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, 2016
Steven I. Koszalka
American High-Income Municipal Bond Fund
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
American Funds Short-Term Tax-Exempt Bond Fund® Limited Term Tax-Exempt Bond Fund of America® The Tax-Exempt Bond Fund of America® American High-Income Municipal Bond Fund® The Tax-Exempt Fund of California® American Funds Tax-Exempt Fund of New York® Semi-annual reports for the six months ended January 31, 2016 | ||||
American Funds Short-Term Tax-Exempt Bond Fund seeks to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.
Limited Term Tax-Exempt Bond Fund of America seeks to provide you with current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.
The Tax-Exempt Bond Fund of America seeks to provide you with a high level of current income exempt from federal income tax, consistent with the preservation of capital.
American High-Income Municipal Bond Fund seeks to provide you with a high level of current income exempt from regular federal income tax.
The Tax-Exempt Fund of California seeks to provide you with a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is preservation of capital.
American Funds Tax-Exempt Fund of New York seeks to provide you with a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital.
Each fund is one of more than 40 offered by one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 80 years, Capital 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 had been deducted (maximum 2.50% for American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America; 3.75% for The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York), 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 total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2015 (the most recent calendar quarter-end) and the total annual fund operating expense ratios as of the prospectus dated October 1, 2015:
Cumulative total returns | Average annual total returns | Gross | ||||||||||||||
Class A shares | 1 year | 5 years | 10 years/Lifetime* | expense ratios | ||||||||||||
Reflecting 2.50% maximum sales charge | ||||||||||||||||
American Funds Short-Term Tax-Exempt Bond Fund | –2.05 | % | 0.70 | % | 1.34 | % | 0.58 | % | ||||||||
Limited Term Tax-Exempt Bond Fund of America | –1.12 | 2.62 | 3.15 | 0.57 | ||||||||||||
Reflecting 3.75% maximum sales charge | ||||||||||||||||
The Tax-Exempt Bond Fund of America | –0.75 | 4.91 | 4.00 | 0.54 | ||||||||||||
American High-Income Municipal Bond Fund | 0.46 | 6.79 | 4.34 | 0.68 | ||||||||||||
The Tax-Exempt Fund of California | –0.47 | 5.73 | 4.27 | 0.62 | ||||||||||||
American Funds Tax-Exempt Fund of New York | –0.90 | 4.54 | 3.71 | 0.72 |
* | Applicable only to American Funds Tax-Exempt Fund of New York, which began operations on 11/1/10. All other funds reflect 10-year results. |
For other share class results, visit americanfunds.com.
The 10-year investment result for American Funds Short-Term Tax-Exempt Bond Fund includes the fund’s results as a money market fund through the date of its conversion (August 7, 2009) to a short-term tax-exempt bond fund, and therefore is not representative of the fund’s results had it operated as a short-term tax-exempt bond fund for the full term of that period. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Fund of New York. Investment results reflect the reimbursement, without which the results would have been lower. This reimbursement will be in effect through at least September 30, 2016, unless modified or terminated by the fund’s board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit americanfunds.com for more information.
A summary of each fund’s 30-day yield can be found on page 3.
Fellow investors:
We are pleased to present you with this semi-annual report for American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York. This report covers the period from August 1, 2015, through January 31, 2016.
Municipal bond prices advanced steadily throughout the first half of the funds’ fiscal year, as investors began to shift their focus from an impending increase in U.S. interest rates to geopolitical conflicts, slowing global growth and falling energy prices. Against this backdrop, all six funds delivered solid gains. Total returns ranged from 0.69% for American Funds Short-Term Tax-Exempt Bond Fund to 4.23% for American High-Income Municipal Bond Fund. (See pages 4 through 9 for fund specific results and information.)
Economic and market overview
Municipal bond market returns were broadly positive over the reporting period. In fact, January marked the seventh consecutive month of gains for the Barclays Municipal Bond Index, a broad measure of the investment-grade (bonds rated BBB/Baa and above) municipal market.
This strength could be attributed to a number of factors. Equity markets were volatile. The unmanaged Standard & Poor’s 500 Composite Index, a market capitalization-weighted index based on the results of 500 widely held common stocks, slid 6.77% for the six months ended January 31, 2016. Uneasy investors turned to higher quality fixed-income securities for their potential to provide relative stability. The yield on 10-year U.S. Treasury bonds fell from 2.20% on July 31, 2015, to 1.94% at the close of the period. Tax-exempt bonds also benefitted from the flight to quality, as the broader municipal market delivered stronger returns than Treasuries. The Barclays Municipal Bond Index was up 3.66%, compared to a 2.11% gain for the Barclays U.S. Treasury Index.
China’s economic woes and record-low oil prices did have an adverse impact on some areas of the taxable bond market, particularly among high-yield taxable bonds. However, this was not the case in the tax-exempt bond market. In fact, the current low cost of oil can be helpful to some areas of the tax-exempt market. Consider, for example, revenue bonds supporting toll roads and bridges, which benefit as greater numbers of drivers take advantage of lower gas prices.
Strong inflows into municipal bond mutual funds and relatively low issuance also facilitated an increase in bond prices. Broadly speaking, the fiscal health of municipal issuers continues to improve with a few exceptions, most notably Puerto Rico. Recently, government officials indicated that principal and interest payments on some bonds may be suspended so that essential services will not be jeopardized. We remind investors that Puerto Rico’s unique
American Funds Tax-Exempt Funds | 1 |
challenges have little bearing on the health of the thousands of other issuers in the diverse municipal bond market.
After maintaining the federal funds rate near 0% since 2006, the Federal Reserve in December increased it to a target range of .25% to .50%. Investors had been anticipating this move for several months. As such, there was little immediate impact on the bond markets.
In general, municipal bonds of lower credit quality outgained those of higher rated issuers, and longer term bonds tended to outpace those with shorter maturities. Given the moderate growth of the U.S. economy and the Fed’s anticipated rate hike last December, most of the funds covered in this report took a conservative stance, maintaining relatively short duration positions over the six months. While we are pleased with the funds’ overall results and how the funds are positioned going into the second half of the year, this conservative approach proved to be a drag on returns in relative terms.
Looking ahead
The factors that have triggered greater volatility in equity markets and some areas of the taxable bond market play a much smaller role in the municipal bond market. Slowing global growth has primarily affected issuers in the energy sector or those that generate revenues in non-U.S. currencies. These largely have been issuers in the taxable bond market.
Although recently there have been some mixed signals about the pace of growth, the U.S. economy remains among the strongest in the world. The Fed has indicated that there will be further rate hikes, but faced with ongoing economic challenges, there seems to be little certainty as to when that might happen.
In this environment we are paying close attention to risk as we seek out investments that can add value for our investors. While valuations are richer today than they were at the start of the fiscal year, we believe we are finding solid investment opportunities at reasonable prices.
We look forward to reporting back to you at the close of the fiscal year.
Sincerely,
Brenda S. Ellerin
President, American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America
Neil L. Langberg
President, The Tax-Exempt Bond Fund of America and The Tax-Exempt Fund of California
Karl J. Zeile
President, American High-Income Municipal Bond Fund and American Funds Tax-Exempt Fund of New York
March 14, 2016
For current information about the funds, visit americanfunds.com.
2 | American Funds Tax-Exempt Funds |
Funds’ 30-day yields
Below is a summary of each fund’s 30-day yield and 12-month distribution rate for Class A shares as of February 29, 2016. Both measures reflect the 2.50%/3.75% maximum sales charge. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ. The equivalent taxable yield assumes a 43.4% tax rate.1
Class A shares | SEC 30-day yield | Equivalent taxable yield | 12-month distribution rate | |||||||||
Reflecting 2.50% maximum sales charge | ||||||||||||
American Funds Short-Term Tax-Exempt Bond Fund | 0.48 | % | 0.85 | % | 0.99 | % | ||||||
Limited Term Tax-Exempt Bond Fund of America | 0.62 | 1.10 | 2.23 | |||||||||
Reflecting 3.75% maximum sales charge | ||||||||||||
The Tax-Exempt Bond Fund of America | 1.46 | 2.58 | 3.07 | |||||||||
American High-Income Municipal Bond Fund | 2.64 | 4.66 | 3.84 | |||||||||
The Tax-Exempt Fund of California | 1.06 | 2.16 | 2 | 3.15 | ||||||||
American Funds Tax-Exempt Fund of New York | 1.37 | 3 | 2.65 | 4 | 2.53 |
1 | Based on 2015 federal tax rates. For the year 2015, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels. |
2 | For investors in the 50.93% federal and California state tax bracket. |
3 | The SEC 30-day yield for American Funds Tax-Exempt Fund of New York is 1.43% with the fund’s reimbursement. |
4 | For investors in the 48.39% federal and New York state tax bracket. |
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. Also, certain other income (such as distributions from gains on the sale of certain bonds purchased at less than par value for The Tax-Exempt Bond Fund of America), as well as capital gain distributions, may be taxable. High-yield/lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade/higher rated bonds. The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York are more susceptible to factors adversely affecting issuers of each state’s tax-exempt securities than a more widely diversified municipal bond fund. Refer to the funds’ prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
American Funds Tax-Exempt Funds | 3 |
American Funds Short-Term Tax-Exempt Bond Fund
The fund generated a 0.69% total return for the first half of the fiscal year, slightly exceeding the 0.63% gain of the Lipper Short Municipal Debt Funds Average, a peer group measure. However, the fund trailed the 1.13% gain of the unmanaged Barclays Municipal Short 1–5 Years Index, which has no expenses. Investors cannot invest directly in an index.
The fund paid monthly dividends totaling about 5 cents a share for the six months. This amounts to a federally tax-exempt income return of 0.49% for investors who reinvested dividends. This is equivalent to a taxable income return of 0.87% for investors in the 43.4%1 maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.
As we have indicated in previous reports, the fund’s managers continued to focus on providing relative stability. With yields near multiyear lows, the fund maintained its focus on high-quality issues of shorter duration. Some of the fund’s strongest contributions came from revenue bonds supporting single family housing, hospital facilities and airports.
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,2 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 1.00% tax-exempt distribution rate3 as of January 31, 2016.
If your taxable income is ... | ... then your federal | The fund’s tax-exempt distribution rate of 1.00% is | ||||||||||||||
Single | Joint | tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 9,225 | $ | 0 – | 18,450 | 10.0 | % | 1.11 | % | |||||||
9,226 – | 37,450 | 18,451 – | 74,900 | 15.0 | 1.18 | |||||||||||
37,451 – | 90,750 | 74,901 – | 151,200 | 25.0 | 1.33 | |||||||||||
90,751 – | 189,300 | 151,201 – | 230,450 | 28.0 | 1.39 | |||||||||||
189,301 – | 411,500 | 230,451 – | 411,500 | 36.8 | 1 | 1.58 | ||||||||||
411,501 – | 413,200 | 411,501 – | 464,850 | 38.8 | 1 | 1.63 | ||||||||||
Over 413,200 | Over 464,850 | 43.4 | 1 | 1.77 |
1 | For the year 2015, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. |
2 | Based on 2015 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels. |
3 | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 2.50%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
4 | American Funds Tax-Exempt Funds |
Limited Term Tax-Exempt Bond Fund of America
The fund produced a 1.73% total return for the six months ended January 31, which lagged the 2.36% total return of the unmanaged Barclays Municipal Short-Intermediate 1–10 Years Index, which has no expenses. Investors cannot invest directly in an index. By way of comparison, the fund’s result was in line with the 1.74% total return of the Lipper Short-Intermediate Municipal Debt Funds Average, a peer group measure.
The fund paid monthly dividends totaling about 18.3 cents a share for the period. Those individuals who reinvested dividends received a federally tax-exempt income return of 1.16%. This is equivalent to a taxable income return of 2.05% for investors in the 43.4%1 maximum federal tax bracket.
The fund focuses primarily on investment-grade bonds (those rated BBB/Baa and above) with maturities ranging from a few years to 10 years. In recent months, the fund’s managers have maintained a relatively conservative approach, seeking to maintain a relatively short duration. This helped dampen returns in a strong market. However, the fund’s managers take a long-term view of the market and believe their approach will serve investors well as interest rates begin to normalize.
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,2 then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.25% tax-exempt distribution rate3 as of January 31, 2016.
If your taxable income is ... | ... then your federal | The fund’s tax-exempt distribution rate of 2.25% is | ||||||||||||||
Single | Joint | tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 9,225 | $ | 0 – | 18,450 | 10.0 | % | 2.50 | % | |||||||
9,226 – | 37,450 | 18,451 – | 74,900 | 15.0 | 2.65 | |||||||||||
37,451 – | 90,750 | 74,901 – | 151,200 | 25.0 | 3.00 | |||||||||||
90,751 – | 189,300 | 151,201 – | 230,450 | 28.0 | 3.13 | |||||||||||
189,301 – | 411,500 | 230,451 – | 411,500 | 36.8 | 1 | 3.56 | ||||||||||
411,501 – | 413,200 | 411,501 – | 464,850 | 38.8 | 1 | 3.68 | ||||||||||
Over 413,200 | Over 464,850 | 43.4 | 1 | 3.98 |
1 | For the year 2015, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. |
2 | Based on 2015 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels. |
3 | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown are for Class A shares at net asset value. If a sales charge (maximum 2.50%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com.
American Funds Tax-Exempt Funds | 5 |
The Tax-Exempt Bond Fund of America
The fund generated a 3.35% total return during the six-month period, which slightly trailed both the 3.66% gain of the unmanaged Barclays Municipal Bond Index, which has no expenses, and the 3.51% total return of the Lipper General & Insured Municipal Debt Funds Average, a peer group measure. Investors cannot invest directly in an index.
During the period, the fund paid monthly dividends totaling about 21.1 cents a share, amounting to a federally tax-exempt income return of 1.64% for investors who reinvested dividends. This is equivalent to a taxable income return of 2.90% for investors in the 43.4%1 maximum federal tax bracket. The fund does not invest in bonds subject to the Alternative Minimum Tax (AMT).
The fund’s managers continued on a relatively conservative path during the first half of the fiscal year, focusing on shorter duration securities. While the fund delivered positive results, this approach held the fund back slightly in relative terms. The fund’s managers continue to seek out opportunities for incremental yield while paying close attention to risk. At the close of the period about 91% of the portfolio’s holdings were in revenue bonds. The largest concentrations were in holdings backing hospital facilities, toll roads and airports.
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,2 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 3.06% tax-exempt distribution rate3 as of January 31, 2016.
If your taxable income is ... | ... then your federal | The fund’s tax-exempt distribution rate of 3.06% is | ||||||||||||||
Single | Joint | tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 9,225 | $ | 0 – | 18,450 | 10.0 | % | 3.40 | % | |||||||
9,226 – | 37,450 | 18,451 – | 74,900 | 15.0 | 3.60 | |||||||||||
37,451 – | 90,750 | 74,901 – | 151,200 | 25.0 | 4.08 | |||||||||||
90,751 – | 189,300 | 151,201 – | 230,450 | 28.0 | 4.25 | |||||||||||
189,301 – | 411,500 | 230,451 – | 411,500 | 36.8 | 1 | 4.84 | ||||||||||
411,501 – | 413,200 | 411,501 – | 464,850 | 38.8 | 1 | 5.00 | ||||||||||
Over 413,200 | Over 464,850 | 43.4 | 1 | 5.41 |
1 | For the year 2015, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. |
2 | Based on 2015 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels. |
3 | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown 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. For current information and month-end results, visit americanfunds.com.
6 | American Funds Tax-Exempt Funds |
American High-Income Municipal Bond Fund
The fund produced a 4.23% gain for the period. This result lagged both the 4.96% total return of the unmanaged Barclays High Yield Municipal Bond Index, which has no expenses, and the 4.25% total return of the Lipper High Yield Municipal Debt Funds Average, a measure of the fund’s peer group. Investors cannot invest directly in an index.
For the period, the fund paid monthly dividends totaling 31.6 cents a share, amounting to a federally tax-exempt income return of 2.07% for investors who reinvested dividends. This is equivalent to a taxable income return of 3.66% for investors in the 43.4%1 maximum federal tax bracket. A portion of the fund’s return also may be exempt from some state and local taxes.
In a broadly constructive market environment, the fund’s return was supported by positive contributions from a number of sectors, with bonds backing hospitals, senior living facilities and airports producing some of the strongest gains.
Tax-exempt yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,2 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 3.83% tax-exempt distribution rate3 as of January 31, 2016.
If your taxable income is ... | ... then your federal | The fund’s tax-exempt distribution rate of 3.83% is | ||||||||||||||
Single | Joint | tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 9,225 | $ | 0 – | 18,450 | 10.0 | % | 4.26 | % | |||||||
9,226 – | 37,450 | 18,451 – | 74,900 | 15.0 | 4.51 | |||||||||||
37,451 – | 90,750 | 74,901 – | 151,200 | 25.0 | 5.11 | |||||||||||
90,751 – | 189,300 | 151,201 – | 230,450 | 28.0 | 5.32 | |||||||||||
189,301 – | 411,500 | 230,451 – | 411,500 | 36.8 | 1 | 6.06 | ||||||||||
411,501 – | 413,200 | 411,501 – | 464,850 | 38.8 | 1 | 6.26 | ||||||||||
Over 413,200 | Over 464,850 | 43.4 | 1 | 6.77 |
1 | For the year 2015, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket will face a combined 43.4% marginal tax rate on their investment income. |
2 | Based on 2015 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phaseout of itemized deductions that are applicable to certain taxable income levels. |
3 | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown 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. For current information and month-end results, visit americanfunds.com.
American Funds Tax-Exempt Funds | 7 |
The Tax-Exempt Fund of California
The fund produced a 3.52% total return for the six-month period. This result trailed the 3.63% advance of the unmanaged Barclays California Municipal Index, which has no expenses. Investors cannot invest directly in an index. The fund also lagged the 4.06% total return of the Lipper California Municipal Debt Funds Average, a peer group measure.
For the period, the fund paid monthly dividends totaling about 29.5 cents a share. Those investors who reinvested dividends received an income return of 1.69%. This is equivalent to a taxable income return of 3.44% for investors in the 50.93% effective combined federal and California tax bracket.
California’s economy and fiscal condition have returned to health, providing a constructive backdrop for the state municipal bond market. The state enjoyed solid job growth in 2015, as nonfarm payrolls rose 3%. The state’s unemployment rate has fallen from 7.0% in 2015 to about 5.8%.
The fund’s return was supported by positive contributions from holdings in every sector in the state market. Tax assessment and education bonds, as well as issues backing hospitals and higher education facilities, produced some of the strongest gains.
Tax-exempt yields vs. taxable yields
Find your estimated 2015 taxable income below to determine your combined federal and California tax rate,* then look in the right-hand column to see what you would have had to earn from a taxable investment to equal the fund’s 3.16% tax-exempt distribution rate† at January 31, 2016.
If your taxable income is ... | ... then your combined federal and California | The fund’s tax-exempt distribution rate of 3.16% is | ||||||||||||||
Single | Joint | state tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 7,749 | $ | 0 – | 15,498 | 10.90 | % | 3.55 | % | |||||||
7,750 – | 9,225 | 15,499 – | 18,450 | 11.80 | 3.58 | |||||||||||
9,226 – | 18,371 | 18,451 – | 36,742 | 16.70 | 3.79 | |||||||||||
18,372 – | 28,995 | 36,743 – | 57,990 | 18.40 | 3.87 | |||||||||||
28,996 – | 37,450 | 57,991 – | 74,900 | 20.10 | 3.95 | |||||||||||
37,451 – | 40,250 | 74,901 – | 80,500 | 29.50 | 4.48 | |||||||||||
40,251 – | 50,689 | 80,501 – | 101,738 | 31.00 | 4.58 | |||||||||||
50,690 – | 90,750 | 101,739 – | 151,200 | 31.98 | 4.65 | |||||||||||
90,751 – | 189,300 | 151,201 – | 230,450 | 34.70 | 4.84 | |||||||||||
189,301 – | 259,844 | 230,451 – | 411,500 | 42.68 | 5.51 | |||||||||||
259,845 – | 311,812 | – | 43.31 | 5.57 | ||||||||||||
311,813 – | 411,500 | – | 43.94 | 5.64 | ||||||||||||
– | 411,501 – | 464,850 | 44.49 | 5.69 | ||||||||||||
411,501 – | 413,200 | – | 45.72 | 5.82 | ||||||||||||
– | 464,851 – | 519,688 | 48.66 | 6.16 | ||||||||||||
– | 519,689 – | 623,624 | 49.23 | 6.22 | ||||||||||||
413,201 – | 519,867 | 623,625 – | 1,000,000 | 49.80 | 6.29 | |||||||||||
519,868 – | 1,000,000 | 1,000,001 – | 1,039,374 | 50.36 | 6.37 | |||||||||||
Over 1,000,000 | Over 1,039,374 | 50.93 | 6.44 |
* | Based on 2015 federal and 2015 California tax rates. (State rates from 1.0% to 13.3% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates paid by California residents may be lower than those shown due to the availability of income tax deductions. |
† | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gains distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown 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. For current information and month-end results, visit americanfunds.com.
8 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York
The fund generated a 3.40% total return for the period, trailing the 3.56% gain of the unmanaged Barclays New York Municipal Index, which has no expenses. Investors cannot invest directly in an index. The Lipper New York Municipal Debt Funds Average, a peer group measure, posted a 3.55% total return.
The fund paid monthly dividends totaling about 14 cents a share for the six months. This represents an income return of 1.32% for those who reinvested dividends. For investors in the 48.39% combined effective federal and New York state tax bracket, this is equivalent to a taxable income return of 2.56%. Investors subject to New York City taxes are eligible for additional tax advantages.
Holdings representing a broad spectrum of sectors, duration and credit quality bolstered the fund’s overall return. Revenue bonds supporting higher education and hospitals provided some of the strongest returns.
Tax-exempt yields vs. taxable yields
Find your estimated 2015 taxable income below to determine your combined federal and New York state tax rate,1,2 then look in the far right column to see what you would have had to earn from a taxable investment to equal the fund’s 2.56% tax-exempt distribution rate3 at January 31, 2016.
If your taxable income is ... | ... then your combined federal and New York | The fund’s tax-exempt distribution rate of 2.56% is | ||||||||||||||
Single | Joint | state tax rate is ... | equivalent to a taxable rate of ... | |||||||||||||
$ | 0 – | 8,400 | $ | 0 – | 16,950 | 13.60 | % | 2.96 | % | |||||||
8,401 – | 9,225 | 16,951 – | 18,450 | 14.05 | 2.98 | |||||||||||
9,226 – | 11,600 | 18,451 – | 23,300 | 18.83 | 3.15 | |||||||||||
11,601 – | 13,750 | 23,301 – | 27,550 | 19.46 | 3.18 | |||||||||||
13,751 – | 21,150 | 27,551 – | 42,450 | 20.02 | 3.20 | |||||||||||
21,151 – | 37,450 | 42,451 – | 74,900 | 20.48 | 3.22 | |||||||||||
37,451 – | 79,600 | 74,901 – | 151,200 | 29.84 | 3.65 | |||||||||||
79,601 – | 90,750 | – | 29.99 | 3.66 | ||||||||||||
– | 151,201 – | 159,350 | 32.64 | 3.80 | ||||||||||||
90,751 – | 189,300 | 159,351 – | 230,450 | 32.79 | 3.81 | |||||||||||
189,301 – | 212,500 | 230,451 – | 318,750 | 41.00 | 4.34 | |||||||||||
212,501 – | 411,500 | 318,751 – | 411,500 | 41.13 | 4.35 | |||||||||||
411,501 – | 413,200 | 411,501 – | 464,850 | 42.99 | 4.49 | |||||||||||
413,201 – | 1,062,650 | 464,851 – | 2,125,450 | 47.28 | 4.86 | |||||||||||
Over 1,062,650 | Over 2,125,450 | 48.39 | 4.96 |
1 | Income generated by the fund’s investments is also generally exempt from New York City taxes, offering additional tax advantages to New York City residents. |
2 | Based on 2015 federal and New York state tax rates. (State rates from 4.00% to 8.82% are individually calculated for each bracket. The federal brackets are expanded to include additional state brackets.) The effective combined tax rates assume full deductibility of state taxes. |
3 | The distribution rate is based on dividends paid over the last 12 months divided by the maximum offering price as of January 31, 2016. Capital gain distributions, if any, are added back at the maximum offering price to determine the rate. |
Fund results shown 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. For current information and month-end results, visit americanfunds.com.
American Funds Tax-Exempt Funds | 9 |
Results at a glance
For periods ended January 31, 2016, with distributions reinvested
Cumulative total returns | Average annual total returns | |||||||||||||||
1 year | 5 years | 10 years | Lifetime1 | |||||||||||||
American Funds Short-Term Tax-Exempt Bond Fund (Class A shares) | 0.34 | % | 1.35 | % | — | % | 1.43 | % | ||||||||
Barclays Municipal Short 1–5 Years Index2 | 1.15 | 1.89 | — | 1.99 | ||||||||||||
Lipper Short Municipal Debt Funds Average | 0.35 | 1.27 | — | 1.32 | ||||||||||||
Limited Term Tax-Exempt Bond Fund of America (Class A shares) | 1.14 | 3.44 | 3.47 | 4.16 | ||||||||||||
Barclays Municipal Short-Intermediate 1–10 Years Index3 | 1.89 | 3.40 | 3.94 | 4.41 | ||||||||||||
Lipper Short-Intermediate Municipal Debt Funds Average | 0.71 | 2.55 | 2.89 | 3.62 | ||||||||||||
The Tax-Exempt Bond Fund of America (Class A shares) | 2.49 | 6.13 | 4.47 | 6.68 | ||||||||||||
Barclays Municipal Bond Index | 2.71 | 5.75 | 4.81 | — | 4 | |||||||||||
Lipper General & Insured Municipal Debt Funds Average | 2.14 | 6.01 | 4.15 | 6.42 | ||||||||||||
American High-Income Municipal Bond Fund (Class A shares) | 3.65 | 8.13 | 4.81 | 5.71 | ||||||||||||
Barclays Municipal Bond Index | 2.71 | 5.75 | 4.81 | 5.66 | ||||||||||||
Barclays High Yield Municipal Bond Index | 0.59 | 7.52 | 4.79 | — | 4 | |||||||||||
Lipper High Yield Municipal Debt Funds Average | 3.24 | 7.60 | 4.06 | 5.18 | ||||||||||||
The Tax-Exempt Fund of California (Class A shares) | 2.85 | 7.08 | 4.75 | 5.75 | ||||||||||||
Barclays California Municipal Index | 2.88 | 6.77 | 5.06 | — | 4 | |||||||||||
Lipper California Municipal Debt Funds Average | 2.79 | 7.16 | 4.43 | 5.75 | ||||||||||||
American Funds Tax-Exempt Fund of New York (Class A shares) | 2.07 | 5.73 | — | 4.59 | ||||||||||||
Barclays New York Municipal Index | 2.90 | 5.50 | — | 4.37 | ||||||||||||
Lipper New York Municipal Debt Funds Average | 2.31 | 5.55 | — | 4.00 |
1 | Since 8/7/09 (American Funds Short-Term Tax-Exempt Bond Fund), 10/6/93 (Limited Term Tax-Exempt Bond Fund of America), 10/3/79 (The Tax-Exempt Bond Fund of America), 9/26/94 (American High-Income Municipal Bond Fund), 10/28/86 (The Tax-Exempt Fund of California) and 11/1/10 (American Funds Tax-Exempt Fund of New York). |
2 | Barclays Municipal Short 1–5 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. |
3 | Barclays Municipal Short-Intermediate 1–10 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years. |
4 | This index did not exist at the fund’s inception. |
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category.
