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
(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, 2012
Courtney R. Taylor
American High-Income Municipal Bond Fund
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
 |  |
American High-Income Municipal Bond Fund®
[photo of construction frames and the frame of a building under construction]
Semi-annual report for the six months ended January 31, 2012
American High-Income Municipal Bond Fund seeks to provide a high level of current income exempt from regular federal income tax.
This fund is one of the 33 American Funds. American Funds is one of the nation’s largest mutual fund families. For more than 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, 2011 (the most recent calendar quarter-end): | ||||||||||||
| Class A shares | 1 year | 5 years | 10 years | |||||||||
| Reflecting 3.75% maximum sales charge | 5.75 | % | 1.83 | % | 3.82 | % | ||||||
The total annual fund operating expense ratio was 0.64% for Class A shares as of the prospectus dated October 1, 2011.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. See the Financial Highlights table on pages 26 and 27 for details.
Results for other share classes can be found on page 30.
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/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. 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.
[photo of construction frames and the frame of a building under construction]
Fellow investors:
The first half of American High-Income Municipal Bond Fund’s fiscal year was an exceptionally favorable period for returns. Investors who reinvested monthly dividends totaling nearly 34 cents a share realized a total return of 7.71% for the six months ended January 31, 2012.
The Lipper High-Yield Municipal Debt Funds Average — a measure of returns among the fund’s peer group — posted a 7.77% return. Meanwhile, Barclays Capital High Yield Municipal Bond Index (a proxy for the high-yield municipal market) returned 6.30% and Barclays Capital Municipal Bond Index (a proxy for the broader investment-grade municipal market) returned 7.37%. The market indexes are unmanaged, and their results do not include expenses.
Over the six months, those investors who took dividends in cash realized a 5.15% total return, including an income return of 2.45% (4.90% annualized). The fund’s share price increased from $13.78 to $14.49.
[Begin Sidebar]
| Results at a glance | ||||||||||||||||
| For periods ended January 31, 2012, with all distributions reinvested | ||||||||||||||||
| Total returns | Average annual total returns | |||||||||||||||
| Lifetime | ||||||||||||||||
| 1 year | 5 years | 10 years | (since 9/26/94) | |||||||||||||
| American High-Income Municipal | ||||||||||||||||
Bond Fund (Class A shares) | 14.96 | % | 3.25 | % | 4.47 | % | 5.53 | % | ||||||||
| Lipper High-Yield Municipal | ||||||||||||||||
Debt Funds Average | 15.95 | 2.35 | 4.43 | 5.11 | ||||||||||||
| Barclays Capital Municipal | ||||||||||||||||
Bond Index* | 14.10 | 5.76 | 5.44 | 6.10 | ||||||||||||
| *The index is unmanaged and, therefore, has no expenses. | ||||||||||||||||
[End Sidebar]
While we are very pleased by the fund’s recent results, we should emphasize that, in historical terms, the magnitude of municipal bond returns witnessed in the last 12 months is exceptional. The fund’s investment horizon is longer term, targeting municipal bonds that offer the potential for consistent relatively high total returns over several years. As can be seen from the table on the previous page, the fund has a proven longer term track record of producing total returns that compare favorably with those of its peer group.
Municipal market overview
What a difference a year makes. In some ways, the state of the municipal bond market at the start of 2012 was the opposite of early 2011. Appetite for municipal bonds has rebounded dramatically, with municipal bond funds one of the few segments of the mutual fund industry to recently achieve consistent net inflows of investor funds. Municipal bonds ended 2011 as one of the highest returning sectors, and liquidity — the ease with which bonds can be bought or sold — has improved noticeably.
How did we get here?
[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 4.51% tax-exempt distribution rate† as of January 31, 2012. For example, investors in the highest federal tax bracket (35%) would need a taxable distribution rate of 6.94% to match the fund’s distribution rate.
| The fund’s tax-exempt | ||||||||||||||
| distribution rate | ||||||||||||||
| If your taxable income is ... | ... then your federal | equivalent to a | ||||||||||||
| Single | Joint | tax rate* is ... | taxable rate of … | |||||||||||
| $ | 0 – 8,500 | $ | 0 – 17,000 | 10.0 | % | 5.01 | % | |||||||
| 8,501 – 34,500 | 17,001 – 69,000 | 15.0 | 5.31 | |||||||||||
| 34,501 – 83,600 | 69,001 – 139,350 | 25.0 | 6.01 | |||||||||||
| 83,601 – 174,400 | 139,351 – 212,300 | 28.0 | 6.26 | |||||||||||
| 174,401 – 379,150 | 212,301 – 379,150 | 33.0 | 6.73 | |||||||||||
| Over 379,150 | Over 379,150 | 35.0 | 6.94 | |||||||||||
| *Based on 2011 federal tax rates. The federal tax 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, 2012. | ||||||||||||||
[End Sidebar]
Concerns about the financial woes of some state and local governments that had roiled bond markets in early 2011 began to recede in the months leading up to the fund’s fiscal-year start on August 1. Despite some significant municipal bankruptcies, contentious “doomsday” predictions of widespread defaults by a few high-profile market commentators failed to materialize, and municipal bonds rallied broadly for much of the six months ended January 31, 2012. Indeed, the fact that the wider municipal market remained fairly unperturbed by the headline-grabbing problems of some individual issuers bears testament to its depth and breadth. Issuer-specific problems also re-emphasized the case for investing in a fund with a well-diversified portfolio.
Renewed confidence in municipal bonds — and their potential to be a relative safe haven amid the ongoing European sovereign debt crisis — helped drive yields (which move inversely to prices) lower among most types of municipal bonds, as well as a full spectrum of maturities. The rally intensified in the final few months of the period amid some improvements in the outlook for municipal finances, strong inflows into municipal bond mutual funds and the relative attractiveness of some municipal bond yields versus U.S. Treasuries. For example, in November 2011, yields for 30-year municipal bonds were over 130% of the yields offered by 30-year Treasuries — the highest ratio since mid-2009.
Relatively low issuance was yet another factor that helped drive up bond prices. One estimate put total municipal bond issuance last year at about $295 billion — the lowest annual figure since 2001. This imbalance between supply and demand helped the rally spread to lower rated investment-grade (rated Baa/BBB and above) and below investment-grade bonds, as investors in the market sought attractively valued higher yielding investments.
In broad terms, returns for revenue bonds — which account for the vast majority of the fund’s holdings — eclipsed those of general obligation (G.O.) bonds. As the name suggests, revenue bonds are typically backed by dedicated streams of revenue, such as charges for airport gate rentals, tolls on roads or hospital revenues. Among these bonds, hospital facilities was the highest returning sector over the six-month period.
Inside the portfolio
As of January 31, 2012, many of the fund’s largest exposures continued to be among revenue bonds supporting critical local enterprises including hospitals, 14.9%, continuing care retirement communities (CCRCs), 13.1%, and airports, 6.6%. These were complemented by significant holdings in other sectors that might be less familiar to some of the fund’s investors — for instance, tax-assessment bonds that are typically issued to fund public infrastructure for real estate development, or tobacco bonds, which are backed by tobacco lawsuit settlement payments that the industry agreed to pay to most states.
Underscoring the diversified nature of the portfolio, positive contributions to the fund’s six-month results were spread among a variety of sectors, with hospital facilities and CCRCs leading the pack. Meanwhile, industrial development bonds proved to be the sole drag on the fund’s total return. These bonds are issued by local and state governments to help finance private industrial projects that are backed by a corporate issuer, rather than the government entity. Many of these bonds have been issued on behalf of airlines seeking financing for upgrades to their facilities.
Our investment focus continues to be on revenue bonds. In our view, this is where fundamental credit research — something that the fund’s investment professionals have much experience in — may be most beneficial to investors in the fund. A few years ago, municipal bond investors (especially those focused outside of high yield) often ignored the credit risk of a particular issue and issuer because of the presence of bond insurance. Today, such insurance is rare, so a comprehensive understanding of an issuer’s financial condition and the terms and provisions of a bond are more critical than ever.
Within several sectors we began to look for opportunities to invest in higher yielding bonds by selling higher rated bonds and buying lower rated ones that we feel may provide attractive returns, given the risk involved. For instance, we have increased our investments in tobacco bonds, which account for a significant portion of the below investment-grade (Ba/BB and below) market. Our analysis suggests that, given the risk entailed, some of these bonds offer the potential for particularly attractive total returns. Over the first half of the fiscal year, the portfolio’s weighting in tobacco bonds increased from 2.3% to 3.2%. Our thorough research will, we envisage, uncover additional higher yielding investment possibilities across sectors. As ever, we will maintain a well-diversified portfolio.
[Begin Sidebar]
We are deeply saddened by the loss of Jon B. Lovelace Jr., chairman emeritus and former portfolio counselor of Capital Research and Management Company, and former chairman of The Capital Group Companies, Inc.
Nearly every aspect of the Capital Group bears some stamp of Jon’s leadership and service from 1951 until 2005. He was one of the principal architects of our Multiple Portfolio Counselor System, an early proponent of international investing, the founder of New Perspective Fund and Capital Income Builder, and a standard-bearer of the Capital Group’s mission to serve investors.
Though he never sought the spotlight, his accomplishments in life, work and philanthropy will long be remembered.
[End Sidebar]
We would like to take this opportunity to thank Paul G. Haaga, Jr., for his years of leadership as an officer of American High-Income Municipal Bond Fund. Paul stepped down as vice chairman of the board on December 31, 2011, after 27 years of service to the American Funds.
We also appreciate this opportunity to discuss the fund and to thank all of you — including the thousands of new investors who have swelled our ranks over the last six months — for your continued support.
Cordially,
/s/ Karl J. Zeile
Karl J. Zeile
President
March 15, 2012
For current information about the fund, visit americanfunds.com.
The fund’s 30-day yield for Class A shares as of February 29, 2012, calculated in accordance with the U.S. Securities and Exchange Commission formula, was 3.78%. (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 5.82%.) The fund’s distribution rate for Class A shares as of that date was 4.49%. 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.
Summary investment portfolio January 31, 2012
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 32 for details on how to obtain a complete schedule of portfolio holdings.
[begin pie chart]
| Quality ratings* | Percent of net assets | |||||
| Aaa/AAA | 0.9 | % | ||||
| Aa/AA | 6.8 | |||||
| A/A | 20.8 | |||||
| Baa/BBB | 26.8 | |||||
| Ba/BB | 4.5 | |||||
| B | 5.2 | |||||
| Caa/CCC or less | 1.3 | |||||
| Unrated | 27.5 | |||||
| Short-term securities & other assets less liabilities | 6.2 | |||||
| *Bond ratings which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody's, Standard & Poor's and/or Fitch as an indication of an issuer's creditworthiness. If agency ratings differ, securities are placed in the lowest-rated category. Securities in the "unrated" category (at left) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund's investment policies. | ||||||
[end pie chart]
| Principal | Percent | |||||||||||
| amount | Value | of net | ||||||||||
| Bonds & notes - 93.75% | (000 | ) | (000 | ) | assets | |||||||
| Arizona - 3.09% | ||||||||||||
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2007, AMT, 6.55% 2037 | $ | 17,000 | $ | 17,273 | ||||||||
| 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 | 10,748 | 1.16 | % | ||||||||
| Other securities | 46,645 | 1.93 | ||||||||||
| 74,666 | 3.09 | |||||||||||
| California - 12.38% | ||||||||||||
| Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 | 8,250 | 8,106 | .33 | |||||||||
| Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 (1) | 7,500 | 8,399 | .35 | |||||||||
| City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 12,750 | 14,234 | .59 | |||||||||
| City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.75% 2034 | 6,925 | 7,665 | .32 | |||||||||
| Other securities | 260,319 | 10.79 | ||||||||||
| 298,723 | 12.38 | |||||||||||
| Colorado - 4.40% | ||||||||||||
| 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 | 18,000 | 16,156 | ||||||||||
| 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 | 2,905 | 2,775 | .79 | |||||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 13,500 | 12,583 | .52 | |||||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 7,500 | 7,758 | .32 | |||||||||
| Regional Transportation Dist., Tax-Exempt Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 | 14,800 | 15,799 | .65 | |||||||||
| Other securities | 51,095 | 2.12 | ||||||||||
| 106,166 | 4.40 | |||||||||||
| Florida - 10.19% | ||||||||||||
| Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 | 8,000 | 9,284 | .38 | |||||||||
| 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 | 2,560 | ||||||||||
| 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 | 1,903 | ||||||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Project), Series 2011-B, 6.50% 2031 | 2,600 | 2,652 | ||||||||||
| 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 | 3,455 | 3,586 | ||||||||||
| 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 | 2,903 | ||||||||||
| 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 | 11,808 | 1.05 | |||||||||
| Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 | 9,935 | 10,751 | .45 | |||||||||
| Seminole Tribe of Florida, Series A, 5.25% 2027 (1) | 11,650 | 11,406 | .47 | |||||||||
| Other securities | 189,018 | 7.84 | ||||||||||
| 245,871 | 10.19 | |||||||||||
| Illinois - 8.00% | ||||||||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 8,550 | 7,517 | .31 | |||||||||
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 | 9,195 | 10,264 | .43 | |||||||||
| Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 9,800 | 11,940 | .50 | |||||||||
| Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, L.L.C. - Illinois State University Project), Series 2011, 7.00% 2043 | 6,765 | 7,401 | .31 | |||||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. - Northern Illinois University Project), Series 2011, 6.875% 2043 | 11,500 | 12,633 | .52 | |||||||||
| Other securities | 143,167 | 5.93 | ||||||||||
| 192,922 | 8.00 | |||||||||||
| Indiana - 2.04% | ||||||||||||
| Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 | 7,000 | 8,073 | .33 | |||||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 7,750 | 7,972 | .33 | |||||||||
| Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), Series 1995-A, AMT, 6.50% 2031 (2) | 3,500 | 53 | .00 | |||||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured, 5.00% 2023 | 7,500 | 8,028 | .33 | |||||||||
| Other securities | 25,230 | 1.05 | ||||||||||
| 49,356 | 2.04 | |||||||||||
| Louisiana - 2.69% | ||||||||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 9,500 | 10,277 | ||||||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2009-A, 6.50% 2029 | 4,400 | 4,846 | ||||||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-1, 6.50% 2035 | 5,500 | 6,023 | ||||||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-2, 6.50% 2035 | 3,500 | 3,833 | 1.04 | |||||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 12,670 | 12,855 | .53 | |||||||||
| Other securities | 26,948 | 1.12 | ||||||||||
| 64,782 | 2.69 | |||||||||||
| Michigan - 3.97% | ||||||||||||
| City of Detroit, Water Supply System, Rev. Bonds, Series 2011-A, 5.25% 2041 | 12,650 | 13,111 | .54 | |||||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048 | 10,740 | 8,085 | .34 | |||||||||
| Other securities | 74,466 | 3.09 | ||||||||||
| 95,662 | 3.97 | |||||||||||
| Minnesota - 0.45% | ||||||||||||
| Tobacco Securitization Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2011-B, 5.25% 2031 | 8,000 | 8,695 | .36 | |||||||||
| Other securities | 2,254 | .09 | ||||||||||
| 10,949 | .45 | |||||||||||
| Mississippi - 0.59% | ||||||||||||
| Warren County, Gulf Opportunity Zone Bonds (International Paper Company Project), Series 2011-A, 5.375% 2035 | 7,600 | 7,975 | .33 | |||||||||
| Other securities | 6,328 | .26 | ||||||||||
| 14,303 | .59 | |||||||||||
| Missouri - 2.47% | ||||||||||||
| Industrial Dev. Auth. of the City of Kirkwood, Retirement Community Rev. Bonds (Aberdeen Heights Project), Series 2010-C-3, 6.50% 2015 | 7,700 | 7,704 | .32 | |||||||||
| State Environmental Improvement and Energy Resources Auth., Water Facs. Rev. Ref. Bonds (Missouri-American Water Co. Project), Series 2006, AMT, AMBAC insured, 4.60% 2036 | 10,000 | 9,494 | .39 | |||||||||
| Other securities | 42,294 | 1.76 | ||||||||||
| 59,492 | 2.47 | |||||||||||
| New Jersey - 3.30% | ||||||||||||
| Econ. Dev. Auth., Energy Fac. Rev. Bonds (ACR Energy Partners, LLC Project), Series 2011-A, AMT, 10.50% 2032 (1) | 13,000 | 13,549 | .56 | |||||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2019 | 3,000 | 3,000 | ||||||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 15,350 | 15,349 | ||||||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 2,000 | .84 | |||||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 | 17,250 | 13,018 | .54 | |||||||||
| Other securities | 32,740 | 1.36 | ||||||||||
| 79,656 | 3.30 | |||||||||||
| New York - 4.15% | ||||||||||||
| Dormitory Auth. of the State of New York, North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A, 5.00% 2032 | 7,000 | 7,658 | .32 | |||||||||
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 | 12,500 | 13,565 | .56 | |||||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 14,710 | 14,713 | .61 | |||||||||
| 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 | 8,700 | 7,862 | .33 | |||||||||
| Suffolk County Industrial Dev. Agcy., Industrial Dev. Rev. Bonds (KeySpan-Port Jefferson Energy Center, LLC Project), Series 2003-A, AMT, 5.25% 2027 | 8,220 | 8,437 | .35 | |||||||||
| Other securities | 47,799 | 1.98 | ||||||||||
| 100,034 | 4.15 | |||||||||||
| Ohio - 2.83% | ||||||||||||
| Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 | 3,500 | 4,023 | ||||||||||
| Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), Series 2009-C, 5.625% 2018 | 8,580 | 9,866 | .58 | |||||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 19,170 | 14,910 | .62 | |||||||||
| City of Cleveland, Airport Special Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,285 | 1,247 | .05 | |||||||||
| Other securities | 38,185 | 1.58 | ||||||||||
| 68,231 | 2.83 | |||||||||||
| Pennsylvania - 3.33% | ||||||||||||
| Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Bonds (Allegheny Energy Supply Co., LLC Project), Series 2009, 7.00% 2039 | 5,500 | 6,244 | .26 | |||||||||
