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: 811-8576
American High-Income Municipal Bond Fund, Inc.
(Exact Name of Registrant as specified in charter)
333 South Hope Street
Los Angeles, California 90071
(Address of principal executive offices)
Registrant's telephone number, including area code: (213) 486-9200
Date of fiscal year end: July 31
Date of reporting period: January 31, 2006
Kimberly S. Verdick
Capital Research and Management Company
333 South Hope Street
Los Angeles, California 90071
(name and address of agent for service)
Copies to:
Michael Glazer
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 - Reports to Stockholders
[Logo - American Funds®]
The right choice for the long term®
American High-Income Municipal Bond Fund
[cover: photo of three doctors standing in an enclosed walkway - building window lights shining in the background]
Semi-annual report for the six months ended January 31, 2006
American High-Income Municipal Bond Fund® seeks a high level of current income exempt from regular federal income taxes through a diversified, carefully researched portfolio of higher yielding, lower rated, higher risk municipal bonds. It may invest without limits in bonds subject to the alternative minimum tax.
This fund is one of the 29 American Funds. The organization ranks among the nation’s three largest mutual fund families. For nearly 75 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Figures shown are past results for Class A shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity. For the most current information and month-end results, visit americanfunds.com. Fund results shown, unless otherwise indicated, are at net asset value. If a sales charge (maximum 3.75%) had been deducted, the results would have been lower.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2005 (the most recent calendar quarter):
1 year | 5 years | 10 years | ||||||||
Class A shares | ||||||||||
Reflecting 3.75% maximum sales charge | +0.79 | % | +5.01 | % | +5.13 | % |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on page 24 for details.
The fund’s 30-day yield for Class A shares as of February 28, 2006, calculated in accordance with the Securities and Exchange Commission formula, was 3.92%, which reflects a fee waiver (3.89% without the fee waiver). (For investors in the 35% tax bracket, this is equivalent to a taxable yield of 6.03%, which reflects the fee waiver — 5.98% without the fee waiver.) The fund’s distribution rate for Class A shares as of that date was 4.24% (4.21% without the fee waiver). Both reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.
Results for other share classes can be found on page 4. Please see the inside back cover for important information about other share classes.
The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund. Income may be subject to state or local income taxes and/or federal alternative minimum taxes. Certain other income, as well as capital gain distributions, may be taxable. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal.
[photo of three doctors standing in an enclosed walkway - building window lights shining in the background]
Fellow shareholders:
Bond market returns were modest in the first half of the fund’s current fiscal year. For the six months ended January 31, 2006, American High-Income Municipal Bond Fund produced a total return of 1.9%. The fund’s return was essentially the same as the Lipper High Yield Municipal Debt Funds Average (up 1.8%), and exceeded its market reference, the unmanaged Lehman Brothers Municipal Bond Index, which returned 1.3%. The Lehman index measures the investment-grade municipal market, and its return does not include expenses. Returns for longer time periods are shown in the table below.
During this period, shareholders received dividends totaling 33.8 cents a share. Those who reinvested these dividends realized an income return of 2.19% (4.38% annualized), which is equivalent to a taxable income return of 3.37% (6.74% annualized) for investors in the 35% federal income tax bracket. Shareholders who took dividends in cash received an income return of 2.17%, while the value of their shares dipped slightly. Taxable equivalent yields can be found in the table at the bottom of page 4.
[Begin Sidebar]
Results at a glance
Annualized total returns for periods ended January 31, 2006, with dividends reinvested
1 year | 5 years | 10 years | Lifetime1 | ||||||||||
American High-Income | |||||||||||||
Municipal Bond Fund | 4.35 | % | 5.76 | % | 5.56 | % | 6.51 | % | |||||
Lehman Brothers | |||||||||||||
Municipal Bond Index2 | 2.83 | 5.44 | 5.66 | 6.41 | |||||||||
Lipper High Yield Municipal | |||||||||||||
Debt Funds Average | 5.38 | 6.01 | 4.99 | 5.68 |
1 Since 9/26/94 for the fund; since 9/30/94 for the index and Lipper average.
2 The index is unmanaged and does not reflect sales charges, commissions or expenses, and holds bonds with a longer average maturity than the fund.
[End Sidebar]
Bond market overview
Bond market results were broadly shaped by rising short-term rates and steadfast long-term rates during the six-month period. In the municipal market, strong investor demand greeted a record new issuance, while an appetite for yield favored lower quality bonds.
Since June 2004, the Federal Reserve has steadily raised its target lending rate in an effort to remove accommodative monetary conditions. At each regular Fed meeting, rates have been raised a quarter point, and this fiscal period held no exceptions. There have been 14 increases since June 2004, bringing the federal funds rate to 4.5% by the close of this period.
These Fed increases have led to higher short-term bond yields but have had little effect, until recently, on long-term bonds. The Treasury market has reflected the differing behavior of short- and long-term bonds with a gradual flattening, and then an inversion, of the Treasury yield curve. Consequently, there was little difference in yield between two-year and 10-year Treasuries by the end of the period. In the municipal market, however, the yield curve flattened somewhat, but still retained an upward slope, with long-term bonds yielding more than short-term bonds. Overall, long-term municipals fared better than did comparable short-term debt, which was negatively affected by rising short-term rates.
High-yield municipal debt produced better returns, in general, than did high-quality municipals. Much of this strength owed to a strong demand for yield — particularly among non-traditional municipal investors, such as hedge funds, which found the risk characteristics of the municipal market more appealing than those in the taxable bond market.
How the fund responded
Since our last report, holdings of bonds rated below investment grade (high yield), while still historically very low, have increased to 33.7% of the portfolio from 29.9%. The relative strength of high-yield municipal bonds led to better results for the fund in the last six months. Among the areas that did well were investments in tobacco settlement bonds, select airline debt, hospital obligations and pollution control bonds of various corporate issuers.
For some time now, the portfolio counselors of American High-Income Municipal Bond Fund have been implementing a conservative investment strategy aimed at preserving principal in the event of adverse market conditions. While the portfolio counselors remain optimistic on the long-term prospects for high-yield municipal debt, they have lingering concerns regarding near-term trends. Among these is the steady rise in short-term interest rates, which threatens to undercut the value of existing bonds. Consequently, we remain defensive in our investment approach, opting to forgo a bit of yield in return for a bit more protection.
The strength of the high-yield sector during the past year, while extraordinary, also invites some caution. The sector’s recent gains could mask the underlying volatility of some high-yield issues. Moreover, at current market prices, portfolio counselors wonder whether bondholders are being sufficiently compensated for the risks they are asked to assume. This concern warrants continued prudence in bond selection.
Managing risk with research
Our conservative approach is well served by the stringent research that governs our investment process. Each bond that goes into the portfolio is first carefully evaluated, with an eye toward its long-term return potential. Thereafter, each holding is regularly monitored for its contributions to income and principal preservation.
We believe that this conscientious approach best serves the long-term investment goals of our shareholders. Years of investment experience have taught us that avoiding losses in difficult markets can be more important to long-term success than racking up big gains when markets are hot. To this end, American High-Income Municipal Bond Fund has served shareholders well over its 11-year lifetime, paying close attention to market and individual bond risks, all the while providing a high level of tax-free income.
We look forward to reporting to you again in six months.
Cordially,
/s/ Paul G. Haaga, Jr.
Paul G. Haaga, Jr.
Vice Chairman
/s/ Mark R. Macdonald
Mark R. Macdonald
President
March 16, 2006
For current information about the fund, visit americanfunds.com.
Other share class results unaudited
Class B, Class C and Class F
Figures shown are past results and are not predictive of results in 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 the most current information and month-end results, visit americanfunds.com.
Average annual total returns for periods ended | Life | |||||||||
December 31, 2005 (the most recent calendar quarter): | 1 year | 5 years | of class | |||||||
Class B shares— first sold 3/15/00 | ||||||||||
Reflecting applicable contingent deferred sales | ||||||||||
charge (CDSC), maximum of 5%, payable only | ||||||||||
if shares are sold within six years of purchase | -1.03 | % | +4.75 | % | +5.30 | % | ||||
Not reflecting CDSC | +3.97 | % | +5.08 | % | +5.43 | % | ||||
Class C shares— first sold 3/15/01 | ||||||||||
Reflecting CDSC, maximum of 1%, payable only if | ||||||||||
shares are sold within one year of purchase | +2.85 | % | — | +4.74 | % | |||||
Not reflecting CDSC | +3.85 | % | — | +4.74 | % | |||||
Class F shares* — first sold 3/19/01 | ||||||||||
Not reflecting annual asset-based fee charged | ||||||||||
by sponsoring firm | +4.63 | % | — | +5.47 | % |
The fund’s investment adviser waived 5% of its management fees from September 1, 2004, through March 31, 2005, and increased the waiver to 10% on April 1, 2005. Fund results shown reflect the waiver, without which they would have been lower. Please see the Financial Highlights table on page 24 for details.
*These shares are sold without any initial or contingent deferred sales charge.
Tax-free yields vs. taxable yields
Find your estimated taxable income below to determine your federal tax rate,1 then look in the right-hand column to see what you would have had to earn from a taxable investment to equal the fund’s 4.15% tax-free distribution rate as of January 31, 2006.
The fund’s distribution | |||
If your taxable income is… | …then your federal | rate2 equals a | |
Single | Joint | tax rate1 is… | taxable rate of… |
$0 - 7,300 | $0 - 14,600 | 10.0% | 4.61% |
7,301 - 29,700 | 14,601 - 59,400 | 15.0 | 4.88 |
29,701 - 71,950 | 59,401 - 119,950 | 25.0 | 5.53 |
71,951 - 150,150 | 119,951 - 182,800 | 28.0 | 5.76 |
150,151 - 326,450 | 182,801 - 326,450 | 33.0 | 6.19 |
Over 326,450 | Over 326,450 | 35.0 | 6.38 |
1 Based on 2005 federal tax rates. The federal rates do not include an adjustment for the loss of personal exemptions and the phase-out of itemized deductions that are applicable to certain taxable income levels.
2 Distribution rate based on the average offering price for the month of January.
Summary investment portfolio, January 31, 2006
unaudited
The following summary investment portfolio is designed to streamline the report and help investors better focus on a fund’s principal
holdings. For details on how to obtain a complete schedule of portfolio holdings, please see the inside back cover.
[begin pie chart]
Quality ratings* | ||||
Aaa/AAA | 15.8 | % | ||
Aa/AA | 9.4 | |||
A/A | 13.5 | |||
Baa/BBB | 23.2 | |||
Ba/BB | 23.4 | |||
B | 9.3 | |||
Caa/CCC or less | 1.0 | |||
Short-term securities & other assets less liabilities | 4.4 | |||
*Bond ratings reflect those of a credit rating agency; if ratings are not available, they are assigned by the fund's research analysts. |
[end pie chart]
Principal | Market | Percent | ||||||||
amount | value | of net | ||||||||
Bonds & notes - 95.63% | (000 | ) | (000 | ) | assets | |||||
Alabama - 0.56% | ||||||||||
Other securities | $ | 9,883 | .56 | |||||||
Alaska - 1.13% | ||||||||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 | $ | 7,625 | 7,773 | .44 | ||||||
Other securities | 12,218 | .69 | ||||||||
19,991 | 1.13 | |||||||||
California - 11.21% | ||||||||||
G.O. Ref. Bonds 5.00% 2015 | 8,000 | 8,636 | .49 | |||||||
Statewide Communities Dev. Auth., Apartment Dev. Rev. Ref. Bonds (Irvine Apartment Communities, LP), Series 1998-A-1, AMT, 5.05% 2025 (put 2008) | 7,000 | 7,134 | .40 | |||||||
Pollution Control Fncg. Auth., AMT: | ||||||||||
Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project) 5.00%-5.125% 2027-2038 | 7,000 | 7,130 | ||||||||
Solid Waste Disposal Rev. Ref. Bonds (USA Waste Services, Inc. Project), Series 1998-A, AMT, 5.10% 2018 (put 2008) | 1,000 | 1,025 | .46 | |||||||
Other securities | 174,349 | 9.86 | ||||||||
198,274 | 11.21 | |||||||||
Colorado - 3.83% | ||||||||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 8,500 | 9,350 | .53 | |||||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.): | ||||||||||
Series 2005, 5.00% 2035 | 11,000 | 10,823 | .61 | |||||||
5.00%-6.125% 2014-2033 | 7,050 | 7,301 | .41 | |||||||
Rampart Range Metropolitan Dist. No. 1 (City of Lone Tree), Rev. Bonds (Rampart Range Metropolitan Dist. No. 2 Project), Series 2001, 7.75% 2026 | 7,470 | 7,837 | .45 | |||||||
Other securities | 32,317 | 1.83 | ||||||||
67,628 | 3.83 | |||||||||
Connecticut - 2.26% | ||||||||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1996-A, 6.40% 2011 (1) | 6,590 | 6,811 | .39 | |||||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds: | ||||||||||
Series 2001, 6.00% 2016 | 6,100 | 6,555 | ||||||||
5.25%-6.25% 2013-2033 | 11,680 | 12,173 | 1.06 | |||||||
Other securities | 14,379 | .81 | ||||||||
39,918 | 2.26 | |||||||||
District of Columbia - 0.50% | ||||||||||
Other securities | 8,852 | .50 | ||||||||
Florida - 12.93% | ||||||||||
The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, Series 2000-C, 7.10% 2030 | 7,355 | 7,901 | .45 | |||||||
Capital Projects Fin. Auth., Continuing Care Retirement Community Rev. Bonds (Capital Projects Loan Program - Glenridge on Palmer Ranch Project), Series 2002-A, 8.00% 2032 | 5,400 | 5,972 | .34 | |||||||
Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 4.00% 2018 (put 2009) | 2,000 | 1,988 | .11 | |||||||
Monterra Community Dev. Dist. (Cooper City), Special Assessment Bonds, Series 2005-A, 5.50% 2036 | 6,000 | 6,078 | .34 | |||||||
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 | 8,000 | 8,166 | .46 | |||||||
Other securities | 198,473 | 11.23 | ||||||||
228,578 | 12.93 | |||||||||
Georgia - 1.14% | ||||||||||
Other securities | 20,149 | 1.14 | ||||||||
Idaho - 1.27% | ||||||||||
Housing and Fin. Association, Single-family Mortgage Bonds 4.50%-5.75% 2010-2026 | 22,110 | 22,417 | 1.27 | |||||||
Illinois - 6.28% | ||||||||||
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 1997, AMT, 5.05% 2010 | 5,035 | 5,206 | .29 | |||||||
Educational Facs. Auth., Student Housing Rev. Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, 6.25% 2030 | 6,000 | 6,528 | .37 | |||||||
Fin. Auth.: | ||||||||||
Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005, AMT, 5.05% 2029 | 2,000 | 1,981 | .11 | |||||||
Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 9,000 | 9,028 | .51 | |||||||
Health Facs. Auth., Rev. Bonds (Villa St. Benedict Project), Series 2003-A-1, 6.90% 2033 | 5,700 | 6,195 | .35 | |||||||
Other securities | 82,182 | 4.65 | ||||||||
111,120 | 6.28 | |||||||||
Indiana - 1.95% | ||||||||||
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 11,000 | 11,503 | .65 | |||||||
Other securities | 23,027 | 1.30 | ||||||||
34,530 | 1.95 | |||||||||
Iowa - 1.41% | ||||||||||
Higher Education Loan Auth., Private College Fac. Rev. Bonds: | ||||||||||
(Waldorf College Project) 7.375% 2019 | 9,585 | 9,724 | .55 | |||||||
(Wartburg College Project), Series 2005-B, 5.55% 2037 | 9,870 | 9,783 | .55 | |||||||
Other securities | 5,495 | .31 | ||||||||
25,002 | 1.41 | |||||||||
Kansas - 0.71% | ||||||||||
Unified Government of Wyandotte County/Kansas City, Tax-Exempt Sales Tax Special Obligation Rev. Ref. Bonds (Redev. Project Area B), 2nd Lien Series 2005, 4.75% 2016 | 11,250 | 11,502 | .65 | |||||||
Other securities | 1,078 | .06 | ||||||||
12,580 | .71 | |||||||||
Kentucky - 1.10% | ||||||||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.85% 2017 | 7,000 | 6,982 | .39 | |||||||
City of Maysville, Solid Waste Disposal Facs. Rev. Bonds (Inland Container Corp. Project - Temple-Inland Inc.), Series 1992, AMT, 6.90% 2022 | 7,000 | 7,735 | .44 | |||||||
Other securities | 4,710 | .27 | ||||||||
19,427 | 1.10 | |||||||||
Louisiana - 1.85% | ||||||||||
Village of Hodge, Combined Utility System Rev. Ref. Bonds (Stone Container Corp. Project), Series 2003, AMT, 7.45% 2024 | 6,000 | 6,618 | .38 | |||||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,125 | 16,506 | .93 | |||||||
Other securities | 9,563 | .54 | ||||||||
32,687 | 1.85 | |||||||||
Maryland - 1.62% | ||||||||||
Other securities | 28,684 | 1.62 | ||||||||
Massachusetts - 1.11% | ||||||||||
Industrial Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Ogden Haverhill Project), Series 1998-A, AMT, 5.30% 2009 | 6,300 | 6,429 | .37 | |||||||
Dev. Fin. Agcy., Resource Recovery Rev. Bonds (Waste Management, Inc. Project), Series 1999-B, AMT, 6.90% 2029 (put 2009) | 1,000 | 1,089 | .06 | |||||||
Other securities | 12,068 | .68 | ||||||||
19,586 | 1.11 | |||||||||
Michigan - 3.95% | ||||||||||
Econ. Dev. Corp. of the County of Midland, Pollution Control Limited Obligation Rev. Ref. Bonds (Midland Cogeneration Project), Series 2000-A, AMT, 6.875% 2009 | 16,865 | 16,627 | .94 | |||||||
Strategic Fund: | ||||||||||
Limited Obligation Rev. Bonds (United Waste Systems, Inc. Project), Series 1995, 5.20% 2010 | 4,250 | 4,425 | ||||||||
Solid Waste Disposal Limited Obligation Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 3.00% 2013 (put 2007) | 1,000 | 991 | .31 | |||||||
Other securities | 47,732 | 2.70 | ||||||||
69,775 | 3.95 | |||||||||
Nevada - 3.40% | ||||||||||
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Bonds, Series 1999, 7.50% 2019 | 10,835 | 11,666 | .66 | |||||||
Other securities | 48,368 | 2.74 | ||||||||
60,034 | 3.40 | |||||||||
New Jersey - 3.81% | ||||||||||
Certs. of Part., Series 2004-A: | ||||||||||
5.00% 2013 | 7,000 | 7,442 | ||||||||
5.00% 2014 | 5,500 | 5,866 | .75 | |||||||
Econ. Dev. Auth.: | ||||||||||
Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 5,500 | 5,999 | .34 | |||||||
Retirement Community Rev. Bonds (Seabrook Village, Inc. Fac.), Series 2000-A, 8.25% 2030 | 9,000 | 10,140 | .58 | |||||||
