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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General California Municipal Money Market Fund (MM) | NASDAQ:GCAXX | NASDAQ | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
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: 811-04653
The American Funds Tax-Exempt Series I
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: July 31
Date of reporting period: January 31, 2014
Jennifer L. Butler
The American Funds Tax-Exempt Series I
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
Copies to:
Robert W. Helm
Dechert LLP
1900 K Street, NW
Washington, DC 20006
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
The Tax-Exempt Fund
of Maryland ® The Tax-Exempt Fund of Virginia ® Semi-annual reports for the six months ended January 31, 2014 |
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The Tax-Exempt Fund of Maryland seeks a high level of current income free from regular federal and Maryland state income taxes. Additionally, the fund seeks to preserve capital.
The Tax-Exempt Fund of Virginia seeks a high level of current income free from regular federal and Virginia state income taxes. Additionally, the fund seeks to preserve capital.
These funds are two of more than 40 offered by one of the nation’s largest mutual fund families, American Funds, from Capital Group. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class A shares at net asset value. If a sales charge (maximum 3.75%) had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2013 (the most recent calendar quarter-end):
Class A shares | 1 year | 5 years | 10 years | |||||||||
Reflecting 3.75% maximum sales charge | ||||||||||||
The Tax-Exempt Fund of Maryland | –6.26 | % | 5.19 | % | 2.92 | % | ||||||
The Tax-Exempt Fund of Virginia | –6.82 | % | 4.39 | % | 2.89 | % | ||||||
At net asset value | ||||||||||||
The Tax-Exempt Fund of Maryland | –2.62 | % | 6.00 | % | 3.31 | % | ||||||
The Tax-Exempt Fund of Virginia | –3.17 | % | 5.18 | % | 3.29 | % |
For other share class results, visit americanfunds.com.
The total annual fund operating expense ratios were 0.67% for The Tax-Exempt Fund of Maryland and 0.65% for The Tax-Exempt Fund of Virginia for Class A shares as of the prospectus dated October 1, 2013.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers, without which results would have been lower. Visit americanfunds.com for more information.
All investments are subject to certain risks. The value of shares of the funds will fluctuate as interest rates change. Bond funds carry the risks of the securities in which they invest, such as inflation, interest rate fluctuations and credit or default risk. The return of principal in bond funds is not guaranteed. Additionally, each fund is more susceptible to factors adversely affecting issuers of its state’s tax-exempt securities than a more widely diversified municipal bond fund. Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/ or Fitch as an indication of an issuer’s creditworthiness. Income may be subject to federal alternative minimum taxes. Certain other income, as well as capital gain distributions, may be taxable. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
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Fellow investors:
The municipal bond market rebounded during the six-month period that ended on January 31, 2014, registering positive returns after a broad selloff over the summer. Compelling valuation levels, renewed equity market volatility and some unexpectedly weak U.S. economic data toward the end of the period all contributed to the rally, as investors sought the relative safety of fixed-income securities.
For the six-month period, The Tax-Exempt Fund of Maryland (the Maryland fund) and The Tax-Exempt Fund of Virginia (the Virginia fund, and together with the Maryland fund, “the funds”) had total returns of 1.89% and 2.22%, respectively, with all dividends reinvested, which compared favorably to their peer group averages. The Maryland fund distributed tax-free income dividends of approximately 25 cents a share, and the Virginia fund approximately 26 cents a share. Neither fund made capital gain distributions.
During the period, the Maryland fund’s tax-exempt income return, with dividends reinvested, was 1.62%, which is equivalent to a 3.14% taxable return if you are in the highest combined federal, state and local tax bracket of 48.47%. If you took your dividends in cash, your income return was 1.61%, the equivalent of a 3.12% taxable income return. For the same period, the Virginia fund’s tax-exempt income return, with dividends reinvested, was 1.59%, which is equivalent to a 2.98% taxable return if you are in the highest combined federal and state tax bracket of 46.65%. If you took your dividends in cash, your income return was 1.58%, the equivalent of a 2.96% taxable income return.
The table below highlights the funds’ total returns against their respective indexes — the Barclays Maryland Municipal Index and the Barclays Virginia Municipal Index — and peer-group averages — the Lipper Maryland Municipal Debt Funds Average and the Lipper Virginia Municipal Debt Funds Average.
Economic and market overview
The period began in the midst of a broad bond market downturn, as investors generally fled fixed-income securities in anticipation that the Federal Reserve would soon begin tapering its bond-purchasing program. By September, however, a turnaround in the U.S. Treasury market and relatively high yields for many types of municipal bonds helped spark a broader rally in the municipal market. The Fed delayed the start of its tapering until December, providing investors with a sigh of relief.
Results at a glance
For periods ended January 31, 2014, with all distributions reinvested
Average annual | ||||||||||||||||
Total returns | total returns | |||||||||||||||
6 months | 1 year | 5 years | 10 years | |||||||||||||
The Tax-Exempt Fund of Maryland (Class A shares) | 1.89 | % | –1.41 | % | 5.39 | % | 3.45 | % | ||||||||
Barclays Maryland Municipal Index* | 2.76 | –0.14 | 4.58 | 4.13 | ||||||||||||
Lipper Maryland Municipal Debt Funds Average | 0.64 | –4.00 | 5.53 | 3.25 | ||||||||||||
The Tax-Exempt Fund of Virginia (Class A shares) | 2.22 | –1.85 | 4.76 | 3.44 | ||||||||||||
Barclays Virginia Municipal Index* | 3.47 | –0.62 | 4.66 | 4.19 | ||||||||||||
Lipper Virginia Municipal Debt Funds Average | 1.15 | –4.43 | 5.24 | 3.31 |
* | The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. |
The American Funds Tax-Exempt Series I | 1 |
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Toward the end of the period, equities pulled back amid weaker-than-expected U.S. economic data and a broad selloff in emerging markets. Against this backdrop, investors sought the relative safety of bonds; the Barclays Municipal Bond Index, a broad measure of the tax-exempt bond market, recorded a 2.99% gain during the six-month period. By way of comparison, the Barclays U.S. Aggregate Bond Index, a broad measure of the taxable fixed-income market, gained 1.78%. Furthermore, after strong outflows in municipal bond funds through much of 2013, these funds broadly had positive flows in January, which helped bolster the rally.
While Detroit’s bankruptcy and the ongoing problems in Puerto Rico have received a considerable amount of media attention in 2013, investors generally looked beyond the ongoing news coverage of developments in these two areas. We remind investors that the municipal bond market is vast and diverse and the challenges faced by Detroit and Puerto Rico have had a minimal impact on the highest quality bonds that make up the backbone of the market. While Puerto Rico’s bonds offer triple-tax-exempt status, the funds’ limited exposure to securities issued by the Commonwealth — particularly early in the period — has benefited relative results.
As valuations have become more interesting in Puerto Rico, we continue to look at investment opportunities there, taking a very selective approach and recognizing that not all securities issued on the island are the same. Currently, we see the most value in private enterprises, such as universities and hospitals that issue tax-free investment-grade bonds, along with public utilities. These businesses appear to be the most insulated from the broader woes facing Puerto Rico’s central government, while also offering attractive yields at low dollar prices.
Maryland and Virginia economies
The economies of Maryland and Virginia have historically benefited from the stability provided by their strong ties to the federal government in nearby Washington, D.C. However, these ties could end up hurting them as political pressure to cut federal spending remains high. The unemployment rates in both states crept higher earlier in the year but have since fallen — to 6.1% in Maryland and 5.2% in Virginia as of December 2013 — in part because people gave up looking for work as employers continued to assess the impact of the government sequestration.
Governments in both Maryland and Virginia are also in the process of passing new state budgets that seek to decrease spending and increase revenues. Maryland’s governor has proposed a $39 billion budget that would close a projected $421 million deficit without raising taxes, although it fails to erase the state’s structural deficit. Meanwhile, in Virginia, the new governor has proposed trimming the state’s budget by $140 million over two years to make up for falling revenues, even as the state legislature remained divided on spending priorities in the former governor’s $96 billion budget.
The funds’ portfolios
Both funds continue to hold a large percentage of high-quality, investment-grade bonds rated Baa/BBB or better (Maryland, 84.7%, and Virginia, 84.4%). The fund’s portfolios are conservatively positioned and broadly diversified among various sectors, with managers favoring revenue bonds over general obligation bonds. In an environment of rising interest rates, the funds’ managers tended to favor credit risk rather than duration risk.
2 | The American Funds Tax-Exempt Series I |
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Going forward
The U.S. economy appears to be gaining strength and tax receipts for many states and municipalities are improving. With the overall economic picture brightening, the Fed has indicated that it will continue to reduce its bond-buying program. Given these circumstances, we expect rates to rise over time; however, the precise timing of any increase is uncertain. We maintain a cautious approach to the market and believe the funds are well positioned to serve as potentially attractive sources of income regardless of short-term headwinds.
Despite a rash of unsettling news headlines in recent months, the municipal bond market delivered solid gains during the reporting period and many types of bonds appear to be fairly valued. However, we are finding investment opportunities in a number of areas that we believe represent compelling valuations both relative to taxable bonds and compared with historic valuations in the municipal bond market.
As always, we continue to focus on the long term and base each of our investment decisions on the in-depth research of individual bond issuers as well as economic and market conditions. We believe the funds’ results in the most recent six- and 12-month periods speak to the strength of this approach in both rising and declining market environments. We continue to be focused on striking a careful balance between risk and potential return in the funds’ holdings.
We are grateful for the confidence you have placed in us, and we look forward to reporting back to you at the end of the fiscal year.
Sincerely,
Paul F. Roye | Brenda S. Ellerin | |
Vice Chairman of the Board | President | |
March 13, 2014 |
For current information about the funds, visit americanfunds.com.
The funds’ 30-day yields for Class A shares as of February 28, 2014, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, were 2.07% for The Tax-Exempt Fund of Maryland and 2.08% for The Tax-Exempt Fund of Virginia. (For investors in the 48.47% Maryland tax bracket and the 46.65% Virginia tax bracket, this is equivalent to taxable yields of 4.02% for The Tax-Exempt Fund of Maryland and 3.90% for The Tax-Exempt Fund of Virginia.) The funds’ 12-month distribution rates for Class A shares as of that date were 3.06% and 2.99%,respectively. All figures reflect the 3.75% maximum sales charge. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ.
The American Funds Tax-Exempt Series I | 3 |
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The Tax-Exempt Fund of Maryland
Summary investment portfolio January 31, 2014 | unaudited |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies. |
Bonds, notes & other debt instruments 93.69% |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
Maryland 83.39% | ||||||||||||
State issuers 45.60% | ||||||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2006-F, AMT, 6.00% 2039 | $ | 585 | $ | 604 | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-B, AMT, 3.25% 2044 | 2,350 | 2,437 | ||||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series I, AMT, 6.00% 2041 | 385 | 394 | 1.87 | % | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series D, AMT, 4.65% 2022 | 1,000 | 1,027 | ||||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Single-family Housing Rev. Bonds, Series 2011-B, 4.00% 2027 | 1,325 | 1,404 | ||||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2024 | 1,000 | 1,046 | ||||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 3,265 | 3,298 | ||||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2012, 5.00% 2027 | 700 | 735 | 1.70 | |||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2012, 5.00% 2029 | 250 | 259 |
4 | The American Funds Tax-Exempt Series I |
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Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.80% 2038 | $ | 3,000 | $ | 3,106 | ||||||||
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.875% 2043 | 950 | 979 | ||||||||||
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), Series 2006, Assured Guaranty insured, 5.00% 2021 | 1,000 | 1,054 | 3.06 | % | ||||||||
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), Series 2006, Assured Guaranty insured, 5.00% 2026 | 1,000 | 1,026 | ||||||||||
Econ. Dev. Corp., Utility Infrastructure Rev. Ref. Bonds (University of Maryland, College Park Project), Series 2011, 5.00% 2018 | 3,000 | 3,441 | ||||||||||
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2003, 5.375% 2033 | 2,170 | 2,044 | .65 | |||||||||
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Morgan State University Project), Series 2012, 5.00% 2034 | 2,930 | 2,830 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2021 | 230 | 268 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2022 | 360 | 419 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2023 | 320 | 367 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2024 | 600 | 680 | 1.69 | |||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2028 | 300 | 329 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2030 | 150 | 162 | ||||||||||
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2032 | 225 | 241 | ||||||||||
G.O. Bonds, State and Local Facs. Loan of 2008, Second Series, 5.00% 2021 | 2,000 | 2,298 | ||||||||||
G.O. Bonds, State and Local Facs. Loan of 2009, Second Series B, 5.00% 2020 | 3,000 | 3,540 | ||||||||||
G.O. Bonds, State and Local Facs. Loan of 2011, Second Series B, 5.00% 2023 | 3,000 | 3,503 | 4.25 | |||||||||
G.O. Capital Improvement Bonds, State and Local Facs. Loan of 2003, First Series A, 5.25% 2016 | 1,500 | 1,654 | ||||||||||
G.O. Ref. Bonds, State and Local Facs. Loan of 2010, First Series B, 5.00% 2022 | 2,000 | 2,327 |
The American Funds Tax-Exempt Series I | 5 |
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The Tax-Exempt Fund of Maryland
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
State issuers (continued) | ||||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Carroll Hospital Center Issue), Series 2006, 4.50% 2026 | $ | 1,000 | $ | 1,017 | ||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Carroll Hospital Center Issue), Series 2006, 5.00% 2036 | 1,500 | 1,522 | 1.30 | % | ||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Carroll Hospital Center Issue), Series 2012-A, 5.00% 2037 | 1,500 | 1,531 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Johns Hopkins University Issue), Series 2008-A, 5.00% 2018 | 2,000 | 2,350 | .75 | |||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 5.50% 2026 | 700 | 767 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 5.75% 2031 | 2,000 | 2,176 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 6.00% 2025 | 425 | 484 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), Series 2008, Assured Guaranty insured, 4.75% 2038 | 1,000 | 1,002 | 2.67 | |||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), Series 2008, Assured Guaranty insured, 5.00% 2020 | 2,710 | 2,937 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), Series 2008, Assured Guaranty insured, 5.00% 2028 | 1,000 | 1,028 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), Series 2006, 5.00% 2016 | 1,200 | 1,323 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), Series 2006, 5.00% 2021 | 1,000 | 1,058 | 1.32 | |||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), Series 2006, 5.00% 2036 | 1,750 | 1,765 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2006-A, 5.00% 2036 | 1,000 | 1,008 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2010, 5.00% 2034 | 1,000 | 1,023 | 1.08 | |||||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2010, 5.25% 2024 | 1,240 | 1,345 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.50% 2033 | 1,000 | 1,021 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2014 | 1,845 | 1,899 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2015 | 1,000 | 1,031 | 2.41 | |||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2016 | 3,500 | 3,606 |
6 | The American Funds Tax-Exempt Series I |
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Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Mercy Ridge Issue), Series 2007, 4.50% 2022 | $ | 1,065 | $ | 1,097 | ||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Mercy Ridge Issue), Series 2007, 4.75% 2034 | 3,590 | 3,598 | 1.50 | % | ||||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2002, 5.50% 2017 | 2,000 | 2,296 | ||||||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2003, 5.00% 2015 | 1,500 | 1,597 | ||||||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2007, 4.00% 2018 | 1,630 | 1,785 | 2.18 | |||||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2008, 5.00% 2018 | 1,000 | 1,164 | ||||||||||
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2021 | 2,000 | 2,298 | ||||||||||
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2023 | 3,720 | 4,217 | ||||||||||
Transportation Auth., Passenger Fac. Charge Rev. Bonds (Baltimore/Washington International Thurgood Marshall Airport), Series 2012-B, AMT, 4.00% 2019 | 1,000 | 1,104 | 2.95 | |||||||||