| Other securities | 74,176 | 3.07 | ||||||||||
| 80,420 | 3.33 | |||||||||||
| Texas - 7.19% | ||||||||||||
| Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033 | 13,220 | 14,158 | .59 | |||||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), Series 2001, AMT, 6.75% 2021 | 3,000 | 3,016 | ||||||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), Series 2001, AMT, 6.75% 2029 | 17,100 | 17,189 | ||||||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Project), Series 2011, AMT, 6.50% 2030 | 2,000 | 2,038 | ||||||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Project), Series 2011, AMT, 6.625% 2038 | 3,000 | 3,058 | 1.05 | |||||||||
| Love Field Airport Modernization Corp., Special Facs. Rev. Bonds (Southwest Airlines Co. - Love Field Modernization Program Project), Series 2010, 5.25% 2040 | 9,570 | 9,737 | .40 | |||||||||
| Private Activity Bond Surface Transportation Corp., Rev. Bonds (LBJ Infrastructure Group LLC IH-635 Managed Lanes Project), Series 2010, 7.00% 2040 | 7,250 | 8,188 | .34 | |||||||||
| Private Activity Bond Surface Transportation Corp., Rev. Bonds (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project), Series 2009, 6.875% 2039 | 7,000 | 7,805 | .32 | |||||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Stayton at Museum Way Project), Series 2009-A, 8.25% 2044 | 7,100 | 7,400 | .31 | |||||||||
| Other securities | 100,973 | 4.18 | ||||||||||
| 173,562 | 7.19 | |||||||||||
| Washington - 0.60% | ||||||||||||
| Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 8,452 | .35 | |||||||||
| Other securities | 6,020 | .25 | ||||||||||
| 14,472 | .60 | |||||||||||
| West Virginia - 0.31% | ||||||||||||
| 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 | 5,145 | .21 | |||||||||
| Other securities | 2,427 | .10 | ||||||||||
| 7,572 | .31 | |||||||||||
| Other states & U.S. territories - 21.77% | ||||||||||||
| Other securities | 525,008 | 21.77 | ||||||||||
| Total bonds & notes (cost: $2,212,911,000) | 2,261,847 | 93.75 | % | |||||||||
| Principal | Percent | |||||||||||
| amount | Value | of net | ||||||||||
| Short-term securities - 5.68% | (000 | ) | (000 | ) | assets | |||||||
| City of Long Island, New York, Power Auth., Electric System General Rev. Bonds, Series 2003-H, Assured Guaranty Municipal insured, 0.75% 2029 (3) | 9,130 | 9,130 | .38 | |||||||||
| Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2008, 0.10% 2038 (3) | 10,105 | 10,105 | .42 | |||||||||
| State of Wisconsin, Operating Notes of 2011, 2.00% 6/15/2012 | 25,000 | 25,174 | 1.04 | |||||||||
| Other securities | 92,635 | 3.84 | ||||||||||
| Total short-term securities (cost: $137,035,000) | 137,044 | 5.68 | ||||||||||
| Total investment securities (cost: $2,349,946,000) | 2,398,891 | 99.43 | ||||||||||
| Other assets less liabilities | 13,712 | .57 | ||||||||||
| Net assets | $ | 2,412,603 | 100.00 | % | ||||||||
| "Other securities" includes all issues that are not disclosed separately in the summary investment portfolio, including securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $4,877,000, which represented .20% of the net assets of the fund. |
| (1) Acquired in a transaction exempt from registration under the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in "Other securities," was $86,342,000, which represented 3.58% of the net assets of the fund. |
| (2) Scheduled interest and/or principal payment was not received. |
| (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. |
| Key to abbreviations |
| Agcy. = Agency |
| AMT = Alternative Minimum Tax |
| Auth. = Authority |
| Certs. of Part. = Certificates of Participation |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| G.O. = General Obligation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| TECP = Tax-Exempt Commercial Paper |
| See Notes to Financial Statements |
Financial statements
| Statement of assets and liabilities | unaudited | |||||||
| at January 31, 2012 | (dollars in thousands) | |||||||
| Assets: | ||||||||
| Investment securities, at value (cost: $2,349,946) | $ | 2,398,891 | ||||||
| Cash | 18 | |||||||
| Receivables for: | ||||||||
| Sales of investments | $ | 5,492 | ||||||
| Sales of fund's shares | 5,615 | |||||||
| Interest | 30,732 | 41,839 | ||||||
| 2,440,748 | ||||||||
| Liabilities: | ||||||||
| Payables for: | ||||||||
| Purchases of investments | 19,056 | |||||||
| Repurchases of fund's shares | 5,871 | |||||||
| Dividends on fund's shares | 1,083 | |||||||
| Investment advisory services | 669 | |||||||
| Services provided by related parties | 881 | |||||||
| Trustees' deferred compensation | 82 | |||||||
| Other | 503 | 28,145 | ||||||
| Net assets at January 31, 2012 | $ | 2,412,603 | ||||||
| Net assets consist of: | ||||||||
| Capital paid in on shares of beneficial interest | $ | 2,537,535 | ||||||
| Undistributed net investment income | 3,757 | |||||||
| Accumulated net realized loss | (177,634 | ) | ||||||
| Net unrealized appreciation | 48,945 | |||||||
| Net assets at January 31, 2012 | $ | 2,412,603 | ||||||
| (dollars and shares in thousands, except per-share amounts) | ||||||||||||
| Shares of beneficial interest issued and outstanding (no stated par value) - | ||||||||||||
| unlimited shares authorized (166,444 total shares outstanding) | ||||||||||||
| Net assets | Shares outstanding | Net asset value per share | ||||||||||
| Class A | $ | 1,994,903 | 137,627 | $ | 14.49 | |||||||
| Class B | 19,040 | 1,314 | 14.49 | |||||||||
| Class C | 150,825 | 10,405 | 14.49 | |||||||||
| Class F-1 | 163,682 | 11,292 | 14.49 | |||||||||
| Class F-2 | 84,153 | 5,806 | 14.49 | |||||||||
| See Notes to Financial Statements | ||||||||||||
| Statement of operations | unaudited | |||||||
| for the six months ended January 31, 2012 | (dollars in thousands) | |||||||
| Investment income: | ||||||||
| Income: | ||||||||
| Interest | $ | 63,547 | ||||||
| Fees and expenses*: | ||||||||
| Investment advisory services | $ | 3,920 | ||||||
| Distribution services | 3,352 | |||||||
| Transfer agent services | 580 | |||||||
| Administrative services | 96 | |||||||
| Reports to shareholders | 95 | |||||||
| Registration statement and prospectus | 67 | |||||||
| Trustees' compensation | 5 | |||||||
| Auditing and legal | 5 | |||||||
| Custodian | 3 | |||||||
| Federal and state income taxes | 310 | |||||||
| Other | 97 | 8,530 | ||||||
| Net investment income | 55,017 | |||||||
| Net realized loss and unrealized appreciation | ||||||||
| on investments: | ||||||||
| Net realized loss on investments | (22,005 | ) | ||||||
| Net unrealized appreciation on investments | 137,874 | |||||||
| Net realized loss and unrealized appreciation | ||||||||
| on investments | 115,869 | |||||||
| Net increase in net assets resulting | ||||||||
| from operations | $ | 170,886 | ||||||
| (*) 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, 2012* | Year ended July 31, 2011 | |||||||
| Operations: | ||||||||
| Net investment income | $ | 55,017 | $ | 111,789 | ||||
| Net realized loss on investments | (22,005 | ) | (33,593 | ) | ||||
| Net unrealized appreciation (depreciation) on investments | 137,874 | (7,609 | ) | |||||
| Net increase in net assets resulting from operations | 170,886 | 70,587 | ||||||
| Dividends paid or accrued to shareholders from net investment income | (54,017 | ) | (112,272 | ) | ||||
| Net capital share transactions | 85,075 | (286,346 | ) | |||||
| Total increase (decrease) in net assets | 201,944 | (328,031 | ) | |||||
| Net assets: | ||||||||
| Beginning of period | 2,210,659 | 2,538,690 | ||||||
| End of period (including undistributed | ||||||||
| net investment income: $3,757 and $2,757, respectively) | $ | 2,412,603 | $ | 2,210,659 | ||||
| *Unaudited. | ||||||||
| See Notes to Financial Statements | ||||||||
Notes to financial statements
unaudited
| 1. | Organization |
American High-Income Municipal Bond Fund (the "fund) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide a high level of current income exempt from regular federal income tax.
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.
| 2. | Significant accounting policies |
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.
| 3. | Valuation |
The fund’s investments are reported at fair value as defined by accounting principles generally accepted in the United States of America. The fund generally determines the net asset value of each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs – The fund uses the following methods and inputs to establish the fair value of its assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.
When the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type.
Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund's board of trustees. Various inputs may be reviewed in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Classifications – The fund classifies its assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the fund’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of January 31, 2012 (dollars in thousands):
| Investment securities: | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Bonds & notes: | |||||||||||||||||
| California | $ | - | $ | 298,723 | $ | - | $ | 298,723 | |||||||||
| Florida | - | 240,994 | 4,877 | 245,871 | |||||||||||||
| Illinois | - | 192,922 | - | 192,922 | |||||||||||||
| Texas | - | 173,562 | - | 173,562 | |||||||||||||
| Colorado | - | 106,166 | - | 106,166 | |||||||||||||
| New York | - | 100,034 | - | 100,034 | |||||||||||||
| Michigan | - | 95,662 | - | 95,662 | |||||||||||||
| Georgia | - | 87,546 | - | 87,546 | |||||||||||||
| Pennsylvania | - | 80,420 | - | 80,420 | |||||||||||||
| New Jersey | - | 79,656 | - | 79,656 | |||||||||||||
| Other states & U.S. territories | - | 801,285 | - | 801,285 | |||||||||||||
| Short-term securities | - | 137,044 | - | 137,044 | |||||||||||||
| Total | $ | - | $ | 2,394,014 | $ | 4,877 | $ | 2,398,891 | |||||||||
| The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the six months ended January 31, 2012 (dollars in thousands): | ||||||||||||||||
| Beginning value at 8/1/2011 | Transfers into Level 3(*) | Unrealized depreciation(†) | Ending value at 1/31/2012 | |||||||||||||
| Investment securities | $ | - | $ | 5,214 | $ | (337 | ) | $ | 4,877 | |||||||
Net unrealized depreciation during the period on Level 3 investment securities held at January 31, 2012 (dollars in thousands)(†): | $ | (337 | ) | |||||||||||||
(*) Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. | ||||||||||||||||
(†) Net unrealized depreciation is included in the related amounts on investments in the statement of operations. | ||||||||||||||||
| 4. | Risk factors |
Investing in the fund may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund.
Investing in bonds — Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. 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.
Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default.
Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.
Investing in lower rated bonds — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Concentration — Investing significantly in municipal obligations of issuers in the same state or similar project type may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund’s share price to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
| 5. | Taxation and distributions |
Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to 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, 2012, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal tax authorities for tax years before 2007 and by state tax authorities for tax years before 2006.
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; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; net capital losses; amortization of discounts; and income on certain investments. 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, 2011, the components of distributable earnings on a tax basis were as follows:
| (dollars in thousands) | ||||||||
| Undistributed tax-exempt income | $ | 1,245 | ||||||
| Capital loss carryforwards*: | ||||||||
| Expiring 2012 | $ | (17,001 | ) | |||||
| Expiring 2013 | (3,652 | ) | ||||||
| Expiring 2017 | (14,384 | ) | ||||||
| Expiring 2018 | (69,969 | ) | ||||||
| Expiring 2019 | (24,408 | ) | (129,414 | ) | ||||
Post-October capital loss deferrals (realized during the period November 1, 2010, through July 31, 2011)† | (26,099 | ) | ||||||
| *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. | ||||||||
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2012, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of January 31, 2012, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows:
| (dollars in thousands) | |||||
| Gross unrealized appreciation on investment securities | $ | 148,047 | |||
| Gross unrealized depreciation on investment securities | (96,430 | ) | |||
| Net unrealized appreciation on investment securities | 51,617 | ||||
| Cost of investment securities | 2,347,274 | ||||
Tax-exempt income distributions paid or accrued to shareholders were as follows (dollars in thousands):
| Share class | Six months ended January 31, 2012 | Year ended July 31, 2011 | ||||||
| Class A | $ | 45,597 | $ | 94,777 | ||||
| Class B | 407 | 1,164 | ||||||
| Class C | 2,830 | 5,987 | ||||||
| Class F-1 | 3,568 | 7,466 | ||||||
| Class F-2 | 1,615 | 2,878 | ||||||
| Total | $ | 54,017 | $ | 112,272 | ||||
| 6. | Fees and transactions with related parties |
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares, and American Funds Service Company® ("AFS"), the fund’s transfer agent.
Investment advisory services – The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.30% on the first $60 million of daily net assets and decreasing to 0.15% on such assets in excess of $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, 2012, the investment advisory services fee was $3,920,000, 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 plans of distribution for all share classes, except Class F-2. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted on the following page. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A, distribution-related expenses include 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, 2012, 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 shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties as compensation for performing transfer agent services on behalf of fund shareholders.
During the period August 1, 2011, through December 31, 2011, only Class A and B shares were subject to the shareholder services agreement with AFS. During this period, AFS and other third parties were compensated for providing transfer agent services to Class C and F shares through the fees paid by the fund to CRMC under the fund’s administrative services agreement with CRMC as described in the administrative services paragraph below; CRMC paid for any transfer agent services expenses in excess of 0.10% of the respective average daily net assets of each of such share classes.
Effective January 1, 2012, the shareholder services agreement with AFS was modified to include Class C and F shares and payment for transfer agency services for such classes under the administrative services agreement terminated. Under this structure, transfer agent services expenses for some classes may exceed 0.10% of average daily net assets, resulting in an increase in expenses paid by some share classes.
For the six months ended January 31, 2012, the total transfer agent services fee paid under these agreements was $580,000, of which $484,000 was paid by the fund to AFS and $96,000 was paid by the fund to CRMC through its administrative services agreement with the fund. Amounts paid to CRMC were then paid by CRMC to AFS and other third parties.
Administrative services – The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to the fund’s A, C and F share classes. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.
During the period August 1, 2011, through December 31, 2011, the agreement applied only to Class C and F shares. The agreement also required CRMC to arrange for the provision of transfer agency services for such share classes, which paid CRMC annual fees up to 0.15% of their respective average daily net assets. During this period, up to 0.05% of these fees were used to compensate CRMC for performing administrative services; all other amounts paid under this agreement were used to compensate AFS and other third parties for transfer agent services.
Effective January 1, 2012, the administrative services agreement with CRMC was modified to include Class A shares. Under the revised agreement, Class A shares pay an annual fee of 0.01% and Class C and F shares pay an annual fee of 0.05% of their respective average daily net assets to CRMC for administrative services. Fees for transfer agent services are no longer included as part of the administrative services fee paid by the fund to CRMC.
For the six months ended January 31, 2012, total fees paid to CRMC for performing administrative services were $96,000.
Class-specific expenses under the agreements described on the previous page for the six months ended January 31, 2012, were as follows (dollars in thousands):
| Share class | Distribution services | Transfer agent services | Administrative services | |||||||||
| Class A | $ | 2,354 | $ | 447 | $ | 17 | ||||||
| Class B | 100 | 5 | Not applicable | |||||||||
| Class C | 708 | 33 | 32 | |||||||||
| Class F-1 | 190 | 74 | 34 | |||||||||
| Class F-2 | Not applicable | 21 | 13 | |||||||||
| Total class-specific expenses | $ | 3,352 | $ | 580 | $ | 96 | ||||||
Trustees’ deferred compensation – Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $5,000, shown on the accompanying financial statements, includes $10,000 in current fees (either paid in cash or deferred) and a net decrease of $5,000 in the value of the deferred amounts.
Affiliated officers and trustees – Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or trustees received any compensation directly from the fund.
| 7. | Capital share transactions |
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Sales(*) | Reinvestments of dividends | Repurchases(*) | Net increase (decrease) | |||||||||||||||||||||||||||||
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
| Six months ended January 31, 2012 | ||||||||||||||||||||||||||||||||
| Class A | $ | 200,736 | 14,321 | $ | 40,678 | 2,898 | $ | (192,134 | ) | (13,718 | ) | $ | 49,280 | 3,501 | ||||||||||||||||||
| Class B | 1,394 | 99 | 361 | 26 | (4,964 | ) | (354 | ) | (3,209 | ) | (229 | ) | ||||||||||||||||||||
| Class C | 19,240 | 1,373 | 2,512 | 179 | (14,775 | ) | (1,057 | ) | 6,977 | 495 | ||||||||||||||||||||||
| Class F-1 | 24,712 | 1,762 | 3,503 | 250 | (18,807 | ) | (1,344 | ) | 9,408 | 668 | ||||||||||||||||||||||
| Class F-2 | 27,993 | 1,985 | 1,385 | 99 | (6,759 | ) | (483 | ) | 22,619 | 1,601 | ||||||||||||||||||||||
| Total net increase (decrease) | $ | 274,075 | 19,540 | $ | 48,439 | 3,452 | $ | (237,439 | ) | (16,956 | ) | $ | 85,075 | 6,036 | ||||||||||||||||||
| Year ended July 31, 2011 | ||||||||||||||||||||||||||||||||
| Class A | $ | 334,828 | 24,284 | $ | 81,211 | 5,930 | $ | (641,545 | ) | (47,031 | ) | $ | (225,506 | ) | (16,817 | ) | ||||||||||||||||
| Class B | 2,611 | 189 | 992 | 72 | (17,946 | ) | (1,313 | ) | (14,343 | ) | (1,052 | ) | ||||||||||||||||||||
| Class C | 28,886 | 2,095 | 5,015 | 366 | (57,372 | ) | (4,215 | ) | (23,471 | ) | (1,754 | ) | ||||||||||||||||||||
| Class F-1 | 37,769 | 2,763 | 6,780 | 495 | (76,434 | ) | (5,598 | ) | (31,885 | ) | (2,340 | ) | ||||||||||||||||||||
| Class F-2 | 32,180 | 2,355 | 2,077 | 152 | (25,398 | ) | (1,870 | ) | 8,859 | 637 | ||||||||||||||||||||||
| Total net increase (decrease) | $ | 436,274 | 31,686 | $ | 96,075 | 7,015 | $ | (818,695 | ) | (60,027 | ) | $ | (286,346 | ) | (21,326 | ) | ||||||||||||||||
| * Includes exchanges between share classes of the fund. | ||||||||||||||||||||||||||||||||
| 8. | Investment transactions |
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $311,805,000 and $259,050,000, respectively, during the six months ended January 31, 2012.
