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 | 811-04025 | |||||
AMERICAN CENTURY MUNICIPAL TRUST | ||||||
(Exact name of registrant as specified in charter) | ||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||
Date of fiscal year end: | 05-31 | |||||
Date of reporting period: | 11-30-2018 |
ITEM 1. REPORTS TO STOCKHOLDERS.
Semiannual Report | |
November 30, 2018 | |
High-Yield Municipal Fund | |
Investor Class (ABHYX) | |
I Class (AYMIX) | |
Y Class (AYMYX) | |
A Class (AYMAX) | |
C Class (AYMCX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2018. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.
Municipal Bonds Outperform Treasuries in Volatile Climate
Municipal bonds (munis) overcame heightened market volatility to generate slightly positive returns for the six-month reporting period. Munis generally outperformed U.S. Treasuries, which declined fractionally as yields remained volatile and headed higher overall.
Favorable economic data and continued Federal Reserve (Fed) easing helped drive Treasury yields higher, and muni yields followed suit. U.S. annualized gross domestic product growth jumped from 2.2% in the first quarter to 4.2% in the second quarter. Although growth moderated in the third quarter, the economy continued to expand at a healthy 3.5% pace. At the same time, the unemployment rate plunged to a 49-year low, while inflation remained at or near the Fed's target.
The upbeat economy prompted the Fed to lift its short-term lending rate in June and September, the second and third interest rate hikes of 2018. The Fed also boosted its outlook for 2018 from three rate hikes to potentially four. This more-hawkish tone, combined with U.S. midterm election results, helped drive Treasury yields to their highest levels in several years. But Treasury yields fell sharply late in the reporting period. Continued strong stock market volatility and softer language from the Fed regarding the central bank's 2019 rate-hike plans drove yields lower.
Against this challenging backdrop for fixed-income investors, positive supply and demand influences helped munis advance fractionally and outperform Treasuries. High-yield munis modestly outperformed investment-grade munis.
Looking ahead, we believe state and local finances across the country should remain relatively healthy, providing continued support to the muni market. We also expect supply and demand dynamics to remain favorable. However, slowing global growth, ongoing trade tensions, and Fed interest-rate policy may continue to trigger widespread financial market volatility. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
NOVEMBER 30, 2018 | |
Portfolio at a Glance | |
Weighted Average Life to Maturity | 16.2 years |
Average Duration (Modified) | 5.9 years |
Top Five States and Territories | % of net assets |
New York | 12.1% |
Illinois | 9.3% |
Arizona | 6.0% |
Colorado | 5.3% |
New Jersey | 5.2% |
Top Five Sectors | % of fund investments |
Retirement Community | 17% |
Special Tax | 15% |
Charter School | 9% |
Hospital | 9% |
General Obligation (GO) - Local | 8% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 99.0% |
Other Assets and Liabilities | 1.0% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2018 to November 30, 2018.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s 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 your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, 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.
4
Beginning Account Value 6/1/18 | Ending Account Value 11/30/18 | Expenses Paid During Period(1) 6/1/18 - 11/30/18 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $995.50 | $3.00 | 0.60% |
I Class | $1,000 | $996.50 | $2.00 | 0.40% |
Y Class | $1,000 | $997.70 | $1.85 | 0.37% |
A Class | $1,000 | $994.30 | $4.25 | 0.85% |
C Class | $1,000 | $991.60 | $7.99 | 1.60% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.06 | $3.04 | 0.60% |
I Class | $1,000 | $1,023.06 | $2.03 | 0.40% |
Y Class | $1,000 | $1,023.21 | $1.88 | 0.37% |
A Class | $1,000 | $1,020.81 | $4.31 | 0.85% |
C Class | $1,000 | $1,017.05 | $8.09 | 1.60% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
5
Schedule of Investments |
NOVEMBER 30, 2018 (UNAUDITED)
Principal Amount | Value | ||||||
MUNICIPAL SECURITIES — 99.0% | |||||||
Alabama — 1.7% | |||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/24 | $ | 2,520,000 | $ | 2,805,566 | |||
Jefferson County Sewer Rev., 6.50%, 10/1/53 | 2,000,000 | 2,329,040 | |||||
Southeast Alabama Gas Supply District Rev., VRDN, 4.00%, 6/1/24 | 5,000,000 | 5,255,400 | |||||
10,390,006 | |||||||
Alaska — 0.4% | |||||||
Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46 | 2,500,000 | 2,354,225 | |||||
Arizona — 6.0% | |||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 2,065,000 | 2,009,410 | |||||
Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47(1) | 2,000,000 | 2,030,600 | |||||
Arizona Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.25%, 7/1/22 (GA: CFE Management Group LLC)(1) | 1,000,000 | 985,610 | |||||
Arizona Industrial Development Authority Rev., (Odyssey Preparatory Academy, Inc.), 5.50%, 7/1/52(1) | 5,000,000 | 4,708,950 | |||||
Florence Town, Inc. Industrial Development Authority Rev., (Legacy Traditional School Series 2013 Obligated Group), 6.00%, 7/1/43 | 1,000,000 | 1,037,500 | |||||
Industrial Development Authority of the City of Phoenix Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 1,000,000 | 920,210 | |||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45(1) | 1,500,000 | 1,489,035 | |||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46(1) | 1,500,000 | 1,486,635 | |||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/44 | 1,000,000 | 1,023,390 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 6.75%, 7/1/44(1) | 2,000,000 | 2,170,380 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46(1) | 500,000 | 501,545 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Series 2017 Obligated Group), 4.00%, 7/1/22(1) | 3,000,000 | 2,922,870 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.25%, 7/1/48(1) | 1,000,000 | 982,270 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.25%, 7/1/53(1) | 1,000,000 | 962,210 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/35 | 500,000 | 516,085 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/45 | 1,000,000 | 1,011,690 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45(1) | 2,000,000 | 2,076,780 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 1,325,000 | 1,307,126 |
6
Principal Amount | Value | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | $ | 1,325,000 | $ | 1,285,171 | |||
Maricopa County Industrial Development Authority Rev., (Benjamin Franklin Charter School Ltd.), 6.00%, 7/1/52(1)(2) | 4,000,000 | 4,149,960 | |||||
Maricopa County Industrial Development Authority Rev., (Paragon Management, Inc.), 5.00%, 7/1/47(1) | 1,000,000 | 1,010,010 | |||||
Sundance Community Facilities District Rev., 7.125%, 7/1/27(1) | 264,000 | 264,005 | |||||
Sundance Community Facilities District Special Assessment, 6.50%, 7/1/29 | 164,000 | 163,990 | |||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 5.35%, 10/1/25(1) | 1,000,000 | 1,021,180 | |||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37(1) | 500,000 | 533,815 | |||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47(1) | 1,000,000 | 1,072,030 | |||||
37,642,457 | |||||||
Arkansas — 0.2% | |||||||
Little Rock Metrocentere Improvement District No. 1 Rev., (Wehco Media, Inc.), VRDN, 1.75%, 12/3/18 (LOC: JPMorgan Chase Bank N.A.) | 1,000,000 | 1,000,000 | |||||
California — 5.0% | |||||||
Antelope Valley Healthcare District Rev., 5.00%, 3/1/21 | 2,445,000 | 2,542,580 | |||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3) | 8,000,000 | 982,880 | |||||
California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.45%, 6/1/28 | 2,000,000 | 2,002,320 | |||||
California School Finance Authority Rev., (Downtown College Prep Obligated Group), 4.75%, 6/1/36(1) | 1,500,000 | 1,501,860 | |||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(1) | 500,000 | 519,395 | |||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(1) | 500,000 | 514,015 | |||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(1) | 1,000,000 | 1,024,210 | |||||
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/26 (NATL)(3) | 2,500,000 | 2,017,450 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43 | 500,000 | 572,930 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49 | 2,250,000 | 2,562,008 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 500,000 | 447,660 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23 | 500,000 | 551,510 | |||||
Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/37 | 1,000,000 | 1,003,150 | |||||
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/47(3) | 5,000,000 | 788,300 | |||||
Independent Cities Finance Authority Rev., (Lamplighter Salinas Mobilehome Park), 6.15%, 7/15/40 | 2,000,000 | 2,098,460 | |||||
Long Beach Unified School District GO, Capital Appreciation, 0.00%, 8/1/25 (AGC)(3) | 1,595,000 | 1,333,276 | |||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 1,000,000 | 1,017,020 |