Transportation Auth., Passenger Fac. Charge Rev. Bonds (Baltimore/Washington International Thurgood Marshall Airport), Series 2012-B, AMT, 4.00% 2020 | 1,515 | 1,648 | ||||||||||
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2007, 5.00% 2019 | 2,500 | 2,802 | ||||||||||
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.25% 2018 | 3,000 | 3,515 | 2.39 | |||||||||
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.25% 2020 | 1,000 | 1,179 | ||||||||||
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2021 | 3,000 | 3,392 | ||||||||||
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2008, 5.00% 2020 | 1,545 | 1,762 | ||||||||||
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2008, 5.00% 2023 | 3,140 | 3,560 | ||||||||||
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2009-A, 5.00% 2020 | 1,000 | 1,165 | 3.86 | |||||||||
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2009-A, 5.00% 2021 | 1,000 | 1,159 | ||||||||||
Transportation Auth., Transportation Facs. Projects Rev. Ref. Bonds, Series 2012, 4.00% 2026 | 1,000 | 1,058 | ||||||||||
Water Quality Fncg. Administration, Revolving Loan Fund Rev. Bonds, Series 2008-A, 4.40% 2025 | 1,750 | 1,860 | ||||||||||
Water Quality Fncg. Administration, Revolving Loan Fund Rev. Bonds, Series 2008-A, 5.00% 2021 | 1,245 | 1,418 | 1.04 | |||||||||
Other securities | 28,003 | 8.93 | ||||||||||
143,042 | 45.60 |
The American Funds Tax-Exempt Series I | 7 |
|
The Tax-Exempt Fund of Maryland
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
City & county issuers 37.79% | ||||||||||||
City of Annapolis, Econ. Dev. Rev. Bonds (St. John’s College Fac.), Series 2007-B, 5.00% 2032 | $ | 2,000 | $ | 2,021 | .64 | % | ||||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 (preref. 2015) | 1,930 | 2,040 | ||||||||||
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 (preref. 2015) | 1,357 | 1,403 | 1.10 | |||||||||
Anne Arundel County, G.O. Bonds (Consolidated General Improvements), Ref. Series 2006, 5.00% 2017 | 1,590 | 1,741 | ||||||||||
Anne Arundel County, G.O. Bonds (Consolidated General Improvements), Series 2012, 5.00% 2021 | 1,000 | 1,203 | ||||||||||
Anne Arundel County, G.O. Bonds (Consolidated Golf Course Project), Series 2005, 5.00% 2018 | 1,165 | 1,237 | 1.79 | |||||||||
Anne Arundel County, G.O. Bonds (Consolidated Golf Course Project), Series 2005, 5.00% 2021 | 1,350 | 1,432 | ||||||||||
Anne Arundel County, Special Obligation Bonds (National Business Park-North Project), Series 2010, 6.10% 2040 | 2,250 | 2,338 | .75 | |||||||||
Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2022 | 2,600 | 2,711 | ||||||||||
Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2037 | 2,000 | 2,013 | 1.51 | |||||||||
Mayor and City Council of Baltimore, G.O. Consolidated Public Improvement Bonds, Series 2008-A, 5.00% 2020 | 2,315 | 2,667 | .85 | |||||||||
Mayor and City Council of Baltimore, Project and Rev. Ref. Bonds (Water Projects), Series 1994-A, FGIC insured, 5.00% 2024 | 2,275 | 2,642 | ||||||||||
Mayor and City Council of Baltimore, Project Rev. Bonds (Water Projects), Series 2011-A, 5.00% 2041 | 1,000 | 1,061 | 1.18 | |||||||||
Carroll County, G.O. Bonds, Consolidated Public Improvement Bonds of 2008, 5.00% 2021 | 2,800 | 3,239 | 1.03 | |||||||||
Frederick County, G.O. Public Facs. Bonds of 2008, 5.00% 2021 (preref. 2018) | 2,005 | 2,356 | ||||||||||
Frederick County, G.O. Public Facs. Bonds of 2008, 5.00% 2024 (preref. 2018) | 1,000 | 1,175 | 1.13 | |||||||||
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2023 | 1,500 | 1,645 | ||||||||||
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2030 | 3,000 | 3,129 | 2.17 | |||||||||
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2040 | 2,000 | 2,037 | ||||||||||
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2026 | 1,000 | 1,008 | ||||||||||
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2006-A, 5.125% 2036 | 1,500 | 1,433 | 1.38 | |||||||||
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), Series 2009-B, 6.00% 2023 | 1,750 | 1,894 | ||||||||||
Howard County, G.O. Consolidated Public Improvement Bonds, Series 2009-A, 5.00% 2023 | 2,970 | 3,409 | 1.09 | |||||||||
City of Hyattsville, Special Obligation Bonds (University Town Center Project), Series 2004, 5.75% 2034 | 3,650 | 3,651 | 1.16 |
8 | The American Funds Tax-Exempt Series I |
|
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, Series 2004-A, 4.65% 2030 | $ | 2,670 | $ | 2,677 | ||||||||
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, Series 2007-A, AMT, 4.55% 2027 | 2,000 | 2,016 | ||||||||||
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, Series 2007-A, AMT, 4.625% 2032 | 765 | 768 | 2.17 | % | ||||||||
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, Series 2007-A, AMT, 4.70% 2037 | 1,350 | 1,346 | ||||||||||
Montgomery County Housing Opportunities Commission, Single-family Housing Rev. Bonds, Series 2013-A, 4.00% 2031 | 3,750 | 3,974 | ||||||||||
Montgomery County Housing Opportunities Commission, Single-family Housing Rev. Ref. Bonds, Series 2012-A, 5.00% 2043 | 980 | 1,096 | 1.71 | |||||||||
Montgomery County Housing Opportunities Commission, Single-family Mortgage Rev. Bonds, Series 2007-D, AMT, 5.50% 2038 | 290 | 295 | ||||||||||
Montgomery County, G.O. Consolidated Public Improvement Bonds, Series 2008-A, 5.00% 2018 | 3,000 | 3,532 | ||||||||||
Montgomery County, G.O. Consolidated Public Improvement Ref. Bonds, Series 2009-A, 5.00% 2019 | 1,000 | 1,202 | 1.51 | |||||||||
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2026 | 3,010 | 3,342 | ||||||||||
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2027 | 1,475 | 1,638 | 2.11 | |||||||||
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2028 | 1,515 | 1,625 | ||||||||||
Prince George’s County, G.O. Consolidated Public Improvement Bonds, Series 2007-A, 5.00% 2021 (preref. 2017) | 2,000 | 2,304 | .73 | |||||||||
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,051 | 1,059 | ||||||||||
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 5,500 | 5,501 | 2.09 | |||||||||
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), Series 1997-A, 4.50% 2017 | 725 | 775 | ||||||||||
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), Series 1997-A, 4.60% 2021 | 1,660 | 1,724 | 1.30 | |||||||||
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), Series 1997-A, 4.70% 2026 | 1,545 | 1,575 | ||||||||||
Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 | 3,563 | 3,421 | 1.09 | |||||||||
Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, Consolidated Public Improvement Bonds, Series 2009-A, 4.00% 2019 | 2,305 | 2,636 | ||||||||||
Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, G.O. Ref. Bonds of 1997, 5.75% 2017 | 1,510 | 1,767 | 1.40 | |||||||||
Other securities | 24,798 | 7.90 | ||||||||||
118,556 | 37.79 |
The American Funds Tax-Exempt Series I | 9 |
|
The Tax-Exempt Fund of Maryland
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
District of Columbia 1.44% | ||||||||||||
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2025 | $ | 2,000 | $ | 2,285 | ||||||||
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2028 | 2,000 | 2,237 | 1.44 | % | ||||||||
4,522 | 1.44 | |||||||||||
Puerto Rico 5.52% | ||||||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 2,300 | 2,185 | .70 | |||||||||
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) | 2,455 | 3,056 | .97 | |||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 | 500 | 377 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 | 1,500 | 1,050 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2037 | 375 | 269 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-C, 5.25% 2041 | 1,260 | 871 | 1.29 | |||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.00% 2046 | 500 | 380 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.25% 2040 | 1,000 | 795 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 | 400 | 310 | ||||||||||
Other securities | 8,017 | 2.56 | ||||||||||
17,310 | 5.52 | |||||||||||
Other U.S. territories 3.34% | ||||||||||||
Other securities | 10,455 | 3.34 | ||||||||||
Total bonds, notes & other debt instruments
(cost: $287,803,000) |
293,885 | 93.69 |
10 | The American Funds Tax-Exempt Series I |
|
Short-term securities 6.03% |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-B, 0.06% 2026 1 | $ | 4,025 | $ | 4,025 | 1.28 | % | ||||||
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), Series 2007-A, Wachovia LOC, 0.04% 2034 1 | 1,050 | 1,050 | ||||||||||
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds 2.90 (University of Maryland Medical System Issue), Series 2008-D, TD Bank LOC, 0.04% 2041 1 | 8,050 | 8,050 | 2.90 | |||||||||
Health and Higher Educational Facs. Auth. Rev. Bonds, Pooled Loan Program Issue, Series 1985-A/B, JPMorgan Chase LOC, 0.04% 2035 1 | 5,300 | 5,300 | 1.69 | |||||||||
Other securities | 500 | .16 | ||||||||||
Total short-term securities (cost: $18,925,000) | 18,925 | 6.03 | ||||||||||
Total investment securities (cost: $306,728,000) | 312,810 | 99.72 | ||||||||||
Other assets less liabilities | 879 | .28 | ||||||||||
Net assets | $ | 313,689 | 100.00 | % |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
Key to abbreviations
AMT = Alternative Minimum Tax
Auth. = Authority
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LOC = Letter of Credit
Preref. = Prerefunded
Ref. = Refunding
Rev. = Revenue
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 11 |
|
The Tax-Exempt Fund of Maryland
Financial statements | ||||||||
Statement of assets and liabilities | unaudited | |||||||
at January 31, 2014 | (dollars in thousands) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $306,728) | $ | 312,810 | ||||||
Cash | 90 | |||||||
Receivables for: | ||||||||
Sales of investments | $ | 2,741 | ||||||
Sales of fund’s shares | 612 | |||||||
Interest | 2,863 | 6,216 | ||||||
319,116 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 4,493 | |||||||
Repurchases of fund’s shares | 502 | |||||||
Dividends on fund’s shares | 126 | |||||||
Investment advisory services | 52 | |||||||
Business management services | 40 | |||||||
Services provided by related parties | 117 | |||||||
Trustees’ deferred compensation | 92 | |||||||
Other | 5 | 5,427 | ||||||
Net assets at January 31, 2014 | $ | 313,689 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 311,938 | ||||||
Undistributed net investment income | 94 | |||||||
Accumulated net realized loss | (4,425 | ) | ||||||
Net unrealized appreciation | 6,082 | |||||||
Net assets at January 31, 2014 | $ | 313,689 |
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (19,895 total shares outstanding)
Net assets |
Shares
outstanding |
Net asset
value per share |
||||||||||
Class A | $ | 247,657 | 15,707 | $ | 15.77 | |||||||
Class B | 1,044 | 66 | 15.77 | |||||||||
Class C | 33,846 | 2,147 | 15.77 | |||||||||
Class F-1 | 16,545 | 1,049 | 15.77 | |||||||||
Class F-2 | 14,597 | 926 | 15.77 |
See Notes to Financial Statements
12 | The American Funds Tax-Exempt Series I |
|
Statement of operations | unaudited | |||||||
for the six months ended January 31, 2014 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 6,456 | ||||||
Fees and expenses*: | ||||||||
Investment advisory services | $ | 318 | ||||||
Business management services | 250 | |||||||
Distribution services | 533 | |||||||
Transfer agent services | 68 | |||||||
Administrative services | 30 | |||||||
Reports to shareholders | 28 | |||||||
Registration statement and prospectus | 9 | |||||||
Trustees’ compensation | 41 | |||||||
Auditing and legal | 9 | |||||||
Custodian | — | † | ||||||
Federal and state income taxes | 15 | |||||||
Other | 7 | 1,308 | ||||||
Net investment income | 5,148 | |||||||
Net realized loss and unrealized appreciation on investments: | ||||||||
Net realized loss on investments | (774 | ) | ||||||
Net unrealized appreciation on investments | 1,342 | |||||||
Net realized loss and unrealized appreciation on investments | 568 | |||||||
Net increase in net assets resulting from operations | $ | 5,716 |
* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.
† Amount less than one thousand.
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 13 |
|
The Tax-Exempt Fund of Maryland
Statements of changes in net assets | ||
(dollars in thousand s) |
Six months ended
January 31, 2014* |
Year ended
July 31, 2013 |
|||||||
Operations: | ||||||||
Net investment income | $ | 5,148 | $ | 11,515 | ||||
Net realized (loss) gain on investments | (774 | ) | 1,623 | |||||
Net unrealized appreciation (depreciation) on investments | 1,342 | (19,768 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 5,716 | (6,630 | ) | |||||
Dividends paid or accrued to shareholders from net investment income | (5,155 | ) | (11,493 | ) | ||||
Net capital share transactions | (35,795 | ) | (16,326 | ) | ||||
Total decrease in net assets | (35,234 | ) | (34,449 | ) | ||||
Net assets: | ||||||||
Beginning of period | 348,923 | 383,372 | ||||||
End of period (including undistributed net investment income: $94 and $101, respectively) | $ | 313,689 | $ | 348,923 |
* Unaudited.
See Notes to Financial Statements
14 | The American Funds Tax-Exempt Series I |
|
The Tax-Exempt Fund of Virginia
Summary investment portfolio January 31, 2014 | unaudited |
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies. |
Bonds, notes & other debt instruments 92.55% |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
Virginia 78.26% | ||||||||||||
State issuers 28.59% | ||||||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2009-A, 5.00% 2029 | $ | 1,000 | $ | 1,106 | ||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2012-A, 5.00% 2023 | 2,000 | 2,355 | 1.59 | % | ||||||||
College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series 2009-E-2, 5.00% 2023 | 3,000 | 3,576 | ||||||||||
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), Series 2009-A, 5.00% 2016 | 680 | 761 | ||||||||||
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), Series 2009-A, 5.00% 2020 | 990 | 1,141 | 1.05 | |||||||||
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), Series 2009-A, 5.00% 2028 | 2,480 | 2,740 | ||||||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-A, 5.00% 2027 | 1,000 | 1,127 | ||||||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-B, 5.00% 2023 | 1,545 | 1,814 | ||||||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-B, 5.00% 2024 | 1,000 | 1,157 | 1.85 | |||||||||
Commonwealth Transportation Board, Transportation Capital Projects Rev. Bonds, Series 2011, 5.00% 2025 | 1,500 | 1,704 | ||||||||||
Commonwealth Transportation Board, Transportation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 2,000 | 2,388 |
The American Funds Tax-Exempt Series I | 15 |
|
The Tax-Exempt Fund of Virginia
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
State issuers (continued) | ||||||||||||
G.O. Bonds, Series 2008-B, 5.00% 2022 | $ | 2,000 | $ | 2,285 | .52 | % | ||||||
Port Auth., Commonwealth Port Fund Rev. Ref. Bonds (2002 Resolution), Series 2006, AMT, Assured Guaranty Municipal insured, 5.50% 2015 | 2,885 | 3,099 | ||||||||||
Port Auth., Port Facs. Rev. Bonds, Series 2006, AMT, FGIC-National insured, 4.75% 2031 | 765 | 765 | ||||||||||
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2007, AMT, Assured Guaranty Municipal insured, 5.00% 2027 | 1,000 | 1,063 | 2.06 | |||||||||
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2010, 5.00% 2030 | 2,970 | 3,166 | ||||||||||
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2010, 5.00% 2040 | 1,000 | 1,030 | ||||||||||
Public Building Auth., Public Facs. Rev. Bonds, Series 2005-C, 5.00% 2015 | 1,000 | 1,072 | ||||||||||
Public Building Auth., Public Facs. Rev. Bonds, Series 2009-B, 5.00% 2024 | 2,000 | 2,332 | ||||||||||
Public Building Auth., Public Facs. Rev. Bonds, Series 2009-B, 5.00% 2027 | 2,000 | 2,277 | 1.82 | |||||||||
Public Building Auth., Public Facs. Rev. Ref. Bonds, Series 2013-B, 5.00% 2023 | 2,000 | 2,377 | ||||||||||
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2005-D, 5.00% 2018 | 15 | 16 | ||||||||||
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2008-B, 5.25% 2021 | 1,055 | 1,218 | ||||||||||
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2008-B, 5.25% 2023 | 1,000 | 1,149 | ||||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2005-A, 5.25% 2017 | 1,000 | 1,158 | ||||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2005-B, 5.25% 2017 | 1,000 | 1,158 | 2.33 | |||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-A, 5.00% 2019 | 1,000 | 1,191 | ||||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2018 | 800 | 939 | ||||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2020 | 1,000 | 1,170 | ||||||||||
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2022 | 2,000 | 2,307 | ||||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, | ||||||||||||
Series 2007, 4.75% 2021 (preref. 2017) | 2,610 | 3,000 | ||||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2007, 4.75% 2023 (preref. 2017) | 2,500 | 2,873 | 1.33 | |||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2008, 5.00% 2028 | 1,500 | 1,683 | ||||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2027 | 1,750 | 2,015 | ||||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2029 | 1,500 | 1,709 | 1.60 | |||||||||
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2030 | 1,500 | 1,666 |
16 | The American Funds Tax-Exempt Series I |
|
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2002-A, 5.25% 2014 | $ | 50 | $ | 50 | ||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2020 | 855 | 978 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2023 | 2,170 | 2,469 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2028 | 1,000 | 1,123 | 1.92 | % | ||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2011-A, 5.00% 2024 | 1,415 | 1,615 | ||||||||||
Resources Auth., State Moral Obligation Rev. Ref. Bonds (Pooled Fncg. Program), Series 2011-B, 5.00% 2027 | 2,000 | 2,254 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2006-A, 5.00% 2017 | 2,105 | 2,352 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-A, 5.00% 2028 | 1,570 | 1,736 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2027 | 1,000 | 1,116 | ||||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2038 | 1,000 | 1,069 | 1.94 | |||||||||
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2009-A, 5.00% 2028 | 1,030 | 1,179 | ||||||||||
Resources Auth., Infrastructure Rev. Ref. Bonds (Pooled Fncg. Program), Series 2009-B, 5.00% 2027 | 1,000 | 1,152 | ||||||||||
Small Business Fncg. Auth., Rev. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2012, AMT, 5.50% 2042 | 2,500 | 2,507 | .57 | |||||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-B-1, 5.00% 2047 | 5,255 | 3,487 | .79 | |||||||||
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2008, 5.00% 2040 | 3,000 | 3,272 | ||||||||||
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2011, 5.00% 2030 | 1,000 | 1,129 | 1.25 | |||||||||
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2011, 5.00% 2031 | 1,000 | 1,122 | ||||||||||