Financial highlights
| Income (loss) from investment operations(1) | |||||||||||||||||||||||||||||||||||||||||||||
| 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(2)(3) | 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(3) | Ratio of net income to average net assets(3) | |||||||||||||||||||||||||||||||||||
| Class A: | Six months ended 1/31/2012(4)(5) | $ | 13.78 | $ | .35 | $ | .70 | $ | 1.05 | $ | (.34 | ) | $ | 14.49 | 7.71 | % | $ | 1,995 | .69 | %(6) | .69 | %(6) | 4.88 | %(6) | |||||||||||||||||||||
| Year ended 7/31/2011 | 13.97 | .67 | (.19 | ) | .48 | (.67 | ) | 13.78 | 3.57 | 1,849 | .64 | .64 | 4.86 | ||||||||||||||||||||||||||||||||
| Year ended 7/31/2010 | 12.69 | .66 | 1.28 | 1.94 | (.66 | ) | 13.97 | 15.50 | 2,109 | .68 | .68 | 4.82 | |||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Class B: | Six months ended 1/31/2012(4)(5) | 13.78 | .29 | .70 | .99 | (.28 | ) | 14.49 | 7.30 | 19 | 1.44 | (6) | 1.44 | (6) | 4.15 | (6) | |||||||||||||||||||||||||||||
| Year ended 7/31/2011 | 13.97 | .56 | (.19 | ) | .37 | (.56 | ) | 13.78 | 2.78 | 21 | 1.41 | 1.41 | 4.07 | ||||||||||||||||||||||||||||||||
| Year ended 7/31/2010 | 12.69 | .56 | 1.28 | 1.84 | (.56 | ) | 13.97 | 14.67 | 36 | 1.42 | 1.42 | 4.11 | |||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Class C: | Six months ended 1/31/2012(4)(5) | 13.78 | .29 | .70 | .99 | (.28 | ) | 14.49 | 7.28 | 151 | 1.49 | (6) | 1.49 | (6) | 4.08 | (6) | |||||||||||||||||||||||||||||
| Year ended 7/31/2011 | 13.97 | .56 | (.19 | ) | .37 | (.56 | ) | 13.78 | 2.73 | 137 | 1.46 | 1.46 | 4.03 | ||||||||||||||||||||||||||||||||
| Year ended 7/31/2010 | 12.69 | .55 | 1.28 | 1.83 | (.55 | ) | 13.97 | 14.60 | 163 | 1.46 | 1.46 | 4.03 | |||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Class F-1: | Six months ended 1/31/2012(4)(5) | 13.78 | .34 | .70 | 1.04 | (.33 | ) | 14.49 | 7.65 | 164 | .79 | (6) | .79 | (6) | 4.78 | (6) | |||||||||||||||||||||||||||||
| Year ended 7/31/2011 | 13.97 | .65 | (.19 | ) | .46 | (.65 | ) | 13.78 | 3.45 | 146 | .76 | .76 | 4.73 | ||||||||||||||||||||||||||||||||
| Year ended 7/31/2010 | 12.69 | .65 | 1.28 | 1.93 | (.65 | ) | 13.97 | 15.42 | 181 | .75 | .75 | 4.75 | |||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||
| Class F-2: | Six months ended 1/31/2012(4)(5) | 13.78 | .36 | .70 | 1.06 | (.35 | ) | 14.49 | 7.81 | 84 | .49 | (6) | .49 | (6) | 5.05 | (6) | |||||||||||||||||||||||||||||
| Year ended 7/31/2011 | 13.97 | .69 | (.19 | ) | .50 | (.69 | ) | 13.78 | 3.74 | 58 | .48 | .48 | 5.03 | ||||||||||||||||||||||||||||||||
| Year ended 7/31/2010 | 12.69 | .68 | 1.28 | 1.96 | (.68 | ) | 13.97 | 15.72 | 50 | .48 | .48 | 5.00 | |||||||||||||||||||||||||||||||||
Period from 8/12/2008 to 7/31/2009(4) | 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 | |||||||||||||||||||||||
2012(4)(5) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Portfolio turnover rate for all share classes | 12 | % | 18 | % | 15 | % | 29 | % | 27 | % | 23 | % | ||||||||||||
(1)Based on average shares outstanding. | |||||||||||
(2)Total returns exclude any applicable sales charges, including contingent deferred sales charges. | |||||||||||
(3)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. | |||||||||||
(4)Based on operations for the period shown and, accordingly, is not representative of a full year. | |||||||||||
(5)Unaudited. | |||||||||||
(6)Annualized. | |||||||||||
| See Notes to Financial Statements | |||||||||||
Expense example
unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (August 1, 2011, through January 31, 2012).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning account value 8/1/2011 | Ending account value 1/31/2012 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
| Class A -- actual return | $ | 1,000.00 | $ | 1,077.06 | $ | 3.60 | .69 | % | ||||||||
| Class A -- assumed 5% return | 1,000.00 | 1,021.67 | 3.51 | .69 | ||||||||||||
| Class B -- actual return | 1,000.00 | 1,073.03 | 7.50 | 1.44 | ||||||||||||
| Class B -- assumed 5% return | 1,000.00 | 1,017.90 | 7.30 | 1.44 | ||||||||||||
| Class C -- actual return | 1,000.00 | 1,072.80 | 7.76 | 1.49 | ||||||||||||
| Class C -- assumed 5% return | 1,000.00 | 1,017.65 | 7.56 | 1.49 | ||||||||||||
| Class F-1 -- actual return | 1,000.00 | 1,076.53 | 4.12 | .79 | ||||||||||||
| Class F-1 -- assumed 5% return | 1,000.00 | 1,021.17 | 4.01 | .79 | ||||||||||||
| Class F-2 -- actual return | 1,000.00 | 1,078.08 | 2.56 | .49 | ||||||||||||
| Class F-2 -- assumed 5% return | 1,000.00 | 1,022.67 | 2.49 | .49 | ||||||||||||
| *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 366 (to reflect the one-half year period). | ||||||||||||||||
Other share class results
unaudited
Classes B, C and F
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
| Average annual total returns for periods ended December 31, 2011 (the most recent calendar quarter-end): | ||||||||||||
| 10 years/ | ||||||||||||
| 1 year | 5 years | Life of class1 | ||||||||||
Class B shares2 | ||||||||||||
| Reflecting applicable contingent deferred sales | ||||||||||||
| charge (CDSC), maximum of 5%, payable only | ||||||||||||
| if shares are sold within six years of purchase | 4.07 | % | 1.54 | % | 3.63 | % | ||||||
| Not reflecting CDSC | 9.07 | 1.87 | 3.63 | |||||||||
| Class C shares | ||||||||||||
| Reflecting CDSC, maximum of 1%, payable only | ||||||||||||
| if shares are sold within one year of purchase | 8.02 | 1.82 | 3.39 | |||||||||
| Not reflecting CDSC | 9.02 | 1.82 | 3.39 | |||||||||
Class F-1 shares3 | ||||||||||||
| Not reflecting annual asset-based fee charged | ||||||||||||
| by sponsoring firm | 9.78 | 2.54 | 4.14 | |||||||||
Class F-2 shares3 — first sold 8/12/08 | ||||||||||||
| Not reflecting annual asset-based fee charged | ||||||||||||
| by sponsoring firm | 10.09 | — | 4.93 | |||||||||
1Applicable to Class F-2 shares only. All other share classes reflect 10-year results. |
2These shares are not available for purchase. |
3These 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. Applicable 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.
Offices of the fund and of the investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
Independent registered public accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-4225 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, 2012, 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 prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2012, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
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| |
The American Funds difference
Since 1931, American Funds has helped investors pursue long-term investment success. Our consistent approach — in combination with a proven system — has resulted in a superior long-term track record.
Consistent approach
We base our decisions on a long-term perspective because we believe it is the best way to achieve superior long-term investment results. Our portfolio counselors average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1
Proven system
Our system combines individual accountability with teamwork. Each fund is divided into portions that are managed by investment professionals with varied backgrounds, ages and investment styles. An extensive global research effort is the backbone of our system.
Superior long-term track record
Our equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 60% of 10-year periods and 67% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3
1 As of 12/31/11. |
2 Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. |
3 Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds. |
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 Fund® |
Fundamental InvestorsSM |
International Growth and Income FundSM |
The Investment Company of America® |
Washington Mutual Investors FundSM |
| •Equity-income funds |
Capital Income Builder® |
The Income Fund of America® |
| •Balanced funds |
American Balanced Fund® |
American Funds Global Balanced FundSM |
| •Bond funds |
American Funds Mortgage Fund® |
American High-Income TrustSM |
The Bond Fund of AmericaSM |
Capital World Bond Fund® |
Intermediate Bond Fund of America® |
Short-Term Bond Fund of AmericaSM |
U.S. Government Securities FundSM |
| •Tax-exempt bond funds |
American Funds Short-Term Tax-Exempt Bond FundSM |
American High-Income Municipal Bond Fund® |
Limited Term Tax-Exempt Bond Fund of AmericaSM |
The Tax-Exempt Bond Fund of America® |
| State-specific tax-exempt funds |
American Funds Tax-Exempt Fund of New YorkSM |
The Tax-Exempt Fund of California® |
The Tax-Exempt Fund of Maryland® |
The Tax-Exempt Fund of Virginia® |
| •Money market fund |
American Funds Money Market Fund® |
•American Funds Target Date Retirement Series® |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGESR-940-0312P
Litho in USA WG/UNL/8075-S28713
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
American High-Income Municipal Bond Fund®
Investment portfolio
January 31, 2012
unaudited
| Bonds & notes — 93.75% | Principal amount (000) | Value (000) | ||||||
| ALABAMA — 0.06% | ||||||||
| 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 | $ | 1,500 | $ | 1,501 | ||||
| ALASKA — 0.02% | ||||||||
| Housing Fin. Corp., Home Mortgage Rev. Bonds, Series 2006-C, AMT, National insured, 5.50% 2037 | 525 | 538 | ||||||
| ARIZONA — 3.09% | ||||||||
| Certs. of Part., Series 2010-A, Assured Guaranty Municipal insured, 5.25% 2025 | 2,500 | 2,933 | ||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.70% 2027 | 458 | 426 | ||||||
| Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds | ||||||||
| (Montecito Assessment Dist.), Series 2007, 5.80% 2032 | 971 | 871 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Beatitudes Campus Project), Series 2006, 5.10% 20221 | 8,000 | 6,909 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 20371 | 6,000 | 4,412 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-A, 1.08% 2042 (put 2015)2 | 1,000 | 933 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2007-B, 0.93% 2042 (put 2015)2 | 5,000 | 4,685 | ||||||
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 1.199% 20372 | 5,000 | 3,327 | ||||||
| City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-B, AMT, 5.25% 2019 | 2,000 | 2,296 | ||||||
| City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.00% 2020 | 2,000 | 2,242 | ||||||
| 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 | 2,011 | 2,125 | ||||||
| Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), | ||||||||
| Series 2007, AMT, 6.55% 2037 | 17,000 | 17,273 | ||||||
| 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 | 10,748 | ||||||
| Industrial Dev. Authorities of the County of Pima and the City of Tucson, Joint Single-family Mortgage Rev. Ref. Bonds, | ||||||||
| Series 2007-A-1, AMT, 5.10% 2038 | 1,205 | 1,286 | ||||||
| Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 | 4,520 | 3,952 | ||||||
| School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017 | 2,500 | 2,765 | ||||||
| Industrial Dev. Auth. of the City of Scottsdale, Hospital Rev. Ref. Bonds (Scottsdale Healthcare), | ||||||||
| Series 2006-C, Assured Guaranty insured, 5.00% 2035 | 1,250 | 1,351 | ||||||
| State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2026 | 1,000 | 1,150 | ||||||
| University Medical Center Corp. (Tucson), Hospital Rev. Bonds, Series 2009, 6.50% 2039 | 1,000 | 1,131 | ||||||
| Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 | 1,000 | 1,036 | ||||||
| Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 | 725 | 612 | ||||||
| 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 | 2,203 | ||||||
| 74,666 | ||||||||
| CALIFORNIA — 12.38% | ||||||||
| City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.50% 2030 | 1,640 | 1,762 | ||||||
| City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 | 1,685 | 1,809 | ||||||
| Antelope Valley Healthcare Dist., Rev. Bonds, Series 2002-A, 5.25% 2017 | 3,500 | 3,522 | ||||||
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, | ||||||||
| Series 2007, 5.00% 2020 | 1,000 | 993 | ||||||
| City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, | ||||||||
| Series 2007, 5.00% 2037 | 3,985 | 3,270 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Casa de las Campanas, Inc.), | ||||||||
| Series 2010, 6.00% 2037 | 500 | 550 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), | ||||||||
| Series 2010, 6.00% 2030 | 1,000 | 1,100 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Assn.), | ||||||||
| Series 2003-C, 5.375% 2021 | 1,500 | 1,582 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), | ||||||||
| Series 2011, 6.00% 2031 | 1,250 | 1,346 | ||||||
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Southern California Presbyterian Homes Obligated Group, | ||||||||
| Rev. Ref. Bonds (Redwood Senior Homes and Services), Series 2002, 6.125% 2032 | 1,000 | 1,015 | ||||||
| Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), | ||||||||
| Series 2006-A, 4.875% 2036 | 1,000 | 877 | ||||||
| Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), | ||||||||
| Series 2009, 7.00% 2029 | 1,500 | 1,702 | ||||||
| Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), | ||||||||
| Series 2009, 7.25% 2041 | 4,500 | 4,982 | ||||||
| Bonita Canyon Public Facs. Fncg. Auth., Community Facs. Dist. No. 98-1, Special Tax Bonds, Series 2012, 4.25% 2023 | 1,000 | 1,007 | ||||||
| Bonita Canyon Public Facs. Fncg. Auth., Community Facs. Dist. No. 98-1, Special Tax Bonds, Series 2012, 5.00% 2028 | 1,000 | 1,026 | ||||||
| California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds | ||||||||
| (Alameda County Tobacco Asset Securitization Corp.), Series 2002, 4.75% 2019 | 190 | 190 | ||||||
| Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), | ||||||||
| Series 2007-C, 5.00% 2025 | 1,165 | 954 | ||||||
| Cerritos Public Fin. Auth., Rev. Bonds (Los Coyotes Redev. Project Loan), Series A, AMBAC insured, 6.50% 2023 | 955 | 1,102 | ||||||
| Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), | ||||||||
| Series 2002-A, AMBAC insured, 5.00% 2020 | 4,165 | 4,524 | ||||||
| Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), | ||||||||
| Series 2002-A, AMBAC insured, 5.00% 2021 | 1,000 | 1,078 | ||||||
| Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Agcy.), | ||||||||
| Series A, AMBAC insured, 5.00% 2022 | 2,000 | 2,134 | ||||||
| Certs. of Part., Palomar Pomerado Health, 6.00% 2030 | 2,500 | 2,616 | ||||||
| Certs. of Part., Palomar Pomerado Health, 6.00% 2041 | 2,290 | 2,346 | ||||||
| Certs. of Part., Palomar Pomerado Health, 6.75% 2039 | 1,500 | 1,607 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), | ||||||||
| Series 1992-D, AMT, AMBAC insured, 5.00% 2027 | 2,000 | 2,153 | ||||||
| City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C, 5.875% 2034 | 1,100 | 1,275 | ||||||
| Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,200 | 1,111 | ||||||
| Del Mar Race Track Auth., Rev. Ref. Bonds, Series 2005, 5.00% 2015 | 995 | 1,028 | ||||||
| Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 6.125% 2036 | 1,000 | 1,188 | ||||||
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Bonds, | ||||||||
| Series 1999, 6.125% 2016 | 745 | 747 | ||||||
| Veterans G.O. Bonds, Series CD, AMT, 4.60% 2032 | 500 | 508 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 | 1,000 | 1,100 | ||||||
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031 | 1,000 | 1,145 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 | 1,500 | 1,731 | ||||||
| City of Irvine, Impt Bd Act 1915 Dist. No. 11-1, Limited Obligation Reassessment, 4.875% 2025 | 1,025 | 1,057 | ||||||
| City of Irvine, Impt Bd Act 1915 Dist. No. 11-1, Limited Obligation Reassessment, 5.00% 2026 | 1,075 | 1,108 | ||||||
| Irvine Public Facs. and Infrastructure Auth. Assessment Rev. Bonds, Series 2012-A, 4.50% 2025 | 650 | 671 | ||||||
| City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2003-B, 6.625% 2025 | 2,185 | 2,208 | ||||||
| Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 1,019 | ||||||
| City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019 | 3,600 | 4,528 | ||||||
| City of Los Angeles, Multi-family Housing Rev. Bonds (GNMA Collateralized — Ridgecroft Apartments Project), | ||||||||
| Series 1997-E, AMT, 6.00% 2017 | 335 | 336 | ||||||
| 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 | 2,565 | ||||||
| M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 | 5,900 | 7,178 | ||||||
| City of Moorpark, Community Facs. Dist. No 2004-1, Special Tax Bonds (Moorpark Highlands), Series 2006, 5.25% 2026 | 670 | 674 | ||||||
| City of Moorpark, Community Facs. Dist. No 2004-1, Special Tax Bonds (Moorpark Highlands), Series 2006, 5.30% 2038 | 1,865 | 1,769 | ||||||
| Community Facs. Dist. No. 2004-6, Moreno Valley Unified School Dist., Special Tax Bonds, Series 2005, 5.20% 2036 | 2,350 | 2,299 | ||||||
| Community Redev. Agcy. of the City of Moreno Valley, Tax Allocation Bonds, Series 2007-A, AMBAC insured, 5.00% 2038 | 6,270 | 6,148 | ||||||
| Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018 | 3,945 | 3,934 | ||||||
| Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 | 8,250 | 8,106 | ||||||
| Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2020 | 1,500 | 1,598 | ||||||
| Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2021 | 1,500 | 1,581 | ||||||
| Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 | 2,000 | 1,975 | ||||||
| Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project), | ||||||||
| Series 2006-A, 5.25% 2036 | 2,100 | 1,797 | ||||||
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.00% 20281 | 845 | 808 | ||||||
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 20381 | 750 | 692 | ||||||
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 20481 | 1,000 | 903 | ||||||
| Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 | 1,420 | 1,615 | ||||||
| Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.50% 2039 | 2,000 | 2,298 | ||||||
| Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.25% 2040 | 1,000 | 1,087 | ||||||
| Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 4.75% 2027 | 1,600 | 1,548 | ||||||
| Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 5.00% 2037 | 1,000 | 947 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 20411 | 7,500 | 8,399 | ||||||
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 | 500 | 542 | ||||||
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.875% 2034 | 1,500 | 1,605 | ||||||
| Newport-Mesa Unified School Dist. (County of Orange), G.O. Bonds, Election of 2005, Series 2011, 0% 2038 | 4,000 | 1,072 | ||||||
| City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Ref. Bonds, Issue of 2006, | ||||||||
| AMBAC insured, 4.875% 2033 | 7,000 | 6,484 | ||||||
| Port of Oakland, Rev. Bonds, Series M, AMT, FGIC-National insured, 5.375% 2027 | 1,775 | 1,799 | ||||||
| Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2029 | 2,000 | 2,116 | ||||||