10 | American Funds Tax-Exempt Funds |
American Funds Short-Term Tax-Exempt Bond Fund | unaudited |
Summary investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 90.30% | Principal amount (000) | Value (000) | ||||||
California 9.41% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 0.91% 2045 (put 2023)1 | $ | 6,600 | $ | 6,563 | ||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-E-3, 0.71% 2047 (put 2019)1 | 3,000 | 2,996 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 0.61% 2034 (put 2020)1 | 2,000 | 1,985 | ||||||
G.O. Bonds, Series 2012-A, 0.46% 2033 (put 2018)1 | 1,500 | 1,494 | ||||||
Various Purpose G.O. Bonds, 3.00% 2016 | 10,500 | 10,646 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2018 | 3,000 | 3,280 | ||||||
Los Angeles County Metropolitan Transportation Auth., Proposition A, Sales Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2018 | 3,000 | 3,316 | ||||||
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 4.00% 2018 | 2,500 | 2,689 | ||||||
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2017 | 2,510 | 2,677 | ||||||
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2018 | 1,085 | 1,194 | ||||||
Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project), Series 2013, 5.00% 2019 | 1,000 | 1,135 | ||||||
Other securities | 33,395 | |||||||
71,370 | ||||||||
Connecticut 1.36% | ||||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 915 | 995 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, 4.00% 2044 | 1,600 | 1,701 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035 | 725 | 737 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044 | 3,495 | 3,733 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045 | 2,000 | 2,146 | ||||||
Other securities | 996 | |||||||
10,308 |
American Funds Tax-Exempt Funds | 11 |
American Funds Short-Term Tax-Exempt Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Florida 5.62% | ||||||||
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2017 | $ | 1,000 | $ | 1,058 | ||||
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2019 | 7,450 | 8,384 | ||||||
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016 (escrowed to maturity) | 5,295 | 5,400 | ||||||
City of Lakeland, Energy System Rev. Ref. Bonds, Series 2012, 0.76% 20171 | 3,800 | 3,809 | ||||||
Other securities | 23,988 | |||||||
42,639 | ||||||||
Georgia 3.21% | ||||||||
Dev. Auth. Of Floyd County, Pollution Control Rev. Bonds (Georgia Power Company Plant Hammond Project), 2.35% 2022 (put 2020) | 4,000 | 4,095 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2014-A, 0.31% 2025 (put 2017)1 | 5,250 | 5,251 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2014-B, 0.29% 2025 (put 2017)1 | 3,500 | 3,499 | ||||||
Other securities | 11,478 | |||||||
24,323 | ||||||||
Illinois 6.73% | ||||||||
Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020 | 3,500 | 4,040 | ||||||
Education Facs. Auth. Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019) | 10,390 | 10,501 | ||||||
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018) | 1,250 | 1,254 | ||||||
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.01% 2050 (put 2025)1 | 3,400 | 3,382 | ||||||
Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of Employment Security), Series 2012-A, 5.00% 2016 | 4,000 | 4,162 | ||||||
Other securities | 27,706 | |||||||
51,045 | ||||||||
Indiana 1.78% | ||||||||
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 1.75% 2031 (put 2015) | 500 | 504 | ||||||
Other securities | 12,976 | |||||||
13,480 | ||||||||
Maryland 0.90% | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-B, AMT, 3.25% 2044 | 3,045 | 3,228 | ||||||
Other securities | 3,565 | |||||||
6,793 | ||||||||
Massachusetts 4.10% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-3, 0.56% 2038 (put 2018)1 | 6,040 | 6,028 | ||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2021 | 3,000 | 3,391 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 167, 4.00% 2043 | 920 | 979 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 169, 4.00% 2044 | 935 | 1,015 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 172, 4.00% 2045 | 1,515 | 1,636 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 160, AMT, 3.75% 2034 | 530 | 534 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 162, 2.75% 2041 | 575 | 590 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 165, 2.65% 2041 | 1,840 | 1,878 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044 | 960 | 1,044 | ||||||
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039 | 3,585 | 3,862 | ||||||
Other securities | 10,125 | |||||||
31,082 |
12 | American Funds Tax-Exempt Funds |
American Funds Short-Term Tax-Exempt Bond Fund
Principal amount (000) | Value (000) | |||||||
Minnesota 1.80% | ||||||||
Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program), Series 2011-G, 4.25% 2035 | $ | 725 | $ | 759 | ||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046 | 1,000 | 1,065 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 | 990 | 1,032 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031 | 790 | 809 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038 | 1,330 | 1,423 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045 | 5,005 | 5,387 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-A, AMT, 4.00% 2041 | 970 | 1,052 | ||||||
Other securities | 2,099 | |||||||
13,626 | ||||||||
Missouri 1.54% | ||||||||
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-B, AMT, Assured Guaranty Municipal insured, 5.00% 2016 | 5,000 | 5,096 | ||||||
Other securities | 6,617 | |||||||
11,713 | ||||||||
Nebraska 2.08% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2016 | 2,000 | 2,029 | ||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2017 | 1,045 | 1,100 | ||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 4,200 | 4,781 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-A, 2.50% 2034 | 775 | 784 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-E, 3.00% 2043 | 1,570 | 1,615 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 3.00% 2044 | 2,315 | 2,373 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 | 920 | 991 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2015-C, 3.50% 2045 | 2,000 | 2,136 | ||||||
15,809 | ||||||||
New Jersey 3.76% | ||||||||
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019 | 4,000 | 4,316 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 4.00% 2017 | 3,500 | 3,658 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00% 2018 | 2,000 | 2,179 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 4.00% 2017 | 1,750 | 1,831 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2016 | 1,000 | 1,035 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2018 | 2,250 | 2,458 | ||||||
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.63% 2023 (put 2017)1 | 4,000 | 3,998 | ||||||
Other securities | 9,050 | |||||||
28,525 | ||||||||
New York 9.72% | ||||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2015-B-A, 5.00% 2017 | 3,000 | 3,143 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2016 | 1,000 | 1,037 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2019 | 750 | 833 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020 | 2,000 | 2,355 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 0.59% 2039 (put 2020)1 | 6,250 | 6,172 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, 3.50% 2034 | 3,480 | 3,657 | ||||||
City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.56% 20251 | 6,000 | 6,000 | ||||||
City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 | 1,000 | 1,067 | ||||||
City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2018 | 1,000 | 1,104 | ||||||
City of New York, G.O. Bonds, Fiscal 2014 Series A-6, 0.51% 20311 | 2,500 | 2,491 | ||||||
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2020 | 1,500 | 1,757 |
American Funds Tax-Exempt Funds | 13 |
American Funds Short-Term Tax-Exempt Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York (continued) | ||||||||
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2017 | $ | 3,000 | $ | 3,136 | ||||
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019 | 4,700 | 5,306 | ||||||
Other securities | 35,664 | |||||||
73,722 | ||||||||
Ohio 1.48% | ||||||||
Solid Waste Disposal Rev. Bonds (Waste Management Inc. Project), Series 2002, AMT, 1.70% 2022 (put 2018) | 2,500 | 2,511 | ||||||
Other securities | 8,751 | |||||||
11,262 | ||||||||
Oregon 1.38% | ||||||||
G.O. Bonds (Veterans’ Welfare Bonds Series 94), Series 2014-H, 4.00% 2044 | 3,270 | 3,567 | ||||||
Other securities | 6,923 | |||||||
10,490 | ||||||||
Pennsylvania 2.07% | ||||||||
Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2021 | 4,000 | 4,316 | ||||||
Other securities | 11,386 | |||||||
15,702 | ||||||||
Rhode Island 1.07% | ||||||||
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033 | 3,620 | 3,891 | ||||||
Other securities | 4,249 | |||||||
8,140 | ||||||||
South Carolina 0.68% | ||||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-A, 4.00% 2020 | 2,945 | 3,335 | ||||||
Other securities | 1,808 | |||||||
5,143 | ||||||||
Tennessee 2.06% | ||||||||
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037 | 965 | 1,028 | ||||||
Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038 | 705 | 748 | ||||||
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031 | 1,700 | 1,815 | ||||||
Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038 | 810 | 861 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, 4.00% 2046 | 500 | 548 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038 | 1,500 | 1,559 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 | 815 | 875 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-1-A, AMT, 4.00% 2039 | 1,875 | 1,991 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045 | 1,545 | 1,659 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045 | 1,175 | 1,270 | ||||||
Other securities | 3,245 | |||||||
15,599 | ||||||||
Texas 8.72% | ||||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bond Anticipation Notes, Series 2014-A, 3.00% 2016 | 8,150 | 8,318 | ||||||
City of Houston, Public Improvement Ref. Bonds, Series 2011-A, 5.00% 2016 | 7,700 | 7,734 | ||||||
Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds, Series 2013-B, 2.00% 2037 (put 2016) | 3,400 | 3,418 | ||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 2.50% 2020 (put 2013) | 2,000 | 2,050 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, 5.00% 2018 | 2,000 | 2,172 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2016) | 1,160 | 1,174 |
14 | American Funds Tax-Exempt Funds |
American Funds Short-Term Tax-Exempt Bond Fund
Principal amount (000) | Value (000) | |||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 0.40% 2033 (put 2018)1 | $ | 4,500 | $ | 4,480 | ||||
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, 0.39% 2041 (put 2018)1 | 6,500 | 6,447 | ||||||
Other securities | 30,403 | |||||||
66,196 | ||||||||
Virginia 0.59% | ||||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2013-A, 5.00% 2020 | 3,000 | 3,484 | ||||||
Other securities | 1,028 | |||||||
4,512 | ||||||||
Washington 3.41% | ||||||||
Econ. Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, 2.125% 20202 | 2,500 | 2,543 | ||||||
Energy Northwest, Electric Rev. Ref. Bonds (Project No. 1), Series 2012-A, 5.00% 2017 | 5,000 | 5,319 | ||||||
Other securities | 18,045 | |||||||
25,907 | ||||||||
Other states & U.S. territories 16.83% | ||||||||
Other securities | 127,661 | |||||||
Total bonds, notes & other debt instruments (cost: $678,537,000) | 685,047 | |||||||
Short-term securities 9.84% | ||||||||
State of California, Various Purpose G.O. Bonds, 0.04% 4/7/2016 | 3,000 | 3,000 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.75% 6/28/2016 | 15,000 | 15,096 | ||||||
District of Columbia, Tax and Rev. Anticipation Notes, Series 2015, 1.50% 9/30/2016 | 5,000 | 5,038 | ||||||
State of Kentucky, Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System Bonds, Series 2015, 5.00% 11/22/2016 | 5,000 | 5,177 | ||||||
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 2,800 | 2,805 | ||||||
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 2,200 | 2,204 | ||||||
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-A, 0.01% 20261 | 2,200 | 2,200 | ||||||
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2010-B, 0.03% 3/10/2016 | 1,000 | 1,000 | ||||||
State of Massachusetts, School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2015-C, 5.00% 8/15/2016 | 4,000 | 4,104 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 0.01% 20351 | 2,500 | 2,500 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 0.01% 20351 | 800 | 800 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.01% 20351 | 3,300 | 3,300 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-A, 0.01% 20351 | 2,000 | 2,000 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1, 1.00% 8/1/2016 | 3,000 | 3,010 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1-G, 1.00% 8/1/2016 | 12,000 | 12,037 | ||||||
Other securities | 10,385 | |||||||
Total short-term securities (cost: $74,647,000) | 74,656 | |||||||
Total investment securities 100.14% (cost: $753,184,000) | 759,703 | |||||||
Other assets less liabilities (0.14)% | (1,042 | ) | ||||||
Net assets 100.00% | $ | 758,661 |
American Funds Tax-Exempt Funds | 15 |
American Funds Short-Term Tax-Exempt Bond Fund
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | 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. |
2 | Acquired in a transaction exempt from registration under Rule 144A of 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 $2,543,000, which represented .34% of the net assets of the fund. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
See Notes to Financial Statements
16 | American Funds Tax-Exempt Funds |
Limited Term Tax-Exempt Bond Fund of America | unaudited |
Summary investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 91.86% | Principal amount (000) | Value (000) | ||||||
California 12.54% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 0.91% 2045 (put 2023)1 | $ | 20,500 | $ | 20,386 | ||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-C-1, 0.91% 2047 (put 2023)1 | 3,500 | 3,480 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2007-E-3, 0.71% 2047 (put 2019)1 | 1,000 | 999 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 0.61% 2034 (put 2020)1 | 2,500 | 2,481 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-H, 0.71% 2034 (put 2021)1 | 10,480 | 10,405 | ||||||
Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2020 | 9,000 | 10,269 | ||||||
Various Purpose G.O. Bonds, 5.00% 2026 | 3,000 | 3,798 | ||||||
G.O. Bonds, Series 2012-A, 0.46% 2033 (put 2018)1 | 5,000 | 4,979 | ||||||
G.O. Bonds, Series 2013-C, 0.56% 2028 (put 2016)1 | 5,000 | 5,001 | ||||||
Various Purpose G.O. Bonds, 3.00% 2016 | 18,000 | 18,250 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2021 | 5,000 | 6,038 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2023 | 6,500 | 8,116 | ||||||
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2021 | 7,750 | 9,170 | ||||||
Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017 | 8,500 | 9,008 | ||||||
Other securities | 311,294 | |||||||
423,674 | ||||||||
Connecticut 0.95% | ||||||||
Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019 | 8,550 | 9,589 | ||||||
Other securities | 22,448 | |||||||
32,037 | ||||||||
District of Columbia 0.98% | ||||||||
University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018) | 8,500 | 9,135 | ||||||
Other securities | 24,017 | |||||||
33,152 |
American Funds Tax-Exempt Funds | 17 |
Limited Term Tax-Exempt Bond Fund of America
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Florida 8.71% | ||||||||
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017 | $ | 10,035 | $ | 10,683 | ||||
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022 | 10,200 | 12,255 | ||||||
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021 | 11,600 | 13,766 | ||||||
Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc. Project), Series 2007-B, AMBAC insured, 5.35% 2042 (put 2018) | 10,370 | 11,307 | ||||||
Other securities | 246,231 | |||||||
294,242 | ||||||||
Georgia 2.75% | ||||||||
DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 5.25% 2020 | 8,750 | 9,920 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds, Series 2014-B, 0.29% 2025 (put 2017)1 | 9,000 | 8,999 | ||||||
Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 | 16,000 | 17,919 | ||||||
Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018 | 10,930 | 12,089 | ||||||
Other securities | 44,023 | |||||||
92,950 | ||||||||
Hawaii 0.75% | ||||||||
Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018 | 9,900 | 10,840 | ||||||
Other securities | 14,551 | |||||||
25,391 | ||||||||
Illinois 6.99% | ||||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2017 | 1,500 | 1,561 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2019 | 2,785 | 3,093 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024 | 2,000 | 2,314 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022 | 3,055 | 3,591 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.00% 2019 | 2,000 | 2,155 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2025 | 6,170 | 7,065 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021 | 10,000 | 11,567 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023 | 5,000 | 5,933 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-B, 5.00% 2023 | 1,500 | 1,813 | ||||||
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2018 | 2,000 | 2,146 | ||||||
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2019 | 2,000 | 2,211 | ||||||
City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022 | 3,000 | 3,526 | ||||||
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.01% 2050 (put 2025)1 | 10,500 | 10,446 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 | 12,425 | 14,717 | ||||||
Other securities | 164,157 | |||||||
236,295 |
18 | American Funds Tax-Exempt Funds |
Limited Term Tax-Exempt Bond Fund of America
Principal amount (000) | Value (000) | |||||||
Indiana 3.38% | ||||||||
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-B, AMT, 5.00% 2019 | $ | 10,440 | $ | 10,829 | ||||
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 20,545 | 21,380 | ||||||
Other securities | 81,930 | |||||||
114,139 | ||||||||
Kentucky 1.12% | ||||||||
Public Transportation Infrastructure Auth., Toll Rev. Bond Anticipation Notes (Downtown Crossing Project), Series 2013-A, 5.00% 2017 | 8,625 | 9,067 | ||||||
Other securities | 28,694 | |||||||
37,761 | ||||||||
Maryland 0.77% | ||||||||
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2020 | 8,150 | 9,312 | ||||||
Other securities | 16,725 | |||||||
26,037 | ||||||||
Michigan 4.69% | ||||||||
Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2007, AMT, FGIC-National insured, 5.00% 2018 | 1,000 | 1,071 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2008-A, AMT, Assured Guaranty insured, 5.25% 2018 | 890 | 945 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2017 | 1,615 | 1,717 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2010-A, AMT, 5.00% 2018 | 3,590 | 3,922 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2019 | 1,000 | 1,119 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020 | 10,000 | 11,387 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2021 | 8,240 | 9,522 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-B, 5.00% 2019 | 1,000 | 1,138 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2019 | 3,560 | 3,982 | ||||||
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2025 | 1,500 | 1,773 | ||||||
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2026 | 1,000 | 1,170 | ||||||
Other securities | 120,705 | |||||||
158,451 | ||||||||
Nebraska 0.98% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 8,800 | 10,018 | ||||||
Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2015-C, 3.50% 2045 | 9,000 | 9,612 | ||||||
Other securities | 13,345 | |||||||
32,975 | ||||||||
Nevada 2.05% | ||||||||
Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2020 | 12,320 | 14,385 | ||||||
Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2019 | 7,760 | 8,796 | ||||||
Other securities | 45,950 | |||||||
69,131 | ||||||||
New Jersey 2.58% | ||||||||
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.69% 2024 (put 2018)1 | 11,500 | 11,469 | ||||||
Other securities | 75,569 | |||||||
87,038 |
American Funds Tax-Exempt Funds | 19 |
Limited Term Tax-Exempt Bond Fund of America
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York 9.37% | ||||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2020 | $ | 5,500 | $ | 6,541 | ||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-B-2, 5.00% 2016 | 1,000 | 1,037 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 | 5,370 | 5,741 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A2, 0.28% 2041 (put 2016)1 | 1,000 | 998 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020 | 3,250 | 3,828 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2021 | 3,470 | 3,990 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024 | 5,000 | 6,270 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2016 | 2,000 | 2,073 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2027 | 3,150 | 3,869 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 0.59% 2039 (put 2020)1 | 11,250 | 11,109 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-G-1H, 1.136% 2026 (put 2016)1 | 2,650 | 2,653 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018 | 1,105 | 1,231 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020 | 7,000 | 8,244 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2021 | 1,000 | 1,205 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 | 3,000 | 3,598 | ||||||
City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.56% 20251 | 8,825 | 8,825 | ||||||
City of New York, G.O. Bonds, Fiscal 2009 Series H-1, 5.00% 2016 | 2,000 | 2,009 | ||||||
City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 | 5,000 | 5,335 | ||||||
City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2020 | 5,000 | 5,858 | ||||||
City of New York, G.O. Bonds, Series 2013-E, 5.25% 2022 | 5,000 | 6,201 | ||||||
City of New York, G.O. Bonds, Series 2014-A, 5.00% 2025 | 3,000 | 3,780 | ||||||
City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023 | 1,500 | 1,866 | ||||||
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028 | 1,000 | 1,225 | ||||||
Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2017 | 10,000 | 10,531 | ||||||
Other securities | 208,524 | |||||||
316,541 | ||||||||
South Carolina 0.87% | ||||||||
Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018 | 8,000 | 8,922 | ||||||
Other securities | 20,445 | |||||||
29,367 | ||||||||
Texas 7.54% | ||||||||
Harris County, Toll Road Rev. Bonds, Series 2012-B, 0.71% 2021 (put 2018)1 | 13,500 | 13,500 | ||||||
City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019 | 10,000 | 11,263 | ||||||
Other securities | 230,149 | |||||||
254,912 | ||||||||
Washington 2.85% | ||||||||
Central Puget Sound Regional Transit Auth., Sales Tax Bonds, Series 2015-S-2A, 0.71% 2045 (put 2018)1 | 10,500 | 10,512 | ||||||
Other securities | 85,851 | |||||||
96,363 |
20 | American Funds Tax-Exempt Funds |
Limited Term Tax-Exempt Bond Fund of America
Principal amount (000) | Value (000) | |||||||
Wisconsin 1.45% | ||||||||
Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2021 | $ | 7,765 | $ | 9,141 | ||||
Other securities | 39,903 | |||||||
49,044 | ||||||||
Other states & U.S. territories 20.54% | ||||||||
Other securities | 694,070 | |||||||
Total bonds, notes & other debt instruments (cost: $2,967,088,000) | 3,103,570 | |||||||
Short-term securities 7.58% | ||||||||
State of California, Various Purpose G.O. Bonds, 0.04% 4/7/2016 | 3,000 | 3,000 | ||||||
State of California, County of Ventura, Tax and Rev. Anticipation Notes 2.00% 7/1/2016 | 24,585 | 24,762 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.75% 6/28/2016 | 25,000 | 25,159 | ||||||
District of Columbia, Tax and Rev. Anticipation Notes, Series 2015, 1.50% 9/30/2016 | 15,000 | 15,113 | ||||||
State of Idaho, Tax Anticipation Notes, Series 2015, 2.00% 6/30/2016 | 15,000 | 15,111 | ||||||
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 5,600 | 5,611 | ||||||
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 4,400 | 4,409 | ||||||
State of Maryland, Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (University of Maryland Medical System Issue), Series 2008-D, TD Bank LOC, 0.01% 20411 | 11,970 | 11,970 | ||||||
State of Maryland, Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2007-A, Wachovia LOC, 0.01% 20341 | 2,000 | 2,000 | ||||||
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-A, 0.01% 20261 | 10,250 | 10,250 | ||||||
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-B, 0.01% 20261 | 2,505 | 2,505 | ||||||
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2010-B, 0.03% 3/10/2016 | 1,100 | 1,100 | ||||||
State of Massachusetts, School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2015-C, 5.00% 8/15/2016 | 20,000 | 20,522 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-A-4, 0.50% 3/1/2016 | 10,000 | 10,003 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1, 1.00% 8/1/2016 | 5,000 | 5,016 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1-G, 1.00% 8/1/2016 | 20,000 | 20,061 | ||||||
State of New York, City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.01% 20201 | 3,100 | 3,100 | ||||||
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2015-A, 2.00% 9/15/2016 | 22,000 | 22,226 | ||||||
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, 2.00% 6/30/2016 | 10,000 | 10,074 | ||||||
Other securities | 44,281 | |||||||
Total short-term securities (cost: $256,250,000) | 256,273 | |||||||
Total investment securities 99.44% (cost: $3,223,338,000) | 3,359,843 | |||||||
Other assets less liabilities 0.56% | 18,817 | |||||||
Net assets 100.00% | $ | 3,378,660 |
American Funds Tax-Exempt Funds | 21 |
Limited Term Tax-Exempt Bond Fund of America
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregate value of $13,578,000, which represented .40% of the net assets of the fund) were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.
1 | 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 |
LOC = Letter of Credit |
Preref. = Prerefunded |
Redev. = Redevelopment |
Ref. = Refunding |
Rev. = Revenue |
TECP = Tax-Exempt Commercial Paper |
See Notes to Financial Statements
22 | American Funds Tax-Exempt Funds |
The Tax-Exempt Bond Fund of America | unaudited |
Summary investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 90.90% | Principal amount (000) | Value (000) | ||||||
Alabama 0.89% | ||||||||
Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044 | $ | 19,840 | $ | 21,876 | ||||
Other securities | 81,262 | |||||||
103,138 | ||||||||
Arizona 2.39% | ||||||||
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 1.00% 20371 | 22,200 | 20,266 | ||||||
Other securities | 255,571 | |||||||
275,837 | ||||||||
California 11.44% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.12% 2045 (put 2024)1 | 25,850 | 25,858 | ||||||
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 | 24,000 | 28,302 | ||||||
G.O. Bonds, Series 2012-A, 0.46% 2033 (put 2018)1 | 6,000 | 5,975 | ||||||
Various Purpose G.O. Bonds, 3.00% 2016 | 33,000 | 33,458 | ||||||
Various Purpose G.O. Bonds, 3.00% 2016 | 375 | 383 | ||||||
Various Purpose G.O. Bonds, 5.00% 2029 | 2,500 | 3,086 | ||||||
Various Purpose G.O. Bonds, 5.25% 2018 | 5,000 | 5,458 | ||||||
Various Purpose G.O. Bonds, 5.25% 2028 | 10,185 | 12,213 | ||||||
Various Purpose G.O. Bonds, 5.25% 2028 | 3,000 | 3,606 | ||||||
Various Purpose G.O. Bonds, 5.25% 2031 | 4,000 | 4,998 | ||||||
Various Purpose G.O. Bonds, 5.25% 2032 | 10,000 | 12,419 | ||||||
Various Purpose G.O. Bonds, 6.00% 2038 | 8,000 | 9,240 | ||||||
Various Purpose G.O. Bonds, 6.00% 2039 | 10,000 | 11,814 | ||||||
Various Purpose G.O. Bonds, 6.50% 2033 | 7,000 | 8,223 | ||||||
Various Purpose G.O. Bonds, Series 2015-C, 5.00% 2030 | 2,500 | 3,067 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2016 | 4,000 | 4,126 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2032 | 4,000 | 4,706 | ||||||
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 19,850 | 24,439 | ||||||
Turlock Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.50% 2041 | 17,990 | 20,790 | ||||||
Other securities | 1,100,039 | |||||||
1,322,200 |
American Funds Tax-Exempt Funds | 23 |
The Tax-Exempt Bond Fund of America
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Colorado 2.45% | ||||||||
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042 | $ | 26,265 | $ | 28,339 | ||||
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 | 23,765 | 26,829 | ||||||
Other securities | 228,500 | |||||||
283,668 | ||||||||
Florida 7.88% | ||||||||
Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 | 20,000 | 21,420 | ||||||
Miami Beach Redev. Agcy., Tax Increment Rev. Ref. Bonds (City Center/Historic Convention Village), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2040 | 18,000 | 20,354 | ||||||
Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035 | 27,350 | 31,814 | ||||||
Other securities | 836,709 | |||||||
910,297 | ||||||||
Georgia 3.31% | ||||||||
City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2022 | 20,500 | 25,170 | ||||||
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2008-E, 7.00% 2023 | 19,670 | 21,815 | ||||||
Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 | 23,000 | 25,759 | ||||||
Other securities | 309,286 | |||||||
382,030 | ||||||||
Illinois 8.76% | ||||||||
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045 | 21,890 | 24,621 | ||||||
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 19,000 | 23,014 | ||||||
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043 | 27,500 | 31,948 | ||||||
Housing Dev. Auth., Multifamily Housing Rev. Notes (Marshall Field Garden Apartment Homes), 1.01% 2050 (put 2025)1 | 25,800 | 25,667 | ||||||
State Toll Highway Auth., Toll Highway Priority Rev. Bonds, Series 2006-A-1, Assured Guaranty Municipal insured, 5.00% 2024 (preref. 2016) | 5,000 | 5,100 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2008-B, 5.50% 2033 | 18,210 | 19,874 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2027 | 1,305 | 1,530 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2028 | 1,000 | 1,167 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2029 | 3,000 | 3,486 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2030 | 7,100 | 8,188 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2032 | 1,000 | 1,143 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2033 | 2,200 | 2,510 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038 | 34,430 | 38,705 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2038 | 2,500 | 2,846 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2039 | 3,000 | 3,404 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2036 | 2,000 | 2,350 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2037 | 1,500 | 1,756 | ||||||
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2040 | 6,500 | 7,512 | ||||||
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 4.50% 2027 | 6,000 | 6,596 | ||||||
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2025 | 10,000 | 11,353 | ||||||
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028 | 10,000 | 11,292 | ||||||
State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2031 | 4,000 | 4,478 | ||||||
Other securities | 774,016 | |||||||
1,012,556 | ||||||||
Indiana 2.11% | ||||||||
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 2051 | 18,600 | 20,944 | ||||||
Other securities | 222,886 | |||||||
243,830 |
24 | American Funds Tax-Exempt Funds |
The Tax-Exempt Bond Fund of America
Principal amount | Value | |||||||
(000) | (000) | |||||||
Kentucky 0.54% | ||||||||
Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series 2013-A, 6.00% 2053 | $ | 18,020 | $ | 20,863 | ||||
Other securities | 41,129 | |||||||
61,992 | ||||||||
Louisiana 2.12% | ||||||||
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 24,560 | 26,579 | ||||||
Other securities | 218,219 | |||||||
244,798 | ||||||||
Massachusetts 2.33% | ||||||||
G.O. Bonds, Consolidated Loan of 2008, Series A, 5.00% 2033 | 8,070 | 8,826 | ||||||
G.O. Ref. Bonds, Series 2013-B, 5.00% 2023 | 1,000 | 1,246 | ||||||
Other securities | 258,592 | |||||||
268,664 | ||||||||
Michigan 4.00% | ||||||||
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series 2005-A, Assured Guaranty Municipal insured, 5.25% 2032 | 20,000 | 24,421 | ||||||
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048 | 48,005 | 43,808 | ||||||
Other securities | 394,116 | |||||||
462,345 | ||||||||
Nevada 1.66% | ||||||||
Clark County, Airport System Rev. Bonds, Series 2010-B, 5.125% 2036 | 18,000 | 20,162 | ||||||
Other securities | 171,287 | |||||||
191,449 | ||||||||
New Hampshire 0.38% | ||||||||
Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 | 18,115 | 20,172 | ||||||
Other securities | 23,447 | |||||||
43,619 | ||||||||
New Jersey 2.28% | ||||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 | 54,850 | 46,115 | ||||||
Other securities | 216,835 | |||||||
262,950 | ||||||||
New York 6.53% | ||||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 | 21,000 | 23,754 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured, 5.25% 2021 | 5,000 | 6,097 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2005-C, 5.00% 2016 | 1,000 | 1,037 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-B-2, 5.00% 2016 | 3,000 | 3,110 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 | 4,100 | 4,383 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2036 | 6,000 | 7,028 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044 | 13,000 | 14,775 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2040 | 8,000 | 9,268 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-1, 5.00% 2045 | 20,000 | 23,012 |
American Funds Tax-Exempt Funds | 25 |
The Tax-Exempt Bond Fund of America
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 0.59% 2039 (put 2020)1 | $ | 13,000 | $ | 12,838 | ||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035 | 6,000 | 7,118 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023 | 5,000 | 5,968 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2024 | 8,000 | 9,814 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2029 | 7,000 | 8,407 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2032 | 3,105 | 3,701 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2030 | 10,000 | 11,949 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 | 3,000 | 3,598 | ||||||
Other securities | 599,231 | |||||||
755,088 | ||||||||
Ohio 3.62% | ||||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Convertible Capital Appreciation Bonds, Series 2007-A-3, 6.25% 2037 | 5,000 | 4,652 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 19,990 | 18,030 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2047 | 65,260 | 57,811 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50% 2047 | 48,625 | 46,370 | ||||||
Other securities | 291,176 | |||||||
418,039 | ||||||||
South Carolina 1.35% | ||||||||
Building Equity Sooner for Tomorrow (BEST), Installment Purchase Rev. Ref. Bonds (School Dist. of Greenville County, South Carolina Project), Series 2006, 5.00% 2023 | 19,845 | 20,597 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2008-A, 5.50% 2038 | 18,410 | 20,884 | ||||||
Other securities | 114,973 | |||||||
156,454 | ||||||||
Texas 8.84% | ||||||||
Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2032 | 20,500 | 22,055 | ||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053 | 32,800 | 36,548 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018 | 1,000 | 1,089 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 | 8,210 | 8,856 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 (preref 2018) | 6,890 | 7,535 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 | 465 | 507 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 (preref. 2018) | 3,295 | 3,627 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2023 | 1,545 | 1,685 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2023 (preref. 2018) | 11,025 | 12,135 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2025 | 615 | 675 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2025 (preref. 2018) | 4,385 | 4,827 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2012-B, 5.25% 2052 | 8,435 | 9,526 |
26 | American Funds Tax-Exempt Funds |
The Tax-Exempt Bond Fund of America
Principal amount | Value | |||||||
(000) | (000) | |||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2014-C, 0.68% 2038 (put 2020)1 | $ | 7,500 | $ | 7,378 | ||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2015-B, 5.00% 2040 | 7,200 | 8,185 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 | 11,000 | 12,055 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 8,500 | 9,315 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 | 16,000 | 18,278 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.10% 2028 | 5,000 | 5,733 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.25% 2039 | 5,000 | 5,669 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 | 1,500 | 1,792 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2038 | 5,000 | 5,938 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, 0.82% 2050 (put 2019)1 | 3,600 | 3,572 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2038 | 8,000 | 8,850 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) | 8,600 | 8,740 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2022 | 1,000 | 1,199 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2032 | 7,500 | 8,814 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2034 | 4,500 | 5,250 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2035 | 4,000 | 4,646 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2038 | 1,500 | 1,719 | ||||||
Other securities | 795,689 | |||||||
1,021,887 | ||||||||
Virginia 0.41% | ||||||||
Various Purpose G.O. Bonds, Series 2014-A, 4.00% 2016 | 1,000 | 1,013 | ||||||
Other securities | 45,801 | |||||||
46,814 | ||||||||
Washington 3.39% | ||||||||
Health Care Facs. Auth. Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, 1.01% 2035 (put 2021)1 | 59,750 | 59,380 | ||||||
Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 22,000 | 23,504 | ||||||
Other securities | 309,006 | |||||||
391,890 | ||||||||
Wisconsin 1.64% | ||||||||
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 | 52,960 | 61,274 | ||||||
Other securities | 128,151 | |||||||
189,425 | ||||||||
Other states & U.S. territories 12.58% | ||||||||
Other securities | 1,454,258 | |||||||
Total bonds, notes & other debt instruments (cost: $9,791,660,000) | 10,503,228 | |||||||
Short-term securities 8.16% | ||||||||
State of California, Various Purpose G.O. Bonds, 0.04% 4/7/2016 | 4,000 | 4,000 | ||||||
State of California, County of Los Angeles, Tax and Rev. Anticipation Notes, 5.00% 6/30/2016 | 25,000 | 25,490 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.50% 6/28/2016 | 13,000 | 13,066 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.75% 6/28/2016 | 60,000 | 60,382 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 2.00% 6/28/2016 | 10,000 | 10,073 | ||||||
District of Columbia, Tax and Rev. Anticipation Notes, Series 2015, 1.50% 9/30/2016 | 25,000 | 25,189 | ||||||
State of Georgia, Dev. Auth. Pollution Control Rev. Bonds (Oglethorpe Power Corp. Project) Series 2009-B, 0.01% 20361 | 27,030 | 27,030 |
American Funds Tax-Exempt Funds | 27 |
The Tax-Exempt Bond Fund of America
Short-term securities (continued) | Principal amount (000) | Value (000) | ||||||
State of Idaho, Tax Anticipation Notes, Series 2015, 2.00% 6/30/2016 | $ | 42,250 | $ | 42,563 | ||||
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-B, 2.00% 5/25/2016 | 80,000 | 80,453 | ||||||
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-C, 2.00% 6/22/2016 | 54,000 | 54,373 | ||||||
State of Massachusetts, School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2015-C, 5.00% 8/15/2016 | 21,705 | 22,271 | ||||||
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2015-A-4, 0.75% 6/1/2016 | 25,000 | 25,044 | ||||||
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2015-A-7, 0.75% 6/1/2016 | 20,000 | 20,036 | ||||||
State of New York, Metropolitan Transportation Auth., Dedicated Tax Fund Bond Anticipation Notes, Series 2015-A-8, 0.75% 6/1/2016 | 15,000 | 15,026 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-A-4, 0.50% 3/1/2016 | 50,000 | 50,015 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1, 1.00% 8/1/2016 | 10,000 | 10,033 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1-G, 1.00% 8/1/2016 | 48,000 | 48,146 | ||||||
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2015-A, 2.00% 9/15/2016 | 98,000 | 99,008 | ||||||
State of Texas, Harris County, Tax Anticipation Notes, 1.50% 2/29/2016 | 25,000 | 25,029 | ||||||
Other securities | 285,673 | |||||||
Total short-term securities (cost: $942,899,000) | 942,900 | |||||||
Total investment securities 99.06% (cost: $10,734,559,000) | 11,446,128 | |||||||
Other assets less liabilities 0.94% | 109,081 | |||||||
Net assets 100.00% | $ | 11,555,209 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. A security within “Other securities” (with a value of $206,090,000, which represented 1.78% of the net assets of the fund) was acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.
1 | 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
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
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
See Notes to Financial Statements
28 | American Funds Tax-Exempt Funds |
American High-Income Municipal Bond Fund | unaudited |
Summary investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 93.09% | Principal amount (000) | Value (000) | ||||||
Arizona 2.11% | ||||||||
Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2007, AMT, 6.55% 2037 | $ | 16,590 | $ | 16,893 | ||||
Other securities | 71,088 | |||||||
87,981 | ||||||||
California 10.52% | ||||||||
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 | 9,750 | 10,699 | ||||||
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 13,040 | 16,055 | ||||||
Other securities | 410,830 | |||||||
437,584 | ||||||||
Colorado 4.27% | ||||||||
Promenade at Castle Rock Metropolitan District No. 1, G.O. Bonds (In the Town of Castle Rock), Series 2015-A, 5.75% 2039 | 10,300 | 10,691 | ||||||
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 | 18,712 | ||||||
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 | 3,047 | ||||||
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043 | 11,100 | 13,372 | ||||||
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 | 14,800 | 16,708 | ||||||
Other securities | 115,336 | |||||||
177,866 | ||||||||
Florida 6.57% | ||||||||
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033 | 11,930 | 13,739 | ||||||
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 | 13,950 | ||||||
Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 | 9,935 | 11,251 | ||||||
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2055 | 11,200 | 12,240 | ||||||
Other securities | 222,137 | |||||||
273,317 |
American Funds Tax-Exempt Funds | 29 |
American High-Income Municipal Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Illinois 7.68% | ||||||||
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2031 | $ | 9,500 | $ | 10,809 | ||||
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041 | 13,000 | 14,245 | ||||||
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 12,800 | 15,504 | ||||||
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043 | 11,500 | 13,360 | ||||||
Fin. Auth., Student Hosuing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047 | 11,000 | 11,402 | ||||||
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048 | 11,020 | 15,249 | ||||||
Other securities | 238,946 | |||||||
319,515 | ||||||||
Iowa 1.42% | ||||||||
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025 | 28,900 | 31,643 | ||||||
Other securities | 27,541 | |||||||
59,184 | ||||||||
Louisiana 1.81% | ||||||||
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2040 | 10,000 | 11,116 | ||||||
Other securities | 64,061 | |||||||
75,177 | ||||||||
Massachusetts 1.85% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046 | 12,212 | 11,838 | ||||||
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 | 11,175 | 13,239 | ||||||
Other securities | 51,788 | |||||||
76,865 | ||||||||
Michigan 4.75% | ||||||||
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048 | 47,070 | 42,955 | ||||||
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.875% 2042 | 5,440 | 5,574 | ||||||
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028 | 12,000 | 13,543 | ||||||
Other securities | 135,714 | |||||||
197,786 | ||||||||
New Jersey 4.86% | ||||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023 | 4,500 | 5,006 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029 | 18,500 | 20,369 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030 | 1,750 | 1,990 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033 | 3,500 | 3,919 | ||||||
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027 | 4,500 | 5,015 | ||||||
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039 | 12,650 | 13,889 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 | 63,620 | 53,488 | ||||||
Other securities | 98,720 | |||||||
202,396 |
30 | American Funds Tax-Exempt Funds |
American High-Income Municipal Bond Fund
Principal amount (000) | Value (000) | |||||||
New York 4.25% | ||||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 | $ | 13,360 | $ | 15,112 | ||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), AMT, 2.00% 2028 | 4,600 | 4,610 | ||||||
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 | 15,200 | 15,843 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 7.75% 2031 | 3,130 | 3,264 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 8.00% 2028 | 2,000 | 2,088 | ||||||
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048 | 10,250 | 11,031 | ||||||
Other securities | 124,875 | |||||||
176,823 | ||||||||
Ohio 5.49% | ||||||||
Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 | 1,500 | 1,686 | ||||||
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), Series 2009-C, 5.625% 2018 | 8,580 | 9,216 | ||||||
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2008-B, 3.95% 2032 (put 2020) | 2,500 | 2,594 | ||||||
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-A, 3.75% 2023 (put 2018) | 1,275 | 1,312 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 2,350 | 2,120 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2047 | 82,155 | 72,778 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50% 2047 | 22,075 | 21,051 | ||||||
County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System Obligated Group Project), Series 2012-A, 8.00% 2042 | 10,870 | 12,652 | ||||||
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2005-B, 4.00% 2034 (put 2021) | 8,000 | 8,316 | ||||||
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 3.625% 2033 (put 2020) | 2,250 | 2,318 | ||||||
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-C, AMT, 3.95% 2032 (put 2020) | 3,000 | 3,113 | ||||||
Water Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 4.00% 2033 (put 2019) | 2,000 | 2,080 | ||||||
Other securities | 89,353 | |||||||
228,589 | ||||||||
Oklahoma 0.90% | ||||||||
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035 | 15,875 | 17,397 | ||||||
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2013-B, AMT, 5.50% 2035 | 120 | 131 | ||||||
Trustees of the Tulsa Municipal Airport Trust, Series 2015, AMT, 5.00% 2035 (put 2025) | 5,000 | 5,608 | ||||||
Other securities | 14,198 | |||||||
37,334 |
American Funds Tax-Exempt Funds | 31 |
American High-Income Municipal Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Pennsylvania 5.05% | ||||||||
Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Project), Series 2005-A, 4.00% 2035 (put 2021) | $ | 8,700 | $ | 9,039 | ||||
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034 | 16,200 | 18,156 | ||||||
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2008, 5.875% 2038 | 11,400 | 11,945 | ||||||
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042 | 11,545 | 12,516 | ||||||
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2027 | 10,210 | 11,234 | ||||||
Other securities | 147,062 | |||||||
209,952 | ||||||||
Puerto Rico 3.26% | ||||||||
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 | 24,275 | 16,250 | ||||||
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036 | 11,085 | 11,386 | ||||||
Other securities | 108,018 | |||||||
135,654 | ||||||||
Texas 6.84% | ||||||||
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 | 13,545 | 14,877 | ||||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030 | 9,300 | 10,867 | ||||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038 | 3,000 | 3,483 | ||||||
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030 | 3,000 | 3,252 | ||||||
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-C, AMT, 5.00% 2020 | 11,000 | 12,066 | ||||||
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024 | 5,500 | 6,177 | ||||||
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029 | 5,850 | 6,387 | ||||||
Other securities | 227,675 | |||||||
284,784 | ||||||||
West Virginia 0.13% | ||||||||
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 | 5,236 | ||||||
Other states & U.S. territories 21.33% | ||||||||
Other securities | 887,958 | |||||||
Total bonds, notes & other debt instruments (cost: $3,643,368,000) | 3,874,001 | |||||||
Short-term securities 6.08% | ||||||||
State of California, County of Ventura, Tax and Rev. Anticipation Notes 2.00% 7/1/2016 | 15,000 | 15,108 | ||||||
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.75% 6/28/2016 | 20,000 | 20,127 | ||||||
District of Columbia, Tax and Rev. Anticipation Notes, Series 2015, 1.50% 9/30/2016 | 15,000 | 15,113 | ||||||
State of Idaho, Tax Anticipation Notes, Series 2015, 2.00% 6/30/2016 | 13,000 | 13,096 | ||||||
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-B, 2.00% 5/25/2016 | 13,000 | 13,074 | ||||||
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-C, 2.00% 6/22/2016 | 7,000 | 7,048 | ||||||
State of Massachusetts, School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2015-C, 5.00% 8/15/2016 | 15,000 | 15,391 |
32 | American Funds Tax-Exempt Funds |
American High-Income Municipal Bond Fund
Principal amount (000) | Value (000) | |||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1, 1.00% 8/1/2016 | $ | 5,000 | $ | 5,017 | ||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1-G, 1.00% 8/1/2016 | 20,000 | 20,061 | ||||||
State of Ohio, Ohio Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2008-B, 0.01% 20181 | 200 | 200 | ||||||
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2015-A, 2.00% 9/15/2016 | 23,000 | 23,236 | ||||||
Other securities | 105,479 | |||||||
Total short-term securities (cost: $252,945,000) | 252,950 | |||||||
Total investment securities 99.17% (cost: $3,896,313,000) | 4,126,951 | |||||||
Other assets less liabilities 0.83% | 34,378 | |||||||
Net assets 100.00% | $ | 4,161,329 |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregate value of $285,155,000, which represented 6.85% of the net assets of the fund) were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.