Other securities | 37,880 | 2.14 | ||||||||
67,327 | 3.81 | |||||||||
New Mexico - 0.57% | ||||||||||
Other securities | 10,018 | .57 | ||||||||
New York - 8.62% | ||||||||||
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), Series 2002-B: | ||||||||||
5.25% 2023 (put 2012) | 13,500 | 14,550 | ||||||||
6.00% 2029 (put 2012) | 4,000 | 4,487 | 1.08 | |||||||
City of New York, G.O. Bonds: | ||||||||||
4.50%-5.50% 2009-2021 | 27,205 | 28,869 | ||||||||
Fiscal 2004 Series G, 5.00% 2014 | 7,500 | 8,026 | 2.09 | |||||||
New York City Industrial Dev. Agcy.: | ||||||||||
Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A: | ||||||||||
6.25% 2015 | 13,000 | 13,573 | ||||||||
6.50% 2035 | 8,500 | 8,952 | 1.27 | |||||||
Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT: | ||||||||||
7.625% 2025 | 3,000 | 3,102 | ||||||||
8.00% 2028 | 7,000 | 7,441 | .59 | |||||||
Other securities | 63,491 | 3.59 | ||||||||
152,491 | 8.62 | |||||||||
North Carolina - 1.27% | ||||||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds 5.125%-7.25% 2007-2026 | 18,700 | 19,996 | 1.13 | |||||||
Other securities | 2,451 | .14 | ||||||||
22,447 | 1.27 | |||||||||
Ohio - 1.18% | ||||||||||
Other securities | 20,874 | 1.18 | ||||||||
Oklahoma - 0.51% | ||||||||||
Langston Econ. Dev. Auth., Student Housing Rev. Bonds (Langston Community Dev. Corp. Project), Series 2000-A, 7.75% 2030 | 6,050 | 6,225 | .35 | |||||||
Other securities | 2,782 | .16 | ||||||||
9,007 | .51 | |||||||||
Pennsylvania - 1.48% | ||||||||||
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,506 | .09 | |||||||
Other securities | 24,626 | 1.39 | ||||||||
26,132 | 1.48 | |||||||||
Puerto Rico - 0.70% | ||||||||||
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2004-A, 5.75% 2027 (put 2012) | 8,000 | 8,708 | .49 | |||||||
Other securities | 3,684 | .21 | ||||||||
12,392 | .70 | |||||||||
South Carolina - 1.49% | ||||||||||
Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Series 1999-A, 5.25% 2015 | 6,000 | 6,148 | .35 | |||||||
Other securities | 20,244 | 1.14 | ||||||||
26,392 | 1.49 | |||||||||
Tennessee - 2.03% | ||||||||||
Health, Educational and Housing Fac. Board of the County of Shelby, Rev. Bonds (Baptist Memorial Health Care), Series 2004-A, 5.00% 2020 (put 2008) | 11,000 | 11,340 | .64 | |||||||
Other securities | 24,552 | 1.39 | ||||||||
35,892 | 2.03 | |||||||||
Texas - 6.72% | ||||||||||
Alliance Airport Auth., Inc., Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, AMT, 7.00% 2011 | 2,500 | 2,316 | .13 | |||||||
Brazos River Auth., Pollution Control Rev. Ref. Bonds, AMT: | ||||||||||
(TXU Electric Co. Project), Series 2001-C, AMT, 5.75% 2036 (put 2011) | 9,745 | 10,320 | ||||||||
(TXU Energy Co. LLC Project), Series 2003-A, AMT, 6.75% 2038 (put 2013) | 1,000 | 1,127 | .65 | |||||||
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.20% 2033 (put 2008) | 7,500 | 7,713 | .44 | |||||||
Dallas-Fort Worth International Airport Fac. Improvement Corporation, (American Airlines, Inc.) Rev. Ref. Bonds, Series 2000-A, AMT, 9.125% 2029 | 5,000 | 5,047 | .28 | |||||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2001-A, 6.375% 2029 (preref. 2011) | 5,100 | 5,804 | .33 | |||||||
Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project): | ||||||||||
Series 2001-A, 5.50% 2022 (put 2011) | 2,645 | 2,826 | ||||||||
Series 2001-B, AMT, 5.75% 2030 (put 2011) | 5,675 | 6,010 | .50 | |||||||
Other securities | 77,586 | 4.39 | ||||||||
118,749 | 6.72 | |||||||||
Utah - 1.30% | ||||||||||
Housing Fin. Agcy., Single-family Mortgage Bonds 4.625%-5.60% 2010-2027 | 20,065 | 20,266 | 1.15 | |||||||
Other securities | 2,635 | .15 | ||||||||
22,901 | 1.30 | |||||||||
Virginia - 1.59% | ||||||||||
Industrial Dev. Auth. of the County of Charles City, Tax-Exempt Solid Waste Disposal Rev. Bonds (Waste Management, Inc.), Series 2002, AMT, 6.25% 2027 (put 2012) | 1,000 | 1,099 | .06 | |||||||
Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011 | 7,755 | 8,522 | .48 | |||||||
Other securities | 18,563 | 1.05 | ||||||||
28,184 | 1.59 | |||||||||
Washington - 1.01% | ||||||||||
Energy Northwest, Columbia Generating Station Electric Rev. Ref. Bonds, Series 2005-A, 5.00% 2015 | 6,035 | 6,522 | .37 | |||||||
Other securities | 11,298 | .64 | ||||||||
17,820 | 1.01 | |||||||||
Wisconsin - 1.36% | ||||||||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 12,650 | 13,410 | .76 | |||||||
Other securities | 10,717 | .60 | ||||||||
24,127 | 1.36 | |||||||||
Other states & U.S. territories- 2.91% | ||||||||||
State of Maine, Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 3,000 | 2,947 | .17 | |||||||
State of South Dakota, Education Loans Incorporated, Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010 | 7,500 | 7,818 | .44 | |||||||
Other securities | 40,625 | 2.30 | ||||||||
51,390 | 2.91 | |||||||||
Multi-state- 0.87% | ||||||||||
Other securities | 15,441 | .87 | ||||||||
Total bonds & notes (cost: $1,641,738,000) | 1,690,699 | 95.63 | ||||||||
Principal | Market | Percent | ||||||||
amount | value | of net | ||||||||
Short-term securities - 3.13% | (000 | ) | (000 | ) | assets | |||||
Alabama Industrial Dev. Board of the City of Decatur, Solid Waste Disposal Rev. Bonds (Amoco Chemical Company Project), Series 1995, 3.16% 2025 (2) | $ | 1,800 | $ | 1,800 | ||||||
Will County, Illinois, Exempt Fac. Industrial Rev. Bonds (BP Amoco Chemical Co. Project), Series 2003, AMT, 3.16% 2033 (2) | 1,000 | 1,000 | ||||||||
State of Louisiana, Parish of Plaquemines, Environmental Rev. Bonds (BP Exploration & Oil Inc. Project), Series 1994, AMT, 3.16% 2024 (2) | 800 | 800 | ||||||||
State of Ohio, Solid Waste Rev. Bonds (BP Exploration & Oil Inc. Project), Series 1999, AMT, 3.16% 2034 (2) | 1,200 | 1,200 | .27 | |||||||
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2006-A, 4.00% 6/23/2006 | 17,000 | 17,048 | .96 | |||||||
State of New Mexico, Tax and Rev. Anticipation Notes, Series 2005, 4.00% 6/30/2006 | 15,000 | 15,048 | .85 | |||||||
Berkeley County, South Carolina, Exempt Fac. Industrial Rev. Bonds (Amoco Chemical Co. Project), Series 1997, AMT, 3.16% 2027 (2) | 1,350 | 1,350 | ||||||||
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Bonds (Amoco Oil Co. Project), Series 1993, AMT, 3.16% 2023 (2) | 700 | 700 | .12 | |||||||
Other securities | 16,465 | .93 | ||||||||
Total short-term securities (cost: $55,490,000) | 55,411 | 3.13 | ||||||||
Total investment securities (cost: $1,697,228,000) | 1,746,110 | 98.76 | ||||||||
Other assets less liabilities | 21,911 | 1.24 | ||||||||
Net assets | $ | 1,768,021 | 100.00 | % | ||||||
"Other securities" includes all issues that are not disclosed separately in the summary investment portfolio. | ||||||||||
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single item. | ||||||||||
(1) Purchased in a private placement transaction; resale may be limited to qualified institutional buyers; resale to the public may require registration. The total value of all such restricted securities, including those in "Other securities" in the summary investment portfolio, was $37,316,000, which represented 2.11% of the net assets of the fund. | ||||||||||
(2) Coupon rate may change periodically; the date of the next scheduled coupon rate change is considered to be the maturity date. | ||||||||||
See Notes to Financial Statements | ||||||||||
Key to abbreviations | ||||||||||
Agcy. = Agency | ||||||||||
AMT = Alternative Minimum Tax | ||||||||||
Auth. = Authority | ||||||||||
Certs. of Part. = Certificates of Participation | ||||||||||
Dept. = Department | ||||||||||
Dev. = Development | ||||||||||
Dist. = District | ||||||||||
Econ. = Economic | ||||||||||
Fac. = Facility | ||||||||||
Facs. = Facilities | ||||||||||
Fin. = Finance | ||||||||||
Fncg. = Financing | ||||||||||
G.O. = General Obligation | ||||||||||
Preref. = Prerefunded | ||||||||||
Redev. = Redevelopment | ||||||||||
Ref. = Refunding | ||||||||||
Rev. = Revenue | ||||||||||
TECP = Tax-Exempt Commercial Paper |
Financial statements
Statement of assets and liabilities | unaudited | ||||||
at January 31, 2006 | (dollars and shares in thousands, except per-share amounts) | ||||||
Assets: | |||||||
Investment securities at market (cost: $1,697,228) | 1,746,110 | ||||||
Cash | 200 | ||||||
Receivables for: | |||||||
Sales of investments | $ | 2,194 | |||||
Sales of fund's shares | 6,482 | ||||||
Interest | 23,904 | 32,580 | |||||
1,778,890 | |||||||
Liabilities: | |||||||
Payables for: | |||||||
Purchases of investments | 5,586 | ||||||
Repurchases of fund's shares | 1,948 | ||||||
Dividends on fund's shares | 1,798 | ||||||
Investment advisory services | 454 | ||||||
Services provided by affiliates | 998 | ||||||
Deferred directors' compensation | 75 | ||||||
Other fees and expenses | 10 | 10,869 | |||||
Net Assets at January 31, 2006 | $ | 1,768,021 | |||||
Net assets consist of: | |||||||
Capital paid in on shares of capital stock | $ | 1,744,693 | |||||
Undistributed net investment income | 1,987 | ||||||
Accumulated net realized loss | (27,541 | ) | |||||
Net unrealized appreciation | 48,882 | ||||||
Net Assets at January 31, 2006 | $ | 1,768,021 |
Total authorized capital stock - 200,000 shares, $.001 par value (113,616 total shares outstanding) | ||||||||||
Net assets | Shares outstanding | Net asset value per share (1 | ) | |||||||
Class A | $ | 1,485,725 | 95,475 | $ | 15.56 | |||||
Class B | 66,211 | 4,255 | 15.56 | |||||||
Class C | 93,668 | 6,019 | 15.56 | |||||||
Class F | 101,411 | 6,517 | 15.56 | |||||||
Class R-5 | 21,006 | 1,350 | 15.56 | |||||||
(1) Maximum offering price and redemption price per share were equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $16.17. | ||||||||||
See Notes to Financial Statements |
Statement of operations | unaudited | ||||||
for the six months ended January 31, 2006 | (dollars in thousands) | ||||||
Investment income: | |||||||
Income: | |||||||
Interest | $ | 42,786 | |||||
Fees and expenses:(1) | |||||||
Investment advisory services | 2,888 | ||||||
Distribution services | 3,064 | ||||||
Transfer agent services | 222 | ||||||
Administrative services | 95 | ||||||
Reports to shareholders | 17 | ||||||
Registration statement and prospectus | 121 | ||||||
Postage, stationery and supplies | 26 | ||||||
Directors' compensation | 21 | ||||||
Auditing and legal | 18 | ||||||
Custodian | 4 | ||||||
Federal and state income taxes | 204 | ||||||
Other state and local taxes | 1 | ||||||
Other | 70 | ||||||
Total fees and expenses before waiver | 6,751 | ||||||
Less waiver of fees and expenses: | |||||||
Investment advisory services | 289 | ||||||
Total fees and expenses after waiver | 6,462 | ||||||
Net investment income | 36,324 | ||||||
Net realized gain and unrealized | |||||||
depreciation on investments: | |||||||
Net realized gain on investments: | 418 | ||||||
Net unrealized depreciation on investments | (5,597 | ) | |||||
Net realized gain and unrealized | |||||||
depreciation on investments | (5,179 | ) | |||||
Net increase in net assets resulting | |||||||
from operations | $ | 31,145 | |||||
(1) Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. | |||||||
See Notes to Financial Statements | |||||||
Statements of changes in net assets | (dollars in thousands) | ||||||
Six months | Year ended | ||||||
ended January 31, | July 31, | ||||||
2006* | 2005 | ||||||
Operations: | |||||||
Net investment income | $ | 36,324 | $ | 63,691 | |||
Net realized gain on investments | 418 | 1,332 | |||||
Net unrealized depreciation on investments | (5,597 | ) | 32,605 | ||||
Net increase in net assets | |||||||
resulting from operations | 31,145 | 97,628 | |||||
Dividends paid or accrued to shareholders | |||||||
from net investment income | (36,247 | ) | (62,955 | ) | |||
Capital share transactions | 139,874 | 287,243 | |||||
Total increase in net assets | 134,772 | 321,916 | |||||
Net assets: | |||||||
Beginning of period | 1,633,249 | 1,311,333 | |||||
End of period (including undistributed net investment | |||||||
income: $1,987 and $1,910, respectively) | $ | 1,768,021 | $ | 1,633,249 | |||
*Unaudited. | |||||||
See Notes to Financial Statements |
Notes to financial statements unaudited
1. | Organization and significant accounting policies |
Organization - American High-Income Municipal Bond Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks a high level of current income exempt from regular federal income taxes through a diversified, carefully researched portfolio of higher yielding, lower rated, higher risk municipal bonds.
The fund offers five share classes consisting of four retail share classes and one retirement plan share class. The retirement plan share class (R-5) is sold without any sales charges and does not carry any conversion rights. The fund’s share classes are described below:
Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
Class A | Up to 3.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None |
Class B | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B converts to Class A after eight years |
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F after 10 years |
Class F | None | None | None |
Class R-5 | None | None | None |
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
Significant accounting policies - The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the fund:
Security valuation - Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from an independent pricing service when such prices are available. However, where the investment adviser deems it appropriate, such securities will be valued at the mean quoted bid and asked prices (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity. The ability of the issuers of the debt securities held by the fund to meet their obligations may be affected by economic developments in a specific industry, state or region. Securities and other assets for which representative market quotations are not readily available are fair valued as determined in good faith under procedures adopted by authority of the fund's board of directors. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions.
Security transactions and related investment income - Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations -Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends and distributions to shareholders -Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Distributions paid to shareholders are recorded on the ex-dividend date.
2. Federal income taxation and distributions
The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income and net capital gains each year. The fund is not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by the fund is exempt from federal income taxes; however, the fund may earn taxable income from certain investments.
Distributions - Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to differing treatment for items such as short-term capital gains and losses; deferred expenses; net capital losses; and amortization of market discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. As of January 31, 2006, the cost of investment securities for federal income tax purposes was $1,694,716,000.
As of January 31, 2006, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Undistributed net investment income | $1,852 |
Accumulated short-term capital losses | <28,330> |
Undistributed long-term capital gains | 822 |
Gross unrealized appreciation on investment securities | 65,291 |
Gross unrealized depreciation on investment securities | <13,897> |
Net unrealized appreciation on investment securities | 51,394 |
Accumulated short-term capital loss deferrals on the previous page include loss carryforwards of $385,000, $6,123,000, $402,000, $17,397,000 and $3,652,000 expiring in 2008, 2009, 2011, 2012 and 2013, respectively. The capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years through the expiration dates. The fund will not make distributions from capital gains while capital loss carryforwards remain. During the six months ended January 31, 2006, the fund realized, on a tax basis, a net capital gain of $451,000.
Tax-exempt income distributions paid to shareholders were as follows (dollars in thousands):
Share class | Six months ended January 31, 2006 | Year ended July 31, 2005 | |||||
Class A | $ | 30,877 | $ | 53,815 | |||
Class B | 1,202 | 2,312 | |||||
Class C | 1,639 | 2,853 | |||||
Class F | 2,034 | 2,751 | |||||
Class R-5 | 495 | 1,224 | |||||
Total | $ | 36,247 | $ | 62,955 |
3. Fees and transactions with related parties
Capital Research and Management Company ("CRMC"), the fund’s investment adviser, is the parent company of American Funds Service Company ("AFS"), the fund’s transfer agent, and American Funds Distributors, Inc. ("AFD"), the principal underwriter of the fund’s shares.
Investment advisory services -The Investment Advisory and Service Agreement with CRMC provides for monthly fees accrued daily. These fees are based on a declining series of annual rates beginning with 0.30% on the first $60 million of daily net assets and decreasing to 0.15% on such assets in excess of $3 billion. The agreement also provides for monthly fees, accrued daily, of 3.00% on the first $3,333,333 of the fund's monthly gross income and 2.50% on such income in excess of $3,333,333. CRMC is currently waiving 10% of investment advisory services fees. During the six months ended January 31, 2006, total investment advisory services fees waived by CRMC were $289,000. As a result, the fee shown on the accompanying financial statements of $2,888,000, which was equivalent to an annualized rate of 0.338%, was reduced to $2,599,000, or 0.304% of average daily net assets.
Class-specific fees and expenses - Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services - The fund has adopted plans of distribution for all share classes, except Class R-5. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted below. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD for providing certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A, the board of directors has also approved the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This class reimburses AFD for amounts billed within the prior 15 months, but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of January 31, 2006, there were no unreimbursed expenses subject to reimbursement for Class A.
Share class | Currently approved limits | Plan limits |
Class A | 0.30% | 0.30% |
Class B | 1.00 | 1.00 |
Class C | 1.00 | 1.00 |
Class F | 0.25 | 0.50 |
Transfer agent services - The fund has a transfer agent agreement with AFS for Class A and B. Under this agreement, these share classes compensate AFS for transfer agent services, including shareholder recordkeeping, communications and transaction processing. AFS is also compensated for certain transfer agent services provided to all other share classes from the administrative services fees paid to CRMC described on the following page.
Administrative services - The fund has an administrative services agreement with CRMC to provide transfer agent and other related shareholder services for all share classes other than Class A and B. Each relevant share class pays CRMC annual fees up to 0.15% (0.10% for Class R-5) based on its respective average daily net assets. Each relevant share class also pays AFS additional amounts for certain transfer agent services. CRMC and AFS may use these fees to compensate third parties for performing these services.