7
Principal Amount | Value | ||||||
Palm Springs Airport Rev., 6.40%, 7/1/23 | $ | 250,000 | $ | 250,185 | |||
Palm Springs Airport Rev., 6.50%, 7/1/27 | 85,000 | 85,039 | |||||
River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45 | 1,500,000 | 1,584,945 | |||||
San Francisco City & County Redevelopment Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(3) | 3,500,000 | 893,900 | |||||
San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/44 | 3,000,000 | 3,199,800 | |||||
Sunnyvale Special Tax, 7.75%, 8/1/32 | 1,500,000 | 1,503,420 | |||||
Tejon Ranch Public Facilities Finance Authority Special Tax, 5.00%, 9/1/45 | 2,000,000 | 2,121,900 | |||||
31,118,213 | |||||||
Colorado — 5.3% | |||||||
Belleview Station Metropolitan District No. 2 GO, 5.00%, 12/1/36 | 1,000,000 | 1,009,780 | |||||
Belleview Station Metropolitan District No. 2 GO, 5.125%, 12/1/46 | 2,000,000 | 2,015,880 | |||||
Brighton Crossing Metropolitan District No. 4 GO, 4.00%, 12/1/27 | 510,000 | 497,944 | |||||
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/37 | 525,000 | 530,859 | |||||
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/47 | 1,220,000 | 1,225,710 | |||||
Centerra Metropolitan District No. 1 Tax Allocation, 5.00%, 12/1/29(1) | 4,000,000 | 4,211,920 | |||||
Central Platte Valley Metropolitan District GO, 5.00%, 12/1/43 | 1,000,000 | 1,042,080 | |||||
City & County of Denver Rev., (United Airlines, Inc.), 5.00%, 10/1/32 | 3,000,000 | 3,154,500 | |||||
Clear Creek Station Metropolitan District No. 2 GO, 5.00%, 12/1/47 | 1,000,000 | 996,960 | |||||
Colorado Health Facilities Authority Rev., (Christian Living Communities), 5.00%, 1/1/37 | 1,615,000 | 1,659,477 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/37 | 500,000 | 534,065 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/47 | 2,000,000 | 2,117,360 | |||||
Cornerstar Metropolitan District GO, 3.50%, 12/1/21 | 178,000 | 179,465 | |||||
Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 500,000 | 509,610 | |||||
Denver Urban Renewal Authority Tax Allocation, 5.00%, 12/1/25 | 1,500,000 | 1,644,780 | |||||
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 1,900,000 | 1,885,674 | |||||
Gardens on Havana Metropolitan District No. 3 Rev., 3.625%, 12/1/21 | 704,000 | 712,877 | |||||
Leyden Rock Metropolitan District No. 10 GO, 5.00%, 12/1/45 | 1,250,000 | 1,237,200 | |||||
One Horse Business Improvement District Rev., 6.00%, 6/1/24 | 1,025,000 | 1,026,076 | |||||
Plaza Metropolitan District No. 1 Tax Allocation, 5.00%, 12/1/22(1) | 500,000 | 531,735 | |||||
Regional Transportation District COP, 5.00%, 6/1/20 | 1,750,000 | 1,826,772 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 6.00%, 1/15/41 | 1,000,000 | 1,031,860 | |||||
Southglenn Metropolitan District GO, 5.00%, 12/1/30 | 1,400,000 | 1,438,626 |
8
Principal Amount | Value | ||||||
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | $ | 500,000 | $ | 523,970 | |||
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1,000,000 | 1,038,140 | |||||
Water Valley Metropolitan District No. 01 GO, 5.25%, 12/1/40 | 300,000 | 306,873 | |||||
32,890,193 | |||||||
Delaware — 0.7% | |||||||
Delaware State Economic Development Authority Rev., (Delmarva Power & Light Co.), 5.40%, 2/1/31 | 1,500,000 | 1,568,010 | |||||
Town of Millsboro Special Tax, 5.25%, 7/1/48(1) | 3,000,000 | 2,990,940 | |||||
4,558,950 | |||||||
District of Columbia — 1.0% | |||||||
District of Columbia Rev., (Ingleside Presbyterian Retirement Community, Inc.), 5.00%, 7/1/52 | 1,000,000 | 968,360 | |||||
District of Columbia Rev., (National Law Enforcement Officers Memorial Fund, Inc.), 7.75%, 7/1/49 | 4,000,000 | 4,178,520 | |||||
District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46(3) | 15,000,000 | 1,372,800 | |||||
6,519,680 | |||||||
Florida — 4.4% | |||||||
Atlantic Beach Health Care Facilities (Naval Continuing Care Retirement Foundation Obligated Group), 3.25%, 11/15/24(2) | 2,155,000 | 2,157,758 | |||||
Babcock Ranch Community Independent Special District Special Assessment, 5.25%, 11/1/46 | 250,000 | 248,898 | |||||
Brevard County Rev., (University Financing Foundation, Inc.), 6.75%, 11/1/39 | 1,000,000 | 1,021,300 | |||||
Celebration Pointe Community Development District Special Assessment, 5.125%, 5/1/45 | 750,000 | 745,133 | |||||
Celebration Pointe Community Development District Special Assessment, 5.00%, 5/1/48(1) | 1,000,000 | 1,002,000 | |||||
Greater Orlando Aviation Authority Rev., (JetBlue Airways Corp.), 5.00%, 11/15/36 | 1,000,000 | 1,043,250 | |||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/21 | 350,000 | 370,223 | |||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/22 | 250,000 | 269,260 | |||||
Martin County Health Facilities Authority Rev., (Martin Memorial Medical Center, Inc.), 5.50%, 11/15/42 | 1,500,000 | 1,597,590 | |||||
Miami Beach Redevelopment Agency Tax Allocation, 5.00%, 2/1/27 | 1,000,000 | 1,122,040 | |||||
Miami Health Facilities Authority Rev., (Miami Jewish Health Systems Obligated Group), 5.00%, 7/1/30 | 600,000 | 652,710 | |||||
Miami Health Facilities Authority Rev., (Miami Jewish Health Systems Obligated Group), 5.00%, 7/1/31 | 500,000 | 542,400 | |||||
Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 5.00%, 4/1/30 | 1,250,000 | 1,393,112 | |||||
Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy, Inc.), 5.25%, 9/15/44 | 950,000 | 989,767 | |||||
Northern Palm Beach County Improvement District Special Assessment, 5.00%, 8/1/46 | 2,000,000 | 2,032,200 | |||||
South Lake County Hospital District Rev., (Southlake Hospital, Inc.), 6.25%, 4/1/39 | 1,000,000 | 1,010,630 | |||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/24 | 1,225,000 | 1,366,439 | |||||
Tomoka Community Development District Special Assessment, 5.50%, 5/1/35 | 2,500,000 | 2,497,175 |
9
Principal Amount | Value | ||||||
Village Community Development District No. 10 Special Assessment, 6.00%, 5/1/44 | $ | 430,000 | $ | 483,827 | |||
Village Community Development District No. 12 Special Assessment, 3.625%, 5/1/31 | 1,980,000 | 1,898,503 | |||||
Village Community Development District No. 12 Special Assessment, 4.375%, 5/1/50(1) | 2,735,000 | 2,686,727 | |||||
Village Community Development District No. 8 Special Assessment, 6.125%, 5/1/39 | 750,000 | 786,203 | |||||
Winter Garden Village at Fowler Groves Community Development District Special Assessment, 4.125%, 5/1/37 | 1,995,000 | 1,882,841 | |||||
27,799,986 | |||||||
Georgia — 0.5% | |||||||
Marietta Development Authority Rev., (Life University, Inc.), 5.00%, 11/1/37(1) | 1,500,000 | 1,557,840 | |||||
Rockdale County Development Authority Rev., (Pratt Paper LLC), 4.00%, 1/1/38 (GA: Pratt Industries, Inc.)(1) | 1,500,000 | 1,432,380 | |||||
2,990,220 | |||||||
Guam — 0.2% | |||||||
Guam Government Department of Education COP, 6.625%, 12/1/30 | 1,000,000 | 1,018,670 | |||||
Idaho — 1.1% | |||||||
Idaho Health Facilities Authority Rev., (Madison Memorial Hospital), 5.00%, 9/1/25 | 1,985,000 | 2,160,494 | |||||
Idaho Health Facilities Authority Rev., (Madison Memorial Hospital), 5.00%, 9/1/26 | 250,000 | 274,058 | |||||
Idaho Health Facilities Authority Rev., (Madison Memorial Hospital), 5.00%, 9/1/37 | 1,000,000 | 1,046,190 | |||||
Idaho Health Facilities Authority Rev., (Partners In Healthcare, Inc.), 5.50%, 11/1/45 | 3,250,000 | 3,119,642 | |||||
6,600,384 | |||||||
Illinois — 9.3% | |||||||
Chicago GO, 5.625%, 1/1/29 | 2,500,000 | 2,776,075 | |||||
Chicago GO, 5.50%, 1/1/39 | 2,000,000 | 2,096,540 | |||||
Chicago GO, 5.00%, 1/1/40 | 2,500,000 | 2,525,400 | |||||
Chicago Board of Education GO, 5.00%, 12/1/23(2) | 1,500,000 | 1,555,980 | |||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 3,815,000 | 3,778,147 | |||||
Chicago Board of Education GO, 5.00%, 12/1/46 | 2,500,000 | 2,459,275 | |||||
Chicago Board of Education GO, 6.50%, 12/1/46 | 1,000,000 | 1,110,330 | |||||
Chicago Midway International Airport Rev., 5.00%, 1/1/26 | 2,200,000 | 2,400,794 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/22 | 3,000,000 | 3,217,200 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/27 | 3,000,000 | 3,305,880 | |||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/28 (BAM) | 2,385,000 | 2,635,497 | |||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 2,400,000 | 2,414,736 | |||||
Illinois Finance Authority Rev., (Benedictine University Obligated Group), 6.25%, 10/1/33 | 1,000,000 | 1,010,340 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3,500,000 | 3,571,120 | |||||
Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45(1) | 2,000,000 | 1,994,680 | |||||
Illinois Finance Authority Rev., (Plymouth Place, Inc.), 5.25%, 5/15/50 | 2,000,000 | 2,025,000 | |||||
State of Illinois GO, 5.00%, 6/1/20 | 2,000,000 | 2,059,100 |
10
Principal Amount | Value | ||||||
State of Illinois GO, 5.00%, 5/1/22 | $ | 1,000,000 | $ | 1,042,870 | |||
State of Illinois GO, 5.00%, 2/1/24 | 2,000,000 | 2,108,480 | |||||
State of Illinois GO, 5.00%, 12/1/25 | 3,000,000 | 3,183,270 | |||||
State of Illinois GO, 5.00%, 2/1/26 | 1,000,000 | 1,061,020 | |||||
State of Illinois GO, 5.125%, 12/1/29 | 3,000,000 | 3,178,350 | |||||
