | 2,156 | ||||||
Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-A, 5.60% 2038 | 1,480 | 861 | ||||||
Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-B, 5.35% 2015 | 2,000 | 1,270 | ||||||
Parklands Lee Community Dev. Dist. (Bonita Springs), Special Assessment Bonds, Series 2005-B, 5.125% 2011 | 965 | 548 | ||||||
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 20103 | 1,700 | 680 | ||||||
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2006, 5.00% 20113 | 2,565 | 1,026 | ||||||
Pine Air Lakes Community Dev. Dist. (Collier County), Special Assessment Rev. Bonds, Series 2002, 7.25% 2033 | 2,250 | 2,273 | ||||||
City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 | 1,320 | 1,090 | ||||||
St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 | 2,250 | 2,247 | ||||||
St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 | 3,230 | 2,813 | ||||||
Seminole Tribe of Florida 5.25% 20272 | 9,150 | 8,260 | ||||||
Seminole Tribe of Florida 5.50% 20242 | 2,500 | 2,344 | ||||||
Seminole Tribe of Florida 5.75% 20222 | 2,260 | 2,193 | ||||||
Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.10% 20253 | 3,995 | 1,598 | ||||||
Shingle Creek Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2006, 6.125% 20373 | 3,995 | 1,598 | ||||||
Six Mile Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, Series 2007, 5.875% 2038 | 3,350 | 1,341 | ||||||
South-Dade Venture Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2002, 6.90% 2033 | 3,680 | 3,688 | ||||||
South Village Community Dev. Dist. (Clay County), Capital Improvement Rev. Bonds, Series 2005-A, 5.70% 2035 | 950 | 603 | ||||||
Split Pine Community Dev. Dist. (City of Jacksonville), Special Assessment Bonds, Series 2007-A, 5.25% 2039 | 3,000 | 1,876 | ||||||
Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 2013 | 2,035 | 1,681 | ||||||
Stoneybrook West Community Dev. Dist. (City of Winter Garden, Orange County), Special Assessment Rev. Bonds, | ||||||||
Series 2000-B, 6.45% 2010 | 5 | 5 | ||||||
Stoneybrook South Community Dev. Dist. (Osceola County), Special Assessment Rev. Bonds, Series 2007-B, 5.45% 2015 | 6,250 | 2,717 | ||||||
Sweetwater Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, | ||||||||
Series 2007-B-1, 5.30% 2017 | 2,000 | 1,273 | ||||||
Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.45% 2023 | 2,000 | 1,703 | ||||||
Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2007, 6.65% 2040 | 2,000 | 1,610 | ||||||
Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), | ||||||||
Capital Improvement Rev. Bonds, Series 2005, 6.00% 2036 | 2,885 | 1,845 | ||||||
Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,790 | 3,330 | ||||||
Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,135 | 742 | ||||||
Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, Series 2004, 6.00% 2020 | 920 | 805 | ||||||
Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-A, 6.75% 2034 | 960 | 855 | ||||||
Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-B, 5.95% 2012 | 20 | 19 | ||||||
Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 | 1,690 | 1,028 | ||||||
Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-B, 6.55% 2015 | 3,910 | 2,439 | ||||||
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 | 5,940 | 3,092 | ||||||
290,529 | ||||||||
GEORGIA — 3.84% | ||||||||
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 | 1,722 | ||||||
City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.75% 2014 (preref. 2011) | 630 | 702 | ||||||
City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.90% 2024 (preref. 2011) | 2,000 | 2,286 | ||||||
City of Atlanta, Tax Allocation Bonds (Beltline Project), Series 2008-B, 7.375% 2031 | 5,000 | 5,017 | ||||||
City of Atlanta, Tax Allocation Bonds (Eastside Project), Series 2005-A, AMT, 5.625% 2016 | 2,245 | 2,332 | ||||||
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Second | ||||||||
Series 2008, 4.95% 2048 (put 2011) | 2,300 | 2,410 | ||||||
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), | ||||||||
Series 2008-C, 5.70% 2043 | 3,000 | 3,109 | ||||||
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), | ||||||||
Series 2008-E, 7.00% 2023 | 2,000 | 2,368 | ||||||
Clayton County, Tax Allocation Bonds (Ellenwood Project), Series 2008, 7.50% 2033 | 4,705 | 4,443 | ||||||
Dev. Auth. of Clayton County, Special Facs. Rev. Bonds (Delta Air Lines, Inc. Project), Series 2009-A, 8.75% 2029 | 5,000 | 5,161 | ||||||
Dev. Auth. of Clayton County, Special Facs. Rev. Bonds (Delta Air Lines, Inc. Project), Series 2009-B, AMT, 9.00% 2035 | 4,000 | 4,027 | ||||||
Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), | ||||||||
Series 2009, 6.00% 2029 | 1,850 | 2,069 | ||||||
Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), | ||||||||
Series 2009, 6.125% 2040 | 5,000 | 5,481 | ||||||
Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 | 4,500 | 3,531 | ||||||
Gainesville and Hall County Dev. Auth., Retirement Community Rev. Bonds | ||||||||
(ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-2, 6.375% 2029 | 710 | 742 | ||||||
Gainesville and Hall County Dev. Auth., Retirement Community Rev. Bonds | ||||||||
(ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-2, 6.625% 2039 | 1,350 | 1,400 | ||||||
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
Series 2007, 5.00% 2018 | 1,500 | 1,222 | ||||||
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
Series 2007, 5.125% 2027 | 2,000 | 1,377 | ||||||
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
Series 2007, 5.125% 2037 | 2,500 | 1,550 | ||||||
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation I, LLC Project), Series 2008, 6.00% 2034 | 6,500 | 7,014 | ||||||
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), Series 2009-A, 5.50% 2039 | 3,500 | 3,593 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2013 | 4,995 | 5,363 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2018 | 4,185 | 4,272 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2019 | 2,100 | 2,103 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2022 | 5,000 | 4,875 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 | 2,000 | 2,031 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 | 1,000 | 1,011 | ||||||
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2028 | 1,395 | 1,380 | ||||||
Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2027 | 2,750 | 2,251 | ||||||
Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2037 | 1,375 | 1,079 | ||||||
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 | 45 | ||||||
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, 0.818% 20331 | 3,000 | 1,946 | ||||||
Municipal Electric Auth., Combined Cycle Project Rev. Bonds, Series 2003-A, 5.00% 2023 | 1,000 | 1,001 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2008-D, 5.75% 2019 | 1,500 | 1,734 | ||||||
90,647 | ||||||||
GUAM — 0.04% | ||||||||
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 | 1,000 | 961 | ||||||
HAWAII — 0.24% | ||||||||
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 8.75% 2029 | 1,000 | 1,081 | ||||||
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 9.00% 2044 | 3,250 | 3,497 | ||||||
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series C-2, 6.40% 2014 | 1,000 | 1,011 | ||||||
5,589 | ||||||||
IDAHO — 0.38% | ||||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-H-2, AMT, 5.40% 2010 | 20 | 20 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1997-I-2, AMT, 5.55% 2010 | 10 | 10 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1998-B-2, AMT, 5.20% 2011 | 25 | 25 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-B-2, AMT, 5.00% 2013 | 100 | 102 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-D-3, AMT, 5.15% 2013 | 115 | 117 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-G, AMT, 5.75% 2014 | 70 | 72 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-B, Class III, AMT, 5.75% 2020 | 570 | 592 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021 | 550 | 555 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-F, Class III, AMT, 5.30% 2021 | 635 | 639 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-C, Class III, AMT, 5.50% 2021 | 625 | 642 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-E, Class III, AMT, 5.30% 2022 | 610 | 624 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 | 615 | 622 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 | 605 | 588 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 910 | 920 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 905 | 902 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 815 | 789 | ||||||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 | 1,875 | 1,804 | ||||||
9,023 | ||||||||
ILLINOIS — 5.92% | ||||||||
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 | 4,670 | ||||||
Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds, | ||||||||
Series 2006, RADIAN insured, 4.40% 2016 | 804 | 765 | ||||||