Expenses under the agreements described above for the six months ended January 31, 2006, were as follows (dollars in thousands):
Share class | Distribution services | Transfer agent services | Administrative services | |
CRMC administrative services | Transfer agent services | |||
Class A | $2,152 | $209 | Not applicable | Not applicable |
Class B | 331 | 13 | Not applicable | Not applicable |
Class C | 462 | Included in administrative services | $33 | $4 |
Class F | 119 | 39 | 7 | |
Class R-5 | Not applicable | 11 | 1 | |
Total | $3,064 | $222 | $83 | $12 |
Deferred directors’ compensation - Since the adoption of the deferred compensation plan in 1994, directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $21,000, shown on the accompanying financial statements, includes $17,000 in current fees (either paid in cash or deferred) and a net increase of $4,000 in the value of the deferred amounts.
Affiliated officers and directors - Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or directors received any compensation directly from the fund.
4. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
Share class | Sales(1) | Reinvestments of dividends | Repurchases(1) | Net increase (decrease) | |||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||
Six months ended January 31, 2006 | |||||||||||||||||||||||||
Class A | $ | 206,787 | 13,289 | $ | 22,706 | 1,459 | $ | (109,343 | ) | (7,033 | ) | $ | 120,150 | 7,715 | |||||||||||
Class B | 4,525 | 291 | 842 | 54 | (4,588 | ) | (295 | ) | 779 | 50 | |||||||||||||||
Class C | 14,754 | 948 | 1,244 | 80 | (11,949 | ) | (769 | ) | 4,049 | 259 | |||||||||||||||
Class F | 25,941 | 1,668 | 1,489 | 96 | (11,447 | ) | (736 | ) | 15,983 | 1,028 | |||||||||||||||
Class R-5 | 2,455 | 158 | 147 | 9 | (3,689 | ) | (237 | ) | (1,087 | ) | (70 | ) | |||||||||||||
Total net increase | |||||||||||||||||||||||||
(decrease) | $ | 254,462 | 16,354 | $ | 26,428 | 1,698 | $ | (141,016 | ) | (9,070 | ) | $ | 139,874 | 8,982 | |||||||||||
Year ended July 31, 2005 | |||||||||||||||||||||||||
Class A | $ | 378,876 | 24,419 | $ | 38,248 | 2,464 | $ | (184,249 | ) | (11,874 | ) | $ | 232,875 | 15,009 | |||||||||||
Class B | 10,616 | 685 | 1,590 | 102 | (8,163 | ) | (526 | ) | 4,043 | 261 | |||||||||||||||
Class C | 33,947 | 2,188 | 2,009 | 129 | (17,821 | ) | (1,148 | ) | 18,135 | 1,169 | |||||||||||||||
Class F | 51,089 | 3,291 | 1,993 | 128 | (14,993 | ) | (967 | ) | 38,089 | 2,452 | |||||||||||||||
Class R-5 | 9,958 | 642 | 558 | 36 | (16,415 | ) | (1,060 | ) | (5,899 | ) | (382 | ) | |||||||||||||
Total net increase | |||||||||||||||||||||||||
(decrease) | $ | 484,486 | 31,225 | $ | 44,398 | 2,859 | $ | (241,641 | ) | (15,575 | ) | $ | 287,243 | 18,509 | |||||||||||
(1) Includes exchanges between share classes of the fund. |
5. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities, of $272,199,000 and $114,698,000, respectively, during the six months ended January 31, 2006.
Financial highlights(1) | ||||||||||||||||||||||||||||||||||||||||||||||
Income from investment operations(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized) and unrealized | ) | Total from investment operations | Dividends (from net investment income | ) | Net asset value, end of period | Total return(3 | ) | Net assets, end of period (in millions | ) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers | (4 | ) | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 1/31/2006 | (5 | ) | $ | 15.61 | $ | .34 | $ | (.05 | ) | $ | .29 | $ | (.34 | ) | $ | 15.56 | 1.87 | % | $ | 1,486 | .72 | % | (6 | ) | .69 | % | (6 | ) | 4.34 | % | (6 | ) | ||||||||||||||
Year ended 7/31/2005 | 15.23 | .68 | .37 | 1.05 | (.67 | ) | 15.61 | 7.03 | 1,370 | .71 | .69 | 4.39 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 14.98 | .71 | .24 | .95 | (.70 | ) | 15.23 | 6.45 | 1,108 | .74 | .74 | 4.67 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 15.28 | .77 | (.31 | ) | .46 | (.76 | ) | 14.98 | 3.06 | 955 | .77 | .77 | 5.08 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 15.35 | .84 | (.08 | ) | .76 | (.83 | ) | 15.28 | 5.10 | 823 | .77 | .77 | 5.43 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2001 | 14.87 | .83 | .48 | 1.31 | (.83 | ) | 15.35 | 9.14 | 650 | .80 | .80 | 5.50 | ||||||||||||||||||||||||||||||||||
Class B: | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 1/31/2006 | (5 | ) | 15.61 | .28 | (.05 | ) | .23 | (.28 | ) | 15.56 | 1.51 | 66 | 1.43 | (6 | ) | 1.39 | (6 | ) | 3.62 | (6 | ) | |||||||||||||||||||||||||
Year ended 7/31/2005 | 15.23 | .58 | .37 | .95 | (.57 | ) | 15.61 | 6.30 | 65 | 1.42 | 1.40 | 3.69 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 14.98 | .61 | .24 | .85 | (.60 | ) | 15.23 | 5.71 | 60 | 1.45 | 1.45 | 3.96 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 15.28 | .66 | (.31 | ) | .35 | (.65 | ) | 14.98 | 2.34 | 52 | 1.47 | 1.47 | 4.34 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 15.35 | .73 | (.08 | ) | .65 | (.72 | ) | 15.28 | 4.37 | 31 | 1.47 | 1.47 | 4.68 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2001 | 14.87 | .71 | .50 | 1.21 | (.73 | ) | 15.35 | 8.45 | 11 | 1.48 | 1.48 | 4.72 | ||||||||||||||||||||||||||||||||||
Class C: | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 1/31/2006 | (5 | ) | 15.61 | .28 | (.05 | ) | .23 | (.28 | ) | 15.56 | 1.46 | 94 | 1.46 | (6 | ) | 1.43 | (6 | ) | 3.57 | (6 | ) | |||||||||||||||||||||||||
Year ended 7/31/2005 | 15.23 | .56 | .37 | .93 | (.55 | ) | 15.61 | 6.17 | 90 | 1.54 | 1.52 | 3.55 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 14.98 | .59 | .24 | .83 | (.58 | ) | 15.23 | 5.59 | 70 | 1.57 | 1.57 | 3.83 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 15.28 | .64 | (.31 | ) | .33 | (.63 | ) | 14.98 | 2.21 | 56 | 1.59 | 1.59 | 4.19 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 15.35 | .71 | (.08 | ) | .63 | (.70 | ) | 15.28 | 4.22 | 28 | 1.59 | 1.59 | 4.53 | |||||||||||||||||||||||||||||||||
Period from 3/15/2001 to 7/31/2001 | 15.11 | .25 | .25 | .50 | (.26 | ) | 15.35 | 3.34 | 4 | .59 | .59 | 1.75 | ||||||||||||||||||||||||||||||||||
Class F: | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 1/31/2006 | (5 | ) | 15.61 | .34 | (.05 | ) | .29 | (.34 | ) | 15.56 | 1.86 | 101 | .74 | (6 | ) | .70 | (6 | ) | 4.29 | (6 | ) | |||||||||||||||||||||||||
Year ended 7/31/2005 | 15.23 | .67 | .37 | 1.04 | (.66 | ) | 15.61 | 6.95 | 86 | .79 | .76 | 4.29 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 14.98 | .70 | .24 | .94 | (.69 | ) | 15.23 | 6.35 | 46 | .82 | .82 | 4.55 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 15.28 | .76 | (.31 | ) | .45 | (.75 | ) | 14.98 | 2.96 | 24 | .85 | .85 | 4.91 | |||||||||||||||||||||||||||||||||
Year ended 7/31/2002 | 15.35 | .82 | (.08 | ) | .74 | (.81 | ) | 15.28 | 4.96 | 13 | .88 | .88 | 5.26 | |||||||||||||||||||||||||||||||||
Period from 3/19/2001 to 7/31/2001 | 15.12 | .26 | .25 | .51 | (.28 | ) | 15.35 | 3.43 | 1 | .35 | .35 | 1.88 | ||||||||||||||||||||||||||||||||||
Class R-5: | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 1/31/2006 | (5 | ) | 15.61 | .36 | (.05 | ) | .31 | (.36 | ) | 15.56 | 1.98 | 21 | .49 | (6 | ) | .46 | (6 | ) | 4.55 | (6 | ) | |||||||||||||||||||||||||
Year ended 7/31/2005 | 15.23 | .72 | .37 | 1.09 | (.71 | ) | 15.61 | 7.27 | 22 | .48 | .46 | 4.62 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2004 | 14.98 | .75 | .24 | .99 | (.74 | ) | 15.23 | 6.68 | 27 | .51 | .51 | 4.90 | ||||||||||||||||||||||||||||||||||
Year ended 7/31/2003 | 15.28 | .80 | (.31 | ) | .49 | (.79 | ) | 14.98 | 3.29 | 14 | .53 | .53 | 5.19 | |||||||||||||||||||||||||||||||||
Period from 7/15/2002 to 7/31/2002 | 15.30 | .03 | (.02 | ) | .01 | (.03 | ) | 15.28 | .09 | 4 | .02 | .02 | .23 |
Six months ended January 31, | Year ended July 31 | ||||||||||||||||||
2006(5) | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Portfolio turnover rate for all classes of shares | 7 | % | 10 | % | 6 | % | 7 | % | 12 | % | 18 | % |
(1) Based on operations for the periods shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
(2) Based on average shares outstanding. |
(3) Total returns exclude all sales charges, including contingent deferred sales charges. |
(4) The ratios in this column reflect the impact, if any, of certain waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services for all share classes. |
(5) Unaudited. |
(6) Annualized. |
See Notes to Financial Statements |
Expense example unaudited
As a shareholder of the fund, you incur two types of costs: (1) transaction costs such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2005, through January 31, 2006).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period. There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds. There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning/ account value 8/1/2005 | Ending account value 1/31/2006 | Expenses paid during period* | Annualized expense ratio | ||||||||||
Class A -- actual return | $ | 1,000.00 | $ | 1,018.65 | $ | 3.51 | .69 | % | |||||
Class A -- assumed 5% return | 1,000.00 | 1,021.73 | 3.52 | .69 | |||||||||
Class B -- actual return | 1,000.00 | 1,015.12 | 7.06 | 1.39 | |||||||||
Class B -- assumed 5% return | 1,000.00 | 1,018.20 | 7.07 | 1.39 | |||||||||
Class C -- actual return | 1,000.00 | 1,014.62 | 7.26 | 1.43 | |||||||||
Class C -- assumed 5% return | 1,000.00 | 1,018.00 | 7.27 | 1.43 | |||||||||
Class F -- actual return | 1,000.00 | 1,018.56 | 3.56 | .70 | |||||||||
Class F -- assumed 5% return | 1,000.00 | 1,021.68 | 3.57 | .70 | |||||||||
Class R-5 -- actual return | 1,000.00 | 1,019.77 | 2.34 | .46 | |||||||||
Class R-5 -- assumed 5% return | 1,000.00 | 1,022.89 | 2.35 | .46 | |||||||||
*Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (184), and divided by 365 (to reflect the one-half year period). |
Offices of the fund and of the
investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
135 South State College Boulevard
Brea, CA 92821-5823
Transfer agent for shareholder accounts
American Funds Service Company
(Please write to the address nearest you.)
P.O. Box 25065
Santa Ana, CA 92799-5065
P.O. Box 659522
San Antonio, TX 78265-9522
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071-2228
Independent registered public
accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
There are several ways to invest in American High-Income Municipal Bond Fund. Class A shares are subject to a 3.75% maximum up-front sales charge that declines for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more. Other share classes have no up-front sales charges but are subject to additional annual expenses and fees. Annualized expenses for Class B shares were 0.70 percentage points higher than for Class A shares; Class B shares convert to Class A shares after eight years of ownership. If redeemed within six years, Class B shares may also be subject to a contingent deferred sales charge (“CDSC”) of up to 5% that declines over time. Class C shares were subject to annualized expenses 0.74 percentage points higher than those for Class A shares and a 1% CDSC if redeemed within the first year after purchase. Class C shares convert to Class F shares after 10 years. Class F shares, which are available only through certain fee-based programs offered by broker-dealer firms and registered investment advisers, had higher annualized expenses (by 0.01 percentage points) than did Class A shares, and an annual asset-based fee charged by the sponsoring firm. Expenses are deducted
from income earned by the fund. As a result, dividends and investment results will differ for each share class.
Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in the fund’s prospectus, which can be obtained from your financial adviser and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-0180 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Guidelines” — which describes how we vote proxies relating to portfolio securities — is available free of charge on the U.S. Securities and Exchange Commission (SEC) website at sec.gov, on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC and American Funds websites.
A complete January 31, 2006, portfolio of American High-Income Municipal Bond Fund’s investments is available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
American High-Income Municipal Bond Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. (800/SEC-0330). Additionally, the list of portfolio holdings also is available by calling AFS.
This report is for the information of shareholders of American High-Income Municipal Bond Fund, but it may also be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2006, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
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The right choice for the long term®
What makes American Funds different?
For nearly 75 years, we have followed a consistent philosophy that we firmly believe is in our investors’ best interests. The range of opportunities offered by our family of just 29 carefully conceived, broadly diversified funds has attracted over 35 million shareholder accounts.
Our unique combination of strengths includes these five factors:
• A long-term, value-oriented approach
We buy stocks and bonds of well-managed companies at reasonable prices and hold them for the long term.
• An extensive global research effort
American Funds investment professionals search the world to gain a comprehensive understanding of companies and markets.
• The multiple portfolio counselor system
Our unique method of portfolio management, developed nearly 50 years ago, blends teamwork with individual accountability and has provided American Funds with a sustainable method of achieving fund objectives.
• Experienced investment professionals
American Funds portfolio counselors have an average of 23 years of investment experience, providing a wealth of knowledge and experience that few organizations have.
• A commitment to low operating expenses
The American Funds provide exceptional value for shareholders, with operating expenses that are among the lowest in the mutual fund industry.