State of Illinois GO, 5.00%, 10/1/33 | 900,000 | 931,743 | |||||
State of Illinois GO, 5.00%, 3/1/36 | 2,100,000 | 2,137,548 | |||||
State of Illinois GO, 5.50%, 7/1/38 | 1,000,000 | 1,050,590 | |||||
University of Illinois Rev., VRDN, 1.68%, 12/7/18 (LOC: JPMorgan Chase Bank N.A.) | 900,000 | 900,000 | |||||
Western Illinois Economic Development Authority Rev., (Memorial Hospital Association), 4.00%, 6/1/36 | 2,000,000 | 1,725,080 | |||||
58,255,045 | |||||||
Iowa — 1.1% | |||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 4,720,000 | 4,837,528 | |||||
Iowa Finance Authority Rev., (Wahlert High School), VRDN, 1.71%, 12/3/18 (LOC: U.S. Bank N.A.) | 1,250,000 | 1,250,000 | |||||
Iowa Tobacco Settlement Authority Rev., 5.625%, 6/1/46 | 1,000,000 | 995,140 | |||||
7,082,668 | |||||||
Kansas — 1.9% | |||||||
Kansas Development Finance Authority Rev., (Village Shalom Obligated Group), 4.00%, 11/15/25 | 9,500,000 | 9,425,900 | |||||
Wichita Rev., (K-96 Greenwich STAR Bond), 3.00%, 9/1/23 | 2,690,000 | 2,679,321 | |||||
12,105,221 | |||||||
Kentucky — 0.8% | |||||||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 1,335,000 | 1,409,253 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 3,500,000 | 3,879,295 | |||||
5,288,548 | |||||||
Louisiana — 0.5% | |||||||
Louisiana State Citizens Property Insurance Corp. Rev., 5.00%, 6/1/20 | 1,500,000 | 1,562,880 | |||||
New Orleans Aviation Board Rev., 6.50%, 1/1/40 | 1,500,000 | 1,505,010 | |||||
3,067,890 | |||||||
Maryland — 2.6% | |||||||
Baltimore Rev., 5.125%, 6/1/43 | 1,500,000 | 1,524,705 | |||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/24 | 1,000,000 | 1,109,650 | |||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/25 | 1,000,000 | 1,119,680 | |||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/27 | 1,000,000 | 1,134,510 | |||||
Maryland Stadium Authority Rev., 5.00%, 5/1/25 | 3,600,000 | 4,150,512 | |||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.25%, 4/1/37 | 1,500,000 | 1,565,655 | |||||
Prince George's County Tax Allocation, 5.25%, 7/1/48(1) | 2,000,000 | 1,970,380 | |||||
Rockville Rev., (King Farm Presbyterian Retirement Community, Inc.), 3.50%, 11/1/26 | 1,825,000 | 1,780,543 | |||||
Rockville Rev., (King Farm Presbyterian Retirement Community, Inc.), 5.00%, 11/1/47 | 2,000,000 | 2,049,040 | |||||
16,404,675 |
11
Principal Amount | Value | ||||||
Massachusetts — 0.3% | |||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(1) | $ | 2,000,000 | $ | 2,012,620 | |||
Michigan — 4.2% | |||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2,500,000 | 2,537,525 | |||||
Detroit City School District GO, 5.00%, 5/1/25 (Q-SBLF) | 2,490,000 | 2,690,520 | |||||
Flint Hospital Building Authority Rev., (Hurley Medical Center), 7.50%, 7/1/39 | 1,250,000 | 1,320,063 | |||||
Kentwood Economic Development Corp. Rev., (Holland Home Obligated Group), 5.625%, 11/15/41 | 1,750,000 | 1,844,710 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/20 (AGM Q-SBLF) | 1,490,000 | 1,550,896 | |||||
Michigan Finance Authority Rev., 5.00%, 5/1/25 (Q-SBLF) | 375,000 | 428,426 | |||||
Michigan Finance Authority Rev., (Lawrence Technological University), 5.00%, 2/1/47 | 3,195,000 | 3,316,154 | |||||
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1) | 6,500,000 | 6,482,255 | |||||
Michigan Strategic Fund Rev., (Canterbury Health Care, Inc. Obligated Group), 5.00%, 7/1/26(1) | 1,415,000 | 1,472,944 | |||||
Michigan Strategic Fund Rev., (Canterbury Health Care, Inc. Obligated Group), 5.00%, 7/1/31(1) | 1,530,000 | 1,571,677 | |||||
Michigan Tobacco Settlement Finance Authority Rev., (Michigan Finance Authority), 6.00%, 6/1/48 | 3,000,000 | 2,943,750 | |||||
26,158,920 | |||||||
Minnesota — 0.5% | |||||||
North Oaks Rev., (Presbyterian Homes of North Oaks, Inc.), 5.00%, 10/1/27 | 1,750,000 | 1,913,817 | |||||
Township of Baytown Rev., (St. Croix Preparatory Academy), 4.25%, 8/1/46 | 1,225,000 | 1,113,648 | |||||
3,027,465 | |||||||
Mississippi — 0.9% | |||||||
Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 1.71%, 12/3/18 (GA: Chevron Corp.) | 5,800,000 | 5,800,000 | |||||
Missouri — 3.6% | |||||||
Branson Industrial Development Authority Rev., 3.00%, 11/1/21 | 705,000 | 700,714 | |||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 6.00%, 2/1/41 | 1,250,000 | 1,305,338 | |||||
Health & Educational Facilities Authority of the State of Missouri Rev., (St. Louis College of Pharmacy), 5.50%, 5/1/43 | 1,000,000 | 1,059,210 | |||||
Health & Educational Facilities Authority of the State of Missouri Rev., (St. Louis College of Pharmacy), 5.00%, 5/1/45 | 1,890,000 | 1,953,825 | |||||
Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2,500,000 | 2,518,050 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/30 | 2,515,000 | 2,658,933 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/37 | 1,000,000 | 1,040,780 | |||||
Lees Summit Tax Allocation, 4.875%, 11/1/37(1) | 3,500,000 | 3,280,480 |
12
Principal Amount | Value | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | $ | 5,000,000 | $ | 4,952,200 | |||
St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 1,800,000 | 1,825,830 | |||||
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/46 | 1,000,000 | 1,003,270 | |||||
22,298,630 | |||||||
Nevada — 1.8% | |||||||
Clark County Special Assessment, 5.00%, 8/1/30 | 1,455,000 | 1,496,366 | |||||
Clark County Special Assessment, 5.00%, 8/1/32 | 375,000 | 383,280 | |||||
Clark County Special Assessment, 5.00%, 8/1/35 | 690,000 | 701,675 | |||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/23 | 2,030,000 | 2,096,320 | |||||
Henderson Local Improvement Districts Special Assessment, 6.10%, 3/1/24 | 875,000 | 879,156 | |||||
Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 1,000,000 | 1,002,920 | |||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/27(1) | 335,000 | 347,773 | |||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/37(1) | 1,000,000 | 1,004,980 | |||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/47(1) | 1,400,000 | 1,387,260 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(3) | 10,000,000 | 1,077,800 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(3) | 13,000,000 | 1,019,330 | |||||
11,396,860 | |||||||
New Jersey — 5.2% | |||||||
New Jersey Economic Development Authority Rev., 5.00%, 11/1/24 | 5,000,000 | 5,497,700 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/40 | 2,000,000 | 2,068,780 | |||||
New Jersey Economic Development Authority Rev., (NYNJ Link Borrower LLC), 5.375%, 1/1/43 | 1,600,000 | 1,710,704 | |||||
New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5,000,000 | 5,247,000 | |||||
New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.25%, 9/15/29 | 1,000,000 | 1,077,850 | |||||
New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.50%, 6/1/33 | 500,000 | 547,045 | |||||
New Jersey Educational Facilities Authority Rev., (College of New Jersey), 4.00%, 7/1/35 | 1,000,000 | 1,028,210 | |||||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/46 | 2,500,000 | 2,374,475 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (University of Pennsylvania Health System Obligated Group), 5.00%, 7/1/22 | 1,000,000 | 1,096,110 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (University of Pennsylvania Health System Obligated Group), 5.00%, 7/1/23 | 1,000,000 | 1,117,510 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/20 | 2,800,000 | 2,907,884 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 2,500,000 | 2,506,925 |
13
Principal Amount | Value | ||||||
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | $ | 5,000,000 | $ | 5,306,900 | |||
32,487,093 | |||||||
New Mexico — 0.3% | |||||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500,000 | 511,425 | |||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450,000 | 451,881 | |||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | 1,200,000 | 1,188,888 | |||||
2,152,194 | |||||||
New York — 12.1% | |||||||
Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1,500,000 | 1,569,780 | |||||
Build NYC Resource Corp. Rev., (Albert Einstein College of Medicine, Inc.), 5.50%, 9/1/45(1) | 3,000,000 | 3,142,320 | |||||
Build NYC Resource Corp. Rev., (Metropolitan College of New York), 5.25%, 11/1/34 | 750,000 | 757,928 | |||||
Build NYC Resource Corp. Rev., (Metropolitan College of New York), 5.50%, 11/1/44 | 1,000,000 | 1,008,970 | |||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/32(1) | 625,000 | 650,431 | |||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/37(1) | 500,000 | 512,865 | |||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/47(1) | 1,000,000 | 1,014,510 | |||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/52(1) | 1,000,000 | 1,007,270 | |||||
Glen Cove Local Economic Assistance Corp. Rev., 5.00%, 1/1/56 | 1,500,000 | 1,503,900 | |||||
Nassau County Tobacco Settlement Corp. Rev., 5.00%, 6/1/35 | 2,000,000 | 1,907,480 | |||||
New York City GO, 5.00%, 8/1/23 | 750,000 | 841,770 | |||||
New York City GO, VRDN, 1.73%, 12/3/18 (SBBPA: Bank of America N.A.) | 2,000,000 | 2,000,000 | |||||