Western Virginia Regional Jail Auth., Regional Jail Fac. Rev. Bonds, Series 2007, National insured, 4.75% 2024 | 2,200 | 2,405 | .52 | |||||||||
Other securities | 32,987 | 7.45 | ||||||||||
126,589 | 28.59 | |||||||||||
City & county issuers 49.67% | ||||||||||||
Econ. Dev. Auth. of Albemarle County, Public Fac. Rev. Ref. Bonds (Albemarle County Project), Series 2011, 5.00% 2022 | 2,955 | 3,442 | .78 | |||||||||
Arlington County, G.O. Public Improvement Bonds, Series 2008, 5.00% 2024 (preref. 2017) | 1,500 | 1,697 | ||||||||||
Arlington County, G.O. Public Improvement Bonds, Series 2008, 5.00% 2025 (preref. 2017) | 2,000 | 2,263 | 2.01 | |||||||||
Arlington County, G.O. Ref. Bonds, 5.00% 2018 (preref. 2016) | 1,765 | 1,964 | ||||||||||
Arlington County, G.O. Ref. Bonds, 5.00% 2018 (preref. 2016) | 2,660 | 2,960 |
The American Funds Tax-Exempt Series I | 17 |
|
The Tax-Exempt Fund of Virginia
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
City & county issuers (continued) | ||||||||||||
Industrial Dev. Auth. of Arlington County, Hospital Rev. Ref. Bonds (Virginia Hospital Center Arlington Health System), Series 2010, 4.25% 2024 | $ | 415 | $ | 430 | ||||||||
Industrial Dev. Auth. of Arlington County, Hospital Rev. Ref. Bonds (Virginia Hospital Center Arlington Health System), Series 2010, 5.00% 2031 | 6,355 | 6,667 | 1.60 | % | ||||||||
Econ. Dev. Auth. of County of Chesterfield, Rev. Bonds (Bon Secours Health System, Inc.), Series 2008-C, Assured Guaranty insured, 5.00% 2042 | 2,500 | 2,583 | ||||||||||
Industrial Dev. Auth. of County of Hanover, Hospital Rev. Bonds (Memorial Regional Medical Center Project at Hanover Medical Park), Series 1995, National insured, 6.375% 2018 | 1,025 | 1,125 | 1.31 | |||||||||
Econ. Dev. Auth. of Henrico County, Rev. Bonds (Bon Secours Health System, Inc.), Series 2008-B-2, Assured Guaranty insured, 5.25% 2042 | 2,000 | 2,097 | ||||||||||
City of Fairfax Econ. Dev. Auth., Public Fac. Lease Rev. Bonds (City of Fairfax Public Improvement Projects), Series 2005, 5.00% 2024 (preref. 2015) | 3,000 | 3,138 | .71 | |||||||||
Fairfax County Econ. Dev. Auth., Fairfax County Facs. Rev. Bonds (School Board Central Administration Building Project Phase I), Series 2005-A, 5.00% 2028 | 2,615 | 2,726 | .62 | |||||||||
Fairfax County Econ. Dev. Auth., Lease Rev. Bonds (Joint Public Uses Complex Project), Series 2006, 5.00% 2024 | 3,795 | 4,114 | .93 | |||||||||
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), Series 2006-A, 4.75% 2026 | 2,000 | 2,038 | ||||||||||
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), Series 2006-A, 4.875% 2036 | 2,500 | 2,517 | 1.03 | |||||||||
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), Series 2011, 5.00% 2024 | 1,500 | 1,670 | ||||||||||
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), Series 2011, 5.00% 2036 | 1,250 | 1,308 | 1.15 | |||||||||
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), Series 2012, 5.00% 2037 | 2,000 | 2,110 | ||||||||||
Fairfax County Industrial Dev. Auth., Health Care Rev. Bonds | ||||||||||||
(Inova Health System Project), Series 2012-A, 5.00% 2035 | 1,000 | 1,057 | ||||||||||
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), Series 2009-A, 5.25% 2026 | 1,000 | 1,089 | ||||||||||
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), Series 2009-A, 5.50% 2035 | 3,000 | 3,226 | ||||||||||
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), Series 2009-C, 5.00% 2025 | 1,500 | 1,635 | 2.49 | |||||||||
Fairfax County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Inova Health System Hospitals Project), Series 1993-A, 5.25% 2019 | 2,500 | 2,869 | ||||||||||
Fairfax County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Inova Health System Hospitals Project), Series 1993-A, Assured Guaranty Municipal insured, 5.25% 2019 | 1,000 | 1,152 |
18 | The American Funds Tax-Exempt Series I |
|
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Fairfax County Redev. and Housing Auth., Multi-family Housing Rev. Bonds (Cedar Ridge Project), Series 2007, AMT, 4.75% 2038 | $ | 3,775 | $ | 3,769 | .85 | % | ||||||
Fairfax County Sewer Rev. Bonds, Series 2012, 5.00% 2021 | 2,055 | 2,481 | ||||||||||
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 1997, 5.00% 2021 | 1,000 | 1,184 | ||||||||||
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2005-B, 5.25% 2019 | 1,000 | 1,204 | ||||||||||
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2005-B, 5.25% 2026 | 1,500 | 1,868 | 2.04 | |||||||||
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2007, 5.00% 2017 | 1,000 | 1,140 | ||||||||||
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2012, 5.00% 2028 | 1,000 | 1,147 | ||||||||||
Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2012-A, 5.00% 2020 | 515 | 614 | ||||||||||
Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2012-A, 5.00% 2039 | 4,000 | 4,273 | ||||||||||
Hampton Roads Sanitation Dist., Wastewater Rev. Ref. Bonds, Series 2008, 5.00% 2025 | 1,000 | 1,128 | 1.85 | |||||||||
Hampton Roads Sanitation Dist., Wastewater Rev. Ref. Bonds, Series 2008, 5.00% 2033 | 2,000 | 2,159 | ||||||||||
Industrial Dev. Auth. of the City of Harrisonburg, Hospital Facs. Rev. Bonds (Rockingham Memorial Hospital), Series 2006, AMBAC insured, 4.00% 2018 | 1,170 | 1,248 | ||||||||||
Econ. Dev. Auth. of the City of Norfolk, Health Care Facs. Rev. Ref. Bonds (Sentara Healthcare), Series 2012-B, 5.00% 2043 | 1,500 | 1,553 | 2.39 | |||||||||
Small Business Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Sentara Healthcare), Series 2010, 5.00% 2040 | 7,500 | 7,766 | ||||||||||
Henrico County, Water and Sewer System Rev. Bonds, Series 2006-A, 5.00% 2025 (preref. 2016) | 2,945 | 3,245 | .73 | |||||||||
Industrial Dev. Auth. of the Town of Louisa, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2000-A, AMT, 2.50% 2030 (put 2014) | 3,000 | 3,010 | ||||||||||
Industrial Dev. Auth. of Wise County, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 2.375% 2040 (put 2015) | 3,000 | 3,070 | 2.15 | |||||||||
Econ. Dev. Auth. of York County, Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2009-A, 4.05% 2033 (put 2014) | 3,400 | 3,427 | ||||||||||
Econ. Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), Series 2011-A, 5.00% 2027 | 2,000 | 2,245 | ||||||||||
Econ. Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), Series 2011-A, 5.00% 2030 | 2,000 | 2,201 | 1.00 | |||||||||
Mosaic Dist. Community Dev. Auth. (Fairfax County), Rev. Bonds, Series 2011-A, 6.875% 2036 | 3,000 | 3,339 | .75 | |||||||||
City of Norfolk, Water Rev. Bonds, Series 2008, 5.00% 2027 | 2,120 | 2,396 | .54 | |||||||||
Industrial Dev. Auth. of the County of Prince William, Student Housing Rev. Bonds (George Mason University Foundation Prince William Housing LLC Project), Series 2011-A, 5.125% 2041 | 3,400 | 3,541 | .80 |
The American Funds Tax-Exempt Series I | 19 |
|
The Tax-Exempt Fund of Virginia
Bonds, notes & other debt instruments (continued) |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
City & county issuers (continued) | ||||||||||||
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2007-A, Assured Guaranty Municipal insured, 4.50% 2022 | $ | 500 | $ | 545 | ||||||||
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2009-A, 5.00% 2027 | 1,000 | 1,131 | ||||||||||
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2009-A, 5.00% 2035 | 1,800 | 1,913 | 1.07 | % | ||||||||
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2013-A, 5.00% 2027 | 1,000 | 1,147 | ||||||||||
Southeastern Public Service Auth., Rev. Ref. Bonds, AMBAC insured, 5.00% 2015 (escrowed to maturity) | 3,065 | 3,190 | ||||||||||
Southeastern Public Service Auth., Rev. Ref. Bonds, AMBAC insured, 5.00% 2015 (escrowed to maturity) | 1,760 | 1,833 | 1.13 | |||||||||
City of Virginia Beach Dev. Auth., Hospital Rev. Ref. Bonds (Virginia Beach General Hospital Project), Series 1993, AMBAC insured, 5.125% 2018 | 2,200 | 2,401 | .54 | |||||||||
Industrial Dev. Auth. of Washington County, Hospital Rev. Ref. Bonds (Mountain States Health Alliance), Series 2009-C, 7.75% 2038 | 2,000 | 2,289 | .52 | |||||||||
Other securities | 91,590 | 20.68 | ||||||||||
219,924 | 49.67 | |||||||||||
District of Columbia 6.50% | ||||||||||||
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Capital Appreciation Bonds, Series 2010-A, 0% 2037 | 4,000 | 903 | ||||||||||
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital Appreciation Bonds, Series 2010-B, 0%/6.50% 2044 1 | 2,000 | 1,617 | ||||||||||
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Current Interest Bonds, Series 2009-A, 5.00% 2039 | 4,000 | 4,106 | 2.19 | |||||||||
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Current Interest Bonds, Series 2009-A, 5.25% 2044 | 3,000 | 3,085 | ||||||||||
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2025 | 2,000 | 2,285 | .52 |
20 | The American Funds Tax-Exempt Series I |
|
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2007-B, AMT, AMBAC insured, 5.00% 2020 | $ | 1,000 | $ | 1,120 | ||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.375% 2028 | 1,825 | 1,957 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2010-A, 5.00% 2039 | 1,800 | 1,895 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2004-D, AMT, National insured, 5.00% 2019 | 1,000 | 1,025 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2005-A, AMT, National insured, 5.25% 2017 | 1,000 | 1,072 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2006-A, AMT, Assured Guaranty Municipal insured, 5.00% 2032 | 1,000 | 1,018 | 3.54 | % | ||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2006-C, FGIC-National insured, 5.00% 2023 | 1,965 | 2,176 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2025 | 1,000 | 1,085 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2026 | 3,000 | 3,262 | ||||||||||
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2031 | 1,000 | 1,056 | ||||||||||
Other securities | 1,119 | .25 | ||||||||||
28,781 | 6.50 | |||||||||||
Puerto Rico 4.36% | ||||||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 2,950 | 2,802 | .63 | |||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 | 500 | 377 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 | 1,000 | 700 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2042 | 2,465 | 1,740 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.00% 2046 | 500 | 380 | 1.22 | |||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.25% 2040 | 950 | 756 | ||||||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 | 1,900 | 1,471 | ||||||||||
Other securities | 11,092 | 2.51 | ||||||||||
19,318 | 4.36 | |||||||||||
Other U.S. territories 3.43% | ||||||||||||
Other securities | 15,212 | 3.43 | ||||||||||
Total bonds, notes & other debt instruments (cost: $400,272,000) | 409,824 | 92.55 |
The American Funds Tax-Exempt Series I | 21 |
|
The Tax-Exempt Fund of Virginia
Short-term securities 6.32% |
Principal amount
(000) |
Value
(000) |
Percent of
net assets |
|||||||||
Industrial Dev. Auth. of Loudoun County, Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Issue), Series 2003-A, 0.03% 2038 2 | $ | 5,000 | $ | 5,000 | 1.13 | % | ||||||
Industrial Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), Series 2005-A, Bank of America LOC, 0.05% 2035 2 | 1,100 | 1,100 | .25 | |||||||||
College Building Auth., Educational Facs. Rev. Bonds (University of Richmond Project), Series 2006, 0.05% 2036 2 | 7,200 | 7,200 | 1.63 | |||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2006-B, 0.05% 2026 2 | 3,035 | 3,035 | ||||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2006-C, 0.05% 2026 2 | 9,805 | 9,805 | 2.90 | |||||||||
Other securities | 1,840 | .41 | ||||||||||
Total short-term securities (cost: $27,980,000) | 27,980 | 6.32 | ||||||||||
Total investment securities (cost: $428,252,000) | 437,804 | 98.87 | ||||||||||
Other assets less liabilities | 5,003 | 1.13 | ||||||||||
Net assets | $ | 442,807 | 100.00 | % |
This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.
“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.
1 | Step bond; coupon rate will increase at a later date. |
2 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
Key to abbreviations
AMT = Alternative Minimum Tax
Auth. = Authority
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fncg. = Financing
G.O. = General Obligation
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
See Notes to Financial Statements
22 | The American Funds Tax-Exempt Series I |
|
The Tax-Exempt Fund of Virginia
Financial statements
Statement of assets and liabilities | unaudited |
at January 31, 2014 | (dollars in thousands) |
Assets: | ||||||||
Investment securities, at value (cost: $428,252) | $ | 437,804 | ||||||
Cash | 25 | |||||||
Receivables for: | ||||||||
Sales of investments | $ | 1,065 | ||||||
Sales of fund’s shares | 376 | |||||||
Interest | 5,063 | 6,504 | ||||||
444,333 | ||||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Repurchases of fund’s shares | 1,020 | |||||||
Dividends on fund’s shares | 124 | |||||||
Investment advisory services | 71 | |||||||
Business management services | 55 | |||||||
Services provided by related parties | 164 | |||||||
Trustees’ deferred compensation | 92 | |||||||
Other | — | * | 1,526 | |||||
Net assets at January 31, 2014 | $ | 442,807 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 434,453 | ||||||
Undistributed net investment income | 269 | |||||||
Accumulated net realized loss | (1,467 | ) | ||||||
Net unrealized appreciation | 9,552 | |||||||
Net assets at January 31, 2014 | $ | 442,807 |
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (26,729 total shares outstanding)
Net assets |
Shares
outstanding |
Net asset
value per share |
||||||||||
Class A | $ | 347,886 | 20,999 | $ | 16.57 | |||||||
Class B | 1,468 | 89 | 16.57 | |||||||||
Class C | 34,064 | 2,056 | 16.57 | |||||||||
Class F-1 | 28,057 | 1,694 | 16.57 | |||||||||
Class F-2 | 31,332 | 1,891 | 16.57 |
*Amount less than one thousand.
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 23 |
|
The Tax-Exempt Fund of Virginia
Statement of operations | unaudited |
for the six months ended January 31, 2014 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 8,815 | ||||||
Fees and expenses*: | ||||||||
Investment advisory services | $ | 435 | ||||||
Business management services | 340 | |||||||
Distribution services | 678 | |||||||
Transfer agent services | 97 | |||||||
Administrative services | 43 | |||||||
Reports to shareholders | 28 | |||||||
Registration statement and prospectus | 8 | |||||||
Trustees’ compensation | 41 | |||||||
Auditing and legal | 9 | |||||||
Custodian | 1 | |||||||
Federal and state income taxes | 2 | |||||||
Other | 2 | 1,684 | ||||||
Net investment income | 7,131 | |||||||
Net realized loss and unrealized appreciation on investments: | ||||||||
Net realized loss on investments | (946 | ) | ||||||
Net unrealized appreciation on investments | 3,162 | |||||||
Net realized loss and unrealized appreciation on investments | 2,216 | |||||||
Net increase in net assets resulting from operations | $ | 9,347 |
* | Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements. |
See Notes to Financial Statements
24 | The American Funds Tax-Exempt Series I |
|
Statements of changes in net assets
(dollars in thousands)
Six months ended
January 31, 2014* |
Year ended
July 31, 2013 |
|||||||
Operations: | ||||||||
Net investment income | $ | 7,131 | $ | 15,194 | ||||
Net realized loss on investments | (946 | ) | (251 | ) | ||||
Net unrealized appreciation (depreciation) on investments | 3,162 | (29,032 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 9,347 | (14,089 | ) | |||||
Dividends paid or accrued to shareholders from net investment income | (7,117 | ) | (15,177 | ) | ||||
Net capital share transactions | (41,401 | ) | 7,315 | |||||
Total decrease in net assets | (39,171 | ) | (21,951 | ) | ||||
Net assets: | ||||||||
Beginning of period | 481,978 | 503,929 | ||||||
End of period (including undistributed net investment income: $269 and $255, respectively) | $ | 442,807 | $ | 481,978 |
*Unaudited.
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 25 |
|
Notes to financial statements | unaudited |
1. Organization
The American Funds Tax-Exempt Series I (the “trust”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company and has issued two series of shares, The Tax-Exempt Fund of Maryland (the “Maryland fund”) and The Tax-Exempt Fund of Virginia (the “Virginia fund,” and, together with the Maryland fund, the “funds”). Each fund seeks a high level of current income exempt from regular federal and its respective state income taxes. Additionally, each fund seeks to preserve capital.
Each fund has five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2). Some share classes are available only to limited categories of investors. The funds’ share classes are further described:
Share class | Initial sales charge |
Contingent deferred sales
charge upon redemption |
Conversion feature | |||
Class A | Up to 3.75% | None (except 1% for certain redemptions within one year of purchase without an initial sales charge) | None | |||
Class B* | None | Declines from 5% to 0% for redemptions within six years of purchase | Class B converts to Class A after eight years | |||
Class C | None | 1% for redemptions within one year of purchase | Class C converts to Class F-1 after 10 years | |||
Classes F-1 and F-2 | None | None | None |
* Class B shares of the funds are not available for purchase.
Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, 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 share class of each fund.
2. Significant accounting policies
Each fund’s 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 funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
26 | The American Funds Tax-Exempt Series I |
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Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes 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 to shareholders are declared daily after the determination of the funds’ net investment income and are paid to shareholders monthly. Distributions to shareholders are recorded on the ex-dividend date.
3. Valuation
Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressed securities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts.
The American Funds Tax-Exempt Series I | 27 |
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When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the trust’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The trust’s board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The trust’s board and audit committee also regularly review reports that describe fair value determinations and methods.
28 | The American Funds Tax-Exempt Series I |
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The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications — The funds’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At January 31, 2014, all of the investment securities held by each fund were classified as Level 2.
4. Risk factors
Investing in each fund may involve certain risks including, but not limited to, those described below.