1 | 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 |
LOC = Letter of Credit |
Preref. = Prerefunded |
Redev. = Redevelopment |
Ref. = Refunding |
Rev. = Revenue |
TECP = Tax-Exempt Commercial Paper |
See Notes to Financial Statements
American Funds Tax-Exempt Funds | 33 |
The Tax-Exempt Fund of California | unaudited |
Summary investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 92.76% | Principal amount (000) | Value (000) | ||||||
California 90.02% | ||||||||
State issuers 38.00% | ||||||||
Educational Facs. Auth., Rev. Ref. Bonds (California Lutheran University), Series 2008, 5.75% 2038 | $ | 6,000 | $ | 6,629 | ||||
Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031 | 8,615 | 9,738 | ||||||
G.O. Bonds, Series 2012-A, 0.46% 2033 (put 2018)1 | 6,500 | 6,473 | ||||||
G.O. Bonds, Series 2013-E, 1.131% 20291 | 1,500 | 1,502 | ||||||
Various Purpose G.O. Bonds, 5.00% 2016 | 890 | 918 | ||||||
Various Purpose G.O. Bonds, 5.00% 2016 | 700 | 722 | ||||||
Various Purpose G.O. Bonds, 3.00% 2016 | 39,000 | 39,541 | ||||||
Various Purpose G.O. Bonds, 5.00% 2016 | 3,715 | 3,731 | ||||||
Various Purpose G.O. Bonds, 5.00% 2033 | 4,000 | 4,810 | ||||||
Various Purpose G.O. Bonds, 5.25% 2028 | 5,000 | 6,010 | ||||||
Various Purpose G.O. Bonds, 5.25% 2028 | 2,000 | 2,398 | ||||||
Various Purpose G.O. Bonds, 5.25% 2032 | 5,000 | 6,209 | ||||||
Various Purpose G.O. Bonds, 6.00% 2038 | 7,000 | 8,085 | ||||||
Various Purpose G.O. Bonds, 6.00% 2039 | 2,000 | 2,363 | ||||||
Various Purpose G.O. Bonds, 6.50% 2033 | 5,000 | 5,874 | ||||||
Various Purpose G.O. Ref. Bonds, 5.00% 2016 | 5,000 | 5,158 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2007-A-1, 5.125% 2047 | 5,000 | 4,471 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2032 | 3,250 | 3,875 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2033 | 4,000 | 4,755 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2015-A, 5.00% 2045 | 6,000 | 6,855 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-A-1, 5.75% 2047 | 26,225 | 25,223 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 | 8,000 | 9,407 | ||||||
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.00% 2033 | 9,390 | 10,462 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 20412 | 8,550 | 11,457 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), 5.00% 2032 | 3,000 | 3,457 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), 5.00% 2037 | 2,000 | 2,263 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Inland Regional Center Project), 5.00% 2045 | 4,000 | 4,447 | ||||||
Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025 | 6,000 | 6,804 | ||||||
Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012 Plant Bonds, AMT, 5.00% 20452 | 7,000 | 7,667 | ||||||
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2024 (preref. 2019) | 2,500 | 2,828 |
34 | American Funds Tax-Exempt Funds |
The Tax-Exempt Fund of California
Principal amount | Value | |||||||
(000) | (000) | |||||||
Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2034 (preref. 2019) | $ | 1,500 | $ | 1,697 | ||||
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2049 | 5,250 | 5,961 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project), Series 2007-A, 5.125% 20372 | 9,500 | 9,748 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.00% 2017 | 1,425 | 1,509 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.25% 2027 | 2,000 | 2,169 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 | 6,500 | 7,068 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042 | 6,500 | 7,372 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.25% 2039 | 5,300 | 5,890 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 | 6,090 | 6,476 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), 5.00% 2035 | 5,050 | 6,051 | ||||||
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.875% 20362 | 6,500 | 6,727 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase II), Series 2008, 5.50% 2026 | 3,500 | 3,791 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC- UCI East Campus Apartments, Phase II), Series 2008, 6.00% 2040 | 4,750 | 5,158 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase I), Series 2011, 5.375% 2038 | 1,260 | 1,435 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2017 | 2,565 | 2,598 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2020 | 1,000 | 1,012 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2026 | 2,980 | 3,017 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2038 | 2,000 | 2,025 | ||||||
Regents of the University of California, Limited Project Rev. Bonds, Series 2007-D, FGIC-National insured, 5.00% 2037 | 5,000 | 5,121 | ||||||
Regents of the University of California, Limited Project Rev. Bonds, Series 2015-A-O, 3.00% 2016 | 3,200 | 3,227 | ||||||
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 0.912% 20371 | 5,000 | 4,613 | ||||||
Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 0.982% 20431 | 8,000 | 7,043 | ||||||
Other securities | 372,142 | |||||||
685,982 | ||||||||
City & county issuers 52.02% | ||||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026 | 6,375 | 7,733 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Casa de las Campanas, Inc.), Series 2010, 6.00% 2037 | 6,000 | 7,073 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2032 | 5,000 | 5,862 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2006-C-1, 0.91% 2045 (put 2023)1 | 2,000 | 1,989 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1, 5.00% 2039 (preref. 2018) | 2,000 | 2,186 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1, 5.125% 2047 (preref. 2018) | 6,000 | 6,575 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.625% 2044 (preref. 2019) | 1,670 | 1,921 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1, 5.125% 2039 (preref. 2019) | 2,000 | 2,269 |
American Funds Tax-Exempt Funds | 35 |
The Tax-Exempt Fund of California
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City & county issuers (continued) | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-B, 1.50% 2047 | $ | 3,950 | $ | 3,987 | ||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F1, 5.00% 2054 | 5,000 | 5,716 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-G, 0.61% 2034 (put 2020)1 | 2,750 | 2,730 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-H, 0.71% 2034 (put 2021)1 | 4,000 | 3,971 | ||||||
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 | 7,500 | 8,844 | ||||||
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 6.00% 2049 | 5,800 | 6,884 | ||||||
City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, National insured, 5.00% 2020 | 6,000 | 6,262 | ||||||
Oakland Unified School Dist., (County of Alameda), G.O. Bonds, Series 2015-A, 5.00% 2040 | 5,550 | 6,271 | ||||||
Roseville Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2022 | 4,920 | 5,708 | ||||||
Sacramento County Sanitation Districts Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B, FGIC-National insured, 0.808% 20351 | 13,500 | 12,459 | ||||||
Sacramento Municipal Utility Dist. Fncg. Auth., Cosumnes Project Rev. Bonds, Series 2006, National insured, 5.125% 2029 | 10,000 | 10,207 | ||||||
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 10,825 | 13,328 | ||||||
Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Ref. Bonds, Series 2012-A, 5.00% 2028 | 5,000 | 6,052 | ||||||
San Diego Unified School Dist., G.O. Bonds, Series 2015-R-4, 5.00% 2027 | 5,000 | 6,302 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 6.00% 2039 | 3,000 | 3,473 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2016-A, 5.00% 2029 | 1,225 | 1,531 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Issue 34-E, AMT, 5.75% 2019 | 3,500 | 3,892 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2009-A, 4.90% 2029 | 5,000 | 5,675 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2010-F, 5.00% 2040 | 3,000 | 3,372 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028 | 2,630 | 3,048 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028 | 1,000 | 1,174 | ||||||
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030 | 1,000 | 1,149 | ||||||
San Francisco Municipal Transportation Agcy., Rev. Bonds, Series 2012-B, 5.00% 2042 | 5,000 | 5,811 | ||||||
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030 | 8,000 | 9,350 | ||||||
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 | 7,800 | 7,190 | ||||||
City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044 | 9,000 | 10,153 | ||||||
Other securities | 749,122 | |||||||
939,269 | ||||||||
Guam 0.49% | ||||||||
Other securities | 8,833 |
36 | American Funds Tax-Exempt Funds |
The Tax-Exempt Fund of California
Principal amount | Value | |||||||
(000) | (000) | |||||||
Puerto Rico 1.40% | ||||||||
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036 | $ | 6,590 | $ | 6,769 | ||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 7,150 | 7,505 | ||||||
Other securities | 10,929 | |||||||
25,203 | ||||||||
Virgin Islands 0.85% | ||||||||
Other securities | 15,402 | |||||||
Total bonds, notes & other debt instruments (cost: $1,552,957,000) | 1,674,689 | |||||||
Short-term securities 5.43% | ||||||||
General Obligation Bonds, 2.00%, 8/1/2016 | 13,000 | 13,115 | ||||||
G.O. Bonds, Series 2004-A-4, 0.01% 20341 | 9,100 | 9,100 | ||||||
G.O. Bonds, Series 2004-B-3, 0.01% 20341 | 200 | 200 | ||||||
Various Purpose G.O. Bonds, 0.04% 4/7/2016 | 4,000 | 4,000 | ||||||
Various Purpose G.O. Bonds, 0.05% 3/9/2016 | 3,000 | 3,000 | ||||||
Various Purpose G.O. Bonds, Series 2003-B-1, 0.01% 20331 | 12,300 | 12,300 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (St. Joseph Health System), Series 2011-B, 0.01% 20411 | 6,000 | 6,000 | ||||||
City of Irvine, Assessment Dist. No. 03-19, Limited Obligation Improvement Bonds, Series 2004-A, U.S. Bank LOC, 0.01% 20291 | 3,600 | 3,600 | ||||||
City of Irvine, California, Assessment Dist. No. 03-19, Limited Obligation Improvement Bonds, Series B, U.S. Bank LOC, 0.01% 20291 | 2,500 | 2,500 | ||||||
County of Los Angeles, Tax and Rev. Anticipation Notes, 5.00% 6/30/2016 | 11,485 | 11,710 | ||||||
County of Ventura, Tax and Rev. Anticipation Notes 2.00% 7/1/2016 | 15,000 | 15,108 | ||||||
Other securities | 17,350 | |||||||
Total short-term securities (cost: $97,978,000) | 97,983 | |||||||
Total investment securities 98.19% (cost: $1,650,935,000) | 1,772,672 | |||||||
Other assets less liabilities 1.81% | 32,721 | |||||||
Net assets 100.00% | $ | 1,805,393 |
American Funds Tax-Exempt Funds | 37 |
The Tax-Exempt Fund of California
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | 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. |
2 | Acquired in a transaction exempt from registration under Rule 144A of 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 $57,956,000, which represented 3.21% of the net assets of the fund. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
See Notes to Financial Statements
38 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York | unaudited |
Investment portfolio January 31, 2016 |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) 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 the fund’s investment policies. |
Bonds, notes & other debt instruments 89.91% | Principal amount (000) | Value (000) | ||||||
New York 84.49% | ||||||||
State issuers 45.73% | ||||||||
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 20251 | $ | 450 | $ | 491 | ||||
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), 5.00% 2035 | 840 | 1,000 | ||||||
Convention Center Dev. Corp., Rev. Ref. Bonds (Hotel Unit Fee Secured), 5.00% 2030 | 300 | 368 | ||||||
Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2039 | 1,625 | 1,836 | ||||||
Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2044 | 500 | 560 | ||||||
Dormitory Auth. of the State of New York, School Districts Rev. Bond Fncg. Program Rev. Bonds, Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022 | 1,000 | 1,225 | ||||||
Dormitory Auth., Consolidated Service Contract Rev. Ref. Bonds, Series 2010, 5.00% 2020 | 500 | 583 | ||||||
Dormitory Auth., Culinary Institute of America Rev. Bonds, Series 2013, 5.50% 2033 | 500 | 578 | ||||||
Dormitory Auth., Fordham University Rev. Bonds, Series 2011-A, 5.50% 2036 | 1,000 | 1,198 | ||||||
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2031 | 500 | 588 | ||||||
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2035 | 1,000 | 1,162 | ||||||
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2040 | 250 | 287 | ||||||
Dormitory Auth., Lease Rev. Bonds (State University Dormitory Facs. Issue), Series 2010-A, 5.00% 2035 | 1,000 | 1,140 | ||||||
Dormitory Auth., Miriam Osborn Memorial Home Association Rev. Ref. Bonds, Series 2012, 5.00% 2042 | 970 | 1,027 | ||||||
Dormitory Auth., Mount Sinai School of Medicine of New York University, Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 | 1,000 | 1,155 | ||||||
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.25% 2021 | 500 | 584 | ||||||
Dormitory Auth., New School Rev. Bonds, Series 2010, 5.50% 2040 | 500 | 572 | ||||||
Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A, 5.00% 2032 | 1,500 | 1,677 | ||||||
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2022 | 200 | 241 | ||||||
Dormitory Auth., NYU Hospitals Center Rev. Bonds, 5.00% 2034 | 1,000 | 1,173 | ||||||
Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2011-A, 6.00% 2040 | 1,000 | 1,152 | ||||||
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2008, 6.25% 2037 | 1,000 | 1,091 | ||||||
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20321 | 600 | 644 | ||||||
Dormitory Auth., School Districts Rev. Bond Fncg. Program Rev. Ref. Bonds, Series 2011-A, 5.00% 2024 | 500 | 592 | ||||||
Dormitory Auth., Skidmore College Rev. Bonds, Series 2011-A, 5.50% 2041 | 1,420 | 1,671 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-E, 5.00% 2032 | 750 | 905 | ||||||
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2013-A, 3.00% 2016 | 4,250 | 4,266 |
American Funds Tax-Exempt Funds | 39 |
American Funds Tax-Exempt Fund of New York
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York (continued) | ||||||||
State issuers (continued) | ||||||||
Dormitory Auth., The New School Rev. Bonds, Series 2015-A, 5.00% 2032 | $ | 1,000 | $ | 1,182 | ||||
Dormitory Auth., Touro College and University System Obligated Group Rev. Bonds, Series 2014-A, 5.50% 2039 | 500 | 552 | ||||||
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), AMT, 0.55% 2030 (put 2016)2 | 3,000 | 3,000 | ||||||
Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2013-A, 2.75% 2017 | 1,000 | 1,023 | ||||||
Housing Dev. Corp., Multi-Family Housing Rev. Bonds (Sustainable Neighborhood), Series 2015-H, 2.95% 2045 (put 2026) | 750 | 773 | ||||||
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 | 1,000 | 1,144 | ||||||
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 | 1,000 | 1,165 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 20341 | 750 | 797 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 20401 | 350 | 375 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 20441 | 375 | 456 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031 | 1,500 | 1,740 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 | 1,500 | 1,697 | ||||||
Liberty Dev. Corp., Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035 | 1,000 | 1,237 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2004-C, AMBAC insured, 5.50% 2017 | 1,000 | 1,087 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, 1.01% 20202 | 2,000 | 2,008 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2008-A-2A, 0.40% 2026 (put 2017)2 | 490 | 488 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.25% 2030 | 280 | 349 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A2, 0.28% 2041 (put 2016)2 | 905 | 903 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2031 | 1,000 | 1,195 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-F, 5.00% 2016 | 1,000 | 1,037 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044 | 500 | 568 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-1, 5.00% 2039 | 250 | 289 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 0.59% 2039 (put 2020)2 | 500 | 494 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-C-1, 5.00% 2035 | 1,750 | 2,076 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-G-1H, 1.136% 2026 (put 2016)2 | 715 | 716 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043 | 440 | 454 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 191, 3.50% 2034 | 705 | 741 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 194, AMT, 3.50% 2035 | 750 | 795 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 52, 3.50% 2030 | 1,100 | 1,174 | ||||||
Mortgage Agcy., Mortgage Rev. Bonds, Series 46, 5.00% 2029 | 135 | 142 | ||||||
Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 45, 4.50% 2029 | 335 | 342 | ||||||
Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041 | 625 | 640 | ||||||
Port Auth., Consolidated Bonds, Series 147, AMT, FGIC-National insured, 5.00% 2021 | 500 | 525 | ||||||
Port Auth., Consolidated Bonds, Series 166, 5.00% 2031 | 1,000 | 1,149 | ||||||
Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025 | 1,000 | 1,167 | ||||||
Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034 | 500 | 567 | ||||||
Port Auth., Consolidated Rev. Ref. Bonds, Series 186, AMT, 5.00% 2044 | 1,250 | 1,413 | ||||||
Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 5.00% 2020 | 1,000 | 1,141 | ||||||
Power Auth. of the State of New York, Rev. Ref. Bonds, Series 2011-A, 5.00% 2038 | 1,500 | 1,760 | ||||||
Southold Local Dev. Corporation, Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2045 | 1,500 | 1,630 |
40 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York
Principal amount | Value | |||||||
(000) | (000) | |||||||
State Energy Research and Dev. Auth., Pollution Control Rev. Ref. Bonds (New York State Electric & Gas Corp. Project), Series 2005-B, 2.375% 2026 (put 2020) | $ | 300 | $ | 306 | ||||
Thruway Auth., General Rev. Bonds, Series 2014-J, 5.00% 2027 | 1,000 | 1,222 | ||||||
Thruway Auth., General Rev. Bonds, Series 2014-K, 5.00% 2028 | 500 | 618 | ||||||
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019 | 250 | 282 | ||||||
Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2020 | 1,000 | 1,157 | ||||||
Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 | 400 | 406 | ||||||
Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2021 | 200 | 203 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured), Series 2011-B, 5.00% 2018 | 1,000 | 1,096 | ||||||
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), 5.00% 2022 | 1,000 | 1,184 | ||||||
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (Terminal One Group Association, L.P. Project), 5.00% 2023 | 500 | 599 | ||||||
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Bonds, Series 2010-A-1, 5.00% 2019 | 1,000 | 1,152 | ||||||
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds, Series 2015-B-4A, 0.586% 2028 (put 2016)2 | 1,040 | 1,039 | ||||||
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds, Series 2000-ABCD-5, Assured Guaranty Municipal insured, 0.45% 20192 | 500 | 498 | ||||||
Urban Dev. Corp., Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2027 | 1,500 | 1,848 | ||||||
Urban Dev. Corp., Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2034 | 500 | 592 | ||||||
Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2010-A-2, 5.00% 2020 | 1,000 | 1,153 | ||||||
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. and Equipment), Series 2009-B-1, 5.25% 2038 | 1,000 | 1,117 | ||||||
82,229 | ||||||||
City & county issuers 38.76% | ||||||||
City of Albany Capital Resource Corp., Rev. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2011, 6.25% 2038 | 1,000 | 1,245 | ||||||
City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Ref. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2008-A, 5.25% 2027 | 500 | 541 | ||||||
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College Foundation Housing Corp. Project), Series 2011-A, 5.375% 2041 | 1,400 | 1,564 | ||||||
Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2040 | 1,050 | 1,189 | ||||||
Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.25% 2035 | 500 | 585 | ||||||
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043 | 1,000 | 1,096 | ||||||
Build NYC Resource Corp., Rev. Bonds (YMCA of Greater New York Project), 5.00% 2040 | 500 | 566 | ||||||
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 20351 | 250 | 271 | ||||||
Build NYC Resources Corp Rev. Ref. Bonds (New York Law School), 5.00% 2041 | 750 | 840 | ||||||
County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk Power Project), Series 2009, 5.875% 2042 | 1,000 | 1,062 | ||||||
Dutchess County Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2030 | 500 | 579 | ||||||
Dutchess County Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series 2010, 5.75% 2040 | 1,000 | 1,137 | ||||||
Erie County Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.25% 2025 | 500 | 599 | ||||||
Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00% 2021 | 500 | 596 | ||||||
Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2013-A, 5.00% 2027 | 790 | 960 | ||||||
Various Purpose G.O. Bonds, Series 2014-A, 5.00% 2028 | 1,250 | 1,498 | ||||||
Various Purpose G.O. Bonds, Series 2016-A, 5.00% 2027 | 850 | 1,048 | ||||||
Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2027 | 1,300 | 1,480 |
American Funds Tax-Exempt Funds | 41 |
American Funds Tax-Exempt Fund of New York
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York (continued) | ||||||||
City & county issuers (continued) | ||||||||
Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2041 | $ | 800 | $ | 879 | ||||
Town of Hempstead Local Dev. Corp., Rev. Ref. Bonds (Adelphi University Project), Series 2014, 5.00% 2027 | 400 | 480 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2038 | 750 | 868 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, 1.179% 2033 (put 2018)2 | 300 | 300 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038 | 500 | 554 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-A, 5.00% 2044 | 1,240 | 1,409 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, 0.949% 2033 (put 2018)2 | 1,000 | 993 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-B, 5.00% 2035 | 1,215 | 1,423 | ||||||
County of Monroe Industrial Dev. Agcy., School Fac. Rev. Bonds (Rochester Schools Modernization Project), Series 2012-A, 5.00% 2021 | 1,000 | 1,191 | ||||||
Monroe County Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2033 | 430 | 496 | ||||||
Monroe County Industrial Dev. Corp., Rev. Bonds (Highland Hospital of Rochester Project), Series 2015, 5.00% 2034 | 380 | 437 | ||||||
Nassau County Local Econ. Assistance Corp., Rev. Ref. Bonds (Winthrop-University Hospital Association Project), Series 2012, 5.00% 2037 | 500 | 548 | ||||||
City of New Rochelle, Corp. for Local Dev. Rev Bonds, (Iona College Project), Series 2015-A, 5.00% 2045 | 750 | 829 | ||||||
City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.56% 20252 | 1,500 | 1,500 | ||||||
City of New York, G.O. Bonds, Fiscal 2008 Series L-1, 5.00% 2023 | 1,000 | 1,089 | ||||||
City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2016 | 750 | 768 | ||||||
City of New York, G.O. Bonds, Series 2015-A, 5.00% 2026 | 1,000 | 1,259 | ||||||
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2028 | 500 | 613 | ||||||
City of New York, G.O. Bonds, Series 2015-C, 5.00% 2033 | 1,000 | 1,189 | ||||||
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2022 | 15 | 17 | ||||||
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2028 | 250 | 272 | ||||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), AMT, 2.00% 2028 | 200 | 200 | ||||||
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 | 1,500 | 1,563 | ||||||
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2011 Series EE, 5.375% 2043 | 1,000 | 1,174 | ||||||
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Series 2015-HH, 5.00% 2039 | 500 | 589 | ||||||
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2007 Series S-2, Assured Guaranty Municipal insured, 5.00% 2017 | 570 | 595 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.25% 2025 | 1,000 | 1,196 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-C, 5.00% 2027 | 750 | 936 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-C, 5.00% 2026 | 1,000 | 1,274 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2010 Series D, 5.00% 2023 | 1,000 | 1,169 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-A-1, 5.00% 2037 | 500 | 595 | ||||||
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 | 540 | 621 | ||||||
New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2025 | 500 | 566 | ||||||
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048 | 1,670 | 1,735 | ||||||
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048 | 500 | 538 | ||||||
New York City, Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2014-EE, 5.00% 2045 | 500 | 577 |
42 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York
Principal amount | Value | |||||||
(000) | (000) | |||||||
Trust for Cultural Resources of the City of New York, Rev. Bonds (Juilliard School), Series 2009-B, 1.35% 2036 (put 2017) | $ | 1,500 | $ | 1,513 | ||||
Niagara Area Dev. Corp. (New York), Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Energy Project), Series 2012-A, AMT, 5.25% 20421 | 375 | 379 | ||||||
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2027 | 600 | 685 | ||||||
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2028 | 500 | 568 | ||||||
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029 | 700 | 792 | ||||||
Onondaga Civic Dev. Corp., Rev. Bonds (St. Joseph’s Hospital Health Center Project), Series 2014-A, 5.125% 2031 | 750 | 859 | ||||||
Onondaga County Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030 | 1,750 | 2,009 | ||||||
County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024 | 1,000 | 1,211 | ||||||
Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), 5.00% 2028 | 850 | 957 | ||||||
Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), 5.00% 2028 (preref. 2021) | 150 | 180 | ||||||
Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 5.875% 2030 | 1,000 | 1,110 | ||||||
Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Ref. Bonds (Jefferson’s Ferry Project), Series 2006, 5.00% 2028 | 1,000 | 1,018 | ||||||
Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2012-B, 5.00% 2032 | 750 | 834 | ||||||
Tompkins County, New York, Dev. Corp., Continuing Care Retirement Community Rev. Bonds (Kendal at Ithaca Inc.), Series 2014-A, 5.00% 2044 | 1,000 | 1,094 | ||||||
TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.00% 2034 | 1,380 | 1,336 | ||||||
TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.125% 2042 | 4,790 | 4,443 | ||||||
Westchester County Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 | 1,000 | 1,157 | ||||||
Westchester County Local Dev. Corp., Rev. Ref. Bonds (Pace University), Series 2014-A, 5.50% 2042 | 450 | 512 | ||||||
City of Yonkers, G.O. Bonds, Series 2011-A, 5.00% 2019 | 1,000 | 1,135 | ||||||
City of Yonkers, G.O. Bonds, Series 2015-B, Assured Guaranty Municipal insured, 5.00% 2024 | 490 | 600 | ||||||
69,690 | ||||||||
Guam 1.88% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043 | 500 | 591 | ||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 | 1,200 | 1,345 | ||||||
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 | 500 | 595 | ||||||
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028 | 500 | 571 | ||||||
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2014-A, 5.00% 2029 | 250 | 286 | ||||||
3,388 | ||||||||
Puerto Rico 2.65% | ||||||||
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D, Assured Guaranty Municipal insured, 5.00% 2032 | 660 | 660 | ||||||
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036 | 500 | 513 | ||||||
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2003-AA1, 4.95% 2026 | 265 | 267 | ||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021 | 400 | 393 |
American Funds Tax-Exempt Funds | 43 |
American Funds Tax-Exempt Fund of New York
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Puerto Rico (continued) | ||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2031 | $ | 750 | $ | 688 | ||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2020 | 500 | 404 | ||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042 | 500 | 357 | ||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 1,000 | 1,050 | ||||||
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2017 | 570 | 287 | ||||||
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2020 | 350 | 146 | ||||||
4,765 | ||||||||
Virgin Islands 0.89% | ||||||||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes - Diageo Project), Series 2009-A, 6.625% 2029 | 500 | 561 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 | 250 | 270 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2013-B, 5.00% 2024 | 500 | 586 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2014-A, 5.00% 2024 | 150 | 176 | ||||||
1,593 | ||||||||
Total bonds, notes & other debt instruments (cost: $152,081,000) | 161,665 | |||||||
Short-term securities 9.40% | ||||||||
Dormitory Auth., University of Rochester Rev. Bonds, Series 2003-A, JPMorgan Chase LOC, 0.01% 20312 | 3,655 | 3,655 | ||||||
City of Syracuse, New York, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-1, 0.01% 20372 | 700 | 700 | ||||||
New York City Industrial Dev. Agcy., Civic Fac. Ref. and Improvement Rev. Bonds (2005 American Civil Liberties Union Foundation, Inc. Project), Series 2005, JPMorgan Chase LOC, 0.01% 20352 | 800 | 800 | ||||||
City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.01% 20202 | 1,000 | 1,000 | ||||||
City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.01% 20382 | 5,000 | 5,000 | ||||||
City of New York, G.O. Bonds, Series 2006-H-1, 0.01% 20362 | 100 | 100 | ||||||
New York City, Transitional Fin. Auth., New York City Recovery Bonds, Fiscal Series 2003-1, Subseries 1-C, 0.01% 20222 | 1,200 | 1,200 | ||||||
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Bonds, Series 2003-B-3, U.S. Bank LOC, 0.01% 20332 | 4,325 | 4,325 | ||||||
Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds, Series 2001-B, 0.01% 20322 | 120 | 120 | ||||||
Total short-term securities (cost: $16,900,000) | 16,900 | |||||||
Total investment securities 99.31% (cost: $168,981,000) | 178,565 | |||||||
Other assets less liabilities 0.69% | �� | 1,245 | ||||||
Net assets 100.00% | $ | 179,810 |
1 | Acquired in a transaction exempt from registration under Rule 144A of 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 $3,413,000, which represented 1.90% of the net assets of the fund. |
2 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
44 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York
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
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
See Notes to Financial Statements
American Funds Tax-Exempt Funds | 45 |
Financial statements
Statements of assets and liabilities
at January 31, 2016
American Funds Short-Term Tax-Exempt Bond Fund | Limited Term Tax-Exempt Bond Fund of America | ||||||||
Assets: | |||||||||
Investment securities, at value | $ | 759,703 | $ | 3,359,843 | |||||
Cash | 4,089 | 22,349 | |||||||
Receivables for: | |||||||||
Sales of investments | — | 1,150 | |||||||
Sales of fund’s shares | 3,018 | 9,047 | |||||||
Interest | 5,374 | 30,157 | |||||||
Other | 59 | 314 | |||||||
772,243 | 3,422,860 | ||||||||
Liabilities: | |||||||||
Payables for: | |||||||||
Purchases of investments | 11,451 | 38,928 | |||||||
Repurchases of fund’s shares | 1,701 | 3,446 | |||||||
Dividends on fund’s shares | 58 | 620 | |||||||
Investment advisory services | 235 | 667 | |||||||
Services provided by related parties | 107 | 411 | |||||||
Trustees’ deferred compensation | 30 | 127 | |||||||
Other | — | * | 1 | ||||||
13,582 | 44,200 | ||||||||
Net assets at January 31, 2016 | $ | 758,661 | $ | 3,378,660 | |||||
Net assets consist of: | |||||||||
Capital paid in on shares of beneficial interest | $ | 753,206 | $ | 3,242,011 | |||||
Undistributed net investment income | 28 | 518 | |||||||
Accumulated net realized loss | (1,092 | ) | (374 | ) | |||||
Net unrealized appreciation | 6,519 | 136,505 | |||||||
Net assets at January 31, 2016 | $ | 758,661 | $ | 3,378,660 | |||||
Investment securities, at cost | 753,184 | 3,223,338 | |||||||
Shares of beneficial interest issued and outstanding | |||||||||
(no stated par value) — unlimited shares authorized | |||||||||
Class A: | Net assets | $ | 675,925 | $ | 2,810,109 | ||||
Shares outstanding | 66,327 | 175,472 | |||||||
Net asset value per share | $ | 10.19 | $ | 16.01 | |||||
Class B: | Net assets | $ | 517 | ||||||
Shares outstanding | 32 | ||||||||
Net asset value per share | $ | 16.01 | |||||||
Class C: | Net assets | $ | 29,934 | ||||||
Shares outstanding | 1,869 | ||||||||
Net asset value per share | $ | 16.01 | |||||||
Class F-1: | Net assets | $ | 10,683 | $ | 85,271 | ||||
Shares outstanding | 1,048 | 5,325 | |||||||
Net asset value per share | $ | 10.19 | $ | 16.01 | |||||
Class F-2: | Net assets | $ | 72,053 | $ | 220,070 | ||||
Shares outstanding | 7,071 | 13,742 | |||||||
Net asset value per share | $ | 10.19 | $ | 16.01 | |||||
Class R-6: | Net assets | $ | 232,759 | ||||||
Shares outstanding | 14,534 | ||||||||
Net asset value per share | $ | 16.01 |
* | Amount less than one thousand. |
See Notes to Financial Statements
46 | American Funds Tax-Exempt Funds |
unaudited
(dollars and shares in thousands, except per-share amounts)
The Tax-Exempt Bond Fund of America | American High-Income Municipal Bond Fund | The Tax-Exempt Fund of California | American Funds Tax-Exempt Fund of New York | |||||||||||
$ | 11,446,128 | $ | 4,126,951 | $ | 1,772,672 | $ | 178,565 | |||||||
103,885 | 28,728 | 30,113 | 1,533 | |||||||||||
6,473 | 10,474 | — | 888 | |||||||||||
38,237 | 15,600 | 4,403 | 152 | |||||||||||
114,380 | 44,466 | 22,050 | 1,480 | |||||||||||
1,126 | 471 | 179 | 16 | |||||||||||
11,710,229 | 4,226,690 | 1,829,417 | 182,634 | |||||||||||
128,064 | 54,505 | 20,213 | 2,539 | |||||||||||
19,206 | 7,595 | 2,065 | 78 | |||||||||||
2,566 | 1,242 | 711 | 112 | |||||||||||
2,225 | 1,051 | 461 | 50 | |||||||||||
2,687 | 868 | 448 | 44 | |||||||||||
270 | 99 | 126 | 1 | |||||||||||
2 | 1 | — | * | — | * | |||||||||
155,020 | 65,361 | 24,024 | 2,824 | |||||||||||
$ | 11,555,209 | $ | 4,161,329 | $ | 1,805,393 | $ | 179,810 | |||||||
$ | 10,853,493 | $ | 4,040,300 | $ | 1,717,204 | $ | 170,152 | |||||||
9,164 | 7,740 | 1,727 | 171 | |||||||||||
(19,017 | ) | (117,349 | ) | (35,275 | ) | (97 | ) | |||||||
711,569 | 230,638 | 121,737 | 9,584 | |||||||||||
$ | 11,555,209 | $ | 4,161,329 | $ | 1,805,393 | $ | 179,810 | |||||||
10,734,559 | 3,896,313 | 1,650,935 | 168,981 | |||||||||||
$ | 7,947,753 | $ | 3,032,815 | $ | 1,497,848 | $ | 142,164 | |||||||
603,050 | 192,755 | 83,475 | 13,064 | |||||||||||
$ | 13.18 | $ | 15.73 | $ | 17.94 | $ | 10.88 | |||||||
$ | 5,229 | $ | 2,367 | $ | 784 | $ | 35 | |||||||
397 | 151 | 44 | 3 | |||||||||||
$ | 13.18 | $ | 15.73 | $ | 17.94 | $ | 10.88 | |||||||
$ | 378,547 | $ | 205,809 | $ | 80,972 | $ | 12,651 | |||||||
28,723 | 13,081 | 4,513 | 1,163 | |||||||||||
$ | 13.18 | $ | 15.73 | $ | 17.94 | $ | 10.88 | |||||||
$ | 1,684,138 | $ | 236,143 | $ | 68,644 | $ | 1,679 | |||||||
127,787 | 15,008 | 3,825 | 154 | |||||||||||
$ | 13.18 | $ | 15.73 | $ | 17.94 | $ | 10.88 | |||||||
$ | 1,222,084 | $ | 466,120 | $ | 157,145 | $ | 23,281 | |||||||
92,728 | 29,625 | 8,758 | 2,139 | |||||||||||
$ | 13.18 | $ | 15.73 | $ | 17.94 | $ | 10.88 | |||||||
$ | 317,458 | $ | 218,075 | |||||||||||
24,088 | 13,860 | |||||||||||||
$ | 13.18 | $ | 15.73 |
American Funds Tax-Exempt Funds | 47 |
Statements of operations
for the six months ended January 31, 2016
American Funds Short-Term Tax-Exempt Bond Fund | Limited Term Tax-Exempt Bond Fund of America | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 5,866 | $ | 46,274 | ||||
Fees and expenses*: | ||||||||
Investment advisory services | 1,365 | 3,891 | ||||||
Distribution services | 508 | 3,921 | ||||||
Transfer agent services | 147 | 588 | ||||||
Administrative services | 53 | 271 | ||||||
Reports to shareholders | 9 | 35 | ||||||
Registration statement and prospectus | 83 | 146 | ||||||
Trustees’ compensation | 4 | 16 | ||||||
Auditing and legal | 7 | 9 | ||||||
Custodian | 1 | 4 | ||||||
State and local taxes | — | — | ||||||
Other | 1 | 2 | ||||||
Total fees and expenses before reimbursement | 2,178 | 8,883 | ||||||
Less reimbursement of fees and expenses | — | — | ||||||
Total fees and expenses after reimbursement | 2,178 | 8,883 | ||||||
Net investment income | 3,688 | 37,391 | ||||||
Net realized (loss) gain and unrealized appreciation: | ||||||||
Net realized (loss) gain on investments | (316 | ) | 274 | |||||
Net unrealized appreciation on investments | 1,814 | 20,749 | ||||||
Net realized (loss) gain and unrealized appreciation | 1,498 | 21,023 | ||||||
Net increase in net assets resulting from operations | $ | 5,186 | $ | 58,414 |
* | Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. |
† | Amount less than one thousand. |
See Notes to Financial Statements
48 | American Funds Tax-Exempt Funds |
unaudited
(dollars in thousands)
The Tax-Exempt Bond Fund of America | American High-Income Municipal Bond Fund | The Tax-Exempt Fund of California | American Funds Tax-Exempt Fund of New York | |||||||||||
$ | 206,437 | $ | 92,477 | $ | 33,850 | $ | 2,767 | |||||||
12,801 | 5,931 | 2,671 | 285 | |||||||||||
13,368 | 5,036 | 2,266 | 220 | |||||||||||
2,819 | 1,080 | 279 | 36 | |||||||||||
1,219 | 395 | 144 | 16 | |||||||||||
114 | 40 | 19 | 3 | |||||||||||
369 | 210 | 69 | 64 | |||||||||||
53 | 17 | 7 | 1 | |||||||||||
12 | 9 | 8 | 7 | |||||||||||
12 | 5 | 2 | — | † | ||||||||||
141 | 351 | 18 | — | † | ||||||||||
9 | 5 | 2 | — | † | ||||||||||
30,917 | 13,079 | 5,485 | 632 | |||||||||||
— | — | — | 26 | |||||||||||
30,917 | 13,079 | 5,485 | 606 | |||||||||||
175,520 | 79,398 | 28,365 | 2,161 | |||||||||||
1,730 | 5,503 | (1,377 | ) | 179 | ||||||||||
181,899 | 77,837 | 33,085 | 3,272 | |||||||||||
183,629 | 83,340 | 31,708 | 3,451 | |||||||||||
$ | 359,149 | $ | 162,738 | $ | 60,073 | $ | 5,612 |
American Funds Tax-Exempt Funds | 49 |
Statements of changes in net assets
American Funds Short-Term Tax-Exempt Bond Fund | Limited Term Tax-Exempt Bond Fund of America | The Tax-Exempt Bond Fund of America | ||||||||||||||||||||||
Six months ended January 31 2016* | Year ended July 31 2015 | Six months ended January 31 2016* | Year ended July 31 2015 | Six months ended January 31 2016* | Year ended July 31 2015 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 3,688 | $ | 8,091 | $ | 37,391 | $ | 75,181 | $ | 175,520 | $ | 324,926 | ||||||||||||
Net realized (loss) gain | (316 | ) | (380 | ) | 274 | 84 | 1,730 | 3,709 | ||||||||||||||||
Net unrealized appreciation (depreciation) | 1,814 | (5,652 | ) | 20,749 | (36,958 | ) | 181,899 | 17,674 | ||||||||||||||||
Net increase in net assets resulting from operations | 5,186 | 2,059 | 58,414 | 38,307 | 359,149 | 346,309 | ||||||||||||||||||
Dividends paid or accrued to shareholders from net investment income | (3,636 | ) | (8,084 | ) | (37,581 | ) | (74,782 | ) | (175,370 | ) | (321,189 | ) | ||||||||||||
Net capital share transactions | 30,899 | (65,037 | ) | 174,730 | 143,346 | 896,339 | 1,124,196 | |||||||||||||||||
Total increase (decrease) in net assets | 32,449 | (71,062 | ) | 195,563 | 106,871 | 1,080,118 | 1,149,316 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 726,212 | 797,274 | 3,183,097 | 3,076,226 | 10,475,091 | 9,325,775 | ||||||||||||||||||
End of period | $ | 758,661 | $ | 726,212 | $ | 3,378,660 | $ | 3,183,097 | $ | 11,555,209 | $ | 10,475,091 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 28 | $ | (24 | ) | $ | 518 | $ | 708 | $ | 9,164 | $ | 9,014 |
* | Unaudited. |
See Notes to Financial Statements
50 | American Funds Tax-Exempt Funds |
(dollars in thousands)
American High-Income Municipal Bond Fund | The Tax-Exempt Fund of California | American Funds Tax-Exempt Fund of New York | ||||||||||||||||||||
Six months ended January 31 2016* | Year ended July 31 2015 | Six months ended January 31 2016* | Year ended July 31 2015 | Six months ended January 31 2016* | Year ended July 31 2015 | |||||||||||||||||
$ | 79,398 | $ | 138,904 | $ | 28,365 | $ | 54,073 | $ | 2,161 | $ | 4,043 | |||||||||||
5,503 | (3,961 | ) | (1,377 | ) | 957 | 179 | 351 | |||||||||||||||
77,837 | 30,465 | 33,085 | 5,572 | 3,272 | 250 | |||||||||||||||||
162,738 | 165,408 | 60,073 | 60,602 | 5,612 | 4,644 | |||||||||||||||||
(77,676 | ) | (135,657 | ) | (28,195 | ) | (53,343 | ) | (2,117 | ) | (3,949 | ) | |||||||||||
474,626 | 539,260 | 111,655 | 136,929 | 20,619 | 28,236 | |||||||||||||||||
559,688 | 569,011 | 143,533 | 144,188 | 24,114 | 28,931 | |||||||||||||||||
3,601,641 | 3,032,630 | 1,661,860 | 1,517,672 | 155,696 | 126,765 | |||||||||||||||||
$ | 4,161,329 | $ | 3,601,641 | $ | 1,805,393 | $ | 1,661,860 | $ | 179,810 | $ | 155,696 | |||||||||||
$ | 7,740 | $ | 6,018 | $ | 1,727 | $ | 1,557 | $ | 171 | $ | 127 |
American Funds Tax-Exempt Funds | 51 |
Notes to financial statements | unaudited |
1. Organization
American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California, which is presently the only series of The American Funds Tax-Exempt Series II, and American Funds Tax-Exempt Fund of New York (each a “fund” or collectively, the “funds”), are registered under the Investment Company Act of 1940 as open-end, diversified management investment companies.
Each fund’s investment objectives are as follows:
American Funds Short-Term Tax-Exempt Bond Fund — Seeks to provide current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.
Limited Term Tax-Exempt Bond Fund of America — Seeks to provide current income exempt from regular federal income tax, consistent with the maturity and quality standards described in the prospectus, and to preserve capital.
The Tax-Exempt Bond Fund of America — Seeks to provide a high level of current income exempt from federal income tax, consistent with the preservation of capital.
American High-Income Municipal Bond Fund — Seeks to provide a high level of current income exempt from regular federal income tax.
The Tax-Exempt Fund of California — Seeks to provide a high level of current income exempt from regular federal and California state income taxes. Its secondary objective is preservation of capital.
American Funds Tax-Exempt Fund of New York — Seeks to provide a high level of current income exempt from regular federal, New York state and New York City income taxes. Its secondary objective is preservation of capital.
American Funds Short-Term Tax-Exempt Bond Fund has three share classes (Class A, as well as two F share classes, F-1 and F-2). Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America and American High-Income Municipal Bond Fund each have six share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2) and one share class that is only available to the American Funds Portfolio Series (Class R-6). The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York each have five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2). Some share classes are only available to limited categories of investors. The funds’ share classes are described further in the following table:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature | |||
Class A | Up to 2.50% for American Funds Short-Term Tax-Exempt Bond Fund and Limited Term Tax-Exempt Bond Fund of America; up to 3.75% for all other funds | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None | |||
Class B* | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B converts to Class A after eight years | |||
Class C† | None | 1% for redemptions within one year of purchase | Class C converts to Class F-1 after 10 years | |||
Classes F-1 and F-2 | None | None | None | |||
Class R-6 | None | None | None |
* | Class B shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York. |
† | Class C shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America. |
Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each share class of each fund 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, transfer agent and administrative 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 share class of each fund.
52 | American Funds Tax-Exempt Funds |
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, 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 funds 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 funds will segregate liquid assets sufficient to meet their 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 of each fund based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class of each fund.
Dividends and distributions to shareholders — Dividends to shareholders are declared daily after the determination of each fund’s net investment income and are paid to shareholders monthly. Distributions to shareholders are recorded on each fund’s ex-dividend date.