New York City GO, VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 2,800,000 | 2,800,000 | |||||
New York City GO, VRDN, 1.74%, 12/3/18 (LOC: Bank of New York Mellon) | 1,200,000 | 1,200,000 | |||||
New York City GO, VRDN, 1.74%, 12/3/18 (SBBPA: Barclays Bank plc) | 3,200,000 | 3,200,000 | |||||
New York City GO, VRDN, 1.76%, 12/3/18 (SBBPA: JPMorgan Chase Bank N.A.) | 1,800,000 | 1,800,000 | |||||
New York City GO, VRDN, 1.76%, 12/3/18 (LOC: Bank of the West) | 2,360,000 | 2,360,000 | |||||
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 1,000,000 | 1,058,590 | |||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 1.72%, 12/3/18 (SBBPA: Bank of America N.A.) | 1,000,000 | 1,000,000 | |||||
New York City Water & Sewer System Rev., VRDN, 1.72%, 12/3/18 (SBBPA: Bank of America N.A.) | 2,150,000 | 2,150,000 | |||||
New York City Water & Sewer System Rev., VRDN, 1.72%, 12/3/18 (SBBPA: Bank of America N.A.) | 1,200,000 | 1,200,000 | |||||
New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1,500,000 | 1,283,805 | |||||
New York Counties Tobacco Trust Rev., 5.00%, 6/1/51 | 1,000,000 | 1,009,320 |
14
Principal Amount | Value | ||||||
New York Liberty Development Corp. Rev., (3 World Trade Center LLC), 5.00%, 11/15/44(1) | $ | 7,000,000 | $ | 7,155,050 | |||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/27(1) | 1,000,000 | 1,125,920 | |||||
New York State Dormitory Authority Rev., (Touro College and University System Obligated Group), 5.50%, 1/1/44 | 850,000 | 909,619 | |||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 5.00%, 8/1/31 (GA: American Airlines Group) | 5,000,000 | 5,162,900 | |||||
New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.00%, 1/1/25 | 5,000,000 | 5,542,700 | |||||
New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.00%, 1/1/34 | 2,500,000 | 2,730,400 | |||||
New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.00%, 1/1/36 | 2,500,000 | 2,708,425 | |||||
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 5.25%, 1/1/50 | 4,500,000 | 4,769,235 | |||||
New York Transportation Development Corp. Rev., (Terminal One Group Association LP), 5.00%, 1/1/22 | 1,000,000 | 1,068,630 | |||||
New York Transportation Development Corp. Rev., (Terminal One Group Association LP), 5.00%, 1/1/23 | 1,000,000 | 1,085,750 | |||||
Newburgh GO, 5.625%, 6/15/33 | 1,400,000 | 1,507,618 | |||||
Port Authority of New York & New Jersey Rev., (JFK International Air Terminal LLC), 6.00%, 12/1/36 | 2,000,000 | 2,136,780 | |||||
Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/42 | 1,655,000 | 1,777,933 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/21 | 1,565,000 | 1,671,577 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/23 | 1,000,000 | 1,103,850 | |||||
75,435,326 | |||||||
North Carolina — 1.0% | |||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc.), 5.00%, 10/1/35 | 1,000,000 | 1,031,510 | |||||
North Carolina Medical Care Commission Rev., (Moravian Home, Inc.), 5.00%, 10/1/48 | 3,000,000 | 2,945,040 | |||||
North Carolina Medical Care Commission Rev., (Southminster, Inc.), 5.00%, 10/1/37 | 1,500,000 | 1,539,945 | |||||
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/23 | 610,000 | 644,434 | |||||
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/24 | 280,000 | 296,134 | |||||
6,457,063 | |||||||
Ohio — 4.8% | |||||||
Allen County Hospital Facilities Rev., (Mercy Health), VRDN, 1.71%, 12/3/18 (LOC: Union Bank N.A.) | 500,000 | 500,000 | |||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.125%, 6/1/24 | 1,910,000 | 1,785,907 | |||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.75%, 6/1/34 | 2,000,000 | 1,871,920 | |||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.875%, 6/1/47 | 9,995,000 | 9,483,856 | |||||
Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/52(3) | 25,000,000 | 658,250 |
15
Principal Amount | Value | ||||||
Centerville Rev., (Graceworks Lutheran Services), 5.00%, 11/1/25 | $ | 1,420,000 | $ | 1,502,289 | |||
Cleveland Airport System Rev., 5.00%, 1/1/26 (AGM) | 2,000,000 | 2,255,760 | |||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2,500,000 | 2,693,150 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/24 | 1,250,000 | 1,353,213 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,250,000 | 1,357,837 | |||||
Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2,500,000 | 2,533,850 | |||||
Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | 987,070 | |||||
Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.50%, 1/15/48 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | 1,002,930 | |||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 1,900,000 | 1,933,573 | |||||
29,919,605 | |||||||
Oklahoma — 0.5% | |||||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.50%, 8/15/57 | 1,110,000 | 1,198,212 | |||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/28 | 2,000,000 | 2,112,280 | |||||
3,310,492 | |||||||
Oregon — 0.8% | |||||||
Clackamas County Hospital Facility Authority Rev., (Mary's Woods at Marylhurst, Inc.), 2.80%, 5/15/24 | 1,150,000 | 1,132,819 | |||||
Clackamas County Hospital Facility Authority Rev., (Mary's Woods at Marylhurst, Inc.), 3.20%, 5/15/25 | 775,000 | 768,296 | |||||
Salem Hospital Facility Authority Rev., (Capital Manor, Inc.), 6.00%, 5/15/42 | 1,000,000 | 1,078,140 | |||||
Salem Hospital Facility Authority Rev., (Capital Manor, Inc.), 6.00%, 5/15/47 | 1,250,000 | 1,345,575 | |||||
Yamhill County Hospital Authority Rev., (Friendsview Manor), 4.00%, 11/15/26 | 500,000 | 506,855 | |||||
4,831,685 | |||||||
Pennsylvania — 5.0% | |||||||
Chester County Health & Education Facilities Authority Rev., (Simpson Senior Services Obligated Group), 5.25%, 12/1/45 | 1,400,000 | 1,417,962 | |||||
Chester County Industrial Development Authority Rev., (Renaissance Academy Charter School), 5.00%, 10/1/44 | 1,000,000 | 1,035,670 | |||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38(1) | 525,000 | 523,031 | |||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48(1) | 1,050,000 | 1,047,543 | |||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 1,000,000 | 1,127,230 | |||||
Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1,500,000 | 1,585,530 | |||||
Dauphin County General Authority Rev., (Harrisburg University of Science & Technology), 5.125%, 10/15/41(1) | 3,000,000 | 2,877,000 | |||||
Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1,170,000 | 1,172,738 | |||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.625%, 7/1/42 | 2,500,000 | 2,640,500 |
16
Principal Amount | Value | ||||||
Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group)), 5.125%, 7/1/37 | $ | 1,000,000 | $ | 1,032,530 | |||
Montgomery County Industrial Development Authority Rev., (Albert Einstein Healthcare Network Obligated Group), 5.25%, 1/15/45 | 1,250,000 | 1,328,825 | |||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/21, Prerefunded at 100% of Par(4) | 760,000 | 829,760 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 265,000 | 294,463 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24 | 890,000 | 1,001,490 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 1,100,000 | 1,251,206 | |||||
Philadelphia GO, 5.00%, 7/15/38 | 1,500,000 | 1,614,645 | |||||
Philadelphia Authority for Industrial Development Rev., (First Philadelphia Preparatory Charter School), 7.25%, 6/15/43 | 1,500,000 | 1,662,810 | |||||
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 500,000 | 488,485 | |||||
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 5.00%, 4/1/46 | 2,000,000 | 1,967,640 | |||||
Philadelphia Municipal Authority Rev., 6.50%, 4/1/19, Prerefunded at 100% of Par(4) | 1,500,000 | 1,522,935 | |||||
School District of Philadelphia GO, 5.00%, 9/1/25 | 2,500,000 | 2,812,775 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1,000,000 | 1,003,090 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1,050,000 | 1,020,957 | |||||
31,258,815 | |||||||
Rhode Island — 0.5% | |||||||
Rhode Island Health & Educational Building Corp. Rev., (Care New England Health System Obligated Group), 5.00%, 9/1/36 | 2,125,000 | 2,208,385 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1,000,000 | 999,400 | |||||
3,207,785 | |||||||
South Carolina — 0.7% | |||||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/19 (BAM) | 500,000 | 515,505 | |||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/20 (BAM) | 1,000,000 | 1,058,890 | |||||
Piedmont Municipal Power Agency Rev., 5.00%, 1/1/25 | 1,245,000 | 1,409,639 | |||||
South Carolina Jobs-Economic Development Authority Rev., (Palmetto Health Obligated Group), 5.75%, 8/1/19, Prerefunded at 100% of Par(4) | 1,475,000 | 1,512,037 | |||||
4,496,071 | |||||||
Tennessee — 1.3% | |||||||
Blount County Health & Educational Facilities Board Rev., (Asbury, Inc.), 5.00%, 1/1/31 | 1,700,000 | 1,759,279 | |||||
Blount County Health & Educational Facilities Board Rev., (Asbury, Inc.), 5.00%, 1/1/37 | 625,000 | 638,300 | |||||
Clarksville Public Building Authority Rev., VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 1,600,000 | 1,600,000 | |||||
Memphis-Shelby County Industrial Development Board Tax Allocation, 5.625%, 1/1/46 | 2,400,000 | 2,501,760 | |||||