Risks of investing in municipal bonds issued in the state of Maryland or Virginia — Because the funds invest primarily in securities of issuers in the state of Maryland or Virginia, the funds are more susceptible to factors adversely affecting issuers of the respective state’s securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. Both states are affected by changes in levels of federal funding and financial support of certain industries, as well as by federal spending cutbacks due to the large number of residents who are employed by the federal government. In addition, each state is dependent on certain economic sectors. Maryland’s economy is largely dependent on the government sector, manufacturing, the service trade, and financial, real estate and insurance entities. Virginia’s economy is largely dependent on the government sector, manufacturing, the service trade and financial services. To the extent there are changes to any of these sectors, the funds may be adversely impacted.
Market conditions — The prices of, and the income generated by, the securities held by the funds may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the funds.
The American Funds Tax-Exempt Series I | 29 |
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Investing in bonds — Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate the risks of an issuer defaulting on its obligations.
Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the funds could cause the values of these securities to decline.
Investing in lower rated bonds — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in similar municipal bonds — Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make the funds more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the funds’ share prices may increase.
Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
30 | The American Funds Tax-Exempt Series I |
|
5. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Generally, income earned by each fund is exempt from federal income taxes; however, each fund may earn taxable income from certain investments.
As of and during the period ended January 31, 2014, neither fund had a liability for any unrecognized tax benefits. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, neither fund incurred any interest or penalties.
The funds are not subject to examination by U.S. federal tax authorities or state tax authorities for tax years before 2009.
Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; net capital losses; and amortization of 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 funds for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of each fund’s most recent year-end. As of July 31, 2013, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Maryland fund | ||||||||
Undistributed tax-exempt income | $ | 134 | ||||||
Capital loss carryforward*: | ||||||||
Expiring 2018 | $ | (2,271 | ) | |||||
Expiring 2019 | (73 | ) | (2,344 | ) | ||||
Post-October capital loss deferral † | (1,190 | ) |
* | The capital loss carryforward 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 a capital loss carryforward remains. |
† | This deferral is considered incurred in the subsequent year. |
Virginia fund | ||||
Undistributed tax-exempt income | $ | 135 | ||
Post-October capital loss deferral* | (485 | ) |
* | This deferral is considered incurred in the subsequent year. |
The American Funds Tax-Exempt Series I | 31 |
|
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2011, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of January 31, 2014, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
Maryland fund | ||||
Gross unrealized appreciation on investment securities | $ | 11,696 | ||
Gross unrealized depreciation on investment securities | (5,761 | ) | ||
Net unrealized appreciation on investment securities | 5,935 | |||
Cost of investment securities | 306,875 |
Virginia fund | ||||
Gross unrealized appreciation on investment securities | $ | 18,943 | ||
Gross unrealized depreciation on investment securities | (9,279 | ) | ||
Net unrealized appreciation on investment securities | 9,664 | |||
Cost of investment securities | 428,140 |
Tax-exempt income distributions paid or accrued to shareholders of each fund were as follows (dollars in thousands):
Maryland fund | ||||||||
Share class |
Six months ended
January 31, 2014 |
Year ended
July 31, 2013 |
||||||
Class A | $ | 4,175 | $ | 9,319 | ||||
Class B | 15 | 43 | ||||||
Class C | 437 | 971 | ||||||
Class F-1 | 259 | 554 | ||||||
Class F-2 | 269 | 606 | ||||||
Total | $ | 5,155 | $ | 11,493 |
Virginia fund | ||||||||
Share class |
Six months ended
January 31, 2014 |
Year ended
July 31, 2013 |
||||||
Class A | $ | 5,684 | $ | 12,159 | ||||
Class B | 19 | 55 | ||||||
Class C | 425 | 950 | ||||||
Class F-1 | 503 | 1,099 | ||||||
Class F-2 | 486 | 914 | ||||||
Total | $ | 7,117 | $ | 15,177 |
32 | The American Funds Tax-Exempt Series I |
|
6. Fees and transactions with related parties
CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors, ® Inc. (“AFD”), the principal underwriter of the funds’ shares, American Funds Service Company ® (“AFS”), the funds’ transfer agent, and Washington Management Corporation (“WMC”), the fund’s business manager. CRMC, AFD, AFS and WMC are considered related parties to the funds.
Investment advisory services — Each fund has an investment advisory agreement with CRMC that provides for monthly fees accrued daily. These fees are based on an annual rate of 0.165% on the first $60 million of each fund’s daily net assets and 0.120% on such assets in excess of $60 million. The agreement also provides for monthly fees, accrued daily, of 1.65% of each fund’s monthly income (excluding any net capital gains from transactions in portfolio securities). For the six months ended January 31, 2014, the investment advisory services fee was $318,000 and $435,000, which was equivalent to an annualized rate of 0.193% and 0.189% of average daily net assets for the Maryland and Virginia funds, respectively.
Business management services — Each fund has a business management agreement with WMC. Under this agreement, WMC provides services necessary to carry on the funds’ general administrative and corporate affairs. These services encompass matters relating to general corporate governance, regulatory compliance and monitoring of the funds’ contractual service providers, including custodian operations, shareholder services and fund share distribution functions. The agreement provides for monthly fees, accrued daily, based on an annual rate of 0.135% on the first $60 million of each fund’s daily net assets and 0.09% on such assets in excess of $60 million. The agreement also provides for monthly fees of 1.35% of each fund’s gross investment income (excluding any net capital gains from transactions in portfolio securities). For the six months ended January 31, 2014, the business management services fee was $250,000 and $340,000, which was equivalent to an annualized rate of 0.151% and 0.148% of average daily net assets for the Maryland and Virginia funds, respectively.
Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class of each fund. The principal class-specific fees and expenses are described below:
Distribution services — Each fund has plans of distribution for all share classes, except Class F-2 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, with plan limits of 0.25% for Class A shares and 1.00% for Class B and C shares. For Class F-1 shares, each fund’s plan limit is 0.50% of which 0.25% is currently the approved limit. All share classes with a plan may use up to 0.25% of each fund’s average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have |
The American Funds Tax-Exempt Series I | 33 |
|
entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class of each fund reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.25% is not exceeded. As of January 31, 2014, unreimbursed expenses subject to reimbursement totaled $79,000 for the Maryland fund and $205,000 for the Virginia fund.
Transfer agent services — Each fund has a shareholder services agreement with AFS under which each fund compensates AFS for providing transfer agent services to each of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of its respective fund shareholders.
Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to Class A, C and F shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, Class A shares of each fund pay an annual fee of 0.01% and Class C and F shares of each fund pay an annual fee of 0.05% of their respective average daily net assets.
For the six months ended January 31, 2014, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):
Maryland fund | |||||||||||||
Share class |
Distribution
services |
Transfer agent
services |
Administrative
services |
||||||||||
Class A | $325 | $43 | $13 | ||||||||||
Class B | 6 | — | * | Not applicable | |||||||||
Class C | 181 | 6 | 9 | ||||||||||
Class F-1 | 21 | 9 | 4 | ||||||||||
Class F-2 | Not applicable | 10 | 4 | ||||||||||
Total class-specific expenses | $533 | $ 68 | $ 30 |
*Amount less than one thousand.
34 | The American Funds Tax-Exempt Series I |
|
Virginia fund | |||||||||||||
Share class |
Distribution
services |
Transfer agent
services |
Administrative
services |
||||||||||
Class A | $450 | $56 | $18 | ||||||||||
Class B | 8 | — | * | Not applicable | |||||||||
Class C | 179 | 6 | 9 | ||||||||||
Class F-1 | 41 | 18 | 8 | ||||||||||
Class F-2 | Not applicable | 17 | 8 | ||||||||||
Total class-specific expenses | $678 | $97 | $43 |
*Amount less than one thousand.
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in shares of the funds or other American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation of $41,000 each for the Maryland fund and the Virginia fund, shown on the accompanying financial statements, includes $35,000 in current fees for each fund (either paid in cash or deferred) and a net increase of $6,000 for each fund in the value of the deferred amounts.
Affiliated officers and trustees — Officers and certain trustees of the trust are or may be considered to be affiliated with CRMC, AFD, AFS and WMC. No affiliated officers or trustees received any compensation directly from the funds.
The American Funds Tax-Exempt Series I | 35 |
|
7. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
* | Includes exchanges between share classes of the fund. |
† | Amount less than one thousand. |
36 | The American Funds Tax-Exempt Series I |
|
* | Includes exchanges between share classes of the fund. |
8. Investment transactions
The Maryland fund and Virginia fund made purchases of investment securities of $19,857,000 and $21,395,000 and sales of investment securities of $38,939,000 and $41,495,000, respectively, during the six months ended January 31, 2014. Short-term securities and U.S. government obligations, if any, were excluded.
The American Funds Tax-Exempt Series I | 37 |
|
The Tax-Exempt Fund of Maryland
Financial highlights
Income (loss) from investment operations 1 | ||||||||||||||||||
Net
asset
value, beginning of period |
Net
investment income |
Net gains (losses)
on securities (both realized and unrealized) |
Total
from
investment operations |
|||||||||||||||
Class A: | Six months ended 1/31/2014 4,5 | $ | 15.73 | $ | .25 | $ | .04 | $ | .29 | |||||||||
Year ended 7/31/2013 | 16.51 | .51 | (.78 | ) | (.27 | ) | ||||||||||||
Year ended 7/31/2012 | 15.58 | .53 | .93 | 1.46 | ||||||||||||||
Year ended 7/31/2011 | 15.74 | .55 | (.16 | ) | .39 | |||||||||||||
Year ended 7/31/2010 | 14.95 | .55 | .79 | 1.34 | ||||||||||||||
Year ended 7/31/2009 | 15.16 | .58 | (.21 | ) | .37 | |||||||||||||
Class B: | Six months ended 1/31/2014 4,5 | 15.73 | .19 | .04 | .23 | |||||||||||||
Year ended 7/31/2013 | 16.51 | .39 | (.78 | ) | (.39 | ) | ||||||||||||
Year ended 7/31/2012 | 15.58 | .41 | .93 | 1.34 | ||||||||||||||
Year ended 7/31/2011 | 15.74 | .43 | (.16 | ) | .27 | |||||||||||||
Year ended 7/31/2010 | 14.95 | .43 | .79 | 1.22 | ||||||||||||||
Year ended 7/31/2009 | 15.16 | .47 | (.21 | ) | .26 | |||||||||||||
Class C: | Six months ended 1/31/2014 4,5 | 15.73 | .19 | .04 | .23 | |||||||||||||
Year ended 7/31/2013 | 16.51 | .38 | (.78 | ) | (.40 | ) | ||||||||||||
Year ended 7/31/2012 | 15.58 | .40 | .93 | 1.33 | ||||||||||||||
Year ended 7/31/2011 | 15.74 | .42 | (.16 | ) | .26 | |||||||||||||
Year ended 7/31/2010 | 14.95 | .43 | .79 | 1.22 | ||||||||||||||
Year ended 7/31/2009 | 15.16 | .46 | (.21 | ) | .25 | |||||||||||||
Class F-1: | Six months ended 1/31/2014 4,5 | 15.73 | .24 | .04 | .28 | |||||||||||||
Year ended 7/31/2013 | 16.51 | .48 | (.78 | ) | (.30 | ) | ||||||||||||
Year ended 7/31/2012 | 15.58 | .51 | .93 | 1.44 | ||||||||||||||
Year ended 7/31/2011 | 15.74 | .53 | (.16 | ) | .37 | |||||||||||||
Year ended 7/31/2010 | 14.95 | .53 | .79 | 1.32 | ||||||||||||||
Year ended 7/31/2009 | 15.16 | .56 | (.21 | ) | .35 | |||||||||||||
Class F-2: | Six months ended 1/31/2014 4,5 | 15.73 | .26 | .04 | .30 | |||||||||||||
Year ended 7/31/2013 | 16.51 | .53 | (.78 | ) | (.25 | ) | ||||||||||||
Year ended 7/31/2012 | 15.58 | .56 | .93 | 1.49 | ||||||||||||||
Year ended 7/31/2011 | 15.74 | .58 | (.16 | ) | .42 | |||||||||||||
Year ended 7/31/2010 | 14.95 | .58 | .79 | 1.37 | ||||||||||||||
Year ended 7/31/2009 | 15.16 | .60 | (.21 | ) | .39 |
Six months ended | Year ended July 31 | |||||||||||||||||||
January 31, 2014 4,5 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Portfolio turnover rate for all share classes | 7 | % | 13 | % | 7 | % | 9 | % | 7 | % |
38 | The American Funds Tax-Exempt Series I |
|
Dividends
(from net investment income) |
Net
asset
value, end of period |
Total
return 2,3 |
Net
assets,
end of period (in millions) |
Ratio
of
expenses to average net assets before waivers |
Ratio
of
expenses to average net assets after waivers 3 |
Ratio
of
net income to average net assets 3 |
||||||||||||||||||||
$ | (.25 | ) | $ | 15.77 | 1.89 | % | $ | 248 | .70 | % 6 | .70 | % 6 | 3.20 | % 6 | ||||||||||||
(.51 | ) | 15.73 | (1.73 | ) | 274 | .67 | .67 | 3.10 | ||||||||||||||||||
(.53 | ) | 16.51 | 9.51 | 304 | .67 | .67 | 3.30 | |||||||||||||||||||
(.55 | ) | 15.58 | 2.54 | 271 | .67 | .67 | 3.55 | |||||||||||||||||||
(.55 | ) | 15.74 | 9.07 | 313 | .67 | .67 | 3.56 | |||||||||||||||||||
(.58 | ) | 14.95 | 2.62 | 281 | .70 | .68 | 4.00 | |||||||||||||||||||
(.19 | ) | 15.77 | 1.51 | 1 | 1.44 | 6 | 1.44 | 6 | 2.47 | 6 | ||||||||||||||||
(.39 | ) | 15.73 | (2.45 | ) | 2 | 1.41 | 1.41 | 2.36 | ||||||||||||||||||
(.41 | ) | 16.51 | 8.71 | 2 | 1.40 | 1.40 | 2.59 | |||||||||||||||||||
(.43 | ) | 15.58 | 1.79 | 4 | 1.42 | 1.42 | 2.80 | |||||||||||||||||||
(.43 | ) | 15.74 | 8.27 | 7 | 1.42 | 1.42 | 2.82 | |||||||||||||||||||
(.47 | ) | 14.95 | 1.87 | 10 | 1.45 | 1.43 | 3.26 | |||||||||||||||||||
(.19 | ) | 15.77 | 1.48 | 34 | 1.49 | 6 | 1.49 | 6 | 2.41 | 6 | ||||||||||||||||
(.38 | ) | 15.73 | (2.50 | ) | 39 | 1.46 | 1.46 | 2.31 | ||||||||||||||||||
(.40 | ) | 16.51 | 8.64 | 41 | 1.46 | 1.46 | 2.51 | |||||||||||||||||||
(.42 | ) | 15.58 | 1.74 | 37 | 1.47 | 1.47 | 2.75 | |||||||||||||||||||
(.43 | ) | 15.74 | 8.23 | 42 | 1.47 | 1.47 | 2.76 | |||||||||||||||||||
(.46 | ) | 14.95 | 1.83 | 32 | 1.49 | 1.47 | 3.20 | |||||||||||||||||||
(.24 | ) | 15.77 | 1.83 | 16 | .82 | 6 | .82 | 6 | 3.09 | 6 | ||||||||||||||||
(.48 | ) | 15.73 | (1.88 | ) | 17 | .82 | .82 | 2.96 | ||||||||||||||||||
(.51 | ) | 16.51 | 9.40 | 20 | .76 | .76 | 3.20 | |||||||||||||||||||
(.53 | ) | 15.58 | 2.43 | 16 | .77 | .77 | 3.44 | |||||||||||||||||||
(.53 | ) | 15.74 | 8.97 | 21 | .76 | .76 | 3.47 | |||||||||||||||||||
(.56 | ) | 14.95 | 2.52 | 21 | .80 | .78 | 3.89 | |||||||||||||||||||
(.26 | ) | 15.77 | 1.95 | 15 | .58 | 6 | .58 | 6 | 3.33 | 6 | ||||||||||||||||
(.53 | ) | 15.73 | (1.59 | ) | 17 | .54 | .54 | 3.25 | ||||||||||||||||||
(.56 | ) | 16.51 | 9.70 | 16 | .49 | .49 | 3.47 | |||||||||||||||||||
(.58 | ) | 15.58 | 2.74 | 12 | .47 | .47 | 3.74 | |||||||||||||||||||
(.58 | ) | 15.74 | 9.27 | 13 | .48 | .48 | 3.74 | |||||||||||||||||||
(.60 | ) | 14.95 | 2.80 | 8 | .49 | .49 | 4.03 |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | This column reflects the impact, if any, of certain waivers from CRMC and WMC. During one of the periods shown, CRMC and WMC reduced fees for investment advisory services and business management services, respectively. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Unaudited. |
6 | Annualized. |
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 39 |
|
The Tax-Exempt Fund of Virginia
Financial highlights
Income (loss) from investment operations 1 | ||||||||||||||||||
Net
asset
value, beginning of period |
Net
investment income |
Net gains (losses)
on securities (both realized and unrealized) |
Total
from
investment operations |
|||||||||||||||