29 mutual funds, consistent philosophy, consistent results
• Growth funds
AMCAP Fund®
EuroPacific Growth Fund®
The Growth Fund of America®
The New Economy Fund®
New Perspective Fund®
New World FundSM
SMALLCAP World Fund®
• Growth-and-income funds
American Mutual Fund®
Capital World Growth and Income FundSM
Fundamental InvestorsSM
The Investment Company of America®
Washington Mutual Investors FundSM
• Equity-income funds
Capital Income Builder®
The Income Fund of America®
• Balanced fund
American Balanced Fund®
• Bond funds
American High-Income TrustSM
The Bond Fund of AmericaSM
Capital World Bond Fund®
Intermediate Bond Fund of America®
U.S. Government Securities FundSM
• Tax-exempt bond funds
> American High-Income Municipal Bond Fund®
Limited Term Tax-Exempt Bond Fund of AmericaSM
The Tax-Exempt Bond Fund of America®
State-specific tax-exempt funds
The Tax-Exempt Fund of California®
The Tax-Exempt Fund of Maryland®
The Tax-Exempt Fund of Virginia®
• Money market funds
The Cash Management Trust of America®
The Tax-Exempt Money Fund of AmericaSM
The U.S. Treasury Money Fund of AmericaSM
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ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 - Schedule of Investments
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American High-Income Municipal Bond Fund®
Investment portfolio
January 31, 2006
unaudited
Bonds & notes — 95.63% | Principal amount (000) | Market value (000) | |||||
ALABAMA — 0.56% | |||||||
21st Century Auth., Tobacco Settlement Asset-backed Rev. Bonds, Series 2001, 5.25% 2009 | $ | 2,215 | $ | 2,304 | |||
Industrial Dev. Board of the Town of Courtland, Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), Series 2004-A, 4.75% 2017 | 2,000 | 1,972 | |||||
Special Care Fac. Fncg. Auth. of the City of Huntsville — Carlton Cove, Retirement Fac. Rev. Bonds (Carlton Cove, Inc. Project), Series 2001, 8.125% 2031 | 4,750 | 2,380 | |||||
Industrial Dev. Board of the City of Phenix City, Environmental Improvement Rev. Ref. Bonds | |||||||
(MeadWestvaco-Mead Coated Board Project), Series 2002-A, AMT, 6.35% 2035 | 3,000 | 3,227 | |||||
9,883 | |||||||
ALASKA — 1.13% | |||||||
Industrial Dev. and Export Auth., Revolving Fund Ref. Bonds, Series 2002-A, AMT, MBIA insured, 5.50% 2010 | 1,775 | 1,893 | |||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2000, 5.60% 2010 | 1,000 | 1,053 | |||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2000, 6.20% 2022 | 1,340 | 1,400 | |||||
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2001, 5.375% 2021 | 7,625 | 7,773 | |||||
Student Loan Corp., Educational Loan Rev. Bonds, Series 2004-A-3, AMT, 5.25% 2012 | 1,420 | 1,512 | |||||
Student Loan Corp., Educational Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2013 | 1,500 | 1,593 | |||||
Student Loan Corp., Educational Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2014 | 1,500 | 1,596 | |||||
Student Loan Corp., Educational Loan Rev. Bonds, Series 2005-A, AMT, 5.00% 2017 | 3,000 | 3,171 | |||||
19,991 | |||||||
ARIZONA — 0.31% | |||||||
Industrial Dev. Auth. of the County of Navajo, Rev. Bonds (Stone Container Corp. Project), Series 1997, AMT, 7.20% 2027 | 3,600 | 3,719 | |||||
Student Loan Acquisition Auth., Student Loan Rev. Ref. Bonds, Series 1999-A-1, AMT, 5.45% 2011 | 1,675 | 1,786 | |||||
5,505 | |||||||
ARKANSAS — 0.33% | |||||||
Washington County, Hospital Rev. Construction Bonds (Washington Regional Medical Center), Series 2005-A, 5.00% 2035 | 1,500 | 1,504 | |||||
Washington County, Hospital Rev. Ref. Bonds (Washington Regional Medical Center), Series 2005-B, 5.00% 2013 | 2,465 | 2,575 | |||||
Washington County, Hospital Rev. Ref. Bonds (Washington Regional Medical Center), Series 2005-B, 5.00% 2019 | 1,635 | 1,683 | |||||
5,762 | |||||||
CALIFORNIA — 11.21% | |||||||
City of Antioch Public Fncg. Auth., 1998 Reassessment Rev. Bonds, Series B, 5.80% 2011 | 1,330 | 1,402 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Association), Series 2001-A, 6.125% 2020 | 3,000 | 3,255 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (San Diego Hospital Association), Series 2003-C, 5.375% 2021 | 1,500 | 1,581 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. | |||||||
(American Baptist Homes of the West Facs. Project), Series 1998-A, 6.10% 2017 | 1,650 | 1,686 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. (Episcopal Homes Foundation), Series 1998, 5.125% 2013 | 3,500 | 3,589 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Certs. of Part. (Episcopal Homes Foundation), Series 1998, 5.125% 2018 | 1,000 | 1,017 | |||||
Association of Bay Area Governments, Fin. Auth. for Nonprofit Corps., | |||||||
Southern California Presbyterian Homes Obligated Group, Rev. Bonds (Redwood Senior Homes and Services), Series 2002, 6.125% 2032 | 1,000 | 1,075 | |||||
Burbank-Glendale-Pasadena Airport Auth., Airport Rev. Bonds, Series 2005-B, AMT, AMBAC insured, 5.00% 2011 | 1,760 | 1,861 | |||||
City of Chino Hills, Community Facs. Dist. No. 10 (Fairfield Ranch), Special Tax Bonds, 6.95% 2030 | 1,000 | 1,101 | |||||
Community Facs. Dist. No. 2002-1 of the City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 | 1,250 | 1,212 | |||||
City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 2005-B, AMT, 5.00% 2027 | 1,250 | 1,270 | |||||
City of Chula Vista, Industrial Dev. Rev. Bonds (San Diego Gas & Electric Co.), Series 1997-A, AMT, 4.90% 2023 | 1,000 | 1,003 | |||||
City of Chula Vista, Community Facs. Dist. No. 12-I, Special Tax Bonds (McMillion Otay Ranch Village Seven), Series 2005, 5.25% 2030 | 2,135 | 2,142 | |||||
City of Chula Vista, Community Facs. Dist. No. 97-3, Special Tax Bonds (Otay Ranch McMillin Spa One), Series 1999, 6.05% 2029 | 1,415 | 1,556 | |||||
Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2010 | 700 | 732 | |||||
Del Mar Race Track Auth., Rev. Bonds, Series 2005, 5.00% 2015 | 995 | 1,048 | |||||
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Bonds, | |||||||
Series 1999, 6.125% 2016 | 990 | 1,039 | |||||
County of El Dorado, Community Facs. Dist. No. 2005-1 (Blackstone), Special Tax Bonds, 5.25% 2035 | 1,000 | 995 | |||||
City of Folsom, Community Facs. Dist. No. 10, Special Tax Bonds, Series 1999, 7.00% 2024 | 3,000 | 3,253 | |||||
City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, Series 1999, 6.50% 2015 (preref. 2009) | 1,000 | 1,102 | |||||
City of Fontana, Community Facs. Dist. No. 12 (Sierra Lakes), Special Tax Bonds, Series 1999, 6.625% 2030 (preref. 2009) | 1,000 | 1,106 | |||||
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2004, 6.00% 2034 | 2,000 | 2,098 | |||||
G.O. Ref. Bonds 5.00% 2015 | 8,000 | 8,636 | |||||
Veterans G.O. Bonds, Series CB, AMT, 4.75% 2018 | 1,000 | 1,015 | |||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Bonds, Series 2003-A1, 6.25% 2033 | 4,200 | 4,590 | |||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (preref. 2011) | 165 | 172 | |||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2004-H, 4.45% 2026 (put 2011) | 1,835 | 1,879 | |||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2016 | 1,500 | 1,584 | |||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2020 | 1,000 | 1,042 | |||||
City of Irvine, Assessment Dist. No. 03-19, Limited Obligation Improvement Bonds, Group Two, 5.00% 2017 | 1,000 | 1,011 | |||||
City of Irvine, Assessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Group Seven, 5.00% 2020 | 1,100 | 1,107 | |||||
Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 1,049 | |||||
Lee Lake Water Dist., Community Facs. Dist. No. 1 (Sycamore Creek), Special Tax Bonds, Series 2005, 5.25% 2028 | 1,750 | 1,756 | |||||
City of Lincoln, Community Facs. Dist. No. 2003-1, Special Tax Bonds (Lincoln Crossing Project), | |||||||
Series 2003-A, 6.125% 2033 | 5,000 | 5,357 | |||||
City of Lincoln, Community Facs. Dist. No. 2003-1, Special Tax Bonds (Lincoln Crossing Project), Series 2004, 6.00% 2034 | 2,250 | 2,387 | |||||
City of Loma Linda, Hospital Rev. Bonds (Loma Linda University Medical Center), Series 2005-A, 5.00% 2017 | 3,000 | 3,124 | |||||
City of Long Beach, Harbor Rev. Bonds, Series 2002-B, AMT, MBIA insured, 5.25% 2013 | 2,500 | 2,701 | |||||
City of Long Beach, Harbor Rev. Ref. Bonds, Series 2004-A, AMT, FGIC insured, 5.00% 2014 | 1,000 | 1,068 | |||||
City of Long Beach, Harbor Rev. Ref. Bonds, Series 2005-A, AMT, MBIA insured, 5.00% 2015 | 3,000 | 3,215 | |||||
City of Los Angeles, Multi-family Housing Rev. Bonds (GNMA Collateralized — Ridgecroft Apartments Project), Series 1997-E, AMT, 6.00% 2017 | 500 | 516 | |||||
Community Facs. Dist. No. 2001-1, Orange County (Ladera Ranch), Special Tax Bonds, | |||||||
Series 2002-A, 6.00% 2025 (preref. 2010) | 1,000 | 1,115 | |||||
Community Facs. Dist. No. 2002-1, Orange County (Ladera Ranch), Special Tax Bonds, Series 2003-A, 5.00% 2017 | 1,000 | 1,015 | |||||
Community Facs. Dist. No. 2002-1, Orange County (Ladera Ranch), Special Tax Bonds, Series 2003-A, 5.55% 2033 | 1,500 | 1,526 | |||||
Community Facs. Dist. No. 2004-1, Orange County (Ladera Ranch), Special Tax Bonds, Series 2005-A, 5.20% 2034 | 1,000 | 993 | |||||
Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds | |||||||
(Improvement Area No. 2), Series 2005-A, 5.25% 2035 | 1,200 | 1,201 | |||||
Northstar Community Services Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2005, 5.55% 2036 | 5,000 | 5,062 | |||||
City of Oxnard, Community Facs. Dist. No. 3 (Seabridge at Mandalay Bay), Special Tax Bonds, Series 2005, 5.00% 2022 | 1,000 | 996 | |||||
Pollution Control Fncg. Auth., Rev. Ref. Bonds (Pacific Gas and Electric Co.), | |||||||
Series 1996-A, AMT, MBIA insured, 5.35% 2016 | 2,000 | 2,137 | |||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Browning-Ferris Industries of California, Inc. Project), BFI Corp. Guarantee, Series 1996-A, AMT, 5.80% 2016 | 3,000 | 2,927 | |||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | |||||||
Series 2002-B, AMT, 5.00% 2027 | 2,000 | 1,997 | |||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | |||||||
Series 2003-A, AMT, 5.00% 2038 (put 2013) | 2,000 | 2,067 | |||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | |||||||
Series 2005-C, AMT, 5.125% 2023 | 3,000 | 3,066 | |||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (USA Waste Services, Inc. Project), Series 1998-A, AMT, 5.10% 2018 (put 2008) | 1,000 | 1,025 | |||||
City of Poway, Community Facs. Dist. No. 88-1 (Parkway Business Centre), Special Tax Ref. Bonds, Series 1998, 6.75% 2015 | 2,800 | 3,027 | |||||
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, State Prison, Kern County at Delano II), Series 2003-C, 5.50% 2015 | 3,225 | 3,536 | |||||
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, State Prison, Kern County at Delano II), Series 2003-C, 5.50% 2018 | 1,000 | 1,094 | |||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections and Rehabilitation, | |||||||
Substance Abuse Treatment Fac. and State Prison at Corcoran (Corcoran II)), Series 2005-J, 5.00% 2021 | 2,500 | 2,637 | |||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, State Prison-Lassen County, Susanville), Series 2004-E, 3.00% 2006 | 1,000 | 999 | |||||
Public Works Board, Lease Rev. Bonds (Dept. of General Services, Butterfield State Office Complex), Series 2005-A, 5.00% 2016 | 1,000 | 1,069 | |||||
Public Works Board, Lease Rev. Bonds (Dept. of General Services, Butterfield State Office Complex), Series 2005-A, 5.00% 2017 | 2,500 | 2,662 | |||||
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of 2005, AMT, FSA insured, 5.00% 2015 | 2,120 | 2,228 | |||||
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of 2005, AMT, FSA insured, 5.00% 2016 | 2,225 | 2,323 | |||||
Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of 2005, AMT, FSA insured, 5.00% 2017 | 2,335 | 2,429 | |||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2005, 5.00% 2023 | 1,040 | 1,031 | |||||
City of Rio Vista, Community Facs. Dist. No. 2004-1, Special Tax Bonds (Northwest Wastewater Fac.), Series 2005, 5.70% 2024 | 1,000 | 1,021 | |||||
City of Rio Vista, Community Facs. Dist. No. 2004-1, Special Tax Bonds (Northwest Wastewater Fac.), Series 2005, 5.85% 2035 | 2,000 | 2,042 | |||||
County of Riverside Community Facs. Dist. No. 04-2 (Lake Hills Crest), Special Tax Bonds, Series 2005, 5.00% 2025 | 1,000 | 979 | |||||
City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds, Series 2003-C, 6.00% 2028 | 1,500 | 1,603 | |||||
City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds, Series 2003-C, 6.00% 2033 | 2,000 | 2,126 | |||||
County of Sacramento, Laguna Creek Ranch/Elliott Ranch Community Facs. Dist. No. 1, | |||||||
Improvement Area No. 2 Special Tax Ref. Bonds (Elliott Ranch), 6.125% 2014 | 250 | 260 | |||||
County of Sacramento, Laguna Creek Ranch/Elliott Ranch Community Facs. Dist. No. 1, | |||||||
Improvement Area No. 2 Special Tax Ref. Bonds (Elliott Ranch), 6.30% 2021 | 500 | 516 | |||||
San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds, 6.625% 2026 | 1,000 | 1,079 | |||||
San Diego Unified Port Dist., Rev. Bonds, Series A, AMT, MBIA insured, 5.00% 2012 | 1,490 | 1,584 | |||||
San Diego Unified Port Dist., Rev. Bonds, Series A, AMT, MBIA insured, 5.00% 2014 | 1,650 | 1,762 | |||||
County of San Diego, Reassessment Dist. No. 97-1 (4-S Ranch), Limited Obligation Improvement Bonds, 6.00% 2009 | 995 | 1,027 | |||||
County of San Diego, Reassessment Dist. No. 97-1 (4-S Ranch), Limited Obligation Improvement Bonds, 6.25% 2012 | 995 | 1,027 | |||||
City of San Jose Fin. Auth., Lease Rev. Bonds (Civic Center Project), Series 2002-D, AMBAC insured, 5.00% 2039 (put 2006) | 5,000 | 5,029 | |||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.50% 20111 | 1,000 | 999 | |||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 4.875% 20161 | 3,000 | 3,008 | |||||
Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds (Federally Tax Exempt), Series 2006, 5.00% 20201 | 2,700 | 2,688 | |||||
Community Facs. Dist. No. 2002-1, Saugus Union School Dist., Special Tax Bonds, Series 2003, 6.00% 2033 | 1,000 | 1,038 | |||||
South Tahoe Joint Powers Fncg. Auth., Bond Anticipation Notes (South Tahoe Redev. Project Area No. 1), Series 2003-B, 5.125% 2009 | 1,000 | 1,010 | |||||
Statewide Communities Dev. Auth., Apartment Dev. Rev. Ref. Bonds (Irvine Apartment Communities, LP), Series 1998-A-1, AMT, 5.05% 2025 (put 2008) | 7,000 | 7,134 | |||||
Statewide Communities Dev. Auth., Apartment Dev. Rev. Ref. Bonds (Irvine Apartment Communities, LP), Series 1998-A-3, 5.10% 2025 (put 2010) | 5,000 | 5,168 | |||||
Statewide Communities Dev. Auth., Rev. Bonds (Daughters of Charity Health System), Series 2005-A, 5.00% 2039 | 1,000 | 1,005 | |||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-I, 3.45% 2035 (put 2011) | 4,600 | 4,463 | |||||
Talega-Capistrano Unified School Dist., Community Facs. Dist. No. 90-2, Special Tax Bonds, Series 2003, 6.00% 2033 | 2,410 | 2,532 | |||||
Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Bonds, Series 1999, 6.10% 2014 | 2,390 | 2,562 | |||||
City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, Series 2003, 5.80% 2026 | 1,000 | 1,041 | |||||
City of Temecula, Public Fncg. Auth., Community Facs. Dist. No. 03-03 (Wolf Creek), Special Tax Bonds, Series 2003, 5.90% 2034 | 2,500 | 2,603 | |||||
Community Facs. Dist. No. 88-12, Temecula (Ynez Corridor), Special Tax Ref. Bonds, Series 1998-A, 5.35% 2009 | 940 | 980 | |||||
Tobacco Securitization Auth. of Northern California (Sacramento County), Tobacco Settlement Asset-backed Bonds, Series 2001-B, 5.00% 2028 (preref. 2011) | 500 | 535 | |||||
Tobacco Securitization Auth., Tobacco Settlement Asset-backed Bonds | |||||||
(San Diego County Tobacco Asset Securitization Corp.), Series 2001-A, 5.25% 2027 | 970 | 989 | |||||
Educational Facs. Auth., Rev. Bonds (University of La Verne), Series 2005-A, 4.00% 2008 | 460 | 462 | |||||
Educational Facs. Auth., Rev. Bonds (University of La Verne), Series 2005-A, 4.00% 2009 | 480 | 482 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, 5.375% 2022 (preref. 2012) | 2,000 | 2,221 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, 5.75% 2017 (preref. 2012) | 2,500 | 2,828 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, 5.875% 2016 (preref. 2012) | 1,500 | 1,707 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, 6.00% 2014 | 3,000 | 3,394 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, 6.00% 2015 (preref. 2012) | 1,500 | 1,718 | |||||
Dept. of Water Resources, Power Supply Rev. Bonds, Series 2002-A, AMBAC insured, 5.50% 2016 (preref. 2012) | 1,000 | 1,117 | |||||
City of West Sacramento, Community Facs. Dist. No. 16 (Bridgeway Lakes), Special Tax Bonds, 6.00% 2033 | 1,000 | 1,041 | |||||
198,274 | |||||||
COLORADO — 3.83% | |||||||
Arapahoe County, Capital Improvement Trust Fund Highway Rev. Bonds (E-470 Project), Capital Appreciation Bonds, Series 2000-B, 0% 2034 (preref. 2010) | 7,500 | 1,041 | |||||
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC insured, 5.00% 2011 | 1,000 | 1,053 | |||||
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2002-E, AMT, FGIC insured, 5.00% 2012 | 1,500 | 1,582 | |||||
Eagle County, Bachelor Gulch Metropolitan Dist., G.O. Bonds, Series 1999, 6.70% 2019 | 3,500 | 3,713 | |||||
EagleBend Affordable Housing Corp., Rev. Ref. Bonds (Multi-family Housing Project), Series 1997-A, 6.20% 2012 | 1,000 | 1,018 | |||||
EagleBend Affordable Housing Corp., Rev. Ref. Bonds (Multi-family Housing Project), Series 1997-A, 6.45% 2021 | 2,000 | 2,022 | |||||
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 1998-A, 5.375% 2010 | 1,000 | 1,050 | |||||
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2001, 5.25% 2021 | 2,095 | 2,191 | |||||
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2002-A, 5.00% 2008 | 1,880 | 1,936 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2002-B, 6.125% 2033 | 1,000 | 1,078 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 | 1,320 | 1,368 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 | 1,150 | 1,189 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 | 1,485 | 1,523 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 | 2,095 | 2,143 | |||||
Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 | 11,000 | 10,823 | |||||
Health Facs. Auth., Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2000, 6.60% 2016 | 1,000 | 1,120 | |||||