Montgomery County Public Building Authority Rev., VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 1,045,000 | 1,045,000 | |||||
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1) | 500,000 | 514,190 | |||||
8,058,529 |
17
Principal Amount | Value | ||||||
Texas — 4.9% | |||||||
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/36 | $ | 700,000 | $ | 701,967 | |||
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/46 | 1,325,000 | 1,307,417 | |||||
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1,000,000 | 1,001,320 | |||||
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2,000,000 | 1,986,240 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,750,000 | 1,794,328 | |||||
Houston Airport System Rev., (United Airlines, Inc.), 5.00%, 7/15/20 | 2,000,000 | 2,064,420 | |||||
Houston Combined Utility System Rev., VRDN, 1.71%, 12/6/18 (LIQ FAC: State Street Bank & Trust Co.) | 1,200,000 | 1,200,000 | |||||
Love Field Airport Modernization Corp. Rev., (Southwest Airlines Co.), 5.25%, 11/1/40 | 500,000 | 518,625 | |||||
Mission Economic Development Corp. Rev., (Natgasoline LLC), 4.625%, 10/1/31(1) | 2,500,000 | 2,536,750 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (Carillon, Inc.), 5.00%, 7/1/46 | 1,000,000 | 999,960 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/31 | 1,300,000 | 1,327,079 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/36 | 1,000,000 | 1,004,190 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (MRC Crestview), 4.00%, 11/15/26 | 2,000,000 | 1,993,220 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living), 3.25%, 11/15/22 | 960,000 | 938,736 | |||||
North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/31 | 1,805,000 | 1,947,505 | |||||
Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas), 5.00%, 8/15/46 | 1,000,000 | 948,280 | |||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Buckner Senior Living, Inc.), 6.75%, 11/15/47 | 2,500,000 | 2,712,300 | |||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 7.00%, 6/30/40 | 3,000,000 | 3,188,100 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/21 (BAM) | 2,045,000 | 2,164,530 | |||||
30,334,967 | |||||||
Vermont — 0.2% | |||||||
Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/24 | 1,000,000 | 1,137,860 | |||||
Virginia — 3.2% | |||||||
Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45(1) | 1,000,000 | 1,014,180 | |||||
Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 2,500,000 | 2,396,750 | |||||
Dullles Town Center Community Development Authority Special Assessment, 4.25%, 3/1/26 | 1,750,000 | 1,726,305 | |||||
Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/37 | 765,000 | 790,742 | |||||
Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/47 | 2,200,000 | 2,254,428 | |||||
Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 2.75%, 1/1/26 | 1,000,000 | 943,710 |
18
Principal Amount | Value | ||||||
Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45(1) | $ | 980,000 | $ | 958,891 | |||
Mosaic District Community Development Authority Tax Allocation, 6.875%, 3/1/36 | 1,000,000 | 1,066,070 | |||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 2,000,000 | 2,074,400 | |||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 2,250,000 | 2,312,392 | |||||
Prince William County Industrial Development Authority Rev., (Westminster Presbyterian Retirement Community, Inc.), 5.00%, 1/1/26 | 1,165,000 | 1,245,758 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1,000,000 | 950,650 | |||||
Virginia Small Business Financing Authority Rev., (Covanta Holding Corp.), VRDN, 5.00%, 7/1/38(1) | 1,000,000 | 1,013,830 | |||||
Washington County Industrial Development Authority Rev., (Mountain States Health Alliance Obligated Group), 7.75%, 1/1/19, Prerefunded at 100% of Par(4) | 1,200,000 | 1,205,304 | |||||
19,953,410 | |||||||
Washington — 1.8% | |||||||
Port of Seattle Industrial Development Corp. Rev., (Delta Air Lines, Inc.), 5.00%, 4/1/30 | 1,000,000 | 1,076,730 | |||||
Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26(1) | 1,035,000 | 1,032,299 | |||||
Washington State Housing Finance Commission Rev., (Heron's Key Obligated Group), 7.00%, 7/1/50(1) | 1,250,000 | 1,321,875 | |||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 3.125%, 7/1/23(1) | 2,735,000 | 2,706,775 | |||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38(1) | 830,000 | 840,051 | |||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48(1) | 1,900,000 | 1,901,349 | |||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 7.50%, 1/1/49(1) | 2,000,000 | 2,262,660 | |||||
11,141,739 | |||||||
West Virginia — 0.4% | |||||||
Monongalia County Commission Special District Rev., 5.50%, 6/1/37(1) | 1,050,000 | 1,064,920 | |||||
Monongalia County Commission Special District Rev., 5.75%, 6/1/43(1) | 500,000 | 509,745 | |||||
West Virginia Economic Development Authority Rev., (Morgantown Energy Associates), 2.875%, 12/15/26 | 775,000 | 744,698 | |||||
2,319,363 | |||||||
Wisconsin — 2.3% | |||||||
Public Finance Authority Rev., (Ameream LLC), 7.00%, 12/1/50(1) | 2,500,000 | 2,816,100 | |||||
Public Finance Authority Rev., (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group), 5.00%, 6/1/24(1) | 1,575,000 | 1,655,136 | |||||
Public Finance Authority Rev., (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group), 5.125%, 6/1/48(1) | 1,000,000 | 997,730 | |||||
Public Finance Authority Rev., (Mary's Woods at Marylhurst, Inc.), 3.95%, 11/15/24(1) | 1,250,000 | 1,256,338 |
19
Principal Amount | Value | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.50%, 4/1/32 | $ | 2,000,000 | $ | 2,111,120 | |||
Public Finance Authority Rev., (Southminster, Inc.), 5.00%, 10/1/48(1) | 2,750,000 | 2,745,572 | |||||
Public Finance Authority Rev., (Wittenberg University), 5.25%, 12/1/39(1) | 1,500,000 | 1,524,615 | |||||
Wisconsin Health & Educational Facilities Authority Rev., (Mile Bluff Medical Center, Inc.), 5.75%, 5/1/39 | 1,000,000 | 1,028,320 | |||||
14,134,931 | |||||||
TOTAL INVESTMENT SECURITIES — 99.0% (Cost $613,687,346) | 618,418,454 | ||||||
OTHER ASSETS AND LIABILITIES — 1.0% | 6,253,710 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 624,672,164 |
FUTURES CONTRACTS SOLD | |||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Underlying Contract Value | Unrealized Appreciation (Depreciation) | ||||||
U.S. Treasury Long Bonds | 178 | March 2019 | $ | 17,800,000 | $ | 24,903,313 | $ | (117,213 | ) |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LIQ FAC | - | Liquidity Facilities |
LOC | - | Letter of Credit |
NATL | - | National Public Finance Guarantee Corporation |
Q-SBLF | - | Qualified School Board Loan Fund |
SBBPA | - | Standby Bond Purchase Agreement |
VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. |
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $131,573,225, which represented 21.1% of total net assets. |
(2) | When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date. |
(3) | Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(4) | Escrowed to maturity in U.S. government securities or state and local government securities. |
See Notes to Financial Statements.
20
Statement of Assets and Liabilities |
NOVEMBER 30, 2018 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $613,687,346) | $ | 618,418,454 | |
Cash | 279,014 | ||
Deposits with broker for futures contracts | 409,400 | ||
Receivable for investments sold | 3,439,843 | ||
Receivable for capital shares sold | 2,584,083 | ||
Interest receivable | 9,235,615 | ||
634,366,409 | |||
Liabilities | |||
Payable for investments purchased | 7,843,654 | ||
Payable for capital shares redeemed | 1,300,053 | ||
Payable for variation margin on futures contracts | 72,313 | ||
Accrued management fees | 251,547 | ||
Distribution and service fees payable | 17,324 | ||
Dividends payable | 209,354 | ||
9,694,245 | |||
Net Assets | $ | 624,672,164 | |
Net Assets Consist of: | |||
Capital paid in | $ | 632,985,222 | |
Distributable earnings | (8,313,058 | ) | |
$ | 624,672,164 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||
Investor Class | $276,424,471 | 29,309,231 | $9.43 | |||
I Class | $275,256,069 | 29,189,119 | $9.43 | |||
Y Class | $26,158,717 | 2,775,183 | $9.43 | |||
A Class | $34,268,880 | 3,634,318 | $9.43* | |||
C Class | $12,564,027 | 1,332,902 | $9.43 |
*Maximum offering price $9.87 (net asset value divided by 0.955).
See Notes to Financial Statements.
21
Statement of Operations |
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 13,749,999 | |
Expenses: | |||
Management fees | 1,529,218 | ||
Distribution and service fees: | |||
A Class | 42,319 | ||
C Class | 65,735 | ||
Trustees' fees and expenses | 21,763 | ||
1,659,035 | |||
Net investment income (loss) | 12,090,964 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (2,035,736 | ) | |
Futures contract transactions | 68,488 | ||
(1,967,248 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (12,418,015 | ) | |
Futures contracts | (117,213 | ) | |
(12,535,228 | ) | ||
Net realized and unrealized gain (loss) | (14,502,476 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (2,411,512 | ) |
See Notes to Financial Statements.