Class A: | Six months ended 1/31/2014 4,5 | $ | 16.47 | $ | .26 | $ | .10 | $ | .36 | |||||||||
Year ended 7/31/2013 | 17.44 | .52 | (.97 | ) | (.45 | ) | ||||||||||||
Year ended 7/31/2012 | 16.47 | .56 | .97 | 1.53 | ||||||||||||||
Year ended 7/31/2011 | 16.65 | .58 | (.18 | ) | .40 | |||||||||||||
Year ended 7/31/2010 | 15.90 | .58 | .75 | 1.33 | ||||||||||||||
Year ended 7/31/2009 | 15.90 | .59 | — | 7 | .59 | |||||||||||||
Class B: | Six months ended 1/31/2014 4,5 | 16.47 | .20 | .10 | .30 | |||||||||||||
Year ended 7/31/2013 | 17.44 | .39 | (.97 | ) | (.58 | ) | ||||||||||||
Year ended 7/31/2012 | 16.47 | .43 | .97 | 1.40 | ||||||||||||||
Year ended 7/31/2011 | 16.65 | .46 | (.18 | ) | .28 | |||||||||||||
Year ended 7/31/2010 | 15.90 | .46 | .75 | 1.21 | ||||||||||||||
Year ended 7/31/2009 | 15.90 | .48 | — | 7 | .48 | |||||||||||||
Class C: | Six months ended 1/31/2014 4,5 | 16.47 | .20 | .10 | .30 | |||||||||||||
Year ended 7/31/2013 | 17.44 | .38 | (.97 | ) | (.59 | ) | ||||||||||||
Year ended 7/31/2012 | 16.47 | .42 | .97 | 1.39 | ||||||||||||||
Year ended 7/31/2011 | 16.65 | .45 | (.18 | ) | .27 | |||||||||||||
Year ended 7/31/2010 | 15.90 | .46 | .75 | 1.21 | ||||||||||||||
Year ended 7/31/2009 | 15.90 | .47 | — | 7 | .47 | |||||||||||||
Class F-1: | Six months ended 1/31/2014 4,5 | 16.47 | .25 | .10 | .35 | |||||||||||||
Year ended 7/31/2013 | 17.44 | .49 | (.97 | ) | (.48 | ) | ||||||||||||
Year ended 7/31/2012 | 16.47 | .54 | .97 | 1.51 | ||||||||||||||
Year ended 7/31/2011 | 16.65 | .56 | (.18 | ) | .38 | |||||||||||||
Year ended 7/31/2010 | 15.90 | .57 | .75 | 1.32 | ||||||||||||||
Year ended 7/31/2009 | 15.90 | .58 | — | 7 | .58 | |||||||||||||
Class F-2: | Six months ended 1/31/2014 4,5 | 16.47 | .27 | .10 | .37 | |||||||||||||
Year ended 7/31/2013 | 17.44 | .54 | (.97 | ) | (.43 | ) | ||||||||||||
Year ended 7/31/2012 | 16.47 | .59 | .97 | 1.56 | ||||||||||||||
Year ended 7/31/2011 | 16.65 | .60 | (.18 | ) | .42 | |||||||||||||
Year ended 7/31/2010 | 15.90 | .61 | .75 | 1.36 | ||||||||||||||
Year ended 7/31/2009 | 15.90 | .62 | — | 7 | .62 |
Six months ended | Year ended July 31 | |||||||||||||||||||
January 31, 2014 4,5 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Portfolio turnover rate for all share classes | 5 | % | 15 | % | 9 | % | 10 | % | 12 | % |
40 | The American Funds Tax-Exempt Series I |
|
Dividends
(from net investment income) |
Net asset
value, end of period |
Total
return 2,3 |
Net assets,
end of period (in millions) |
Ratio of
expenses to average net assets before waivers |
Ratio of
expenses to average net assets after waivers 3 |
Ratio of
net income to average net assets 3 |
||||||||||||||||||||
$ | (.26 | ) | $ | 16.57 | 2.22 | % | $ | 348 | .67 | % 6 | .67 | % 6 | 3.16 | % 6 | ||||||||||||
(.52 | ) | 16.47 | (2.70 | ) | 376 | .65 | .65 | 2.99 | ||||||||||||||||||
(.56 | ) | 17.44 | 9.42 | 394 | .66 | .66 | 3.29 | |||||||||||||||||||
(.58 | ) | 16.47 | 2.47 | 343 | .65 | .65 | 3.53 | |||||||||||||||||||
(.58 | ) | 16.65 | 8.52 | 391 | .66 | .66 | 3.59 | |||||||||||||||||||
(.59 | ) | 15.90 | 3.88 | 347 | .68 | .66 | 3.81 | |||||||||||||||||||
(.20 | ) | 16.57 | 1.84 | 2 | 1.41 | 6 | 1.41 | 6 | 2.42 | 6 | ||||||||||||||||
(.39 | ) | 16.47 | (3.41 | ) | 2 | 1.39 | 1.39 | 2.26 | ||||||||||||||||||
(.43 | ) | 17.44 | 8.62 | 3 | 1.39 | 1.39 | 2.57 | |||||||||||||||||||
(.46 | ) | 16.47 | 1.71 | 4 | 1.41 | 1.41 | 2.77 | |||||||||||||||||||
(.46 | ) | 16.65 | 7.72 | 7 | 1.41 | 1.41 | 2.84 | |||||||||||||||||||
(.48 | ) | 15.90 | 3.12 | 9 | 1.43 | 1.41 | 3.08 | |||||||||||||||||||
(.20 | ) | 16.57 | 1.81 | 34 | 1.45 | 6 | 1.45 | 6 | 2.37 | 6 | ||||||||||||||||
(.38 | ) | 16.47 | (3.45 | ) | 38 | 1.44 | 1.44 | 2.21 | ||||||||||||||||||
(.42 | ) | 17.44 | 8.56 | 43 | 1.45 | 1.45 | 2.50 | |||||||||||||||||||
(.45 | ) | 16.47 | 1.66 | 38 | 1.45 | 1.45 | 2.74 | |||||||||||||||||||
(.46 | ) | 16.65 | 7.67 | 39 | 1.46 | 1.46 | 2.78 | |||||||||||||||||||
(.47 | ) | 15.90 | 3.07 | 31 | 1.47 | 1.46 | 3.00 | |||||||||||||||||||
(.25 | ) | 16.57 | 2.16 | 28 | .78 | 6 | .78 | 6 | 3.04 | 6 | ||||||||||||||||
(.49 | ) | 16.47 | (2.83 | ) | 37 | .79 | .79 | 2.86 | ||||||||||||||||||
(.54 | ) | 17.44 | 9.30 | 38 | .76 | .76 | 3.18 | |||||||||||||||||||
(.56 | ) | 16.47 | 2.36 | 28 | .76 | .76 | 3.42 | |||||||||||||||||||
(.57 | ) | 16.65 | 8.42 | 32 | .75 | .75 | 3.50 | |||||||||||||||||||
(.58 | ) | 15.90 | 3.80 | 29 | .76 | .74 | 3.72 | |||||||||||||||||||
(.27 | ) | 16.57 | 2.28 | 31 | .54 | 6 | .54 | 6 | 3.29 | 6 | ||||||||||||||||
(.54 | ) | 16.47 | (2.57 | ) | 29 | .52 | .52 | 3.12 | ||||||||||||||||||
(.59 | ) | 17.44 | 9.59 | 26 | .50 | .50 | 3.43 | |||||||||||||||||||
(.60 | ) | 16.47 | 2.64 | 17 | .49 | .49 | 3.69 | |||||||||||||||||||
(.61 | ) | 16.65 | 8.69 | 14 | .50 | .50 | 3.74 | |||||||||||||||||||
(.62 | ) | 15.90 | 4.05 | 11 | .51 | .51 | 3.86 |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | This column reflects the impact, if any, of certain waivers from CRMC and WMC. During one of the periods shown, CRMC and WMC reduced fees for investment advisory services and business management services, respectively. |
4 | Based on operations for the period shown and, accordingly, is not representative of a full year. |
5 | Unaudited. |
6 | Annualized. |
7 | Amount less than $.01. |
See Notes to Financial Statements
The American Funds Tax-Exempt Series I | 41 |
|
Expense example | unaudited |
As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (August 1, 2013, through January 31, 2014).
Actual expenses:
The first line of each share class of each fund in the tables on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class of each fund in the tables on the following 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 funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1 and F-2 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the tables on the following page 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.
42 | The American Funds Tax-Exempt Series I |
|
The Tax-Exempt Fund of Maryland |
Beginning
account value 8/1/2013 |
Ending
account value 1/31/2014 |
Expenses
paid during period* |
Annualized
expense ratio |
||||||||||||
Class A — actual return | $ | 1,000.00 | $ | 1,018.85 | $ | 3.56 | .70 | % | ||||||||
Class A — assumed 5% return | 1,000.00 | 1,021.68 | 3.57 | .70 | ||||||||||||
Class B — actual return | 1,000.00 | 1,015.08 | 7.31 | 1.44 | ||||||||||||
Class B — assumed 5% return | 1,000.00 | 1,017.95 | 7.32 | 1.44 | ||||||||||||
Class C — actual return | 1,000.00 | 1,014.80 | 7.57 | 1.49 | ||||||||||||
Class C — assumed 5% return | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class F-1 — actual return | 1,000.00 | 1,018.25 | 4.17 | .82 | ||||||||||||
Class F-1 — assumed 5% return | 1,000.00 | 1,021.07 | 4.18 | .82 | ||||||||||||
Class F-2 — actual return | 1,000.00 | 1,019.48 | 2.95 | .58 | ||||||||||||
Class F-2 — assumed 5% return | 1,000.00 | 1,022.28 | 2.96 | .58 |
The Tax-Exempt Fund of Virginia |
Beginning
account value 8/1/2013 |
Ending
account value 1/31/2014 |
Expenses
paid during period* |
Annualized
expense ratio |
||||||||||||
Class A — actual return | $ | 1,000.00 | $ | 1,022.17 | $ | 3.41 | .67 | % | ||||||||
Class A — assumed 5% return | 1,000.00 | 1,021.83 | 3.41 | .67 | ||||||||||||
Class B — actual return | 1,000.00 | 1,018.36 | 7.17 | 1.41 | ||||||||||||
Class B — assumed 5% return | 1,000.00 | 1,018.10 | 7.17 | 1.41 | ||||||||||||
Class C — actual return | 1,000.00 | 1,018.11 | 7.38 | 1.45 | ||||||||||||
Class C — assumed 5% return | 1,000.00 | 1,017.90 | 7.38 | 1.45 | ||||||||||||
Class F-1 — actual return | 1,000.00 | 1,021.56 | 3.97 | .78 | ||||||||||||
Class F-1 — assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class F-2 — actual return | 1,000.00 | 1,022.77 | 2.75 | .54 | ||||||||||||
Class F-2 — assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 |
* | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
The American Funds Tax-Exempt Series I | 43 |
|
Offices of the fund and of the investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618-4518
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Counsel
Dechert LLP
1900 K Street, NW
Washington, DC 20006-1110
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-5704
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
44 | The American Funds Tax-Exempt Series I |
|
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the funds’ prospectus and summary prospectus,which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Procedures and Principles” – which describes how we vote proxies relating to portfolio securities – is available on the American Funds website or upon request by calling AFS. The funds file their proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
Complete January 31, 2014, portfolios of The Tax-Exempt Fund of Maryland and The Tax-Exempt Fund of Virginia’s investments are available free of charge by calling AFS or visiting the SEC website (where it is part of Form N-CSR).
The Tax-Exempt Fund of Maryland and The Tax-Exempt Fund of Virginia file a complete list of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of shareholders of The Tax-Exempt Fund of Maryland and The Tax-Exempt Fund of Virginia, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2014, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
|
The American Funds Advantage
Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System SM — has resulted in a superior long-term track record.
Aligned with investor success | |
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our approach. 1 | |
The Capital System SM | |
Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. | |
Superior long-term track record | |
Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 56% of 10-year periods and 57% of 20-year periods. 2 Our fund management fees have been among the lowest in the industry. 3 |
1 | Portfolio manager experience as of December 31, 2013. | |
2 | Based on Class A share results for periods through December 31, 2013. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except SMALLCAP World Fund, for which the Lipper average was used). | |
3 | Based on management fees for the 20-year period ended December 31, 2013, versus comparable Lipper categories, excluding funds of funds. |
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
The Tax-Exempt Fund of Maryland ® Investment portfolio January 31, 2014 |
unaudited
Bonds, notes & other debt instruments 93.69% | ||
Maryland 83.39% | Principal amount | Value |
State issuers 45.60% | (000) | (000) |
Community Dev. Administration, Dept. of Housing and Community Dev., Housing Rev. Bonds, | ||
Series 2007-A, AMT, 4.85% 2037 | $1,300 | $1,305 |
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||
Series 2006-F, AMT, 6.00% 2039 | 585 | 604 |
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||
Series 2014-B, AMT, 3.25% 2044 | 2,350 | 2,437 |
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, | ||
Series I, AMT, 6.00% 2041 | 385 | 394 |
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, | ||
Series D, AMT, 4.65% 2022 | 1,000 | 1,027 |
Community Dev. Administration, Dept. of Housing and Community Dev., Single-family Housing Rev. Bonds, | ||
Series 2011-B, 4.00% 2027 | 1,325 | 1,404 |
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2024 | 1,000 | 1,046 |
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 | 3,265 | 3,298 |
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2012, 5.00% 2027 | 700 | 735 |
Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2012, 5.00% 2029 | 250 | 259 |
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), | ||
Series 2008, 5.80% 2038 | 3,000 | 3,106 |
Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), | ||
Series 2008, 5.875% 2043 | 950 | 979 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), | ||
Series 2006, Assured Guaranty insured, 5.00% 2021 | 1,000 | 1,054 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects), | ||
Series 2006, Assured Guaranty insured, 5.00% 2026 | 1,000 | 1,026 |
Econ. Dev. Corp., Utility Infrastructure Rev. Ref. Bonds (University of Maryland, College Park Project), | ||
Series 2011, 5.00% 2018 | 3,000 | 3,441 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project), Series 2003, 5.375% 2033 | 2,170 | 2,044 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2023 | 1,010 | 1,067 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project), Series 2013, 5.00% 2033 | 1,000 | 990 |
Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Morgan State University Project), Series 2012, 5.00% 2034 | 2,930 | 2,830 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2021 | 230 | 268 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2022 | 360 | 419 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2023 | 320 | 367 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2024 | 600 | 680 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2028 | 300 | 329 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2030 | 150 | 162 |
Morgan State University, Public Higher Education Institution of the State of Maryland, Academic Fees and | ||
Auxiliary Facs. Fees Rev. Ref. Bonds, Series 2012, 5.00% 2032 | 225 | 241 |
G.O. Bonds, State and Local Facs. Loan of 2008, Second Series, 5.00% 2021 | 2,000 | 2,298 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
State issuers (continued) | (000) | (000) |
G.O. Bonds, State and Local Facs. Loan of 2009, Second Series B, 5.00% 2020 | $3,000 | $3,540 |
G.O. Bonds, State and Local Facs. Loan of 2011, Second Series B, 5.00% 2023 | 3,000 | 3,503 |
G.O. Capital Improvement Bonds, State and Local Facs. Loan of 2003, First Series A, 5.25% 2016 | 1,500 | 1,654 |
G.O. Ref. Bonds, State and Local Facs. Loan of 2010, First Series B, 5.00% 2022 | 2,000 | 2,327 |
Health and Higher Educational Facs. Auth., Parking Rev. Bonds (Johns Hopkins Medical Institutions | ||
Parking Facs. Issue), Series 2001, AMBAC insured, 5.00% 2034 | 880 | 880 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Johns Hopkins Health System Obligated | ||
Group Issue), Series 2008-B, 5.00% 2048 (put 2015) | 1,000 | 1,062 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Johns Hopkins Health System Obligated | ||
Group Issue), Series 2012-D, 0.944% 2038 (put 2017) 1 | 1,000 | 1,007 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Carroll Hospital Center Issue), Series 2006, 4.50% 2026 | 1,000 | 1,017 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Carroll Hospital Center Issue), Series 2006, 5.00% 2036 | 1,500 | 1,522 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Carroll Hospital Center Issue), | ||
Series 2012-A, 5.00% 2037 | 1,500 | 1,531 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Johns Hopkins University Issue), | ||
Series 2008-A, 5.00% 2018 | 2,000 | 2,350 |
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 5.50% 2026 | 700 | 767 |
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 5.75% 2031 | 2,000 | 2,176 |
Health and Higher Educational Facs. Auth., Rev. Bonds (LifeBridge Health Issue), Series 2011, 6.00% 2025 | 425 | 484 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), | ||
Series 2008, Assured Guaranty insured, 4.75% 2038 | 1,000 | 1,002 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), | ||
Series 2008, Assured Guaranty insured, 5.00% 2020 | 2,710 | 2,937 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), | ||
Series 2008, Assured Guaranty insured, 5.00% 2028 | 1,000 | 1,028 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Mercy Medical Center Issue), | ||
Series 2007-A, 5.00% 2032 | 2,000 | 2,007 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Mercy Medical Center Issue), | ||
Series 2012, 5.00% 2031 | 1,000 | 1,012 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), | ||
Series 2006, 5.00% 2016 | 1,200 | 1,323 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), | ||
Series 2006, 5.00% 2021 | 1,000 | 1,058 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Peninsula Regional Medical Center Issue), | ||
Series 2006, 5.00% 2036 | 1,750 | 1,765 |
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), | ||
Series 2006-A, 5.00% 2036 | 1,000 | 1,008 |
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), | ||
Series 2010, 5.00% 2034 | 1,000 | 1,023 |
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), | ||
Series 2010, 5.25% 2024 | 1,240 | 1,345 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Washington County Hospital Issue), | ||
Series 2008, 5.75% 2033 | 1,595 | 1,622 |
Health and Higher Educational Facs. Auth., Rev. Bonds (Washington County Hospital Issue), | ||
Series 2008, 5.75% 2038 | 1,000 | 1,012 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Anne Arundel Health System Issue), | ||
Series 2012, 4.00% 2034 | 1,000 | 904 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Anne Arundel Health System Issue), | ||
