N-CSRS 1 ahim_ncsr.htm N-CSR Unassociated Document
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.

[Logo - American Funds®]

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

The Capital Group Companies

American Funds                Capital Research and Management            Capital International             Capital Guardian             Capital Bank and Trust

Lit. No. MFGESR-940-0306P

Litho in USA CGD/PNL/8075-S4896

Printed on recycled paper
 


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
[Logo - American Funds®]

 
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

MFGEFP-940-0306-S4529


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