22
Statement of Changes in Net Assets |
SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) AND YEAR ENDED MAY 31, 2018 | ||||||
Increase (Decrease) in Net Assets | November 30, 2018 | May 31, 2018 | ||||
Operations | ||||||
Net investment income (loss) | $ | 12,090,964 | $ | 20,869,668 | ||
Net realized gain (loss) | (1,967,248 | ) | 3,270,894 | |||
Change in net unrealized appreciation (depreciation) | (12,535,228 | ) | 1,734,635 | |||
Net increase (decrease) in net assets resulting from operations | (2,411,512 | ) | 25,875,197 | |||
Distributions to Shareholders | ||||||
From earnings: | ||||||
Investor Class | (5,641,619 | ) | (11,950,968 | ) | ||
I Class | (5,352,974 | ) | (6,571,254 | ) | ||
Y Class | (481,500 | ) | (575,607 | ) | ||
A Class | (627,068 | ) | (1,144,246 | ) | ||
C Class | (192,841 | ) | (459,397 | ) | ||
Decrease in net assets from distributions | (12,296,002 | ) | (20,701,472 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 43,431,962 | 72,507,923 | ||||
Net increase (decrease) in net assets | 28,724,448 | 77,681,648 | ||||
Net Assets | ||||||
Beginning of period | 595,947,716 | 518,266,068 | ||||
End of period | $ | 624,672,164 | $ | 595,947,716 |
See Notes to Financial Statements.
23
Notes to Financial Statements |
NOVEMBER 30, 2018 (UNAUDITED)
1. Organization
American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. High-Yield Municipal Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
24
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.
25
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended November 30, 2018 are as follows:
Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee | |
Investor Class | 0.2925% to 0.4100% | 0.2500% to 0.3100% | 0.59% |
I Class | 0.0500% to 0.1100% | 0.39% | |
Y Class | 0.0200% to 0.0800% | 0.36% | |
A Class | 0.2500% to 0.3100% | 0.59% | |
C Class | 0.2500% to 0.3100% | 0.59% |
Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2018 are detailed in the Statement of Operations.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $20,030,000 and $23,560,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2018 were $167,694,204 and $126,495,344, respectively.
26
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Six months ended November 30, 2018 | Year ended May 31, 2018 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 5,410,053 | $ | 51,840,898 | 12,011,342 | $ | 115,637,569 | ||||
Issued in reinvestment of distributions | 518,444 | 4,960,503 | 1,076,059 | 10,346,574 | ||||||
Redeemed | (11,489,618 | ) | (110,321,013 | ) | (14,575,136 | ) | (140,013,646 | ) | ||
(5,561,121 | ) | (53,519,612 | ) | (1,487,735 | ) | (14,029,503 | ) | |||
I Class | ||||||||||
Sold | 11,024,717 | 105,682,854 | 12,101,309 | 116,555,933 | ||||||
Issued in reinvestment of distributions | 520,561 | 4,976,025 | 621,565 | 5,977,544 | ||||||
Redeemed | (2,593,308 | ) | (24,731,989 | ) | (4,859,076 | ) | (46,833,258 | ) | ||
8,951,970 | 85,926,890 | 7,863,798 | 75,700,219 | |||||||
Y Class | ||||||||||
Sold | 1,400,997 | 13,461,941 | 2,025,482 | 19,364,851 | ||||||
Issued in reinvestment of distributions | 50,413 | 481,337 | 59,817 | 575,529 | ||||||
Redeemed | (411,399 | ) | (3,923,012 | ) | (350,662 | ) | (3,382,195 | ) | ||
1,040,011 | 10,020,266 | 1,734,637 | 16,558,185 | |||||||
A Class | ||||||||||
Sold | 506,953 | 4,882,535 | 526,249 | 5,069,087 | ||||||
Issued in reinvestment of distributions | 54,793 | 523,983 | 101,127 | 972,249 | ||||||
Redeemed | (254,714 | ) | (2,446,665 | ) | (780,859 | ) | (7,511,147 | ) | ||
307,032 | 2,959,853 | (153,483 | ) | (1,469,811 | ) | |||||
C Class | ||||||||||
Sold | 151,704 | 1,446,527 | 60,437 | 580,717 | ||||||
Issued in reinvestment of distributions | 15,844 | 151,509 | 38,392 | 368,989 | ||||||
Redeemed | (369,598 | ) | (3,553,471 | ) | (540,847 | ) | (5,200,873 | ) | ||
(202,050 | ) | (1,955,435 | ) | (442,018 | ) | (4,251,167 | ) | |||
Net increase (decrease) | 4,535,842 | $ | 43,431,962 | 7,515,199 | $ | 72,507,923 |
6. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities and unrealized appreciation (depreciation) on futures contracts were classified as Level 2 and Level 1, respectively. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
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7. Derivative Instruments
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to these interest rate risk derivative instruments held during the period was $14,700,000 futures contracts sold.
The value of interest rate risk derivative instruments as of November 30, 2018, is disclosed on the Statement of Assets and Liabilities as a liability of $72,313 in payable for variation margin on futures contracts.* For the six months ended November 30, 2018, the effect of interest rate risk derivative instruments on the Statement of Operations was $68,488 in net realized gain (loss) on futures contract transactions and $(117,213) in change in net unrealized appreciation (depreciation) on futures contracts.
* Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.
8. Risk Factors
The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 613,687,346 | |
Gross tax appreciation of investments | $ | 12,091,808 | |
Gross tax depreciation of investments | (7,360,700) | ||
Net tax appreciation (depreciation) of investments | $ | 4,731,108 |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
As of May 31, 2018, the fund had accumulated short-term capital losses of $(10,841,523), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire in 2019.
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10. Recently Issued Accounting Standards
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||
2018(3) | $9.66 | 0.19 | (0.23) | (0.04) | (0.19) | $9.43 | (0.45)% | 0.60%(4) | 3.89%(4) | 21% | $276,424 | ||
2018 | $9.56 | 0.36 | 0.10 | 0.46 | (0.36) | $9.66 | 4.87% | 0.60% | 3.74% | 49% | $336,797 | ||
2017 | $9.73 | 0.33 | (0.17) | 0.16 | (0.33) | $9.56 | 1.75% | 0.60% | 3.51% | 80% | $347,732 | ||
2016 | $9.36 | 0.35 | 0.37 | 0.72 | (0.35) | $9.73 | 7.90% | 0.60% | 3.72% | 41% | $357,757 | ||
2015 | $9.25 | 0.39 | 0.11 | 0.50 | (0.39) | $9.36 | 5.43% | 0.60% | 4.12% | 48% | $254,276 | ||
2014 | $9.55 | 0.39 | (0.30) | 0.09 | (0.39) | $9.25 | 1.21% | 0.60% | 4.40% | 87% | $234,790 | ||
I Class | |||||||||||||
2018(3) | $9.66 | 0.20 | (0.23) | (0.03) | (0.20) | $9.43 | (0.35)% | 0.40%(4) | 4.09%(4) | 21% | $275,256 | ||
2018 | $9.56 | 0.38 | 0.10 | 0.48 | (0.38) | $9.66 | 5.08% | 0.40% | 3.94% | 49% | $195,453 | ||
2017 | $9.73 | 0.36 | (0.18) | 0.18 | (0.35) | $9.56 | 1.95% | 0.40% | 3.71% | 80% | $118,346 | ||
2016 | $9.36 | 0.37 | 0.37 | 0.74 | (0.37) | $9.73 | 8.12% | 0.40% | 3.92% | 41% | $33,660 | ||
2015 | $9.25 | 0.40 | 0.11 | 0.51 | (0.40) | $9.36 | 5.64% | 0.40% | 4.32% | 48% | $22,816 | ||
2014 | $9.56 | 0.41 | (0.31) | 0.10 | (0.41) | $9.25 | 1.31% | 0.40% | 4.60% | 87% | $13,321 |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Y Class | |||||||||||||
2018(3) | $9.65 | 0.20 | (0.22) | (0.02) | (0.20) | $9.43 | (0.23)% | 0.37%(4) | 4.12%(4) | 21% | $26,159 | ||
2018 | $9.56 | 0.38 | 0.09 | 0.47 | (0.38) | $9.65 | 5.00% | 0.37% | 3.97% | 49% | $16,750 | ||
2017(5) | $9.40 | 0.05 | 0.16 | 0.21 | (0.05) | $9.56 | 2.25% | 0.37%(4) | 3.88%(4) | 80%(6) | $5 | ||
A Class | |||||||||||||
2018(3) | $9.66 | 0.18 | (0.23) | (0.05) | (0.18) | $9.43 | (0.57)% | 0.85%(4) | 3.64%(4) | 21% | $34,269 | ||
2018 | $9.56 | 0.34 | 0.09 | 0.43 | (0.33) | $9.66 | 4.61% | 0.85% | 3.49% | 49% | $32,130 | ||
2017 | $9.73 | 0.31 | (0.17) | 0.14 | (0.31) | $9.56 | 1.50% | 0.85% | 3.26% | 80% | $33,286 | ||
2016 | $9.36 | 0.33 | 0.37 | 0.70 | (0.33) | $9.73 | 7.64% | 0.85% | 3.47% | 41% | $91,271 | ||
2015 | $9.25 | 0.36 | 0.11 | 0.47 | (0.36) | $9.36 | 5.17% | 0.85% | 3.87% | 48% | $69,573 | ||
2014 | $9.55 | 0.37 | (0.30) | 0.07 | (0.37) | $9.25 | 0.96% | 0.85% | 4.15% | 87% | $74,515 | ||
C Class | |||||||||||||
2018(3) | $9.65 | 0.14 | (0.22) | (0.08) | (0.14) | $9.43 | (0.84)% | 1.60%(4) | 2.89%(4) | 21% | $12,564 | ||
2018 | $9.56 | 0.26 | 0.09 | 0.35 | (0.26) | $9.65 | 3.72% | 1.60% | 2.74% | 49% | $14,817 | ||
2017 | $9.72 | 0.24 | (0.16) | 0.08 | (0.24) | $9.56 | 0.85% | 1.60% | 2.51% | 80% | $18,898 | ||
2016 | $9.35 | 0.26 | 0.37 | 0.63 | (0.26) | $9.72 | 6.84% | 1.60% | 2.72% | 41% | $25,767 | ||
2015 | $9.25 | 0.29 | 0.10 | 0.39 | (0.29) | $9.35 | 4.28% | 1.60% | 3.12% | 48% | $25,272 | ||
2014 | $9.55 | 0.30 | (0.30) | — | (0.30) | $9.25 | 0.21% | 1.60% | 3.40% | 87% | $26,244 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended November 30, 2018 (unaudited). |
(4) | Annualized. |
(5) | April 10, 2017 (commencement of sale) through May 31, 2017. |
(6) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended May 31, 2017. |
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on June 19, 2018, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.