Chicago Transit Auth., Capital Grant Receipts Rev. Bonds (Federal Transit Administration Section 5307 | ||||||||
Guideway Modernization Formula Funds), Assured Guaranty insured, 5.00% 2019 | 2,000 | 2,140 | ||||||
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 | 1,017 | ||||||
Dev. Fin. Auth., Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Company Project), | ||||||||
Series 2003-E, AMT, AMBAC insured, 4.875% 2038 (put 2018) | 5,000 | 5,011 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, | ||||||||
Series 2005-B, National insured, 5.25% 2017 | 5,000 | 5,537 | ||||||
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
Series 2001-C, AMT, AMBAC insured, 5.50% 2015 | 2,030 | 2,098 | ||||||
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
Series 2001-E, AMT, AMBAC insured, 5.50% 2016 | 1,170 | 1,204 | ||||||
City of Chicago, Special Assessment Improvement Bonds (Lakeshore East Project), Series 2002, 6.75% 2032 | 2,000 | 1,847 | ||||||
Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, FSA insured, 5.00% 2023 | 5,000 | 5,221 | ||||||
County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
Series 2006, 5.40% 2016 | 707 | 671 | ||||||
County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
Series 2006, 5.625% 2036 | 4,900 | 3,620 | ||||||
Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
Series 2007-A, 5.00% 2021 | 1,000 | 954 | ||||||
Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
Series 2007-A, 5.00% 2026 | 1,000 | 919 | ||||||
Fin. Auth., Charter School Rev. Project and Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
Series 2007-A, 5.00% 2036 | 4,000 | 3,446 | ||||||
Fin. Auth., Rev. Bonds (Alexian Brothers Health System), Series 2008, 5.50% 2038 | 4,500 | 4,375 | ||||||
Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), Series 1999, FSA insured, 5.125% 2028 | 295 | 296 | ||||||
Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2027 | 2,000 | 2,039 | ||||||
Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.00% 2025 | 2,250 | 901 | ||||||
Fin. Auth., Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 4,750 | 1,903 | ||||||
Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 | 5,500 | 5,095 | ||||||
Health Facs. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2002, 6.25% 2017 | 3,335 | 3,437 | ||||||
Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. — Obligated Group), Series 2007-A, 5.00% 2026 | 2,000 | 2,066 | ||||||
Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 20273 | 1,240 | 397 | ||||||
Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 20373 | 1,000 | 320 | ||||||
Fin. Auth., Rev. Bonds (Monarch Landing, Inc. Fac.), Series 2007-A, 7.00% 20423 | 5,725 | 1,832 | ||||||
Fin. Auth., Rev. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 | 6,000 | 6,594 | ||||||
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2033 | 1,500 | 1,492 | ||||||
Fin. Auth., Rev. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 9,800 | 11,040 | ||||||
Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 20423 | 2,000 | 800 | ||||||
Fin. Auth., Rev. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 | 2,000 | 1,764 | ||||||
Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2026 | 1,500 | 1,377 | ||||||
Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 | 2,000 | 1,727 | ||||||
Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.75% 2033 | 1,250 | 1,371 | ||||||
Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 3,000 | 2,322 | ||||||
Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 | 3,500 | 2,394 | ||||||
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 | 1,020 | 1,002 | ||||||
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 | 1,000 | 934 | ||||||
Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 | 1,500 | 1,339 | ||||||
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
Series 2006-A, 5.25% 2034 | 2,985 | 2,439 | ||||||
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
Series 2006-B, 5.00% 2025 | 5,000 | 4,307 | ||||||
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
Series 2006-B, 5.25% 2019 | 5,500 | 5,158 | ||||||
Village of Hampshire (Kane County), Special Service Area Number 13, Special Tax Bonds (Tuscany Woods Project), | ||||||||
Series 2007, 5.75% 2037 | 5,000 | 3,123 | ||||||
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 | 2,402 | ||||||
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 | 903 | ||||||
Village of Hampshire (Kane County), Special Service Area Number 19, Special Tax Bonds | ||||||||
(Crown Dev. Projects — Prairie Ridge East), Series 2007-A, 6.00% 2046 | 3,000 | 2,231 | ||||||
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2014 | 1,500 | 1,510 | ||||||
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 | 1,790 | 1,752 | ||||||
Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 5.00% 2042 | 1,665 | 1,529 | ||||||
Housing Dev. Auth., Housing Bonds, Series G, 4.20% 2015 | 1,135 | 1,198 | ||||||
Housing Dev. Auth., Housing Bonds, Series G, 4.30% 2016 | 445 | 463 | ||||||
Housing Dev. Auth., Housing Bonds, Series G, 4.55% 2021 | 825 | 837 | ||||||
Housing Dev. Auth., Housing Bonds, Series G, 4.80% 2032 | 1,000 | 960 | ||||||
Village of Lakemoor, McHenry and Lake Counties, Special Service Area Number 97-1, Special Tax Ref. Bonds, | ||||||||
Series 2006, RADIAN insured, 4.55% 2016 | 1,047 | 1,033 | ||||||
Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,850 | 1,469 | ||||||
Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
(Groebe Farm-Stonegate Project), Series 2007, 5.75% 2022 | 2,250 | 1,354 | ||||||
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 | 2,434 | ||||||
Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Bonds (Lakewood Creek Project), | ||||||||
Series 2001, 7.75% 2030 (preref. 2011) | 938 | 1,012 | ||||||
Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds | ||||||||
(Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030 | 958 | 794 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2008-B, 5.50% 2033 | 4,000 | 4,283 | ||||||
Board of Trustees of the University of Illinois, Ref. Certs. of Part., Series 2009-A, 5.00% 2020 | 1,000 | 1,055 | ||||||
139,815 | ||||||||
INDIANA — 2.47% | ||||||||
City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2028 | 2,055 | 1,820 | ||||||
City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2032 | 1,000 | 859 | ||||||
Dev. Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Inland Steel Co. Project No. 15), Series 1997-A, 5.75% 2011 | 1,000 | 1,024 | ||||||
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 | 7,000 | 7,568 | ||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
Series 2006-A, 5.00% 2036 | 1,500 | 1,364 | ||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), | ||||||||
Series 2006-A, 5.00% 2039 | 1,500 | 1,362 | ||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group), | ||||||||
Series 2006-B, 5.00% 2023 | 5,220 | 5,195 | ||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
(Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2027 | 4,000 | 3,947 | ||||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
(Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 7,750 | 7,434 | ||||||
Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 | 860 | 925 | ||||||
Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 (preref. 2012) | 140 | 159 | ||||||
Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), | ||||||||
Series 1995-A, AMT, 6.50% 20313 | 3,500 | 35 | ||||||
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 12,450 | 12,654 | ||||||
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
Series 2004-I, AMT, National insured, 5.25% 2014 | 2,000 | 2,166 | ||||||
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
Series 2006-F, AMT, AMBAC insured, 5.00% 2015 | 2,000 | 2,144 | ||||||
Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
Series 1988-C, National insured, 5.60% 2016 | 1,000 | 1,082 | ||||||
Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
Series 1988-C, National insured, 5.85% 2019 | 3,000 | 3,243 | ||||||
St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2026 | 230 | 205 | ||||||
St. Joseph County, Econ. Dev. Rev. Bonds (Holy Cross Village at Notre Dame Project), Series 2006-A, 6.00% 2038 | 500 | 415 | ||||||
Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 | 1,375 | 1,398 | ||||||
Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 | 4,000 | 3,330 | ||||||
58,329 | ||||||||
IOWA — 0.50% | ||||||||
Coralville, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2007-C, 5.00% 2047 | 2,075 | 1,767 | ||||||
Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
Series 2007-A, 6.75% 2037 | 2,500 | 2,259 | ||||||
Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
Series 2007-A, 6.75% 2042 | 5,000 | 4,486 | ||||||
Fin. Auth., Single-family Mortgage Bonds, Series 2006-E, AMT, 5.50% 2036 | 1,065 | 1,097 | ||||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011) | 2,000 | 2,138 | ||||||