| Port of Oakland, Rev. Bonds, Series M, AMT, FGIC-National insured, 5.375% 2027 (preref. 2012) | 225 | 233 | ||||||
| Community Facs. Dist. No. 3 (Seabridge at Mandalay Bay) of the City of Oxnard, Special Tax Bonds, | ||||||||
| Series 2005, 5.00% 2035 | 1,500 | 1,501 | ||||||
| Community Facs. Dist. No. 3 (Seabridge at Mandalay Bay) of the City of Oxnard, Special Tax Bonds, | ||||||||
| Series 2005, 5.125% 2025 | 2,515 | 2,565 | ||||||
| City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, | ||||||||
| Series 2007, 5.05% 2027 | 2,000 | 1,680 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2020 | 4,815 | 3,759 | ||||||
| City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), | ||||||||
| Series 2006-A, AMBAC insured, 0% 2021 | 4,145 | 3,100 | ||||||
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2011, 6.125% 2041 | 1,000 | 1,031 | ||||||
| Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 2004-A, AMT, FGIC insured, 4.75% 2023 | 1,500 | 1,582 | ||||||
| Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
| Series 2004-C, AMT, AMBAC-FGIC insured, 4.75% 2023 | 1,000 | 1,055 | ||||||
| Poway Unified School Dist., Capital Appreciation School Facs. Improvement, G.O., 0% 2046 | 18,000 | 2,871 | ||||||
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.25% 2029 | 2,315 | 2,385 | ||||||
| Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.50% 2033 | 1,500 | 1,545 | ||||||
| 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 | 1,694 | ||||||
| Public Works Board, Lease Rev. Bonds (Trustees of the California State University, | ||||||||
| Various California State University Projects), Series 2011-B, 5.00% 2031 | 1,200 | 1,273 | ||||||
| Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 | 6,000 | 7,023 | ||||||
| Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds | ||||||||
| (Improvement Area No. 2), Series 2005-A, 5.25% 2035 | 1,200 | 1,198 | ||||||
| County of Riverside Community Facs. Dist. No. 04-2 (Lake Hills Crest), Special Tax Bonds, Series 2005, 5.00% 2025 | 1,000 | 999 | ||||||
| Sacramento County Water Fncg. Auth., Rev. Ref. Bonds (Sacramento County Water Agcy. Zones 40 and 41 | ||||||||
2007 Water System Project), Series 2007-B, FGIC-National insured, 0.903% 20342 | 5,000 | 3,126 | ||||||
| County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2022 | 1,000 | 1,107 | ||||||
| County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.125% 2024 | 3,000 | 3,302 | ||||||
| San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds, 6.625% 2026 | 1,000 | 1,011 | ||||||
| City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 12,750 | 14,234 | ||||||
| Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, | ||||||||
| Series 2009-E, 5.25% 2032 | 3,500 | 3,881 | ||||||
| Airport Commission, City and County of San Francisco, San Francisco International Airport, | ||||||||
| Second Series Rev. Ref. Bonds, AMT, 5.00% 2029 | 2,000 | 2,167 | ||||||
| Airport Commission, City and County of San Francisco, San Francisco International Airport, | ||||||||
| Second Series Rev. Ref. Bonds, Series 2009-A, 4.90% 2029 | 3,000 | 3,320 | ||||||
| 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 | 1,106 | ||||||
| City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), | ||||||||
| Series 2011-C, 6.75% 2041 | 900 | 1,015 | ||||||
| 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 | 2,721 | ||||||
| City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), | ||||||||
| Series 2011-D, 7.00% 2041 | 2,000 | 2,252 | ||||||
| City and County of San Francisco, Certs. of Part. (Multiple Capital Improvement Projects), Series 2009-A, 5.00% 2025 | 2,500 | 2,805 | ||||||
| City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.75% 2034 | 6,925 | 7,665 | ||||||
| City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.25% 2034 | 1,750 | 2,022 | ||||||
| Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), | ||||||||
| Series 2010-A-1, 5.50% 2035 | 1,000 | 1,024 | ||||||
| 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 | 1,569 | ||||||
| Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.25% 2024 | 1,500 | 1,708 | ||||||
| Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.75% 2028 | 810 | 941 | ||||||
| Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2024 | 6,070 | 2,840 | ||||||
| Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2025 | 6,000 | 2,571 | ||||||
| Santa Clara County, Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.75% 2040 | 3,000 | 3,269 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, | ||||||||
| Series 2011-A, 5.00% 2026 | 1,000 | 1,031 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, | ||||||||
| Series 2011-A, 5.00% 2027 | 500 | 515 | ||||||
| Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, | ||||||||
| Series 2011-B, 5.875% 2038 | 650 | 670 | ||||||
| Redev. Agcy. of the City of Santa Monica, 2011 Tax Allocation Bonds (Earthquake Recovery Redev. Project), 5.00% 2042 | 1,125 | 1,217 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.875% 20161 | 5,150 | 5,206 | ||||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 5.00% 20201 | 6,700 | 6,665 | ||||||
| Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.10% 2030 | 465 | 492 | ||||||
| Community Facs. Dist. No. 2002-1, Saugus Union School Dist., Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 1,006 | ||||||
| Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 | 805 | 806 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project), | ||||||||
Series 2007-A, 5.125% 20371 | 3,000 | 2,719 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Childrens Hospital Los Angeles), Series 2007, 5.00% 2047 | 4,000 | 3,690 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.25% 2027 | 3,000 | 3,025 | ||||||
| Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 | 1,000 | 980 | ||||||
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.00% 2029 | 2,000 | 2,182 | ||||||
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.25% 2039 | 2,500 | 2,631 | ||||||
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 | 990 | 1,074 | ||||||
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 | 1,675 | 1,814 | ||||||
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Daughters of Charity Health System), Series 2005-H, 5.25% 2025 | 1,085 | 1,102 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), | ||||||||
| Series 2008, 6.00% 2040 | 2,250 | 2,399 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I), Series 2011, 5.125% 2031 | 2,000 | 2,094 | ||||||
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds | ||||||||
| (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I), Series 2011, 5.375% 2038 | 1,000 | 1,044 | ||||||
| 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 | 3,047 | ||||||
| Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 | 2,640 | 2,394 | ||||||
| City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, | ||||||||
| Series 2003, 5.90% 2034 | 1,500 | 1,500 | ||||||
| Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 | 3,100 | 3,566 | ||||||
| City of Turlock, Health Fac. Rev. Certs. of Part. (Emanuel Medical Center, Inc.), Series 2004-A, 5.375% 2034 | 1,500 | 1,481 | ||||||
| Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010, 5.00% 2024 | 1,165 | 1,255 | ||||||
| Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010, 5.00% 2028 | 700 | 737 | ||||||
| Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010, 5.00% 2035 | 1,000 | 1,026 | ||||||
| Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010, 5.00% 2040 | 450 | 460 | ||||||
| West Hollywood Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project), | ||||||||
| Series 2011-A, 7.50% 2042 | 1,950 | 2,199 | ||||||
| 298,723 | ||||||||
| COLORADO — 4.40% | ||||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 4.80% 2017 | 1,315 | 1,181 | ||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 4.95% 2022 | 3,820 | 3,000 | ||||||
| Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), | ||||||||
| Sales and Use Tax Rev. Bonds, Series 2007, 5.00% 2026 | 2,330 | 1,679 | ||||||
| Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, | ||||||||
| Series 2007-A, RADIAN insured, 5.60% 2034 | 3,610 | 3,156 | ||||||
| Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 6.125% 2037 | 2,000 | 1,566 | ||||||
| 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 | 18,000 | 16,156 | ||||||
| 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 | 2,905 | 2,775 | ||||||
Denver Health and Hospital Auth., Healthcare Rev. Ref. Bonds, Series 2007-B, 1.453% 20332 | 4,785 | 3,224 | ||||||
| Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
| Series 2008, 5.375% 2028 | 1,000 | 1,081 | ||||||
| Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), | ||||||||
| Series 2008, 5.50% 2038 | 1,000 | 1,049 | ||||||
| Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2002, 5.90% 2027 | 1,830 | 1,854 | ||||||
| Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2006, 5.25% 2024 | 3,880 | 4,103 | ||||||
| Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), | ||||||||
| Series 2009-A, 6.125% 2038 | 1,000 | 1,026 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 6.125% 2033 | 1,000 | 1,023 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 | 1,320 | 1,385 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 | 1,150 | 1,222 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 | 1,485 | 1,562 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 | 2,095 | 2,189 | ||||||
| Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 13,500 | 12,583 | ||||||
| Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project), Series 2011, 6.00% 2040 | 1,250 | 1,327 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.00% 2030 | 350 | 387 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.25% 2040 | 975 | 1,055 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Christian Living Communities Project), Series 2006-A, 5.75% 2037 | 1,000 | 991 | ||||||
| City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, | ||||||||
| Series 2003, 8.00% 2025 | 7,500 | 7,758 | ||||||
| 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 | 4,200 | 3,596 | ||||||
| Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 | 2,000 | 2,309 | ||||||
| Regional Transportation Dist., Tax-Exempt Private Activity Bonds (Denver Transit Partners Eagle P3 Project), | ||||||||
| Series 2010, 6.00% 2034 | 1,700 | 1,826 | ||||||
| Regional Transportation Dist., Tax-Exempt Private Activity Bonds (Denver Transit Partners Eagle P3 Project), | ||||||||
| Series 2010, 6.00% 2041 | 14,800 | 15,799 | ||||||
| Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) | ||||||||
| Ref. and Improvement Bonds, Series 2007, 5.25% 2037 | 2,250 | 2,032 | ||||||
| Tallyn’s Reach Metropolitan Dist. No. 3 (City of Aurora), Limited Tax G.O. Bonds (Convertible to Unlimited Tax), | ||||||||
| Series 2007, 5.20% 2036 | 3,225 | 3,129 | ||||||
| Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, | ||||||||
| Series 2006, 5.75% 2036 | 1,190 | 1,074 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, | ||||||||
| Series 2006-A, RADIAN insured, 5.00% 2036 | 1,980 | 1,606 | ||||||
| Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 6.625% 2040 | 2,220 | 1,463 | ||||||
| 106,166 | ||||||||
| CONNECTICUT — 1.00% | ||||||||
| Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), | ||||||||
| Series 1993-B, AMT, 5.95% 2028 | 1,500 | 1,513 | ||||||
| Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.625% 2030 | 1,250 | 1,317 | ||||||
| Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043 | 4,500 | 4,705 | ||||||
| Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-B, 6.125% 2014 | 2,590 | 2,592 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series A, 5.00% 2041 | 1,000 | 1,071 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.25% 2033 | 5,000 | 3,538 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | ||||||||
| Series 2003, 5.50% 2013 | 380 | 374 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, | ||||||||
| Series 2001, 6.00% 2016 | 5,070 | 4,795 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, | ||||||||
| Series 2001, 6.25% 2021 | 3,000 | 2,755 | ||||||
| Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, | ||||||||
| Series 2001, 6.25% 2031 | 2,000 | 1,660 | ||||||
| 24,320 | ||||||||
| �� | ||||||||
| DELAWARE — 0.04% | ||||||||
| Housing Auth., Single-family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040 | 855 | 921 | ||||||
| DISTRICT OF COLUMBIA — 0.25% | ||||||||
| Dist. of Columbia, Rev. Ref. Bonds (Catholic University of America Issue), Series 2007, National insured, 5.00% 2029 | 1,000 | 1,070 | ||||||
| Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital Appreciation Bonds, | ||||||||
Series 2010-B, 0%/6.50% 20443 | 5,000 | 3,719 | ||||||
| Dist. of Columbia, Tax Increment Rev. Bonds (City Market at O Street Project), Series 2011, 5.125% 2041 | 1,175 | 1,233 | ||||||
| 6,022 | ||||||||
| FLORIDA — 10.19% | ||||||||
| Alachua County Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project), | ||||||||
| Series 2008-D-2, 6.75% 2030 | 900 | 1,043 | ||||||
| Alachua County, Industrial Dev. Rev. Ref. Bonds (North Florida Retirement Village, Inc. Project), | ||||||||
| Series 2007-A, 5.75% 2026 | 3,000 | 2,671 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 | 900 | 886 | ||||||
| Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 | 1,715 | 1,536 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.00% 2014 | 395 | 404 | ||||||
| Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), | ||||||||
| Series 2002-B, 7.25% 2033 | 1,960 | 1,997 | ||||||
| Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 2,705 | 2,553 | ||||||
| Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 | 8,000 | 9,284 | ||||||
Connerton West Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-B, 5.125% 20164 | 2,290 | 893 | ||||||
| Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), | ||||||||
| Series 2010-A, 5.75% 2029 | 5,250 | 5,679 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), | ||||||||
| Series 2007-B, AMT, 4.70% 2039 | 1,980 | 2,017 | ||||||
| Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Ref. Bonds (Multi-County Program), | ||||||||
| Series 2006-A, AMT, 4.80% 2038 | 4,140 | 4,242 | ||||||
| Escambia County, Environmental Improvement Rev. Ref. Bonds, Series 2006-B, AMT, 5.00% 2026 | 1,000 | 1,000 | ||||||
| Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2007-B, 5.00% 2012 | 670 | 658 | ||||||
| Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, | ||||||||
| Series 2000-C, 7.10% 2030 | 7,355 | 7,079 | ||||||
Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 20144 | 10,260 | — | ||||||
| Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Ref. Bonds, Series 2011, 0% 2039 | 40,185 | 5,390 | ||||||
| Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2027 | 1,000 | 1,120 | ||||||
| Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, | ||||||||
| Series 2002-A, 7.00% 2033 (preref. 2012) | 795 | 816 | ||||||
| Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 4,075 | 3,688 | ||||||
| Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005, 5.60% 2036 | 1,180 | 1,059 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2016 (preref. 2015) | 150 | 174 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2005-B, 5.00% 2018 (preref. 2015) | 250 | 290 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2018 (preref. 2016) | 100 | 121 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2023 (preref. 2016) | 145 | 175 | ||||||
| Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), | ||||||||
| Series 2006-G, 5.125% 2023 | 930 | 1,029 | ||||||
| Hillsborough County Industrial Dev. Auth., Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
| Series 2007-A, 5.25% 2027 | 2,000 | 2,118 | ||||||
| City of Tampa, Capital Improvement Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), | ||||||||
| Series 1999-A, 5.75% 2029 | 1,000 | 1,001 | ||||||
| Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2020 | 3,485 | 3,764 | ||||||
| Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2022 | 1,940 | 2,070 | ||||||
| Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2023 | 2,000 | 2,126 | ||||||
| Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. Ref. Bonds (Proton Therapy Institute Project), | ||||||||
Series 2007-A, 6.25% 20271 | 4,565 | 4,728 | ||||||
| Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), Series 2007-A, 5.00% 2024 | 2,000 | 2,203 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2001-A, 7.40% 20324 | 650 | 650 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2001-B, 6.40% 20114,5 | 110 | 86 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2005-A, 5.60% 20374,5 | 875 | 673 | ||||||
| Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, | ||||||||
Series 2005-B, 4.875% 20104,5 | 2,585 | 1,874 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 4.875% 20104,5 | 755 | 499 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 20364,5 | 2,190 | 1,745 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-A, 5.30% 20384 | 1,970 | 673 | ||||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 20114 | 7,420 | 2,535 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project), Series 2006, 5.40% 2037 | 935 | 699 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006, 5.50% 2036 | 3,050 | 2,153 | ||||||
| Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B, 5.00% 2013 | 2,930 | 2,748 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. Project), | ||||||||
| Series 1997-A, 6.25% 2017 | 2,115 | 1,900 | ||||||
| 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 | 2,560 | ||||||
| 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 | 1,903 | ||||||
| Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, | ||||||||
| Shell Point Project), Series 2011-B, 6.50% 2031 | 2,600 | 2,652 | ||||||
| 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 | 3,455 | 3,586 | ||||||
| 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 | 2,903 | ||||||
| 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 | 11,808 | ||||||
| Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2022 | 1,860 | 2,084 | ||||||
| Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 | 9,935 | 10,751 | ||||||
| Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2016 | 4,535 | 4,991 | ||||||
Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 20144 | 4,255 | 1,702 | ||||||
| Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2023 | 3,090 | 3,553 | ||||||
| Marion County Hospital Dist., Health System Rev. Ref. and Improvement Bonds (Munroe Regional Health System), | ||||||||
| Series 2007, 5.00% 2022 | 1,650 | 1,770 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2000-A, 7.65% 2032 | 2,695 | 2,696 | ||||||
| Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 4,445 | 3,888 | ||||||
| Martin County Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), 5.50% 2042 | 6,000 | 6,106 | ||||||