Series 2012, 5.00% 2021 | 800 | 920 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Anne Arundel Health System Issue), | ||
Series 2012, 5.00% 2027 | 400 | 432 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Charlestown Community Issue), | ||
Series 2010, 6.125% 2030 | 1,750 | 1,882 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Edenwald Issue), Series 2006-A, 5.40% 2031 | 1,000 | 988 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
State issuers (continued) | (000) | (000) |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Edenwald Issue), Series 2006-A, 5.40% 2037 | $1,500 | $ 1,447 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Frederick Memorial Hospital Issue), | ||
Series 2012A, 4.00% 2038 | 1,000 | 847 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Frederick Memorial Hospital Issue), | ||
Series 2012A, 4.25% 2032 | 1,000 | 933 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Howard County General Hospital Issue), | ||
Series 1993, 5.50% 2021 (escrowed to maturity) | 1,000 | 1,060 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), | ||
Series 2004-A, 5.00% 2014 (escrowed to maturity) | 1,950 | 1,989 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), | ||
Series 2004-A, 5.25% 2018 (preref. 2014) | 1,000 | 1,021 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Maryland Institute College of Art Issue), | ||
Series 2012, 5.00% 2029 | 1,000 | 1,047 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Maryland Institute College of Art Issue), | ||
Series 2012, 5.00% 2047 | 1,000 | 1,009 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.50% 2033 | 1,000 | 1,021 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2014 | 1,845 | 1,899 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2015 | 1,000 | 1,031 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (MedStar Health Issue), Series 2004, 5.75% 2016 | 3,500 | 3,606 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Mercy Ridge Issue), Series 2007, 4.50% 2022 | 1,065 | 1,097 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Mercy Ridge Issue), Series 2007, 4.75% 2034 | 3,590 | 3,598 |
Dept. of Transportation, Consolidated Transportation Bonds, Series 2002, 5.50% 2017 | 2,000 | 2,296 |
Dept. of Transportation, Consolidated Transportation Bonds, Series 2003, 5.00% 2015 | 1,500 | 1,597 |
Dept. of Transportation, Consolidated Transportation Bonds, Series 2007, 4.00% 2018 | 1,630 | 1,785 |
Dept. of Transportation, Consolidated Transportation Bonds, Series 2008, 5.00% 2018 | 1,000 | 1,164 |
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood | ||
Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2021 | 2,000 | 2,298 |
Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood | ||
Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2023 | 3,720 | 4,217 |
Transportation Auth., Passenger Fac. Charge Rev. Bonds (Baltimore/Washington International Thurgood | ||
Marshall Airport), Series 2012-B, AMT, 4.00% 2019 | 1,000 | 1,104 |
Transportation Auth., Passenger Fac. Charge Rev. Bonds (Baltimore/Washington International Thurgood | ||
Marshall Airport), Series 2012-B, AMT, 4.00% 2020 | 1,515 | 1,648 |
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2007, 5.00% 2019 | 2,500 | 2,802 |
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.25% 2018 | 3,000 | 3,515 |
Transportation Auth., Grant and Rev. Anticipation Bonds, Series 2008, 5.25% 2020 | 1,000 | 1,179 |
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2007, Assured Guaranty Municipal | ||
insured, 5.00% 2021 | 3,000 | 3,392 |
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2008, 5.00% 2020 | 1,545 | 1,762 |
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2008, 5.00% 2023 | 3,140 | 3,560 |
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2009-A, 5.00% 2020 | 1,000 | 1,165 |
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2009-A, 5.00% 2021 | 1,000 | 1,159 |
Transportation Auth., Transportation Facs. Projects Rev. Ref. Bonds, Series 2012, 4.00% 2026 | 1,000 | 1,058 |
University System, Auxiliary Fac. and Tuition Rev. Ref. Bonds, Series 2005-A, 5.00% 2018 | 1,480 | 1,560 |
Water Quality Fncg. Administration, Revolving Loan Fund Rev. Bonds, Series 2008-A, 4.40% 2025 | 1,750 | 1,860 |
Water Quality Fncg. Administration, Revolving Loan Fund Rev. Bonds, Series 2008-A, 5.00% 2021 | 1,245 | 1,418 |
143,042 | ||
City & county issuers 37.79% | ||
City of Annapolis, Econ. Dev. Rev. Bonds (St. John’s College Fac.), Series 2007-B, 5.00% 2032 | 2,000 | 2,021 |
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 (preref. 2015) | 1,930 | 2,040 |
City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 (preref. 2015) | 1,357 | 1,403 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
City & county issuers (continued) | (000) | (000) |
Anne Arundel County, Consolidated Special Taxing Dist. Ref. Bonds (Villages of Dorchester and | ||
Farmington Village Projects), Series 2013, 5.00% 2022 | $ 500 | $ 572 |
Anne Arundel County, Consolidated Special Taxing Dist. Ref. Bonds (Villages of Dorchester and | ||
Farmington Village Projects), Series 2013, 5.00% 2023 | 225 | 257 |
Anne Arundel County, Consolidated Special Taxing Dist. Ref. Bonds (Villages of Dorchester and | ||
Farmington Village Projects), Series 2013, 5.00% 2032 | 1,000 | 1,064 |
Anne Arundel County, G.O. Bonds (Consolidated General Improvements), Ref. Series 2006, 5.00% 2017 | 1,590 | 1,741 |
Anne Arundel County, G.O. Bonds (Consolidated General Improvements), Series 2012, 5.00% 2021 | 1,000 | 1,203 |
Anne Arundel County, G.O. Bonds (Consolidated Golf Course Project), Series 2005, 5.00% 2018 | 1,165 | 1,237 |
Anne Arundel County, G.O. Bonds (Consolidated Golf Course Project), Series 2005, 5.00% 2021 | 1,350 | 1,432 |
Anne Arundel County, Special Obligation Bonds (National Business Park-North Project), Series 2010, 6.10% 2040 | 2,250 | 2,338 |
Baltimore County, G.O. Bonds, Metropolitan Dist. Bonds (71st Issue), 4.625% 2028 | 1,500 | 1,626 |
Baltimore County, G.O. Bonds, Metropolitan Dist. Ref. Bonds, Series 2009, 5.00% 2016 | 1,000 | 1,115 |
Baltimore County, Rev. Bonds (Catholic Health Initiatives), Series 2006-A, 4.50% 2033 (preref. 2016) | 700 | 773 |
Baltimore County, Rev. Bonds (Catholic Health Initiatives), Series 2006-A, 5.00% 2020 (preref. 2016) | 1,000 | 1,117 |
Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2022 | 2,600 | 2,711 |
Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2037 | 2,000 | 2,013 |
Mayor and City Council of Baltimore, Convention Center Hotel Rev. Bonds, Series 2006-A, | ||
XLCA insured, 5.25% 2018 | 1,000 | 1,046 |
Mayor and City Council of Baltimore, Convention Center Hotel Rev. Bonds, Series 2006-A, | ||
XLCA insured, 5.25% 2019 | 1,000 | 1,041 |
Mayor and City Council of Baltimore, Convention Center Hotel Rev. Bonds, Series 2006-A, | ||
XLCA insured, 5.25% 2023 | 1,000 | 1,007 |
Mayor and City Council of Baltimore, G.O. Consolidated Public Improvement Bonds, Series 2008-A, 5.00% 2020 | 2,315 | 2,667 |
Mayor and City Council of Baltimore, Project and Rev. Ref. Bonds (Water Projects), Series 1994-A, | ||
FGIC insured, 5.00% 2024 | 2,275 | 2,642 |
Mayor and City Council of Baltimore, Project Rev. Bonds (Water Projects), Series 2011-A, 5.00% 2041 | 1,000 | 1,061 |
Mayor and City Council of Baltimore, Rev. Ref. Bonds (Wastewater Projects), Series 1994-A, | ||
FGIC-National insured, 6.00% 2015 | 560 | 584 |
Carroll County, G.O. Bonds, Consolidated Public Improvement Bonds of 2008, 5.00% 2021 | 2,800 | 3,239 |
Charles County, G.O. Bonds, County Commissioners of Charles County, Consolidated Public Improvement | ||
Bonds of 2009, Series B, 4.25% 2028 | 1,000 | 1,044 |
Frederick County, G.O. Public Facs. Bonds of 2008, 5.00% 2021 (preref. 2018) | 2,005 | 2,356 |
Frederick County, G.O. Public Facs. Bonds of 2008, 5.00% 2024 (preref. 2018) | 1,000 | 1,175 |
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2023 | 1,500 | 1,645 |
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2030 | 3,000 | 3,129 |
Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2040 | 2,000 | 2,037 |
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), | ||
Series 2006-A, 5.125% 2026 | 1,000 | 1,008 |
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), | ||
Series 2006-A, 5.125% 2036 | 1,500 | 1,433 |
City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group), | ||
Series 2009-B, 6.00% 2023 | 1,750 | 1,894 |
Harford County, Consolidated Public Improvement Bonds, Series 2005, 5.00% 2020 (preref. 2015) | 1,000 | 1,070 |
Howard County Housing Commission Rev. Bonds (Oakland Mills Project), Series 2013, 5.00% 2028 | 1,500 | 1,541 |
Howard County, G.O. Consolidated Public Improvement Bonds, Series 2009-A, 5.00% 2023 | 2,970 | 3,409 |
City of Hyattsville, Special Obligation Bonds (University Town Center Project), Series 2004, 5.75% 2034 | 3,650 | 3,651 |
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, | ||
Series 2004-A, 4.65% 2030 | 2,670 | 2,677 |
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, | ||
Series 2007-A, AMT, 4.55% 2027 | 2,000 | 2,016 |
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, | ||
Series 2007-A, AMT, 4.625% 2032 | 765 | 768 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
City & county issuers (continued) | (000) | (000) |
Montgomery County Housing Opportunities Commission, Multi-family Housing Dev. Bonds, | ||
Series 2007-A, AMT, 4.70% 2037 | $1,350 | $ 1,346 |
Montgomery County Housing Opportunities Commission, Single-family Housing Rev. Bonds, | ||
Series 2013-A, 4.00% 2031 | 3,750 | 3,974 |
Montgomery County Housing Opportunities Commission, Single-family Housing Rev. Ref. Bonds, | ||
Series 2012-A, 5.00% 2043 | 980 | 1,096 |
Montgomery County Housing Opportunities Commission, Single-family Mortgage Rev. Bonds, | ||
Series 2007-D, AMT, 5.50% 2038 | 290 | 295 |
Montgomery County, G.O. Consolidated Public Improvement Bonds, Series 2007-A, 5.00% 2020 (preref. 2017) | 1,000 | 1,144 |
Montgomery County, G.O. Consolidated Public Improvement Bonds, Series 2008-A, 5.00% 2018 | 3,000 | 3,532 |
Montgomery County, G.O. Consolidated Public Improvement Ref. Bonds, Series 2009-A, 5.00% 2019 | 1,000 | 1,202 |
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2026 | 3,010 | 3,342 |
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2027 | 1,475 | 1,638 |
Montgomery County, Rev. Bonds (Dept. of Liquor Control), Series 2009-A, 5.00% 2028 | 1,515 | 1,625 |
Montgomery County, Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2040 | 1,000 | 1,031 |
Montgomery County, Special Obligation Bonds (Kingsview Village Center Dev. Dist.), Series 1999, 6.90% 2021 | 1,570 | 1,572 |
Montgomery County, Special Obligation Bonds (West Germantown Dev. Dist.), | ||
Series 2002-A, RADIAN insured, 5.375% 2020 | 685 | 687 |
Montgomery County, Special Obligation Bonds (West Germantown Dev. Dist.), | ||
Series 2004-A, RADIAN insured, 6.70% 2027 | 1,500 | 1,504 |
Prince George’s County, G.O. Consolidated Public Improvement Bonds, Series 2007-A, 5.00% 2021 (preref. 2017) | 2,000 | 2,304 |
Prince George’s County, G.O. Consolidated Public Improvement Ref. Bonds, Series 2007-B, 5.00% 2017 | 945 | 1,087 |
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 | 1,051 | 1,059 |
Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 | 5,500 | 5,501 |
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), | ||
Series 1997-A, 4.50% 2017 | 725 | 775 |
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), | ||
Series 1997-A, 4.60% 2021 | 1,660 | 1,724 |
Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements), | ||
Series 1997-A, 4.70% 2026 | 1,545 | 1,575 |
Prince George’s County, Special Obligation Ref. Bonds (Woodview Village Phase II Infrastructure Improvements), | ||
Series 2006, RADIAN insured, 5.00% 2026 | 1,000 | 1,036 |
Prince George’s County, Special Obligation Ref. Bonds (Woodview Village Phase II Infrastructure Improvements), | ||
Series 2006, RADIAN insured, 5.00% 2032 | 1,150 | 1,172 |
Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 | 3,563 | 3,421 |
City of Salisbury, Special Obligation Bonds (Villages at Aydelotte Farm Project), Series 2007, 5.25% 2037 | 1,775 | 644 |
Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, Consolidated Public | ||
Improvement Bonds, Series 2009-A, 4.00% 2019 | 2,305 | 2,636 |
Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, G.O. Ref. Bonds | ||
of 1997, 5.75% 2017 | 1,510 | 1,767 |
Washington Suburban Sanitary Dist., Montgomery and Prince George’s Counties, G.O. Water Supply | ||
Bonds of 2005, 5.00% 2019 (preref. 2015) | 1,000 | 1,064 |
118,556 | ||
District of Columbia 1.44% | ||
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2025 | 2,000 | 2,285 |
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2028 | 2,000 | 2,237 |
4,522 | ||
Guam 2.82% | ||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.25% 2034 | 1,250 | 1,316 |
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2023 | 500 | 560 |
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 | 600 | 619 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
Guam (continued) | (000) | (000) |
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 | $ 500 | $ 543 |
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.50% 2040 | 1,500 | 1,661 |
Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 | 810 | 854 |
Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2040 | 1,000 | 1,023 |
Power Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2034 | 500 | 492 |
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043 | 1,750 | 1,768 |
8,836 | ||
Puerto Rico 5.52% | ||
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 | 2,370 | 1,550 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.75% 2037 | 1,250 | 871 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2033 | 500 | 363 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2043 | 500 | 356 |
Electric Power Auth., Power Rev. Ref. Bonds, Series CCC, 5.25% 2027 | 750 | 475 |
Electric Power Auth., Power Rev. Ref. Bonds, Series UU, Assured Guaranty Municipal insured, 0.685% 2029 1 | 1,500 | 900 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2026 | 275 | 204 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.00% 2027 | 500 | 365 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 | 775 | 748 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2022 | 1,050 | 978 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 2031 | 500 | 351 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042 | 250 | 169 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and | ||
Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 2,300 | 2,185 |
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) | 45 | 56 |
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) | 2,455 | 3,056 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 5.00% 2018 (escrowed to maturity) | 535 | 631 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 | 500 | 377 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 | 1,500 | 1,050 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2037 | 375 | 269 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-C, 5.25% 2041 | 1,260 | 871 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.00% 2046 | 500 | 380 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.25% 2040 | 1,000 | 795 |
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 | 400 | 310 |
17,310 | ||
Virgin Islands 0.52% | ||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.75% 2019 | 500 | 559 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2013-A, 5.00% 2018 | 500 | 561 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 | 500 | 499 |
1,619 | ||
Total bonds, notes & other debt instruments (cost: $287,803,000) | 293,885 | |
Principal amount | Value | |
Short-term securities 6.03% | (000) | (000) |
Econ. Dev. Corp., Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Project), Series 2008-A, 0.03% 2043 1 | $ 500 | $ 500 |
Montgomery County, Consolidated Public Improvement Bond Anticipation Notes, Series 2006-B, 0.06% 2026 1 | 4,025 | 4,025 |
Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue), | ||
Series 2007-A, Wachovia LOC, 0.04% 2034 1 | 1,050 | 1,050 |
Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (University of Maryland Medical System Issue), | ||
Series 2008-D, TD Bank LOC, 0.04% 2041 1 | 8,050 | 8,050 |
Health and Higher Educational Facs. Auth. Rev. Bonds, Pooled Loan Program Issue, Series 1985-A/B, | ||
JPMorgan Chase LOC, 0.04% 2035 1 | 5,300 | 5,300 |
Total short-term securities (cost: $ 18,925,000 ) | 18,925 | |
Total investment securities (cost: $306,728,000) | 312,810 | |
Other assets less liabilities | 879 | |
Net assets | $313,689 |
1 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
Key to abbreviations | ||
Agcy. = Agency | Econ. = Economic | Preref. = Prerefunded |