Health Facs. Auth., Rev. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2002, 5.90% 2027 | 1,830 | 1,954 | |||||
Housing and Fin. Auth., Single-family Program Bonds, Series 1997-B-2, AMT, 7.00% 2026 | 65 | 66 | |||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2003, 8.00% 2025 | 8,500 | 9,350 | |||||
City of Lakewood, Plaza Metropolitan Dist. No. 1, Public Improvement Fee/Tax Increment Supported Rev. Bonds, Series 2005, 8.125% 2025 | 5,000 | 4,987 | |||||
Lincoln Park Metropolitan Dist. (Douglas County), G.O. Limited Tax Ref. and Improvement Bonds, | |||||||
Series 2001, 7.75% 2026 | 3,000 | 3,183 | |||||
North Range Metropolitan Dist. No. 1 (City of Commerce, Adams County), Limited Tax G.O. Bonds, | |||||||
Series 2001, 7.25% 2031 | 1,000 | 1,055 | |||||
Rampart Range Metropolitan Dist. No. 1 (City of Lone Tree), Rev. Bonds (Rampart Range Metropolitan Dist. No. 2 Project), Series 2001, 7.75% 2026 | 7,470 | 7,837 | |||||
Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Bonds, Series 2001, 7.50% 2031 | 4,110 | 4,346 | |||||
67,628 | |||||||
CONNECTICUT — 2.26% | |||||||
Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-A, 5.85% 2028 | 1,375 | 1,458 | |||||
Dev. Auth., Pollution Control Rev. Ref. Bonds (Connecticut Light and Power Co. Project), Series 1993-B, AMT, 5.95% 2028 | 1,500 | 1,587 | |||||
Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program), Series 2005-A, AMT, MBIA insured, 4.25% 2019 | 1,000 | 992 | |||||
Higher Education Supplemental Loan Auth., Rev. Bonds (Connecticut Family Education Loan Program), Series 2005-A, AMT, MBIA insured, 4.375% 2016 | 2,500 | 2,541 | |||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1996-A, 6.40% 20111 | 6,590 | 6,811 | |||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1996-A, 6.40% 2011 (preref. 2007)1 | 3,470 | 3,639 | |||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.60% 20091 | 1,000 | 1,049 | |||||
Mashantucket (Western) Pequot Tribe, Special Rev. Bonds, Series 1997-B, 5.75% 20181 | 3,000 | 3,113 | |||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | |||||||
Series 2001, 6.00% 2016 | 6,100 | 6,555 | |||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | |||||||
Series 2001, 6.25% 2021 | 3,000 | 3,237 | |||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | |||||||
Series 2001, 6.25% 2031 | 2,000 | 2,145 | |||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | |||||||
Series 2003, 5.25% 2033 | 5,000 | 5,007 | |||||
Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds, | |||||||
Series 2003, 5.50% 2013 | 1,680 | 1,784 | |||||
39,918 | |||||||
DISTRICT OF COLUMBIA — 0.50% | |||||||
MedStar Health, Inc. Issue, Multi-Modal Rev. Bonds | |||||||
(Georgetown University Hospital and Washington Hospital Center Projects), Series 2001-C, 6.80% 2031 (preref. 2006) | 1,500 | 1,502 | |||||
MedStar Health, Inc. Issue, Multi-Modal Rev. Bonds | |||||||
(Georgetown University Hospital and Washington Hospital Center Projects), Series 2001-D, 6.875% 2031 (preref. 2007) | 2,000 | 2,072 | |||||
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2004-B, AMT, FSA insured, 5.00% 2034 | 5,175 | 5,278 | |||||
8,852 | |||||||
FLORIDA — 12.93% | |||||||
Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 | 2,000 | 2,007 | |||||
Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 | 1,750 | 1,759 | |||||
Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), Series 2002-B, 7.00% 2014 | 745 | 815 | |||||
Beacon Tradeport Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Industrial Project), Series 2002-B, 7.25% 2033 | 2,205 | 2,377 | |||||
Broward County Resource Recovery Rev. Ref. Bonds (Wheelabrator North Broward Inc. Project), Series 2001-A, 5.50% 2008 | 1,600 | 1,683 | |||||
Capital Projects Fin. Auth., Continuing Care Retirement Community Rev. Bonds (Capital Projects Loan Program — Glenridge on Palmer Ranch Project), Series 2002-A, 8.00% 2032 | 5,400 | 5,972 | |||||
Capital Projects Fin. Auth., Continuing Care Retirement Community Rev. Bonds (Capital Projects Loan Program — Glenridge on Palmer Ranch Project), Series 2002-B, 7.625% 2032 (put 2009) | 2,500 | 2,610 | |||||
Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 | 3,890 | 3,989 | |||||
Charlotte County, Tern Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2005-B, 5.00% 2015 | 3,000 | 2,983 | |||||
City Center Community Dev. Dist., Special Assessment Rev. Bonds (Polk County), Series 2005-A, 6.125% 2036 | 5,500 | 5,496 | |||||
Concorde Estates Community Dev. Dist. (Osceola County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2011 | 845 | 847 | |||||
The Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds, Series 2000-C, 7.10% 2030 | 7,355 | 7,901 | |||||
Escambia County Health Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2003-A, 5.25% 2012 | 1,000 | 1,077 | |||||
Escambia County Health Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2003-A, 5.25% 2013 | 2,000 | 2,160 | |||||
Escambia County Health Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2003-A, 5.25% 2014 | 1,000 | 1,085 | |||||
Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2003-B, 5.00% 2007 | 170 | 171 | |||||
Fishhawk Community Dev. Dist. II, Special Assessment Rev. Bonds, Series 2004-B, 5.125% 2009 | 935 | 944 | |||||
Fleming Island Plantation Community Dev. Dist. (Clay County), Series 2000-B, 7.375% 2031 | 985 | 1,063 | |||||
Gateway Services Community Dev. Dist., Special Assessment Bonds (Sun City Center Fort Myers Project), Series 2003-B, 5.50% 2010 | 900 | 904 | |||||
Grand Haven Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds, Series 2004-B, 5.00% 2009 | 3,985 | 3,998 | |||||
Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-A, 7.00% 2033 | 950 | 1,034 | |||||
Greyhawk Landing Community Dev. Dist. (Manatee County), Special Assessment Rev. Bonds, Series 2002-B, 6.25% 2009 | 300 | 304 | |||||
Groves Community Dev. Dist. (Pasco County), Special Assessment Rev. Bonds, Series 2000-B, 7.625% 2008 | 865 | 866 | |||||
Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2001-B, 6.35% 2010 | 2,335 | 2,366 | |||||
Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 | 4,450 | 4,829 | |||||
Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, Series 2005, 5.60% 2036 | 1,300 | 1,305 | |||||
Heritage Harbour South Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, | |||||||
Series 2002-B, 5.40% 2008 | 1,690 | 1,698 | |||||
Heritage Isles Community Dev. Dist., Special Assessment Rev. Bonds, 5.90% 2006 | 150 | 151 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2002-B, 5.00% 2011 | 2,000 | 2,115 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2002-B, 5.00% 2012 | 1,365 | 1,447 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2002-B, 5.00% 2013 | 3,535 | 3,723 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2002-B, 5.25% 2023 | 2,500 | 2,603 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B, 5.00% 2016 | 1,200 | 1,270 | |||||
Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B, 5.00% 2018 | 2,000 | 2,101 | |||||
Hillsborough County Aviation Auth., Rev. Ref. Bonds, Series 2003-D, AMT, MBIA insured, 5.50% 2012 | 2,520 | 2,745 | |||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), Series 2003-A, 5.00% 2012 | 1,000 | 1,056 | |||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), Series 2003-A, 5.00% 2013 | 1,500 | 1,584 | |||||
Hillsborough County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Tampa General Hospital Project), Series 2003-A, 5.00% 2018 | 3,795 | 3,939 | |||||
Huntington Community Dev. Dist., City of Miramar, Special Assessment Bonds, Series 2004-B, 5.00% 2009 | 3,500 | 3,512 | |||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, Series 2001-A, 7.40% 2032 | 850 | 929 | |||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, Series 2001-B, 6.40% 2011 | 350 | 355 | |||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, Series 2003-B, 5.40% 2008 | 1,270 | 1,276 | |||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.60% 2037 | 930 | 932 | |||||
Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 | 3,515 | 3,511 | |||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 4.875% 2010 | 1,000 | 1,000 | |||||
Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A, 5.375% 2036 | 3,000 | 3,009 | |||||
Lake Powell Residential Golf Community Dev. Dist. (Bay County), Special Assessment Rev. Bonds, | |||||||
Series 2000-B, 7.00% 2010 | 870 | 876 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Cypress Cove at Healthpark Florida, Inc. Project), Series 1997-A, 6.25% 2017 | 2,500 | 2,569 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.25% 2007 | 1,000 | 1,017 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.50% 2009 | 1,800 | 1,870 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.50% 2021 | 3,800 | 3,891 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.50% 2029 | 1,250 | 1,265 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.75% 2011 | 500 | 525 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.75% 2013 | 1,410 | 1,470 | |||||
Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds | |||||||
(Shell Point/Alliance Obligated Group, Shell Point Village Project), Series 1999-A, 5.75% 2015 | 500 | 520 | |||||
Lee County, Solid Waste System Rev. Ref. Bonds, Series 2001, AMT, MBIA insured, 5.25% 2009 | 1,500 | 1,582 | |||||
Lee County, Solid Waste System Rev. Ref. Bonds, Series 2001, AMT, MBIA insured, 5.625% 2013 | 4,000 | 4,287 | |||||
Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2000-A, 7.65% 2032 | 2,940 | 3,204 | |||||
Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2002, 6.625% 2032 | 4,870 | 5,237 | |||||
Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2001-A, 6.85% 2033 | 2,200 | 2,356 | |||||
Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2003-B, 5.25% 2007 | 230 | 231 | |||||
Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-1, 4.80% 2009 | 2,565 | 2,572 | |||||
Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-B, 5.00% 2009 | 595 | 597 | |||||
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2003-B, 5.125% 2007 | 1,200 | 1,205 | |||||
Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2036 | 2,000 | 2,080 | |||||
Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 4.00% 2018 (put 2009) | 2,000 | 1,988 | |||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | |||||||
Series 2003-D, AMT, MBIA insured, 5.25% 2014 | 1,000 | 1,074 | |||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | |||||||
Series 2005-B, AMT, XLCA insured, 5.00% 2018 | 4,000 | 4,205 | |||||
Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds, | |||||||
Series 2005-B, AMT, XLCA insured, 5.00% 2020 | 4,000 | 4,173 | |||||
School Board of Miami-Dade County, Certs. of Part., Series 2003-B, MBIA insured, 5.00% 2031 (put 2011) | 1,000 | 1,056 | |||||
Midtown Miami Community Dev. Dist. (Miami-Dade County), Special Assessment Bonds (Infrastructure Project), Series 2004-B, 6.50% 2037 | 2,000 | 2,165 | |||||
Monterra Community Dev. Dist. (Cooper City), Special Assessment Bonds, Series 2005-A, 5.50% 2036 | 6,000 | 6,078 | |||||
North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Heron Bay Project), Series 1997, 7.00% 2019 | 2,480 | 2,540 | |||||
North Springs Improvement Dist. (Broward County), Special Assessment Bonds | |||||||
(Parkland Golf and Country Club Assessment Area), Series 2005-A-1, 5.45% 2026 | 4,000 | 3,983 | |||||
North Springs Improvement Dist., Special Assessment Bonds (Parkland Isles Project), Series 1997-A, 7.00% 2019 | 1,000 | 1,024 | |||||
Northern Palm Beach County Improvement Dist., Water Control and Improvement Bonds (Unit of Dev. No. 9A), Series 1996-A, 6.80% 2006 (escrowed to maturity) | 185 | 188 | |||||
Northern Palm Beach County Improvement Dist., Water Control and Improvement Bonds (Unit of Dev. No. 9A), Series 1996-A, 7.30% 2027 (preref. 2006) | 1,500 | 1,558 | |||||
Northern Palm Beach County Improvement Dist., Water Control and Improvement Bonds (Unit of Dev. No. 9B), Series 1999, 5.85% 2013 (preref. 2009) | 705 | 746 | |||||
City of Orlando, Special Assessment Rev. Bonds (Conroy Road Interchange Project), Series 1998-A, 5.80% 2026 | 3,250 | 3,281 | |||||
Palm Beach County, Health Facs. Auth. Retirement Community Rev. Bonds | |||||||
(Adult Communities Total Services, Inc. Obligated Group), Series 1996, 5.625% 2020 | 3,230 | 3,323 | |||||
Parklands Lee Community Dev. Dist. (Bonita Springs), Special Assessment Bonds, Series 2005-B, 5.125% 2011 | 1,995 | 2,001 | |||||
Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 | 3,600 | 3,594 | |||||
Pine Air Lakes Community Dev. Dist., Collier County, Special Assessment Rev. Bonds, Series 2002, 7.25% 2033 | 2,455 | 2,654 | |||||
River Hall Community Dev. Dist. (Lee County), Capital Improvement Rev. Bonds, Series 2005, 5.45% 2036 | 4,500 | 4,513 | |||||
City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, | |||||||
Series 2003-B, 6.375% 2013 (put 2006) | 2,785 | 2,808 | |||||
South Village Community Dev. Dist. (Clay County), Capital Improvement Rev. Bonds, Series 2005-A, 5.70% 2035 | 1,000 | 1,019 | |||||
South-Dade Venture Community Dev. Dist. (Homestead), Special Assessment Rev. Bonds, Series 2002, 6.90% 2033 | 3,895 | 4,267 | |||||
Stoneybrook West Community Dev. Dist. (City of Winter Garden, Orange County), Special Assessment Rev. Bonds, Series 2000-B, 6.45% 2010 | 155 | 155 | |||||
Sumter Landing Community Dev. Dist. (Sumter County), Special Assessment Rev. Bonds, Series 2003, 6.875% 2023 | 1,000 | 1,083 | |||||
Sumter Landing Community Dev. Dist. (Sumter County), Special Assessment Rev. Bonds, Series 2003, 6.95% 2033 | 1,000 | 1,067 | |||||
Tison’s Landing Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005-B, 5.00% 2011 | 1,000 | 999 | |||||
Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), Capital Improvement Rev. Bonds, Series 2005, 6.00% 2036 | 3,000 | 3,087 | |||||
Turnbull Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2005, 5.80% 2035 | 2,000 | 2,055 | |||||
Tuscany Reserve Community Dev. Dist. Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 | 1,300 | 1,318 | |||||
Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 | 5,740 | 5,768 | |||||
Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds, Series 2001-A, 6.95% 2033 | 3,410 | 3,685 | |||||
Urban Orlando Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2004, 6.00% 2020 | 1,000 | 1,074 | |||||
Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-A, 6.75% 2034 | 1,000 | 1,056 | |||||
Venetian Community Dev. Dist. (Sarasota County), Capital Improvement Rev. Bonds, Series 2002-B, 5.95% 2012 | 355 | 362 | |||||
Village Community Dev. Dist. No. 5 (Sumter County), Special Assessment Rev. Bonds, Series 2003-B, 5.00% 2008 | 760 | 763 | |||||
Waterlefe Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, Series 2001-B, 6.25% 2010 | 175 | 176 | |||||
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.35% 2015 | 2,640 | 2,671 | |||||
West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 | 8,000 | 8,166 | |||||
228,578 | |||||||
GEORGIA — 1.14% | |||||||
City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2004-J, FSA insured, 5.00% 2034 | 3,500 | 3,613 | |||||
City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.75% 2014 | 1,000 | 1,078 | |||||
City of Atlanta, Tax Allocation Bonds (Atlantic Station Project), Series 2001, 7.90% 2024 | 5,000 | 5,414 | |||||
City of Atlanta, Tax Allocation Bonds (Eastside Project), Series 2005-A, AMT, 5.625% 2016 | 1,750 | 1,804 | |||||
Dev. Auth. of Cartersville, Sewage Facs. Rev. Ref. Bonds (Anheuser-Busch Project), Series 1997, AMT, 5.625% 2009 | 2,250 | 2,367 | |||||
Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds | |||||||
(Georgia College & State University Foundation Property III, LLC Student Housing System Project), | |||||||
Series 2004, 5.00% 2015 | 1,000 | 1,037 | |||||
Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds | |||||||
(Georgia College & State University Foundation Property III, LLC Student Housing System Project), | |||||||
Series 2004, 5.25% 2019 | 2,750 | 2,880 | |||||
Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds | |||||||
(Georgia College & State University Foundation Property III, LLC Student Housing System Project), | |||||||
Series 2004, 6.00% 2012 | 1,790 | 1,956 | |||||
20,149 | |||||||
IDAHO — 1.27% | |||||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1997-H-2, AMT, 5.40% 2010 | 370 | 372 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1997-I-2, AMT, 5.55% 2010 | 220 | 221 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1998-B-2, AMT, 5.20% 2011 | 300 | 301 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1999-B-2, AMT, 5.00% 2013 | 460 | 464 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1999-D-3, AMT, 5.15% 2013 | 485 | 490 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 1999-G, AMT, 5.75% 2014 | 260 | 266 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2001-B, Class III, AMT, 5.75% 2020 | 1,930 | 1,971 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2001-E, Class III, AMT, 5.40% 2021 | 1,425 | 1,462 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2001-F, Class III, AMT, 5.30% 2021 | 1,550 | 1,581 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2002-C, Class III, AMT, 5.50% 2021 | 1,395 | 1,451 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2002-E, Class III, AMT, 5.30% 2022 | 1,155 | 1,191 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 | 1,030 | 1,048 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 | 955 | 931 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 | 1,560 | 1,599 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 | 1,380 | 1,371 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2004-B, Class III, AMT, 5.40% 2024 | 2,205 | 2,274 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2005-B, Class III, AMT, 5.00% 2025 | 2,000 | 1,998 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 | 1,000 | 983 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2005-D, Class III, AMT, 4.90% 2026 | 1,235 | 1,233 | |||||
Housing and Fin. Association, Single-family Mortgage Bonds, Series 2005-F, Class III, AMT, 5.00% 2026 | 1,195 | 1,210 | |||||
22,417 | |||||||
ILLINOIS — 6.28% | |||||||
Build Illinois Bonds, Sales Tax Rev. Bonds (Illinois FIRST), Series 2001, 5.375% 2016 | 1,500 | 1,624 | |||||
City of Chicago, G.O. Bonds (Emergency Telephone System), Ref. Series 1999, FGIC insured, 5.25% 2020 | 1,000 | 1,116 | |||||