3. Valuation
Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s 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, 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 funds’ 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 ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of each fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as 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. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is
American Funds Tax-Exempt Funds | 53 |
determined. 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.
Processes and structure — Each fund’s board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the boards of trustees with supplemental information to support the changes. Each fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The funds’ investment adviser classifies each fund’s 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. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At January 31, 2016, all of the investment securities held by each fund were classified as Level 2.
4. Risk factors
Investing in each 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 funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Issuer risks —The prices of, and the income generated by, securities held by the funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in municipal securities — The yield and/or value of the fund’s investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the funds may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower
54 | American Funds Tax-Exempt Funds |
yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.
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 funds could cause the values of these securities to decline.
Investing in lower rated debt instruments — 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.
Investing in similar municipal bonds — Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the funds’ share price may increase.
Risks of investing in municipal bonds of issuers within the state of California — Because The Tax-Exempt Fund of California invests primarily in securities of issuers within the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.
Risks of investing in municipal bonds of issuers within the state of New York — Because American Funds Tax-Exempt Fund of New York invests primarily in securities of issuers within the state of New York, the fund is more susceptible to factors adversely affecting issuers of New York securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, such factors may include political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial or economic difficulties, and changes in the credit ratings assigned to New York’s municipal issuers. New York’s economy and finances may be especially vulnerable to changes in the performance of the financial services sector, which historically has been volatile.
Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are 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 funds to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by each fund is exempt from federal income taxes; however, each fund may earn taxable income from certain investments.
As of and during the period ended January 31, 2016, none of the funds had a liability for any unrecognized tax benefits. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statement of operations. During the period, none of the funds incurred any significant interest or penalties.
American Funds Tax-Exempt Funds | 55 |
The funds are not subject to examination by U.S. federal tax authorities or state tax authorities for tax years before the dates shown in the following table:
Fund | U.S. federal tax authority | State tax authority | ||||||
American Funds Short-Term Tax-Exempt Bond Fund | 2011 | 2010 | ||||||
Limited Term Tax-Exempt Bond Fund of America | 2011 | 2010 | ||||||
The Tax-Exempt Bond Fund of America | 2011 | 2010 | ||||||
American High-Income Municipal Bond Fund | 2011 | 2010 | ||||||
The Tax-Exempt Fund of California | 2011 | 2010 | ||||||
American Funds Tax-Exempt Fund of New York | 2011 | 2010 | * | |||||
* The year the fund commenced operations. |
Distributions — Distributions paid to shareholders are based on each fund’s 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; deferred expenses; cost of investments sold; net capital losses; amortization of premium and 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 funds for financial reporting purposes.
As indicated in the following tables, all of the funds had capital loss carryforwards available at July 31, 2015. These will be used to offset any capital gains realized by these funds in future years through the expiration dates. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2011, (August 31, 2011, for The Tax-Exempt Bond Fund of America and The Tax-Exempt Fund of California) 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.
The components of distributable earnings on a tax basis are reported as of each fund’s most recent year-end. As of July 31, 2015, the components of distributable earnings on a tax basis for each fund were as follows (dollars in thousands):
American Funds Short-Term Tax-Exempt Bond Fund | Limited Term Tax-Exempt Bond Fund of America | The Tax-Exempt Bond Fund of America | American High-Income Municipal Bond Fund | The Tax-Exempt Fund of California | American Funds Tax-Exempt Fund of New York | |||||||||||||||||||
Undistributed tax-exempt income | $ | 67 | $ | 913 | $ | 3,620 | $ | 1,770 | $ | 910 | $ | 133 | ||||||||||||
Post-October capital loss deferral* | — | — | (2,670 | ) | — | (107 | ) | — | ||||||||||||||||
Capital loss carryforward: | ||||||||||||||||||||||||
No expiration | (777 | ) | (647 | ) | — | (11,258 | ) | — | (277 | ) | ||||||||||||||
Expiring 2017 | — | — | — | �� | (14,384 | ) | (3,446 | ) | — | |||||||||||||||
Expiring 2018 | — | — | (15,678 | ) | (69,970 | ) | (30,345 | ) | — | |||||||||||||||
Expiring 2019 | — | — | — | (24,408 | ) | — | — | |||||||||||||||||
$ | (777 | ) | $ | (647 | ) | $ | (15,678 | ) | $ | (120,020 | ) | $ | (33,791 | ) | $ | (277 | ) |
* | This deferral is considered incurred in the subsequent year. |
56 | American Funds Tax-Exempt Funds |
As of January 31, 2016, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
American Funds Short-Term Tax-Exempt Bond Fund | Limited Term Tax-Exempt Bond Fund of America | The Tax-Exempt Bond Fund of America | American High-Income Municipal Bond Fund | The Tax-Exempt Fund of California | American Funds Tax-Exempt Fund of New York | |||||||||||||||||||
Gross unrealized appreciation on investment securities | $ | 7,417 | $ | 138,105 | $ | 747,378 | $ | 287,308 | $ | 129,089 | $ | 10,289 | ||||||||||||
Gross unrealized depreciation on investment securities | (881 | ) | (970 | ) | (28,010 | ) | (49,286 | ) | (5,509 | ) | (570 | ) | ||||||||||||
Net unrealized appreciation on investment securities | 6,536 | 137,135 | 719,368 | 238,022 | 123,580 | 9,719 | ||||||||||||||||||
Cost of investment securities | 753,167 | 3,222,708 | 10,726,760 | 3,888,929 | 1,649,092 | 168,846 |
Tax-exempt income distributions paid or accrued to shareholders of each fund were as follows (dollars in thousands):
American Funds Short-Term Tax-Exempt Bond Fund
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 3,242 | $ | 7,392 | ||||
Class F-1 | 36 | 92 | ||||||
Class F-2 | 358 | 600 | ||||||
Total | $ | 3,636 | $ | 8,084 |
Limited Term Tax-Exempt Bond Fund of America
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 31,120 | $ | 62,578 | ||||
Class B | 5 | 22 | ||||||
Class C | 223 | 532 | ||||||
Class F-1 | 920 | 1,992 | ||||||
Class F-2 | 2,627 | 5,317 | ||||||
Class R-6 | 2,686 | 4,341 | ||||||
Total | $ | 37,581 | $ | 74,782 |
The Tax-Exempt Bond Fund of America
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 122,678 | $ | 231,655 | ||||
Class B | 78 | 256 | ||||||
Class C | 4,361 | 8,319 | ||||||
Class F-1 | 24,991 | 44,346 | ||||||
Class F-2 | 18,195 | 28,978 | ||||||
Class R-6 | 5,067 | 7,635 | ||||||
Total | $ | 175,370 | $ | 321,189 |
American Funds Tax-Exempt Funds | 57 |
American High-Income Municipal Bond Fund
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 57,324 | $ | 104,118 | ||||
Class B | 48 | 163 | ||||||
Class C | 3,113 | 5,732 | ||||||
Class F-1 | 4,384 | 7,566 | ||||||
Class F-2 | 8,439 | 11,686 | ||||||
Class R-6 | 4,368 | 6,392 | ||||||
Total | $ | 77,676 | $ | 135,657 |
The Tax-Exempt Fund of California
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 23,670 | $ | 44,830 | ||||
Class B | 14 | 47 | ||||||
Class C | 988 | 1,990 | ||||||
Class F-1 | 1,050 | 1,921 | ||||||
Class F-2 | 2,473 | 4,555 | ||||||
Total | $ | 28,195 | $ | 53,343 |
American Funds Tax-Exempt Fund of New York
Share class | Six months ended January 31, 2016 | Year ended July 31, 2015 | ||||||
Class A | $ | 1,690 | $ | 3,198 | ||||
Class B | — | * | 1 | |||||
Class C | 100 | 176 | ||||||
Class F-1 | 22 | 41 | ||||||
Class F-2 | 305 | 533 | ||||||
Total | $ | 2,117 | $ | 3,949 |
*Amount less than one thousand.
58 | American Funds Tax-Exempt Funds |
6. Fees and transactions with related parties
CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors,® Inc. (“AFD”), the principal underwriter of the funds’ shares, and American Funds Service Company® (“AFS”), the funds’ transfer agent. CRMC, AFD and AFS are considered related parties to each fund.
Investment advisory services — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as average net asset levels increase. The agreement for each fund, except American Funds Short-Term Tax-Exempt Bond Fund, also provides for monthly fees accrued daily based on a series of decreasing rates on each fund’s monthly gross income.
The range of rates, net asset levels, gross income levels and annualized rates of average net assets for each fund are as follows:
Annualized | ||||||||||||||||||||||||||||||||||
rates for the | ||||||||||||||||||||||||||||||||||
Net asset level | six months | |||||||||||||||||||||||||||||||||
Rates | (in billions) | Rates | Monthly gross income | ended | ||||||||||||||||||||||||||||||
Fund | Beginning with | Ending with | Up to | In excess of | Beginning with | Ending with | Up to | In excess of | January 31, 2016 | |||||||||||||||||||||||||
American Funds Short-Term Tax-Exempt Bond Fund | .390 | % | .290 | % | $ | .20 | $ | 1.2 | None | None | None | None | .368 | % | ||||||||||||||||||||
Limited Term Tax-Exempt Bond Fund of America | .300 | .150 | .06 | 1.0 | 3.00 | % | 2.50 | % | $ | 3,333,333 | $ | 3,333,333 | .238 | |||||||||||||||||||||
The Tax-Exempt Bond Fund of America | .300 | .120 | .06 | 10.0 | 3.00 | 2.00 | 3,333,333 | 8,333,333 | .233 | |||||||||||||||||||||||||
American High-Income Municipal Bond Fund | .300 | .150 | .06 | 3.0 | 3.00 | 2.50 | 3,333,333 | 3,333,333 | .308 | |||||||||||||||||||||||||
The Tax-Exempt Fund of California | .300 | .180 | .06 | 1.0 | 3.00 | 2.50 | 3,333,333 | 3,333,333 | .311 | |||||||||||||||||||||||||
American Funds Tax-Exempt Fund of New York | .300 | .180 | .06 | 1.0 | 3.00 | 2.50 | 3,333,333 | 3,333,333 | .343 |
CRMC has agreed to reimburse a portion of the fees and expenses of American Funds Tax-Exempt Fund of New York during its startup period. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the fund’s prospectus. For the six months ended January 31, 2016, total fees and expenses reimbursed by CRMC were $26,000. Fees and expenses in the statement of operations are presented gross of any reimbursements from CRMC.
American Funds Tax-Exempt Funds | 59 |
Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class of each fund. The principal class-specific fees and expenses are described below:
Distribution services — Each fund has plans of distribution for all share classes, except Class F-2 and Class R-6 shares, if applicable. Under the plans, each fund’s 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. In some cases, the boards of trustees have limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use the allotted percentage 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.
American Funds Short-Term | Limited Term Tax-Exempt | The Tax-Exempt Bond Fund | |||||||||||||||||||
Tax-Exempt Bond Fund | Bond Fund of America | of America | |||||||||||||||||||
Currently | Currently | Currently | |||||||||||||||||||
Share class | approved limits | Plan limits | approved limits | Plan limits | approved limits | Plan limits | |||||||||||||||
Class A | 0.15% | 0.15% | 0.30 | % | 0.30 | % | 0.25 | % | 0.25 | % | |||||||||||
Class B | Not applicable | Not applicable | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||
Class C | Not applicable | Not applicable | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||
Class F-1 | 0.25 | 0.50 | 0.25 | 0.50 | 0.25 | 0.50 |
American High-Income | The Tax-Exempt Fund | American Funds Tax-Exempt | |||||||||||||||||||||||
Municipal Bond Fund | of California | Fund of New York | |||||||||||||||||||||||
Currently | Currently | Currently | |||||||||||||||||||||||
Share class | approved limits | Plan limits | approved limits | Plan limits | approved limits | Plan limits | |||||||||||||||||||
Class A | 0.30 | % | 0.30 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.30 | % | |||||||||||||
Class B | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||||
Class C | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||||||||||
Class F-1 | 0.25 | 0.50 | 0.25 | 0.50 | 0.25 | 0.50 |
For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class of each fund reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of January 31, 2016, unreimbursed expenses subject to reimbursement for Class A shares of each fund were as follows (dollars in thousands):
Fund | Class A | |||
American Funds Short-Term Tax-Exempt Bond Fund | $ | 1,044 | ||
Limited-Term Tax-Exempt Bond Fund of America | — | |||
The Tax-Exempt Bond Fund of America | 5,357 | |||
American High-Income Municipal Bond Fund | — | |||
The Tax-Exempt Fund of California | 855 | |||
American Funds Tax-Exempt Fund of New York | 23 |
Transfer agent services — Each fund has a shareholder services agreement with AFS under which each fund compensates AFS for providing transfer agent services to each of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of its respective fund shareholders.
Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to each of the funds’ Class A, C, F and R shares, if applicable. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to each fund’s shareholders. Under the agreements, Class A shares of each fund pay an annual fee of 0.01% and Class C, F and R shares of each fund, if applicable, pay an annual fee of 0.05% of their respective average daily net assets.
60 | American Funds Tax-Exempt Funds |
For the six months ended January 31, 2016, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):
American Funds Short-Term Tax-Exempt Bond Fund
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $496 | $104 | $33 | ||||||
Class F-1 | 12 | 5 | 2 | ||||||
Class F-2 | Not applicable | 38 | 18 | ||||||
Total class-specific expenses | $508 | $147 | $53 |
Limited Term Tax-Exempt Bond Fund of America
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $3,666 | $417 | $136 | ||||||
Class B | 3 | — | * | Not applicable | |||||
Class C | 147 | 5 | 7 | ||||||
Class F-1 | 105 | 48 | 21 | ||||||
Class F-2 | Not applicable | 118 | 54 | ||||||
Class R-6 | Not applicable | — | * | 53 | |||||
Total class-specific expenses | $3,921 | $588 | $271 |
The Tax-Exempt Bond Fund of America
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $9,521 | $1,227 | $381 | ||||||
Class B | 31 | 1 | Not applicable | ||||||
Class C | 1,793 | 59 | 90 | ||||||
Class F-1 | 2,023 | 954 | 404 | ||||||
Class F-2 | Not applicable | 578 | 271 | ||||||
Class R-6 | Not applicable | — | * | 73 | |||||
Total class-specific expenses | $13,368 | $2,819 | $1,219 |
American High-Income Municipal Bond Fund
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $3,795 | $697 | $142 | ||||||
Class B | 14 | 1 | Not applicable | ||||||
Class C | 951 | 48 | 48 | ||||||
Class F-1 | 276 | 126 | 55 | ||||||
Class F-2 | Not applicable | 208 | 100 | ||||||
Class R-6 | Not applicable | — | * | 50 | |||||
Total class-specific expenses | $5,036 | $1,080 | $395 |
The Tax-Exempt Fund of California
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $1,787 | $157 | $72 | ||||||
Class B | 5 | — | * | Not applicable | |||||
Class C | 392 | 9 | 20 | ||||||
Class F-1 | 82 | 35 | 16 | ||||||
Class F-2 | Not applicable | 78 | 36 | ||||||
Total class-specific expenses | $2,266 | $279 | $144 |
American Funds Tax-Exempt Fund of New York
Distribution | Transfer agent | Administrative | |||||||
Share class | services | services | services | ||||||
Class A | $164 | $22 | $7 | ||||||
Class B | — | * | — | * | Not applicable | ||||
Class C | 56 | 2 | 3 | ||||||
Class F-1 | — | * | 1 | — | * | ||||
Class F-2 | Not applicable | 11 | 6 | ||||||
Total class-specific expenses | $220 | $36 | $16 |
*Amount less than one thousand.
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 each fund, are treated as if invested in shares of the funds or other American Funds. These amounts represent general, unsecured liabilities of each fund and vary according to the total returns of the selected funds. Trustees’ compensation in the funds’ statement of operations reflects the current fees (either paid in cash or deferred) and a net decrease in the value of the following deferred amounts (dollars in thousands):
Decrease in value of | Total trustees’ | |||||||||||
Fund | Current fees | deferred amounts | compensation | |||||||||
American Funds Short-Term Tax-Exempt Bond Fund | $ 5 | $(1 | ) | $ 4 | ||||||||
Limited Term Tax-Exempt Bond Fund of America | 18 | (2 | ) | 16 | ||||||||
The Tax-Exempt Bond Fund of America | 57 | (4 | ) | 53 | ||||||||
American High-Income Municipal Bond Fund | 19 | (2 | ) | 17 | ||||||||
The Tax-Exempt Fund of California | 9 | (2 | ) | 7 | ||||||||
American Funds Tax-Exempt Fund of New York | 1 | — | * | 1 |
*Amount less than one thousand.
Affiliated officers and trustees — Officers and certain trustees of the funds are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the funds.
American Funds Tax-Exempt Funds | 61 |
7. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
American Funds Short-Term Tax-Exempt Bond Fund
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 163,585 | 16,094 | $ | 3,030 | 298 | $ | (145,409 | ) | (14,308 | ) | $ | 21,206 | 2,084 | ||||||||||||||||||
Class F-1 | 3,903 | 384 | 36 | 4 | (2,517 | ) | (248 | ) | 1,422 | 140 | ||||||||||||||||||||||
Class F-2 | 38,230 | 3,761 | 280 | 28 | (30,239 | ) | (2,977 | ) | 8,271 | 812 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 205,718 | 20,239 | $ | 3,346 | 330 | $ | (178,165 | ) | (17,533 | ) | $ | 30,899 | 3,036 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 226,415 | 22,149 | $ | 6,692 | 655 | $ | (311,118 | ) | (30,452 | ) | $ | (78,011 | ) | (7,648 | ) | ||||||||||||||||
Class F-1 | 3,788 | 370 | 92 | 9 | (8,533 | ) | (834 | ) | (4,653 | ) | (455 | ) | ||||||||||||||||||||
Class F-2 | 71,689 | 7,024 | 489 | 48 | (54,551 | ) | (5,348 | ) | 17,627 | 1,724 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 301,892 | 29,543 | $ | 7,273 | 712 | $ | (374,202 | ) | (36,634 | ) | $ | (65,037 | ) | (6,379 | ) |
Limited Term Tax-Exempt Bond Fund of America
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 355,707 | 22,338 | $ | 29,026 | 1,822 | $ | (262,207 | ) | (16,466 | ) | $ | 122,526 | 7,694 | ||||||||||||||||||
Class B | 105 | 7 | 5 | — | † | (314 | ) | (20 | ) | (204 | ) | (13 | ) | |||||||||||||||||||
Class C | 5,510 | 346 | 215 | 13 | (5,968 | ) | (375 | ) | (243 | ) | (16 | ) | ||||||||||||||||||||
Class F-1 | 9,430 | 592 | 884 | 56 | (9,251 | ) | (581 | ) | 1,063 | 67 | ||||||||||||||||||||||
Class F-2 | 41,395 | 2,600 | 2,183 | 137 | (32,731 | ) | (2,055 | ) | 10,847 | 682 | ||||||||||||||||||||||
Class R-6 | 46,863 | 2,943 | 2,687 | 168 | (8,809 | ) | (553 | ) | 40,741 | 2,558 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 459,010 | 28,826 | $ | 35,000 | 2,196 | $ | (319,280 | ) | (20,050 | ) | $ | 174,730 | 10,972 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 511,796 | 31,861 | $ | 58,014 | 3,614 | $ | (484,127 | ) | (30,151 | ) | $ | 85,683 | 5,324 | ||||||||||||||||||
Class B | 67 | 4 | 21 | 1 | (1,299 | ) | (81 | ) | (1,211 | ) | (76 | ) | ||||||||||||||||||||
Class C | 5,323 | 331 | 513 | 32 | (13,432 | ) | (836 | ) | (7,596 | ) | (473 | ) | ||||||||||||||||||||
Class F-1 | 14,553 | 906 | 1,901 | 118 | (36,973 | ) | (2,298 | ) | (20,519 | ) | (1,274 | ) | ||||||||||||||||||||
Class F-2 | 98,669 | 6,135 | 4,491 | 280 | (75,895 | ) | (4,727 | ) | 27,265 | 1,688 | ||||||||||||||||||||||
Class R-6 | 67,930 | 4,228 | 4,341 | 271 | (12,547 | ) | (782 | ) | 59,724 | 3,717 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 698,338 | 43,465 | $ | 69,281 | 4,316 | $ | (624,273 | ) | (38,875 | ) | $ | 143,346 | 8,906 |
62 | American Funds Tax-Exempt Funds |
The Tax-Exempt Bond Fund of America
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 754,794 | 57,866 | $ | 112,379 | 8,614 | $ | (430,813 | ) | (33,066 | ) | $ | 436,360 | 33,414 | ||||||||||||||||||
Class B | 69 | 5 | 76 | 6 | (2,207 | ) | (169 | ) | (2,062 | ) | (158 | ) | ||||||||||||||||||||
Class C | 55,942 | 4,288 | 4,130 | 317 | (36,527 | ) | (2,805 | ) | 23,545 | 1,800 | ||||||||||||||||||||||
Class F-1 | 326,775 | 25,173 | 24,734 | 1,895 | (169,077 | ) | (12,975 | ) | 182,432 | 14,093 | ||||||||||||||||||||||
Class F-2 | 309,915 | 23,765 | 16,541 | 1,268 | (112,760 | ) | (8,653 | ) | 213,696 | 16,380 | ||||||||||||||||||||||
Class R-6 | 43,920 | 3,373 | 5,066 | 388 | (6,618 | ) | (509 | ) | 42,368 | 3,252 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,491,415 | 114,470 | $ | 162,926 | 12,488 | $ | (758,002 | ) | (58,177 | ) | $ | 896,339 | 68,781 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 1,166,527 | 89,279 | $ | 210,997 | 16,150 | $ | (783,919 | ) | (60,074 | ) | $ | 593,605 | 45,355 | ||||||||||||||||||
Class B | 366 | 28 | 248 | 19 | (6,082 | ) | (466 | ) | (5,468 | ) | (419 | ) | ||||||||||||||||||||
Class C | 83,656 | 6,403 | 7,868 | 602 | (68,383 | ) | (5,240 | ) | 23,141 | 1,765 | ||||||||||||||||||||||
Class F-1 | 324,142 | 24,816 | 43,866 | 3,358 | (287,808 | ) | (22,060 | ) | 80,200 | 6,114 | ||||||||||||||||||||||
Class F-2 | 446,591 | 34,216 | 26,012 | 1,991 | (145,323 | ) | (11,130 | ) | 327,280 | 25,077 | ||||||||||||||||||||||
Class R-6 | 103,919 | 7,954 | 7,634 | 584 | (6,115 | ) | (468 | ) | 105,438 | 8,070 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,125,201 | 162,696 | $ | 296,625 | 22,704 | $ | (1,297,630 | ) | (99,438 | ) | $ | 1,124,196 | 85,962 |
American High-Income Municipal Bond Fund
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 401,857 | 25,867 | $ | 52,818 | 3,399 | $ | (183,635 | ) | (11,844 | ) | $ | 271,040 | 17,422 | ||||||||||||||||||
Class B | 215 | 14 | 45 | 3 | (1,327 | ) | (86 | ) | (1,067 | ) | (69 | ) | ||||||||||||||||||||
Class C | 36,458 | 2,346 | 2,894 | 187 | (19,576 | ) | (1,264 | ) | 19,776 | 1,269 | ||||||||||||||||||||||
Class F-1 | 43,686 | 2,816 | 4,272 | 275 | (24,020 | ) | (1,549 | ) | 23,938 | 1,542 | ||||||||||||||||||||||
Class F-2 | 192,530 | 12,412 | 7,391 | 475 | (64,291 | ) | (4,128 | ) | 135,630 | 8,759 | ||||||||||||||||||||||
Class R-6 | 23,618 | 1,524 | 4,368 | 281 | (2,677 | ) | (174 | ) | 25,309 | 1,631 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 698,364 | 44,979 | $ | 71,788 | 4,620 | $ | (295,526 | ) | (19,045 | ) | $ | 474,626 | 30,554 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 582,004 | 37,495 | $ | 96,061 | 6,188 | $ | (360,143 | ) | (23,213 | ) | $ | 317,922 | 20,470 | ||||||||||||||||||
Class B | 334 | 22 | 154 | 10 | (3,271 | ) | (211 | ) | (2,783 | ) | (179 | ) | ||||||||||||||||||||
Class C | 55,686 | 3,585 | 5,320 | 343 | (41,042 | ) | (2,648 | ) | 19,964 | 1,280 | ||||||||||||||||||||||
Class F-1 | 78,498 | 5,049 | 7,372 | 475 | (57,976 | ) | (3,746 | ) | 27,894 | 1,778 | ||||||||||||||||||||||
Class F-2 | 145,866 | 9,397 | 9,910 | 639 | (59,263 | ) | (3,823 | ) | 96,513 | 6,213 | ||||||||||||||||||||||
Class R-6 | 73,819 | 4,754 | 6,392 | 412 | (461 | ) | (30 | ) | 79,750 | 5,136 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 936,207 | 60,302 | $ | 125,209 | 8,067 | $ | (522,156 | ) | (33,671 | ) | $ | 539,260 | 34,698 |
See page 64 for footnotes.
American Funds Tax-Exempt Funds | 63 |
The Tax-Exempt Fund of California
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 151,958 | 8,561 | $ | 20,632 | 1,162 | $ | (87,348 | ) | (4,930 | ) | $ | 85,242 | 4,793 | ||||||||||||||||||
Class B | 1 | — | † | 14 | 1 | (589 | ) | (33 | ) | (574 | ) | (32 | ) | |||||||||||||||||||
Class C | 10,714 | 604 | 930 | 52 | (9,652 | ) | (545 | ) | 1,992 | 111 | ||||||||||||||||||||||
Class F-1 | 9,342 | 527 | 973 | 55 | (5,433 | ) | (307 | ) | 4,882 | 275 | ||||||||||||||||||||||
Class F-2 | 25,946 | 1,463 | 2,093 | 118 | (7,926 | ) | (447 | ) | 20,113 | 1,134 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 197,961 | 11,155 | $ | 24,642 | 1,388 | $ | (110,948 | ) | (6,262 | ) | $ | 111,655 | 6,281 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 212,686 | 11,982 | $ | 38,804 | 2,186 | $ | (136,473 | ) | (7,697 | ) | $ | 115,017 | 6,471 | ||||||||||||||||||
Class B | 62 | 3 | 45 | 3 | (1,048 | ) | (59 | ) | (941 | ) | (53 | ) | ||||||||||||||||||||
Class C | 15,438 | 870 | 1,845 | 104 | (15,711 | ) | (888 | ) | 1,572 | 86 | ||||||||||||||||||||||
Class F-1 | 16,450 | 928 | 1,796 | 101 | (20,701 | ) | (1,172 | ) | (2,455 | ) | (143 | ) | ||||||||||||||||||||
Class F-2 | 46,534 | 2,624 | 3,856 | 217 | (26,654 | ) | (1,501 | ) | 23,736 | 1,340 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 291,170 | 16,407 | $ | 46,346 | 2,611 | $ | (200,587 | ) | (11,317 | ) | $ | 136,929 | 7,701 |
American Funds Tax-Exempt Fund of New York
Sales* | Reinvestments of dividends | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Six months ended January 31, 2016 | ||||||||||||||||||||||||||||||||
Class A | $ | 21,050 | 1,960 | $ | 1,114 | 104 | $ | (6,676 | ) | (623 | ) | $ | 15,488 | 1,441 | ||||||||||||||||||
Class B | — | — | — | † | — | † | (11 | ) | (1 | ) | (11 | ) | (1 | ) | ||||||||||||||||||
Class C | 3,700 | 345 | 94 | 9 | (1,089 | ) | (101 | ) | 2,705 | 253 | ||||||||||||||||||||||
Class F-1 | 191 | 18 | 12 | 1 | (182 | ) | (17 | ) | 21 | 2 | ||||||||||||||||||||||
Class F-2 | 3,624 | 339 | 246 | 22 | (1,454 | ) | (135 | ) | 2,416 | 226 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 28,565 | 2,662 | $ | 1,466 | 136 | $ | (9,412 | ) | (877 | ) | $ | 20,619 | 1,921 | ||||||||||||||||||
Year ended July 31, 2015 | ||||||||||||||||||||||||||||||||
Class A | $ | 28,352 | 2,636 | $ | 1,969 | 183 | $ | (8,840 | ) | (824 | ) | $ | 21,481 | 1,995 | ||||||||||||||||||
Class B | 15 | 1 | 1 | — | † | (23 | ) | (2 | ) | (7 | ) | (1 | ) | |||||||||||||||||||
Class C | 3,231 | 300 | 165 | 15 | (1,537 | ) | (143 | ) | 1,859 | 172 | ||||||||||||||||||||||
Class F-1 | 699 | 65 | 22 | 2 | (174 | ) | (16 | ) | 547 | 51 | ||||||||||||||||||||||
Class F-2 | 7,365 | 684 | 404 | 38 | (3,413 | ) | (317 | ) | 4,356 | 405 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 39,662 | 3,686 | $ | 2,561 | 238 | $ | (13,987 | ) | (1,302 | ) | $ | 28,236 | 2,622 |
* | Includes exchanges between share classes of the fund. |
† | Amount less than one thousand. |
64 | American Funds Tax-Exempt Funds |
8. Investment transactions
Each fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the six months ended January 31, 2016, as follows (dollars in thousands):
Fund | Purchases | Sales | ||||||
American Funds Short-Term Tax-Exempt Bond Fund | $ | 106,694 | $ | 116,668 | ||||
Limited Term Tax-Exempt Bond Fund of America | 349,759 | 280,695 | ||||||
The Tax-Exempt Bond Fund of America | 1,317,328 | 915,036 | ||||||
American High-Income Municipal Bond Fund | 732,134 | 415,199 | ||||||
The Tax-Exempt Fund of California | 179,697 | 151,820 | ||||||
American Funds Tax-Exempt Fund of New York | 45,098 | 26,800 |
9. Ownership concentration
At January 31, 2016, CRMC held aggregate ownership of 22% of the outstanding shares of American Funds Tax-Exempt Fund of New York. The ownership represents the seed money invested in the fund when it began operations on November 1, 2010.