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 20364 | 1,950 | 758 | ||||||
| Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), | ||||||||
| Series 2007-B, AMBAC insured, 5.25% 2024 | 1,000 | 1,215 | ||||||
| Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2010-A, 5.00% 2040 | 2,000 | 2,134 | ||||||
| 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 | 1,152 | ||||||
| Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
| Series 2005-B, AMT, XLCA insured, 5.00% 2018 | 2,000 | 2,156 | ||||||
| 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 | 4,706 | ||||||
| Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | ||||||||
| Series 2009-A, 5.50% 2036 | 2,000 | 2,221 | ||||||
| Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.50% 2024 | 1,000 | 1,188 | ||||||
New Port Tampa Bay Community Dev. Dist., Special Assessment Bonds (City of Tampa), Series 2006-A, 5.875% 20384 | 1,480 | 298 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Heron Bay Project), | ||||||||
| Series 1997, 7.00% 2019 | 1,690 | 1,691 | ||||||
| North Springs Improvement Dist. (Broward County), Special Assessment Bonds | ||||||||
| (Parkland Golf and Country Club Assessment Area), Series 2005-A-1, 5.45% 2026 | 2,485 | 2,301 | ||||||
| City of Orlando, Special Assessment Rev. Bonds (Conroy Road Interchange Project), Series 1998-A, 5.80% 2026 | 3,120 | 3,121 | ||||||
| Orlando-Orange County Expressway Auth., Rev. Bonds, Series 2010-A, 5.00% 2040 | 2,000 | 2,171 | ||||||
| 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 | 3,254 | ||||||
| Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, | ||||||||
| Series 2006, 5.70% 2037 | 3,560 | 2,298 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-A, 5.60% 2038 | 1,440 | 734 | ||||||
| Parker Road Community Dev. Dist. (Alachua County), Capital Improvement Rev. Bonds, Series 2007-B, 5.35% 2015 | 2,000 | 1,020 | ||||||
| Parklands Lee Community Dev. Dist., Special Assessment Ref. Bonds, Series 2011-A, 5.80% 2035 | 500 | 500 | ||||||
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 20104 | 920 | — | ||||||
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2006, 5.00% 20114 | 1,385 | — | ||||||
| Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-1, 5.40% 2036 | 415 | 401 | ||||||
| Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-2, 0% 2036 | 5,700 | 1,476 | ||||||
| Pine Air Lakes Community Dev. Dist. (Collier County), Special Assessment Rev. Bonds, Series 2002, 7.25% 2033 | 2,035 | 2,052 | ||||||
| Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund — Intermodal Program), | ||||||||
| Series 2011-B, AMT, 5.375% 2029 | 1,000 | 1,141 | ||||||
| Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.125% 2027 | 2,000 | 2,282 | ||||||
| City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 | 1,320 | 925 | ||||||
| St. Johns County Industrial Dev. Auth., First Mortgage Rev. Bonds (Presbyterian Retirement Communities Project), | ||||||||
| Series 2004-A, 5.625% 2034 | 2,500 | 2,549 | ||||||
| St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project), | ||||||||
| Series 2010-A, 5.875% 2040 | 3,625 | 3,848 | ||||||
| St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project), | ||||||||
| Series 2010-A, 6.00% 2045 | 1,600 | 1,715 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 | 1,805 | 1,873 | ||||||
| St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 | 4,230 | 4,302 | ||||||
Seminole Tribe of Florida, Series A, 5.25% 20271 | 11,650 | 11,406 | ||||||
Seminole Tribe of Florida, Series A, 5.50% 20241 | 1,500 | 1,536 | ||||||
Seminole Tribe of Florida, Series A, 5.75% 20221 | 1,130 | 1,188 | ||||||
Six Mile Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, Series 2007, 5.875% 20384 | 3,350 | 1,090 | ||||||
| South-Dade Venture Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2002, 6.90% 2033 | 3,545 | 3,624 | ||||||
Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 20134 | 2,035 | 1,425 | ||||||
| Sweetwater Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Bonds, | ||||||||
Series 2007-B-1, 5.30% 20174 | 1,990 | 756 | ||||||
| Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2006, 5.40% 2037 | 1,415 | 1,178 | ||||||
| Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), Capital Improvement Rev. Bonds, | ||||||||
| Series 2005, 6.00% 2036 | 2,790 | 2,025 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,615 | 3,786 | ||||||
| Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,135 | 1,026 | ||||||
| Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, Series 2004, 6.00% 2020 | 785 | 761 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 | 1,640 | 1,242 | ||||||
| Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-B, 6.55% 2015 | 3,910 | 3,335 | ||||||
| West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 | 5,940 | 3,009 | ||||||
| 245,871 | ||||||||
| GEORGIA — 3.63% | ||||||||
| 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 | 1,299 | ||||||
| City of Atlanta, Airport General Rev. Ref. Bonds, Series 2011-B, AMT, 5.00% 2027 | 2,000 | 2,197 | ||||||
| City of Atlanta, Tax Allocation Bonds (Beltline Project), Series 2008-B, 7.375% 2031 | 5,000 | 5,461 | ||||||
| City of Atlanta, Water and Wastewater Rev. Bonds, Series 2001-A, National insured, 5.50% 2027 | 3,500 | 4,158 | ||||||
| Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), | ||||||||
| Series 2008-E, 7.00% 2023 | 2,000 | 2,430 | ||||||
| Dev. Auth. of Burke County, Pollution Control Rev. Ref. Bonds (Oglethorpe Power Corp. Vogtle Project), | ||||||||
| Series 2008-C, 5.70% 2043 | 3,000 | 3,233 | ||||||
| Clayton County, Tax Allocation Bonds (Ellenwood Project), Series 2008, 7.50% 2033 | 3,200 | 3,238 | ||||||
| Dev. Auth. of Clayton County, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2009-A, 8.75% 2029 | 5,000 | 5,798 | ||||||
| Dev. Auth. of Clayton County, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), | ||||||||
| Series 2009-B, AMT, 9.00% 2035 | 5,000 | 5,375 | ||||||
| DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), | ||||||||
| Series 2010, 6.00% 2030 | 5,250 | 5,823 | ||||||
| DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), | ||||||||
| Series 2010, 6.125% 2040 | 2,750 | 2,955 | ||||||
| Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), | ||||||||
| Series 2009, 6.00% 2029 | 1,850 | 2,158 | ||||||
| Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), | ||||||||
| Series 2009, 6.125% 2040 | 5,000 | 5,742 | ||||||
| Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 | 4,250 | 3,552 | ||||||
| Gainesville and Hall County Dev. Auth., Retirement Community Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-2, 6.375% 2029 | 710 | 807 | ||||||
| Gainesville and Hall County Dev. Auth., Retirement Community Rev. Ref. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-2, 6.625% 2039 | 1,350 | 1,495 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.00% 2018 | 1,500 | 1,402 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2027 | 2,000 | 1,670 | ||||||
| Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), | ||||||||
| Series 2007, 5.125% 2037 | 2,500 | 1,901 | ||||||
| Hospital Auth. of Hall County and City of Gainesville, Rev. Anticipation Certificates | ||||||||
| (Northeast Georgia Health System, Inc. Project), Series 2010-A, 5.00% 2030 | 2,000 | 2,145 | ||||||
| Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation I, LLC Project), Series 2008, 6.00% 2034 | 6,500 | 7,328 | ||||||
| Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), Series 2009-A, 5.50% 2039 | 3,500 | 3,857 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2019 | 1,000 | 1,038 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 | 2,000 | 2,163 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 | 1,000 | 1,089 | ||||||
| Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2028 | 1,395 | 1,516 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2027 | 2,750 | 2,555 | ||||||
| Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2037 | 1,375 | 1,185 | ||||||
| Dev. Auth. of the City of Milledgeville and Baldwin County, Student Housing Rev. Ref. Bonds | ||||||||
(Georgia College & State University Foundation Property V, LLC Project), Series 2007, AMBAC insured, 1.039% 20332 | 3,000 | 1,954 | ||||||
| Dev. Auth. of Richmond County, Environmental Improvement Rev. Ref. Bonds, Series 2002-A, AMT, 6.00% 2025 | 2,000 | 2,022 | ||||||
| 87,546 | ||||||||
| GUAM — 0.14% | ||||||||
| Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 | 1,000 | 987 | ||||||
| Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 | 500 | 554 | ||||||
| Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 | 1,000 | 1,124 | ||||||
| Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 | 625 | 631 | ||||||
| 3,296 | ||||||||
| HAWAII — 0.27% | ||||||||
| Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 8.75% 2029 | 1,000 | 1,168 | ||||||
| Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 9.00% 2044 | 3,250 | 3,805 | ||||||
| Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series C-2, 6.40% 2014 | 460 | 462 | ||||||
| Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.75% 2040 | 1,000 | 1,072 | ||||||
| 6,507 | ||||||||
| IDAHO — 0.26% | ||||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 1999-B-2, AMT, 5.00% 2013 | 35 | 35 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021 | 350 | 350 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2002-E, Class III, AMT, 5.30% 2022 | 380 | 390 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 | 470 | 475 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 | 445 | 449 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 735 | 746 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 640 | 647 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 610 | 618 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 | 1,450 | 1,470 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Rev. Ref. Bonds, Series 1999-D-3, AMT, 5.15% 2013 | 35 | 35 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Rev. Ref. Bonds, Series 1999-G, AMT, 5.75% 2014 | 40 | 40 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Rev. Ref. Bonds, Series 2001-B, Class III, AMT, 5.75% 2020 | 440 | 452 | ||||||
| Housing and Fin. Assn., Single-family Mortgage Rev. Ref. Bonds, Series 2002-C, Class III, AMT, 5.50% 2021 | 450 | 456 | ||||||
| 6,163 | ||||||||
| ILLINOIS — 8.00% | ||||||||
| 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 | 5,254 | ||||||
| Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.00% 2024 | 2,000 | 2,299 | ||||||
| Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.25% 2034 | 2,500 | 2,773 | ||||||
| Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds, | ||||||||
| Series 2006, RADIAN insured, 4.40% 2016 | 617 | 614 | ||||||
| Chicago Transit Auth., Capital Grant Receipts Rev. Bonds, Assured Guaranty insured, 5.00% 2019 | 1,670 | 1,843 | ||||||
| Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2011, 5.25% 2040 | 2,000 | 2,235 | ||||||
| City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039 | 3,000 | 3,430 | ||||||
| City of Chicago, O’Hare International Airport, Special Fac. Rev. Ref. Bonds (American Airlines, Inc. Project), | ||||||||
Series 2007, 5.50% 20304 | 17,500 | 4,650 | ||||||
| City of Chicago, Special Assessment Improvement Bonds (Lakeshore East Project), Series 2002, 6.75% 2032 | 1,800 | 1,860 | ||||||
| Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, Assured Guaranty Municipal insured, 5.00% 2023 | 5,000 | 5,420 | ||||||
| County of Cook, G.O. Ref. Bonds, Series 2010-A, 5.25% 2022 | 1,250 | 1,458 | ||||||
| County of Cook, Recovery Zone Fac. Rev. Bonds (Navistar International Corp. Project), Series 2010, 6.50% 2040 | 4,770 | 5,077 | ||||||
| Fin. Auth., Recovery Zone Fac. Rev. Bonds (Navistar International Corp. Project), Series 2010, 6.50% 2040 | 3,000 | 3,192 | ||||||
| Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds, | ||||||||
| Series 2004-A, Assured Guaranty Municipal insured, 5.50% 2022 | 2,500 | 3,157 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.40% 2016 | 574 | 572 | ||||||
| County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), | ||||||||
| Series 2006, 5.625% 2036 | 4,900 | 4,151 | ||||||
| Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2021 | 1,750 | 1,841 | ||||||
| Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2026 | 1,000 | 1,024 | ||||||
| Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), | ||||||||
| Series 2007-A, 5.00% 2036 | 4,000 | 3,916 | ||||||
| Fin. Auth., Rev. Bonds (Admiral at the Lake Project), Series 2010-D-3, 6.00% 2017 | 1,500 | 1,500 | ||||||
| Fin. Auth., Rev. Bonds (Alexian Brothers Health System), Series 2008, 5.50% 2038 | 4,500 | 4,669 | ||||||
| Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), | ||||||||
| Series 1999, Assured Guaranty Municipal insured, 5.125% 2028 | 295 | 295 | ||||||
| Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2027 | 1,000 | 1,111 | ||||||
| Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 | 6,000 | 6,229 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Elmhurst Memorial Healthcare), Series 2002, 6.25% 2017 | 1,665 | 1,748 | ||||||
Fin. Auth., Rev. Bonds (Sedgebrook, Inc. Fac.), Series 2007-A, 6.00% 20424 | 1,457 | - | ||||||
| Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 | 2,000 | 1,900 | ||||||
Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-6, 6.00% 20284 | 1,575 | 236 | ||||||
Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-7, 6.125% 20414 | 3,325 | 498 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-B, 0% 2050 | 2,100 | 4 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 8,550 | 7,517 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 | 5,025 | 4,076 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 | 1,020 | 1,088 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 | 1,000 | 1,016 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 | 6,000 | 6,911 | ||||||
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2033 | 1,500 | 1,636 | ||||||
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2037 | 1,000 | 1,089 | ||||||
| Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 | 9,195 | 10,264 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 9,800 | 11,940 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 | 1,250 | 1,414 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 | 1,500 | 1,504 | ||||||
| Fin. Auth., Rev. Ref. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 | 4,000 | 4,062 | ||||||
| Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 | 3,000 | 3,507 | ||||||
| Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, L.L.C. — Illinois State University Project), | ||||||||
| Series 2011, 7.00% 2043 | 6,765 | 7,401 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. — Northern Illinois University Project), | ||||||||
| Series 2011, 6.875% 2043 | 11,500 | 12,633 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-A, 5.25% 2034 | 2,975 | 2,895 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.00% 2025 | 5,000 | 5,029 | ||||||
| Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), | ||||||||
| Series 2006-B, 5.25% 2019 | 5,500 | 5,792 | ||||||
| Village of Hampshire (Kane County), Special Service Area Number 13, Special Tax Bonds (Tuscany Woods Project), | ||||||||
| Series 2007, 5.75% 2037 | 4,966 | 2,570 | ||||||
| Health Facs. Auth., Rev. Bonds (Riverside Health System), Series 2002, 5.75% 2022 (preref. 2012) | 1,000 | 1,043 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Centegra Health System), Series 1998, 5.25% 2014 | 1,500 | 1,504 | ||||||
| Health Facs. Auth., Rev. Ref. Bonds (Centegra Health System), Series 1998, 5.25% 2018 | 500 | 501 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 4.85% 2026 | 1,655 | 1,676 | ||||||
| Housing Dev. Auth., Housing Bonds (Sunrise Apartments), Series 2006-D, AMT, 5.00% 2042 | 1,665 | 1,616 | ||||||
| Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.20% 2015 | 845 | 883 | ||||||
| Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.80% 2032 | 1,000 | 1,016 | ||||||
| Village of Lakemoor, McHenry and Lake Counties, Special Service Area Number 97-1, Special Tax Ref. Bonds, | ||||||||
| Series 2006, RADIAN insured, 4.55% 2016 | 801 | 790 | ||||||
| Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,850 | 1,735 | ||||||
| Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
(Groebe Farm-Stonegate Project), Series 2007, 5.75% 20224 | 1,900 | 380 | ||||||
| Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds | ||||||||
(Groebe Farm-Stonegate Project), Series 2007, 6.125% 20404 | 5,000 | 1,000 | ||||||
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Ref. Bonds, | ||||||||
| Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2044 | 7,000 | 1,218 | ||||||
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, | ||||||||
| Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2043 | 15,000 | 2,764 | ||||||
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, | ||||||||
| Series 2010-B-1, Assured Guaranty Municipal insured, 0% 2046 | 10,000 | 1,552 | ||||||
| Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds | ||||||||
| (Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030 | 918 | 851 | ||||||
| Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 | 5,000 | 5,715 | ||||||
| State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028 | 3,000 | 3,378 | ||||||
| 192,922 | ||||||||
| INDIANA — 2.04% | ||||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2028 | 2,055 | 1,642 | ||||||
| City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2032 | 1,000 | 760 | ||||||
| Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 | 7,000 | 8,073 | ||||||
| Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031 | 4,000 | 4,241 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group), | ||||||||
| Series 2006-B, 5.00% 2023 | 1,000 | 1,070 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2027 | 4,000 | 4,224 | ||||||
| Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds | ||||||||
| (Community Foundation of Northwest Indiana Obligated Group), Series 2007, 5.50% 2037 | 7,750 | 7,972 | ||||||
| Health Fac. Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 (preref. 2012) | 140 | 147 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), | ||||||||
Series 1995-A, AMT, 6.50% 20314 | 3,500 | 53 | ||||||
| Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 500 | 571 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2019 | 2,250 | 2,461 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2022 | 2,500 | 2,685 | ||||||
| Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), | ||||||||
| Series 2006-F, AMT, AMBAC insured, 5.00% 2023 | 7,500 | 8,028 | ||||||
| Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
| Series 1988-C, National insured, 5.60% 2016 | 1,000 | 1,142 | ||||||
| Jasper County, Demand Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), | ||||||||
| Series 1988-C, National insured, 5.85% 2019 | 1,000 | 1,183 | ||||||
| Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 | 1,375 | 1,465 | ||||||
| Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 | 4,000 | 3,639 | ||||||
| 49,356 | ||||||||
| IOWA — 0.29% | ||||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2037 | 2,500 | 2,275 | ||||||
| Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), | ||||||||
| Series 2007-A, 6.75% 2042 | 5,000 | 4,521 | ||||||
| Fin. Auth., Single-family Mortgage Bonds, Series 2006-E, AMT, 5.50% 2036 | 225 | 234 | ||||||
| 7,030 | ||||||||
| KANSAS — 0.53% | ||||||||
| Dev. Fin. Auth., Rev. Ref. Bonds (Lifespace Communities, Inc.), Series 2010-S, 5.00% 2030 | 1,000 | 1,051 | ||||||
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 | 250 | 262 | ||||||
| City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 | 750 | 775 | ||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.125% 2017 | 1,200 | 1,168 | ||||||
| City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), | ||||||||
| Series 2007, 5.50% 2039 | 7,250 | 6,198 | ||||||
| City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project), | ||||||||
| Series 2006, 5.125% 2028 | 2,562 | 2,183 | ||||||
| Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds | ||||||||
| (Legends at Village West Project), Series 2006, 4.60% 2016 | 1,235 | 1,236 | ||||||
| 12,873 | ||||||||
| KENTUCKY — 0.97% | ||||||||
| Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), | ||||||||
| Series 2009-A, 5.375% 2024 | 2,000 | 2,315 | ||||||
| Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), | ||||||||
| Series 2009-A, 5.625% 2027 | 2,000 | 2,292 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Rev. Ref. and Improvement Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.80% 2012 | 1,000 | 1,000 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Rev. Ref. and Improvement Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.85% 2017 | 7,000 | 6,941 | ||||||
| Econ. Dev. Fin. Auth., Hospital System Rev. Ref. and Improvement Bonds (Appalachian Regional Healthcare, Inc. Project), | ||||||||
| Series 1997, 5.875% 2022 | 2,375 | 2,288 | ||||||
| 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 | 2,797 | ||||||
| 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 | 1,113 | ||||||
| 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 | 2,192 | ||||||
| Econ. Dev. Fin. Auth., Rev. Bonds (Masonic Home Independent Living), 5.25% 2017 | 500 | 502 | ||||||
| Louisville/Jefferson County Metro Government, Health Facs. Rev. Ref. Bonds | ||||||||
| (Jewish Hospital & St. Mary’s HealthCare, Inc. Project), Series 2008, 6.125% 2037 | 2,005 | 2,156 | ||||||
| 23,596 | ||||||||
| LOUISIANA — 2.69% | ||||||||
| Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2020 | 3,000 | 3,199 | ||||||
| Health Education Auth., Rev. Ref. Bonds (Lambeth House Project), Series 1998-A, 6.20% 2028 | 7,000 | 7,001 | ||||||
| Jefferson Parish Hospital Dist. No. 1, Parish of Jefferson, Hospital Rev. Ref. Bonds (West Jefferson Medical Center), | ||||||||
| Series 2011-A, 6.00% 2039 | 2,000 | 2,136 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2007, 6.75% 2032 | 9,500 | 10,277 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2009-A, 6.50% 2029 | 4,400 | 4,846 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2010-A-1, 6.50% 2035 | 5,500 | 6,023 | ||||||
| Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), | ||||||||
| Series 2010-A-2, 6.50% 2035 | 3,500 | 3,833 | ||||||
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 | 3,000 | 3,043 | ||||||
| Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.375% 2043 | 500 | 507 | ||||||
| Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029 | 2,000 | 2,305 | ||||||
| Public Facs. Auth., Rev. Ref. Bonds (Tulane University of Louisiana Project), | ||||||||
Series 2007-A-2, National insured, 1.003% 20362 | 3,000 | 2,155 | ||||||
| Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 | 6,500 | 6,602 | ||||||
| Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 12,670 | 12,855 | ||||||
| 64,782 | ||||||||
| MAINE — 0.49% | ||||||||
| Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2036 | 4,000 | 4,351 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2041 | 5,350 | 5,791 | ||||||
| Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 7.00% 2041 | 1,500 | 1,651 | ||||||
| 11,793 | ||||||||
| MARYLAND — 1.50% | ||||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 | 2,616 | 2,539 | ||||||
| City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 | 1,516 | 1,423 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (Frostburg State University Project), Series 2002-A, 6.00% 2024 | 5,000 | 5,026 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (Frostburg State University Project), Series 2002-A, 6.25% 2033 | 5,000 | 5,014 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 500 | 503 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.80% 2038 | 1,000 | 1,069 | ||||||
| Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.875% 2043 | 1,000 | 1,066 | ||||||
| Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2030 | 3,335 | 3,642 | ||||||
| City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 7,000 | 6,872 | ||||||
| Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,900 | 1,960 | ||||||
| Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 6,250 | 6,080 | ||||||
| Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 | 1,000 | 950 | ||||||
| 36,144 | ||||||||
| MASSACHUSETTS — 1.48% | ||||||||
| Dev. Fin. Agcy, Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 | 3,190 | 3,589 | ||||||
| Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 | 3,000 | 3,381 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 | 1,400 | 1,452 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2019 | 800 | 800 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Tax-Exempt Series 1999, 5.625% 2029 | 4,150 | 3,946 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2021 | 712 | 618 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2031 | 1,760 | 1,364 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2039 | 2,115 | 1,560 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046 | 1,418 | 1,023 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-2, 5.50% 2046 | 320 | 197 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-B, 0% 2056 | 1,591 | 8 | ||||||
| Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2041 | 1,000 | 1,095 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series C, 6.00% 2015 | 40 | 40 | ||||||
| Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040 | 3,265 | 3,332 | ||||||
| Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-A, 7.75% 2039 | 2,000 | 2,014 | ||||||
| Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-A, 7.875% 2044 | 1,000 | 1,009 | ||||||
| Dev. Fin. Agcy., Senior Living Fac. Rev. Bonds (Groves in Lincoln Issue), Series 2009-B-2, 6.25% 2014 | 290 | 290 | ||||||
| Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 1,250 | 1,273 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Northeastern University Issue), Series 2010-A, 5.00% 2035 | 1,800 | 1,948 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 5.75% 2039 | 1,000 | 1,050 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 | 1,500 | 1,713 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030 | 1,000 | 1,124 | ||||||
| Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series 2006-D, AMT, 4.625% 2026 | 1,735 | 1,761 | ||||||
| Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series 2010-C, AMT, 5.00% 2030 | 1,000 | 1,025 | ||||||
| 35,612 | ||||||||
| MICHIGAN — 3.97% | ||||||||
| Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), | ||||||||
| Series 2008, 7.00% 2038 | 2,500 | 2,461 | ||||||
| Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), | ||||||||
| Series 2008, 7.125% 2043 | 5,000 | 4,974 | ||||||
| City of Detroit, Water Supply System, Rev. Bonds, Series 2011-A, 5.25% 2041 | 12,650 | 13,111 | ||||||
| Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 | 1,000 | 1,122 | ||||||
| Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2039 | 1,250 | 1,328 | ||||||
| City of Flint, Hospital Building Auth., Rev. Ref. Rental Bonds (Hurley Medical Center), Series 2010, 6.00% 2020 | 4,310 | 4,336 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 | 1,120 | 1,120 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2028 | 2,750 | 2,555 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.375% 2035 | 1,500 | 1,589 | ||||||
| City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.50% 2039 | 1,750 | 1,863 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-P, AMT, AMBAC insured, 4.50% 2017 | 5,000 | 5,288 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.75% 2017 | 2,000 | 2,167 | ||||||
| Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-Q, AMT, AMBAC insured, 4.95% 2026 | 2,500 | 2,572 | ||||||
| Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2036 | 3,000 | 3,058 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.25% 2046 | 500 | 514 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.75% 2039 | 5,500 | 5,945 | ||||||
| Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2002-C, 5.375% 2023 (preref. 2012) | 1,500 | 1,565 | ||||||
| Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2011-A, 5.00% 2029 | 1,000 | 1,108 | ||||||
| County of Monroe Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), | ||||||||
| Series 2006, 5.375% 2026 | 1,250 | 1,268 | ||||||
| County of Monroe Hospital Fin. Auth., Hospital Rev. and Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), | ||||||||
| Series 2006, 5.50% 2035 | 995 | 996 | ||||||
| City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), | ||||||||
| Series 2009-V, 8.25% 2039 | 4,000 | 4,956 | ||||||
| City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), | ||||||||
| Series 2004-G, 5.00% 2017 | 1,425 | 1,536 | ||||||
| City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), | ||||||||
| Series 2010-H, 5.00% 2030 | 2,700 | 2,775 | ||||||
| State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 | 1,000 | 1,145 | ||||||
| Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), | ||||||||
| Series 2008-KT, 5.625% 2020 | 1,800 | 2,170 | ||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A, 5.125% 2022 | 1,980 | 1,699 | ||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A, 6.00% 2048 | 10,740 | 8,085 | ||||||
| Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, | ||||||||
| Series 2008-A, 6.875% 2042 | 3,440 | 3,174 | ||||||
| Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), | ||||||||
| Series 2007, AMT, FGIC-National insured, 5.00% 2018 | 1,000 | 1,103 | ||||||
| Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), | ||||||||
| Series 2010-A, AMT, 5.00% 2018 | 2,000 | 2,242 | ||||||
| Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), | ||||||||
| Series 2011-A, AMT, 5.00% 2020 | 5,000 | 5,619 | ||||||
| Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), | ||||||||
| Series 2011-A, AMT, 5.00% 2022 | 2,000 | 2,218 | ||||||
| 95,662 | ||||||||
| MINNESOTA — 0.45% | ||||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2009-B, AMT, 5.00% 2022 | 2,000 | 2,254 | ||||||
| Tobacco Securitization Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2011-B, 5.25% 2031 | 8,000 | 8,695 | ||||||
| 10,949 | ||||||||
| MISSISSIPPI — 0.59% | ||||||||
| Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Baptist Memorial Health Care), Series 2004-B-1, 5.00% 2024 | 1,500 | 1,583 | ||||||
| Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Mississippi Baptist Health Systems, Inc.), | ||||||||
| Series 2007-A, 5.00% 2026 | 4,500 | 4,745 | ||||||
| Warren County, Gulf Opportunity Zone Bonds (International Paper Company Project), Series 2011-A, 5.375% 2035 | 7,600 | 7,975 | ||||||
| 14,303 | ||||||||
| MISSOURI — 2.47% | ||||||||
| Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), | ||||||||
| Series 2007, 5.00% 2019 | 1,885 | 2,018 | ||||||
| Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 | 1,600 | 1,419 | ||||||
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), | ||||||||
| Series 2010, 5.50% 2042 | 2,000 | 2,033 | ||||||
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), | ||||||||
| Series 2011, 6.00% 2041 | 1,000 | 1,065 | ||||||
| Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), | ||||||||
| Series 2007-B, 4.875% 2038 | 3,000 | 2,823 | ||||||
| Industrial Dev. Auth. of the City of Kirkwood, Retirement Community Rev. Bonds (Aberdeen Heights Project), | ||||||||
| Series 2010-C-3, 6.50% 2015 | 7,700 | 7,704 | ||||||
| Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), | ||||||||
| Series 2007-A, 5.125% 2026 | 7,000 | 7,230 | ||||||
| Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), | ||||||||
| Series 2007-A, 5.125% 2032 | 3,500 | 3,542 | ||||||
| City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.25% 2029 | 2,000 | 2,313 | ||||||
| City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.625% 2034 | 4,000 | 4,653 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2005, National insured, 5.50% 2027 | 3,275 | 3,820 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2005, National insured, 5.50% 2028 | 1,000 | 1,157 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2005, National insured, 5.50% 2029 | 1,000 | 1,148 | ||||||
| City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), | ||||||||
| Series 2007-B, AMT, Assured Guaranty Municipal insured, 5.00% 2027 | 5,490 | 5,763 | ||||||
| State Environmental Improvement and Energy Resources Auth., Water Facs. Rev. Ref. Bonds | ||||||||
| (Missouri-American Water Co. Project), Series 2006, AMT, AMBAC insured, 4.60% 2036 | 10,000 | 9,494 | ||||||
| Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), | ||||||||
| Series 2002, 7.20% 2033 | 3,300 | 3,310 | ||||||
| 59,492 | ||||||||
| MONTANA — 0.26% | ||||||||
| Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.00% 2025 | 2,250 | 2,261 | ||||||
| Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.125% 2036 | 4,100 | 4,017 | ||||||
| 6,278 | ||||||||
| NEBRASKA — 0.17% | ||||||||
| Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), | ||||||||
| Series 2008, 5.75% 2028 | 3,500 | 3,845 | ||||||
| Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2006-C, AMT, 5.50% 2036 | 350 | 358 | ||||||
| 4,203 | ||||||||
| NEVADA — 3.30% | ||||||||
| Clark County, Airport System Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2027 | 4,000 | 4,199 | ||||||
| Clark County, Airport System Rev. Bonds, Series 2011-A-1, AMT, AMBAC insured, 5.00% 2026 | 2,000 | 2,114 | ||||||
| Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2007-A-1, AMT, AMBAC insured, 5.00% 2023 | 6,000 | 6,436 | ||||||
| Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2007-A-1, AMT, AMBAC insured, 5.00% 2024 | 1,000 | 1,068 | ||||||
| Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, | ||||||||
| Series 2007-A-1, AMT, AMBAC insured, 5.00% 2025 | 2,000 | 2,124 | ||||||
| Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Improvement and Ref. Bonds, Series 2010-B, 5.00% 2028 | 6,300 | 7,134 | ||||||
| Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2022 | 3,000 | 3,700 | ||||||
| Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, | ||||||||
| Series 2006-B, 5.30% 2029 | 1,000 | 856 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.40% 2014 | 1,100 | 1,122 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.50% 2015 | 860 | 876 | ||||||
| Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), | ||||||||
| Local Improvement Bonds, Series 2001, 6.875% 2021 | 2,230 | 2,261 | ||||||
| Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, | ||||||||
| Series 2003, 6.375% 2023 | 3,110 | 3,220 | ||||||
| City of Henderson, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 | 2,000 | 2,095 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2018 | 1,115 | 625 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2019 | 1,395 | 769 | ||||||
| City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), | ||||||||
| Limited Obligation Improvement Bonds, 5.125% 2025 | 3,480 | 1,813 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2014 | 700 | 721 | ||||||
| City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), | ||||||||
| Limited Obligation Improvement Bonds, 5.00% 2017 | 965 | 980 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.00% 2015 | 2,290 | 1,793 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.00% 2016 | 1,295 | 962 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 | 2,490 | 1,346 | ||||||
| City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 8,455 | 4,535 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.75% 2013 | 875 | 880 | ||||||
| City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, | ||||||||
| Series 1999-A, 5.90% 2018 | 950 | 952 | ||||||
| City of Las Vegas Redev. Agcy., Tax Increment Rev. Bonds, Series 2009-A, 8.00% 2030 | 6,000 | 7,172 | ||||||
| City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Bonds, Series 2004, 5.75% 2016 | 2,090 | 2,122 | ||||||
| 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 | 983 | ||||||
| Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2027 | 3,395 | 3,853 | ||||||
| City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 | 5,000 | 5,120 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 | 2,000 | 1,326 | ||||||
| Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 | 2,375 | 1,425 | ||||||
| Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), | ||||||||
| Series 2007-B, AMT, 5.70% 2041 | 2,100 | 2,205 | ||||||
| City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
| Limited Obligation Improvement Bonds, 6.50% 2020 | 1,735 | 1,797 | ||||||
| City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), | ||||||||
| Limited Obligation Improvement Bonds, 6.75% 2027 | 1,000 | 1,009 | ||||||
| 79,593 | ||||||||
| NEW HAMPSHIRE — 0.55% | ||||||||
| Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 | 1,000 | 1,062 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Exeter Hospital Obligated Group Issue), Series 2001-A, 5.75% 2031 | 1,000 | 1,012 | ||||||
| Health and Education Facs. Auth., Rev. Bonds (Rivermead Issue), Series 2011-A, 6.875% 2041 | 2,625 | 2,731 | ||||||
| Health and Education Facs. Auth., Rev. Ref. Bonds (Southern New Hampshire Medical Center Issue), | ||||||||
| Series 2007-A, 5.25% 2028 | 5,000 | 5,305 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.00% 2027 | 1,715 | 1,789 | ||||||
| Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), | ||||||||
| Series 2007-A, 5.25% 2020 | 1,200 | 1,342 | ||||||
| 13,241 | ||||||||
| NEW JERSEY — 3.30% | ||||||||
Econ. Dev. Auth., Energy Fac. Rev. Bonds (ACR Energy Partners, LLC Project), Series 2011-A, AMT, 10.50% 20321 | 13,000 | 13,549 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2026 | 4,060 | 3,817 | ||||||
| Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2036 | 500 | 441 | ||||||