11,747 | ||||||||
KANSAS — 0.38% | ||||||||
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 | 250 | 252 | ||||||
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 | 750 | 753 | ||||||
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
Series 2007, 5.125% 2017 | 1,200 | 1,130 | ||||||
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
Series 2007, 5.50% 2039 | 3,250 | 2,624 | ||||||
City of Manhattan, Health Care Fac. Rev. Bonds (Meadowlark Hills Retirement Community), Series 2007-B, 5.125% 2042 | 1,000 | 730 | ||||||
City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project), | ||||||||
Series 2006, 5.125% 2028 | 2,705 | 1,983 | ||||||
Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds | ||||||||
(Legends at Village West Project), Series 2006, 4.60% 2016 | 1,590 | 1,450 | ||||||
8,922 | ||||||||
KENTUCKY — 0.89% | ||||||||
Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024 | 3,000 | 3,235 | ||||||
Econ. Dev. Fin. Auth., Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.625% 2027 | 2,000 | 2,176 | ||||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
Series 1997, 5.80% 2012 | 1,000 | 991 | ||||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
Series 1997, 5.85% 2017 | 7,000 | 6,595 | ||||||
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 | 2,732 | ||||||
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 | 1,093 | ||||||
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 | 2,153 | ||||||
Louisville/Jefferson County Metro Government, Health Facs. Rev. Bonds | ||||||||
(Jewish Hospital & St. Mary’s HealthCare, Inc. Project), Series 2008, 6.125% 2037 | 2,005 | 2,073 | ||||||
21,048 | ||||||||
LOUISIANA — 2.03% | ||||||||
Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2020 | 3,000 | 3,020 | ||||||
Health Education Auth., Rev. Ref. Bonds (Lambeth House Project), Series 1998-A, 6.20% 2028 | 5,000 | 4,450 | ||||||
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
Series 2007, 6.75% 2032 | 9,000 | 9,314 | ||||||
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 | 1,000 | 901 | ||||||
Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029 | 2,000 | 2,112 | ||||||
Public Facs. Auth., Rev. Ref. Bonds (Tulane University of Louisiana Project), | ||||||||
Series 2007-A-2, National insured, 0.883% 20361 | 2,000 | 1,297 | ||||||
Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 10,500 | 10,006 | ||||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,835 | 16,854 | ||||||
47,954 | ||||||||
MAINE — 0.45% | ||||||||
Fin. Auth., Rev. Obligation Securities, Point Lookout Issue, Series 2008, 9.875% 20174 | 12,500 | 9,070 | ||||||
Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 1,500 | 1,501 | ||||||
10,571 | ||||||||
MARYLAND — 1.62% | ||||||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 | 2,666 | 2,160 | ||||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 | 1,972 | 1,478 | ||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||||||||
Series 2006-F, AMT, 6.00% 2039 | 1,740 | 1,801 | ||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Frostburg State University Project), Series 2002-A, 6.00% 2024 | 5,000 | 4,520 | ||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Frostburg State University Project), Series 2002-A, 6.25% 2033 | 5,000 | 4,412 | ||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 500 | 444 | ||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.80% 2038 | 1,000 | 993 | ||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.875% 2043 | 1,000 | 1,007 | ||||||
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), | ||||||||
Series 2006, CIFG insured, 5.00% 2026 | 1,000 | 944 | ||||||
Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 1998, 6.625% 2025 | 3,500 | 3,500 | ||||||
Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 6.25% 2030 | 967 | 921 | ||||||
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 7,000 | 5,786 | ||||||
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 | 962 | ||||||
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,900 | 1,880 | ||||||
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 6,250 | 5,308 | ||||||
Prince George’s County, Special Obligation Bonds (Woodview Village Phase II Subdistrict), | ||||||||
Series 2002, 7.00% 2032 (preref. 2012) | 1,857 | 2,125 | ||||||
38,241 | ||||||||
MASSACHUSETTS — 1.89% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series U-4, 5.60% 2035 | 1,750 | 1,836 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 | 1,400 | 1,319 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2019 | 800 | 723 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2029 | 4,150 | 3,326 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.25% 2018 | 1,000 | 869 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.50% 2027 | 2,500 | 1,908 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2035 | 3,000 | 2,193 | ||||||
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2007-A, 5.75% 2042 | 2,000 | 1,408 | ||||||
Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-A, 7.75% 2039 | 2,000 | 1,987 | ||||||
Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-A, 7.875% 2044 | 1,000 | 997 | ||||||
Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-B-2, 6.25% 2014 | 1,000 | 1,002 | ||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.60% 2022 | 5,000 | 4,831 | ||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 10,000 | 9,177 | ||||||
G.O. Bonds, Consolidated Loan of 2008, Series A, 5.00% 2033 | 3,000 | 3,167 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Harvard University Issue), Series 2009-A, 5.50% 2036 | 1,000 | 1,110 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Northeastern University Issue), Series 2008-T-2, 4.10% 2037 (put 2012) | 1,150 | 1,188 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series C, 6.00% 2015 | 1,000 | 1,067 | ||||||
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 5.75% 2039 | 1,000 | 1,015 | ||||||
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 | 1,500 | 1,602 | ||||||
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030 | 1,000 | 1,064 | ||||||
Housing Fin. Agcy., Housing Bonds, Series 2006-D, AMT, 4.625% 2026 | 1,890 | 1,812 | ||||||
Water Resources Auth., General Rev. Ref. Bonds, Series 2009-B, 5.00% 2039 | 1,000 | 1,045 | ||||||
44,646 | ||||||||
MICHIGAN — 2.80% | ||||||||
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 | 2,215 | ||||||
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 | 4,475 | ||||||
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 | 1,380 | 1,259 | ||||||
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2028 | 2,750 | 2,277 | ||||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.25% 2014 | 405 | 430 | ||||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 5.00% 2016 | 445 | 475 | ||||||
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-P, AMT, AMBAC insured, 4.50% 2017 | 5,000 | 4,872 | ||||||
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017 | 2,000 | 1,988 | ||||||
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.95% 2026 | 2,500 | 2,332 | ||||||
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2026 | 2,000 | 1,857 | ||||||
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2038 | 3,000 | 2,580 | ||||||
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.25% 2046 | 2,650 | 2,333 | ||||||
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2009, 5.25% 2024 | 2,085 | 2,035 | ||||||
Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Henry Ford Health System), Series 2009, 5.75% 2039 | 5,500 | 5,407 | ||||||
Hospital Fin. Auth., Hospital Rev. Bonds (Detroit Medical Center Obligated Group), Series 1998-A, 5.125% 2018 | 1,550 | 1,390 | ||||||
Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2026 | 1,000 | 984 | ||||||
Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2036 | 4,000 | 3,740 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2002-C, 5.375% 2023 | 1,500 | 1,526 | ||||||
County of Monroe Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), | ||||||||
Series 2006, 5.375% 2026 | 1,250 | 1,076 | ||||||
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 | 4,652 | ||||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2010 | 1,330 | 1,342 | ||||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2017 | 2,425 | 2,433 | ||||||
State Building Auth., Rev. and Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 | 1,000 | 1,073 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), | ||||||||
Series 2008-ET-1, 5.25% 2029 (put 2014) | 2,750 | 2,951 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), | ||||||||
Series 2008-KT, 5.625% 2020 | 4,000 | 4,371 | ||||||
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
Series 2007-A, 5.125% 2022 | 2,000 | 1,800 | ||||||
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Turbo Term Bonds, | ||||||||