American Funds Tax-Exempt Funds | 65 |
Financial highlights
American Funds Short-Term Tax-Exempt Bond Fund
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | 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) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | $ | 10.17 | $ | .05 | $ | .02 | $ | .07 | $ | (.05 | ) | $ | — | $ | (.05 | ) | $ | 10.19 | .69 | %5 | $ | 676 | .59 | %6 | .99 | %6 | ||||||||||||||||||||||
7/31/2015 | 10.25 | .11 | (.08 | ) | .03 | (.11 | ) | — | (.11 | ) | 10.17 | .26 | 653 | .58 | 1.04 | |||||||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .11 | .04 | .15 | (.11 | ) | — | (.11 | ) | 10.25 | 1.43 | 737 | .58 | 1.04 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 10.32 | .13 | (.11 | ) | .02 | (.13 | ) | — | 7 | (.13 | ) | 10.21 | .16 | 701 | .59 | 1.21 | ||||||||||||||||||||||||||||||||
7/31/2012 | 10.23 | .13 | .09 | .22 | (.13 | ) | — | (.13 | ) | 10.32 | 2.17 | 606 | .59 | 1.27 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 10.20 | .12 | .03 | .15 | (.12 | ) | — | (.12 | ) | 10.23 | 1.53 | 520 | .60 | 1.24 | ||||||||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 10.17 | .04 | .02 | .06 | (.04 | ) | — | (.04 | ) | 10.19 | .58 | 5 | 11 | .81 | 6 | .77 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 10.25 | .08 | (.08 | ) | — | (.08 | ) | — | (.08 | ) | 10.17 | .05 | 9 | .80 | .83 | |||||||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .08 | .04 | .12 | (.08 | ) | — | (.08 | ) | 10.25 | 1.19 | 14 | .82 | .80 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 10.32 | .10 | (.11 | ) | (.01 | ) | (.10 | ) | — | 7 | (.10 | ) | 10.21 | (.08 | ) | 30 | .84 | .96 | ||||||||||||||||||||||||||||||
7/31/2012 | 10.23 | .11 | .09 | .20 | (.11 | ) | — | (.11 | ) | 10.32 | 1.98 | 18 | .78 | 1.09 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 10.20 | .11 | .03 | .14 | (.11 | ) | — | (.11 | ) | 10.23 | 1.34 | 14 | .79 | 1.04 | ||||||||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 10.17 | .05 | .02 | .07 | (.05 | ) | — | (.05 | ) | 10.19 | .71 | 5 | 72 | .55 | 6 | 1.03 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 10.25 | .11 | (.08 | ) | .03 | (.11 | ) | — | (.11 | ) | 10.17 | .29 | 64 | .55 | 1.08 | |||||||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .11 | .04 | .15 | (.11 | ) | — | (.11 | ) | 10.25 | 1.47 | 46 | .54 | 1.07 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 10.32 | .13 | (.11 | ) | .02 | (.13 | ) | — | 7 | (.13 | ) | 10.21 | .19 | 37 | .56 | 1.23 | ||||||||||||||||||||||||||||||||
7/31/2012 | 10.23 | .14 | .09 | .23 | (.14 | ) | — | (.14 | ) | 10.32 | 2.24 | 15 | .52 | 1.33 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 10.20 | .13 | .03 | .16 | (.13 | ) | — | (.13 | ) | 10.23 | 1.58 | 17 | .55 | 1.28 |
Six months ended January 31, | Year ended July 31 | |||||||||||
20163,4,5 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||
Portfolio turnover rate for all share classes | 16% | 38% | 20% | 22% | 14% | 12% |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | Unaudited. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Not annualized. |
6 | Annualized. |
7 | Amount less than $.01. |
See Notes to Financial Statements
66 | American Funds Tax-Exempt Funds |
Limited Term Tax-Exempt Bond Fund of America
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | 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) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | $ | 15.92 | $ | .18 | $ | .09 | $ | .27 | $ | (.18 | ) | $ | — | $ | (.18 | ) | $ | 16.01 | 1.73 | %5 | $ | 2,810 | .56 | %6 | 2.27 | %6 | ||||||||||||||||||||||
7/31/2015 | 16.10 | .38 | (.18 | ) | .20 | (.38 | ) | — | (.38 | ) | 15.92 | 1.23 | 2,670 | .57 | 2.36 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .40 | .16 | .56 | (.40 | ) | — | (.40 | ) | 16.10 | 3.56 | 2,615 | .60 | 2.51 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .40 | (.42 | ) | (.02 | ) | (.40 | ) | — | 7 | (.40 | ) | 15.94 | (.13 | ) | 2,625 | .60 | 2.45 | ||||||||||||||||||||||||||||||
7/31/2012 | 15.85 | .44 | .51 | .95 | (.44 | ) | — | (.44 | ) | 16.36 | 6.06 | 2,549 | .60 | 2.72 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 15.78 | .46 | .07 | .53 | (.46 | ) | — | (.46 | ) | 15.85 | 3.41 | 2,232 | .60 | 2.93 | ||||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.92 | .13 | .09 | .22 | (.13 | ) | — | �� | (.13 | ) | 16.01 | 1.36 | 5 | 1 | 1.29 | 6 | 1.56 | 6 | ||||||||||||||||||||||||||||||
7/31/2015 | 16.10 | .26 | (.18 | ) | .08 | (.26 | ) | — | (.26 | ) | 15.92 | .52 | 1 | 1.28 | 1.66 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .29 | .16 | .45 | (.29 | ) | — | (.29 | ) | 16.10 | 2.85 | 2 | 1.29 | 1.83 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .29 | (.42 | ) | (.13 | ) | (.29 | ) | — | 7 | (.29 | ) | 15.94 | (.82 | ) | 3 | 1.29 | 1.78 | ||||||||||||||||||||||||||||||
7/31/2012 | 15.85 | .33 | .51 | .84 | (.33 | ) | — | (.33 | ) | 16.36 | 5.33 | 6 | 1.30 | 2.04 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 15.78 | .35 | .07 | .42 | (.35 | ) | — | (.35 | ) | 15.85 | 2.69 | 10 | 1.31 | 2.24 | ||||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.92 | .12 | .09 | .21 | (.12 | ) | — | (.12 | ) | 16.01 | 1.33 | 5 | 30 | 1.33 | 6 | 1.51 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 16.10 | .26 | (.18 | ) | .08 | (.26 | ) | — | (.26 | ) | 15.92 | .47 | 30 | 1.33 | 1.60 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .28 | .16 | .44 | (.28 | ) | — | (.28 | ) | 16.10 | 2.80 | 38 | 1.34 | 1.78 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .28 | (.42 | ) | (.14 | ) | (.28 | ) | — | 7 | (.28 | ) | 15.94 | (.87 | ) | 49 | 1.34 | 1.72 | ||||||||||||||||||||||||||||||
7/31/2012 | 15.85 | .32 | .51 | .83 | (.32 | ) | — | (.32 | ) | 16.36 | 5.27 | 75 | 1.34 | 1.99 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 15.78 | .34 | .07 | .41 | (.34 | ) | — | (.34 | ) | 15.85 | 2.64 | 69 | 1.36 | 2.19 | ||||||||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.92 | .17 | .09 | .26 | (.17 | ) | — | (.17 | ) | 16.01 | 1.67 | 5 | 85 | .67 | 6 | 2.17 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 16.10 | .36 | (.18 | ) | .18 | (.36 | ) | — | (.36 | ) | 15.92 | 1.13 | 84 | .67 | 2.27 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .39 | .16 | .55 | (.39 | ) | — | (.39 | ) | 16.10 | 3.49 | 105 | .67 | 2.45 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .39 | (.42 | ) | (.03 | ) | (.39 | ) | — | 7 | (.39 | ) | 15.94 | (.22 | ) | 122 | .69 | 2.37 | ||||||||||||||||||||||||||||||
7/31/2012 | 15.85 | .43 | .51 | .94 | (.43 | ) | — | (.43 | ) | 16.36 | 6.00 | 132 | .65 | 2.67 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 15.78 | .45 | .07 | .52 | (.45 | ) | — | (.45 | ) | 15.85 | 3.37 | 104 | .65 | 2.89 | ||||||||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.92 | .20 | .09 | .29 | (.20 | ) | — | (.20 | ) | 16.01 | 1.80 | 5 | 220 | .41 | 6 | 2.43 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 16.10 | .40 | (.18 | ) | .22 | (.40 | ) | — | (.40 | ) | 15.92 | 1.39 | 208 | .41 | 2.52 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .43 | .16 | .59 | (.43 | ) | — | (.43 | ) | 16.10 | 3.75 | 183 | .42 | 2.69 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .43 | (.42 | ) | .01 | (.43 | ) | — | 7 | (.43 | ) | 15.94 | .05 | 148 | .42 | 2.64 | ||||||||||||||||||||||||||||||||
7/31/2012 | 15.85 | .47 | .51 | .98 | (.47 | ) | — | (.47 | ) | 16.36 | 6.28 | 162 | .38 | 2.94 | ||||||||||||||||||||||||||||||||||
7/31/2011 | 15.78 | .49 | .07 | .56 | (.49 | ) | — | (.49 | ) | 15.85 | 3.65 | 132 | .38 | 3.15 | ||||||||||||||||||||||||||||||||||
Class R-6: | ||||||||||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.92 | .20 | .09 | .29 | (.20 | ) | — | (.20 | ) | 16.01 | 1.86 | 5 | 233 | .30 | 6 | 2.53 | 6 | |||||||||||||||||||||||||||||||
7/31/2015 | 16.10 | .42 | (.18 | ) | .24 | (.42 | ) | — | (.42 | ) | 15.92 | 1.50 | 190 | .31 | 2.62 | |||||||||||||||||||||||||||||||||
7/31/2014 | 15.94 | .45 | .16 | .61 | (.45 | ) | — | (.45 | ) | 16.10 | 3.86 | 133 | .31 | 2.80 | ||||||||||||||||||||||||||||||||||
7/31/2013 | 16.36 | .45 | (.42 | ) | .03 | (.45 | ) | — | 7 | (.45 | ) | 15.94 | .16 | 132 | .31 | 2.72 | ||||||||||||||||||||||||||||||||
7/31/20124,8 | 16.32 | .10 | .05 | .15 | (.11 | ) | — | (.11 | ) | 16.36 | .90 | 5 | 43 | .07 | 5 | .64 | 5 |
Six months ended January 31, | Year ended July 31 | |||||||||||
20163,4,5 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||
Portfolio turnover rate for all share classes | 9% | 19% | 9% | 13% | 9% | 14% |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | Unaudited. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Not annualized. |
6 | Annualized. |
7 | Amount less than $.01. |
8 | Class R-6 shares were offered beginning May 11, 2012. |
See Notes to Financial Statements
American Funds Tax-Exempt Funds | 67 |
Financial highlights (continued)
The Tax-Exempt Bond Fund of America
Income (loss) from investment operations1 | ||||||||||||||||||||||||||||||||||||||||
Period ended | 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 return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | $ | 12.96 | $ | .21 | $ | .22 | $ | .43 | $ | (.21 | ) | $ | 13.18 | 3.35 | %5 | $ | 7,948 | .54 | %6 | 3.22 | %6 | |||||||||||||||||||
7/31/2015 | 12.92 | .42 | .04 | .46 | (.42 | ) | 12.96 | 3.62 | 7,385 | .54 | 3.28 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .45 | .48 | .93 | (.45 | ) | 12.92 | 7.60 | 6,772 | .56 | 3.57 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .40 | (.64 | ) | (.24 | ) | (.40 | ) | 12.44 | (1.93 | )5 | 6,984 | .55 | 6 | 3.35 | 6 | ||||||||||||||||||||||||
8/31/2012 | 12.26 | .47 | .82 | 1.29 | (.47 | ) | 13.08 | 10.71 | 7,445 | .55 | 3.73 | |||||||||||||||||||||||||||||
8/31/2011 | 12.53 | .48 | (.27 | ) | .21 | (.48 | ) | 12.26 | 1.85 | 6,557 | .55 | 4.01 | ||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 12.96 | .16 | .22 | .38 | (.16 | ) | 13.18 | 2.97 | 5 | 5 | 1.28 | 6 | 2.49 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 12.92 | .33 | .04 | .37 | (.33 | ) | 12.96 | 2.85 | 7 | 1.28 | 2.55 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .35 | .48 | .83 | (.35 | ) | 12.92 | 6.81 | 13 | 1.30 | 2.84 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .31 | (.64 | ) | (.33 | ) | (.31 | ) | 12.44 | (2.59 | )5 | 20 | 1.30 | 6 | 2.61 | 6 | ||||||||||||||||||||||||
8/31/2012 | 12.26 | .38 | .82 | 1.20 | (.38 | ) | 13.08 | 9.90 | 30 | 1.29 | 3.01 | |||||||||||||||||||||||||||||
8/31/2011 | 12.53 | .39 | (.27 | ) | .12 | (.39 | ) | 12.26 | 1.08 | 40 | 1.30 | 3.26 | ||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 12.96 | .16 | .22 | .38 | (.16 | ) | 13.18 | 2.95 | 5 | 379 | 1.33 | 6 | 2.43 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 12.92 | .32 | .04 | .36 | (.32 | ) | 12.96 | 2.80 | 349 | 1.33 | 2.50 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .35 | .48 | .83 | (.35 | ) | 12.92 | 6.75 | 325 | 1.35 | 2.79 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .31 | (.64 | ) | (.33 | ) | (.31 | ) | 12.44 | (2.64 | )5 | 375 | 1.34 | 6 | 2.56 | 6 | ||||||||||||||||||||||||
8/31/2012 | 12.26 | .37 | .82 | 1.19 | (.37 | ) | 13.08 | 9.85 | 420 | 1.34 | 2.94 | |||||||||||||||||||||||||||||
8/31/2011 | 12.53 | .39 | (.27 | ) | .12 | (.39 | ) | 12.26 | 1.03 | 370 | 1.35 | 3.21 | ||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 12.96 | .20 | .22 | .42 | (.20 | ) | 13.18 | 3.29 | 5 | 1,684 | .66 | 6 | 3.09 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 12.92 | .41 | .04 | .45 | (.41 | ) | 12.96 | 3.49 | 1,474 | .67 | 3.16 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .43 | .48 | .91 | (.43 | ) | 12.92 | 7.46 | 1,389 | .68 | 3.46 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .39 | (.64 | ) | (.25 | ) | (.39 | ) | 12.44 | (2.05 | )5 | 1,659 | .68 | 6 | 3.21 | 6 | ||||||||||||||||||||||||
8/31/2012 | 12.26 | .46 | .82 | 1.28 | (.46 | ) | 13.08 | 10.59 | 1,526 | .66 | 3.62 | |||||||||||||||||||||||||||||
8/31/2011 | 12.53 | .47 | (.27 | ) | .20 | (.47 | ) | 12.26 | 1.73 | 1,356 | .66 | 3.90 | ||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 12.96 | .22 | .22 | .44 | (.22 | ) | 13.18 | 3.42 | 5 | 1,222 | .40 | 6 | 3.36 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 12.92 | .44 | .04 | .48 | (.44 | ) | 12.96 | 3.76 | 990 | .41 | 3.42 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .46 | .48 | .94 | (.46 | ) | 12.92 | 7.74 | 662 | .42 | 3.70 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .42 | (.64 | ) | (.22 | ) | (.42 | ) | 12.44 | (1.81 | )5 | 327 | .42 | 6 | 3.49 | 6 | ||||||||||||||||||||||||
8/31/2012 | 12.26 | .49 | .82 | 1.31 | (.49 | ) | 13.08 | 10.88 | 239 | .40 | 3.87 | |||||||||||||||||||||||||||||
8/31/2011 | 12.53 | .50 | (.27 | ) | .23 | (.50 | ) | 12.26 | 1.99 | 196 | .41 | 4.15 | ||||||||||||||||||||||||||||
Class R-6: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 12.96 | .23 | .22 | .45 | (.23 | ) | 13.18 | 3.48 | 5 | 317 | .30 | 6 | 3.47 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 12.92 | .46 | .04 | .50 | (.46 | ) | 12.96 | 3.86 | 270 | .30 | 3.52 | |||||||||||||||||||||||||||||
7/31/2014 | 12.44 | .48 | .48 | .96 | (.48 | ) | 12.92 | 7.86 | 165 | .31 | 3.81 | |||||||||||||||||||||||||||||
7/31/20134,7 | 13.08 | .43 | (.64 | ) | (.21 | ) | (.43 | ) | 12.44 | (1.71 | )5 | 115 | .31 | 6 | 3.58 | 6 | ||||||||||||||||||||||||
8/31/20124,8 | 12.94 | .14 | .15 | .29 | (.15 | ) | 13.08 | 2.25 | 5 | 42 | .09 | 5 | 1.15 | 5 |
Six months ended January 31, | Year ended July 31 | For the period 9/1/2012 to | Year ended August 31 | |||||||||
20163,4,5 | 2015 | 2014 | 7/31/20134,5,7 | 2012 | 2011 | |||||||
Portfolio turnover rate for all share classes | 9% | 14% | 10% | 16% | 14% | 12% |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | Unaudited. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Not annualized. |
6 | Annualized. |
7 | In 2013, the fund changed its fiscal year-end from August to July. |
8 | Class R-6 shares were offered beginning May 11, 2012. |
See Notes to Financial Statements
68 | American Funds Tax-Exempt Funds |
American High-Income Municipal Bond Fund
Income (loss) from investment operations1 | ||||||||||||||||||||||||||||||||||||||||
Period ended | 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 return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | $ | 15.40 | $ | .33 | $ | .32 | $ | .65 | $ | (.32 | ) | $ | 15.73 | 4.23 | %5 | $ | 3,033 | .67 | %6 | 4.13 | %6 | |||||||||||||||||||
7/31/2015 | 15.22 | .64 | .17 | .81 | (.63 | ) | 15.40 | 5.34 | 2,700 | .68 | 4.13 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .68 | .73 | 1.41 | (.67 | ) | 15.22 | 9.99 | 2,357 | .68 | 4.59 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .63 | (.65 | ) | (.02 | ) | (.63 | ) | 14.48 | (.25 | ) | 2,246 | .69 | 4.14 | ||||||||||||||||||||||||||
7/31/2012 | 13.78 | .66 | 1.35 | 2.01 | (.66 | ) | 15.13 | 14.98 | 2,286 | .68 | 4.64 | |||||||||||||||||||||||||||||
7/31/2011 | 13.97 | .67 | (.19 | ) | .48 | (.67 | ) | 13.78 | 3.57 | 1,849 | .64 | 4.86 | ||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.40 | .27 | .32 | .59 | (.26 | ) | 15.73 | 3.86 | 5 | 2 | 1.39 | 6 | 3.43 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 15.22 | .53 | .17 | .70 | (.52 | ) | 15.40 | 4.60 | 4 | 1.39 | 3.43 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .57 | .73 | 1.30 | (.56 | ) | 15.22 | 9.17 | 6 | 1.44 | 3.87 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .52 | (.65 | ) | (.13 | ) | (.52 | ) | 14.48 | (.97 | ) | 10 | 1.42 | 3.42 | ||||||||||||||||||||||||||
7/31/2012 | 13.78 | .56 | 1.35 | 1.91 | (.56 | ) | 15.13 | 14.14 | 16 | 1.42 | 3.96 | |||||||||||||||||||||||||||||
7/31/2011 | 13.97 | .56 | (.19 | ) | .37 | (.56 | ) | 13.78 | 2.78 | 21 | 1.41 | 4.07 | ||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.40 | .27 | .32 | .59 | (.26 | ) | 15.73 | 3.84 | 5 | 206 | 1.44 | 6 | 3.36 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 15.22 | .52 | .17 | .69 | (.51 | ) | 15.40 | 4.55 | 182 | 1.44 | 3.37 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .56 | .73 | 1.29 | (.55 | ) | 15.22 | 9.12 | 161 | 1.48 | 3.80 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .52 | (.65 | ) | (.13 | ) | (.52 | ) | 14.48 | (1.02 | ) | 161 | 1.46 | 3.37 | ||||||||||||||||||||||||||
7/31/2012 | 13.78 | .55 | 1.35 | 1.90 | (.55 | ) | 15.13 | 14.09 | 170 | 1.46 | 3.86 | |||||||||||||||||||||||||||||
7/31/2011 | 13.97 | .56 | (.19 | ) | .37 | (.56 | ) | 13.78 | 2.73 | 137 | 1.46 | 4.03 | ||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.40 | .32 | .32 | .64 | (.31 | ) | 15.73 | 4.19 | 5 | 236 | .75 | 6 | 4.05 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 15.22 | .62 | .17 | .79 | (.61 | ) | 15.40 | 5.27 | 207 | .75 | 4.06 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .66 | .73 | 1.39 | (.65 | ) | 15.22 | 9.87 | 178 | .79 | 4.49 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .62 | (.65 | ) | (.03 | ) | (.62 | ) | 14.48 | (.35 | ) | 172 | .79 | 4.04 | ||||||||||||||||||||||||||
7/31/2012 | 13.78 | .65 | 1.35 | 2.00 | (.65 | ) | 15.13 | 14.89 | 191 | .76 | 4.56 | |||||||||||||||||||||||||||||
7/31/2011 | 13.97 | .65 | (.19 | ) | .46 | (.65 | ) | 13.78 | 3.45 | 146 | .76 | 4.73 | ||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.40 | .34 | .32 | .66 | (.33 | ) | 15.73 | 4.33 | 5 | 466 | .50 | 6 | 4.30 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 15.22 | .66 | .17 | .83 | (.65 | ) | 15.40 | 5.53 | 321 | .49 | 4.32 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .70 | .73 | 1.43 | (.69 | ) | 15.22 | 10.15 | 223 | .53 | 4.71 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .66 | (.65 | ) | .01 | (.66 | ) | 14.48 | (.09 | ) | 126 | .52 | 4.31 | |||||||||||||||||||||||||||
7/31/2012 | 13.78 | .69 | 1.35 | 2.04 | (.69 | ) | 15.13 | 15.20 | 87 | .49 | 4.81 | |||||||||||||||||||||||||||||
7/31/2011 | 13.97 | .69 | (.19 | ) | .50 | (.69 | ) | 13.78 | 3.74 | 58 | .48 | 5.03 | ||||||||||||||||||||||||||||
Class R-6: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 15.40 | .35 | .32 | .67 | (.34 | ) | 15.73 | 4.38 | 5 | 218 | .39 | 6 | 4.41 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 15.22 | .68 | .17 | .85 | (.67 | ) | 15.40 | 5.64 | 188 | .39 | 4.42 | |||||||||||||||||||||||||||||
7/31/2014 | 14.48 | .72 | .73 | 1.45 | (.71 | ) | 15.22 | 10.27 | 108 | .42 | 4.82 | |||||||||||||||||||||||||||||
7/31/2013 | 15.13 | .68 | (.65 | ) | .03 | (.68 | ) | 14.48 | .02 | 58 | .40 | 4.44 | ||||||||||||||||||||||||||||
7/31/20124,7 | 14.86 | .14 | .28 | .42 | (.15 | ) | 15.13 | 2.85 | 5 | 13 | .08 | 5 | 1.00 | 5 |
Six months ended January 31, | Year ended July 31 | |||||||||||
20163,4,5 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||
Portfolio turnover rate for all share classes | 11% | 23% | 24% | 25% | 20% | 18% |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | Unaudited. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Not annualized. |
6 | Annualized. |
7 | Class R-6 shares were offered beginning May 11, 2012. |
See Notes to Financial Statements
American Funds Tax-Exempt Funds | 69 |
Financial highlights (continued)
The Tax-Exempt Fund of California
Income (loss) from investment operations1 | ||||||||||||||||||||||||||||||||||||||||
Period ended | 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 return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | $ | 17.62 | $ | .30 | $ | .32 | $ | .62 | $ | (.30 | ) | $ | 17.94 | 3.52 | %5 | $ | 1,498 | .61 | %6 | 3.33 | %6 | |||||||||||||||||||
7/31/2015 | 17.52 | .60 | .09 | .69 | (.59 | ) | 17.62 | 3.98 | 1,386 | .62 | 3.38 | |||||||||||||||||||||||||||||
7/31/2014 | 16.72 | .63 | .80 | 1.43 | (.63 | ) | 17.52 | 8.72 | 1,265 | .63 | 3.72 | |||||||||||||||||||||||||||||
7/31/20134,7 | 17.54 | .59 | (.82 | ) | (.23 | ) | (.59 | ) | 16.72 | (1.45 | )5 | 1,250 | .63 | 6 | 3.64 | 6 | ||||||||||||||||||||||||
8/31/2012 | 16.32 | .66 | 1.22 | 1.88 | (.66 | ) | 17.54 | 11.70 | 1,334 | .63 | 3.89 | |||||||||||||||||||||||||||||
8/31/2011 | 16.63 | .65 | (.31 | ) | .34 | (.65 | ) | 16.32 | 2.24 | 1,218 | .64 | 4.08 | ||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 17.62 | .23 | .32 | .55 | (.23 | ) | 17.94 | 3.14 | 5 | 1 | 1.35 | 6 | 2.61 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 17.52 | .47 | .09 | .56 | (.46 | ) | 17.62 | 3.22 | 1 | 1.35 | 2.65 | |||||||||||||||||||||||||||||
7/31/2014 | 16.72 | .51 | .79 | 1.30 | (.50 | ) | 17.52 | 7.93 | 2 | 1.38 | 3.00 | |||||||||||||||||||||||||||||
7/31/20134,7 | 17.54 | .47 | (.82 | ) | (.35 | ) | (.47 | ) | 16.72 | (2.12 | )5 | 3 | 1.37 | 6 | 2.90 | 6 | ||||||||||||||||||||||||
8/31/2012 | 16.32 | .53 | 1.22 | 1.75 | (.53 | ) | 17.54 | 10.89 | 5 | 1.37 | 3.17 | |||||||||||||||||||||||||||||
8/31/2011 | 16.63 | .53 | (.31 | ) | .22 | (.53 | ) | 16.32 | 1.48 | 7 | 1.39 | 3.33 | ||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 17.62 | .22 | .32 | .54 | (.22 | ) | 17.94 | 3.11 | 5 | 81 | 1.40 | 6 | 2.54 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 17.52 | .46 | .09 | .55 | (.45 | ) | 17.62 | 3.16 | 78 | 1.40 | 2.59 | |||||||||||||||||||||||||||||
7/31/2014 | 16.72 | .50 | .80 | 1.30 | (.50 | ) | 17.52 | 7.87 | 76 | 1.42 | 2.94 | |||||||||||||||||||||||||||||
7/31/20134,7 | 17.54 | .46 | (.82 | ) | (.36 | ) | (.46 | ) | 16.72 | (2.16 | )5 | 87 | 1.42 | 6 | 2.85 | 6 | ||||||||||||||||||||||||
8/31/2012 | 16.32 | .52 | 1.22 | 1.74 | (.52 | ) | 17.54 | 10.83 | 101 | 1.42 | 3.10 | |||||||||||||||||||||||||||||
8/31/2011 | 16.63 | .52 | (.31 | ) | .21 | (.52 | ) | 16.32 | 1.42 | 91 | 1.44 | 3.28 | ||||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 17.62 | .28 | .32 | .60 | (.28 | ) | 17.94 | 3.46 | 5 | 68 | .73 | 6 | 3.21 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 17.52 | .58 | .09 | .67 | (.57 | ) | 17.62 | 3.85 | 63 | .74 | 3.26 | |||||||||||||||||||||||||||||
7/31/2014 | 16.72 | .61 | .80 | 1.41 | (.61 | ) | 17.52 | 8.59 | 65 | .76 | 3.60 | |||||||||||||||||||||||||||||
7/31/20134,7 | 17.54 | .56 | (.82 | ) | (.26 | ) | (.56 | ) | 16.72 | (1.58 | )5 | 74 | .77 | 6 | 3.50 | 6 | ||||||||||||||||||||||||
8/31/2012 | 16.32 | .64 | 1.22 | 1.86 | (.64 | ) | 17.54 | 11.59 | 82 | .73 | 3.79 | |||||||||||||||||||||||||||||
8/31/2011 | 16.63 | .64 | (.31 | ) | .33 | (.64 | ) | 16.32 | 2.13 | 82 | .74 | 3.98 | ||||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||
1/31/20163,4 | 17.62 | .31 | .32 | .63 | (.31 | ) | 17.94 | 3.59 | 5 | 157 | .48 | 6 | 3.45 | 6 | ||||||||||||||||||||||||||
7/31/2015 | 17.52 | .62 | .09 | .71 | (.61 | ) | 17.62 | 4.10 | 134 | .49 | 3.51 | |||||||||||||||||||||||||||||
7/31/2014 | 16.72 | .65 | .80 | 1.45 | (.65 | ) | 17.52 | 8.85 | 110 | .51 | 3.84 | |||||||||||||||||||||||||||||
7/31/20134,7 | 17.54 | .60 | (.82 | ) | (.22 | ) | (.60 | ) | 16.72 | (1.35 | )5 | 91 | .51 | 6 | 3.77 | 6 | ||||||||||||||||||||||||
8/31/2012 | 16.32 | .68 | 1.22 | 1.90 | (.68 | ) | 17.54 | 11.87 | 74 | .48 | 4.02 | |||||||||||||||||||||||||||||
8/31/2011 | 16.63 | .67 | (.31 | ) | .36 | (.67 | ) | 16.32 | 2.38 | 41 | .50 | 4.22 |
Six months ended January 31, | Year ended July 31 | For the period 9/1/2012 to | Year ended August 31 | |||||||||
20163,4,5 | 2015 | 2014 | 7/31/20134,5,7 | 2012 | 2011 | |||||||
Portfolio turnover rate for all share classes | 9% | 17% | 8% | 12% | 15% | 10% |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | Unaudited. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Not annualized. |
6 | Annualized. |
7 | In 2013, the fund changed its fiscal year-end from August to July. |
See Notes to Financial Statements
70 | American Funds Tax-Exempt Funds |
American Funds Tax-Exempt Fund of New York
Income (loss) from investment operations1 | ||||||||||||||||||||||||||||||||||||||||||||
Period ended | 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 return2,3 | Net assets, end of period (in thousands) | Ratio of expenses to average net assets before reimbursements | Ratio of expenses to average net assets after reimbursements | 2 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||
1/31/20164,5 | $ | 10.66 | $ | .14 | $ | .22 | $ | .36 | $ | (.14 | ) | $ | 10.88 | 3.40 | %6,7 | $ | 142,164 | .73 | %6,8 | .70 | %6,8 | 2.63 | %6,8 | |||||||||||||||||||||
7/31/2015 | 10.58 | .32 | .07 | .39 | (.31 | ) | 10.66 | 3.65 | 6 | 123,924 | .72 | 6 | .67 | 6 | 2.91 | 6 | ||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .31 | .37 | .68 | (.31 | ) | 10.58 | 6.83 | 6 | 101,874 | .73 | 6 | .63 | 6 | 3.07 | 6 | ||||||||||||||||||||||||||||
7/31/2013 | 10.85 | .31 | (.64 | ) | (.33 | ) | (.31 | ) | 10.21 | (3.16 | )6 | 99,811 | .66 | 6 | .59 | 6 | 2.88 | 6 | ||||||||||||||||||||||||||
7/31/2012 | 9.98 | .32 | .87 | 1.19 | (.32 | ) | 10.85 | 12.11 | 6 | 106,145 | .76 | 6 | .63 | 6 | 3.06 | 6 | ||||||||||||||||||||||||||||
7/31/20115,9 | 10.00 | .21 | (.03 | ) | .18 | (.20 | ) | 9.98 | 1.83 | 6,7 | 62,229 | .97 | 6,8 | .67 | 6,8 | 2.82 | 6,8 | |||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||
1/31/20164,5 | 10.66 | .12 | .22 | .34 | (.12 | ) | 10.88 | 3.21 | 6,7 | 35 | 1.13 | 6,8 | 1.11 | 6,8 | 2.24 | 6,8 | ||||||||||||||||||||||||||||
7/31/2015 | 10.58 | .23 | .07 | .30 | (.22 | ) | 10.66 | 2.87 | 6 | 45 | 1.49 | 6 | 1.43 | 6 | 2.15 | 6 | ||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .23 | .37 | .60 | (.23 | ) | 10.58 | 5.98 | 6 | 51 | 1.51 | 6 | 1.44 | 6 | 2.29 | 6 | ||||||||||||||||||||||||||||
7/31/2013 | 10.85 | .22 | (.64 | ) | (.42 | ) | (.22 | ) | 10.21 | (4.00 | )6 | 174 | 1.53 | 6 | 1.46 | 6 | 1.99 | 6 | ||||||||||||||||||||||||||
7/31/2012 | 9.98 | .23 | .87 | 1.10 | (.23 | ) | 10.85 | 11.18 | 6 | 271 | 1.59 | 6 | 1.45 | 6 | 2.24 | 6 | ||||||||||||||||||||||||||||
7/31/20115,9 | 10.00 | .15 | (.03 | ) | .12 | (.14 | ) | 9.98 | 1.24 | 6,7 | 120 | 1.76 | 6,8 | 1.48 | 6,8 | 2.21 | 6,8 | |||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||
1/31/20164,5 | 10.66 | .10 | .22 | .32 | (.10 | ) | 10.88 | 2.99 | 7 | 12,651 | 1.52 | 8 | 1.49 | 8 | 1.84 | 8 | ||||||||||||||||||||||||||||
7/31/2015 | 10.58 | .23 | .07 | .30 | (.22 | ) | 10.66 | 2.79 | 9,706 | 1.56 | 1.50 | 2.07 | ||||||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .22 | .37 | .59 | (.22 | ) | 10.58 | 5.89 | 7,809 | 1.60 | 1.51 | 2.19 | ||||||||||||||||||||||||||||||||
7/31/2013 | 10.85 | .21 | (.64 | ) | (.43 | ) | (.21 | ) | 10.21 | (4.04 | ) | 7,763 | 1.58 | 1.50 | 1.96 | |||||||||||||||||||||||||||||
7/31/2012 | 9.98 | .23 | .87 | 1.10 | (.23 | ) | 10.85 | 11.12 | 6,875 | 1.62 | 1.50 | 2.17 | ||||||||||||||||||||||||||||||||
7/31/20115,9 | 10.00 | .15 | (.03 | ) | .12 | (.14 | ) | 9.98 | 1.26 | 7 | 2,103 | 1.75 | 8 | 1.55 | 8 | 2.27 | 8 | |||||||||||||||||||||||||||
Class F-1: | ||||||||||||||||||||||||||||||||||||||||||||
1/31/20164,5 | 10.66 | .14 | .22 | .36 | (.14 | ) | 10.88 | 3.44 | 6,7 | 1,679 | .65 | 6,8 | .62 | 6,8 | 2.72 | 6,8 | ||||||||||||||||||||||||||||
7/31/2015 | 10.58 | .31 | .07 | .38 | (.30 | ) | 10.66 | 3.58 | 6 | 1,624 | .80 | 6 | .74 | 6 | 2.83 | 6 | ||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .31 | .37 | .68 | (.31 | ) | 10.58 | 6.77 | 6 | 1,072 | .77 | 6 | .68 | 6 | 3.03 | 6 | ||||||||||||||||||||||||||||
7/31/2013 | 10.85 | .29 | (.64 | ) | (.35 | ) | (.29 | ) | 10.21 | (3.36 | )6 | 1,372 | .86 | 6 | .79 | 6 | 2.67 | 6 | ||||||||||||||||||||||||||
7/31/2012 | 9.98 | .31 | .87 | 1.18 | (.31 | ) | 10.85 | 11.95 | 6 | 2,392 | .86 | 6 | .74 | 6 | 2.94 | 6 | ||||||||||||||||||||||||||||
7/31/20115,9 | 10.00 | .20 | (.03 | ) | .17 | (.19 | ) | 9.98 | 1.76 | 6,7 | 872 | 1.03 | 6,8 | .78 | 6,8 | 2.71 | 6,8 | |||||||||||||||||||||||||||
Class F-2: | ||||||||||||||||||||||||||||||||||||||||||||
1/31/20164,5 | 10.66 | .15 | .22 | .37 | (.15 | ) | 10.88 | 3.47 | 7 | 23,281 | .58 | 8 | .55 | 8 | 2.78 | 8 | ||||||||||||||||||||||||||||
7/31/2015 | 10.58 | .33 | .07 | .40 | (.32 | ) | 10.66 | 3.77 | 20,397 | .61 | .56 | 3.02 | ||||||||||||||||||||||||||||||||
7/31/2014 | 10.21 | .32 | .37 | .69 | (.32 | ) | 10.58 | 6.89 | 15,959 | .66 | .57 | 3.13 | ||||||||||||||||||||||||||||||||
7/31/2013 | 10.85 | .31 | (.64 | ) | (.33 | ) | (.31 | ) | 10.21 | (3.14 | ) | 14,378 | .64 | .57 | 2.90 | |||||||||||||||||||||||||||||
7/31/2012 | 9.98 | .33 | .87 | 1.20 | (.33 | ) | 10.85 | 12.21 | 12,983 | .63 | .53 | 3.13 | ||||||||||||||||||||||||||||||||
7/31/20115,9 | 10.00 | .22 | (.03 | ) | .19 | (.21 | ) | 9.98 | 1.92 | 7 | 3,162 | .70 | 8 | .55 | 8 | 3.08 | 8 |
Six months ended January 31, | Year ended July 31 | For the period 11/1/2010 to | ||||||||||
20164,5,7 | 2015 | 2014 | 2013 | 2012 | 7/31/20115,7,9 | |||||||
Portfolio turnover rate for all share classes | 19% | 42% | 25% | 23% | 15% | 16% |
1 | Based on average shares outstanding. |
2 | This column reflects the impact of certain reimbursements from CRMC. During the periods shown, CRMC reduced fees for other fees and expenses. |
3 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
4 | Unaudited. |
5 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
6 | All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. |
7 | Not annualized. |
8 | Annualized. |
9 | For the period November 1, 2010, commencement of operations, through July 31, 2011. |
See Notes to Financial Statements
American Funds Tax-Exempt Funds | 71 |
Expense example | unaudited |
As a fund shareholder, 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, 2015, through January 31, 2016).
Actual expenses:
The first line of each share class in the table on the following pages 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 following pages 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:
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 on the following pages 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.
72 | American Funds Tax-Exempt Funds |
American Funds Short-Term Tax-Exempt Bond Fund
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,006.91 | $ | 2.98 | .59 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,022.17 | 3.00 | .59 | ||||||||||||
Class F-1 – actual return | 1,000.00 | 1,005.78 | 4.08 | .81 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,021.06 | 4.12 | .81 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,007.09 | 2.77 | .55 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,022.37 | 2.80 | .55 |
Limited Term Tax-Exempt Bond Fund of America
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,017.26 | $ | 2.84 | .56 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,022.32 | 2.85 | .56 | ||||||||||||
Class B – actual return | 1,000.00 | 1,013.61 | 6.53 | 1.29 | ||||||||||||
Class B – assumed 5% return | 1,000.00 | 1,018.65 | 6.55 | 1.29 | ||||||||||||
Class C – actual return | 1,000.00 | 1,013.34 | 6.73 | 1.33 | ||||||||||||
Class C – assumed 5% return | 1,000.00 | 1,018.45 | 6.75 | 1.33 | ||||||||||||
Class F-1 – actual return | 1,000.00 | 1,016.73 | 3.40 | .67 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,021.77 | 3.40 | .67 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,018.04 | 2.08 | .41 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,023.08 | 2.08 | .41 | ||||||||||||
Class R-6 – actual return | 1,000.00 | 1,018.57 | 1.52 | .30 | ||||||||||||
Class R-6 – assumed 5% return | 1,000.00 | 1,023.63 | 1.53 | .30 |
The Tax-Exempt Bond Fund of America
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,033.54 | $ | 2.76 | .54 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,022.42 | 2.75 | .54 | ||||||||||||
Class B – actual return | 1,000.00 | 1,029.70 | 6.53 | 1.28 | ||||||||||||
Class B – assumed 5% return | 1,000.00 | 1,018.70 | 6.50 | 1.28 | ||||||||||||
Class C – actual return | 1,000.00 | 1,029.46 | 6.78 | 1.33 | ||||||||||||
Class C – assumed 5% return | 1,000.00 | 1,018.45 | 6.75 | 1.33 | ||||||||||||
Class F-1 – actual return | 1,000.00 | 1,032.89 | 3.37 | .66 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,021.82 | 3.35 | .66 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,034.25 | 2.05 | .40 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,023.13 | 2.03 | .40 | ||||||||||||
Class R-6 – actual return | 1,000.00 | 1,034.77 | 1.53 | .30 | ||||||||||||
Class R-6 – assumed 5% return | 1,000.00 | 1,023.63 | 1.53 | .30 |
American Funds Tax-Exempt Funds | 73 |
American High-Income Municipal Bond Fund
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,042.35 | $ | 3.44 | .67 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,021.77 | 3.40 | .67 | ||||||||||||
Class B – actual return | 1,000.00 | 1,038.59 | 7.12 | 1.39 | ||||||||||||
Class B – assumed 5% return | 1,000.00 | 1,018.15 | 7.05 | 1.39 | ||||||||||||
Class C – actual return | 1,000.00 | 1,038.35 | 7.38 | 1.44 | ||||||||||||
Class C – assumed 5% return | 1,000.00 | 1,017.90 | 7.30 | 1.44 | ||||||||||||
Class F-1 – actual return | 1,000.00 | 1,041.91 | 3.85 | .75 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,021.37 | 3.81 | .75 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,043.26 | 2.57 | .50 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,022.62 | 2.54 | .50 | ||||||||||||
Class R-6 – actual return | 1,000.00 | 1,043.80 | 2.00 | .39 | ||||||||||||
Class R-6 – assumed 5% return | 1,000.00 | 1,023.18 | 1.98 | .39 |
The Tax-Exempt Fund of California
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,035.23 | $ | 3.12 | .61 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,022.07 | 3.10 | .61 | ||||||||||||
Class B – actual return | 1,000.00 | 1,031.41 | 6.89 | 1.35 | ||||||||||||
Class B – assumed 5% return | 1,000.00 | 1,018.35 | 6.85 | 1.35 | ||||||||||||
Class C – actual return | 1,000.00 | 1,031.14 | 7.15 | 1.40 | ||||||||||||
Class C – assumed 5% return | 1,000.00 | 1,018.10 | 7.10 | 1.40 | ||||||||||||
Class F-1 – actual return | 1,000.00 | 1,034.58 | 3.73 | .73 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,021.47 | 3.71 | .73 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,035.87 | 2.46 | .48 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,022.72 | 2.44 | .48 |
American Funds Tax-Exempt Fund of New York
Beginning | Ending | |||||||||||||||
account value | account value | Expenses paid | Annualized | |||||||||||||
8/1/2015 | 1/31/2016 | during period* | expense ratio | |||||||||||||
Class A – actual return | $ | 1,000.00 | $ | 1,033.98 | $ | 3.58 | .70 | % | ||||||||
Class A – assumed 5% return | 1,000.00 | 1,021.62 | 3.56 | .70 | ||||||||||||
Class B – actual return | 1,000.00 | 1,032.09 | 5.67 | 1.11 | ||||||||||||
Class B – assumed 5% return | 1,000.00 | 1,019.56 | 5.63 | 1.11 | ||||||||||||
Class C – actual return | 1,000.00 | 1,029.89 | 7.60 | 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 | 1,034.37 | 3.17 | .62 | ||||||||||||
Class F-1 – assumed 5% return | 1,000.00 | 1,022.02 | 3.15 | .62 | ||||||||||||
Class F-2 – actual return | 1,000.00 | 1,034.74 | 2.81 | .55 | ||||||||||||
Class F-2 – assumed 5% return | 1,000.00 | 1,022.37 | 2.80 | .55 |
* | 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). |
74 | American Funds Tax-Exempt Funds |
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American Funds Tax-Exempt Funds | 75 |
Offices of the funds 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 92618-4518
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
Counsel
Morgan, Lewis & Bockius LLP
300 South Grand Avenue, 22nd Floor
Los Angeles, CA 90071-3132
Custodians of assets
Bank of New York Mellon
One Wall Street
New York, NY 10286
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
76 | American Funds Tax-Exempt Funds |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the funds’ 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. Each 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.
Complete January 31, 2016, portfolios of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of California’s investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).
American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York file a complete list of their 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 Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, 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 funds. If used as sales material after March 31, 2016, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
The American Funds AdvantageSM
Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in a superior long-term track record.