City of Chicago, Midway Airport Rev. Bonds, Series 2001-A, AMT, FSA insured, 5.50% 2015 | 2,000 | 2,135 | |||||
City of Chicago, O’Hare International Airport, Second Lien Passenger Fac. Charge Rev. Bonds, | |||||||
Series 2001-C, AMT, AMBAC insured, 5.50% 2015 | 4,030 | 4,302 | |||||
City of Chicago, O’Hare International Airport, Second Lien Passenger Fac. Charge Rev. Bonds, | |||||||
Series 2001-E, AMT, AMBAC insured, 5.50% 2016 | 2,340 | 2,498 | |||||
City of Chicago, O’Hare International Airport, Special Facs. Rev. Ref. Bonds (United Air Lines, Inc. Project), Series 1999-B, AMT, 5.20% 20113 | 2,500 | 494 | |||||
City of Chicago, Special Assessment Improvement Bonds (Lakeshore East Project), Series 2002, 6.75% 2032 | 2,000 | 2,166 | |||||
Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 1997, AMT, 5.05% 2010 | 5,035 | 5,206 | |||||
Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2005, AMT, 5.05% 2029 | 2,000 | 1,981 | |||||
Educational Facs. Auth., Adjustable Rev. Bonds (Field Museum of Natural History), Series 2002, 4.45% 2036 (put 2014) | 1,790 | 1,801 | |||||
Educational Facs. Auth., Rev. Bonds (Loyola University of Chicago), Series 2003-A, 5.00% 2026 | 1,215 | 1,247 | |||||
Educational Facs. Auth., Student Housing Rev. Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, 6.00% 2022 | 1,000 | 1,080 | |||||
Educational Facs. Auth., Student Housing Rev. Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, 6.25% 2030 | 6,000 | 6,528 | |||||
Educational Facs. Auth., Student Housing Rev. Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, 6.25% 2034 | 3,000 | 3,081 | |||||
Educational Facs. Auth., Student Housing Rev. Bonds, Educational Advancement Fund, Inc. (University Center Project), Series 2002, 6.625% 2017 | 2,500 | 2,790 | |||||
Fin. Auth., Rev. Bonds (Landing at Plymouth Place Project), Series 2005-A, 6.00% 2037 | 2,500 | 2,511 | |||||
Fin. Auth., Rev. Bonds (Resurrection Health Care), Series 2005-A, 3.75% 2015 (put 2009) | 1,500 | 1,484 | |||||
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2004-A, 5.375% 2016 | 1,235 | 1,345 | |||||
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-A, 5.00% 2011 | 1,000 | 1,051 | |||||
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-A, 5.00% 2012 | 2,000 | 2,107 | |||||
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-A, 5.00% 2014 | 1,000 | 1,056 | |||||
Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2005-A, 5.00% 2016 | 1,785 | 1,880 | |||||
Fin. Auth., Rev. Ref. Bonds (Fairview Obligated Group), Series 2004-A, 5.75% 2014 | 750 | 758 | |||||
Fin. Auth., Rev. Ref. Bonds (Fairview Obligated Group), Series 2004-A, 6.00% 2020 | 1,000 | 1,017 | |||||
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2004, 5.25% 2008 | 2,500 | 2,591 | |||||
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2004, 5.25% 2011 | 2,500 | 2,648 | |||||
Fin. Auth., Taxable Demand Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.00% 2025 | 2,250 | 2,257 | |||||
Fin. Auth., Taxable Demand Rev. Bonds (Clare at Water Tower Project), Series 2005-A, 6.125% 2038 | 9,000 | 9,028 | |||||
Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), Series 1999, FSA insured, 5.125% 2028 | 295 | 302 | |||||
Health Facs. Auth., Rev. Bonds (Alexian Brothers Health System), Series 1999, FSA insured, 5.125% 2028 (preref. 2009) | 705 | 744 | |||||
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2014 | 1,500 | 1,548 | |||||
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.25% 2018 | 500 | 514 | |||||
Health Facs. Auth., Rev. Bonds (Centegra Health System), Series 1998, 5.50% 2008 | 1,000 | 1,040 | |||||
Health Facs. Auth., Rev. Bonds (Decatur Memorial Hospital), Series 2001, 6.25% 2017 | 5,000 | 5,567 | |||||
Health Facs. Auth., Rev. Bonds (Edward Hospital Obligated Group), Series 2001-A, FSA insured, 5.50% 2017 | 1,500 | 1,620 | |||||
Health Facs. Auth., Rev. Bonds (Friendship Village of Schaumburg), Series 1997-A, 5.25% 2018 (preref. 2007) | 2,000 | 2,092 | |||||
Health Facs. Auth., Rev. Bonds (Lutheran Senior Ministries Obligated Group — Lutheran Hillside Village Project), Series 2001-A, 7.375% 2031 | 1,500 | 1,616 | |||||
Health Facs. Auth., Rev. Bonds (OSF Healthcare System), Series 1999, 6.25% 2019 (preref. 2009) | 1,500 | 1,657 | |||||
Health Facs. Auth., Rev. Bonds (Riverside Health System), Series 2002, 5.75% 2022 | 3,000 | 3,193 | |||||
Health Facs. Auth., Rev. Bonds (Villa St. Benedict Project), Series 2003-A-1, 6.90% 2033 | 5,700 | 6,195 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 1997-A, 5.70% 2011 | 110 | 115 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 1997-A, 5.70% 2011 (preref. 2007) | 390 | 411 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 1997-A, 5.80% 2016 | 435 | 452 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 1997-A, 5.80% 2016 (preref. 2007) | 1,565 | 1,652 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Edward Hospital Project), Series 1993-A, 6.00% 2019 | 1,000 | 1,002 | |||||
Health Facs. Auth., Rev. Ref. Bonds (Fairview Obligated Group Project), Series 1995-A, 7.40% 2023 (preref. 2006) | 3,130 | 3,254 | |||||
Village of Bolingbrook, Will and DuPage Counties, Special Service Area No. 2005-1, Special Tax Bonds (Forest City Project), Series 2005, 0%/5.90% 20272 | 4,500 | 4,124 | |||||
Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 | 1,850 | 1,964 | |||||
Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Bonds (Lakewood Creek Project), Series 2001, 7.75% 2030 | 3,861 | 4,265 | |||||
Village of Robbins, Cook County, Resource Recovery Rev. Bonds (Robbins Resource Recovery Partners, LP Projects), Series 1999-A, AMT, 8.375% 20163 | 3,950 | 8 | |||||
Village of Robbins, Cook County, Resource Recovery Rev. Bonds (Robbins Resource Recovery Partners, LP Projects), Series 1999-B, AMT, 8.375% 20163 | 1,545 | 3 | |||||
111,120 | |||||||
INDIANA — 1.95% | |||||||
Dev. Fin. Auth., Exempt Facs. Rev. Ref. Bonds (Inland Steel Co. Project No. 15), Series 1997-A, 5.75% 2011 | 1,000 | 1,038 | |||||
City of Fort Wayne, Pollution Control Rev. Ref. Bonds (General Motors Corp. Project), Series 2002, 6.20% 2025 | 3,000 | 2,445 | |||||
Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group), Series 2006-A, 5.00% 2039 | 2,000 | 1,995 | |||||
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Charity Obligated Group), Series 1999-D, 5.25% 2016 (preref. 2009) | 2,805 | 3,011 | |||||
Health Fac. Fncg. Auth., Hospital Rev. Bonds (Methodist Hospitals, Inc.), Series 2001, 5.25% 2008 | 1,325 | 1,373 | |||||
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.00% 2019 | 3,450 | 3,598 | |||||
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2009 | 2,305 | 2,451 | |||||
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2015 | 1,000 | 1,085 | |||||
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2002-F, 5.50% 2016 | 1,000 | 1,081 | |||||
Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), Series 1995-A, AMT, 6.50% 20313 | 3,198 | 572 | |||||
Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series 2004, AMT, 5.10% 2017 | 11,000 | 11,503 | |||||
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2004-I, AMT, MBIA insured, 5.25% 2014 | 2,000 | 2,141 | |||||
Trustees of Indiana University, Student Fee Bonds, Series O, FGIC insured, 5.375% 2016 | 2,000 | 2,237 | |||||
34,530 | |||||||
IOWA — 1.41% | |||||||
Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2000-B, AMBAC insured, 6.00% 2027 | 2,000 | 2,208 | |||||
Higher Education Loan Auth., Private College Fac. Rev. Bonds (Waldorf College Project), 7.375% 2019 | 9,585 | 9,724 | |||||
Higher Education Loan Auth., Private College Fac. Rev. Bonds (Wartburg College Project), Series 2005-B, 5.55% 2037 | 9,870 | 9,783 | |||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2013 (preref. 2011) | 1,000 | 1,096 | |||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2014 (preref. 2011) | 2,000 | 2,191 | |||||
25,002 | |||||||
KANSAS — 0.71% | |||||||
City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. — Southridge Project), Series 2002-C, 6.875% 2032 | 1,000 | 1,078 | |||||
Unified Government of Wyandotte County/Kansas City, Tax-Exempt Sales Tax Special Obligation Rev. Ref. Bonds (Redev. Project Area B), 2nd Lien Series 2005, 4.75% 2016 | 11,250 | 11,502 | |||||
12,580 | |||||||
KENTUCKY — 1.10% | |||||||
City of Ashland, Pollution Control Rev. Ref. Bonds (Ashland Inc. Project), Series 1999, 5.70% 2009 (escrowed to maturity) | 2,500 | 2,688 | |||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.60% 2008 | 1,000 | 1,016 | |||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.80% 2012 | 1,000 | 1,006 | |||||
Econ. Dev. Fin. Auth., Hospital System Ref. and Improvement Rev. Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997, 5.85% 2017 | 7,000 | 6,982 | |||||
City of Maysville, Solid Waste Disposal Facs. Rev. Bonds (Inland Container Corp. Project — Temple-Inland Inc.), Series 1992, AMT, 6.90% 2022 | 7,000 | 7,735 | |||||
19,427 | |||||||
LOUISIANA — 1.85% | |||||||
Health Education Auth., Rev. Bonds (Lambeth House Project), Series 1996, 9.00% 2026 (preref. 2006) | 1,850 | 1,954 | |||||
Health Education Auth., Rev. Ref. Bonds (Lambeth House Project), Series 1998-A, 6.20% 2028 | 5,000 | 5,014 | |||||
Parish of Morehouse, Pollution Control Rev. Ref. Bonds (International Paper Co. Project), Series 2001-A, 5.25% 2013 | 2,500 | 2,595 | |||||
Tobacco Settlement Auth., Asset-backed Bonds, Series 2001-B, 5.50% 2030 | 16,125 | 16,506 | |||||
Village of Hodge, Combined Utility System Rev. Ref. Bonds (Stone Container Corp. Project), Series 2003, AMT, 7.45% 2024 | 6,000 | 6,618 | |||||
32,687 | |||||||
MAINE — 0.45% | |||||||
Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2003, AMT, 4.65% 2016 | 3,000 | 2,947 | |||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Piper Shores Issue), Series 1999-A, 7.50% 2019 (preref. 2009) | 950 | 1,047 | |||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Piper Shores Issue), Series 1999-A, 7.55% 2029 (preref. 2009) | 2,000 | 2,206 | |||||
State Housing Auth., Mortgage Purchase Bonds, Series 2000-C, AMT, 5.95% 2020 | 1,700 | 1,771 | |||||
7,971 | |||||||
MARYLAND — 1.62% | |||||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 | 2,710 | 2,735 | |||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 | 2,000 | 2,017 | |||||
Anne Arundel County, Special Obligation Bonds (Arundel Mills Project), Series 1999, 7.10% 2029 (preref. 2009) | 1,000 | 1,134 | |||||
Baltimore Convention Center, Hotel Rev. Bonds (Baltimore Convention Center Hotel), Series B, 5.875% 2039 | 1,500 | 1,562 | |||||
Econ. Dev. Corp., Rev. Bonds (Anne Arundel County, Golf Course System), Series 2001, 8.25% 2028 (preref. 2011) | 1,000 | 1,203 | |||||
Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 1998, 6.625% 2025 | 3,500 | 3,686 | |||||
Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 5.95% 2030 | 3,000 | 3,131 | |||||
Frederick County, Urbana Community Dev. Auth., Special Obligation Bonds, Series 2004-B, 6.25% 2030 | 1,000 | 1,046 | |||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Adventist HealthCare Issue), Series 2003-A, 5.00% 2012 | 1,000 | 1,041 | |||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.00% 2012 | 1,000 | 1,058 | |||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.375% 2024 | 2,000 | 2,107 | |||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2015 | 2,590 | 2,884 | |||||
Housing Auth. of Prince George’s County, Mortgage Rev. Bonds (GNMA Collateralized — Langley Gardens Apartments Project), Series 1997-A, 5.75% 2029 | 1,000 | 1,036 | |||||
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,900 | 1,940 | |||||
Prince George’s County, Special Obligation Bonds (Woodview Village Phase II Subdistrict), Series 2002, 7.00% 2032 | 1,959 | 2,104 | |||||
28,684 | |||||||
MASSACHUSETTS — 1.11% | |||||||
Dev. Fin. Agcy., Resource Recovery Rev. Bonds (Waste Management, Inc. Project), Series 1999-B, AMT, 6.90% 2029 (put 2009) | 1,000 | 1,089 | |||||
G.O. Bonds, Consolidated Loan of 2001, Series D, 5.50% 2017 | 5,000 | 5,676 | |||||
Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series C, 6.00% 2015 | 1,000 | 1,104 | |||||
Housing Fin. Agcy., Single-family Housing Notes, Series S, AMT, 4.00% 2007 | 5,250 | 5,288 | |||||
Industrial Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Ogden Haverhill Project), Series 1998-A, AMT, 5.30% 2009 | 6,300 | 6,429 | |||||
19,586 | |||||||
MICHIGAN — 3.95% | |||||||
Certs. of Part. (New Center Dev. Inc.), MBIA insured, 5.375% 2016 (preref. 2011) | 2,380 | 2,585 | |||||
Certs. of Part. (New Center Dev. Inc.), Series 2004-A, MBIA insured, 5.00% 2031 (put 2011) | 3,500 | 3,690 | |||||
Charter County of Wayne, Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport), | |||||||
Series 2002-D, AMT, FGIC insured, 5.50% 2013 | 3,000 | 3,239 | |||||
Econ. Dev. Corp. of the County of Delta, Environmental Improvement Rev. Ref. Bonds | |||||||
(MeadWestvaco-Escanaba Paper Co. Project), Series 2002-A, 6.25% 2027 (preref. 2012) | 2,000 | 2,288 | |||||
Econ. Dev. Corp. of the Township of Cornell, Environmental Improvement Rev. Ref. Bonds | |||||||
(MeadWestvaco-Escanaba Paper Co. Project), Series 2002, 5.875% 2018 (preref. 2012) | 2,000 | 2,249 | |||||
Econ. Dev. Corp. of the County of Midland, Pollution Control Limited Obligation Rev. Ref. Bonds | |||||||
(Midland Cogeneration Project), Series 2000-A, AMT, 6.875% 2009 | 16,865 | 16,627 | |||||
City of Flint, Hospital Building Auth., Rev. Ref. Bonds (Hurley Medical Center), Series 1998-A, 5.00% 2008 | 2,030 | 2,042 | |||||
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 | 1,000 | 1,000 | |||||
City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2028 | 3,250 | 3,085 | |||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.00% 2017 | 460 | 442 | |||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.10% 2018 | 480 | 462 | |||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.125% 2019 | 225 | 216 | |||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 4.25% 2014 | 405 | 405 | |||||
Higher Education Facs. Auth., Limited Obligation Rev. Bonds (Alma College Project), Series 2005, 5.00% 2016 | 445 | 471 | |||||
Higher Education Student Loan Auth., Student Loan Rev. Bonds, Series XVII-P, AMT, AMBAC insured, 4.50% 2017 | 5,000 | 5,050 | |||||
Hospital Fin. Auth., Hospital Rev. Bonds (Detroit Medical Center Obligated Group), Series 1998-A, 5.125% 2018 | 1,550 | 1,501 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Sinai Hospital of Greater Detroit), Series 1995, 6.00% 2008 | 440 | 439 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Hackley Hospital Obligated Group), Series 1998-A, 5.30% 2013 | 1,000 | 1,015 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2003-A, 5.50% 2013 | 1,000 | 1,080 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2003-A, 5.50% 2016 | 2,500 | 2,685 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Pontiac Osteopathic), Series 1994-A, 5.375% 2006 | 495 | 495 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Pontiac Osteopathic), Series 1994-A, 6.00% 2014 | 1,000 | 1,000 | |||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2002-C, 5.375% 2023 | 1,500 | 1,583 | |||||
Housing Dev. Auth., Single-family Mortgage Rev. Bonds, Series 2001-A, AMT, MBIA insured, 5.30% 2016 | 2,110 | 2,181 | |||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2010 | 1,330 | 1,390 | |||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2014 | 1,600 | 1,683 | |||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2015 | 1,710 | 1,789 | |||||
City of Saginaw Hospital Fin. Auth., Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2004-G, 5.00% 2017 | 2,425 | 2,518 | |||||
Strategic Fund, Limited Obligation Rev. Bonds (United Waste Systems, Inc. Project), Series 1995, 5.20% 2010 | 4,250 | 4,425 | |||||
Strategic Fund, Solid Waste Disposal Limited Obligation Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2004, AMT, 3.00% 2013 (put 2007) | 1,000 | 991 | |||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Dow Chemical Co. Project), | |||||||
Series 2003-A, AMT, 5.50% 2028 (put 2013) | 1,080 | 1,149 | |||||
69,775 | |||||||
MINNESOTA — 0.07% | |||||||
Housing and Redev. Auth. of St. Paul and Minneapolis, Health Care Fac. Rev. Bonds, Series 2003, 5.25% 2009 | 1,250 | 1,312 | |||||
MISSISSIPPI — 0.19% | |||||||
G.O. Ref. Bonds, Series 2002-A, 5.50% 2018 | 1,000 | 1,134 | |||||
G.O. Ref. Bonds, Series 2003-A, 5.25% 2017 | 2,000 | 2,224 | |||||
3,358 | |||||||
MISSOURI — 0.36% | |||||||
Health and Educational Facs. Auth., Rev. Bonds (SSM Health Care), Series 2002-A, 5.25% 2012 | 2,515 | 2,701 | |||||
Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), Series 2002, 7.20% 2033 | 3,300 | 3,587 | |||||
6,288 | |||||||
MONTANA — 0.09% | |||||||
City of Forsyth, Pollution Control Rev. Ref. Bonds (Avista Corp. Colstrip Project), | |||||||
Series 1999-B, AMT, AMBAC insured, 5.125% 2034 (put 2008) | 1,500 | 1,550 | |||||
NEBRASKA — 0.03% | |||||||
City of Kearney, Industrial Dev. Rev. Bonds, Series 2003-A, 8.00% 2012 | 653 | 493 | |||||
City of Kearney, Industrial Dev. Rev. Bonds, Series 2003-B, 0% 2012 | 7,943 | 119 | |||||
612 | |||||||
NEVADA — 3.40% | |||||||
Clark County, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), AMT, 3.25% 2031 (put 2009) | 2,000 | 1,949 | |||||
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Bonds, Series 1999, 7.00% 2009 | 2,330 | 2,415 | |||||
Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Bonds, Series 1999, 7.50% 2019 | 10,835 | 11,666 | |||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), Local Improvement Bonds, Series 2001, 6.125% 2011 | 1,015 | 1,055 | |||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), Local Improvement Bonds, Series 2001, 6.40% 2014 | 1,225 | 1,275 | |||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), Local Improvement Bonds, Series 2001, 6.50% 2015 | 975 | 1,016 | |||||
Clark County, Special Improvement Dist. No. 132 (Summerlin South Area (Villages 15A and 18)), Local Improvement Bonds, Series 2001, 6.875% 2021 | 2,495 | 2,603 | |||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.60% 2013 | 1,000 | 1,037 | |||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 5.75% 2014 | 1,000 | 1,037 | |||||
Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Bonds, Series 2003, 6.375% 2023 | 3,375 | 3,513 | |||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1998-A, 5.375% 2026 | 1,550 | 1,586 | |||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1998-A, 5.375% 2026 (preref. 2008) | 450 | 471 | |||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 | 245 | 271 | |||||
City of Henderson, Health Fac. Rev. Bonds (Catholic Healthcare West), Series 1999-A, 6.75% 2020 (preref. 2010) | 1,755 | 1,995 | |||||
City of Henderson, Local Improvement Dist. No. T-14 (Anthem Master Planned Community), | |||||||
Limited Obligation Improvement Bonds, 5.10% 2012 | 980 | 1,010 | |||||
City of Henderson, Local Improvement Dist. No. T-14 (Anthem Master Planned Community), | |||||||
Limited Obligation Improvement Bonds, 5.55% 2017 | 2,920 | 3,011 | |||||
City of Henderson, Local Improvement Dist. No. T-16 (The Falls at Lake Las Vegas), | |||||||
Limited Obligation Improvement Bonds, 5.00% 2018 | 1,145 | 1,146 | |||||
City of Henderson, Local Improvement Dist. No. T-16 (The Falls at Lake Las Vegas), | |||||||
Limited Obligation Improvement Bonds, 5.00% 2019 | 1,435 | 1,434 | |||||
City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, Series 1999-A, 5.75% 2013 | 1,645 | 1,698 | |||||
City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited Obligation Ref. Bonds, Series 1999-A, 5.90% 2018 | 965 | 998 | |||||
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2014 | 735 | 751 | |||||
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2017 | 1,000 | 1,007 | |||||
Housing Division, Single-family Mortgage Bonds, Series 1999-B-1, 4.95% 2012 | 160 | 162 | |||||
Housing Division, Single-family Mortgage Bonds, Series 1999-D-2, AMT, 5.90% 2013 | 265 | 269 | |||||
City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Bonds, Series 2004, 5.75% 2016 | 2,180 | 2,256 | |||||
City of Las Vegas, Special Improvement Dist. No. 808 (Summerlin Area), Local Improvement Bonds, Series 2001, 6.40% 2015 | 1,385 | 1,436 | |||||
City of Las Vegas, Special Improvement Dist. No. 808 (Summerlin Area), Local Improvement Bonds, Series 2001, 6.75% 2021 | 1,970 | 2,046 | |||||
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Bonds, Series 2002, 6.125% 2017 | 2,685 | 2,782 | |||||
City of North Las Vegas, Special Improvement Dist. No. 60 (Aliante), Local Improvement Bonds, Series 2002, 6.40% 2022 | 2,970 | 3,080 | |||||
Washoe County, Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Co. Project), Series 2001, AMT, 5.00% 2036 (put 2009) | 5,000 | 5,059 | |||||
60,034 | |||||||
NEW HAMPSHIRE — 0.19% | |||||||
Business Fin. Auth., Pollution Control Rev. Ref. Tax-Exempt Bonds (Public Service Co. of New Hampshire Project), Series 1992-D, AMT, 6.00% 2021 | 2,000 | 2,089 | |||||
Health and Education Facs. Auth., Rev. Bonds (Exeter Hospital Obligated Group Issue), Series 2001-A, 5.75% 2031 | 1,000 | 1,061 | |||||
Housing Fin. Auth., Single-family Mortgage Acquisition Rev. Bonds, Series 1997-D, AMT, 5.60% 2012 | 130 | 135 | |||||
3,285 | |||||||
NEW JERSEY — 3.81% | |||||||
Certs. of Part., Series 2004-A, 5.00% 2012 | 1,500 | 1,591 | |||||
Certs. of Part., Series 2004-A, 5.00% 2013 | 7,000 | 7,442 | |||||
Certs. of Part., Series 2004-A, 5.00% 2014 | 5,500 | 5,866 | |||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2014 | 4,500 | 4,888 | |||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.375% 2015 | 5,500 | 5,999 | |||||
Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured, 5.50% 2016 | 2,750 | 3,035 | |||||
Econ. Dev. Auth., Econ. Dev. Bonds (City of Elizabeth — Kapkowski Road Landfill Reclamation Improvement Dist. Project), Series 1998-A, 6.375% 2031 (preref. 2014) | 3,750 | 4,443 | |||||
Econ. Dev. Auth., First Mortgage Rev. Bonds (Fellowship Village Project), Series 1998-C, 5.50% 2018 | 1,000 | 1,018 | |||||
Econ. Dev. Auth., First Mortgage Rev. Bonds (Fellowship Village Project), Series 1998-C, 5.50% 2028 | 1,500 | 1,506 | |||||
Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.10% 2008 | 1,250 | 1,261 | |||||
Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.20% 2009 | 1,000 | 1,014 | |||||
Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.30% 2010 | 1,000 | 1,021 | |||||
Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.50% 2018 | 1,000 | 1,014 | |||||
Econ. Dev. Auth., First Mortgage Rev. Ref. Bonds (Fellowship Village Project), Series 1998-A, 5.50% 2025 | 1,000 | 1,007 | |||||
Econ. Dev. Auth., First Mortgage Rev. Bonds (Winchester Gardens at Ward Homestead Project), | |||||||
Series 1996-A, 8.50% 2016 (preref. 2006) | 1,000 | 1,058 | |||||
Econ. Dev. Auth., First Mortgage Rev. Bonds (Winchester Gardens at Ward Homestead Project), | |||||||
Series 1996-A, 8.625% 2025 (preref. 2006) | 3,000 | 3,176 | |||||
Econ. Dev. Auth., Retirement Community Rev. Bonds (Cedar Crest Village, Inc. Fac.), Series 2001-A, 7.25% 2031 | 2,250 | 2,440 | |||||
Econ. Dev. Auth., Retirement Community Rev. Bonds (Cedar Crest Village, Inc. Fac.), Series 2001-B, 5.50% 2006 | 1,345 | 1,346 | |||||
Econ. Dev. Auth., Retirement Community Rev. Bonds (Seabrook Village, Inc. Fac.), Series 2000-A, 8.25% 2030 | 9,000 | 10,140 | |||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.25% 2029 | 5,000 | 4,641 | |||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 6.40% 2023 | 2,000 | 1,907 | |||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2003, 4.375% 2019 | 1,510 | 1,514 | |||||
67,327 | |||||||
NEW MEXICO — 0.57% | |||||||
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), Series 2001-A, 8.375% 2021 | 2,080 | 2,108 | |||||
Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park, Phase I & II), Series 2001-B, 8.875% 2021 | 5,245 | 5,273 | |||||
Sandoval County, Incentive Payment Rev. Ref. Bonds, Series 2005, 5.00% 2020 | 2,500 | 2,637 | |||||
10,018 | |||||||
NEW YORK — 8.62% | |||||||
Dormitory Auth., Catholic Health Services, Obligated Group Rev. Bonds (St. Francis Hospital Project), Series 2004, 4.00% 2008 | 1,410 | 1,415 | |||||
Dormitory Auth., Catholic Health Services, Obligated Group Rev. Bonds (St. Francis Hospital Project), Series 2004, 4.00% 2009 | 1,000 | 1,003 | |||||
Dormitory Auth., Mental Health Services Facs. Improvement Rev. Bonds, Series 1998-C, 5.00% 2010 | 1,930 | 2,019 | |||||
Dormitory Auth., Rochester General Hospital Insured Rev. Bonds, Series 2005, RADIAN insured, 5.00% 2012 | 2,000 | 2,117 | |||||
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), | |||||||
Series 2002-B, 5.25% 2023 (put 2012) | 13,500 | 14,550 | |||||
Dormitory Auth., Third General Resolution Rev. Bonds (State University Educational Facs. Issue), | |||||||
Series 2002-B, 6.00% 2029 (put 2012) | 4,000 | 4,487 | |||||
Housing Fin. Agcy., Health Facs. Rev. Ref. Bonds (New York City), Series 1996-A, 6.00% 2006 | 1,000 | 1,018 | |||||
Housing Fin. Agcy., Health Facs. Rev. Ref. Bonds (New York City), Series 1996-A, 6.00% 2007 | 2,000 | 2,042 | |||||
Housing Fin. Agcy., Service Contract Obligation Rev. Ref. Bonds, Series 1997-C, 5.10% 2009 | 800 | 832 | |||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-B, 5.25% 2012 | 5,000 | 5,404 | |||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-B, 5.25% 2013 | 1,500 | 1,623 | |||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-B, 5.25% 2014 | 1,000 | 1,087 | |||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-C, 5.50% 2014 | 1,000 | 1,096 | |||||
Metropolitan Transportation Auth., State Service Contract Ref. Bonds, Series 2002-A, 5.125% 2024 | 2,000 | 2,124 | |||||
City of New York, G.O. Bonds, Fiscal 1998 Series B, 5.25% 2010 | 1,000 | 1,034 | |||||
City of New York, G.O. Bonds, Fiscal 2001 Series F, 5.00% 2009 | 2,510 | 2,630 | |||||
City of New York, G.O. Bonds, Fiscal 2002 Series B, 5.50% 2012 | 3,000 | 3,246 | |||||
City of New York, G.O. Bonds, Fiscal 2002 Series C, 5.25% 2021 | 1,720 | 1,816 | |||||
City of New York, G.O. Bonds, Fiscal 2004 Series G, 5.00% 2014 | 7,500 | 8,026 | |||||
City of New York, G.O. Bonds, Fiscal 2004 Series I, 4.50% 2012 | 5,000 | 5,177 | |||||
City of New York, G.O. Bonds, Fiscal 2004 Series I, 5.00% 2015 | 5,000 | 5,329 | |||||
City of New York, G.O. Bonds, Fiscal 2005 Series H, 5.00% 2015 | 2,000 | 2,131 | |||||
City of New York, G.O. Bonds, Fiscal 2005 Series J, 5.00% 2017 | 2,500 | 2,653 | |||||
City of New York, G.O. Bonds, Fiscal 2005 Series M, 5.00% 2013 | 2,000 | 2,130 | |||||
City of New York, G.O. Bonds, Fiscal 2002 Series G, XLCA insured, 5.50% 2012 | 2,475 | 2,723 | |||||
New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.25% 2015 | 13,000 | 13,573 | |||||
New York City Industrial Dev. Agcy., Liberty Rev. Bonds (7 World Trade Center, LLC Project), Series A, 6.50% 2035 | 8,500 | 8,952 | |||||
New York City Industrial Dev. Agcy., Rev. Bonds (Brooklyn Navy Yard Cogeneration Partners, LP Project), Series 1997, AMT, 6.20% 2022 | 2,835 | 3,013 | |||||
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 | 3,000 | 3,102 | |||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2005, AMT, 8.00% 2028 | 7,000 | 7,441 | |||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Association, LP Project), Series 2005, AMT, 5.00% 2013 | 3,000 | 3,124 | |||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Association, LP Project), Series 2005, AMT, 5.50% 2014 | 1,535 | 1,649 | |||||
New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (Terminal One Group Association, LP Project), Series 2005, AMT, 5.50% 2016 | 2,000 | 2,163 | |||||
New York City Transitional Fin. Auth., Future Tax Secured Ref. Bonds, Series 2003-B, 5.25%/10.00% 20292 | 4,600 | 4,925 | |||||
City University of New York, Certs. of Part. (John Jay College of Criminal Justice Project), 6.00% 2006 | 1,475 | 1,496 | |||||
Onondaga County Industrial Dev. Agcy., Solid Waste Disposal Fac. Rev. Ref. Bonds (Solvay Paperboard LLC Project), Series 1998, AMT, 6.80% 2014 | 1,500 | 1,567 | |||||
Port Auth. of New York and New Jersey, Consolidated Bonds, Series 119, AMT, FGIC insured, 5.00% 2006 | 3,000 | 3,032 | |||||
Port Auth. of New York and New Jersey, Consolidated Bonds, Series 131, AMT, 5.00% 2009 | 4,525 | 4,738 | |||||
Port Auth. of New York and New Jersey, Special Project Bonds (KIAC Partners Project), Series 4, AMT, 6.75% 2011 | 4,000 | 4,052 | |||||
Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Bonds | |||||||
(Peconic Landing at Southhold, Inc. Project), Series 2000-A, 8.00% 2030 | 2,000 | 2,239 | |||||
Town of Hempstead Industrial Dev. Agcy., Civic Fac. Rev. Bonds (Hofstra University Civic Fac.), Series 2003, 5.25% 2019 | 550 | 582 | |||||
Triborough Bridge and Tunnel Auth., General Rev. Ref. Bonds, Series 2002-B, 5.25% 2014 | 2,000 | 2,207 | |||||
Urban Dev. Corp., Correctional and Youth Facs. Service Contract Rev. Bonds (Empire State Dev. Corp.), Series 2002-A, 5.00% 2017 (put 2011) | 4,000 | 4,227 | |||||
Urban Dev. Corp., Correctional and Youth Facs. Service Contract Rev. Bonds (Empire State Dev. Corp.), Series 2002-A, 5.50% 2017 (put 2011) | 2,500 | 2,697 | |||||
152,491 | |||||||
NORTH CAROLINA — 1.27% | |||||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 | 1,000 | 1,170 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.125% 2009 | 3,950 | 4,219 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 7.00% 2008 | 1,000 | 1,063 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 7.25% 2007 | 1,500 | 1,550 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-A, 5.20% 2010 | 2,000 | 2,105 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-B, 5.55% 2014 | 1,000 | 1,056 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-B, 5.70% 2017 | 2,000 | 2,111 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1999-D, 6.75% 2026 | 1,000 | 1,100 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.125% 2014 | 2,000 | 2,118 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-C, 5.375% 2017 | 1,500 | 1,594 | |||||
Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2003-D, 5.50% 2014 | 1,750 | 1,910 | |||||
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 1999-B, 6.50% 2020 | 1,000 | 1,096 | |||||
Municipal Power Agcy. No. 1, Catawba Electric Rev. Bonds, Series 2003-A, 5.50% 2013 | 1,250 | 1,355 | |||||
22,447 | |||||||
NORTH DAKOTA — 0.02% | |||||||
Housing Fin. Agcy., Rev. Bonds, Series 1998-A, AMT, 5.25% 2018 | 365 | 372 | |||||
OHIO — 1.18% | |||||||
City of Cleveland, Airport Special Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.70% 2019 | 1,500 | 1,300 | |||||
Higher Educational Fac. Commission, Rev. Bonds (Kenyon College 2002 Project), 4.95% 2037 (put 2015) | 1,060 | 1,111 | |||||
Higher Educational Fac. Commission, Rev. Bonds (Kenyon College 2002 Project), 5.05% 2037 (put 2016) | 3,250 | 3,426 | |||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.20% 2014 | 1,340 | 1,336 | |||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2005-A, AMT, 4.30% 2015 | 1,445 | 1,444 | |||||
County of Lorain, Hospital Facs. Rev. Bonds (Catholic Healthcare Partners), Series 2002-A, 5.50% 2013 | 1,075 | 1,165 | |||||
County of Lorain, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Healthcare Partners), | |||||||
Series 2001-A, 5.25% 2008 | 1,000 | 1,043 | |||||
County of Lorain, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Healthcare Partners), | |||||||
Series 2001-A, 5.25% 2010 | 1,000 | 1,064 | |||||
County of Montgomery, Hospital Facs. Rev. Bonds (Kettering Medical Center Network Obligated Group), Series 1999, 6.75% 2018 (preref. 2010) | 1,000 | 1,131 | |||||
County of Montgomery, Hospital Facs. Rev. Bonds (Kettering Medical Center Network Obligated Group), Series 1999, 6.75% 2022 (preref. 2010) | 1,000 | 1,131 | |||||
County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), Series 2000-B, 6.375% 2022 | 1,000 | 1,090 | |||||
County of Richland, Hospital Facs. Rev. Improvement Bonds (MedCentral Health System Obligated Group), Series 2000-B, 6.375% 2030 | 1,750 | 1,896 | |||||
Water Dev. Auth., Solid Waste Disposal Rev. Bonds (Bay Shore Power Project), Series 1998-A, AMT, 5.875% 2020 | 3,700 | 3,737 | |||||
20,874 | |||||||
OKLAHOMA — 0.51% | |||||||
Langston Econ. Dev. Auth., Student Housing Rev. Bonds (Langston Community Dev. Corp. Project), | |||||||
Series 2000-A, 7.40% 2017 | 2,710 | 2,782 | |||||
Langston Econ. Dev. Auth., Student Housing Rev. Bonds (Langston Community Dev. Corp. Project), | |||||||
Series 2000-A, 7.75% 2030 | 6,050 | 6,225 | |||||
9,007 | |||||||
OREGON — 0.06% | |||||||
Facs. Auth., Rev. Bonds (Linfield College Project), Series 2005-A, 5.00% 2015 | 970 | 1,026 | |||||
PENNSYLVANIA — 1.48% | |||||||
Redev. Auth. of Allegheny County, Redev. Bonds (Pittsburgh Mills Project), Series 2004, 5.10% 2014 | 1,000 | 1,039 | |||||
Bucks County Industrial Dev. Auth., Retirement Community Rev. Bonds (Ann’s Choice, Inc. Fac.), | |||||||
Series 2005-A, 6.25% 2035 | 2,250 | 2,326 | |||||
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), | |||||||
Series 2005-A, AMT, 5.10% 2027 | 1,500 | 1,506 | |||||
Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Hospital), Series 1997, 5.70% 2009 | 1,000 | 1,027 | |||||
Lehigh County, General Purpose Auth. Rev. Bonds (KidsPeace Obligated Group), Series 1998, ACA-CBI insured, 5.70% 2009 | 825 | 852 | |||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | |||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.125% 2028 | 2,000 | 2,092 | |||||
Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds | |||||||
(Whitemarsh Continuing Care Retirement Community Project), Series 2005, 6.25% 2035 | 3,000 | 3,145 | |||||
Montgomery County Industrial Dev. Auth., Retirement Community Rev. Bonds | |||||||
(ACTS Retirement Life Communities, Inc. Obligated Group), Series 1996-B, 5.75% 2017 | 4,000 | 4,139 | |||||
Montgomery County Industrial Dev. Auth., Retirement Community Rev. Ref. Bonds | |||||||
(ACTS Retirement LifeCommunities, Inc. Obligated Group), Series 1996-A, 5.875% 2022 | 1,000 | 1,030 | |||||
Philadelphia Auth. for Industrial Dev., Rev. Bonds (Cathedral Village Project), Series 1998, 5.30% 2007 | 1,145 | 1,157 | |||||
Philadelphia Auth. for Industrial Dev., Rev. Bonds (Cathedral Village Project), Series 1998, 5.50% 2010 | 1,000 | 1,024 | |||||
Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | |||||||
(Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.50% 2015 | 1,200 | 1,233 | |||||
Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Bonds | |||||||
(Redstone Presbyterian SeniorCare Obligated Group), Series 2005-A, 5.875% 2032 | 800 | 818 | |||||
Westmoreland County, Health Care Fac. Rev. Bonds (Redstone Presbyterian SeniorCare Obligated Group), Rev. Bonds, Series 2000-B, 8.125% 2030 (preref. 2010) | 4,000 | 4,744 | |||||
26,132 | |||||||
PUERTO RICO — 0.70% | |||||||
Public Buildings Auth., Government Facs. Rev. Bonds, Series D, 5.25% 2036 (preref. 2012) | 1,500 | 1,631 | |||||
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2004-A, 5.75% 2027 (put 2012) | 8,000 | 8,708 | |||||
Public Improvement Ref. G.O. Bonds, Series 2003-C, 5.00% 2018 (put 2008) | 2,000 | 2,053 | |||||
12,392 | |||||||
RHODE ISLAND — 0.25% | |||||||
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), Series 2002, 6.375% 2021 | 1,000 | 1,105 | |||||
Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Lifespan Obligated Group Issue), Series 2002, 6.50% 2032 | 3,000 | 3,295 | |||||
4,400 | |||||||
SOUTH CAROLINA — 1.49% | |||||||
Georgetown County, Environmental Improvement Rev. Ref. Bonds (International Paper Co. Projects), Series 2002-A, 5.70% 2014 | 2,500 | 2,650 | |||||
Georgetown County, Pollution Control Rev. Ref. Bonds (International Paper Co. Projects), Series 1999-A, 5.125% 2012 | 1,000 | 1,026 | |||||
Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), Series 2003-C, 6.00% 2013 | 2,040 | 2,282 | |||||
Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), Series 2003-C, 6.375% 2034 | 395 | 443 | |||||
Jobs-Econ. Dev. Auth., Hospital Ref. and Improvement Rev. Bonds (Palmetto Health Alliance), | |||||||
Series 2003-C, 6.375% 2034 (preref. 2013) | 3,105 | 3,599 | |||||
Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Georgetown Memorial Hospital), Series 1998, 5.75% 2010 | 1,345 | 1,439 | |||||
Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Series 1999-A, 5.25% 2015 | 6,000 | 6,148 | |||||
Tobacco Settlement Rev. Management Auth., Tobacco Settlement Asset-backed Bonds, Series 2001-B, 6.00% 2022 | 5,500 | 5,798 | |||||
York County Pollution Control Facs., Rev. Bonds (Bowater Inc. Project), Series 1990, AMT, 7.625% 2006 | 3,000 | 3,007 | |||||
26,392 | |||||||