Series 2008-A, 6.875% 2042 | 3,440 | 3,179 | ||||||
Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2017 | 1,000 | 1,103 | ||||||
66,155 | ||||||||
MINNESOTA — 0.09% | ||||||||
Minneapolis — St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2009-B, AMT, 5.00% 2022 | 2,000 | 2,023 | ||||||
MISSISSIPPI — 0.29% | ||||||||
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2004-B-1, 5.00% 2024 | 2,500 | 2,568 | ||||||
Hospital Equipment and Facs. Auth., Rev. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 | 4,500 | 4,371 | ||||||
6,939 | ||||||||
MISSOURI — 1.93% | ||||||||
Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), | ||||||||
Series 2007, 5.00% 2019 | 1,885 | 1,870 | ||||||
City of Fenton, Tax Increment Rev. Ref. Bonds (Gravois Bluffs Redev. Project), Series 2006, 4.50% 2021 | 1,580 | 1,553 | ||||||
Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 | 1,940 | 1,742 | ||||||
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), | ||||||||
Series 2007-B, 4.875% 2038 | 3,000 | 2,510 | ||||||
Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Homeownership Loan Program), | ||||||||
Series 2006-B, AMT, 6.05% 2037 | 4,215 | 4,445 | ||||||
Industrial Dev. Auth. of the City of Kirkwood, Retirement Community Rev. Bonds (Aberdeen Heights Project), | ||||||||
Series 2010-C-3, 6.50% 2015 | 7,700 | 7,700 | ||||||
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 | 6,389 | ||||||
Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Bonds (John Knox Village Obligated Group), | ||||||||
Series 2007-A, 5.125% 2032 | 3,500 | 3,012 | ||||||
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
Series 2007-B, AMT, FSA insured, 5.00% 2027 | 5,490 | 5,214 | ||||||
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 | 8,053 | ||||||
Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), | ||||||||
Series 2002, 7.20% 2033 | 3,300 | 3,019 | ||||||
45,507 | ||||||||
MONTANA — 0.18% | ||||||||
Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.00% 2025 | 1,250 | 1,120 | ||||||
Fac. Fin. Auth., Senior Living Rev. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.125% 2036 | 2,100 | 1,752 | ||||||
Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037 | 1,405 | 1,462 | ||||||
4,334 | ||||||||
NEBRASKA — 0.48% | ||||||||
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. and Ref. Bonds (Methodist Health System), | ||||||||
Series 2008, 5.75% 2028 | 3,500 | 3,587 | ||||||
Educational Fin. Auth., Rev. and Ref. Bonds (Concordia University Project), Series 2007, 5.00% 2037 | 1,340 | 1,085 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036 | 3,665 | 3,745 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-D, AMT, 5.50% 2036 | 2,920 | 2,999 | ||||||
11,416 | ||||||||
NEVADA — 2.93% | ||||||||
Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2021 | 4,500 | 4,827 | ||||||
Clark County Water Reclamation Dist., G.O. (Limited Tax) Water Reclamation Bonds, Series 2009-B, 5.25% 2020 | 2,500 | 2,835 | ||||||
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Improvement and Ref. Bonds, | ||||||||
Series 2007, AMBAC insured, 5.00% 2020 | 4,000 | 4,292 | ||||||
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2010-A, 5.00% 2030 | 2,050 | 2,042 | ||||||
Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2010-A, 5.25% 2042 | 1,000 | 977 | ||||||
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, | ||||||||
Series 2006-B, 5.30% 2029 | 1,000 | 776 | ||||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
Local Improvement Bonds, Series 2001, 6.125% 2011 | 930 | 939 | ||||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
Local Improvement Bonds, Series 2001, 6.40% 2014 | 1,130 | 1,150 | ||||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
Local Improvement Bonds, Series 2001, 6.50% 2015 | 890 | 901 | ||||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
Local Improvement Bonds, Series 2001, 6.875% 2021 | 2,295 | 2,244 | ||||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.60% 2013 | 955 | 957 | ||||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.75% 2014 | 955 | 959 | ||||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, | ||||||||
Series 2003, 6.375% 2023 | 3,225 | 3,032 | ||||||
G.O. (Limited Tax) Capital Improvement and Cultural Affairs Bonds, Series 2008-C, 5.00% 2024 | 1,000 | 1,056 | ||||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 1,755 | 1,820 | ||||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 245 | 254 | ||||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 | 2,000 | 1,965 | ||||||
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
Limited Obligation Improvement Bonds, 5.00% 2018 | 1,115 | 515 | ||||||
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
Limited Obligation Improvement Bonds, 5.00% 2019 | 1,395 | 642 | ||||||
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
Limited Obligation Improvement Bonds, 5.125% 2025 | 3,485 | 1,569 | ||||||
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
Limited Obligation Improvement Bonds, 5.00% 2014 | 715 | 676 | ||||||
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
Limited Obligation Improvement Bonds, 5.00% 2017 | 980 | 857 | ||||||
City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 | 2,500 | 1,049 | ||||||
City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 8,475 | 3,373 | ||||||
City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
Series 1999-A, 5.75% 2013 | 1,620 | 1,635 | ||||||
City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
Series 1999-A, 5.90% 2018 | 950 | 926 | ||||||
Housing Division, Single-family Mortgage Bonds, Series 1999-B-1, 4.95% 2012 | 20 | 20 | ||||||
Housing Division, Single-family Mortgage Bonds, Series 1999-D-2, AMT, 5.90% 2013 | 10 | 10 | ||||||
City of Las Vegas Redev. Agcy., Tax Increment Rev. Bonds, Series 2009-A, 8.00% 2030 | 4,000 | 4,479 | ||||||
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Bonds, Series 2004, 5.75% 2016 | 2,115 | 1,900 | ||||||
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 | 804 | ||||||
Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2027 | 3,395 | 3,523 | ||||||
City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 | 5,000 | 4,580 | ||||||
Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 | 2,000 | 1,749 | ||||||
Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 | 2,375 | 1,760 | ||||||
Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), | ||||||||
Series 2007-B, AMT, 5.70% 2041 | 4,990 | 5,258 | ||||||
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
Limited Obligation Improvement Bonds, 6.50% 2020 | 2,000 | 1,940 | ||||||
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
Limited Obligation Improvement Bonds, 6.75% 2027 | 1,000 | 934 | ||||||
69,225 | ||||||||
NEW HAMPSHIRE — 0.50% | ||||||||
Business Fin. Auth, Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 | 1,000 | 1,004 | ||||||
Business Fin. Auth., Pollution Control Rev. Ref. Tax-Exempt Bonds (Public Service Co. of New Hampshire Project), | ||||||||
Series 1992-D, AMT, 6.00% 2021 | 2,000 | 2,031 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Exeter Hospital Obligated Group Issue), Series 2001-A, 5.75% 2031 | 1,000 | 1,019 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire Medical Center Issue), | ||||||||
Series 2007-A, 5.25% 2028 | 5,000 | 4,849 | ||||||
Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
Series 2007-A, 5.00% 2027 | 1,715 | 1,631 | ||||||
Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
Series 2007-A, 5.25% 2020 | 1,200 | 1,236 | ||||||
Housing Fin. Auth., Single-family Mortgage Acquisition Rev. Bonds, Series 1997-D, AMT, 5.60% 2012 | 40 | 41 | ||||||
11,811 | ||||||||
NEW JERSEY — 2.87% | ||||||||
Certs. of Part., Series 2009-A, 5.25% 2023 | 3,000 | 3,202 | ||||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2014 | 1,500 | 1,548 | ||||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 2,000 | 2,055 | ||||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.50% 2016 | 2,750 | 2,828 | ||||||
Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2026 | 4,060 | 3,439 | ||||||
Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2036 | 500 | 402 | ||||||
Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.00% 2015 | 580 | 585 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2019 | 1,000 | 940 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 13,000 | 11,427 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 1,833 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2009-A, 5.00% 2021 | 500 | 534 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2009-A, 5.00% 2024 | 1,500 | 1,570 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2009-A, 5.50% 2036 | 3,000 | 3,153 | ||||||
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 | 1,801 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, | ||||||||