Aligned with investor success | |
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1 | |
The Capital SystemSM | |
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. 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 95% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 58% of 10-year periods and 58% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3 | |
1 | Portfolio manager experience as of December 31, 2015. | |
2 | Based on Class A share results for rolling periods through December 31, 2015. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). | |
3 | On average, our management fees were in the lowest quintile 68% of the time, based on the 20-year period ended December 31, 2015, versus comparable Lipper categories, excluding funds of funds. |
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
Bonds, notes & other debt instruments 93.09% Alabama 1.03% | Principal amount (000) | Value (000) |
Birmingham Special Care Facs. Fncg. Auth., Improvement Rev. Ref. Bonds (Methodist Home for the Aging), Series 2015-1, 5.75% 2045 | $3,250 | $3,309 |
Birmingham Special Care Facs. Fncg. Auth., Improvement Rev. Ref. Bonds (Methodist Home for the Aging), Series 2015-1, 6.00% 2050 | 1,600 | 1,648 |
Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044 | 1,600 | 1,764 |
Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.25% 2048 | 700 | 782 |
Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.00% 2042 | 6,500 | 7,591 |
Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.50% 2053 | 6,000 | 7,258 |
Jefferson County, Sewer Rev. Warrants, Series 2013-D, 7.00% 2051 | 520 | 648 |
Jefferson County, Sewer Rev. Warrants, Series 2013-E, 0% 2035 | 17,475 | 4,656 |
Jefferson County, Sewer Rev. Warrants, Series 2013-E, 0% 2036 | 7,500 | 1,828 |
Jefferson County, Sewer Rev. Warrants, Series 2013-F, 0%/7.75% 20461 | 2,500 | 1,831 |
The Medical Clinic Board of the City of Montgomery, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2033 | 2,500 | 2,843 |
The Medical Clinic Board of the City of Montgomery, Health Care Fac. Rev. Bonds (Jackson Hospital & Clinic), 5.00% 2036 | 3,400 | 3,813 |
Industrial Dev. Board of the City of Phenix City, Environmental Improvement Rev. Ref. Bonds (MeadWestvaco-Mead Coated Board Project), Series 2012-A, AMT, 4.125% 2035 | 5,000 | 5,001 |
42,972 | ||
Alaska 0.30% | ||
Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, AMT, 5.00% 2033 | 2,000 | 2,225 |
Industrial Dev. and Export Auth., Power Rev. Ref. Bonds, AMT, 5.00% 2034 | 2,000 | 2,216 |
International Airport System, Rev. Ref. Bonds, Series 2016-B, 5.00% 2034 | 1,000 | 1,142 |
International Airport System, Rev. Ref. Bonds, Series 2016-D, 5.00% 2018 | 2,550 | 2,736 |
International Airport System, Rev. Ref. Bonds, Series 2016-D, 5.00% 2019 | 2,950 | 3,242 |
International Airport System, Rev. Ref. Bonds, Series 2016-D, 5.00% 2020 | 1,000 | 1,121 |
12,682 | ||
Arizona 2.11% | ||
Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, 1.86% 2048 (put 2020)2 | 2,500 | 2,554 |
Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds (Montecito Assessment Dist.), Series 2007, 5.70% 2027 | 429 | 437 |
Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds (Montecito Assessment Dist.), Series 2007, 5.80% 2032 | 896 | 910 |
Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 1.00% 20372 | 5,000 | 4,564 |
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 | 216 | 221 |
Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), 5.00% 20353 | 1,590 | 1,625 |
Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), 5.00% 20453 | 2,250 | 2,240 |
Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2014-A, 6.50% 20343 | 1,560 | 1,763 |
Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Projects), Series 2014-A, 6.75% 20443 | 4,500 | 5,100 |
Bonds, notes & other debt instruments Arizona (continued) | Principal amount (000) | Value (000) |
Industrial Dev. Auth. of the City of Phoenix, Education Facs. Rev Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% 20353 | $1,500 | $1,587 |
Industrial Dev. Auth. of the City of Phoenix, Education Facs. Rev Bonds (Basis Schools, Inc. Project), Series 2016-A, 5.00% 20463 | 6,350 | 6,571 |
Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2042 | 6,160 | 6,707 |
Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.25% 2034 | 5,000 | 5,648 |
Industrial Dev. Auth. of the City of Phoenix, Education Facs. Rev Bonds (Basis Schools, Inc. Project), Series 2015, 5.00% 20453 | 5,500 | 5,693 |
Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2007, AMT, 6.55% 2037 | 16,590 | 16,893 |
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 | 10,483 |
Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 | 4,520 | 4,539 |
Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2032 | 2,580 | 2,616 |
Industrial Dev. Auth. of the City of Tempe, Rev. Ref. Bonds (Friendship Village of Tempe), Series 2012-A, 5.00% 2019 | 500 | 544 |
Industrial Dev. Auth. of the City of Tempe, Rev. Ref. Bonds (Friendship Village of Tempe), Series 2012-A, 6.25% 2042 | 1,000 | 1,094 |
University Medical Center Corp. (Tucson), Hospital Rev. Bonds, Series 2009, 6.50% 2039 | 1,000 | 1,185 |
Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2021 | 500 | 541 |
Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2022 | 500 | 544 |
Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 5.00% 2023 | 500 | 547 |
Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 5.70% 2029 | 770 | 849 |
Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 6.00% 2033 | 700 | 778 |
Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 | 1,000 | 1,020 |
Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 | 725 | 728 |
87,981 | ||
Arkansas 0.02% | ||
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, 1.56% 2044 (put 2022)2 | 1,000 | 990 |
California 10.52% | ||
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.50% 2030 | 3,355 | 3,689 |
City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 | 3,295 | 3,611 |
Anaheim Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Series 2014-A, 5.00% 2046 | 2,000 | 2,265 |
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2020 | 800 | 818 |
City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2037 | 3,785 | 3,866 |
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 | 589 |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 6.00% 2030 | 1,000 | 1,180 |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2032 | 1,000 | 1,172 |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011, 6.00% 2031 | 1,250 | 1,437 |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A, 5.00% 2047 | 3,500 | 3,835 |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), 5.00% 2023 | 400 | 459 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035 | $2,500 | $2,696 |
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1, 1.12% 2045 (put 2024)2 | 1,500 | 1,500 |
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-D-1, 1.21% 2045 (put 2017)2 | 4,000 | 4,010 |
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.70% 2024 | 600 | 644 |
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.80% 2025 | 650 | 696 |
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.90% 2026 | 625 | 671 |
Cerritos Public Fin. Auth., Rev. Bonds (Los Coyotes Redev. Project Loan), Series A, AMBAC insured, 6.50% 2023 | 955 | 1,181 |
Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2020 | 4,165 | 4,529 |
Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2021 | 1,000 | 1,085 |
Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Agcy.), Series A, AMBAC insured, 5.00% 2022 | 2,000 | 2,167 |
Certs. of Part., Palomar Pomerado Health, 6.00% 2030 | 2,500 | 2,703 |
Certs. of Part., Palomar Pomerado Health, 6.00% 2041 | 2,290 | 2,450 |
Certs. of Part., Palomar Pomerado Health, 6.75% 2039 | 1,500 | 1,665 |
Chino Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028 | 225 | 268 |
Chino Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2031 | 345 | 403 |
Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2034 | 945 | 1,061 |
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C, 5.875% 2034 | 1,100 | 1,273 |
Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 5.00% 2037 | 500 | 511 |
Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,140 | 1,142 |
Corona-Norco Unified School Dist. Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 4.00% 2029 | 615 | 664 |
Corona-Norco Unified School Dist. Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 4.00% 2030 | 640 | 689 |
Corona-Norco Unified School Dist. Public Fin. Auth., Special Tax Rev. Bonds, Series 2016-05-1, 5.00% 2036 | 1,510 | 1,718 |
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 6.125% 2036 | 1,000 | 1,225 |
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), 2012 Special Tax Rev. Ref. Bonds, 4.00% 2031 | 700 | 741 |
Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County), 2012 Special Tax Ref. Bonds, 4.00% 2033 | 4,000 | 4,196 |
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2030 | 2,080 | 2,412 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Assured Guaranty Municipal insured, 0% 2034 | 6,000 | 3,003 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Assured Guaranty Municipal insured, 0% 2035 | 1,000 | 479 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0% 2042 | 5,000 | 1,561 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0%/6.85% 20421 | 1,250 | 1,010 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.75% 2046 | 3,000 | 3,520 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 | 4,000 | 4,717 |
Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-C, 6.50% 2043 | 3,500 | 4,185 |
Various Purpose G.O. Bonds, 1.00% 2016 | 1,400 | 1,403 |
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-A-1, 5.75% 2047 | 1,500 | 1,443 |
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024 | 225 | 266 |
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2028 | 500 | 581 |
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2032 | 540 | 615 |
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2033 | 580 | 659 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
Hemet Unified School Dist., Fin. Auth. Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2034 | $350 | $396 |
Independent Cities Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Palomar Estates West), 5.00% 2036 | 1,000 | 1,076 |
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2032 | 350 | 394 |
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2033 | 590 | 661 |
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2034 | 615 | 688 |
City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 15-2, 5.00% 2035 | 375 | 419 |
Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2026 | 1,435 | 1,749 |
Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2028 | 625 | 749 |
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2024 | 310 | 355 |
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2025 | 550 | 626 |
City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2026 | 350 | 396 |
Lake Elsinore Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015, 5.00% 2025 | 1,265 | 1,478 |
Lake Elsinore, Public Fncg. Auth. Rev. Ref. Bonds, 5.00% 2035 | 9,625 | 10,665 |
LakeElsinore, Public Fncg. Auth. Rev. Ref. Bonds, 5.00% 2031 | 2,920 | 3,291 |
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.125% 2035 | 1,000 | 1,127 |
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2025 | 1,000 | 1,197 |
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2026 | 2,000 | 2,379 |
Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-B, 5.375% 2035 | 990 | 1,099 |
City of Long Beach Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2045 | 500 | 554 |
Long Beach Community College Dist. (Los Angeles County), G.O. Bonds, 2008 Election, Series 2012-B, 0% 2034 | 1,250 | 648 |
City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2008-A-2, 4.00% 2016 | 3,725 | 3,785 |
M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 | 4,900 | 7,076 |
Community Redev. Agcy. of the City of Moreno Valley, Tax Allocation Bonds, Series 2007-A, AMBAC insured, 5.00% 2038 | 6,270 | 6,464 |
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018 | 1,915 | 2,041 |
Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 | 9,750 | 10,699 |
Municipal Fin. Auth. Rev. Bonds (California Baptist University), Series 2015-A, 5.25% 20353 | 2,035 | 2,130 |
Municipal Fin. Auth. Rev. Bonds (California Baptist University), Series 2015-A, 5.50% 20453 | 5,600 | 5,831 |
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2020 | 1,500 | 1,656 |
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2021 | 1,500 | 1,649 |
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2037 | 585 | 602 |
Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 (preref. 2017) | 415 | 435 |
Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project), Series 2006-A, 5.25% 2026 | 500 | 503 |
Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project), Series 2006-A, 5.25% 2036 | 2,100 | 2,107 |
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.00% 20283 | 845 | 883 |
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 20383 | 750 | 781 |
Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 20483 | 1,000 | 1,036 |
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2039 | 1,200 | 1,361 |
Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-B, 5.875% 2049 | 1,000 | 1,112 |
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 | 1,420 | 1,780 |
Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.50% 2039 | 2,000 | 2,544 |
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.25% 2040 | 1,000 | 1,147 |
Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 4.75% 2027 | 1,600 | 1,642 |
Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 5.00% 2037 | 1,000 | 1,025 |
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 20413 | 7,500 | 10,050 |
Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2015-B, 5.00% 2030 | 2,505 | 2,815 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 | $500 | $541 |
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.875% 2034 | 1,500 | 1,623 |
Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 4.00% 2034 | 2,965 | 3,081 |
Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2031 | 1,250 | 1,406 |
Newport-Mesa Unified School Dist. (County of Orange), G.O. Bonds, Election of 2005, Series 2011, 0% 2038 | 4,000 | 1,834 |
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 | 7,146 |
Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2029 | 2,000 | 2,256 |
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2025 | 2,000 | 2,354 |
Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2026 | 2,000 | 2,339 |
City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.05% 2027 | 1,820 | 1,859 |
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2032 | 2,675 | 3,024 |
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2035 | 3,175 | 3,542 |
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2041 | 2,725 | 3,021 |
Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012 Plant Bonds, AMT, 5.00% 20453 | 9,000 | 9,857 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2030 | 620 | 710 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2032 | 805 | 914 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.25% 2029 | 2,295 | 2,401 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 | 1,350 | 1,587 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2031 | 1,200 | 1,390 |
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2036 | 1,500 | 1,704 |
Public Works Board, Lease Rev. Bonds (Regents of the University of California), Series 2008-A, 5.00% 2033 (preref. 2018) | 50 | 55 |
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 | 1,784 |
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 | 6,000 | 7,184 |
Rio Elementary School Dist., Community Facs. Dist. #1, Special Tax Bonds, Series 2013, 5.50% 2039 | 3,120 | 3,496 |
Rio Elementary School Dist., Community Facs. Dist. #1, Special Tax Bonds, Series 2014, 5.00% 2035 | 425 | 475 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2026 | 500 | 577 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2027 | 230 | 264 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2029 | 1,000 | 1,133 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2030 | 455 | 512 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2031 | 595 | 665 |
City of Roseville, Westpark Community Facs. District No. 1, Special Tax Rev. Ref. Bonds, 5.00% 2033 | 500 | 555 |
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, 0.739% 20342 | 5,000 | 4,591 |
County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.125% 2024 | 3,000 | 3,389 |
San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Ref. Bonds, 6.00% 2018 | 125 | 125 |
San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Ref. Bonds, 6.625% 2026 | 1,000 | 1,002 |
City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 | 13,040 | 16,055 |
San Clemente Community Facs. District No. 06-1, Special Tax Bonds, 4.00% 2035 | 1,000 | 1,044 |
Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E, 5.25% 2032 | 3,500 | 3,948 |
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 | 3,405 |
City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2009-C, 6.50% 2039 | 1,450 | 1,664 |
City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2011-C, 6.75% 2041 | 1,775 | 2,150 |
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 | 2,863 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
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 | $2,423 |
Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Bonds (Mission Bay South Public Improvements), Series 2013-B, 3.00% 2020 | 400 | 422 |
Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2029 | 1,300 | 1,464 |
Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2031 | 1,140 | 1,275 |
Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2033 | 250 | 278 |
Successor Agcy. to the Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 7 (Hunters Point Shipyard Phase One Improvements), Special Tax Ref. Bonds, Series 2014, 5.00% 2044 | 1,000 | 1,085 |
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2014-A, 5.00% 2034 | 2,200 | 2,463 |
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.75% 2034 | 4,000 | 4,723 |
City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.25% 2034 | 1,750 | 2,109 |
Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00% 2022 | 1,600 | 1,822 |
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 | 1,114 |
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 | 2,634 |
Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.25% 2024 | 1,500 | 1,828 |
Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.75% 2028 | 810 | 995 |
Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2024 | 6,070 | 3,963 |
Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2025 | 6,000 | 3,605 |
Santa Clara County, Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.75% 2040 | 3,000 | 3,588 |
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 4.875% 20163 | 1,370 | 1,372 |
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 5.00% 20203 | 6,700 | 6,729 |
Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.10% 2030 | 925 | 1,035 |
Saugus/Hart School Facs. Fin. Auth., Special Tax Rev. Bonds (Community Facs. District No. 2006-1 of the Saugus Union School District), 5.00% 2026 | 1,090 | 1,296 |
Saugus/Hart School Facs. Fin. Auth., Special Tax Rev. Bonds (Community Facs. District No. 2006-1 of the Saugus Union School District), 5.00% 2032 | 1,510 | 1,731 |
Saugus/Hart School Facs. Fin. Auth., Special Tax Rev. Bonds (Community Facs. District No. 2006-1 of the Saugus Union School District), 5.00% 2035 | 1,725 | 1,953 |
Saugus/Hart School Facs. Fin. Auth., Special Tax Rev. Bonds (Community Facs. District No. 2006-1 of the Saugus Union School District), 5.00% 2036 | 1,780 | 2,007 |
School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 | 6,000 | 7,154 |
School Fin. Auth., Charter School Rev. Bonds (Rocketship Education - Obligated Group), Series 2016-A, 5.00% 20463 | 1,600 | 1,619 |
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20463 | 1,250 | 1,280 |
School Fin. Auth., Educational Fac. Rev. Bonds (River Springs Charter School Project), Series 2015-A, 6.375% 20463 | 7,100 | 7,272 |
Seal Beach Community Facs. District, NO. 05 Special Tax Rev. Ref. Bonds (Pacific Gateway Business), 3.00% 2027 | 100 | 100 |
Seal Beach Community Facs. District, NO. 05 Special Tax Rev. Ref. Bonds (Pacific Gateway Business), 3.00% 2028 | 120 | 119 |
Seal Beach Community Facs. District, NO. 05 Special Tax Rev. Ref. Bonds (Pacific Gateway Business), 3.125% 2030 | 175 | 172 |
Seal Beach Community Facs. District, NO. 05 Special Tax Rev. Ref. Bonds (Pacific Gateway Business), 3.125% 2031 | 460 | 449 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
Southern California Logistics Airport Auth., Tax Allocation Parity Bonds (Southern California Logistics Airport Project), Series 2005-A, RADIAN insured, 4.50% 2030 | $120 | $120 |
Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2028 | 2,500 | 3,044 |
Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 | 75 | 75 |
Statewide Communities Dev. Auth., Insured Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-B, 3.00% 2021 | 700 | 709 |
Statewide Communities Dev. Auth., Insured Senior Living Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging - Fountainview at Gonda), Series 2014-D, 4.75% 2020 | 1,350 | 1,361 |
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.125% 2033 | 1,000 | 1,109 |
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.375% 2043 | 2,700 | 3,007 |
Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-B, 3.50% 2018 | 800 | 809 |
Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-A, 5.25% 2030 | 2,520 | 2,507 |
Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project), Series 2007-A, 5.125% 20373 | 5,500 | 5,643 |
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.25% 2027 | 3,000 | 3,253 |
Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 | 1,000 | 1,087 |
Statewide Communities Dev. Auth., Rev. Bonds (Loma Linda University Medical Center), Series 2014-A, 5.25% 2044 | 5,000 | 5,417 |
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 | 1,500 | 1,801 |
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 5.625% 2032 | 1,000 | 1,077 |
Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042 | 1,000 | 1,087 |
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.00% 2029 | 2,000 | 2,230 |
Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West), Series 2010, 6.25% 2039 | 2,500 | 2,778 |
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 | 965 | 1,026 |
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 | 1,675 | 1,781 |
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.875% 20363 | 2,495 | 2,582 |
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.00% 20293 | 1,500 | 1,761 |
Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25% 20413 | 4,500 | 5,254 |
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC- UCI East Campus Apartments, Phase II), Series 2008, 6.00% 2040 | 2,250 | 2,443 |
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 | 2,282 |
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 | 1,139 |
Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 | 2,640 | 2,692 |
Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2031 | 360 | 364 |
Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2034 | 555 | 561 |
Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2037 | 120 | 121 |
City of Thousand Oaks Community Facs. Dist. No. 1994-1, Special Tax Ref. Bonds (Marketplace Public Pedestrian, Traffic Circulation and Parking Facs.), Series 2012, 5.00% 2022 | 1,235 | 1,333 |
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.00% 2037 | 2,000 | 1,907 |
Bonds, notes & other debt instruments California (continued) | Principal amount (000) | Value (000) |
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 | $1,185 | $1,092 |
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 | 1,000 | 1,132 |
Regents of the University of California, Limited Project Rev. Bonds, Series 2015-A-O, 3.00% 2016 | 1,000 | 1,008 |
Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2037 | 140 | 143 |
West Hollywood Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project), Series 2011-A, 7.50% 2042 | 1,950 | 2,481 |
437,584 | ||
Colorado 4.27% | ||
Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds, Series 2007, 4.80% 2017 | 470 | 475 |
Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds, Series 2007, 4.95% 2022 | 3,240 | 3,241 |
Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds, Series 2007, 5.00% 2026 | 1,980 | 1,978 |
City and County of Broomfield Improvement Rev. Ref. Bonds (Lambertson Farms Metropolitan Distric No. 1), 5.75% 2046 | 4,450 | 4,508 |
City and County of Broomfield Improvement Rev. Ref. Bonds (Lambertson Farms Metropolitan Distric No. 1), 6.00% 2050 | 3,700 | 3,747 |
Promenade at Castle Rock Metropolitan District No. 1, G.O. Bonds (In the Town of Castle Rock), Series 2015-A, 5.125% 2025 | 1,000 | 1,034 |
Promenade at Castle Rock Metropolitan District No. 1, G.O. Bonds (In the Town of Castle Rock), Series 2015-A, 5.75% 2039 | 10,300 | 10,691 |
Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, 5.00% 2043 | 1,250 | 1,317 |
Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A, 5.625% 2038 | 1,315 | 1,526 |
Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A, 6.00% 2038 | 1,250 | 1,487 |
Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, Series 2007-A, RADIAN insured, 5.60% 2034 | 5,610 | 5,750 |
Copperleaf Metropolitan Dist. No. 2 (Arapahoe County), Limited Tax G.O. Bonds, 5.25% 2030 | 500 | 525 |
Copperleaf Metropolitan Dist. No. 2 (Arapahoe County), Limited Tax G.O. Bonds, 5.75% 2045 | 1,450 | 1,529 |
Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 5.00% 20372 | 2,000 | 1,761 |
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024 | 1,000 | 1,177 |
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 | 18,712 |
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 | 3,047 |
Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2014-A, 5.00% 2039 | 500 | 552 |
Denver Health and Hospital Auth., Healthcare Rev. Ref. Bonds, Series 2007-B, 1.289% 20332 | 4,740 | 4,295 |
Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2024 | 2,000 | 2,363 |
E-470 Public Highway Auth., Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2006-B, National insured, 0% 2037 | 5,065 | 1,961 |
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.375% 2028 | 1,000 | 1,093 |
Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.50% 2038 | 1,000 | 1,090 |
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2007-A, 5.90% 2037 | 1,570 | 1,589 |
Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00% 2043 | 11,100 | 13,372 |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2030 | 2,000 | 2,255 |
Bonds, notes & other debt instruments Colorado (continued) | Principal amount (000) | Value (000) |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2036 | $2,360 | $2,617 |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2025 | 500 | 561 |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2012, 5.00% 2042 | 8,000 | 8,632 |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2013, 5.625% 2043 | 2,000 | 2,334 |
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2045 | 750 | 823 |
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 2042 | 2,500 | 2,013 |
Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 2047 | 5,500 | 4,427 |
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033 | 2,000 | 2,169 |
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.50% 2028 | 525 | 600 |
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036 | 1,000 | 1,136 |
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2029 | 1,500 | 1,686 |
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 2035 | 2,500 | 2,760 |
Health Facs. Auth., Rev. Ref. Bonds (Sunny Vista Living), Series 2015-A, 6.25% 2050 | 1,870 | 1,918 |
Health Facs. Auth., Rev. Ref. Bonds (Sunny Vista Living), Series 2015-A, 6.125% 2045 | 1,000 | 1,026 |
Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.00% 2030 | 350 | 400 |
Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.25% 2040 | 975 | 1,112 |
Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2011, 6.00% 2040 | 1,250 | 1,417 |
City of Lakewood, Plaza Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2013, 5.00% 20203 | 1,500 | 1,625 |
North Range Metropolitan Dist. No. 1 (Adams County), Limited Tax G.O. Ref. Bonds, Series 2007, ACA insured, 5.00% 2021 | 1,500 | 1,513 |
Park Creek Metropolitan District, Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2026 | 1,200 | 1,454 |
Park Creek Metropolitan District, Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2027 | 3,500 | 4,188 |
Park Creek Metropolitan District, Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2034 | 1,000 | 1,152 |
Park Creek Metropolitan District, Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2045 | 1,250 | 1,408 |
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 | 4,271 |
Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 | 2,000 | 2,629 |
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2034 | 1,700 | 1,926 |
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 | 14,800 | 16,708 |
Southlands Metropolitan Dist. No. 1 (City of Aurora), G.O. Ref. and Improvement Bonds, Series 2007, RADIAN insured, 5.25% 2034 | 430 | 454 |
Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) Ref. and Improvement Bonds, Series 2007, 5.25% 2037 | 3,250 | 3,256 |
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 | 3,244 |
Tallyn’s Reach Metropolitan Dist. No. 3 in the City of Aurora, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.00% 2033 | 505 | 539 |
Tallyn’s Reach Metropolitan Dist. No. 3 in the City of Aurora, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.125% 2038 | 2,070 | 2,213 |
Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2006, 5.75% 2036 | 1,148 | 1,150 |
Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00% 2029 | 25 | 25 |
Bonds, notes & other debt instruments Colorado (continued) | Principal amount (000) | Value (000) |
Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00% 2036 | $1,980 | $1,996 |
Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 0%/9.50% 20401 | 2,220 | 1,409 |
177,866 | ||
Connecticut 0.71% | ||
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.625% 2030 | 1,155 | 1,224 |
Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043 | 5,000 | 5,227 |
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, Series 2003, 5.125% 2023 | 2,500 | 2,492 |
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, 7.00% 20453 | 8,000 | 8,009 |
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2015-A, 6.75% 20453 | 7,940 | 8,141 |
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2015-C, 6.25% 20303 | 4,500 | 4,512 |
29,605 | ||
Delaware 0.01% | ||
Housing Auth., Single-family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040 | 295 | 305 |
District of Columbia 0.20% | ||
Dist. of Columbia, Rev. Ref. Bonds (Catholic University of America Issue), Series 2007, National insured, 5.00% 2029 | 190 | 198 |
Dist. of Columbia, Rev. Ref. Bonds (Catholic University of America Issue), Series 2007, National insured, 5.00% 2029 (preref. 2017) | 810 | 852 |
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital Appreciation Bonds, Series 2010-B, 0%/6.50% 20441 | 5,000 | 5,533 |
Dist. of Columbia, Tax Increment Rev. Bonds (City Market at O Street Project), Series 2011, 5.125% 2041 | 1,175 | 1,281 |
Water and Sewer Auth., Public Utility Rev. Bonds, Series 2016-A, 5.00% 2039 | 500 | 591 |
8,455 | ||
Florida 6.57% | ||
Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2032 | 500 | 626 |
Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2042 | 2,000 | 2,494 |
Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2046 | 1,500 | 1,867 |
Alachua County Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project), Series 2008-D-2, 6.75% 2030 | 900 | 1,030 |
Alachua County Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project), Series 2014-A, 5.00% 2044 | 3,700 | 4,123 |
City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2013-B, 5.625% 2043 | 1,000 | 1,123 |
Brevard County Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2032 | 2,470 | 2,811 |
Brevard County Educational Facs. Auth., Demand Rev. Bonds (Florida Institute of Technology Project), Series 2014, 5.00% 2039 | 750 | 842 |
Broward County, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2023 | 4,000 | 4,766 |
Broward County, Airport System Rev. Ref. Bonds, Series 2013-A, 5.25% 2043 | 2,000 | 2,262 |
Broward County, Airport System Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2034 | 2,000 | 2,321 |
Broward County, Airport System Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2035 | 2,000 | 2,310 |
City of Cape Coral, Health Facs. Auth., Senior Housing Rev. Bonds (Gulf Care, Inc. Project), 6.00% 20453 | 7,000 | 7,208 |
Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 1,680 | 1,679 |
Bonds, notes & other debt instruments Florida (continued) | Principal amount (000) | Value (000) |
Collier County Health Facs. Auth., Residential Care Fac. Rev. Bonds (Moorings Inc.), Series 2015-A, 5.00% 2045 | $3,050 | $3,426 |
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20243 | 1,000 | 1,176 |
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20303 | 2,500 | 2,817 |
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 5.50% 2028 | 1,435 | 1,616 |
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033 | 11,930 | 13,739 |
Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project), Series 2010-A, 5.75% 2029 | 5,250 | 6,024 |
Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program), Series 2007-B, AMT, 4.70% 2039 | 840 | 841 |
Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2024 (put 2014)4 | 10,260 | — |
Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Ref. Bonds, Series 2011, 0% 2039 | 40,185 | 7,670 |
Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 3,560 | 3,575 |
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G, 5.125% 2018 (preref. 2016) | 100 | 104 |
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G, 5.125% 2023 | 930 | 965 |
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G, 5.125% 2023 (preref. 2016) | 70 | 73 |
Hillsborough County Aviation Auth., Tampa International Airport Rev. Ref. Bonds, Series 2015-B, AMT, 5.00% 2044 | 1,000 | 1,110 |
Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. Ref. Bonds (Proton Therapy Institute Project), Series 2007-A, 6.25% 20273 | 4,565 | 4,806 |
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036 | 2,190 | 1,899 |
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-A, 5.30% 20384 | 1,970 | 512 |
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2006-B, 5.00% 2021 (put 2011)4 | 7,420 | 1,929 |
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project), Series 2006, 5.40% 2037 | 845 | 846 |
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006, 5.50% 2036 | 2,770 | 2,771 |
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B, 6.77% 2020 | 2,125 | 2,212 |
Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2015, 4.875% 2045 | 2,160 | 2,203 |
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 | 3,076 |
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 2006, 5.125% 2036 | 4,335 | 4,445 |
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 | 3,071 |
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 | 3,146 |
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 | 13,950 |
Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2022 | 1,860 | 2,103 |
Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 | 9,935 | 11,251 |
Bonds, notes & other debt instruments Florida (continued) | Principal amount (000) | Value (000) |
Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 20144 | $4,255 | $894 |
Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 3,950 | 3,470 |
Martin County Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), 5.00% 2045 | 500 | 552 |
Martin County Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), Series 2012, 5.50% 2042 | 8,445 | 9,462 |
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 20364 | 1,035 | — |
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-1, 6.00% 2036 | 160 | 159 |
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-2, 6.25% 2038 | 295 | 294 |
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-B, 6.81% 2020 | 280 | 285 |
Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Infrastructure Project), Series 2014-B, 5.00% 2037 | 1,735 | 1,845 |
Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 4.25% 2024 | 920 | 989 |
Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 5.00% 2037 | 1,490 | 1,585 |
City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021 | 1,000 | 1,178 |
City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2022 | 1,750 | 2,091 |
City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2023 | 2,250 | 2,667 |
City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2014, 5.00% 2039 | 1,500 | 1,683 |
Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25% 2024 | 1,000 | 1,237 |
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024 | 2,000 | 2,373 |
Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2033 | 5,000 | 5,763 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2029 | 1,910 | 2,215 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 | 1,500 | 1,722 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2035 | 2,000 | 2,253 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2035 | 1,000 | 1,123 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2040 | 1,000 | 1,110 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, 5.00% 2030 | 2,500 | 2,854 |
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, 5.00% 2040 | 1,935 | 2,143 |
Orange County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), 5.00% 2035 | 1,500 | 1,663 |
Orange County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), 5.00% 2040 | 2,250 | 2,470 |
Orange County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), 5.00% 2045 | 3,900 | 4,262 |
Orange County Industrial Dev. Auth., Industrial Dev. Rev. Bonds (VITAG Florida LLC Project), Series 2014, AMT, 8.00% 20363 | 3,750 | 3,871 |
Palm Beach County Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2010, 5.50% 2033 | 1,500 | 1,664 |
Palm Beach County Health Facs. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2006-B, 5.00% 2020 | 1,085 | 1,122 |
Palm Beach County Health Facs. Auth., Rev. Bonds (Lifespaces Communities, Inc.), Series 2015-C, 5.00% 2028 | 1,860 | 2,170 |
Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, Series 2006, 5.70% 2037 | 3,290 | 2,831 |
Bonds, notes & other debt instruments Florida (continued) | Principal amount (000) | Value (000) |
Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), Capital Improvement Rev. Bonds, Series 2005, 6.00% 2036 | $2,475 | $2,415 |
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2020 (put 2010)4 | 920 | — |
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2006, 5.00% 2021 (put 2011)4 | 1,385 | — |
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-1, 5.40% 2036 | 370 | 373 |
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-2, 0% 2036 | 3,535 | 1,684 |
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2039 | 1,500 | 1,629 |
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2044 | 1,000 | 1,082 |
Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund - Intermodal Program), Series 2011-B, AMT, 5.375% 2029 | 1,000 | 1,186 |
City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2023 (put 2013) | 1,320 | 924 |
St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 | 660 | 669 |
St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 | 4,800 | 4,928 |
St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2010-A, 5.875% 2040 | 3,625 | 4,054 |
St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2010-A, 6.00% 2045 | 1,600 | 1,799 |
Seminole Tribe of Florida, Series A, 5.25% 20273 | 6,000 | 6,259 |
Seminole Tribe of Florida, Series A, 5.50% 20243 | 1,500 | 1,571 |
Seminole Tribe of Florida, Series A, 5.75% 20223 | 1,130 | 1,188 |
Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 2013 | 2,035 | 1,425 |
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2015-A, 5.00% 2040 | 1,350 | 1,506 |
City of Tallahassee, Health Facs. Rev. Ref. Bonds (Tallahassee Memorial HealthCare, Inc. Project), Series 2016-A, 5.00% 2055 | 11,200 | 12,240 |
Tampa Rev. Ref. Bonds (University of Tampa Project), 5.00% 2045 | 3,945 | 4,363 |
Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2006, 5.40% 2037 | 1,160 | 1,161 |
Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,230 | 5,243 |
Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,070 | 1,074 |
Volusia County Educational Facs. Auth., Educational Facs. Rev. Bonds (Stetson University, Inc. Project) Series 2015, 5.00% 2045 | 1,000 | 1,116 |
Volusia County Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2030 | 1,500 | 1,741 |
Volusia County Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2031 | 1,520 | 1,758 |
Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 | 1,545 | 1,547 |
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 20364 | 5,940 | 3,564 |
273,317 | ||
Georgia 2.41% | ||
Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACA insured, 6.25% 2024 | 2,070 | 2,049 |
Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACA insured, 6.25% 2036 | 140 | 129 |
City of Atlanta, Tax Allocation Bonds (Beltline Project), Series 2008-B, 7.375% 2031 | 5,000 | 5,739 |
City of Atlanta, Water and Wastewater Rev. Bonds, Series 2001-A, National insured, 5.50% 2027 | 3,500 | 4,404 |
Bonds, notes & other debt instruments Georgia (continued) | Principal amount (000) | Value (000) |
Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2008-E, 7.00% 2023 | $2,000 | $2,218 |
Clayton County, Tax Allocation Bonds (Ellenwood Project), Series 2008, 7.50% 2033 | 3,200 | 3,336 |
Dev. Auth. of Clayton County, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2009-A, 8.75% 2029 | 5,000 | 6,221 |
DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 6.00% 2030 | 7,700 | 8,563 |
DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2010, 6.125% 2040 | 7,250 | 7,975 |
Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), Series 2009, 6.00% 2029 | 1,850 | 2,134 |
Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 | 3,595 | 3,528 |
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 | 809 |
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 | 1,537 |
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2018 | 1,500 | 1,515 |
Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.125% 2037 | 2,500 | 2,498 |
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 | 2,203 |
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), 6.00% 2034 (preref. 2018) | 5,415 | 6,084 |
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), 6.00% 2034 (preref. 2018) | 1,085 | 1,219 |
Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project), Series 2009-A, 5.50% 2039 | 3,500 | 3,906 |
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 | 1,000 | 1,224 |
Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 | 1,000 | 1,259 |
Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2027 | 5,250 | 5,423 |
Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project), Series 2007, 5.25% 2037 | 1,525 | 1,571 |
Municipal Electric Auth Bonds (Plant Vogtle Units 3 & 4 Project J), Series 2015-A, 5.00% 2060 | 8,500 | 9,432 |
Municipal Electric Auth., Series 2015-A, 5.50% 2060 | 3,000 | 3,464 |
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2029 | 1,000 | 1,164 |
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2044 | 4,000 | 4,414 |
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 20243 | 2,115 | 1,326 |
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 20343 | 3,495 | 1,124 |
State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-B, 0%/7.00% 20491,3 | 6,755 | 3,807 |
100,275 | ||
Guam 0.39% | ||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043 | 1,500 | 1,773 |
Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 | 1,000 | 1,015 |
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 | 500 | 561 |
Government of Guam, Business Privilege Tax Bonds, Series 2012-B-1, 5.00% 2032 | 2,000 | 2,235 |
Government of Guam, Business Privilege Tax Bonds, Series 2015-D, 5.00% 2030 | 2,000 | 2,341 |
Bonds, notes & other debt instruments Guam (continued) | Principal amount (000) | Value (000) |
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 | $1,000 | $1,190 |
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2010, 5.25% 2025 | 2,000 | 2,230 |
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2010, 5.625% 2040 | 500 | 552 |
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043 | 3,750 | 4,278 |
16,175 | ||
Hawaii 0.25% | ||
Airports System Rev. Bonds, Series 2015-B, AMT, 5.00% 2045 | 1,000 | 1,121 |
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 8.75% 2029 | 970 | 1,205 |
Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A, 9.00% 2044 | 3,250 | 4,039 |
Electric Co., Inc. Special Purpose Rev. Ref. Bonds (Department of Budget and Fin. of the State of Hawaii), AMT, 3.25% 2025 | 1,600 | 1,662 |
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B, 5.75% 2040 | 1,000 | 1,134 |
Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2013-A, 5.50% 2043 | 1,000 | 1,177 |
10,338 | ||
Idaho 0.35% | ||
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 520 | 521 |
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 340 | 340 |
Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 490 | 491 |
Housing and Fin. Auth., Rev Bonds (Terraces of Boise Project), Series 2014-A, 8.00% 2044 | 7,230 | 8,046 |
Housing and Fin. Auth., Rev Bonds (Terraces of Boise Project), Series 2014-A, 8.125% 2049 | 4,520 | 5,035 |
14,433 | ||
Illinois 7.68% | ||