AMT = Alternative Minimum Tax | Fac. = Facility | Redev. = Redevelopment |
Auth. = Authority | Facs. = Facilities | Ref. = Refunding |
Certs. of Part. = Certificates of Participation | Fin. = Finance | Rev. = Revenue |
Dept. = Department | Fncg. = Financing | TECP = Tax-Exempt Commercial Paper |
Dev. = Development | G.O. = General Obligation | |
Dist. = District | LOC = Letter of Credit |
The Tax-Exempt Fund of Virginia ® Investment portfolio January 31, 2014 |
unaudited
Bonds, notes & other debt instruments 92.55% | ||
Virginia 78.26% | Principal amount | Value |
State issuers 28.59% | (000) | (000) |
Biotechnology Research Partnership Auth., Lease Rev. Ref. Bonds (Consolidated Laboratories Project), | ||
Series 2009, 5.00% 2021 | $1,000 | $1,191 |
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||
Series 2009-A, 5.00% 2029 | 1,000 | 1,106 |
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||
Series 2012-A, 5.00% 2023 | 2,000 | 2,355 |
College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), | ||
Series 2009-E-2, 5.00% 2023 | 3,000 | 3,576 |
College Building Auth., Educational Facs. Rev. Bonds (Liberty University Projects), Series 2010, 5.25% 2029 | 2,000 | 2,184 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2016 | 680 | 761 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2020 | 990 | 1,141 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2028 | 2,480 | 2,740 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2016 (escrowed to maturity) | 5 | 6 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2020 (preref. 2018) | 10 | 12 |
College Building Auth., Educational Facs. Rev. Bonds (Public Higher Education Fncg. Program), | ||
Series 2009-A, 5.00% 2028 (preref. 2018) | 20 | 24 |
College Building Auth., Educational Facs. Rev. Bonds (Washington and Lee University Project), | ||
Series 2001, 5.375% 2021 | 1,000 | 1,167 |
College Building Auth., Educational Facs. Rev. Bonds (Washington and Lee University Project), | ||
Series 2001, 5.75% 2034 | 1,000 | 1,251 |
College Building Auth., Educational Facs. Rev. Ref. Bonds (Roanoke College), Series 2007, 5.00% 2023 | 1,000 | 1,114 |
College Building Auth., Educational Facs. Rev. Ref. Bonds (Roanoke College), Series 2007, 5.00% 2033 | 1,375 | 1,437 |
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, | ||
Series 2012-A, 5.00% 2027 | 1,000 | 1,127 |
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, | ||
Series 2012-B, 5.00% 2023 | 1,545 | 1,814 |
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, | ||
Series 2012-B, 5.00% 2024 | 1,000 | 1,157 |
Commonwealth Transportation Board, Transportation Capital Projects Rev. Bonds, Series 2011, 5.00% 2025 | 1,500 | 1,704 |
Commonwealth Transportation Board, Transportation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 2,000 | 2,388 |
G.O. Bonds, Series 2006-B, 5.00% 2014 | 1,875 | 1,905 |
G.O. Bonds, Series 2008-B, 5.00% 2022 | 2,000 | 2,285 |
G.O. Bonds, Series 2006-B, 5.00% 2014 (escrowed to maturity) | 125 | 127 |
Housing Dev. Auth., Commonwealth Mortgage Rev. Ref. Bonds, Series 2007-B, AMT, 4.75% 2032 | 2,000 | 2,011 |
Northern Virginia Transportation Dist. Commission, Commuter Rail Rev. Ref. Bonds (Virginia Railway | ||
Express Project), Series 1998, Assured Guaranty Municipal insured, 5.375% 2014 | 1,000 | 1,002 |
Port Auth., Commonwealth Port Fund Rev. Ref. Bonds (2002 Resolution), Series 2005-A, AMT, | ||
Assured Guaranty Municipal insured, 5.25% 2020 (preref. 2015) | 1,000 | 1,070 |
Port Auth., Commonwealth Port Fund Rev. Ref. Bonds (2002 Resolution), Series 2006, AMT, | ||
Assured Guaranty Municipal insured, 5.50% 2015 | 2,885 | 3,099 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
State issuers (continued) | (000) | (000) |
Port Auth., Port Facs. Rev. Bonds, Series 2006, AMT, FGIC-National insured, 4.75% 2031 | $ 765 | $ 765 |
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2007, AMT, Assured Guaranty Municipal insured, 5.00% 2027 | 1,000 | 1,063 |
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2010, 5.00% 2030 | 2,970 | 3,166 |
Port Auth., Port Facs. Rev. Ref. Bonds, Series 2010, 5.00% 2040 | 1,000 | 1,030 |
Public Building Auth., Public Facs. Rev. Bonds, Series 2005-C, 5.00% 2015 | 1,000 | 1,072 |
Public Building Auth., Public Facs. Rev. Bonds, Series 2009-B, 5.00% 2024 | 2,000 | 2,332 |
Public Building Auth., Public Facs. Rev. Bonds, Series 2009-B, 5.00% 2027 | 2,000 | 2,277 |
Public Building Auth., Public Facs. Rev. Ref. Bonds, Series 2013-B, 5.00% 2023 | 2,000 | 2,377 |
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2005-D, 5.00% 2018 | 15 | 16 |
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2008-B, 5.25% 2021 | 1,055 | 1,218 |
Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2008-B, 5.25% 2023 | 1,000 | 1,149 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2005-A, 5.25% 2017 | 1,000 | 1,158 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2005-B, 5.25% 2017 | 1,000 | 1,158 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-A, 5.00% 2019 | 1,000 | 1,191 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2018 | 800 | 939 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2020 | 1,000 | 1,170 |
Public School Auth., School Fncg. Rev. Ref. Bonds (1997 Resolution), Series 2009-C, 5.00% 2022 | 2,000 | 2,307 |
Public School Auth., School Fncg. Bonds (1997 Resolution), Series D, 5.00% 2018 (preref. 2015) | 1,985 | 2,126 |
Public School Auth., Special Obligation Fncg. Bonds (Montgomery County), Series 2011, 5.00% 2022 | 1,000 | 1,170 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2007, 4.75% 2021 (preref. 2017) | 2,610 | 3,000 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2007, 4.75% 2023 (preref. 2017) | 2,500 | 2,873 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2008, 5.00% 2028 | 1,500 | 1,683 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2027 | 1,750 | 2,015 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2029 | 1,500 | 1,709 |
Resources Auth., Clean Water State Revolving Fund Rev. Bonds, Series 2009, 5.00% 2030 | 1,500 | 1,666 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2002-A, 5.25% 2014 | 50 | 50 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2020 | 855 | 978 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2023 | 2,170 | 2,469 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2028 | 1,000 | 1,123 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2011-A, 5.00% 2024 | 1,415 | 1,615 |
Resources Auth., State Moral Obligation Rev. Ref. Bonds (Pooled Fncg. Program), Series 2011-B, 5.00% 2027 | 2,000 | 2,254 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2006-A, 5.00% 2017 | 2,105 | 2,352 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-A, 5.00% 2028 | 1,570 | 1,736 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2027 | 1,000 | 1,116 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2038 | 1,000 | 1,069 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2009-A, 5.00% 2028 | 1,030 | 1,179 |
Resources Auth., Infrastructure Rev. Ref. Bonds (Pooled Fncg. Program), Series 2009-B, 5.00% 2027 | 1,000 | 1,152 |
Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2011-A, 5.00% 2024 (preref. 2021) | 35 | 42 |
Route 460 Funding Corp., Toll Road Rev. Bonds, Series 2012-A, 5.125% 2049 | 2,000 | 1,969 |
Small Business Fncg. Auth., Hospital Rev. Bonds (Wellmont Health System Project), Series 2007-A, 5.25% 2027 | 2,050 | 2,114 |
Small Business Fncg. Auth., Rev. Bonds (Elizabeth River Crossings Opco, LLC Project), | ||
Series 2012, AMT, 5.50% 2042 | 2,500 | 2,507 |
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, | ||
Series 2005, 5.50% 2026 (preref. 2014) | 2,085 | 2,186 |
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds, | ||
Series 2005, 5.625% 2037 (preref. 2015) | 2,000 | 2,143 |
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, | ||
Series 2007-B-1, 5.00% 2047 | 5,255 | 3,487 |
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2008, 5.00% 2040 | 3,000 | 3,272 |
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2011, 5.00% 2030 | 1,000 | 1,129 |
Rector and Visitors of the University of Virginia, General Rev. Ref. Pledge Bonds, Series 2011, 5.00% 2031 | 1,000 | 1,122 |
Upper Occoquan Sewage Auth., Regional Sewerage System Rev. Bonds, Series 2007-B, 4.75% 2034 | 1,000 | 1,041 |
Upper Occoquan Sewage Auth., Regional Sewerage System Rev. Bonds, Series A, Assured Guaranty | ||
Municipal insured, 5.15% 2020 | 1,000 | 1,178 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
State issuers (continued) | (000) | (000) |
Upper Occoquan Sewage Auth., Regional Sewerage System Rev. Ref. Bonds, Series 2005, Assured Guaranty | ||
Municipal insured, 5.00% 2023 (preref. 2015) | $2,015 | $ 2,151 |
Virginia Commonwealth University Health System Auth., General Rev. Bonds, Series 2011, 5.00% 2026 | 1,000 | 1,091 |
Virginia Commonwealth University Health System Auth., General Rev. Bonds, Series 2011, 5.00% 2030 | 1,200 | 1,275 |
Western Virginia Regional Jail Auth., Regional Jail Fac. Rev. Bonds, Series 2007, National insured, 4.75% 2024 | 2,200 | 2,405 |
126,589 | ||
City & county issuers 49.67% | ||
Econ. Dev. Auth. of Albemarle County, Public Fac. Rev. Ref. Bonds (Albemarle County Project), | ||
Series 2011, 5.00% 2022 | 2,955 | 3,442 |
Industrial Dev. Auth. of Albemarle County, Residential Care Fac. Mortgage Rev. Ref. Bonds (Westminster- | ||
Canterbury of the Blue Ridge), Series 2005, 5.25% 2032 | 2,000 | 1,941 |
Industrial Dev. Auth. of Albemarle County, Residential Care Fac. Mortgage Rev. Ref. Bonds (Westminster- | ||
Canterbury of the Blue Ridge), Series 2007, 5.00% 2031 | 1,000 | 951 |
Industrial Dev. Auth. of Amelia County, Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), | ||
Series 2002, AMT, 0.85% 2027 (put 2014) | 2,000 | 1,999 |
Industrial Dev. Auth. of the County of Charles City, Solid Waste Disposal Rev. Bonds (Waste Management, Inc.), | ||
Series 2002, AMT, 1.875% 2027 (put 2015) | 1,000 | 1,008 |
Industrial Dev. Auth. of King George County, Solid Waste Disposal Rev. Bonds (King George Landfill, Inc. | ||
Project), Series 2003-A, AMT, 0.85% 2023 (put 2014) | 500 | 500 |
Arlington County, G.O. Public Improvement Bonds, Series 2008, 5.00% 2024 (preref. 2017) | 1,500 | 1,697 |
Arlington County, G.O. Public Improvement Bonds, Series 2008, 5.00% 2025 (preref. 2017) | 2,000 | 2,263 |
Arlington County, G.O. Ref. Bonds, 5.00% 2018 (preref. 2016) | 1,765 | 1,964 |
Arlington County, G.O. Ref. Bonds, 5.00% 2018 (preref. 2016) | 2,660 | 2,960 |
Industrial Dev. Auth. of Arlington County, Hospital Rev. Ref. Bonds (Virginia Hospital Center Arlington | ||
Health System), Series 2010, 4.25% 2024 | 415 | 430 |
Industrial Dev. Auth. of Arlington County, Hospital Rev. Ref. Bonds (Virginia Hospital Center Arlington | ||
Health System), Series 2010, 5.00% 2031 | 6,355 | 6,667 |
Capital Region Airport Commission, Airport Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 | 585 | 677 |
Capital Region Airport Commission, Airport Rev. Ref. Bonds, Series 2013-A, 5.00% 2023 | 600 | 692 |
Industrial Dev. Auth. of Charlotte County, Hospital Rev. Bonds (Halifax Regional Hospital, Inc.), | ||
Series 2007, 5.00% 2027 | 1,000 | 1,028 |
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Series 2012-A, 5.00% 2047 | 1,525 | 1,514 |
County of Chesterfield, Water and Sewer Rev. Bonds, Series 2009, 4.00% 2021 | 2,000 | 2,174 |
County of Chesterfield, Water and Sewer Rev. Bonds, Series 2009, 4.00% 2023 | 1,000 | 1,065 |
Econ. Dev. Auth. of County of Chesterfield, Rev. Bonds (Bon Secours Health System, Inc.), Series 2008-C, | ||
Assured Guaranty insured, 5.00% 2042 | 2,500 | 2,583 |
Industrial Dev. Auth. of County of Hanover, Hospital Rev. Bonds (Memorial Regional Medical Center | ||
Project at Hanover Medical Park), Series 1995, National insured, 6.375% 2018 | 1,025 | 1,125 |
Econ. Dev. Auth. of Henrico County, Rev. Bonds (Bon Secours Health System, Inc.), Series 2008-B-2, | ||
Assured Guaranty insured, 5.25% 2042 | 2,000 | 2,097 |
City of Fairfax Econ. Dev. Auth., Public Fac. Lease Rev. Bonds (City of Fairfax Public Improvement Projects), | ||
Series 2005, 5.00% 2024 (preref. 2015) | 3,000 | 3,138 |
City of Fairfax, G.O. School Bonds, Series 2004, 5.00% 2027 (preref. 2015) | 1,640 | 1,716 |
Fairfax County Econ. Dev. Auth., Fairfax County Facs. Rev. Bonds (School Board Central Administration | ||
Building Project Phase I), Series 2005-A, 5.00% 2028 | 2,615 | 2,726 |
Fairfax County Econ. Dev. Auth., Lease Rev. Bonds (Joint Public Uses Complex Project), Series 2006, 5.00% 2024 | 3,795 | 4,114 |
Fairfax County Econ. Dev. Auth., Residential Care Facs. Mortgage Rev. Bonds (Goodwin House Incorporated), | ||
Series 2007, 5.125% 2037 | 2,000 | 2,021 |
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||
Series 2006-A, 4.75% 2026 | 2,000 | 2,038 |
Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), | ||
Series 2006-A, 4.875% 2036 | 2,500 | 2,517 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
City & county issuers (continued) | (000) | (000) |
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), | ||
Series 2011, 5.00% 2024 | $1,500 | $1,670 |
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), | ||
Series 2011, 5.00% 2036 | 1,250 | 1,308 |
Fairfax County Econ. Dev. Auth., Transportation Dist. Improvement Rev. Bonds (Silver Line Phase I Project), | ||
Series 2012, 5.00% 2037 | 2,000 | 2,110 |
Fairfax County Industrial Dev. Auth., Health Care Rev. Bonds (Inova Health System Project), | ||
Series 2012-A, 5.00% 2035 | 1,000 | 1,057 |
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), | ||
Series 2009-A, 5.25% 2026 | 1,000 | 1,089 |
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), | ||
Series 2009-A, 5.50% 2035 | 3,000 | 3,226 |
Fairfax County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Inova Health System Project), | ||
Series 2009-C, 5.00% 2025 | 1,500 | 1,635 |
Fairfax County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Inova Health System Hospitals Project), | ||
Series 1993-A, 5.25% 2019 | 2,500 | 2,869 |
Fairfax County Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Inova Health System Hospitals Project), | ||
Series 1993-A, Assured Guaranty Municipal insured, 5.25% 2019 | 1,000 | 1,152 |
Fairfax County Redev. and Housing Auth., Multi-family Housing Rev. Bonds (Cedar Ridge Project), | ||
Series 2007, AMT, 4.75% 2038 | 3,775 | 3,769 |
Fairfax County Sewer Rev. Bonds, Series 2012, 5.00% 2021 | 2,055 | 2,481 |
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 1997, 5.00% 2021 | 1,000 | 1,184 |
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2005-B, 5.25% 2019 | 1,000 | 1,204 |
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2005-B, 5.25% 2026 | 1,500 | 1,868 |
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2007, 5.00% 2017 | 1,000 | 1,140 |
Fairfax County Water Auth., Water Rev. Ref. Bonds, Series 2012, 5.00% 2028 | 1,000 | 1,147 |
Econ. Dev. Auth. of the City of Fredericksburg, Hospital Facs. Rev. Ref. Bonds (MediCorp Health System | ||
Obligated Group), Series 2007, 5.00% 2015 | 1,500 | 1,564 |
Econ. Dev. Auth. of Stafford County, Hospital Facs. Rev. Bonds (MediCorp Health System Obligated | ||
Group), Series 2006, 5.25% 2025 | 1,000 | 1,023 |
H2O Community Dev. Auth., Special Assessment Bonds, Series 2007, 5.20% 2037 | 3,366 | 1,916 |
City of Hampton, G.O. Public Improvement and Ref. Bonds, Series 2010-A, 5.00% 2020 | 1,595 | 1,854 |
Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2012-A, 5.00% 2020 | 515 | 614 |
Hampton Roads Sanitation Dist., Wastewater Rev. Bonds, Series 2012-A, 5.00% 2039 | 4,000 | 4,273 |
Hampton Roads Sanitation Dist., Wastewater Rev. Ref. Bonds, Series 2008, 5.00% 2025 | 1,000 | 1,128 |
Hampton Roads Sanitation Dist., Wastewater Rev. Ref. Bonds, Series 2008, 5.00% 2033 | 2,000 | 2,159 |
Econ Dev. Auth. of Hanover County, Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), | ||
Series 2012-A, 4.00% 2022 | 1,145 | 1,043 |
Econ Dev. Auth. of Hanover County, Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), | ||
Series 2012-A, 5.00% 2047 | 985 | 813 |
Industrial Dev. Auth. of the City of Harrisonburg, Hospital Facs. Rev. Bonds (Rockingham Memorial Hospital), | ||
Series 2006, AMBAC insured, 4.00% 2018 | 1,170 | 1,248 |
Econ. Dev. Auth. of the City of Norfolk, Health Care Facs. Rev. Ref. Bonds (Sentara Healthcare), | ||
Series 2012-B, 5.00% 2043 | 1,500 | 1,553 |
Small Business Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Sentara Healthcare), Series 2010, 5.00% 2040 | 7,500 | 7,766 |
Industrial Dev. Auth. of the City of Harrisonburg, Residential Care Fac. Rev. Ref. Bonds (Sunnyside | ||
Presbyterian Home), Series 2013-B, 6.50% 2039 | 1,000 | 1,011 |
County of Henrico, G.O. Public Improvement Bonds, Series 2008-A, 5.00% 2018 | 500 | 593 |
County of Henrico, G.O. Public Improvement Ref. Bonds, Series 2010, 5.00% 2025 | 1,630 | 1,852 |