Series 2008-A, AMT, Assured Guaranty insured, 5.875% 2021 | 3,000 | 3,271 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2017 | 2,000 | 2,154 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2019 | 2,500 | 2,641 | ||||||
Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, National insured, 4.75% 2033 | 1,780 | 1,604 | ||||||
Housing and Mortgage Fin. Agcy., Multi-family Rev. Bonds, Series 2007-A, AMT, National insured, 4.85% 2039 | 1,335 | 1,193 | ||||||
Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2009-F, 5.00% 2039 | 1,000 | 1,044 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.50% 2023 | 3,065 | 2,869 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2007-1A, 4.625% 2026 | 12,500 | 10,415 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2030 | 10,000 | 2,958 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2040 | 7,000 | 1,088 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Current Interest Bonds, Series 2006-A, 5.25% 2019 | 1,000 | 1,119 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2009-A, 0% 2039 | 12,000 | 1,988 | ||||||
67,661 | ||||||||
NEW MEXICO — 0.60% | ||||||||
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), | ||||||||
Series 2001-A, 8.375% 2021 | 1,740 | 1,711 | ||||||
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park, Phase I & II), | ||||||||
Series 2001-B, 8.875% 2021 | 4,420 | 4,451 | ||||||
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2002-C, AMT, 5.82% 2033 | 970 | 993 | ||||||
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039 | 2,415 | 2,621 | ||||||
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 | 590 | 643 | ||||||
Sandoval County, Incentive Payment Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 3,500 | 3,677 | ||||||
14,096 | ||||||||
NEW YORK — 3.07% | ||||||||
Dormitory Auth., Marymount Manhattan College Rev. Bonds, Series 2009, 5.25% 2029 | 1,250 | 1,220 | ||||||
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), | ||||||||
Series 2002-B, 6.00% 2029 (put 2012) | 2,000 | 2,209 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-C, CIFG insured, 5.25% 2029 | 6,000 | 6,606 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.25% 2029 | 1,000 | 1,077 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.25% 2030 | 1,000 | 1,072 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2021 | 3,500 | 3,943 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 | 2,000 | 2,238 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 133, AMT, 6.00% 2032 | 740 | 776 | ||||||
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2006-C, AMT, 5.00% 2026 | 1,250 | 1,252 | ||||||
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 | 1,500 | 1,540 | ||||||
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 | 1,000 | 993 | ||||||
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 | 500 | 499 | ||||||
New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 4,000 | 4,023 | ||||||
New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 2,000 | 2,001 | ||||||
New York City Industrial Dev. Agcy., Rev. Bonds (Brooklyn Navy Yard Cogeneration Partners, LP Project), | ||||||||
Series 1997, AMT, 6.20% 2022 | 2,835 | 2,463 | ||||||
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 | 7,852 | ||||||
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 | 2,000 | 2,013 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
Series 2005, AMT, 5.00% 2013 | 3,000 | 3,166 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
Series 2005, AMT, 5.50% 2014 | 1,535 | 1,648 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
Series 2005, AMT, 5.50% 2015 | 9,500 | 10,170 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
Series 2005, AMT, 5.50% 2016 | 2,000 | 2,115 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Assn., LP Project), | ||||||||
Series 2005, AMT, 5.50% 2020 | 2,000 | 2,036 | ||||||
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-5, 5.25% 2022 | 2,500 | 2,743 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 20232 | 2,685 | 2,221 | ||||||
Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Bonds | ||||||||
(Peconic Landing at Southold, Inc. Project), Series 2000-A, 8.00% 2030 | 2,000 | 2,041 | ||||||
Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-D, 5.25% 2021 | 4,190 | 4,626 | ||||||
72,543 | ||||||||
NORTH CAROLINA — 0.69% | ||||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 1,160 | ||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014 | 2,000 | 2,173 | ||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-D, 5.50% 2014 | 1,750 | 1,975 | ||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2009-B, 5.00% 2026 | 4,000 | 4,131 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 23-A, AMT, 5.00% 2036 | 3,215 | 3,257 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 30-A, AMT, 5.50% 2039 | 925 | 961 | ||||||
Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), | ||||||||
Series 2008-A, 6.00% 2038 | 2,230 | 1,756 | ||||||
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Ref. Series 2009-A, 4.75% 2030 | 1,000 | 1,003 | ||||||
16,416 | ||||||||
OHIO — 3.37% | ||||||||
Ohio Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), | ||||||||
Series 2009-A, 5.70% 2020 | 3,500 | 3,658 | ||||||
Ohio Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), | ||||||||
Series 2009-A, 5.70% 2014 | 4,000 | 4,276 | ||||||
Ohio Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), | ||||||||
Series 2009-C, 5.625% 2018 | 8,580 | 9,072 | ||||||
Ohio Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), | ||||||||
Series 2009-A, 5.75% 2033 (put 2016) | 6,100 | 6,550 | ||||||
American Municipal Power — Ohio, Inc., Prairie State Energy Campus Project Rev. Bonds, Series 2008-A, 5.25% 2025 | 1,000 | 1,070 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
Series 2007-A-2, 5.125% 2024 | 4,230 | 3,931 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Bonds, Current Interest Bonds, | ||||||||
Series 2007-A-2, 5.375% 2024 | 2,000 | 1,888 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
Series 2007-A-2, 5.875% 2030 | 12,345 | 10,658 | ||||||
City of Centerville, Health Care Rev. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), | ||||||||
Series 2007-A, 6.00% 2038 | 1,000 | 857 | ||||||
City of Cleveland, Airport Special Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,400 | 1,220 | ||||||
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2015 | 1,520 | 1,572 | ||||||
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2016 | 1,685 | 1,711 | ||||||
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2037 | 4,500 | 3,797 | ||||||
Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 | 2,000 | 1,813 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.20% 2014 | 1,005 | 1,030 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.30% 2015 | 1,080 | 1,093 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-A, AMT, 5.50% 2036 | 1,700 | 1,747 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 | 4,000 | 4,181 | ||||||
Kent State University, General Receipts Bonds, Series 2009-B, Assured Guaranty insured, 5.00% 2030 | 1,150 | 1,182 | ||||||
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.50% 2024 | 4,500 | 4,403 | ||||||
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 | 2,000 | 1,946 | ||||||
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2013 | 1,075 | 1,164 | ||||||
County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center), | ||||||||
Series 2006, 5.25% 2018 | 1,020 | 1,073 | ||||||
County of Montgomery, Hospital Facs. Rev. Bonds (Kettering Medical Center Network Obligated Group), | ||||||||
Series 1999, 6.75% 2022 (preref. 2010) | 1,000 | 1,021 | ||||||
County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
Series 2000-B, 6.375% 2022 | 335 | 342 | ||||||
County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
Series 2000-B, 6.375% 2030 | 585 | 595 | ||||||
County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
Series 2000-B, 6.375% 2022 (preref. 2010) | 665 | 703 | ||||||
University of Cincinnati, General Receipts Bonds, Series 2009-C, Assured Guaranty insured, 5.00% 2018 | 3,275 | 3,617 | ||||||
Water Dev. Auth., Solid Waste Rev. Bonds (Allied Waste North America, Inc. Project), Series 2007-A, AMT, 5.15% 2015 | 3,500 | 3,501 | ||||||
79,671 | ||||||||
OKLAHOMA — 0.32% | ||||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.30% 20162 | 1,125 | 1,105 | ||||||
Cherokee Nation, Health Care System Bonds, Series 2006, ACA insured, 4.60% 20212 | 1,500 | 1,404 | ||||||
Dev. Fin. Auth., Student Housing Rev. Bonds (Seminole State College Project), Series 2006, 5.125% 2036 | 650 | 522 | ||||||
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), | ||||||||
Series 1999-D-2, AMT, 7.10% 2026 | 600 | 613 | ||||||
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), | ||||||||
Series 2008-A, AMT, 6.80% 2038 | 1,915 | 2,068 | ||||||