Village of Bolingbrook, Will and DuPage Counties, Special Service Area No. 2005-1, Special Tax Bonds (Forest City Project), Series 2005, 5.90% 2027 | 6,000 | 6,033 |
Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 4.40% 2016 | 142 | 143 |
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2030 | 5,000 | 5,716 |
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2031 | 9,500 | 10,809 |
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2032 | 5,000 | 5,640 |
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2033 | 3,000 | 3,369 |
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041 | 13,000 | 14,245 |
City of Chicago, G.O. Bonds, Ref. Series 2007-A, 5.50% 2042 | 1,000 | 1,006 |
City of Chicago, G.O. Bonds, Ref. Series 2007-E, 5.50% 2042 | 640 | 644 |
City of Chicago, G.O. Bonds, Ref. Series 2015-A, 5.50% 2039 | 3,700 | 3,739 |
City of Chicago, G.O. Bonds, Ref. Series 2016-C, 5.00% 2035 | 1,290 | 1,246 |
City of Chicago, G.O. Bonds, Ref. Series 2016-C, 5.00% 2038 | 3,500 | 3,360 |
City of Chicago, G.O. Bonds, Series 2014-A, 5.25% 2029 | 3,400 | 3,473 |
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2025 | 1,000 | 1,190 |
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2026 | 1,680 | 1,981 |
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2038 | 1,000 | 1,149 |
Bonds, notes & other debt instruments Illinois (continued) | Principal amount (000) | Value (000) |
City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2043 | $4,250 | $4,878 |
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039 | 3,000 | 3,506 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2026 | 3,500 | 3,983 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023 | 5,000 | 5,933 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2030 | 1,600 | 1,845 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2031 | 1,285 | 1,472 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2032 | 5,745 | 6,532 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2033 | 1,220 | 1,380 |
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-A, AMT, 5.00% 2034 | 3,000 | 3,381 |
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041 | 4,105 | 3,126 |
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042 | 2,060 | 1,566 |
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2023 | 1,000 | 1,159 |
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2034 | 1,000 | 1,108 |
City of Chicago, Water Rev. Ref. Bonds, 5.00% 2044 | 500 | 539 |
County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), Series 2006, 5.40% 2016 | 95 | 95 |
County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project), Series 2006, 5.625% 2036 | 4,900 | 4,904 |
Fin. Auth. Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2009, 7.00% 2044 | 2,110 | 2,560 |
Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), Series 2007-A, 5.00% 2021 | 1,750 | 1,793 |
Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), Series 2007-A, 5.00% 2026 | 1,000 | 1,014 |
Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project), Series 2007-A, 5.00% 2036 | 4,000 | 4,033 |
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2014, 5.00% 2038 | 400 | 458 |
Fin. Auth., Rev. Bonds (Benedictine University Project), Series 2013-A, 6.25% 2033 | 1,000 | 1,148 |
Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 | 6,365 | 6,796 |
Fin. Auth., Rev. Bonds (Lifespace Communitys), Series 2015-A, 5.00% 2045 | 3,500 | 3,885 |
Fin. Auth., Rev. Bonds (Plymouth Place Inc.), 5.00% 2037 | 1,250 | 1,285 |
Fin. Auth., Rev. Bonds (Plymouth Place Inc.), 5.25% 2045 | 1,155 | 1,191 |
Fin. Auth., Rev. Bonds (Plymouth Place Inc.), 5.25% 2050 | 3,410 | 3,490 |
Fin. Auth., Rev. Bonds (Rehab Institute of Chicago), Series 2013-A, 6.00% 2043 | 2,300 | 2,755 |
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2032 | 1,100 | 1,284 |
Fin. Auth., Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2035 | 1,500 | 1,694 |
Fin. Auth., Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2015-C, 5.00% 2044 | 5,500 | 6,087 |
Fin. Auth., Rev. Ref. Bonds (Ascension Health Alliance Credit Group), Series 2012-A, 5.00% 2042 | 2,100 | 2,386 |
Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-6, 6.00% 20284 | 1,575 | — |
Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-7, 6.125% 20414 | 3,325 | — |
Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-B, 0% 2050 | 2,100 | — |
Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 | 8,550 | 8,858 |
Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 | 4,025 | 4,142 |
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 | 1,020 | 1,049 |
Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 | 1,000 | 1,017 |
Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 | 6,000 | 6,992 |
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2033 | 1,500 | 1,634 |
Bonds, notes & other debt instruments Illinois (continued) | Principal amount (000) | Value (000) |
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 | 8,935 | 10,363 |
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2035 | 3,575 | 4,094 |
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2045 | 2,000 | 2,250 |
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 | 12,800 | 15,504 |
Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 | 2,250 | 2,611 |
Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 | 1,500 | 1,540 |
Fin. Auth., Rev. Ref. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 | 2,000 | 2,147 |
Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 | 3,000 | 3,412 |
Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, LLC - Illinois State University Project), Series 2011, 7.00% 2043 | 6,765 | 7,812 |
Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, LLC - Northern Illinois University Project), Series 2011, 6.875% 2043 | 11,500 | 13,360 |
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), 5.125% 2020 | 1,825 | 1,960 |
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), Series 2006-A, 5.25% 2034 | 2,945 | 3,009 |
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), Series 2006-B, 5.00% 2025 | 5,000 | 5,093 |
Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center), Series 2006-B, 5.25% 2019 | 2,875 | 2,942 |
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2038 | 1,500 | 1,712 |
Fin. Auth., Student Hosuing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2047 | 11,000 | 11,402 |
Fin. Auth., Student Housing Rev. Bonds (CHF-Cook, LLC - Northeastern Illinois University Project), Series 2015-A, 5.00% 2030 | 1,465 | 1,573 |
G.O. Bonds, Series 2012-A, 5.00% 2028 | 2,000 | 2,151 |
G.O. Bonds, Series 2014, 5.00% 2039 | 4,625 | 4,874 |
G.O. Bonds, Series of July 2013, 5.50% 2038 | 1,000 | 1,110 |
G.O. Bonds, Series of March 2012, 5.00% 2037 | 1,980 | 2,075 |
G.O. Bonds, Series of May 2014, 5.00% 2039 | 2,600 | 2,744 |
G.O. Ref. Bonds, 5.00% 2030 | 3,000 | 3,308 |
Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.80% 2032 | 1,000 | 1,008 |
Village of Lakemoor, McHenry and Lake Counties, Special Service Area Number 97-1, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 4.55% 2016 | 187 | 187 |
Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,662 | 1,678 |
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 | 285 |
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 | 750 |
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2002-A, National insured, 0% 2031 | 4,500 | 2,328 |
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2010-B-2, 5.00% 2050 | 5,000 | 5,197 |
Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds (Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030 | 762 | 763 |
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2031 | 1,000 | 1,183 |
Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048 | 11,020 | 15,249 |
Sports Facs. Auth., Sports Facs. Ref. Bonds (State Tax Supported), Series 2014, Assured Guaranty Municipal insured, 5.25% 2032 | 1,000 | 1,139 |
Bonds, notes & other debt instruments Illinois (continued) | Principal amount (000) | Value (000) |
City of Springfield, Electric Rev. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2040 | $1,000 | $1,134 |
State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-B, 5.00% 2040 | 5,000 | 5,778 |
319,515 | ||
Indiana 1.84% | ||
Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 | 7,000 | 8,055 |
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-A, 5.00% 2051 | 3,085 | 3,474 |
Fin. Auth., Health System Rev. Bonds (Franciscan Alliance, Inc.), Series 2016-B, 5.00% 2041 | 1,200 | 1,372 |
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031 | 4,000 | 4,493 |
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2032 | 3,800 | 4,065 |
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2039 | 4,750 | 4,994 |
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.00% 2044 | 7,000 | 7,595 |
Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT, 5.25% 2051 | 3,410 | 3,729 |
Fin. Auth., Rev. Ref. Bonds (Community Foundation of Northwest Indiana Obligated Group), 5.00% 2036 | 3,730 | 4,229 |
Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043 | 3,680 | 4,316 |
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.00% 2019 | 760 | 821 |
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.00% 2039 | 2,500 | 2,623 |
Gary/Chicago International Airport Auth., Airport Dev. Zone Rev. Bonds, Series 2014, AMT, 5.25% 2034 | 1,000 | 1,084 |
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obilgated Group), 5.50% 2027 (preref. 2017) | 1,350 | 1,423 |
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obilgated Group), 5.50% 2037 | 485 | 504 |
Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group), Series 2006-B, 5.00% 2023 | 1,000 | 1,003 |
Fin. Auth., Hospital Rev. Ref. Bonds (The Methodist Hospitals, Inc.), Series 2014-A, 5.00% 2028 | 750 | 859 |
Trustees of Indiana University, Consolidated Rev. Ref. Bonds, Series 2006-R, AMBAC insured, 5.00% 2018 (preref. 2016) | 1,000 | 1,024 |
Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), Series 1995-A, AMT, 6.50% 20314 | 3,500 | 24 |
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured, 5.60% 2016 | 1,000 | 1,034 |
Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured, 5.85% 2019 | 1,000 | 1,124 |
Knox County, Econ. Dev. Rev. and Ref. Bonds (Good Samaritan Hospital Project), Series 2012-A, 5.00% 2025 | 1,570 | 1,737 |
City of Valparaiso, Exempt Facs. Rev Bonds (Pratt Paper, LLC Project), Series 2013, AMT, 7.00% 2044 | 3,080 | 3,808 |
Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 (preref. 2016) | 1,375 | 1,408 |
Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), 5.50% 20273 | 800 | 829 |
Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 | 5,000 | 5,185 |
Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.75% 2042 | 1,000 | 1,036 |
Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.80% 2047 | 1,000 | 1,036 |
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), AMT, 5.00% 2045 (put 2022) | 3,000 | 3,547 |
76,431 |
Bonds, notes & other debt instruments Iowa 1.42% | Principal amount (000) | Value (000) |
Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), Series 2007-A, 6.75% 2037 | $2,500 | $2,771 |
Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), Series 2007-A, 6.75% 2042 | 5,000 | 5,543 |
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.00% 2019 | 5,000 | 5,240 |
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025 | 28,900 | 31,643 |
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.50% 2022 | 3,000 | 3,158 |
Iowa Higher Education, Loan Auth. Rev. Ref. Bonds (Wartburg College), 5.00% 2032 | 6,455 | 6,579 |
Iowa Higher Education, Loan Auth. Rev. Ref. Bonds (Wartburg College), 5.00% 2037 | 4,250 | 4,250 |
59,184 | ||
Kansas 0.30% | ||
Dev. Fin. Auth., Rev. Ref. Bonds (Lifespace Communities, Inc.), Series 2010-S, 5.00% 2030 | 1,920 | 2,077 |
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 | 250 | 278 |
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 | 750 | 832 |
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), Series 2007, 5.125% 2017 | 1,200 | 1,240 |
City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project), Series 2007, 5.50% 2039 | 5,250 | 5,324 |
City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project), Series 2006, 5.125% 2028 | 2,562 | 2,588 |
Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds (Legends at Village West Project), Series 2006, 4.60% 2016 | 130 | 132 |
12,471 | ||
Kentucky 1.04% | ||
Econ. Dev. Fin. Auth. Rev. Bonds (Next Generation Kentucky Information Highway Project), Series 2015-A, 4.25% 2035 | 4,865 | 4,995 |
Econ. Dev. Fin. Auth. Rev. Bonds (Next Generation Kentucky Information Highway Project), Series 2015-A, 5.00% 2030 | 1,000 | 1,125 |
Econ. Dev. Fin. Auth. Rev. Bonds (Next Generation Kentucky Information Highway Project), Series 2015-A, 5.00% 2032 | 1,500 | 1,679 |
Econ. Dev. Fin. Auth. Rev. Bonds (Next Generation Kentucky Information Highway Project), Series 2015-A, 5.00% 2037 | 1,000 | 1,118 |
Econ. Dev. Fin. Auth. Rev. Bonds (Next Generation Kentucky Information Highway Project), Series 2015-A, 5.00% 2045 | 5,700 | 6,263 |
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.50% 2035 | 1,750 | 1,796 |
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.75% 2045 | 5,765 | 5,954 |
Econ. Dev. Fin. Auth., Healthcare Facs. Rev. Ref. Bonds (Rosedale Green Project), 5.75% 2050 | 2,650 | 2,704 |
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024 | 2,000 | 2,194 |
Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.625% 2027 | 1,000 | 1,099 |
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 | 2,702 |
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 | 1,090 |
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 | 2,174 |
Bonds, notes & other debt instruments Kentucky (continued) | Principal amount (000) | Value (000) |
Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series 2013-A, 5.75% 2049 | $1,885 | $2,149 |
Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series 2013-A, 6.00% 2053 | 5,500 | 6,368 |
43,410 | ||
Louisiana 1.81% | ||
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2031 | 2,160 | 2,481 |
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2035 | 1,785 | 2,010 |
Aviation Board, General Airport Rev. Bonds (North Terminal Project), Series 2015-B, AMT, 5.00% 2040 | 10,000 | 11,116 |
Jefferson Parish Hospital Dist. No. 1, Parish of Jefferson, Hospital Rev. Ref. Bonds (West Jefferson Medical Center), Series 2011-A, 6.00% 2039 | 2,365 | 2,902 |
Juban Crossing, Econ. Dev. Rev. Ref. Bonds (Drainage Project), Series 2015-B, 7.00% 20443 | 2,000 | 2,036 |
Juban Crossing, Econ. Dev. Rev. Ref. Bonds (Drainage Project), Series 2015-C, 7.00% 20443 | 2,500 | 2,551 |
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007, 6.75% 2032 | 9,500 | 10,281 |
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2009-A, 6.50% 2029 | 4,475 | 5,305 |
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-1, 6.50% 2035 | 5,500 | 6,535 |
Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-2, 6.50% 2035 | 3,850 | 4,574 |
City of New Orleans, Sewerage Service Rev. and Ref. Bonds, Series 2015, 5.00% 2045 | 2,650 | 2,984 |
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), 5.00% 2047 | 2,500 | 2,752 |
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 | 2,175 | 2,269 |
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 (preref. 2017) | 825 | 875 |
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.375% 2043 | 360 | 376 |
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.375% 2043 (preref. 2017) | 140 | 149 |
Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029 | 2,000 | 2,298 |
Public Facs. Auth., Rev. Ref. Bonds (Nineteenth Judicial District Court Building Project), Assured Guaranty Municipal insured, 5.00% 2042 | 1,500 | 1,648 |
Public Facs. Auth., Rev. Ref. Bonds (Nineteenth Judicial District Court Building Project), Assured Guaranty Municipal insured, 5.25% 2051 | 1,000 | 1,106 |
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022) | 5,500 | 5,947 |
St. Tammany Public Trust Fncg. Auth., Rev. Ref. Bonds (Christwood Project), 5.00% 2024 | 625 | 676 |
St. Tammany Public Trust Fncg. Auth., Rev. Ref. Bonds (Christwood Project), 5.25% 2037 | 1,650 | 1,719 |
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2026 | 2,500 | 2,587 |
75,177 | ||
Maine 0.31% | ||
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2036 | 4,000 | 4,569 |
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2041 | 3,375 | 3,850 |
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 7.00% 2041 | 1,500 | 1,731 |
Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2014-C-1, AMT, 3.50% 2044 | 2,590 | 2,768 |
12,918 | ||
Maryland 0.62% | ||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-D, AMT, 4.00% 2036 | 1,215 | 1,313 |
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 500 | 523 |
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.80% 2038 | 1,000 | 1,079 |
Bonds, notes & other debt instruments Maryland (continued) | Principal amount (000) | Value (000) |
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.875% 2043 | $950 | $1,027 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2033 | 1,000 | 1,082 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Morgan State University Project), Series 2012, 5.00% 2034 | 1,500 | 1,605 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 3.00% 20203 | 1,000 | 1,010 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 5.00% 20253 | 2,100 | 2,302 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2015, 5.00% 20293 | 1,680 | 1,784 |
G.O. Capital Improvement Bonds, State and Local Facs., Series 2009-B, 5.25% 2016 | 1,835 | 1,885 |
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 1,500 | 1,523 |
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 8,250 | 8,258 |
Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 | 962 | 968 |
Mayor and Common Council of Westminster, Project and Rev. Ref. Bonds (Carroll Lutheran Village, Inc.), Series 2014, 5.50% 2044 | 1,500 | 1,629 |
25,988 | ||
Massachusetts 1.85% | ||
Dev. Fin. Agcy., Boston Medical Center Rev. Bonds (Green Bonds), Series 2015-D, 5.00% 2044 | 1,500 | 1,674 |
Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-B, 4.875% 20423 | 1,500 | 1,505 |
Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-C, AMT, 5.25% 20423 | 9,250 | 9,309 |
Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 | 1,400 | 1,405 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2021 | 711 | 720 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2031 | 3,873 | 3,785 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2039 | 4,487 | 4,362 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046 | 12,212 | 11,838 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-2, 5.50% 2046 | 861 | 749 |
Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-B, 0% 2056 | 4,159 | 29 |
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2041 | 1,000 | 1,148 |
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2029 | 1,800 | 2,142 |
Dev. Fin. Agcy., Rev. Bonds (Umass Memorial Health Care Obligated Group Issue), Series 2016-I, 5.00% 2036 | 2,000 | 2,299 |
Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040 | 3,265 | 3,481 |
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 | 11,175 | 13,239 |
Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 | 6,000 | 7,118 |
Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 | 905 | 914 |
Health and Educational Facs. Auth. Rev. Bonds (Umass Memorial Issue), Series 2010-G, 5.00% 2021 | 65 | 74 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (Northeastern University Issue), Series 2010-A, 5.00% 2035 | 1,800 | 2,040 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 5.75% 2039 (preref. 2019) | 1,000 | 1,121 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 | 1,500 | 1,722 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030 | 1,000 | 1,152 |
Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 177, AMT, 4.00% 2039 | 2,815 | 3,033 |
Port Auth., Special Facs. Rev. Bonds (Delta Air Lines, Inc. Project), Series 2001-A, AMT, AMBAC-FGIC insured, 5.00% 2027 | 2,000 | 2,006 |
76,865 |
Bonds, notes & other debt instruments Michigan 4.75% | Principal amount (000) | Value (000) |
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 | $2,542 |
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 | 5,094 |
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A, 5.25% 2039 | 4,850 | 5,399 |
City of Detroit, Water Supply System Rev. Bonds, Series 2011-A, 5.25% 2041 | 8,200 | 8,983 |
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series 2012-A, 5.00% 2025 | 1,415 | 1,627 |
School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series 2012-A, 5.00% 2026 | 1,000 | 1,143 |
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Sewage Disposal System Rev. Ref. Local Project), Series 2014-C-1, 5.00% 2044 | 5,000 | 5,422 |
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Sewage Disposal System Rev. Ref. Local Project), Series 2014-C-6, 5.00% 2033 | 2,000 | 2,284 |
Fin. Auth. Local Government Loan Program Rev. Bonds (Water and Sewerage Dept. Water Supply System Rev. Ref. Local Project), Series 2014-D-4, 5.00% 2034 | 1,000 | 1,138 |
Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027 | 1,090 | 1,256 |
Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 | 1,000 | 1,082 |
Fin. Auth., Rev. Ref. Bonds (School Dist. of the City of Detroit), Series 2012, 5.00% 2020 | 1,450 | 1,606 |
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 4.00% 2030 | 2,550 | 2,626 |
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 4.00% 2031 | 1,000 | 1,028 |
Fin. Auth., Student Loan Rev. Ref. Bonds, Series 25-A, AMT, 5.00% 2022 | 1,500 | 1,729 |
Fin. Auth. Sewage Disposal System Rev. Ref. Bonds (Detroit Water and Sewerage Department Local Project), Series 2015-C, 5.00% 2032 | 500 | 575 |
Fin. Auth. Sewage Disposal System Rev. Ref. Bonds (Detroit Water and Sewerage Department Local Project), Series 2015-C, 5.00% 2035 | 1,500 | 1,705 |
Fin. Auth. Sewage Disposal System Rev. Ref. Bonds (Detroit Water and Sewerage Department Local Project), Series 2015-D-2, 5.00% 2034 | 2,100 | 2,396 |
Fin. Auth., Hospital Rev. Ref. Bonds (Beaumont Health Credit Group), Series 2016-A, 5.00% 2044 | 500 | 563 |
Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2027 | 1,000 | 1,221 |
Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2039 | 4,540 | 5,541 |
Fin. Auth., Hospital Rev. Ref. Bonds (Mclaren Health Care), Series 2015-B, 5.00% 2035 | 750 | 867 |
Fin. Auth., Local Government Loan Program Rev. Bonds (City of Detroit Fin. Recovery Income Tax Local Project), Series 2014-F-1, 4.50% 2029 | 2,600 | 2,785 |
Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), 5.00% 2039 | 1,890 | 2,124 |
Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), 5.50% 2026 | 1,250 | 1,588 |
Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds), Series 2014-B, 5.00% 2044 | 3,000 | 3,298 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), 5.84% 2020 | 500 | 540 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.375% 2035 | 1,500 | 1,720 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.50% 2039 | 1,750 | 2,007 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.00% 2023 | 2,000 | 2,097 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2028 | 4,000 | 4,104 |
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2039 | 1,000 | 1,010 |
Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2036 | 2,000 | 2,020 |
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.75% 2039 | 5,500 | 6,284 |
Hospital Fin. Auth., Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048 | 2,000 | 2,197 |
Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.125% 2032 | 1,000 | 1,007 |
Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.375% 2041 | 1,250 | 1,259 |
Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.625% 2041 | 4,000 | 4,266 |
Bonds, notes & other debt instruments Michigan (continued) | Principal amount (000) | Value (000) |
County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006, 5.375% 2026 | $1,250 | $1,272 |
County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006, 5.50% 2035 | 2,995 | 3,048 |
City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 8.25% 2039 (preref. 2018) | 2,000 | 2,381 |
City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00% 2039 | 1,250 | 1,406 |
City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2030 | 2,700 | 3,005 |
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 | 395 | 445 |
State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 (preref. 2018) | 605 | 689 |
State Strategic Fund, Limited Obligation Rev. Bonds (Detroit Renewable Power Project), Series 2013, AMT, 8.50% 20303 | 2,480 | 2,431 |
State Strategic Fund, Limited Obligation Rev. Bonds (Detroit Thermal Project), Series 2013, AMT, 8.50% 20303 | 7,510 | 7,361 |
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-KT, 5.625% 2020 | 1,800 | 2,116 |
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2048 | 47,070 | 42,955 |
Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.875% 2042 | 5,440 | 5,574 |
Wayne County Airport Auth. Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2014-C, AMT, 5.00% 2044 | 1,000 | 1,082 |
Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-B, AMT, 5.00% 2037 | 2,000 | 2,168 |
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2011-A, AMT, 5.00% 2020 | 5,000 | 5,694 |
Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-D, AMT, 5.00% 2028 | 12,000 | 13,543 |
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2030 | 3,000 | 3,426 |
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2032 | 1,000 | 1,127 |
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2033 | 2,000 | 2,248 |
Wayne County Airport Auth., Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-F, AMT, 5.00% 2034 | 1,500 | 1,682 |
197,786 | ||
Minnesota 0.20% | ||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-E, AMT, 3.50% 2046 | 5,000 | 5,322 |
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031 | 985 | 1,008 |
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-C, AMT, 4.00% 2045 | 1,815 | 1,954 |
8,284 | ||
Mississippi 0.20% | ||
Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2034 | 1,000 | 1,157 |
Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 | 1,500 | 1,572 |
Warren County, Gulf Opportunity Zone Bonds (International Paper Co. Project), Series 2011-A, 5.375% 2035 | 5,100 | 5,695 |
8,424 |
Bonds, notes & other debt instruments Missouri 2.17% | Principal amount (000) | Value (000) |
Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007, 5.00% 2019 | $1,885 | $1,890 |
Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007, 5.00% 2036 | 645 | 604 |
Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 | 640 | 642 |
Health & Educational Facilities Auth., Rev. Ref. Bonds (St Anthony’s Medical Center), Series 2015-B, 5.00% 2045 | 1,320 | 1,484 |
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), 5.00% 2040 | 1,650 | 1,769 |
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), 5.00% 2045 | 1,300 | 1,387 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), Series 2010, 5.50% 2042 | 2,000 | 2,171 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects), Series 2011, 6.00% 2041 | 1,000 | 1,113 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), 5.00% 2035 | 1,000 | 1,097 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2007-B, 4.875% 2038 | 3,000 | 3,037 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2030 | 250 | 284 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2036 | 1,100 | 1,227 |
Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2046 | 1,675 | 1,840 |
Industrial Dev. Auth. of St. Louis, Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), 5.125% 2045 | 4,200 | 4,303 |
Industrial Dev. Auth. of St. Louis, Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), Series 2015-A, 5.00% 2025 | 2,080 | 2,281 |
Industrial Dev. Auth. of St. Louis, Senior Living Facs. Rev. Bonds (St. Andrew’s Resources for Seniors Obligated Group), Series 2015-A, 5.00% 2035 | 1,260 | 1,304 |
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 | 7,950 | 8,237 |
Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series 2014-A, 5.25% 2039 | 9,500 | 9,905 |
City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.25% 2029 | 2,000 | 2,279 |
City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.625% 2034 | 4,000 | 4,619 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2027 | 3,275 | 4,125 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2028 | 4,480 | 5,674 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005, National insured, 5.50% 2029 | 1,000 | 1,277 |
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 | 5,766 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2012, AMT, 5.00% 2032 | 1,685 | 1,830 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), National insured, 5.50% 2026 | 2,500 | 3,127 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), National insured, 5.50% 2030 | 2,000 | 2,570 |
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), National insured, 5.50% 2031 | 5,000 | 6,455 |
The Industrial Dev. Auth. of the County of St. Louis, Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2025 | 1,000 | 1,077 |
Bonds, notes & other debt instruments Missouri (continued) | Principal amount (000) | Value (000) |
The Industrial Dev. Auth. of the County of St. Louis, Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2030 | $1,000 | $1,051 |
The Industrial Dev. Auth. of the County of St. Louis, Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.00% 2035 | 700 | 725 |
The Industrial Dev. Auth. of the County of St. Louis, Healthcare Facs. Rev. Bonds (Nazareth Living Center), Series 2015-A, 5.125% 2045 | 2,000 | 2,051 |
Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), Series 2002, 7.20% 2033 | 3,300 | 3,005 |
90,206 | ||
Montana 0.17% | ||
Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.00% 2025 | 2,250 | 2,283 |
Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A, 6.125% 2036 | 4,850 | 4,922 |
7,205 | ||
Nebraska 0.16% | ||
Hospital Auth. No. 2 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2015, 5.00% 2048 | 2,350 | 2,648 |
Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2008, 5.75% 2028 | 3,500 | 3,967 |
6,615 | ||
Nevada 1.50% | ||
Clark County, Airport System Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2027 | 4,000 | 4,207 |
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2027 | 2,415 | 2,780 |
Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2028 | 2,000 | 2,288 |
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, Series 2006-B, 5.30% 2029 | 960 | 961 |
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds, Series 2012, 5.00% 2020 | 1,360 | 1,470 |
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds, Series 2012, 5.00% 2021 | 1,460 | 1,584 |
City of Henderson, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 | 2,000 | 2,088 |
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2018 | 1,100 | 1,105 |
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2019 | 1,370 | 1,376 |
City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.125% 2025 | 3,410 | 3,358 |
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2017 | 910 | 930 |
City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.00% 2016 | 920 | 919 |
City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 | 4,445 | 3,886 |
City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 | 7,215 | 5,664 |
City of Henderson, Public Improvement Trust, Touro College and University System Obligated Group Rev. Bonds, 5.50% 2044 | 1,645 | 1,766 |
City of Las Vegas Redev. Agcy., Tax Increment Rev. Bonds, Series 2009-A, 8.00% 2030 | 7,000 | 7,950 |
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 4.25% 2024 | 200 | 207 |
Bonds, notes & other debt instruments Nevada (continued) | Principal amount (000) | Value (000) |
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2022 | $450 | $488 |
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2023 | 400 | 436 |
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds, Series 2013, 5.00% 2024 | 280 | 307 |
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement and Ref. Bonds, Series 2014, 5.00% 2026 | 1,000 | 1,053 |
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement and Ref. Bonds, Series 2014, 5.00% 2028 | 400 | 418 |
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement and Ref. Bonds, Series 2014, 5.00% 2029 | 700 | 729 |
City of Las Vegas, Special Improvement Dist. Nos. 808 and 810 (Summerlin Village 23B), Local Improvement and Ref. Bonds, Series 2014, 5.00% 2031 | 145 | 150 |
City of Las Vegas, Special Improvement Dist. Nos. 812, Local Improvement and Ref. Bonds (Summerlin Village 24), 5.00% 2026 | 500 | 538 |
City of Las Vegas, Special Improvement Dist. Nos. 812, Local Improvement and Ref. Bonds (Summerlin Village 24), 5.00% 2029 | 1,650 | 1,728 |
City of Las Vegas, Special Improvement Dist. Nos. 812, Local Improvement and Ref. Bonds (Summerlin Village 24), 5.00% 2035 | 1,100 | 1,127 |
City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 | 3,000 | 3,186 |
Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 | 2,000 | 1,832 |
Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 | 6,875 | 6,131 |
Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007-B, AMT, 5.70% 2041 | 295 | 305 |
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited Obligation Improvement Bonds, 6.50% 2020 | 750 | 807 |
City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited Obligation Improvement Bonds, 6.75% 2027 | 700 | 739 |
62,513 | ||
New Hampshire 0.14% | ||
Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 | 2,445 | 2,723 |
Health and Education Facs. Auth., Rev. Bonds (Rivermead Issue), Series 2011-A, 6.875% 2041 | 2,625 | 2,982 |
5,705 | ||
New Jersey 4.86% | ||
Camden County Improvement Auth., Health Care Redev. Project Rev. Bonds (The Cooper Health System Obligated Group Issue), Series 2013-A, 5.75% 2042 | 2,665 | 3,077 |
Camden County Improvement Auth., Health Care Redev. Project, Rev. Ref. Bonds (The Cooper Health System Obligated Group Issue), Series 2014, 5.00% 2030 | 1,405 | 1,604 |
Camden County Improvement Auth., Health Care Redev. Project, Rev. Ref. Bonds (The Cooper Health System Obligated Group Issue), Series 2014, 5.00% 2032 | 555 | 629 |
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, 5.25% 2039 | 2,500 | 2,609 |
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024 | 2,250 | 2,614 |
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2026 | 1,500 | 1,710 |
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2027 | 1,000 | 1,130 |
Casino Reinvestment Dev. Auth., Luxury Tax Rev. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029 | 1,180 | 1,317 |
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.00% 2037 | 7,015 | 7,279 |
Bonds, notes & other debt instruments New Jersey (continued) | Principal amount (000) | Value (000) |
Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT, 5.125% 2043 | $750 | $781 |
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.375% 2043 | 7,725 | 8,640 |
Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2026 | 2,435 | 2,527 |
Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.), Series 2006, 5.25% 2036 | 500 | 519 |
Econ. Dev. Auth., Rev. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), Series 2010-A, 5.875% 2042 | 3,500 | 3,909 |
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties L.L.C. - Rowan University Student Housing Project), Series 2015-A, 5.00% 2024 | 1,475 | 1,706 |
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties L.L.C. - Rowan University Student Housing Project), Series 2015-A, 5.00% 2030 | 1,000 | 1,116 |
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties L.L.C. - Rowan University Student Housing Project), Series 2015-A, 5.00% 2035 | 3,750 | 4,110 |
Econ. Dev. Auth., Rev. Ref. Bonds (Provident Group - Rowan Properties L.L.C. - Rowan University Student Housing Project), Series 2015-A, 5.00% 2048 | 2,000 | 2,146 |
Econ. Dev. Auth., School Dacs. Contruction Rev. Ref. Bonds, Series 2015-WW, 5.25% 2033 | 2,500 | 2,748 |
Econ. Dev. Auth., School Dacs. Contruction Rev. Ref. Bonds, Series 2015-WW, 5.25% 2040 | 1,650 | 1,788 |
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023 | 4,500 | 5,006 |
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029 | 18,500 | 20,369 |
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030 | 1,750 | 1,990 |
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033 | 3,500 | 3,919 |
Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT, 5.75% 2027 | 4,500 | 5,015 |
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2013-I, 1.61% 20282 | 9,000 | 7,990 |
The Essex County Improvement Auth., Solid Waste Disposal Rev. Bonds (Covanta Project), AMT, 5.25% 20453 | 6,000 | 6,247 |
Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT, 5.625% 2052 | 3,940 | 4,457 |
Health Care Facs. Fncg. Auth. Rev Bonds (Princeton Healthcare Systems Issue), Series 2016-A, 5.00% 2034 | 1,000 | 1,159 |
Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2011, 6.00% 2041 | 1,000 | 1,201 |
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2032 | 500 | 590 |
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2037 | 1,000 | 1,165 |
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue), Series 2011, 6.00% 2026 | 2,000 | 2,196 |
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue), Series 2011, 6.25% 2035 | 3,000 | 3,264 |
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (University Hospital), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2046 | 1,075 | 1,212 |
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 3.75% 2026 | 1,000 | 1,042 |
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 4.00% 2020 | 3,000 | 3,246 |
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2021 | 1,500 | 1,710 |
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2022 | 1,000 | 1,153 |
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2015-1-A, 4.00% 2027 | 4,000 | 4,214 |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2012-A, 5.00% 2026 | 1,920 | 2,174 |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2012-A, 5.00% 2029 | 1,200 | 1,338 |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2014-A, 5.00% 2025 | 400 | 470 |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2014-A, 5.00% 2027 | 990 | 1,146 |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2014-A, 5.00% 2033 | 700 | 787 |
Bonds, notes & other debt instruments New Jersey (continued) | Principal amount (000) | Value (000) |
South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2014-A, 5.00% 2039 | $12,650 | $13,889 |
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 | 63,620 | 53,488 |
202,396 | ||
New Mexico 0.48% | ||
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), Series 2001-A, 8.375% 2021 | 980 | 993 |
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park, Phase I & II), Series 2001-B, 8.875% 2021 | 2,315 | 2,350 |
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020) | 3,000 | 3,057 |
Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012, 5.00% 2032 | 2,000 | 2,114 |
Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012, 5.00% 2042 | 4,250 | 4,407 |
Hospital Equipment Loan Council, Hospital Improvement and Rev. Ref. Bonds (Gerald Champion Regional Medical Center Project), 5.50% 2042 | 5,000 | 5,342 |
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039 | 285 | 305 |
Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 | 210 | 223 |
Mortgage Fin. Auth., Single-family Mortgage Program Class I Bonds, Series 2010-A, 4.625% 2025 | 315 | 325 |
Mortgage Fin. Auth., Single-family Mortgage Program Rev. Ref. Bonds, Series 2012-B-1, Class I, AMT, 3.75% 2043 | 665 | 690 |
19,806 | ||
New York 4.25% | ||
Buffalo and Erie County Industrial Land Dev. Corp., Rev. Ref. Bonds (Orchard Park CCRC, Inc. Project), 2.00% 2016 | 75 | 75 |
Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.00% 2040 | 600 | 680 |
Buffalo and Erie County, Industrial Land Dev. Corp., Obligated Group Rev. Bonds (Catholic Health System, Inc. Project), Series 2015, 5.25% 2035 | 500 | 585 |
Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043 | 500 | 548 |
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 3.75% 20203 | 610 | 637 |
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 4.50% 20253 | 450 | 491 |
Build NYC Resource Corp., Solid Waste Disposal Rev. Bonds (Pratt Paper (NY), Inc. Project), Series 2014, AMT, 5.00% 20353 | 1,150 | 1,246 |
Build NYC Resources Corp Rev. Ref. Bonds (Albert Einstein School of Medicine, Inc. Project), 5.50% 20453 | 5,000 | 5,410 |
County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk Power Project), Series 2009, 5.875% 2042 | 5,850 | 6,214 |
Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2044 | 2,600 | 2,914 |
Dormitory Auth., Culinary Institute of America Rev. Bonds, Series 2013, 5.50% 2033 | 500 | 578 |
Dormitory Auth., Icahn School of Medicine at Mount Sinai, Rev. Bonds, Series 2015-A, 5.00% 2040 | 250 | 288 |
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 | 1,585 | 1,839 |
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 (preref. 2020) | 5 | 6 |
Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A, 5.00% 2032 | 4,000 | 4,472 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2008, 6.25% 2037 | 1,120 | 1,222 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20283 | 1,200 | 1,313 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20313 | 500 | 539 |
Bonds, notes & other debt instruments New York (continued) | Principal amount (000) | Value (000) |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20323 | $500 | $537 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20333 | 1,200 | 1,288 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20343 | 1,200 | 1,288 |
Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2015, 5.00% 20353 | 1,000 | 1,073 |
Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-C, 5.00% 2044 | 1,430 | 1,647 |
Dormitory Auth., The New School Rev. Bonds, Series 2015-A, 5.00% 2050 | 1,000 | 1,125 |
Dormitory Auth., Touro College and University System Obligated Group Rev. Bonds, Series 2014-A, 5.50% 2044 | 1,250 | 1,377 |
City of New York, G.O. Bonds, Series 2013-D, 5.00% 2016 | 1,250 | 1,280 |
Various Purpose G.O. Bonds, Series 2016-A, 5.00% 2027 | 825 | 1,017 |
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 | 2,500 | 2,860 |
Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 | 3,000 | 3,496 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 1, 5.00% 20443 | 7,500 | 7,994 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.15% 20343 | 6,000 | 6,374 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 2, 5.375% 20403 | 3,160 | 3,385 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (3 World Trade Center Project), Series 2014, Class 3, 7.25% 20443 | 2,625 | 3,193 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.75% 2051 | 1,000 | 1,171 |
Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 | 13,360 | 15,112 |
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-B-2, 5.00% 2016 | 1,000 | 1,037 |
City of New York, G.O. Bonds, Series 2010-B, 5.00% 2016 | 8,575 | 8,779 |
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 | 1,500 | 1,548 |
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 | 1,000 | 1,020 |
New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 | 500 | 509 |
New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-A, AMT, 5.00% 2028 | 2,000 | 2,173 |
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), AMT, 2.00% 2028 | 4,600 | 4,610 |
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 | 15,200 | 15,843 |
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 7.75% 2031 | 3,130 | 3,264 |
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 8.00% 2028 | 2,000 | 2,088 |
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014 Series BB, 5.00% 2046 | 3,500 | 4,009 |
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012 Series S-1-A, 5.00% 2032 | 750 | 870 |
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.00% 2039 | 1,000 | 1,157 |
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036 | 2,250 | 2,641 |
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2011-C, 5.00% 2016 (escrow to maturity) | 1,250 | 1,293 |
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2011-E, 5.00% 2016 | 2,000 | 2,071 |
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A1, 5.00% 2037 | 1,000 | 1,180 |
New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2015-E-1, 5.00% 2041 | 300 | 348 |
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048 | 1,600 | 1,663 |
New York City, Housing Dev. Corp. Multi-Family Rev. Bonds (8 Spruce Street), Series 2014-F, 4.50% 2048 | 10,250 | 11,031 |
Niagara Area Dev. Corp. (New York), Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Energy Project), Series 2012-A, AMT, 5.25% 20423 | 2,250 | 2,272 |
Niagara Frontier Transportation Auth., Airport Rev. Ref. Bonds (Buffalo Niagara International Airport), Series 2014-A, AMT, 5.00% 2029 | 1,200 | 1,357 |
Bonds, notes & other debt instruments New York (continued) | Principal amount (000) | Value (000) |
Onondaga Civic Dev. Corp., Rev. Ref. Bonds (St. Joseph’s Hospital Health Center Project), Series 2012, 5.00% 2042 | $1,000 | $1,231 |
Onondaga County Resource Recovery Agcy., Rev. Ref. Bonds, Series 2015-A, AMT, Assured Guaranty Municipal insured, 5.00% 2030 | 1,490 | 1,711 |
Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2036 | 2,650 | 3,110 |
Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2042 | 5,500 | 6,426 |
County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024 | 300 | 363 |
Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 20233 | 8,585 | 8,823 |
Seneca Nation of Indians, Rev. Bonds, Series A, 5.25% 20163 | 1,105 | 1,122 |
176,823 | ||
North Carolina 0.22% | ||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 1,388 |
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 4.75% 2032 | 1,500 | 1,562 |
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2020 | 725 | 796 |