The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.
Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.
In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:
• | the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund; |
• | the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis; |
• | the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies; |
• | the cost of owning the Fund compared to the cost of owning similar funds; |
• | the Advisor’s compliance policies, procedures, and regulatory experience; |
• | financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor; |
• | strategic plans of the Advisor; |
• | any economies of scale associated with the Advisor’s management of the Fund and other accounts; |
• | services provided and charges to other investment management clients of the Advisor; |
• | acquired fund fees and expenses; |
• | payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and |
• | any collateral benefits derived by the Advisor from the management of the Fund. |
In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.
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Factors Considered
The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:
Nature, Extent and Quality of Services - Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:
• | constructing and designing the Fund |
• | portfolio research and security selection |
• | initial capitalization/funding |
• | securities trading |
• | Fund administration |
• | custody of Fund assets |
• | daily valuation of the Fund’s portfolio |
• | shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications |
• | legal services (except the independent Trustees’ counsel) |
• | regulatory and portfolio compliance |
• | financial reporting |
• | marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans) |
The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.
Investment Management, Shareholder, and Other Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review detailed performance information during the management agreement approval process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the one- and three-year periods and below its benchmark for the five- and ten-year periods reviewed by the Board. The Board discussed the Fund’s performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.
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Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.
Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.
Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.
Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, the fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was well below the median of the total expense ratios of the Fund’s peer universe. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.
Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different
35
regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.
Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.
Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.
Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.
Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.
36
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
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Notes |
38
Notes |
39
Notes |
40
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century Municipal Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91041 1901 |
Semiannual Report | |
November 30, 2018 | |
Intermediate-Term Tax-Free Bond Fund | |
Investor Class (TWTIX) | |
I Class (AXBIX) | |
Y Class (ATBYX) | |
A Class (TWWOX) | |
C Class (TWTCX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2018. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.
Municipal Bonds Outperform Treasuries in Volatile Climate
Municipal bonds (munis) overcame heightened market volatility to generate slightly positive returns for the six-month reporting period. Munis generally outperformed U.S. Treasuries, which declined fractionally as yields remained volatile and headed higher overall.
Favorable economic data and continued Federal Reserve (Fed) easing helped drive Treasury yields higher, and muni yields followed suit. U.S. annualized gross domestic product growth jumped from 2.2% in the first quarter to 4.2% in the second quarter. Although growth moderated in the third quarter, the economy continued to expand at a healthy 3.5% pace. At the same time, the unemployment rate plunged to a 49-year low, while inflation remained at or near the Fed's target.
The upbeat economy prompted the Fed to lift its short-term lending rate in June and September, the second and third interest rate hikes of 2018. The Fed also boosted its outlook for 2018 from three rate hikes to potentially four. This more-hawkish tone, combined with U.S. midterm election results, helped drive Treasury yields to their highest levels in several years. But Treasury yields fell sharply late in the reporting period. Continued strong stock market volatility and softer language from the Fed regarding the central bank's 2019 rate-hike plans drove yields lower.
Against this challenging backdrop for fixed-income investors, positive supply and demand influences helped munis advance fractionally and outperform Treasuries. High-yield munis modestly outperformed investment-grade munis.
Looking ahead, we believe state and local finances across the country should remain relatively healthy, providing continued support to the muni market. We also expect supply and demand dynamics to remain favorable. However, slowing global growth, ongoing trade tensions, and Fed interest-rate policy may continue to trigger widespread financial market volatility. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
NOVEMBER 30, 2018 | |
Portfolio at a Glance | |
Weighted Average Life to Maturity | 9.0 years |
Average Duration (Modified) | 4.6 years |
Top Five States and Territories | % of net assets |
Illinois | 11.5% |
Texas | 9.3% |
New York | 9.1% |
California | 9.1% |
Pennsylvania | 8.5% |
Top Five Sectors | % of fund investments |
Hospital | 13% |
Special Tax | 11% |
General Obligation (GO) - Local | 10% |
General Obligation (GO) - State | 9% |
University Private | 8% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 100.1% |
Other Assets and Liabilities | (0.1)% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2018 to November 30, 2018.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s 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 your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, 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.
4
Beginning Account Value 6/1/18 | Ending Account Value 11/30/18 | Expenses Paid During Period(1) 6/1/18 - 11/30/18 | Annualized Expense Ratio(1) | |||
Actual | ||||||
Investor Class | $1,000 | $1,003.60 | $2.36 | 0.47% | ||
I Class | $1,000 | $1,004.60 | $1.36 | 0.27% | ||
Y Class | $1,000 | $1,003.90 | $1.21 | 0.24% | ||
A Class | $1,000 | $1,002.40 | $3.61 | 0.72% | ||
C Class | $1,000 | $998.60 | $7.36 | 1.47% | ||
Hypothetical | ||||||
Investor Class | $1,000 | $1,022.71 | $2.38 | 0.47% | ||
I Class | $1,000 | $1,023.72 | $1.37 | 0.27% | ||
Y Class | $1,000 | $1,023.87 | $1.22 | 0.24% | ||
A Class | $1,000 | $1,021.46 | $3.65 | 0.72% | ||
C Class | $1,000 | $1,017.70 | $7.44 | 1.47% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
5
Schedule of Investments |
NOVEMBER 30, 2018 (UNAUDITED)
Principal Amount | Value | ||||||
MUNICIPAL SECURITIES — 100.1% | |||||||
Alabama — 1.4% | |||||||
Alabama 21st Century Authority Rev., 5.00%, 6/1/19 | $ | 4,510,000 | $ | 4,570,524 | |||
Black Belt Energy Gas District Rev., VRDN, 4.00%, 12/1/23 | 10,000,000 | 10,389,400 | |||||
Houston County Health Care Authority Rev., 5.00%, 10/1/24 | 1,000,000 | 1,109,330 | |||||
Houston County Health Care Authority Rev., 5.00%, 10/1/25 | 1,000,000 | 1,106,300 | |||||
Houston County Health Care Authority Rev., 5.00%, 10/1/30 | 2,000,000 | 2,158,760 | |||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/26 | 5,925,000 | 6,718,595 | |||||
Southeast Alabama Gas Supply District Rev., VRDN, 4.00%, 6/1/24 | 20,000,000 | 21,021,600 | |||||
47,074,509 | |||||||
Alaska — 0.2% | |||||||
State of Alaska International Airports System Rev., 5.00%, 10/1/32 | 3,560,000 | 4,000,977 | |||||
Valdez Rev., (BP Pipelines Alaska, Inc.), 5.00%, 1/1/21 (GA: BP plc) | 2,600,000 | 2,742,480 | |||||
6,743,457 | |||||||
Arizona — 2.4% | |||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 2.42%, (67% of the 3-month LIBOR plus 0.81%), 1/1/37 | 7,500,000 | 7,148,250 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/21(1) | 500,000 | 502,055 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 3.00%, 7/1/22(1) | 185,000 | 181,122 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26(1) | 500,000 | 525,045 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27(1) | 400,000 | 390,336 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37(1) | 600,000 | 604,974 | |||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47(1) | 855,000 | 845,988 | |||||
Arizona Industrial Development Authority Rev., (Provident Group - EMU Properties LLC), 5.00%, 5/1/36 | 1,015,000 | 1,103,021 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/23 | 100,000 | 108,533 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/24 | 500,000 | 547,480 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200,000 | 222,336 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300,000 | 334,962 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215,000 | 240,669 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700,000 | 773,388 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700,000 | 767,466 |
6
Principal Amount | Value | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | $ | 300,000 | $ | 327,402 | |||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1,000,000 | 1,073,110 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1,250,000 | 1,327,125 | |||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/36 | 1,875,000 | 1,945,069 | |||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/41 | 1,200,000 | 1,234,464 | |||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/46 | 1,300,000 | 1,333,618 | |||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31(1) | 10,965,000 | 11,372,350 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/22(1) | 920,000 | 923,303 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.125%, 6/15/29(1) | 4,905,000 | 4,743,086 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.75%, 6/15/37(1) | 4,500,000 | 4,391,595 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 2,925,000 | 2,885,542 | |||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | 2,240,000 | 2,172,666 | |||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/27 | 900,000 | 1,011,591 | |||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/28 | 800,000 | 895,080 | |||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/29 | 650,000 | 723,814 | |||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/30 | 1,625,000 | 1,801,361 | |||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/31 | 1,500,000 | 1,657,185 | |||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 370,000 | 407,007 | |||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 780,000 | 823,493 | |||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 1,000,000 | 1,041,840 | |||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/25 | 700,000 | 809,879 | |||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/26 | 600,000 | 701,862 | |||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/27 | 1,000,000 | 1,162,730 | |||||