Langston Econ. Dev. Auth., Rev. Bonds (Langston University Student Housing/LDF Student Housing, LLC Project), | ||||||||
Series 2006-A, ACA insured, 4.75% 2021 | 500 | 444 | ||||||
Tulsa Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027 | 1,285 | 1,408 | ||||||
7,564 | ||||||||
OREGON — 0.44% | ||||||||
Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 8,165 | 5,759 | ||||||
Gilliam County, Demand Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
Series 2002, AMT, 5.25% 2029 | 5,000 | 4,704 | ||||||
10,463 | ||||||||
PENNSYLVANIA — 2.92% | ||||||||
Allegheny County Airport Auth., Airport Rev. Bonds (Pittsburgh International Airport), Ref. | ||||||||
Series 2002-B, AMT, FGIC insured, 5.00% 2017 | 2,500 | 2,526 | ||||||
Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
Series 2007-A, 5.00% 2012 | 1,915 | 1,855 | ||||||
Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
Series 2007-A, 5.00% 2013 | 3,000 | 2,872 | ||||||
Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
Series 2007-A, 5.00% 2017 | 6,500 | 5,881 | ||||||
Allegheny County Hospital Dev. Auth., Health System Rev. Bonds (West Penn Allegheny Health System), | ||||||||
Series 2007-A, 5.00% 2028 | 5,500 | 4,189 | ||||||
Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds, Series 2009-A, 5.00% 2020 | 3,000 | 3,153 | ||||||
Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
Series 2005-A, 6.125% 2025 | 2,815 | 2,651 | ||||||
Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
Series 2005-A, 6.25% 2035 | 4,350 | 3,913 | ||||||
Cumberland County Municipal Auth., Rev Bonds (Presbyterian Homes Obligated Group Project), | ||||||||
Series 2008-A, 5.00% 2012 | 1,040 | 1,068 | ||||||
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Bonds (Allegheny Energy Supply Company, LLC Project), | ||||||||
Series 2009, 7.00% 2039 | 5,500 | 6,137 | ||||||
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,459 | ||||||
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
Series 2008, 5.875% 2038 | 1,000 | 928 | ||||||
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
Series 2008, 6.00% 2042 | 1,000 | 935 | ||||||
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 | 2,585 | 2,681 | ||||||
Lycoming County Auth., Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039 | 1,500 | 1,469 | ||||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.00% 2021 | 1,000 | 812 | ||||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.125% 2028 | 2,000 | 1,523 | ||||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.25% 2035 | 3,000 | 2,210 | ||||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2008, 7.00% 2036 | 2,000 | 1,602 | ||||||
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds | ||||||||
(ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-1, 6.25% 2029 | 725 | 768 | ||||||
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds | ||||||||
(ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2015 | 1,000 | 1,041 | ||||||
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 | 2,528 | ||||||
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.25% 2023 | 1,000 | 1,071 | ||||||
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.25% 2024 | 1,500 | 1,593 | ||||||
City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.25% 2036 | 1,000 | 1,021 | ||||||
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 | 1,000 | ||||||
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds | ||||||||
(Temple University Health System Obligated Group), Series 2007-A, 5.00% 2034 | 2,000 | 1,578 | ||||||
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Hospital), | ||||||||
Series 2007-B, 5.00% 2017 | 4,000 | 3,795 | ||||||
Philadelphia Auth. for Industrial Dev., Rev. Bonds (Cathedral Village Project), Series 1998, 5.50% 2010 | 350 | 350 | ||||||
University of Pittsburgh- of the Commonwealth System of Higher Education, University Capital Project Bonds, | ||||||||
Series 2009-B, 5.00% 2028 | 1,000 | 1,081 | ||||||
Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project — Tanger Outlet Dev.), | ||||||||
Series 2006-A, 5.45% 2035 | 3,420 | 2,826 | ||||||
Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
(Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.50% 2015 | 1,200 | 1,186 | ||||||
Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | ||||||||
(Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.875% 2032 | 1,400 | 1,143 | ||||||
68,845 | ||||||||
PUERTO RICO — 0.40% | ||||||||
Government Dev. Bank, Series 2006-C, AMT, 5.25% 2015 | 4,025 | 4,202 | ||||||
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-2, 5.75% 2034 (put 2017) | 1,000 | 1,027 | ||||||
Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series N, 5.25% 2016 | 1,760 | 1,825 | ||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, AMBAC insured, 0% 2054 | 20,000 | 1,164 | ||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2007-A, FGIC-National insured, 0% 2040 | 5,000 | 801 | ||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 0% 2033 | 2,000 | 430 | ||||||
9,449 | ||||||||
RHODE ISLAND — 0.05% | ||||||||
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
Series 2002, 6.375% 2021 | 130 | 134 | ||||||
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
Series 2002, 6.375% 2021 (preref. 2012) | 870 | 980 | ||||||
1,114 | ||||||||
SOUTH CAROLINA — 1.08% | ||||||||
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.00% 2016 | 2,475 | 2,380 | ||||||
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
Series 2006, 5.125% 2026 | 2,000 | 1,625 | ||||||
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.30% 2036 | 2,015 | 1,502 | ||||||
Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health), Series 2009, 5.75% 2039 | 1,000 | 975 | ||||||
Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Georgetown Memorial Hospital), Series 1998, 5.75% 2010 | 1,345 | 1,368 | ||||||
Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project), | ||||||||
Series 2009-A, 6.50% 2042 | 6,000 | 5,958 | ||||||
City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.25% 2026 | 2,000 | 1,444 | ||||||
City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.30% 2035 | 2,750 | 1,784 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2008-A, 5.375% 2028 | 2,850 | 3,140 | ||||||
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds, | ||||||||
Series 2001-B, 6.00% 2022 (preref. 2012) | 1,315 | 1,371 | ||||||
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Ref. Bonds, Series 2008, 5.00% 2018 | 2,180 | 2,184 | ||||||
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 | 1,884 | ||||||
25,615 | ||||||||
SOUTH DAKOTA — 0.05% | ||||||||
Education Loans Inc., Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010 | 1,065 | 1,078 | ||||||
TENNESSEE — 1.77% | ||||||||
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 | 2,200 | 2,194 | ||||||
Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2016 | 2,500 | 2,575 | ||||||
Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2018 | 1,600 | 1,622 | ||||||
Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2019 | 2,000 | 2,005 | ||||||
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2006-1, AMT, 5.75% 2036 | 2,340 | 2,427 | ||||||
Knox County Health, Educational and Housing Facs. Board, Fort Sanders Alliance Obligated Group Hospital Rev. Bonds, | ||||||||
Series 1990-A, National insured, 6.25% 2013 | 1,000 | 1,094 | ||||||
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.625% 2020 | 1,685 | 1,806 | ||||||
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2024 | 1,000 | 1,052 | ||||||
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2025 | 1,000 | 1,046 | ||||||
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 | 1,382 | ||||||
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 | 827 | ||||||
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 | 2,029 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2019 | 5,000 | 5,091 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2016 | 5,000 | 5,232 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2019 | 645 | 652 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2020 | 790 | 791 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021 | 2,500 | 2,498 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2025 | 2,500 | 2,388 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2027 | 5,390 | 5,033 | ||||||
41,744 | ||||||||
TEXAS — 8.72% | ||||||||
Alliance Airport Auth., Inc., Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, AMT, 7.00% 2011 | 2,500 | 2,366 | ||||||
Alliance Airport Auth., Inc., Special Facs. Rev. Ref. Bonds (American Airlines, Inc. Project), | ||||||||
Series 2007, AMT, 5.25% 2029 | 2,000 | 1,252 | ||||||
Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
Series 1999, AMT, 6.375% 2035 | 6,000 | 4,263 | ||||||
Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
Series 2002, AMT, 8.25% 2036 | 4,580 | 3,983 | ||||||