County of Henrico, G.O. Public Improvement Bonds, Series 2008-A, 5.00% 2021 (preref. 2018) | 500 | 594 |
Econ. Dev. Auth. of Henrico County, Residential Care Fac. Mortgage Rev. Ref. Bonds (Westminster | ||
Canterbury of Richmond), Series 2006, 5.00% 2027 | 1,000 | 1,019 |
Econ. Dev. Auth. of Henrico County, Residential Care Fac. Mortgage Rev. Ref. Bonds (Westminster | ||
Canterbury of Richmond), Series 2006, 5.00% 2035 | 1,850 | 1,862 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
City & county issuers (continued) | (000) | (000) |
Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist | ||
Homes), 5.00% 2021 | $1,000 | $1,056 |
Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist | ||
Homes), 5.00% 2023 | 860 | 887 |
Henrico County, Water and Sewer System Rev. Bonds, Series 2006-A, 5.00% 2025 (preref. 2016) | 2,945 | 3,245 |
Henrico County, Water and Sewer System Rev. Ref. Bonds, Series 2009, 5.00% 2024 | 1,000 | 1,156 |
Henrico County, Water and Sewer System Rev. Ref. Bonds, Series 2013, 5.00% 2023 | 945 | 1,143 |
Henrico County, Water and Sewer System Rev. Ref. Bonds, Series 2013, 5.00% 2024 | 1,000 | 1,185 |
Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds, | ||
Series 1999-B, 7.00% 2029 | 299 | 299 |
Econ. Dev. Auth. of James City County, Lease Rev. Bonds (Public Fac. Projects), Series 2006, | ||
Assured Guaranty Municipal insured, 5.00% 2021 | 1,000 | 1,098 |
Econ. Dev. Auth. of James City County, Residential Care Fac. First Mortgage Rev. Ref. Bonds (Williamsburg | ||
Landing, Inc.), Series 2005, 5.35% 2026 | 2,250 | 2,226 |
Econ. Dev. Auth. of James City County, Residential Care Fac. First Mortgage Rev. Ref. Bonds (Williamsburg | ||
Landing, Inc.), Series 2005, 5.50% 2034 | 750 | 711 |
Community Dev. Auth. of Loudoun County, Special Assessment Bonds (Dulles Town Center Project), | ||
Series 2012, 4.25% 2026 | 1,000 | 912 |
Industrial Dev. Auth. of Loudoun County, Residential Care Fac. Rev. Ref. Bonds (Falcons Landing Project), | ||
Series 2004-A, 6.00% 2024 | 2,000 | 2,017 |
Loudoun County Sanitation Auth., Water and Sewer System Rev. Bonds, Series 2007, 5.00% 2021 | 500 | 553 |
Loudoun County, G.O. Public Improvement Bonds, Series 2009-A, 5.00% 2020 | 1,000 | 1,175 |
Loudoun County, G.O. Ref. Bonds, Series 2010-A, 5.00% 2025 | 1,000 | 1,187 |
Industrial Dev. Auth. of the Town of Louisa, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric | ||
and Power Co. Project), Series 2000-A, AMT, 2.50% 2030 (put 2014) | 3,000 | 3,010 |
Industrial Dev. Auth. of Wise County, Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and | ||
Power Co. Project), Series 2010-A, 2.375% 2040 (put 2015) | 3,000 | 3,070 |
Econ. Dev. Auth. of York County, Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), | ||
Series 2009-A, 4.05% 2033 (put 2014) | 3,400 | 3,427 |
Industrial Dev. Auth. of the City of Lynchburg, Residential Care Fac. Mortgage Rev. Ref. Bonds | ||
(Westminster-Canterbury of Lynchburg), Series 2007, 5.00% 2031 | 500 | 475 |
City of Manassas Park, G.O. and Ref. Bonds, Series 2008, Assured Guaranty Municipal insured, 5.00% 2025 | 1,000 | 1,119 |
Econ. Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), | ||
Series 2011-A, 5.00% 2027 | 2,000 | 2,245 |
Econ. Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), | ||
Series 2011-A, 5.00% 2030 | 2,000 | 2,201 |
Industrial Dev. Auth. of Montgomery County, Public Facs. Lease Rev. Bonds (Public Projects), | ||
Series 2008, 5.00% 2020 | 1,755 | 1,975 |
Industrial Dev. Auth. of Montgomery County, Public Facs. Lease Rev. Bonds (Public Projects), | ||
Series 2008, 5.00% 2029 | 1,155 | 1,240 |
Mosaic Dist. Community Dev. Auth. (Fairfax County), Rev. Bonds, Series 2011-A, 6.875% 2036 | 3,000 | 3,339 |
New Port Community Dev. Auth., Special Assessment Bonds, Series 2006, 5.50% 2026 | 2,179 | 1,390 |
New Port Community Dev. Auth., Special Assessment Bonds, Series 2006, 5.60% 2036 | 2,000 | 1,232 |
City of Newport News, G.O. Water Bonds, Series 2008-B, 5.00% 2023 | 2,000 | 2,252 |
Econ. Dev. Auth. of the City of Newport News, Econ. Dev. Rev. Bonds, Series 2006, 5.00% 2024 (preref. 2016) | 1,085 | 1,205 |
City of Norfolk, Water Rev. Bonds, Series 2008, 5.00% 2027 | 2,120 | 2,396 |
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.35% 2028 | 1,000 | 1,040 |
Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 | 2,000 | 2,070 |
Pittsylvania County, G.O. School Bonds, Series 2008-B, 5.00% 2017 | 1,000 | 1,126 |
Econ. Dev. Auth. of the County of Powhatan, Lease Rev. Ref. Bonds (Virginia Capital Projects), | ||
Series 2007, AMBAC insured, 5.00% 2020 | 1,110 | 1,207 |
Industrial Dev. Auth. of the County of Prince William, Health Care Facs. Rev. and Rev. Ref. Bonds | ||
(Novant Health Obligated Group - Prince William Hospital), Series 2013-B, 5.00% 2024 | 850 | 949 |
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
City & county issuers (continued) | (000) | (000) |
Industrial Dev. Auth. of the County of Prince William, Health Care Facs. Rev. and Rev. Ref. Bonds | ||
(Novant Health Obligated Group - Prince William Hospital), Series 2013-B, 5.00% 2025 | $ 900 | $ 995 |
Industrial Dev. Auth. of the County of Prince William, Health Care Facs. Rev. and Rev. Ref. Bonds | ||
(Novant Health Obligated Group - Prince William Hospital), Series 2013-B, 5.00% 2046 | 1,000 | 1,015 |
Industrial Dev. Auth. of the County of Prince William, Student Housing Rev. Bonds (George Mason | ||
University Foundation Prince William Housing LLC Project), Series 2011-A, 5.125% 2041 | 3,400 | 3,541 |
Prince William County, Gateway Community Dev. Auth., Special Assessment Ref. Bonds, | ||
Series 2012, 5.00% 2030 | 1,500 | 1,455 |
Reynolds Crossing Community Dev. Auth. (Henrico County), Special Assessment Rev. Bonds | ||
(Reynolds Crossing Project), Series 2007, 5.10% 2021 | 978 | 988 |
City of Richmond, G.O. Public Improvement Bonds, Series 2009-A, 5.00% 2029 | 1,000 | 1,111 |
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2007-A, Assured Guaranty Municipal insured, 4.50% 2022 | 500 | 545 |
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2009-A, 5.00% 2027 | 1,000 | 1,131 |
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2009-A, 5.00% 2035 | 1,800 | 1,913 |
City of Richmond, Public Utility Rev. Ref. Bonds, Series 2013-A, 5.00% 2027 | 1,000 | 1,147 |
Richmond Metropolitan Auth., Expressway Rev. Ref. Bonds, Series 2002, FGIC-National insured, 5.25% 2017 | 1,120 | 1,270 |
Econ. Dev. Auth. of the County of Roanoke, Lease Rev. Bonds (Public Fac. Projects), Series 2008, | ||
Assured Guaranty insured, 5.00% 2023 | 1,460 | 1,660 |
Econ. Dev. Auth. of the County of Roanoke, Lease Rev. Bonds (Public Fac. Projects), Series 2008, | ||
Assured Guaranty insured, 5.00% 2032 | 1,500 | 1,588 |
Industrial Dev. Auth. of the City of Roanoke, Hospital Rev. Ref. Bonds (Carilion Health System Obligated Group), | ||
Assured Guaranty Municipal insured, 5.00% 2020 | 985 | 1,142 |
Industrial Dev. Auth. of the City of Roanoke, Hospital Rev. Ref. Bonds (Carilion Health System Obligated Group), | ||
Assured Guaranty Municipal insured, 5.00% 2038 | 985 | 1,018 |
Industrial Dev. Auth. of the City of Roanoke, Hospital Rev. Ref. Bonds (Carilion Health System Obligated Group), | ||
Assured Guaranty Municipal insured, 5.00% 2020 (escrowed to maturity) | 15 | 18 |
Industrial Dev. Auth. of the City of Roanoke, Hospital Rev. Ref. Bonds (Carilion Health System Obligated Group), | ||
Assured Guaranty Municipal insured, 5.00% 2038 (preref. 2020) | 15 | 18 |
Southeastern Public Service Auth., Rev. Ref. Bonds, AMBAC insured, 5.00% 2015 (escrowed to maturity) | 3,065 | 3,190 |
Southeastern Public Service Auth., Rev. Ref. Bonds, AMBAC insured, 5.00% 2015 (escrowed to maturity) | 1,760 | 1,833 |
City of Virginia Beach Dev. Auth., Hospital Rev. Ref. Bonds (Virginia Beach General Hospital Project), | ||
Series 1993, AMBAC insured, 5.125% 2018 | 2,200 | 2,401 |
City of Virginia Beach Dev. Auth., Public Fac. Rev. Bonds, Series 2007-A, 5.00% 2018 | 2,000 | 2,267 |
City of Virginia Beach Dev. Auth., Public Fac. Rev. Bonds, Series 2007-A, 5.00% 2020 | 1,000 | 1,122 |
City of Virginia Beach, G.O. Public Improvement Ref. Bonds, Series 2004-B, 5.00% 2017 | 1,000 | 1,118 |
Industrial Dev. Auth. of Washington County, Hospital Rev. Ref. Bonds (Mountain States Health Alliance), | ||
Series 2009-C, 7.75% 2038 | 2,000 | 2,289 |
Watkins Centre Community Dev. Auth., Rev. Bonds, Series 2007, 5.40% 2020 | 1,029 | 1,025 |
Westmoreland County Industrial Dev. Auth., Lease Rev. Bonds (Northumberland County School Project), | ||
Series 2006, National insured, 5.00% 2022 | 1,215 | 1,327 |
Westmoreland County Industrial Dev. Auth., Lease Rev. Bonds (Northumberland County School Project), | ||
Series 2006, National insured, 5.00% 2023 | 1,275 | 1,392 |
Industrial Dev. Auth. of the City of Winchester, Hospital Rev. Bonds (Valley Health System Obligated Group), | ||
Series 2009-E, 5.625% 2044 | 1,300 | 1,385 |
Industrial Dev. Auth. of the City of Winchester, Hospital Rev. Ref. Bonds (Valley Health System Obligated Group), | ||
Series 2007, 5.00% 2026 | 1,250 | 1,329 |
Industrial Dev. Auth. of the City of Winchester, Residential Care Fac. Rev. Bonds (Westminster-Canterbury of | ||
Winchester, Inc.), Series 2005-A, 4.875% 2019 | 1,005 | 1,025 |
Industrial Dev. Auth. of the City of Winchester, Residential Care Fac. Rev. Bonds (Westminster-Canterbury of | ||
Winchester, Inc.), Series 2005-A, 5.20% 2027 | 1,000 | 1,005 |
Industrial Dev. Auth. of the City of Winchester, Residential Care Fac. Rev. Bonds (Westminster-Canterbury of | ||
Winchester, Inc.), Series 2005-A, 5.30% 2035 | 1,000 | 1,002 |
219,924 | ||
Bonds, notes & other debt instruments | ||
Principal amount | Value | |
District of Columbia 6.50% | (000) | (000) |
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Capital Appreciation Bonds, | ||
Series 2010-A, 0% 2037 | $4,000 | $ 903 |
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital | ||
Appreciation Bonds, Series 2010-B, 0%/6.50% 2044 1 | 2,000 | 1,617 |
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Current Interest Bonds, | ||
Series 2009-A, 5.00% 2039 | 4,000 | 4,106 |
Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Current Interest Bonds, | ||
Series 2009-A, 5.25% 2044 | 3,000 | 3,085 |
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2025 | 2,000 | 2,285 |
Metropolitan Area Transit Auth., Gross Rev. Ref. Transit Bonds, Series 2009-A, 5.25% 2028 | 1,000 | 1,119 |
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2007-B, AMT, | ||
AMBAC insured, 5.00% 2020 | 1,000 | 1,120 |
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.375% 2028 | 1,825 | 1,957 |
Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2010-A, 5.00% 2039 | 1,800 | 1,895 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2004-D, AMT, | ||
National insured, 5.00% 2019 | 1,000 | 1,025 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2005-A, AMT, | ||
National insured, 5.25% 2017 | 1,000 | 1,072 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2006-A, AMT, | ||
Assured Guaranty Municipal insured, 5.00% 2032 | 1,000 | 1,018 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2006-C, | ||
FGIC-National insured, 5.00% 2023 | 1,965 | 2,176 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2025 | 1,000 | 1,085 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2026 | 3,000 | 3,262 |
Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2031 | 1,000 | 1,056 |
28,781 | ||
Guam 2.72% | ||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.25% 2034 | 1,750 | 1,843 |
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2023 | 1,500 | 1,680 |
Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 | 1,600 | 1,650 |
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 | 500 | 543 |
Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.50% 2040 | 1,500 | 1,661 |
Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 | 815 | 859 |
Power Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2034 | 500 | 492 |
Power Auth., Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2030 | 1,000 | 1,050 |
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043 | 2,250 | 2,273 |
12,051 | ||
Puerto Rico 4.36% | ||
Aqueduct and Sewer Auth., Rev. Bonds, Series A, Assured Guaranty insured, 5.00% 2028 | 2,000 | 1,751 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2033 | 500 | 326 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 | 1,900 | 1,243 |
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.75% 2037 | 1,250 | 871 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2033 | 500 | 363 |
Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2043 | 750 | 534 |
Electric Power Auth., Power Rev. Bonds, Series XX, 5.25% 2040 | 500 | 287 |
Electric Power Auth., Power Rev. Ref. Bonds, Series CCC, 5.25% 2027 | 1,000 | 633 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2006, 5.00% 2026 | 275 | 204 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.00% 2027 | 750 | 547 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 | 775 | 748 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2022 | 1,050 | 978 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2031 | 250 | 195 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 2031 | 500 | 351 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. | ||
and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042 | 500 | 337 |
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and | ||
Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 | 2,950 | 2,802 |
Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) | 1,385 | 1,724 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 | 500 | 377 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 | 1,000 | 700 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2042 | 2,465 | 1,740 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.00% 2046 | 500 | 380 |
Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.25% 2040 | 950 | 756 |
Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 | 1,900 | 1,471 |
19,318 | ||
Virgin Islands 0.71% | ||
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.75% 2019 | 500 | 559 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2013-A, 5.00% 2018 | 500 | 561 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2017 (preref. 2014) | 750 | 775 |
Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2004-A, 5.25% 2018 (preref. 2014) | 500 | 517 |
Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 | 750 | 749 |
3,161 | ||
Total bonds, notes & other debt instruments (cost: $400,272,000) | 409,824 | |
Short-term securities 6.32% | ||
Industrial Dev. Auth. of Loudoun County, Multi-Modal Rev. Bonds (Howard Hughes Medical Institute Issue), | ||
Series 2003-A, 0.03% 2038 2 | 5,000 | 5,000 |
Industrial Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), Series 2005-A, | ||
Bank of America LOC, 0.05% 2035 2 | 1,100 | 1,100 |
College Building Auth., Educational Facs. Rev. Bonds (University of Richmond Project), Series 2006, 0.05% 2036 2 | 7,200 | 7,200 |
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||
Series 2006-B, 0.05% 2026 2 | 3,035 | 3,035 |
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), | ||
Series 2006-C, 0.05% 2026 2 | 9,805 | 9,805 |
Small Business Fncg. Auth., Demand Rev. Ref. Bonds (Virginia State University Real Estate Foundation), | ||
Series 2008, Bank of America LOC, 0.05% 2030 2 | 1,840 | 1,840 |
Total short-term securities (cost: $ 27,980,000 ) | 27,980 | |
Total investment securities (cost: $428,252,000) | 437,804 | |
Other assets less liabilities | 5,003 | |
Net assets | $442,807 |
1 Step bond; coupon rate will increase at a later date.
2 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
Key to abbreviations | ||
Agcy. = Agency | Econ. = Economic | Preref. = Prerefunded |
AMT = Alternative Minimum Tax | Fac. = Facility | Redev. = Redevelopment |
Auth. = Authority | Facs. = Facilities | Ref. = Refunding |
Certs. of Part. = Certificates of Participation | Fin. = Finance | Rev. = Revenue |
Dept. = Department | Fncg. = Financing | TECP = Tax-Exempt Commercial Paper |
Dev. = Development | G.O. = General Obligation | |
Dist. = District | LOC = Letter of Credit |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.
MFGEFPX-970-0314O-S37634
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE AMERICAN FUNDS TAX-EXEMPT SERIES I | |
By /s/ Brenda S. Ellerin | |
Brenda S. Ellerin, President and Principal Executive Officer |
|
Date: March 31, 2014 |
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/ Brenda S. Ellerin |
Brenda S. Ellerin, President and Principal Executive Officer |
Date: March 31, 2014 |
By /s/ Brian D. Bullard |
Brian D. Bullard, Treasurer and Principal Financial Officer |
Date: March 31, 2014 |
1 Year General California Municipal Mon Chart |
1 Month General California Municipal Mon Chart |
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