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2030 | 1,900 | 2,028 |
Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Pennybyrn at Maryfield), 5.00% 2035 | 1,000 | 1,061 |
Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project), Series 2008-A, 6.00% 2038 | 2,230 | 2,341 |
9,176 | ||
North Dakota 0.05% | ||
Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2031 | 1,200 | 1,441 |
Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2035 | 500 | 600 |
2,041 | ||
Ohio 5.49% | ||
Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 | 1,500 | 1,686 |
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project), Series 2009-C, 5.625% 2018 | 8,580 | 9,216 |
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2008-B, 3.95% 2032 (put 2020) | 2,500 | 2,594 |
Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-A, 3.75% 2023 (put 2018) | 1,275 | 1,312 |
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Bonds (Akron General Health System), Series 2012, 5.00% 2031 | 4,000 | 4,809 |
Akron, Bath, and Copley Joint Township Hospital District, Hospital Facs. Rev. Bonds (Akron General Health System), 3.80% 2027 | 1,925 | 2,184 |
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2030 | 2,350 | 2,120 |
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875% 2047 | 82,155 | 72,778 |
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50% 2047 | 22,075 | 21,051 |
County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 | 5,125 | 6,022 |
County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.75% 2040 | 1,000 | 1,188 |
City of Centerville, Health Care Rev. Ref. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), Series 2007-A, 6.00% 2038 | 1,000 | 1,039 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2000-C, Assured Guaranty Municipal insured, 5.00% 2031 | 4,000 | 4,125 |
Bonds, notes & other debt instruments Ohio (continued) | Principal amount (000) | Value (000) |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 | $3,535 | $4,002 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025 | 1,095 | 1,260 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2026 | 1,000 | 1,144 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2027 | 2,300 | 2,616 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 | 1,000 | 1,119 |
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2031 | 1,000 | 1,116 |
County of Cuyahoga, Health Care Facs. Rev. Bonds (Franciscan Communities, Inc. - Mount Alverna Project), Series 2004-D, 6.50% 2034 | 1,315 | 1,361 |
County of Franklin, Health Care Facs. Improvement Rev. Bonds (OPRS Communities), Series 2013-A, 6.125% 2040 | 2,275 | 2,522 |
County of Franklin, Health Care Facs. Improvement Rev. Bonds (Presbyterian Retirement Services Project), Series 2010-A, 5.625% 2026 | 1,850 | 2,020 |
County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System Obligated Group Project), Series 2012-A, 8.00% 2042 | 10,870 | 12,652 |
County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2042 | 1,500 | 1,649 |
County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2011-A, 6.625% 2046 | 1,000 | 1,147 |
County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A, 5.00% 2037 | 2,000 | 2,032 |
Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 | 1,000 | 1,018 |
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2012-A, 5.00% 2038 | 1,000 | 1,146 |
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 | 175 | 176 |
County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 (preref. 2018) | 1,680 | 1,886 |
Licking County, Health Care Facs. Rev. Ref. Bonds (Kendal Granville), Series 2015-A, 6.00% 2050 | 2,920 | 3,150 |
Licking County, Health Care Facs. Rev. Ref. Bonds (Kendal Granville), Series 2015-A, 6.125% 2042 | 8,500 | 9,285 |
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2033 | 1,435 | 1,512 |
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2044 | 6,000 | 6,245 |
County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00% 2048 | 1,000 | 1,036 |
Solid Waste Disposal Rev. Bonds (USG Corp. Project), Series 1997, AMT, 5.60% 2032 | 950 | 950 |
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 5.75% 2032 | 6,555 | 7,143 |
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2012, 6.00% 2042 | 5,700 | 6,247 |
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2015, 5.00% 2035 | 850 | 885 |
Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project), Series 2015, 5.00% 2043 | 750 | 775 |
Treasurer of State, Tax-Exempt Private Activity Bonds (Portsmouth Bypass Project), Series 2015, AMT, 5.00% 2053 | 6,000 | 6,544 |
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2005-B, 4.00% 2034 (put 2021) | 8,000 | 8,316 |
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 3.625% 2033 (put 2020) | 2,250 | 2,318 |
Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-C, AMT, 3.95% 2032 (put 2020) | 3,000 | 3,113 |
Water Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 4.00% 2033 (put 2019) | 2,000 | 2,080 |
228,589 |
Bonds, notes & other debt instruments Oklahoma 0.90% | Principal amount (000) | Value (000) |
Fort Sill Apache Ok Tribe Gaming Enterprise, Econ. Dev. Auth., Series 2011-A, 8.50% 20263 | $6,500 | $7,669 |
Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2008-A, AMT, 6.80% 2038 | 295 | 306 |
Trustees of the Tulsa Airports Improvement Trust General Airports Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2023 | 800 | 935 |
Trustees of the Tulsa Airports Improvement Trust General Airports Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2035 | 1,000 | 1,115 |
Trustees of the Tulsa Airports Improvement Trust General Airports Rev. Bonds, Series 2015-A, AMT, BAM insured, 5.00% 2045 | 2,480 | 2,704 |
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035 | 15,875 | 17,397 |
Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2013-B, AMT, 5.50% 2035 | 120 | 131 |
Trustees of the Tulsa Municipal Airport Trust, Series 2015, AMT, 5.00% 2035 (put 2025) | 5,000 | 5,608 |
Tulsa Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027 | 1,285 | 1,469 |
37,334 | ||
Oregon 0.59% | ||
Cow Creek Band of Umpqua Tribe of Indians, Tax Rev. Bonds, Series 2006-C, 5.625% 2026 | 9,915 | 10,018 |
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2034 | 1,000 | 1,156 |
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2035 | 1,145 | 1,318 |
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2045 | 1,500 | 1,697 |
City of Forest Grove, Oregon Campus Improvement Rev. Ref. Bonds (Pacific University Project), Series 2015-A, 5.00% 2030 | 550 | 643 |
The Hospital Fac. Auth. of Polk County, Rev. Bonds (Dallas Retirement Village Project), Series 2015-A, 5.50% 2050 | 5,080 | 5,198 |
Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2028 | 4,000 | 4,561 |
24,591 | ||
Pennsylvania 5.05% | ||
Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Project), Series 2005-A, 4.00% 2035 (put 2021) | 8,700 | 9,039 |
Chester County Health and Education, Facs. Auth. Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.00% 2030 | 1,000 | 1,048 |
Chester County Health and Education, Facs. Auth. Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.00% 2035 | 1,000 | 1,024 |
Chester County Health and Education, Facs. Auth. Rev. Bonds (Simpson Senior Services Project), Series 2015-A, 5.25% 2045 | 1,400 | 1,439 |
Delaware County Auth. (Commonwealth of Pennsylvania), Hospital Rev. Bonds (Crozer-Chester Medical Center Obligated Group), 5.00% 2031 | 1,160 | 1,189 |
Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2023 | 2,420 | 2,799 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2013, 5.00% 2035 | 1,000 | 1,069 |
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2027 | 500 | 592 |
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2028 | 900 | 1,060 |
East Hempfield Township Industrial Dev. Auth., Rev. and Ref. Bonds (Willow Valley Communities Project), 5.00% 2029 | 300 | 351 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2013, 5.00% 2045 | 2,750 | 2,894 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2029 | 730 | 792 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2034 | 875 | 933 |
Bonds, notes & other debt instruments Pennsylvania (continued) | Principal amount (000) | Value (000) |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2039 | $440 | $464 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2014, 5.00% 2046 | 2,850 | 2,993 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2025 | 4,905 | 5,504 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2030 | 825 | 899 |
East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania), Series 2015, 5.00% 2047 | 2,500 | 2,637 |
Econ. Dev. Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (PPL Energy Supply, LLC Project), Series 2009-C, 5.00% 2037 (put 2020) | 7,000 | 7,005 |
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2029 | 7,500 | 8,638 |
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2034 | 16,200 | 18,156 |
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2038 | 8,250 | 9,118 |
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 2042 | 1,250 | 1,378 |
Higher Education Facs. Auth., Rev. Bonds (Thomas Jefferson University), Series 2015-A, 5.25% 2050 | 2,400 | 2,729 |
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2008, 5.75% 2028 | 2,500 | 2,625 |
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2008, 5.875% 2038 | 11,400 | 11,945 |
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2008, 6.00% 2042 | 1,000 | 1,049 |
Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project), Series 2010, 6.00% 2043 | 6,400 | 6,923 |
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2011, 6.25% 2043 | 4,690 | 5,267 |
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2012, 5.00% 2030 | 1,000 | 1,081 |
Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania), Series 2012, 5.00% 2044 | 4,260 | 4,489 |
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 | 2,375 | 2,487 |
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 | 7,890 | 8,150 |
Higher Educational Facs. Auth., University of Pennsylvania Health System, Rev. Bonds, Series 2011-A, 5.75% 2041 | 1,500 | 1,771 |
Lancaster County Hospital Auth., Health Center Rev. Ref. Bonds (Landis Homes Retirement Community Project), Series 2015-A, 5.00% 2045 | 1,500 | 1,567 |
Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.75% 2035 | 1,000 | 1,120 |
Lycoming County Auth., Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039 | 1,500 | 1,631 |
Montgomery County Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2036 | 4,690 | 5,219 |
Montgomery County Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2045 | 9,125 | 10,067 |
Montgomery County Industrial Dev. Auth., Health Systems Rev. Bonds (Albert Einstein Healthcare Network Issue), Series 2015-A, 5.25% 2046 | 1,060 | 1,169 |
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds (Whitemarsh Continuing Care Retirement Community Project), Series 2008, 7.00% 2036 | 2,000 | 2,251 |
Bonds, notes & other debt instruments Pennsylvania (continued) | Principal amount (000) | Value (000) |
Montgomery County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (PECO Energy Company Project), Series 2001-A, AMT, 2.70% 2034 (put 2020) | $1,000 | $1,009 |
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2009-A-1, 6.25% 2029 | 725 | 823 |
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 | 2,675 |
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2027 | 2,500 | 2,752 |
Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. Obligated Group), Series 2012, 5.00% 2028 | 2,800 | 3,073 |
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2042 | 11,545 | 12,516 |
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Health System Obligated Group), Series 2007-A, 5.00% 2034 | 6,380 | 6,485 |
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Health System Obligated Group), Series 2012-A, 5.625% 2036 | 3,885 | 4,235 |
Public Finance Auth., Exempt Facs. Ref. Rev. Bonds (National Gypsum Company), Series 2014, AMT, 5.50% 2044 | 4,500 | 4,713 |
Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2027 | 10,210 | 11,234 |
Turnpike Commission, Turnpike Rev. Bonds, Series 2013-A, 0.62% 20172 | 1,000 | 998 |
Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project - Tanger Outlet Dev.), Series 2006-A, 5.45% 2035 | 5,170 | 5,247 |
West Shore Area Auth., Rev. Bonds (Messiah Village Project), Series 2015-A, 5.00% 2035 | 1,500 | 1,631 |
209,952 | ||
Puerto Rico 3.26% | ||
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 | 24,275 | 16,250 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2008-A, Assured Guaranty isured, 5.125% 2047 | 215 | 216 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 2,040 | 1,417 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2022 | 2,260 | 1,571 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2033 | 1,495 | 1,004 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.125% 2037 | 1,500 | 1,008 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.75% 2037 | 250 | 172 |
Electric Power Auth., Power Rev. Bonds, Series 2003-NN, National insured, 5.25% 2023 | 370 | 373 |
Electric Power Auth., Power Rev. Bonds, Series 2005-RR, Assured Guaranty insured, 5.00% 2028 | 135 | 135 |
Electric Power Auth., Power Rev. Bonds, Series 2005-RR, National insured, 5.00% 2023 | 480 | 478 |
Electric Power Auth., Power Rev. Bonds, Series 2007-VV, National insured, 5.25% 2024 | 520 | 521 |
Electric Power Auth., Power Rev. Bonds, Series 2007-VV, National insured, 5.25% 2032 | 2,110 | 2,081 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2033 | 2,000 | 1,183 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2040 | 275 | 163 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2043 | 395 | 234 |
Electric Power Auth., Power Rev. Bonds, Series XX, 5.25% 2040 | 1,020 | 601 |
Electric Power Auth., Power Rev. Ref. Bonds, Series 2003-NN, National insured, 4.75% 2033 | 510 | 466 |
Electric Power Auth., Power Rev. Ref. Bonds, Series UU, Assured Guaranty Municipal insured, 0.93% 20292 | 10,955 | 7,948 |
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2005-BB, 5.25% 2022 | 2,000 | 2,084 |
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured 5.50% 2025 | 1,740 | 1,835 |
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2034 | 7,250 | 7,488 |
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, Assured Guaranty insured, 5.25% 2036 | 11,085 | 11,386 |
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2007-N, National insured, 5.25% 2033 | 3,500 | 3,441 |
Bonds, notes & other debt instruments Puerto Rico (continued) | Principal amount (000) | Value (000) |
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2003-AA1, 4.95% 2026 | $2,545 | $2,562 |
Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, Assured Guaranty insured, 5.50% 2031 | 1,755 | 1,879 |
Highways and Transportation Auth., Transportation Rev. Ref. Bonds, Series 2005-L, National insured, 5.25% 2035 | 295 | 287 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), 5.00% 2036 | 180 | 152 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), 5.50% 2031 | 205 | 187 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2021 | 2,555 | 2,456 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2026 | 765 | 692 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.00% 2027 | 1,850 | 1,647 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.375% 2042 | 3,450 | 2,980 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2004, National insured, 4.25% 2024 | 550 | 543 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2016 | 1,700 | 1,690 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 | 500 | 491 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2020 | 2,985 | 2,933 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021 | 1,985 | 1,950 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2022 | 1,000 | 981 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2031 | 500 | 458 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), 4.00% 2024 | 300 | 224 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2023 | 960 | 718 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2026 | 795 | 576 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.125% 2027 | 995 | 721 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 2031 | 1,200 | 859 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2016 | 790 | 755 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042 | 2,030 | 1,450 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 5.00% 2018 | 355 | 364 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 5.00% 2021 | 1,250 | 1,300 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 8,010 | 8,407 |
Public Improvement Ref. Bonds (G.O. Bonds), Series 2007-A-4, Assured Guaranty Municipal insured, 5.00% 2031 | 2,680 | 2,696 |
Bonds, notes & other debt instruments Puerto Rico (continued) | Principal amount (000) | Value (000) |
Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, Assured Guaranty Municipal insured, 5.125% 2037 | $1,000 | $630 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 | 14,580 | 5,569 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2037 | 775 | 297 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-C, 5.25% 2041 | 5,365 | 2,043 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-A-1, 5.25% 2043 | 3,095 | 1,178 |
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2007-A, AMBAC insured, 0% 2054 | 87,500 | 6,848 |
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2007-A, National insured, 0% 2044 | 7,180 | 1,151 |
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-A-1, 5.00% 2043 | 3,400 | 1,286 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2016 | 435 | 324 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2019 | 1,470 | 616 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2022 | 1,385 | 561 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2023 | 5,400 | 2,154 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2024 | 4,000 | 1,576 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2026 | 2,380 | 911 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-P, 5.00% 2030 | 1,905 | 729 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2016 | 1,360 | 1,017 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2017 | 1,000 | 504 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2018 | 1,855 | 810 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2019 | 1,490 | 625 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2020 | 7,130 | 2,976 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2021 | 520 | 216 |
University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2022 | 4,000 | 1,620 |
135,654 | ||
Rhode Island 0.17% | ||
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Care New England Issue), Series 2013-A, 6.00% 2033 | 1,250 | 1,349 |
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 4.75% 2028 | 800 | 856 |
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 4.75% 2029 | 400 | 427 |
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 3.625% 2026 | 1,000 | 1,007 |
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 4.00% 2027 | 2,500 | 2,607 |
Student Loan Auth., Student Loan Program Rev. Bonds, Series 2015-A, AMT, 4.00% 2028 | 1,000 | 1,037 |
7,283 | ||
South Carolina 0.84% | ||
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.00% 2016 | 410 | 416 |
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.125% 2026 | 2,485 | 2,497 |
Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.30% 2036 | 2,015 | 2,021 |
Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project), Series 2009-A, 6.50% 2042 | 6,000 | 7,353 |
City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.25% 2026 | 2,205 | 2,210 |
City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.30% 2035 | 6,000 | 6,013 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054 | 2,250 | 2,594 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055 | 8,910 | 9,944 |
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055 | 1,500 | 1,705 |
34,753 |
Bonds, notes & other debt instruments South Dakota 0.10% | Principal amount (000) | Value (000) |
Health and Educational Facs. Auth., Rev. Bonds (Sanford), Series 2014-B, 5.00% 2044 | $800 | $905 |
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-A, AMT, 4.00% 2044 | 2,065 | 2,210 |
Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029 | 1,130 | 1,184 |
4,299 | ||
Tennessee 0.65% | ||
Chattanooga-Hamilton County Hospital Auth., Hospital Rev. Ref. Bonds (Erlanger Health System), Series 2014, 5.00% 2039 | 4,315 | 4,842 |
Chattanooga-Hamilton County Hospital Auth., Hospital Rev. Ref. Bonds (Erlanger Health System), Series 2014, 5.00% 2044 | 1,000 | 1,115 |
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, AMT, 4.00% 2045 | 3,375 | 3,623 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019 | 2,500 | 2,841 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.625% 2020 | 1,685 | 1,976 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2024 | 1,000 | 1,153 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2025 | 1,000 | 1,146 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2021 | 1,495 | 1,830 |
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2022 | 1,000 | 1,222 |
Health, Educational and Housing Fac. Board of the County of Shelby, Residential Care Fac. Mortgage Rev. Ref. Bonds (Village at Germantown), Series 2012, 5.375% 2047 | 1,735 | 1,803 |
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2020 | 5,000 | 5,640 |
27,191 | ||
Texas 6.84% | ||
City of Austin, Texas, Airport System Rev. Bonds, Series 2014, AMT, 5.00% 2044 | 2,750 | 3,066 |
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 | 13,545 | 14,877 |
Brazos River Auth., Pollution Control Rev. Ref. Bonds (Texas Utilities Electric Co. Project), Series 1999-A, AMT, 7.70% 20334 | 8,400 | 251 |
Brazos River Auth., Pollution Control Rev. Ref. Bonds (Texas Utilities Electric Co. Project), Series 1999-C, AMT, 7.70% 20324 | 2,200 | 66 |
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-A, AMT, 8.25% 20304 | 14,500 | 434 |
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Energy Co. LLC Project), Series 2003-B, AMT, 6.30% 20324 | 1,700 | 51 |
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.00% 2041 | 3,000 | 3,447 |
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.25% 2046 | 2,200 | 2,551 |
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2025 | 2,500 | 2,787 |
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2040 | 1,295 | 1,465 |
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2015-A, 5.00% 2045 | 1,000 | 1,130 |
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 | 1,000 | 1,019 |
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.75% 2036 | 1,000 | 1,017 |
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), Series 2006-A, 5.50% 2027 | 1,800 | 1,891 |
HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project), Series 2006-A, 5.50% 2037 | 1,850 | 1,943 |
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2012-D, AMT, 5.00% 2042 | 9,000 | 9,845 |
Decatur Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.25% 2044 | 1,500 | 1,609 |
Decatur Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.00% 2034 | 1,500 | 1,600 |
Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, 4.75% 2038 | 2,000 | 2,021 |
Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, 4.75% 2042 | 5,000 | 5,036 |
Bonds, notes & other debt instruments Texas (continued) | Principal amount (000) | Value (000) |
Gulf Coast Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (CITGO Petroleum Corp. Project), Series 1995, AMT, 4.875% 2025 | $6,000 | $6,343 |
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 | 1,528 |
Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2033 | 275 | 282 |
Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2038 | 510 | 524 |
Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2043 | 1,040 | 1,063 |
Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-B, 7.00% 2048 | 5,350 | 6,347 |
Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series 2013-A, 5.00% 2033 | 1,400 | 1,539 |
Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series 2013-A, 5.00% 2038 | 3,500 | 3,802 |
Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2008-B, 7.25% 2035 (preref. 2018) | 2,250 | 2,655 |
Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006, 5.00% 2023 | 1,000 | 1,108 |
Harris County Sports Auth., Rev. Ref. Bonds, Series 2014-A, 0% 2042 | 1,000 | 309 |
Harris County Sports Auth., Rev. Ref. Bonds, Series 2014-A, 0% 2050 | 1,500 | 306 |
Harris County Sports Auth., Rev. Ref. Bonds, Series 2014-A, 5.00% 2053 | 1,000 | 1,101 |
Harris County, Toll Road Rev. Ref. Bonds, Series 2009-B, 4.00% 2016 | 1,000 | 1,025 |
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 | 280 | 291 |
City of Houston, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2032 | 1,000 | 1,120 |
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.50% 2030 | 9,300 | 10,867 |
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011, AMT, 6.625% 2038 | 3,000 | 3,483 |
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-B-1, AMT, 5.00% 2030 | 3,000 | 3,252 |
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Airport Improvement Projects), Series 2015-C, AMT, 5.00% 2020 | 11,000 | 12,066 |
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 4.75% 2024 | 5,500 | 6,177 |
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 2029 | 5,850 | 6,387 |
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2025 | 1,000 | 1,191 |
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2024 | 1,000 | 1,184 |
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2030 | 3,450 | 3,962 |
City of Kerrville, Health Facs. Dev. Corp., Hospital Rev. Bonds (Peterson Regional Medical Center Project), 5.00% 2035 | 700 | 785 |
La Vernia Higher Education Fin. Corp., Education Rev. Bonds (KIPP, Inc.), Series 2009-A, 6.375% 2044 | 1,000 | 1,187 |
Love Field Airport Modernization Corp., Special Facs. Rev. Bonds (Southwest Airlines Co. - Love Field Modernization Program Project), Series 2010, 5.25% 2040 | 2,750 | 3,061 |
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2015-D, 5.00% 2031 | 2,000 | 2,374 |
Matagorda County Navigation Dist. Number One, Rev. Ref. Bonds (Houston Lighting & Power Co. Project), Series 1997, AMT, AMBAC insured, 5.125% 2028 | 3,280 | 4,045 |
Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 | 650 | 655 |
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2008, AMT, 2.50% 2020 (put 2013) | 2,500 | 2,563 |
Bonds, notes & other debt instruments Texas (continued) | Principal amount (000) | Value (000) |
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2026 | $5,000 | $5,820 |
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2030 | 3,500 | 3,976 |
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2031 | 1,500 | 1,699 |
MuniMae TE Bond Subsidiary, LLC, Series A-5, AMT, 5.00% 20283,5 | 6,900 | 7,486 |
New Hope Cultural Education Facs. Fin. Corp., First Mortgage Rev. Ref. Bonds (Morningside Ministries Project), Series 2013, 6.50% 2043 | 3,370 | 3,812 |
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes Inc Project), Series 2014, 5.50% 2043 | 3,700 | 3,816 |
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Wesleyan Homes Inc Project), Series 2014, 5.50% 2049 | 600 | 611 |
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), Series 2015-A, 5.00% 2030 | 800 | 882 |
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), Series 2015-A, 5.00% 2035 | 1,800 | 1,947 |
New Hope Cultural Education Facs. Fin. Corp., Student Housing Rev. Bonds (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), Series 2015-A, 5.00% 2047 | 3,000 | 3,186 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2014-C, 0.68% 2038 (put 2020)2 | 2,600 | 2,558 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 | 4,000 | 4,384 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 | 6,000 | 6,576 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 | 3,000 | 3,427 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 | 1,500 | 1,792 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2032 | 4,500 | 5,288 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2034 | 2,000 | 2,333 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2035 | 1,000 | 1,161 |
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2038 | 1,000 | 1,146 |
Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 7.75% 2044 | 3,315 | 3,918 |
Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 8.00% 2049 | 3,300 | 3,950 |
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 | 3,000 | 3,401 |
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2020 | 1,000 | 1,163 |
SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027 | 1,360 | 1,722 |
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2021 | 2,825 | 3,329 |
City of San Antonio, Airport System Rev. Ref. Bonds, AMT, 5.00% 2045 | 1,500 | 1,672 |
Sanger Texas Industrial Dev. Corp., Industrial Dev. Rev. Ref. Bonds (Texas Pellets Project), Series 2012-B, AMT, 8.00% 2038 | 6,110 | 5,957 |
Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott & White Healthcare Project), Series 2008-A, 5.00% 2019 (preref. 2018) | 710 | 784 |
Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott & White Healthcare Project), Series 2008-A, 5.00% 2019 (preref. 2018) | 660 | 729 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2024 | 1,610 | 1,771 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2030 | 1,650 | 1,760 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Barton Creek Senior Living Center, Inc. - Querencia Project), 5.00% 2040 | 1,350 | 1,396 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckingham Senior Living Project), Series 2015-A, 5.50% 2045 | 1,475 | 1,545 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckingham Senior Living Project), Series 2015-B-2, 3.875% 2020 | 1,750 | 1,761 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2022 | 1,855 | 1,981 |
Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project), Series 2007, 5.25% 2027 | 1,000 | 1,056 |
Bonds, notes & other debt instruments Texas (continued) | Principal amount (000) | Value (000) |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2014-A-1, 5.00% 2034 | $2,165 | $2,380 |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2014-A-1, 5.00% 2044 | 675 | 733 |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2014-A-1, 5.00% 2049 | 3,000 | 3,242 |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2015-A-1, 5.00% 2025 | 705 | 807 |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2015-A-1, 5.00% 2045 | 2,190 | 2,312 |
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Trinity Terrace Project), Series 2015-B, 5.00% 2036 | 1,500 | 1,583 |
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2030 | 2,000 | 2,328 |
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2032 | 5,000 | 5,761 |
Transportation Commission, Central Texas Turnpike System Rev. Ref. Bonds, Series 2015-C, 5.00% 2037 | 8,250 | 9,333 |
Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030 | 3,000 | 3,483 |
Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.125% 2040 | 3,750 | 4,322 |
Wood County Central Hospital District, Hospital Rev. Bonds (East Texas Medical Center Quitman Project), 6.00% 2041 | 15 | 17 |
284,784 | ||
Vermont 0.08% | ||
Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 2.112% 20222 | 2,115 | 2,117 |
Educational and Health Buildings Fncg. Agcy., Rev. Bonds (The University of Vermont Medical Center Project), Series 2016-A, 5.00% 2035 | 1,000 | 1,168 |
3,285 | ||
Virgin Islands 0.35% | ||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes - Diageo Project), Series 2009-A, 6.625% 2029 | 2,500 | 2,804 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2010-A, 5.00% 2029 | 500 | 547 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 | 2,000 | 2,159 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2025 | 2,250 | 2,501 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2022 | 2,000 | 2,232 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 4.00% 2022 | 500 | 535 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 | 3,500 | 3,790 |
14,568 | ||
Virginia 1.11% | ||
Industrial Dev. Auth. of the City of Alexandria, Demand Rev. Ref. Bonds (Goodwin House), Series 2015, 5.00% 2045 | 3,000 | 3,383 |
Industrial Dev. Auth. of Botetourt County, Residential Care Fac. Rev. Ref. Bonds (Glebe, Inc.), Series 2014-A, 6.00% 2044 | 2,000 | 2,095 |
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2012-B, 0%/4.875% 20401 | 1,500 | 1,141 |
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Series 2012-A, 5.00% 2047 | 2,500 | 2,679 |
College Building Auth., Educational Facs. Rev. Ref. Bonds (Marymount University Project), Series 2015-B, 5.25% 20353 | 400 | 428 |
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), Series 2009-A, 5.50% 2035 | 3,185 | 3,614 |
Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds (Celebrate Virginia South Project), Series 2006, 6.25% 20374 | 4,582 | 2,520 |
Small Business Fncg. Auth., Rev. Ref. Bonds (Hampton University), Series 2014, 5.25% 2029 | 2,250 | 2,660 |
Bonds, notes & other debt instruments Virginia (continued) | Principal amount (000) | Value (000) |
Econ. Dev. Auth. of Hanover County, Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2012-A, 5.00% 2042 | $1,000 | $1,034 |
Industrial Dev. Auth. of the City of Harrisonburg, Residential Care Fac. Rev. Ref. Bonds (Sunnyside Presbyterian Home), Series 2013-B, 6.50% 2039 | 1,000 | 1,119 |
Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist Homes), 5.00% 2020 | 365 | 412 |
Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, Series 1999-B, 7.00% 2029 | 483 | 485 |
Mosaic Dist. Community Dev. Auth. (Fairfax County), Rev. Bonds, Series 2011-A, 6.875% 2036 | 1,210 | 1,400 |
New Port Community Dev. Auth., Special Assessment Bonds, Series 2006, 5.50% 2026 | 870 | 451 |
Newport News Industrial Dev. Auth., Health Systems Rev. Ref. Bonds (Custodial Receipts), 5.33% 20453 | 4,500 | 4,726 |
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.25% 2024 | 4,000 | 4,248 |
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.35% 2028 | 1,000 | 1,057 |
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 3,550 | 3,748 |
Small Business Fncg. Auth., Rev. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2012, AMT, 5.25% 2032 | 6,940 | 7,764 |
Watkins Centre Community Dev. Auth., Rev. Bonds, Series 2007, 5.40% 2020 | 1,043 | 1,045 |
46,009 | ||
Washington 1.62% | ||
Health Care Facs. Auth. Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, 1.01% 2035 (put 2021)2 | 8,375 | 8,323 |
Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 | 1,250 | 1,517 |
Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 | 9,500 | 10,149 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.375% 20443 | 7,000 | 8,074 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.50% 20493 | 9,090 | 10,517 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 7.00% 20453 | 1,755 | 1,840 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-A, 7.00% 20503 | 2,150 | 2,238 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-B-2, 4.875% 20223 | 3,000 | 3,020 |
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Herons Key Senior Living Project), Series 2015-B-3, 4.375% 20213 | 700 | 712 |
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2030 | 2,000 | 2,277 |
Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2031 | 2,000 | 2,269 |
Industrial Dev. Corp. of the Port of Seattle, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2012, AMT, 5.00% 2030 | 6,375 | 6,752 |
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2034 | 1,000 | 1,142 |
Port of Seattle, Rev. Ref. Bonds, Series 2015-C, AMT, 5.00% 2035 | 1,500 | 1,707 |
Skagit County, Public Hospital District No. 1, Hospital Improvement Rev. Ref. Bonds (Skagit Regional Health), Series 2013-A, 5.00% 2037 | 4,000 | 4,304 |
Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027 | 2,550 | 2,663 |
67,504 | ||
West Virginia 0.13% | ||
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 | 5,236 |
Wisconsin 0.75% | ||
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 | 1,500 | 1,735 |
Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2013-B, 5.00% 2036 | 2,000 | 2,261 |
Bonds, notes & other debt instruments Wisconsin (continued) | Principal amount (000) | Value (000) |
Health and Educational Facs. Auth., Rev. Bonds (Saint John’s Communities, Inc.), Series 2015-B, 5.00% 2037 | $185 | $200 |
Health and Educational Facs. Auth., Rev. Bonds (Saint John’s Communities, Inc.), Series 2015-B, 5.00% 2045 | 1,000 | 1,074 |
Health and Educational Facs. Auth., Rev. Bonds (Thedacare, Inc.), Series 2015, 5.00% 2044 | 1,000 | 1,124 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006, 5.00% 2026 (preref. 2016) | 1,000 | 1,020 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (St. John’s Communities, Inc.), Series 2009-A, 7.25% 2029 | 1,000 | 1,204 |
Health and Educational Facs. Auth., Rev. Ref. Bonds (St. John’s Communities, Inc.), Series 2009-A, 7.625% 2039 | 3,000 | 3,693 |
Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT, 5.00% 2042 | 450 | 472 |
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032 | 500 | 510 |
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.75% 2042 | 2,000 | 2,041 |
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.75% 2035 | 1,500 | 1,559 |
Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2015, 5.875% 2045 | 3,000 | 3,102 |
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.50% 2034 | 1,000 | 1,067 |
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.75% 2044 | 1,800 | 1,941 |
Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-B2, 4.25% 2020 | 650 | 651 |
Public Fin. Auth., Student Housing Rev. Bonds (CHF - Cullowhee, LLC - Western Carolina University Project), 5.00% 2035 | 1,000 | 1,061 |
Public Fin. Auth., Student Housing Rev. Bonds (CHF - Cullowhee, LLC - Western Carolina University Project), 5.25% 2047 | 2,000 | 2,116 |
Public Fin. Auth., Student Housing Rev. Bonds (CHF - Cullowhee, LLC - Western Carolina University Project), Series 2015-A, 5.00% 2030 | 1,000 | 1,079 |
Public Finance Auth., Exempt Facs. Ref. Rev. Bonds (National Gypsum Company), Series 2014, AMT, 5.25% 2030 | 3,000 | 3,142 |
31,052 | ||
Total bonds, notes & other debt instruments (cost: $3,643,368,000) | 3,874,001 | |
Short-term securities 6.08% | ||
State of Alabama, Industrial Dev. Auth. of Mobile County, Alabama, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2002, 0.01% 20322 | 350 | 350 |
State of Arizona, Pollution Control Corp. of the County of Coconino, Pollution Control Rev. Bonds (Arizona Public Service Co. Project), Series 1998, AMT, 0.02% 20332 | 500 | 500 |
State of California, G.O. Bonds, Series 2009-A-10, 0.01% 20342 | 2,900 | 2,900 |
State of California, Various Purpose G.O. Bonds, 0.04% 4/7/2016 | 3,000 | 3,000 |
State of California, Inland Empire Utilities Agency, Series 2008-B, 0.01% 20322 | 1,000 | 1,000 |
State of California, County of Ventura, Tax and Rev. Anticipation Notes 2.00% 7/1/2016 | 15,000 | 15,108 |
State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2015-A, 1.75% 6/28/2016 | 20,000 | 20,127 |
District of Columbia, Tax and Rev. Anticipation Notes, Series 2015, 1.50% 9/30/2016 | 15,000 | 15,113 |
State of Idaho, Tax Anticipation Notes, Series 2015, 2.00% 6/30/2016 | 13,000 | 13,096 |
State of Illinois, Educational Facs. Auth., Rev. Ref. (Louis University Project), Series 1999-A, 0.01% 20292 | 325 | 325 |
State of Kentucky, Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System Bonds, Series 2015, 5.00% 11/22/2016 | 5,000 | 5,177 |
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobile Project), Series 2010-A, 0.01% 20352 | 3,200 | 3,200 |
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 4,400 | 4,409 |
State of Maryland, Baltimore County, G.O. Bonds, 1.25% 4/1/2016 | 5,600 | 5,611 |
State of Maryland, Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2007-A, Wachovia LOC, 0.01% 20342 | 2,000 | 2,000 |
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2010-B, 0.03% 3/10/2016 | 3,000 | 3,000 |
Short-term securities | Principal amount (000) | Value (000) |
State of Maryland, Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-B, 0.01% 20262 | $2,300 | $2,300 |
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-B, 2.00% 5/25/2016 | 13,000 | 13,074 |
State of Massachusetts, G. O. Rev. Anticipation Notes, Series 2015-C, 2.00% 6/22/2016 | 7,000 | 7,048 |
State of Massachusetts, Massachusetts Health and Educational Facs. Auth., Demand Rev. Bonds ( Wellesley College Issue), Series G, 0.01% 20392 | 100 | 100 |
State of Massachusetts, School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2015-C, 5.00% 8/15/2016 | 15,000 | 15,391 |
State of Michigan, Fin. Auth. State Aid Rev. notes (School District of the City of Detroit), Series 2015-E, 5.75% 8/22/20163 | 8,000 | 7,998 |
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.01% 20302 | 1,900 | 1,900 |
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-E, 0.01% 20302 | 1,000 | 1,000 |
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 0.01% 20352 | 550 | 550 |
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.01% 20352 | 5,800 | 5,800 |
State of Mississippi, Jackson County, Port Fac. Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 1993, 0.01% 20232 | 300 | 300 |
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 1996-D, 0.01% 20302 | 1,200 | 1,200 |
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2000-B, 0.01% 20402 | 6,700 | 6,700 |
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Ref. Bonds (St. Louis University), Series 2008-A-2, 0.12% 20352 | 700 | 700 |
State of Missouri, State Dev. Fin. Board, Infrastructure Facs. Rev. Bonds (St. Louis Convention Center Project), Series 2000-C, 0.01% 20202 | 400 | 400 |
State of New York, Dormitory Auth. of the State of New York, Rev. Bonds (Cornell University), Series 2004-A, 0.01% 20332 | 1,000 | 1,000 |
State of New York, City of Syracuse, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-2, JPMorgan Chase LOC, 0.01% 20372 | 1,650 | 1,650 |
State of New York, City of Syracuse, New York, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2008-A-1, 0.01% 20372 | 1,500 | 1,500 |
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1, 1.00% 8/1/2016 | 5,000 | 5,017 |
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2015-B1-G, 1.00% 8/1/2016 | 20,000 | 20,061 |
State of New York, Nassau Health Care Corp. Bonds (Nassau County Issue), Series 2009-D-2, 0.01% 20292 | 1,600 | 1,600 |
State of New York, City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.01% 20202 | 3,800 | 3,800 |
State of New York, City of Syracuse, New York, Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Syracuse University Project), Series 2005-B, 0.01% 20352 | 2,000 | 2,000 |
State of New York, Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), Rev. Ref. Bonds, Series 2015-B2, 0.01% 20322 | 1,790 | 1,790 |
State of New York, Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-A-1, 0.01% 20302 | 10,000 | 10,000 |
State of Ohio, Ohio Water Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2008-B, 0.01% 20182 | 200 | 200 |
State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2015-A, 2.00% 9/15/2016 | 23,000 | 23,236 |
State of Oregon, City of Salem, Oregon, Hospital Fac. Auth. Rev. Bonds (Salem Hospital Project), Series 2008-B, 0.01% 20342 | 2,000 | 2,000 |
State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2002, Bank of America LOC, 0.03% 20322 | 2,480 | 2,480 |
State of Texas, Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Merey Sweeny, L.P. Project), AMT, Goldman Sachs LOC, 0.02% 20182 | 3,100 | 3,100 |
Short-term securities | Principal amount (000) | Value (000) |
State of Texas, Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Merey Sweeny, L.P. Project), Series 2001-A, AMT, Bank of America LOC, 0.02% 20212 | $400 | $400 |
State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), Series 2001-A, AMT, 0.01% 20302 | 500 | 500 |
State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project), Series 2003, AMT, 0.01% 20252 | 200 | 200 |
State of Texas, City of Houston, Tax and Rev. Anticipation Notes, 2.00% 6/30/2016 | 10,000 | 10,074 |
State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project), Series 2011, 0.01% 20382 | 1,750 | 1,750 |
State of Texas, Texas Lower Neches Valley Auth., Industrial Dev. Corp., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project), Series 2001-B, AMT, 0.01% 20292 | 1,215 | 1,215 |
Total short-term securities (cost: $252,945,000) | 252,950 | |
Total investment securities 99.17% (cost: $3,896,313,000) | 4,126,951 | |
Other assets less liabilities 0.83% | 34,378 | |
Net assets 100.00% | $4,161,329 |
1 | Step bond; coupon rate will increase at a later date. |
2 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
3 | Acquired in a transaction exempt from registration under Rule 144A of 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 $285,155,000, which represented 6.85% of the net assets of the fund. |
4 | Scheduled interest and/or principal payment was not received. |
5 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
Key to abbreviations | |
Agcy. = Agency | Fin. = Finance |
AMT = Alternative Minimum Tax | Fncg. = Financing |
Auth. = Authority | G.O. = General Obligation |
Certs. of Part. = Certificates of Participation | LOC = Letter of Credit |
Dept. = Department | Preref. = Prerefunded |
Dev. = Development | Redev. = Redevelopment |
Dist. = District | Ref. = Refunding |
Econ. = Economic | Rev. = Revenue |
Fac. = Facility | TECP = Tax-Exempt Commercial Paper |
Facs. = Facilities |
MFGEFPX-040-0316O-S49192 | American High-Income Municipal Bond Fund — Page 44 of 44 |
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, Vice Chairman, President and Principal Executive Officer | |
Date: March 31, 2016 |
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, Vice Chairman, President and Principal Executive Officer |
Date: March 31, 2016 |
By /s/ Brian C. Janssen |
Brian C. Janssen, Treasurer and Principal Financial Officer |
Date: March 31, 2016 |