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 | 5,580 | ||||||
Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Ref. Bonds, | ||||||||
Series 2007, AMT, 5.50% 2030 | 6,000 | 3,887 | ||||||
Angelina and Neches River Auth., Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), | ||||||||
Series 2003-A, AMT, 5.375% 2015 | 5,000 | 5,099 | ||||||
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
Series 2001-C, AMT, 5.75% 2036 (put 2011) | 8,500 | 7,999 | ||||||
Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | ||||||||
Series 2001-B, AMT, 5.75% 2030 (put 2011) | 3,745 | 3,524 | ||||||
Brazos River Auth., Rev. Ref. Bonds (Reliant Energy, Inc. Project), Series 1999-A, 5.375% 2019 | 3,000 | 3,001 | ||||||
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 | 1,000 | 859 | ||||||
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
Series 2006-A, 5.50% 2027 | 1,150 | 948 | ||||||
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
Series 2006-A, 5.50% 2037 | 1,850 | 1,355 | ||||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, | ||||||||
Series 2001-A, AMT, FGIC-National insured, 5.625% 2011 | 1,000 | 1,069 | ||||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, | ||||||||
Series 2001-A, AMT, FGIC-National insured, 5.75% 2015 | 1,185 | 1,247 | ||||||
G.O. Bonds (Veterans’ Housing Assistance Program), Fund II Series 2001-A-1, AMT, 4.85% 2014 | 1,340 | 1,375 | ||||||
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 | 3,000 | 2,961 | ||||||
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 | 1,481 | ||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | ||||||||
Series 2008, AMT, 6.00% 2020 (put 2013) | 2,500 | 2,693 | ||||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), | ||||||||
Series 2004-A, 5.25% 2015 | 1,000 | 1,064 | ||||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), | ||||||||
Series 2008-B, 7.25% 2035 | 3,500 | 3,934 | ||||||
Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), | ||||||||
Series 2006, 5.00% 2023 | 3,500 | 3,500 | ||||||
Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2005, 5.00% 2012 | 1,315 | 1,360 | ||||||
Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2008, 5.00% 2026 | 1,000 | 905 | ||||||
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 | 1,300 | 1,413 | ||||||
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.50% 2034 | 9,500 | 10,180 | ||||||
City of Houston, Airport System Rev. and Ref. Bonds, Series 2009-A, 5.50% 2039 | 3,000 | 3,195 | ||||||
City of Houston, Airport System Rev. Ref. Bonds, Series 2001-A, AMT, FGIC-National insured, 5.50% 2015 | 2,855 | 2,982 | ||||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), | ||||||||
Series 2001, AMT, 6.75% 2029 | 10,000 | 9,453 | ||||||
Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds, | ||||||||
Series 2006-A, AMT, National insured, 5.00% 2015 | 1,000 | 1,092 | ||||||
La Vernia Higher Education Fin. Corp., Education Rev. Bonds (KIPP, Inc.), Series 2009-A, 6.375% 2044 | 1,000 | 1,023 | ||||||
Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
Series 2007, 5.125% 2027 | 2,500 | 2,392 | ||||||
Lubbock Educational Facs. Auth., Inc., Ref. and Improvement Rev. Bonds (Lubbock Christian University), | ||||||||
Series 2007, 5.25% 2037 | 1,000 | 913 | ||||||
Matagorda County Navigation Dist. Number One, Pollution Control Rev. Ref. Bonds (AEP Texas Central Co. Project), | ||||||||
Series 2005-B, AMT, AMBAC insured, 4.55% 2030 | 4,000 | 3,170 | ||||||
Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 | 885 | 767 | ||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), | ||||||||
Series 2007-A, AMT, 5.20% 2018 | 15,300 | 15,259 | ||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2016 | 1,000 | 1,030 | ||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 | 2,500 | 2,600 | ||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2018 | 2,000 | 2,064 | ||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2020 | 6,500 | 6,598 | ||||||
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2025 | 1,000 | 989 | ||||||
North Texas Tollway Auth., System Rev. Bonds, Series 2009-A, 6.00% 2028 | 3,000 | 3,198 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 | 4,000 | 4,099 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 | 1,000 | 1,100 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Insured Capital Appreciation Bonds, | ||||||||
Series 2008-D, Assured Guaranty insured, 0% 2028 | 10,920 | 3,933 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 | 4,000 | 4,107 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 8,000 | 8,111 | ||||||
Private Activity Bond Surface Transportation Corp., Rev. Bonds | ||||||||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project), Series 2009, 6.875% 2039 | 13,000 | 13,591 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.25% 2017 | 485 | 517 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 | 3,000 | 3,162 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2020 | 2,000 | 2,111 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2023 | 1,485 | 1,545 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2025 | 2,000 | 2,103 | ||||||
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027 | 1,900 | 1,978 | ||||||
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, 6.00% 2021 | 750 | 770 | ||||||
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, RADIAN insured, 5.125% 2017 | 2,000 | 2,043 | ||||||
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2002, AMT, FGIC-National insured, 5.75% 2016 | 1,000 | 1,043 | ||||||
San Leanna Education Facs. Corp., Higher Education Rev. Bonds (Saint Edward’s University Project), | ||||||||
Series 2007, 5.00% 2020 | 1,000 | 1,009 | ||||||
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 | 1,438 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project), | ||||||||
Series 2007, 5.25% 2022 | 1,855 | 1,846 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Buckner Retirement Services, Inc. Project), | ||||||||
Series 2007, 5.25% 2027 | 1,000 | 951 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
(Northwest Senior Housing Corp. — Edgemere Project), Series 2006-A, 6.00% 2026 | 2,200 | 2,061 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds | ||||||||
(Northwest Senior Housing Corp. — Edgemere Project), Series 2006-A, 6.00% 2036 | 1,500 | 1,326 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Stayton at Museum Way Project), | ||||||||
Series 2009-A, 8.25% 2044 | 5,500 | 5,364 | ||||||
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Stayton at Museum Way Project), | ||||||||
Series 2009-C-2, 6.50% 2014 | 2,500 | 2,505 | ||||||
Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Cook Children’s Medical Center Project), | ||||||||
Series 2010-A, 5.00% 2033 | 1,000 | 993 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2009-B, 5.00% 2039 | 1,000 | 1,044 | ||||||
Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 1,660 | 1,511 | ||||||
Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project), | ||||||||
Series 2005-A, 5.65% 2035 | 2,000 | 1,605 | ||||||
205,889 | ||||||||
UTAH — 0.58% | ||||||||
Housing Corp., Single-family Mortgage Bonds, Series 2001-E-1, Class III, AMT, 5.20% 2018 | 840 | 851 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2001-F-1, Class III, AMT, 4.95% 2018 | 835 | 846 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-A-1, Class III, AMT, 5.30% 2018 | 395 | 395 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 | 1,350 | 1,348 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 | 605 | 613 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 | 990 | 995 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-F-1, Class III, AMT, 4.625% 2019 | 855 | 828 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-G-2, Class III, AMT, 4.875% 2019 | 805 | 818 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 | 995 | 996 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 | 570 | 571 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 | 620 | 594 | ||||||
Housing Corp., Single-family Mortgage Bonds, Series 2007-B-1, Class III, AMT, 4.85% 2027 | 1,005 | 985 | ||||||
Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), | ||||||||
1999 Issue D, AMT, 5.60% 2013 | 5 | 5 | ||||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-G-2, Class III, AMT, 4.90% 2012 | 20 | 20 | ||||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-B-2, Class III, AMT, 5.10% 2012 | 10 | 10 | ||||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-C-2, Class III, AMT, 5.60% 2013 | 35 | 36 | ||||||
Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2024 | 1,150 | 1,089 | ||||||
Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2027 | 990 | 914 | ||||||
Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2029 | 1,900 | 1,723 | ||||||
13,637 | ||||||||
VIRGINIA — 0.75% | ||||||||
Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds | ||||||||