| Econ. Dev. Auth., Rev. Bonds (Provident Group — Montclair Properties LLC — | ||||||||
| Montclair State University Student Housing Project), Series 2010-A, 5.875% 2042 | 2,500 | 2,693 | ||||||
| Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.00% 2015 | 405 | 421 | ||||||
| Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2011-GG, 5.00% 2022 | 2,500 | 2,973 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2019 | 3,000 | 3,000 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 15,350 | 15,349 | ||||||
| Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 2,000 | ||||||
| Health Care Facs. Fncg. Auth., Rev. and Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2032 | 500 | 537 | ||||||
| Health Care Facs. Fncg. Auth., Rev. and Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2037 | 1,000 | 1,053 | ||||||
| Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2011, 6.00% 2041 | 1,000 | 1,177 | ||||||
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital), 6.00% 2026 | 2,000 | 2,260 | ||||||
| Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital), 6.25% 2035 | 3,000 | 3,337 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2011-A-1, AMT, 0.827% 20202 | 4,125 | 4,098 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 4.625% 2026 | 2,000 | 1,751 | ||||||
| Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 | 17,250 | 13,018 | ||||||
| Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2030 | 10,000 | 4,180 | ||||||
| Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2040 | 7,000 | 1,535 | ||||||
| Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2010-D, 5.00% 2024 | 2,000 | 2,467 | ||||||
| 79,656 | ||||||||
| NEW MEXICO — 0.49% | ||||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), | ||||||||
| Series 2001-A, 8.375% 2021 | 1,525 | 1,541 | ||||||
| Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park, Phase I & II), | ||||||||
| Series 2001-B, 8.875% 2021 | 3,890 | 3,948 | ||||||
| Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039 | 1,305 | 1,364 | ||||||
| Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 | 525 | 570 | ||||||
| Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2010-A, Class I, 4.625% 2025 | 615 | 649 | ||||||
| Sandoval County, Incentive Payment Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 3,500 | 3,826 | ||||||
| 11,898 | ||||||||
| NEW YORK — 4.15% | ||||||||
| County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk Power Project), | ||||||||
| Series 2009, 5.875% 2042 | 600 | 619 | ||||||
| Dormitory Auth. of the State of New York, North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, | ||||||||
| Series 2011-A, 5.00% 2032 | 7,000 | 7,658 | ||||||
| Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 | 1,590 | 1,881 | ||||||
| Dormitory Auth., Third General Resolution Rev. Ref. Bonds (State University Educational Facs. Issue), | ||||||||
| Series 2002-B, 6.00% 2029 (put 2012) | 2,000 | 2,032 | ||||||
| Energy Research and Dev. Auth., Pollution Control Rev. Ref. Bonds (Electric & Gas Corp. Project), | ||||||||
| Series 1994-B, 3.00% 2029 (put 2013) | 1,000 | 1,020 | ||||||
| Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 | 2,500 | 2,705 | ||||||
| Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 | 5,500 | 6,226 | ||||||
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2044 | 3,250 | 3,482 | ||||||
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.75% 2051 | 1,000 | 1,140 | ||||||
| Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), | ||||||||
| Series 2010, 6.375% 2049 | 12,500 | 13,565 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2006-C, AMT, 5.00% 2026 | 1,250 | 1,285 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 | 1,500 | 1,575 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 | 1,000 | 1,031 | ||||||
| New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 | 500 | 513 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 4,000 | 4,004 | ||||||
| New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 14,710 | 14,713 | ||||||
| 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 | 8,700 | 7,862 | ||||||
| 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 | 1,808 | ||||||
| New York City Industrial Dev. Agcy., Special Fac. Rev. Ref. Bonds (Terminal One Group Assn., LP Project), | ||||||||
| Series 2005, AMT, 5.50% 2020 | 2,000 | 2,170 | ||||||
| New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012 Series S-1-A, 5.00% 2032 | 750 | 852 | ||||||
| New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.00% 2039 | 1,000 | 1,127 | ||||||
| Niagara County Industrial Dev. Agcy., Solid Waste Disposal Fac. Rev. Ref. Bonds | ||||||||
| (American Ref-Fuel Co. of Niagara, L.P. Fac.), Series 2001-D, 5.55% 2024 (put 2015) | 1,000 | 1,011 | ||||||
| Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2036 | 1,605 | 1,742 | ||||||
| Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2042 | 5,500 | 5,950 | ||||||
Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 20231 | 2,685 | 2,292 | ||||||
| Suffolk County Industrial Dev. Agcy., Industrial Dev. Rev. Bonds (KeySpan-Port Jefferson Energy Center, LLC Project), | ||||||||
| Series 2003-A, AMT, 5.25% 2027 | 8,220 | 8,437 | ||||||
| Suffolk County, Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), | ||||||||
| Series 2011, 5.00% 2028 | 3,000 | 3,334 | ||||||
| 100,034 | ||||||||
| NORTH CAROLINA — 0.18% | ||||||||
| Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 1,334 | ||||||
| Medical Care Commission, Hospital Rev. Bonds (Maria Parham Medical Center), | ||||||||
| Series 2003, RADIAN insured, 5.50% 2017 (preref. 2013) | 700 | 755 | ||||||
| Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), | ||||||||
| Series 2008-A, 6.00% 2038 | 2,230 | 2,232 | ||||||
| 4,321 | ||||||||
| OHIO — 2.83% | ||||||||
| Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 | 3,500 | 4,023 | ||||||
| Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), | ||||||||
| Series 2009-C, 5.625% 2018 | 8,580 | 9,866 | ||||||
| Air Quality Dev. Auth., Rev. Ref. Bonds (Ohio Power Co. Project), Series 2010-A, 3.25% 2041 (put 2014) | 1,500 | 1,539 | ||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.125% 2024 | 2,280 | 1,798 | ||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.875% 2030 | 19,170 | 14,910 | ||||||
| Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, | ||||||||
| Series 2007-A-2, 5.875% 2047 | 7,710 | 5,730 | ||||||
| County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 | 2,500 | 2,630 | ||||||
| County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.75% 2040 | 1,000 | 1,076 | ||||||
| City of Centerville, Health Care Rev. Ref. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), | ||||||||
| Series 2007-A, 6.00% 2038 | 1,000 | 966 | ||||||
| City of Cleveland, Airport Special Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,285 | 1,247 | ||||||
| City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 | 3,535 | 4,021 | ||||||
| County of Franklin, Health Care Facs. Improvement Rev. Bonds (Presbyterian Retirement Services Project), | ||||||||
| Series 2010-A, 5.625% 2026 | 1,600 | 1,731 | ||||||
| County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2011-A, 6.625% 2046 | 1,000 | 1,083 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2015 | 1,520 | 1,621 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2016 | 1,685 | 1,817 | ||||||
| County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2037 | 4,370 | 4,098 | ||||||
| County of Hamilton, Hospital Facs. Rev. Bonds (Cincinnati Children’s Hospital Medical Center), | ||||||||
| Series 2004-J, FGIC-National insured, 5.25% 2034 | 2,250 | 2,270 | ||||||
| Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 | 2,000 | 2,008 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 | 705 | 729 | ||||||
| Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds, Series 2005-A, AMT, 4.30% 2015 | 865 | 894 | ||||||
| County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 | 2,000 | 2,121 | ||||||
| County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center), | ||||||||
| Series 2006, 5.25% 2018 | 1,020 | 1,126 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2022 | 335 | 338 | ||||||
| County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), | ||||||||
| Series 2000-B, 6.375% 2030 | 585 | 589 | ||||||
| 68,231 | ||||||||
| OKLAHOMA — 0.42% | ||||||||
Fort Sill Apache Ok Tribe Gaming Enterprise, Econ. Dev. Auth., 8.50% 20261 | 6,500 | 6,590 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2008-A, AMT, 6.80% 2038 | 1,330 | 1,452 | ||||||
| Langston Econ. Dev. Auth., Rev. Ref. Bonds (Langston University Student Housing/LDF Student Housing, LLC Project), | ||||||||
| Series 2006-A, ACA insured, 4.75% 2021 | 500 | 511 | ||||||
| Tulsa Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027 | 1,285 | 1,513 | ||||||
| 10,066 | ||||||||
| OREGON — 0.46% | ||||||||
| Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 8,165 | 6,636 | ||||||
| Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2028 | 4,000 | 4,374 | ||||||
| 11,010 | ||||||||
| PENNSYLVANIA — 3.33% | ||||||||
| Allegheny County Airport Auth., Airport Rev. Ref. Bonds (Pittsburgh International Airport), | ||||||||
| Series 2002-B, AMT, FGIC insured, 5.00% 2017 | 2,500 | 2,702 | ||||||
| Allegheny County Hospital Dev. Auth., Health System Rev. Ref. Bonds (West Penn Allegheny Health System), | ||||||||
| Series 2007-A, 5.00% 2028 | 7,500 | 6,219 | ||||||
| Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
| Series 2005-A, 6.125% 2025 | 6,315 | 6,340 | ||||||
| Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | ||||||||
| Series 2005-A, 6.25% 2035 | 6,850 | 6,788 | ||||||
| Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Bonds (Allegheny Energy Supply Co., LLC Project), Series 2009, 7.00% 2039 | 5,500 | 6,244 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
| Series 2008, 5.75% 2028 | 2,500 | 2,631 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
| Series 2008, 5.875% 2038 | 3,200 | 3,329 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
| Series 2008, 6.00% 2042 | 1,000 | 1,047 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), | ||||||||
| Series 2010, 6.00% 2043 | 3,500 | 3,706 | ||||||
| Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. | ||||||||
| Student Housing Project at Shippensburg University of Pennsylvania), Series 2011, 6.25% 2043 | 4,000 | 4,228 | ||||||
| Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. | ||||||||
| Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2010, 5.00% 2031 | 2,370 | 2,355 | ||||||
| Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. | ||||||||
| Student Housing Project at East Stroudsburg University of Pennsylvania), Series 2010, 5.00% 2042 | 5,890 | 5,659 | ||||||
| Higher Educational Facs. Auth., University of Pennsylvania Health System, Rev. Bonds, Series 2011-A, 5.75% 2041 | 1,500 | 1,715 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 | 400 | 417 | ||||||
| Lycoming County Auth., Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039 | 1,500 | 1,572 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.00% 2021 | 1,000 | 966 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.125% 2028 | 2,000 | 1,870 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.25% 2035 | 2,000 | 1,798 | ||||||
| Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | ||||||||
| (Whitemarsh Continuing Care Retirement Community Project), Series 2008, 7.00% 2036 | 2,000 | 1,955 | ||||||
| Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds | ||||||||
| (ACTS Retirement — Life Communities, Inc. Obligated Group), Series 2009-A-1, 6.25% 2029 | 725 | 814 | ||||||
| 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 | 1,076 | ||||||
| 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 | 2,722 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds | ||||||||
| (Temple University Health System Obligated Group), Series 2005-A, 6.625% 2023 | 950 | 951 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds | ||||||||
| (Temple University Health System Obligated Group), Series 2007-A, 5.00% 2034 | 1,000 | 974 | ||||||
| Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds | ||||||||
| (Temple University Hospital), Series 2007-B, 5.00% 2017 | 4,000 | 4,268 | ||||||
| Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project — Tanger Outlet Dev.), | ||||||||
| Series 2006-A, 5.45% 2035 | 5,565 | 5,551 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Ref. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.50% 2015 | 1,200 | 1,218 | ||||||
| Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Ref. Bonds | ||||||||
| (Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.875% 2032 | 1,400 | 1,305 | ||||||
| 80,420 | ||||||||
| PUERTO RICO — 0.36% | ||||||||
| Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. Ref. Bonds, | ||||||||
| (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 500 | 557 | ||||||
| Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2011-B, 5.50% 2031 | 5,000 | 5,413 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 0% 2033 | 1,000 | 322 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2007-A, FGIC-National insured, 0% 2040 | 5,000 | 1,062 | ||||||
| Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2007-A, National insured, 0% 2044 | 8,000 | 1,347 | ||||||
| 8,701 | ||||||||
| RHODE ISLAND — 0.04% | ||||||||
| Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), | ||||||||
| Series 2002, 6.375% 2021 (preref. 2012) | 870 | 898 | ||||||
| SOUTH CAROLINA — 0.85% | ||||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.00% 2016 | 1,850 | 1,817 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.125% 2026 | 2,000 | 1,744 | ||||||
| Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), | ||||||||
| Series 2006, 5.30% 2036 | 2,015 | 1,639 | ||||||
| Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project), | ||||||||
| Series 2009-A, 6.50% 2042 | 6,000 | 6,552 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), | ||||||||
| Series 2006-A, 5.25% 2026 | 1,865 | 1,599 | ||||||
| City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), | ||||||||
| Series 2006-A, 5.30% 2035 | 4,000 | 3,203 | ||||||
| Richland County, Environmental Improvement Rev. Ref. Bonds, Series A, AMT, 6.10% 2023 | 960 | 990 | ||||||
| Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2008, 5.00% 2018 | 780 | 781 | ||||||
| SCAGO Educational Facs. Corp. for Union School Dist., Installment Purchase Rev. Bonds | ||||||||
| (School Dist. of Union County Project), Series 2006, RADIAN insured, 5.00% 2021 | 2,000 | 2,133 | ||||||
| 20,458 | ||||||||
| TENNESSEE — 1.01% | ||||||||
| 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 | 1,535 | 1,605 | ||||||
| Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2016 | 2,500 | 2,641 | ||||||
| Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2016 | 5,000 | 5,327 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.375% 2018 | 2,000 | 2,331 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019 | 2,500 | 2,949 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.625% 2020 | 1,685 | 2,014 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2024 | 1,000 | 1,166 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2025 | 1,000 | 1,160 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2021 | 1,495 | 1,837 | ||||||
| Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2022 | 1,000 | 1,218 | ||||||
| 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) | 625 | 653 | ||||||
| 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) | 375 | 392 | ||||||
| Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Ref. Bo | ||||||||
| nds (Wellmont Health System Project), Series 2003, RADIAN insured, 5.00% 2013 | 1,000 | 1,026 | ||||||
| 24,319 | ||||||||
| TEXAS — 7.19% | ||||||||
| Angelina and Neches River Auth., Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), | ||||||||
| Series 2003-A, AMT, 5.375% 2015 | 2,500 | 2,688 | ||||||
| Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds | ||||||||
| (Dow Chemical Co. Project), Series 2002-A-3, AMT, 4.95% 2033 (put 2007) | 5,000 | 5,037 | ||||||
| Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds | ||||||||
| (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033 | 13,220 | 14,158 | ||||||
| Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.00% 2041 | 3,000 | 3,223 | ||||||
| Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.25% 2046 | 2,200 | 2,361 | ||||||
| Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2025 | 2,500 | 2,713 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 | 1,000 | 946 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2027 | 1,150 | 979 | ||||||
| HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), | ||||||||
| Series 2006-A, 5.50% 2037 | 1,850 | 1,430 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
Series 1999, AMT, 6.375% 20354 | 4,000 | 1,052 | ||||||
| Dallas-Fort Worth International Airport Fac. Improvement Corp., American Airlines, Inc. Rev. Bonds, | ||||||||
Series 2002, AMT, 8.25% 20364 | 2,580 | 678 | ||||||
| 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 | 1,554 | ||||||
| Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), | ||||||||
| Series 2008-B, 7.25% 2035 | 3,500 | 4,173 | ||||||
| Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), | ||||||||
| Series 2006, 5.00% 2023 | 3,500 | 3,837 | ||||||
| Hidalgo County Health Services Corp., Hospital Rev. Ref. Bonds (Mission Hospital, Inc. Project), Series 2008, 5.00% 2026 | 1,000 | 1,025 | ||||||
| Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 | 875 | 923 | ||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), | ||||||||
| Series 2001, AMT, 6.75% 2021 | 3,000 | 3,016 | ||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), | ||||||||
| Series 2001, AMT, 6.75% 2029 | 17,100 | 17,189 | ||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Project), | ||||||||
| Series 2011, AMT, 6.50% 2030 | 2,000 | 2,038 | ||||||
| City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Project), | ||||||||
| Series 2011, AMT, 6.625% 2038 | 3,000 | 3,058 | ||||||
| La Vernia Higher Education Fin. Corp., Education Rev. Bonds (KIPP, Inc.), Series 2009-A, 6.375% 2044 | 1,000 | 1,093 | ||||||
| Love Field Airport Modernization Corp., Special Facs. Rev. Bonds | ||||||||
| (Southwest Airlines Co. — Love Field Modernization Program Project), Series 2010, 5.25% 2040 | 9,570 | 9,737 | ||||||
| Lubbock Educational Facs. Auth., Inc., Rev. Ref. and Improvement Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.125% 2027 | 2,500 | 2,594 | ||||||
| Lubbock Educational Facs. Auth., Inc., Rev. Ref. and Improvement Bonds (Lubbock Christian University), | ||||||||
| Series 2007, 5.25% 2037 | 1,000 | 1,017 | ||||||
| Matagorda County Navigation Dist. Number One, Rev. Ref. Bonds (Houston Lighting & Power Co. Project), | ||||||||
| Series 1997, AMT, AMBAC insured, 5.125% 2028 | 2,800 | 3,091 | ||||||
| Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 | 815 | 779 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2016 | 1,000 | 1,054 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 | 2,500 | 2,692 | ||||||
| Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2018 | 2,000 | 2,114 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 | 2,000 | 2,202 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 | 1,000 | 1,198 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Insured Capital Appreciation Bonds, | ||||||||
| Series 2008-D, Assured Guaranty insured, 0% 2028 | 920 | 444 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 | 4,000 | 4,369 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 6,000 | 6,491 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 | 3,000 | 3,508 | ||||||
| North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 | 1,500 | 1,754 | ||||||
| Private Activity Bond Surface Transportation Corp., Rev. Bonds | ||||||||
| (LBJ Infrastructure Group LLC IH-635 Managed Lanes Project), Series 2010, 7.00% 2040 | 7,250 | 8,188 | ||||||
| Private Activity Bond Surface Transportation Corp., Rev. Bonds | ||||||||
| (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project), Series 2009, 6.875% 2039 | 7,000 | 7,805 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 | 3,000 | 3,287 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2020 | 1,000 | 1,103 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2023 | 1,485 | 1,642 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2025 | 2,000 | 2,195 | ||||||
| SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027 | 1,360 | 1,490 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, 6.00% 2021 | 750 | 766 | ||||||
| Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, RADIAN insured, 5.125% 2017 | 2,000 | 2,038 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds | ||||||||
| (Scott and White Memorial Hospital and Scott, Sherwood and Brindley Foundation Project), | ||||||||
| Series 2008-A, 5.00% 2019 | 1,370 | 1,590 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Stayton at Museum Way Project), | ||||||||
| Series 2009-A, 8.00% 2028 | 1,000 | 1,048 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Stayton at Museum Way Project), | ||||||||
| Series 2009-A, 8.25% 2044 | 7,100 | 7,400 | ||||||
| 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 | 2,501 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds | ||||||||
| (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2022 | 1,855 | 2,008 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds | ||||||||
| (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2027 | 1,000 | 1,043 | ||||||
| Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds | ||||||||
| (Northwest Senior Housing Corp. — Edgemere Project), Series 2006-A, 6.00% 2026 | 2,200 | 2,242 | ||||||
| Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 (preref. 2015) | 1,660 | 1,897 | ||||||
| Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project), | ||||||||
| Series 2005-A, 5.65% 2035 | 2,000 | 1,781 | ||||||
| Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030 | 3,000 | 3,276 | ||||||
| Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.125% 2040 | 3,750 | 4,047 | ||||||
| 173,562 | ||||||||
| UTAH — 0.53% | ||||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-E-1, Class III, AMT, 5.20% 2018 | 585 | 587 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2001-F-1, Class III, AMT, 4.95% 2018 | 605 | 614 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-A-1, Class III, AMT, 5.30% 2018 | 275 | 279 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 | 945 | 958 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 | 430 | 432 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-F-1, Class III, AMT, 4.625% 2019 | 480 | 484 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2002-G-2, Class III, AMT, 4.875% 2019 | 510 | 522 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 | 730 | 734 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 | 420 | 423 | ||||||
| Housing Corp., Single-family Mortgage Bonds, Series 2007-B-1, Class III, AMT, 4.85% 2027 | 955 | 973 | ||||||
| Housing Corp., Single-family Mortgage Rev. Ref. Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 | 440 | 442 | ||||||
| Housing Corp., Single-family Mortgage Rev. Ref. Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 | 525 | 529 | ||||||
| Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-G-2, Class III, AMT, 4.90% 2012 | 5 | 5 | ||||||
| Salt Lake County, College Rev. Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2024 | 1,150 | 1,205 | ||||||
| Tooele County, Hazardous Waste Treatment Rev. Bonds (Union Pacific Corp./USPCI, Inc. Project), | ||||||||
| Series A, AMT, 5.70% 2026 | 4,500 | 4,517 | ||||||
| 12,704 | ||||||||
| VIRGINIA — 0.70% | ||||||||
| Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds | ||||||||
| (Celebrate Virginia South Project), Series 2006, 6.25% 2037 | 4,678 | 3,122 | ||||||
| Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||||||||
| Series 2006-A, 4.75% 2026 | 1,000 | 1,041 | ||||||
| Mosaic Dist. Community Dev. Auth. (Fairfax County), Rev. Bonds, Series 2011-A, 6.875% 2036 | 1,000 | 1,085 | ||||||
| Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, | ||||||||
| Series 1999-B, 7.00% 2029 | 779 | 780 | ||||||
| Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), | ||||||||
| Series 1998, 6.25% 2026 | 3,640 | 3,642 | ||||||
| Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 3,550 | 3,323 | ||||||
| Small Business Fncg. Auth., Rev. Bonds (Hampton Roads Proton Beam Therapy Institute | ||||||||
| at Hampton University, LLC Project), Series 2009, 9.00% 2039 | 3,600 | 3,826 | ||||||
| 16,819 | ||||||||
| VIRGIN ISLANDS — 0.63% | ||||||||
| Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note — Diageo Project), Series 2009-A, 6.625% 2029 | 2,500 | 2,788 | ||||||
| Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2010-A, 5.00% 2029 | 500 | 533 | ||||||
| Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018 | 2,000 | 2,247 | ||||||
| Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2025 | 3,250 | 3,538 | ||||||
| Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2015 | 2,000 | 2,162 | ||||||
| Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2022 | 3,530 | 3,832 | ||||||
| 15,100 | ||||||||
| WASHINGTON — 0.60% | ||||||||
| Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 8,000 | 8,452 | ||||||
| Housing Fin. Commission, Single-family Program Bonds, Series 2007-2A, AMT, 4.50% 2021 | 4,730 | 4,884 | ||||||
| Port of Seattle, Rev. Ref. Bonds, Series 2010-C, AMT, 5.00% 2024 | 1,000 | 1,136 | ||||||
| 14,472 | ||||||||
| WEST VIRGINIA — 0.31% | ||||||||
| 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 | 5,145 | ||||||
| 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 | 2,575 | 2,427 | ||||||
| 7,572 | ||||||||
| WISCONSIN — 0.54% | ||||||||
| Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 (preref. 2012) | 510 | 520 | ||||||
| General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 | 1,500 | 1,785 | ||||||
| Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2010-E, 5.00% 2033 | 1,000 | 1,087 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2026 | 1,000 | 1,113 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2028 | 1,000 | 1,098 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Froedtert & Community Health Obligated Group), | ||||||||
| Series 2001, 5.625% 2013 | 90 | 91 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Gundersen Lutheran), Series 2011-A, 5.25% 2039 | 2,000 | 2,118 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006, 5.00% 2026 | 1,000 | 1,030 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Saint John’s Communities, Inc.), Series 2009-A, 7.25% 2029 | 1,000 | 1,085 | ||||||
| Health and Educational Facs. Auth., Rev. Ref. Bonds (Saint John’s Communities, Inc.), Series 2009-A, 7.625% 2039 | 3,000 | 3,270 | ||||||
| 13,197 | ||||||||
| MULTI-STATE — 0.35% | ||||||||
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% cumulative preferred (undated)1 | 4,000 | 3,280 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)1 | 4,000 | 3,400 | ||||||
MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated)1 | 2,000 | 1,660 | ||||||
| 8,340 | ||||||||
| Total bonds & notes (cost: $2,212,911,000) | 2,261,847 | |||||||
| Short-term securities — 5.68% | ||||||||
| California Infrastructure and Econ. Dev. Bank, Demand Rev. Ref. Bonds (Jewish Community Center of San Francisco), | ||||||||
Series 2008, 0.07% 20312 | 1,065 | 1,065 | ||||||
State of California, Econ. Recovery Bonds, Series 2004-C-4, 0.04% 20232 | 1,700 | 1,700 | ||||||
California Statewide Communities Dev. Auth., Rev. Ref. Bonds (John Muir Health), Series 2008-A, 0.03% 20362 | 1,100 | 1,100 | ||||||
City of Irvine, California, Assessment Dist. No. 93-14, Limited Obligation Improvement Bonds, 0.03% 20252 | 300 | 300 | ||||||
State of California, Bonds of Irvine Ranch Water District, Consolidated Series 2009-B, 0.05% 20412 | 950 | 950 | ||||||
| Sacramento County, California, Sanitation Districts Fncg. Auth., Subordinate Lien Rev. Ref. Bonds | ||||||||
(Sacramento Regional County Sanitation District), Series 2008-A, 0.06% 20362 | 405 | 405 | ||||||
| State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series 1997-B, AMT, 0.07% 20262 | 2,000 | 2,000 | ||||||
| State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), | ||||||||
Series F, 0.04% 20262 | 1,300 | 1,300 | ||||||
| California Pollution Control Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project), | ||||||||
Series 2001, AMT, 0.03% 20292 | 1,700 | 1,700 | ||||||
Will County, Illinois, Exempt Facs. Rev. Ref. Bonds (Exxon Project), Series 2001, AMT, 0.05% 20262 | 400 | 400 | ||||||
Parish of East Baton Rouge, Louisiana, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.03% 20192 | 1,000 | 1,000 | ||||||
Parish of St. Bernard, Louisiana, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), Series 1996, AMT, 0.05% 20262 | 800 | 800 | ||||||
| State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), | ||||||||
Series 2001-A, AMT, 0.05% 20302 | 500 | 500 | ||||||
Lincoln County, Wyoming, Pollution Control Rev. Bonds (Exxon Project), Series 1985, 0.03% 20152 | 1,000 | 1,000 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds (National Jewish Federation Bond Program), | ||||||||
Series D-5, 0.07% 20382 | 800 | 800 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Ref. Bonds (National Jewish Federation Bond Program), | ||||||||
Series D-1, 0.07% 20362 | 3,410 | 3,410 | ||||||
| Colorado Educational and Cultural Facs. Auth., Demand Rev. Bonds | ||||||||
(National Jewish Federation Bond Program), Series A-7, 0.08% 20292 | 1,000 | 1,000 | ||||||
| State of Connecticut, Health and Educational Facs. Auth., Rev. Bonds (Greater Hartford YMCA Issue), | ||||||||
Series B, 0.08% 20382 | 1,000 | 1,000 | ||||||
| State of Florida, Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project), | ||||||||
Series 2007-B, 0.06% 20332 | 900 | 900 | ||||||
School Board of Orange County, Florida, Certs. of Part., Series 2008-E, 0.06% 20222 | 250 | 250 | ||||||
Illinois Fin. Auth., Demand Rev. Ref. Bonds (Elmhurst Memorial Healthcare), Series 2008-B, 0.06% 20482 | 1,200 | 1,200 | ||||||
Illinois Fin. Auth., Demand Rev. Bonds (The University of Chicago Medical Center), Series 2009-D-2, 0.08% 20432 | 1,700 | 1,700 | ||||||
Illinois Fin. Auth., Demand Rev. Bonds (Provena Health), Series 2009-B, 0.06% 20442 | 1,600 | 1,600 | ||||||
Illinois Fin. Auth., Demand Rev. Bonds (Provena Health), Series 2010-C, 0.06% 20452 | 1,700 | 1,700 | ||||||
Indiana Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-5, 0.06% 20402 | 5,620 | 5,620 | ||||||
Iowa Fin. Auth., Demand Health Facs. Rev. Bonds (Iowa Health System), Series 2009-B, 0.06% 20352 | 2,175 | 2,175 | ||||||
| Kentucky Econ. Dev. Fin. Auth., Demand Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), | ||||||||
Series 2009-B-2, 0.05% 20382 | 2,250 | 2,250 | ||||||
| Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, Maryland, | ||||||||
G.O. Multi-Modal Bond Anticipation Notes, Series 2006-A, 0.20% 20232 | 1,200 | 1,200 | ||||||
Montgomery County, Maryland, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-A, 0.04% 20262 | 1,000 | 1,000 | ||||||
Massachusetts Health and Educational Facs. Auth., Demand Rev. Bonds ( Wellesley College Issue), Series G, 0.05% 20392 | 400 | 400 | ||||||
Massachusetts Health and Educational Facs. Auth., Demand Rev. Bonds (Wellesley College Issue), Series I, 0.05% 20392 | 1,000 | 1,000 | ||||||
| Massachusetts Health and Educational Facs. Auth., Demand Rev. Ref. Bonds (Baystate Medical Center Issue), | ||||||||
Series 2009-J-2, 0.07% 20442 | 800 | 800 | ||||||
Board of Trustees of Michigan State University, General Rev. Bonds, Series 2000-A, 0.06% 20302 | 3,000 | 3,000 | ||||||
| City of Minneapolis and Housing and Redev. Auth. of the City of Saint Paul, Minnesota, | ||||||||
Health Care System Demand Rev. Ref. Bonds (Allina Health System), 0.06% 20352 | 2,450 | 2,450 | ||||||
| Mississippi Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), | ||||||||
Series 2007-A, 0.04% 20302 | 1,300 | 1,300 | ||||||
| Mississippi Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), | ||||||||
Series 2007-E, 0.04% 20302 | 885 | 885 | ||||||
| Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Bonds | ||||||||
(Washington University), Series 1996-C, 0.05% 20302 | 500 | 500 | ||||||
| Health and Educational Facs. Auth. of the State of Missouri, Demand Educational Facs. Rev. Ref. Bonds | ||||||||
(Washington University), Series 1996-B, 0.08% 20302 | 2,000 | 2,000 | ||||||
| Montana Fac. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System), | ||||||||
Series 2003, 0.07% 20252 | 3,600 | 3,600 | ||||||
| New Hampshire Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), | ||||||||
Series 2007-A, 0.06% 20312 | 800 | 800 | ||||||
| New York City, New York, Industrial Dev. Agcy., Demand Civic Fac. Rev. Ref. and Improvement Bonds | ||||||||
(2005 American Civil Liberties Union Foundation, Inc. Project), 0.05% 20352 | 2,300 | 2,300 | ||||||
| City of Syracuse, New York, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), | ||||||||
Series 2008-A-1, 0.04% 20372 | 800 | 800 | ||||||
| City of Long Island, New York, Power Auth., Electric System General Rev. Bonds, | ||||||||
Series 2003-H, Assured Guaranty Municipal insured, 0.75% 20292 | 9,130 | 9,130 | ||||||
City of New York, New York, G.O. Bonds, Fiscal 1994 Series A-7, 0.05% 20202 | 800 | 800 | ||||||
City of New York, New York, G.O. Bonds, Fiscal 1994 Series E, Subseries E-4, 0.07% 20222 | 4,000 | 4,000 | ||||||
City of New York, New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.05% 20202 | 1,800 | 1,800 | ||||||
| Charlotte-Mecklenburg Hospital Auth. (North Carolina), Carolinas HealthCare System, Health Care Rev. Ref. Bonds, | ||||||||
Series 2007-B, 0.04% 20452 | 600 | 600 | ||||||
County of Allen, Ohio, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2008-B, 0.06% 20312 | 1,200 | 1,200 | ||||||
| Hospital Facs. Auth. of the City of Medford, Oregon, Demand Rev. Bonds (Rogue Valley Manor Project), | ||||||||
Series 2007, 0.08% 20372 | 1,900 | 1,900 | ||||||
| Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds (Tennessee Municipal Bond Fund), | ||||||||
Series 2003, 0.10% 20332 | 300 | 300 | ||||||
| Public Building Auth. of the City of Clarksville, Tennessee, Fncg. Rev. Bonds | ||||||||
(Metropolitan Government of Nashville and Davidson County Loan), Series 2008, 0.10% 20262 | 4,470 | 4,470 | ||||||
| Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), | ||||||||
Series 2008, 0.10% 20382 | 10,105 | 10,105 | ||||||
| State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Ref. Bonds | ||||||||
(Dallas Center for the Performing Arts Foundation, Inc. Project), Series 2008-A, 0.07% 20412 | 2,300 | 2,300 | ||||||
| State of Texas, Dallas Performing Arts Cultural Facs. Corp., Cultural Fac. Rev. Ref. Bonds | ||||||||
(Dallas Center for the Performing Arts Foundation, Inc. Project), Series 2008-B, 0.06% 20412 | 3,450 | 3,450 | ||||||
| Tarrant County, Texas, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds | ||||||||
(Methodist Hospitals of Dallas Project), Series 2008-A, 0.07% 20412 | 600 | 600 | ||||||
| State of Texas, Tax and Revenue Anticipation Notes, Series 2011-A, 2.50% 8/30/2012 | 4,000 | 4,055 | ||||||
| Industrial Dev. Auth. of Montgomery County, Virginia, Rev. Ref. Bonds (Virginia Tech Foundation), | ||||||||
Series 2005-A, 0.07% 20352 | 500 | 500 | ||||||
| Virginia College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||||||||
Series 2006-C, 0.06% 20262 | 500 | 500 | ||||||
| State of Virginia, Peninsula Ports Auth., Coal Terminal Rev. Ref. Bonds (Dominion Terminal Associates Project), | ||||||||
Series 1987-C, 0.07% 20162 | 2,300 | 2,300 | ||||||
| West Virginia Hospital Fin. Auth., Hospital Rev. Ref. Bonds (West Virginia United Health System Obligated Group), | ||||||||
Series 2008-B, 0.07% 20412 | 4,000 | 4,000 | ||||||
| State of Wisconsin, Operating Notes of 2011, 2.00% 6/15/2012 | 25,000 | 25,174 | ||||||
| Total short-term securities (cost: $137,035,000) | 137,044 | |||||||
| Total investment securities (cost: $2,349,946,000) | 2,398,891 | |||||||
| Other assets less liabilities | 13,712 | |||||||
| Net assets | $ | 2,412,603 | ||||||
1Acquired 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 $86,342,000, which represented 3.58% of the net assets of the fund. |
2Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
3Step bond; coupon rate will increase at a later date. |
4Scheduled interest and/or principal payment was not received. |
5Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $4,877,000, which represented .20% of the net assets of the fund. |
| Key to abbreviations | |
| Agcy. = Agency | Facs. = Facilities |
| AMT = Alternative Minimum Tax | Fin. = Finance |
| Auth. = Authority | Fncg. = Financing |
| Certs. of Part. = Certificates of Participation | G.O. = General Obligation |
| Dept. = Department | Preref. = Prerefunded |
| Dev. = Development | Redev. = Redevelopment |
| Dist. = District | Ref. = Refunding |
| Econ. = Economic | Rev. = Revenue |
| Fac. = Facility | TECP = Tax-Exempt Commercial Paper |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-4225 or visit the American Funds website at americanfunds.com.
MFGEFP-940-0312O-S29438
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
| (b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
| (a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMERICAN HIGH-INCOME MUNICIPAL BOND FUND | |
By /s/ Karl J. Zeile | |
Karl J. Zeile, President and Principal Executive Officer | |
| Date: March 30, 2012 |
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 30, 2012 |
By /s/ Dori Laskin |
Dori Laskin, Treasurer and Principal Financial Officer |
| Date: March 30, 2012 |