SOUTH DAKOTA — 0.44% | |||||||
Education Loans Incorporated, Student Loan Asset-backed Callable Notes, Series 1998-1, AMT, 4.95% 2010 | 7,500 | 7,818 | |||||
TENNESSEE — 2.03% | |||||||
Knox County Health, Educational and Housing Facs. Board, Fort Sanders Alliance Obligated Group Hospital Rev. Bonds, Series 1990-A, MBIA insured, 6.25% 2013 | 1,000 | 1,141 | |||||
Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2002, AMT, MBIA insured, 5.50% 2010 | 1,500 | 1,613 | |||||
Memphis-Shelby County Airport Auth., Special Facs. Rev. Ref. Bonds (Federal Express Corp.), Series 2002, 5.05% 2012 | 1,085 | 1,145 | |||||
Memphis-Shelby County Airport Auth., Special Facs. Rev. Ref. Bonds (Federal Express Corp.), | |||||||
Series 2003, AMT, 4.50% 2014 | 1,000 | 994 | |||||
Industrial Dev. Board of Maury County, Multi-Modal Interchangeable Rate Pollution Control Rev. Ref. Bonds (Saturn Corp. Project), Series 1994, 6.50% 2024 | 4,500 | 3,854 | |||||
Health, Educational and Housing Fac. Board of the City of Chattanooga, Rev. Ref. Bonds (CDFI Phase I, LLC Project), Series 2005-A, 5.00% 2015 | 3,345 | 3,418 | |||||
Health, Educational and Housing Fac. Board of the City of Chattanooga, Rev. Ref. Bonds (CDFI Phase I, LLC Project), Series 2005-B, 5.50% 2020 | 570 | 573 | |||||
Health, Educational and Housing Fac. Board of the County of Shelby, Hospital Rev. Bonds (Methodist Healthcare), Series 2002, 6.00% 2020 (preref. 2012) | 1,120 | 1,276 | |||||
Health, Educational and Housing Fac. Board of the County of Shelby, Hospital Rev. Bonds (Methodist Healthcare), Series 2002, 6.00% 2020 (preref. 2012) | 1,880 | 2,142 | |||||
Health, Educational and Housing Fac. Board of the County of Shelby, Rev. Bonds (Baptist Memorial Health Care), Series 2004-A, 5.00% 2020 (put 2008) | 11,000 | 11,340 | |||||
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | |||||||
(Wellmont Health System Project), Series 2002, 6.25% 2022 | 730 | 805 | |||||
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | |||||||
(Wellmont Health System Project), Series 2002, 6.25% 2022 (preref. 2012) | 1,220 | 1,400 | |||||
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | |||||||
(Wellmont Health System Project), Series 2002, 6.25% 2032 (preref. 2012) | 2,000 | 2,294 | |||||
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds | |||||||
(Wellmont Health System Project), Series 2002, 6.75% 2015 (preref. 2012) | 1,520 | 1,788 | |||||
Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Ref. Bonds | |||||||
(Wellmont Health System Project), Series 2003, RADIAN insured, 5.00% 2013 | 2,000 | 2,109 | |||||
35,892 | |||||||
TEXAS — 6.72% | |||||||
Alliance Airport Auth., Inc., Special Facs. Rev. Bonds (American Airlines, Inc. Project), Series 1990, AMT, 7.00% 2011 | 2,500 | 2,316 | |||||
Dallas-Fort Worth International Airport Fac. Improvement Corporation., American Airlines, Inc. Rev. Ref. Bonds, Series 2000-A, AMT, 9.125% 2029 | 5,000 | 5,047 | |||||
Angelina and Neches River Auth., Solid Waste Disposal Rev. Ref. Bonds (International Paper Co. Projects), Series 2003-A, AMT, 5.375% 2015 | 5,000 | 5,160 | |||||
Bell County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds | |||||||
(Buckner Retirement Services, Inc. Obligated Group Project), Series 1998, 5.25% 2028 | 1,000 | 1,010 | |||||
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | |||||||
Series 2001-C, AMT, 5.75% 2036 (put 2011) | 9,745 | 10,320 | |||||
Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Energy Co. LLC Project), | |||||||
Series 2003-A, AMT, 6.75% 2038 (put 2013) | 1,000 | 1,127 | |||||
Brazos River Auth., Rev. Ref. Bonds (Reliant Energy, Incorporated Project), Series 1999-A, 5.375% 2019 | 3,000 | 3,064 | |||||
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Dow Chemical Co. Project), Series 2002-A-3, AMT, 4.95% 2033 (put 2007) | 2,000 | 2,026 | |||||
Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.20% 2033 (put 2008) | 7,500 | 7,713 | |||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, Series 2001-A, AMT, FGIC insured, 5.625% 2011 | 2,000 | 2,159 | |||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement and Ref. Bonds, Series 2001-A, AMT, FGIC insured, 5.75% 2015 | 1,185 | 1,281 | |||||
Donna Independent School Dist. (Hidalgo County), Unlimited Tax School Building Bonds, | |||||||
Series 1998, 5.20% 2018 (preref. 2009) | 1,000 | 1,053 | |||||
G.O. Bonds (Veterans’ Housing Assistance Program), Fund II Series 2001-A-1, AMT, 4.85% 2014 | 2,000 | 2,065 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2001-A, 6.375% 2029 (preref. 2011) | 5,100 | 5,804 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2004-A, 5.25% 2010 | 1,500 | 1,588 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2004-A, 5.25% 2014 | 2,915 | 3,123 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2004-A, 5.25% 2015 | 1,000 | 1,067 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2004-A, 5.25% 2016 | 2,385 | 2,538 | |||||
Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System), Series 2004-A, 5.25% 2017 | 1,500 | 1,589 | |||||
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), Series 2001-A, 5.50% 2010 | 1,710 | 1,813 | |||||
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), | |||||||
Series 2001-A, 5.50% 2020 (preref. 2011) | 2,850 | 3,113 | |||||
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), | |||||||
Series 2001-A, 5.625% 2014 (preref. 2011) | 1,500 | 1,648 | |||||
Harris County Health Facs. Dev. Corp., Rev. Bonds (St. Luke’s Episcopal Hospital), | |||||||
Series 2002, 5.50% 2017 (preref. 2012) | 1,045 | 1,153 | |||||
Harris County, Tax and Rev. Ref. Bonds, Series 2004-B, FSA insured, 5.00% 2032 (put 2012) | 2,000 | 2,126 | |||||
Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 1996, 6.75% 2016 | 1,000 | 1,060 | |||||
Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 1996, 7.00% 2008 | 1,155 | 1,237 | |||||
Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2005, 5.00% 2012 | 1,315 | 1,355 | |||||
City of Houston, Airport System Rev. Bonds, Series 1998-B, AMT, FGIC insured, 5.25% 2012 | 1,000 | 1,044 | |||||
City of Houston, Airport System Rev. Bonds, Series 2002-A, AMT, FSA insured, 5.625% 2018 | 1,825 | 1,970 | |||||
City of Houston, Airport System Rev. Ref. Bonds, Series 2001-A, AMT, FGIC insured, 5.50% 2015 | 2,855 | 3,048 | |||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), Series 2001, AMT, 6.75% 2021 | 3,950 | 3,927 | |||||
City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal E Project), Series 2001, AMT, 6.75% 2029 | 2,525 | 2,499 | |||||
City of Houston, Health Facs. Dev. Corp. (Buckingham Senior Living Comm., Inc.), Series 2004-A, 7.125% 2034 | 5,000 | 5,491 | |||||
Industrial Dev. Corp. of Port of Corpus Christi, Rev. Ref. Bonds (Valero Refining and Marketing Co. Project), Series 1997-D, AMT, 5.125% 2009 | 5,250 | 5,481 | |||||
Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-A, 5.50% 2022 (put 2011) | 2,645 | 2,826 | |||||
Sabine River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), | |||||||
Series 2001-B, AMT, 5.75% 2030 (put 2011) | 5,675 | 6,010 | |||||
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, 6.00% 2021 | 750 | 794 | |||||
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2002, RADIAN insured, 5.125% 2017 | 2,000 | 2,082 | |||||
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2002, AMT, FGIC insured, 5.75% 2016 | 1,000 | 1,087 | |||||
City of San Antonio, Airport System Rev. Improvement Bonds, Series 2005, AMT, FSA insured, 5.25% 2011 | 1,000 | 1,061 | |||||
San Antonio Independent School Dist., Unlimited Tax Ref. Bonds, Series 2001-B, 5.375% 2013 | 1,500 | 1,620 | |||||
Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Baylor Health Care System Project), | |||||||
Series 2002-A, 5.00% 2019 | 2,500 | 2,584 | |||||
Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Baylor Health Care System Project), | |||||||
Series 2002-A, 5.25% 2022 | 2,000 | 2,101 | |||||
Travis County Health Facs. Dev. Corporation, Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project), Series 2005-A, 5.65% 2035 | 1,600 | 1,569 | |||||
118,749 | |||||||
UTAH — 1.30% | |||||||
Housing Corp., Single-family Mortgage Bonds, Series 2001-E, AMT, 5.20% 2018 | 1,935 | 1,953 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2001-F, AMT, 4.95% 2018 | 1,615 | 1,619 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-A, Class III, AMT, 5.30% 2018 | 815 | 827 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 | 2,920 | 3,024 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 | 1,230 | 1,266 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 | 3,340 | 3,360 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-F, AMT, 4.625% 2019 | 2,100 | 2,088 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2002-G, AMT, 4.875% 2019 | 1,640 | 1,636 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 | 1,570 | 1,584 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 | 890 | 903 | |||||
Housing Corp., Single-family Mortgage Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 | 990 | 980 | |||||
Housing Fin. Agcy., Single-family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), 1999 Issue D, AMT, 5.60% 2013 | 75 | 76 | |||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1997-G-2, Class III, AMT, 5.60% 2010 | 155 | 156 | |||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1998-G-2, Class III, AMT, 4.90% 2012 | 180 | 181 | |||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-B-2, Class III, AMT, 5.10% 2012 | 320 | 321 | |||||
Housing Fin. Agcy., Single-family Mortgage Bonds, Series 1999-C-2, Class III, AMT, 5.60% 2013 | 290 | 292 | |||||
Mountain Regional Water Special Service Dist. Summit County, Special Assessment Bonds | |||||||
(Special Improvement Dist. No. 2002-1), Series 2003, 6.25% 2008 | 1,500 | 1,516 | |||||
Salt Lake County, College Rev. and Ref. Bonds (Westminster College Project), Series 2005, 5.00% 2022 | 1,100 | 1,119 | |||||
22,901 | |||||||
VIRGIN ISLANDS — 0.12% | |||||||
Public Fin. Auth., Rev. and Ref. Bonds (Matching Fund Loan Notes), Series 1998-C, 5.50% 2008 | 1,000 | 1,047 | |||||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2015 | 1,000 | 1,084 | |||||
2,131 | |||||||
VIRGINIA — 1.59% | |||||||
Fairfax County Econ. Dev. Auth., Resource Recovery Rev. Ref. Bonds, Series A, AMT, AMBAC insured, 6.10% 2011 | 7,755 | 8,522 | |||||
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Bonds (Greenspring Village, Inc. Fac.), Series 1999-A, 6.75% 2012 | 1,500 | 1,607 | |||||
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Bonds (Greenspring Village, Inc. Fac.), Series 1999-A, 7.50% 2029 | 4,105 | 4,458 | |||||
Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, Series 1999-B, 7.00% 2029 | 911 | 956 | |||||
Industrial Dev. Auth. of the County of Charles City, Tax-Exempt Solid Waste Disposal Rev. Bonds | |||||||
(Waste Management, Inc.), Series 2002, AMT, 6.25% 2027 (put 2012) | 1,000 | 1,099 | |||||
Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), Series 1998, 6.25% 2026 | 3,980 | 4,191 | |||||
Prince William County Gateway Community Dev. Auth., Special Assessment Bonds, Series 1999, 6.25% 2026 | 1,958 | 2,079 | |||||
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2001-A, 5.25% 2006 | 1,950 | 1,970 | |||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2004-B, AMT, 5.00% 2011 | 1,085 | 1,153 | |||||
Small Business Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Mary Baldwin College), Series 2005, 5.00% 2021 | 1,125 | 1,133 | |||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, Series 2005, 5.50% 2026 | 1,000 | 1,016 | |||||
28,184 | |||||||
WASHINGTON — 1.01% | |||||||
Energy Northwest, Columbia Generating Station Electric Rev. Ref. Bonds, Series 2003-A, 5.50% 2015 | 2,000 | 2,239 | |||||
Energy Northwest, Columbia Generating Station Electric Rev. Ref. Bonds, Series 2005-A, 5.00% 2015 | 6,035 | 6,522 | |||||
Health Care Facs. Auth., Rev. Bonds (Group Health Cooperative of Puget Sound), | |||||||
Series 2001, AMBAC insured, 5.375% 2012 | 1,500 | 1,628 | |||||
Public Utility Dist. No. 2 of Grant County, Wanapum Hydroelectric Dev. Rev. and Ref. Bonds, | |||||||
Series 2005-B, AMT, FGIC insured, 5.00% 2013 | 1,250 | 1,320 | |||||
Public Utility Dist. No. 2 of Grant County, Wanapum Hydroelectric Dev. Rev. and Ref. Bonds, | |||||||
Series 2005-B, AMT, FGIC insured, 5.00% 2014 | 1,265 | 1,338 | |||||
Port of Seattle, Lien Rev. Bonds, Series 1999-B, AMT, FGIC insured, 5.50% 2012 | 1,000 | 1,082 | |||||
Port of Seattle, Passenger Fac. Charge Rev. Bonds, Series 1998-B, AMT, AMBAC insured, 5.25% 2011 | 1,500 | 1,572 | |||||
Port of Seattle, Rev. Bonds, Series 2001-B, AMT, FGIC insured, 5.50% 2010 | 1,000 | 1,066 | |||||
Port of Seattle, Special Fac. Rev. Bonds (SEATAC Fuel Facs. LLC), Series 2003, AMT, MBIA insured, 5.00% 2012 | 1,000 | 1,053 | |||||
17,820 | |||||||
WISCONSIN — 1.36% | |||||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.50% 2010 | 750 | 787 | |||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 5.75% 2012 | 1,500 | 1,611 | |||||
Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027 | 12,650 | 13,410 | |||||
Health and Educational Facs. Auth., Rev. Bonds (Froedtert & Community Health Obligated Group), | |||||||
Series 2001, 5.625% 2013 | 1,000 | 1,072 | |||||
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 1998-A, 5.375% 2017 | 510 | 529 | |||||
Milwaukee County, Airport Rev. Bonds, Series 2004-A, AMT, AMBAC insured, 5.00% 2012 | 1,110 | 1,170 | |||||
Milwaukee County, Airport Rev. Bonds, Series 2004-A, AMT, AMBAC insured, 5.00% 2013 | 1,165 | 1,229 | |||||
City of Oconto Falls, Community Dev. Auth., Dev. Rev. Bonds (Oconto Falls Tissue, Inc. Project), | |||||||
Series 1997, AMT, 7.75% 2022 | 5,100 | 3,751 | |||||
City of Oconto Falls, Community Dev. Auth., Dev. Rev. Bonds (Oconto Falls Tissue, Inc. Project), | |||||||
Series 1997, AMT, 8.125% 20221 | 745 | 568 | |||||
24,127 | |||||||
Multi-state — 0.87% | |||||||
GMAC Municipal Mortgage Trust, Series A-1-3, AMT, 5.30% 2039 (put 2019)1 | 2,000 | 2,071 | |||||
GMAC Municipal Mortgage Trust, Rev. Bonds, Series A-2, AMT, 4.80% 2040 (put 2015)1 | 1,000 | 1,005 | |||||
MuniMae TE Bond Subsidiary, LLC, Series A-2, AMT, 4.90% (undated)1 | 4,000 | 4,057 | |||||
MuniMae TE Bond Subsidiary, LLC, Series A, AMT, 6.875% cumulative preferred (undated)1 | 2,000 | 2,162 | |||||
MuniMae TE Bond Subsidiary, LLC, Series A-3, AMT, 4.95% cumulative preferred (undated)1 | 4,000 | 4,089 | |||||
MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated)1 | 2,000 | 2,057 | |||||
15,441 | |||||||
Total bonds & notes (cost: $1,641,738,000) | 1,690,699 | ||||||
Short-term securities — 3.13% | |||||||
Alabama Industrial Dev. Board of the City of Decatur, Solid Waste Disposal Rev. Bonds (Amoco Chemical Company Project), Series 1995, 3.16% 20254,5 | 1,800 | 1,800 | |||||
Idaho, Tax Anticipation Notes, Series 2005, 4.00% 6/30/2006 | 5,150 | 5,165 | |||||
Will County, Illinois, Exempt Fac. Industrial Rev. Bonds (BP Amoco Chemical Co. Project), | |||||||
Series 2003, AMT, 3.16% 20334 | 1,000 | 1,000 | |||||
State of Louisiana, Parish of Plaquemines, Environmental Rev. Bonds (BP Exploration & Oil Inc. Project), Series 1994, AMT, 3.16% 20244 | 800 | 800 | |||||
State of Ohio, Solid Waste Rev. Bonds (BP Exploration & Oil Inc. Project), Series 1999, AMT, 3.16% 20344 | 1,200 | 1,200 | |||||
State of New Jersey, Tax and Rev. Anticipation Notes, Series 2006-A, 4.00% 6/23/2006 | 17,000 | 17,048 | |||||
New Jersey Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2005-O, AMT, 3.07% 20264 | 5,200 | 5,200 | |||||
State of New Mexico, Tax and Rev. Anticipation Notes, Series 2005, 4.00% 6/30/2006 | 15,000 | 15,048 | |||||
New York State Housing Fin. Agcy., 1500 Lexington Avenue Housing Rev. Bonds, | |||||||
Series 2002-A, AMT, FANNIE MAE insured, 3.07% 20344 | 2,700 | 2,700 | |||||
State of North Carolina, Halifax County Industrial Facs. and Pollution Control Fncg. Auth., Demand Exempt Fac. Rev. Bonds (Westmoreland-Hadson Partners Roanoke Valley Project), Series 1991, AMT, 3.12% 20194 | 2,200 | 2,200 | |||||
Berkeley County, South Carolina, Exempt Fac. Industrial Rev. Bonds (Amoco Chemical Co. Project), Series 1997, AMT, 3.16% 20274 | 1,350 | 1,350 | |||||
Florence County, South Carolina, Solid Waste Disposal and Wastewater Treatment Facs. Rev. Bonds (Roche Carolina Inc. Project), Series 1997, AMT, 3.17% 20274 | 1,200 | 1,200 | |||||
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Bonds (Amoco Oil Co. Project), Series 1993, AMT, 3.16% 20234 | 700 | 700 | |||||
Total short-term securities (cost: $55,490,000) | 55,411 | ||||||
Total investment securities (cost: $1,697,228,000) | 1,746,110 | ||||||
Other assets less liabilities | 21,911 | ||||||
Net assets | $ | 1,768,021 |
1 Purchased in a private placement transaction; resale may be limited to qualified institutional buyers; resale to the public may require registration. The total value of all such restricted securities was $37,316,000, which represented 2.11% of the net assets of the fund.
2 Step bond; coupon rate will increase at a later date.
3 Company not making scheduled interest payments; bankruptcy proceedings pending.
4 Coupon rate may change periodically; the date of the next scheduled coupon rate change is considered to be the maturity date.
5 This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
ITEM 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a Nominating and Governance Committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the Board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full Board of Directors. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the Board. Such suggestions must be sent in writing to the Nominating and Governance Committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the Nominating and Governance Committee.
ITEM 11 - Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 - Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940, as amended, and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN HIGH-INCOME MUNICIPAL BOND FUND, INC. | |
By /s/ Mark R. Macdonald | |
Mark R. Macdonald, President and PEO | |
Date: April 10, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Mark R. Macdonald |
Mark R. Macdonald, President and PEO |
Date: April 10, 2006 |
By /s/ Sharon G. Moseley |
Sharon G. Moseley, Treasurer and PFO |
Date: April 10, 2006 |