(Celebrate Virginia South Project), Series 2006, 6.25% 2037 | 4,800 | 3,517 | ||||||
Industrial Dev. Auth. of the County of Charles City, Tax-Exempt Solid Waste Disposal Rev. Bonds | ||||||||
(Waste Management, Inc.), Series 2002, AMT, 6.25% 2027 (put 2012) | 1,000 | 1,067 | ||||||
Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011 | 1,500 | 1,568 | ||||||
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
Series 2006-A, 4.75% 2026 | 1,000 | 883 | ||||||
Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, | ||||||||
Series 1999-B, 7.00% 2029 | 828 | 820 | ||||||
Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), | ||||||||
Series 1998, 6.25% 2026 | 3,820 | 3,591 | ||||||
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 2,550 | 2,388 | ||||||
Small Business Fncg. Auth., Rev. Bonds (Hampton Roads Proton Beam Therapy Institute | ||||||||
at Hampton University, LLC Project), Series 2009, 9.00% 2039 | 3,600 | 3,743 | ||||||
17,577 | ||||||||
VIRGIN ISLANDS — 0.66% | ||||||||
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018 | 2,000 | 2,051 | ||||||
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2025 | 3,250 | 3,215 | ||||||
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2015 | 2,000 | 2,114 | ||||||
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2022 | 3,530 | 3,522 | ||||||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note — Diageo Project), Series 2009-A, 6.625% 2029 | 2,500 | 2,641 | ||||||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note — Diageo Project), Series 2009-A, 6.75% 2019 | 1,000 | 1,097 | ||||||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2015 | 1,000 | 1,058 | ||||||
15,698 | ||||||||
WASHINGTON — 1.39% | ||||||||
FYI Properties, Lease Rev. Bonds (State of Washington DIS Project), Series 2009, 5.00% 2027 | 2,000 | 2,115 | ||||||
FYI Properties, Lease Rev. Bonds (State of Washington DIS Project), Series 2009, 5.25% 2029 | 1,500 | 1,599 | ||||||
Various Purpose G.O. Bonds, Series 2009-C, 5.00% 2029 | 4,000 | 4,274 | ||||||
Health Care Facs. Auth., Rev. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 8,065 | ||||||
Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2029 | 1,000 | 1,009 | ||||||
Housing Fin. Commission, Nonprofit Rev. Bonds (Skyline at First Hill Project), Series 2007-A, 5.625% 2027 | 5,500 | 4,212 | ||||||
Housing Fin. Commission, Nonprofit Rev. Bonds (Skyline at First Hill Project), Series 2007-A, 5.625% 2038 | 3,000 | 2,136 | ||||||
Housing Fin. Commission, Single-family Program Bonds, Series 2007-2A, AMT, 4.50% 2021 | 4,730 | 4,687 | ||||||
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 | 3,728 | ||||||
Port of Seattle, Rev. Bonds, Series 1999-B, AMT, FGIC-National insured, 5.50% 2012 | 1,000 | 1,082 | ||||||
32,907 | ||||||||
WEST VIRGINIA — 0.37% | ||||||||
County Commission of Harrison County, Solid Waste Disposal Rev. Ref. Bonds | ||||||||
(Allegheny Energy Supply Co., LLC Harrison Station Project), Series 2007-D, AMT, 5.50% 2037 | 5,000 | 4,509 | ||||||
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 | 4,235 | ||||||
8,744 | ||||||||
WISCONSIN — 0.87% | ||||||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.50% 2010 (escrowed to maturity) | 750 | 763 | ||||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 (preref. 2012) | 3,635 | 3,930 | ||||||
City of Franklin, Regional Solid Waste Fin. Commission, Demand Solid Waste Disposal Rev. Bonds | ||||||||
(Waste Management of Wisconsin, Inc. Project), Series 2003-A, AMT, 4.95% 2016 | 2,250 | 2,308 | ||||||
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 | 2,528 | ||||||
General Fund Annual Appropriation Bonds, Series 2009-A, 5.75% 2033 | 2,000 | 2,194 | ||||||
General Fund Annual Appropriation Bonds, Series 2009-A, 6.00% 2036 | 1,500 | 1,675 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), | ||||||||
Series 2001, 5.625% 2013 | 90 | 96 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Saint John’s Communities, Inc.), Series 2009-A, 7.25% 2029 | 1,000 | 1,020 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Saint John’s Communities, Inc.), Series 2009-A, 7.625% 2039 | 1,000 | 1,028 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Saint John’s Communities, Inc.), Series 2009-C-2, 5.40% 2014 | 1,500 | 1,497 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Healthcare System), Series 2006-A, 5.25% 2019 | 2,500 | 2,497 | ||||||
Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006, 5.00% 2026 | 1,000 | 918 | ||||||
20,454 | ||||||||
MULTI-STATE — 0.32% | ||||||||
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% cumulative preferred (undated)2 | 4,000 | 3,013 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)2 | 4,000 | 3,000 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated)2 | 2,000 | 1,506 | ||||||
7,519 | ||||||||
Total bonds & notes (cost: $2,372,200,000) | 2,220,005 | |||||||
Principal amount | Value | |||||||
Short-term securities — 4.89% | (000 | ) | (000 | ) | ||||
State of California, Econ. Recovery Bonds, Series 2004-C-3, 0.20% 20231 | $ | 1,000 | $ | 1,000 | ||||
California Statewide Communities Dev. Auth., Multi-family Housing Rev. Bonds (IAC Project), | ||||||||
Series 2001-W-1, AMT, 0.24% 20341 | 1,300 | 1,300 | ||||||
State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 1996-E, 0.16% 20261 | 4,700 | 4,700 | ||||||
Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program), | ||||||||
Series A-13, 0.20% 20381 | 3,500 | 3,500 | ||||||
County of Pitkin, Colorado, Industrial Dev. Rev. Ref. Bonds (Aspen Skiing Co. Project), Series 1994-B, AMT, 0.27% 20141 | 1,700 | 1,700 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2009-A, 2.00% 6/25/2010 | 10,000 | 10,076 | ||||||
State of Florida, Broward County Educational Facs. Auth., Educational Facs. Rev. Bonds | ||||||||
(Nova Southeastern University Project), Series 2004-C, 0.19% 20241 | 3,000 | 3,000 | ||||||
Kentucky Econ. Dev. Fin. Auth., Demand Hospital Rev. Bonds (Baptist Healthcare System Obligated Group), | ||||||||
Series 2009-B-1, 0.18% 20381 | 2,000 | 2,000 | ||||||
Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Bonds | ||||||||
(Saint Louis University), Series 2008-A-1, 0.18% 20351 | 2,000 | 2,000 | ||||||
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2010-B, 2.50% 6/24/2010 | 20,000 | 20,187 | ||||||
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2010-C, 2.50% 6/24/2010 | 10,000 | 10,092 | ||||||
Trust for Cultural Resources of the City of New York, New York, Rev. Ref. Bonds | ||||||||
(Lincoln Center for the Performing Arts, Inc.), Series 2008-A-1, 0.19% 20351 | 1,400 | 1,400 | ||||||
Dormitory Auth. of the State of New York, Rev. Bonds (Cornell University), Series 2008-B, 0.18% 20371 | 1,500 | 1,500 | ||||||
Dormitory Auth. of the State of New York, Rev. Bonds (Cornell University), Series 2008-C, 0.21% 20371 | 1,100 | 1,100 | ||||||
Charlotte-Mecklenburg Hospital Auth. (North Carolina), Carolinas HealthCare System, Health Care Ref. Rev. Bonds, | ||||||||
Series 2007-B, 0.18% 20451 | 2,000 | 2,000 | ||||||
County of Allen, Ohio, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2008-B, 0.20% 20311 | 1,500 | 1,500 | ||||||
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2009-A, 2.50% 6/30/2010 | 5,000 | 5,049 | ||||||
Lawrence County, South Dakota, Solid Waste Disposal Rev. Bonds (Homestake Mining Co. of California Project), | ||||||||
Series 1997-A, AMT, 0.23% 20321 | 2,000 | 2,000 | ||||||
Public Building Auth. of the City of Clarksville, Tennessee, Fncg. Rev. Bonds | ||||||||
(Metropolitan Government of Nashville and Davidson County Loan), Series 2008, 0.21% 20261 | 1,250 | 1,250 | ||||||
City of Houston, Texas, Tax and Rev. Anticipation Notes, Series 2009, 2.50% 6/30/2010 | 4,000 | 4,041 | ||||||
State of Texas, Tax and Rev. Anticipation Notes, Series 2009, 2.50% 8/31/2010 | 25,000 | 25,336 | ||||||
Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||||||||
Series 2006-B, 0.21% 20261 | 600 | 600 | ||||||
State of Wisconsin, Operating Notes of 2009, 2.50% 6/15/2010 | 10,000 | 10,088 | ||||||
Total short-term securities (cost: $115,299,000) | 115,419 | |||||||
Total investment securities (cost: $2,487,499,000) | 2,335,424 | |||||||
Other assets less liabilities | 25,580 | |||||||
Net assets | $ | 2,361,004 |
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 $42,193,000, which represented 1.79% 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 $12,500,000) may be subject to legal or contractual restrictions on resale. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s summary prospectus and 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.
MFGEFP-940-0310O-S21471
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: March 31, 2010 |
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: March 31, 2010 |
By /s/ M. Susan Gupton |
M. Susan Gupton, Treasurer and Principal Financial Officer |
Date: March 31, 2010 |