Phoenix Civic Improvement Corp. Rev., 5.00%, 7/1/20, Prerefunded at 100% of Par(2) | 3,050,000 | 3,194,997 | |||||
Phoenix Civic Improvement Corp. Rev., 5.00%, 7/1/21 | 1,000,000 | 1,074,200 | |||||
Phoenix Civic Improvement Corp. Rev., 5.00%, 7/1/22 | 1,250,000 | 1,374,662 | |||||
Pima County Metropolitan Domestic Water Improvement District Rev., 5.25%, 7/1/19 (Ambac)(2) | 1,120,000 | 1,141,862 |
7
Principal Amount | Value | ||||||
Pima County Metropolitan Domestic Water Improvement District Rev., 5.25%, 7/1/19 (Ambac)(2) | $ | 680,000 | $ | 693,274 | |||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/19, Prerefunded at 100% of Par(2) | 4,400,000 | 4,410,692 | |||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 10,000,000 | 11,874,000 | |||||
82,824,484 | |||||||
Arkansas — 0.1% | |||||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/23 | 1,000,000 | 1,079,370 | |||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/24 | 1,360,000 | 1,481,747 | |||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/25 | 1,155,000 | 1,268,017 | |||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/26 | 1,000,000 | 1,102,630 | |||||
4,931,764 | |||||||
California — 9.1% | |||||||
Alameda Corridor Transportation Authority Rev., 4.00%, 10/1/21 | 700,000 | 729,225 | |||||
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 1,000,000 | 1,120,880 | |||||
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7,065,000 | 7,723,882 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/24 | 1,500,000 | 1,733,145 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/26 | 2,000,000 | 2,286,560 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/27 | 1,725,000 | 1,962,722 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/30 | 1,750,000 | 1,970,290 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/31 | 2,000,000 | 2,245,300 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/32 | 2,000,000 | 2,243,140 | |||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/33 | 1,800,000 | 2,015,928 | |||||
Anaheim Public Financing Authority Rev., Capital Appreciation, 0.00%, 9/1/25 (AGM)(3) | 2,000,000 | 1,641,680 | |||||
Bay Area Toll Authority Rev., VRDN, 2.39%, (MUNIPSA plus 0.70%), 10/1/19 | 2,000,000 | 2,002,160 | |||||
Bay Area Toll Authority Rev., VRDN, 2.79%, (MUNIPSA plus 1.10%), 4/1/24 | 3,750,000 | 3,844,012 | |||||
California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 5.45%, 6/1/28 | 2,000,000 | 2,002,320 | |||||
California Health Facilities Financing Authority Rev., (Adventist Health System / West Obligated Group), 5.75%, 9/1/19, Prerefunded at 100% of Par(2) | 2,500,000 | 2,574,975 | |||||
California Health Facilities Financing Authority Rev., (Children's Hospital of Orange County), 6.50%, 11/1/38 (GA: Children's Healthcare of California) | 10,000,000 | 10,454,400 | |||||
California Health Facilities Financing Authority Rev., (Dignity Health Obligated Group), 5.50%, 7/1/19, Prerefunded at 100% of Par(2) | 5,000,000 | 5,111,950 | |||||
California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37 | 1,810,000 | 1,980,176 | |||||
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/21(1) | 600,000 | 613,014 | |||||
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26(1) | 1,750,000 | 1,812,213 |
8
Principal Amount | Value | ||||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/23 | $ | 600,000 | $ | 655,104 | |||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24 | 1,000,000 | 1,104,080 | |||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25 | 1,000,000 | 1,114,330 | |||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26 | 1,000,000 | 1,120,560 | |||||
California Municipal Finance Authority Rev., (University of La Verne), 6.25%, 6/1/20, Prerefunded at 100% of Par(2) | 1,500,000 | 1,598,730 | |||||
California State Public Works Board Rev., 6.25%, 4/1/19, Prerefunded at 100% of Par(2) | 4,000,000 | 4,061,360 | |||||
California State Public Works Board Rev., 5.00%, 9/1/22, Prerefunded at 100% of Par(2) | 2,035,000 | 2,267,987 | |||||
California State Public Works Board Rev., 5.00%, 4/1/24 | 11,500,000 | 12,556,275 | |||||
California State Public Works Board Rev., 5.00%, 4/1/25 | 5,000,000 | 5,454,200 | |||||
California Statewide Communities Development Authority Rev., 5.25%, 12/31/18, Prerefunded at 101% of Par (AGM)(2) | 35,000 | 35,085 | |||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25 | 1,500,000 | 1,693,410 | |||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/26 | 1,500,000 | 1,707,450 | |||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1,000,000 | 1,129,730 | |||||
California Statewide Communities Development Authority Rev., (Kaiser Credit Group), 5.00%, 4/1/42 | 10,400,000 | 11,051,976 | |||||
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(1) | 2,385,000 | 2,458,267 | |||||
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NATL)(3) | 2,530,000 | 1,792,404 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., 6.00%, 1/15/49 | 2,450,000 | 2,789,742 | |||||
Foothill-Eastern Transportation Corridor Agency Rev., VRDN, 5.50%, 1/15/23 | 4,000,000 | 4,412,080 | |||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22 | 2,500,000 | 2,710,350 | |||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24 | 2,500,000 | 2,724,975 | |||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/29 | 2,500,000 | 2,736,875 | |||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/30 | 1,750,000 | 1,919,960 | |||||
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2,225,000 | 2,460,071 | |||||
Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 2,555,000 | 2,749,308 | |||||
Irvine Special Tax, 4.00%, 9/1/27 | 1,455,000 | 1,533,177 | |||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/26 | 1,485,000 | 1,685,282 | |||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/28 | 1,250,000 | 1,405,313 | |||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/29 | 1,060,000 | 1,186,257 | |||||
Kern County COP, 5.00%, 11/1/21 (AGM) | 2,875,000 | 3,109,428 | |||||
Kern County COP, 5.00%, 11/1/22 (AGM) | 2,915,000 | 3,218,830 | |||||
Los Angeles County COP, 5.00%, 9/1/20 | 900,000 | 951,687 | |||||
Los Angeles Department of Water Rev., 5.00%, 7/1/19 | 250,000 | 254,960 | |||||
Los Angeles Department of Water Rev., 5.00%, 7/1/20 | 1,000,000 | 1,052,500 |
9
Principal Amount | Value | ||||||
Metropolitan Water District of Southern California Rev., 5.00%, 7/1/35 | $ | 2,400,000 | $ | 2,442,936 | |||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 3,150,000 | 3,203,613 | |||||
Oakland Unified School District / Alameda County GO, 6.625%, 8/1/21, Prerefunded at 100% of Par(2) | 1,975,000 | 2,223,416 | |||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/26 | 1,025,000 | 1,188,775 | |||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 | 1,295,000 | 1,497,603 | |||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/28 | 1,000,000 | 1,152,460 | |||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/34 | 1,000,000 | 1,136,690 | |||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/35 | 800,000 | 906,752 | |||||
Palomar Health COP, (Palomar Health Obligated Group), 6.00%, 11/1/20, Prerefunded at 100% of Par(2) | 5,985,000 | 6,462,603 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/20 | 1,375,000 | 1,434,166 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/22 | 2,500,000 | 2,700,125 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/23 | 2,500,000 | 2,739,175 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/25 | 2,095,000 | 2,348,348 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2,000,000 | 2,251,500 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/28 | 3,500,000 | 3,868,480 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3,325,000 | 3,631,997 | |||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2,125,000 | 2,297,189 | |||||
Plumas Unified School District GO, 5.25%, 8/1/20 (AGM) | 1,000,000 | 1,055,760 | |||||
Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(3) | 5,110,000 | 2,010,274 | |||||
Poway Unified School District Public Financing Authority Special Tax, 3.00%, 9/1/19 | 300,000 | 303,102 | |||||
Poway Unified School District Public Financing Authority Special Tax, 4.00%, 9/1/20 | 300,000 | 311,892 | |||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/22 | 325,000 | 358,972 | |||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/23 | 1,155,000 | 1,305,254 | |||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/24 | 620,000 | 716,906 | |||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/25 | 1,035,000 | 1,218,826 | |||||
Riverside County Transportation Commission Rev., 5.25%, 6/1/23, Prerefunded at 100% of Par(2) | 2,865,000 | 3,283,003 | |||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 4,050,000 | 4,416,808 | |||||
San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/20, Prerefunded at 100% of Par(2) | 2,000,000 | 2,106,760 | |||||
San Diego Public Facilities Financing Authority Water Rev., 5.00%, 8/1/20, Prerefunded at 100% of Par(2) | 3,070,000 | 3,233,877 |
10
Principal Amount | Value | ||||||
San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/29 | $ | 6,000,000 | $ | 6,584,760 | |||
State of California GO, 6.00%, 4/1/19, Prerefunded at 100% of Par(2) | 1,770,000 | 1,795,736 | |||||
State of California GO, 5.00%, 9/1/24 | 10,000,000 | 11,094,900 | |||||
State of California GO, 5.00%, 3/1/26 | 5,000,000 | 5,770,100 | |||||
State of California GO, 5.00%, 12/1/26 | 3,955,000 | 4,475,636 | |||||
State of California GO, 5.00%, 2/1/27 | 10,000,000 | 11,090,000 | |||||
State of California GO, 5.00%, 11/1/27 | 5,000,000 | 5,629,400 | |||||
State of California GO, 5.00%, 2/1/28 | 10,000,000 | 11,056,500 | |||||
State of California GO, 4.00%, 9/1/32 | 5,000,000 | 5,303,650 | |||||
State of California GO, 6.00%, 4/1/38 | 3,230,000 | 3,272,636 | |||||
State of California GO, 5.50%, 11/1/39 | 10,000,000 | 10,311,000 | |||||
State of California GO, VRDN, 2.32%, (70% of the 1-month LIBOR plus 0.70%), 12/1/20 | 8,500,000 | 8,550,490 | |||||
State of California GO, VRDN, 2.375%, (70% of the 1-month LIBOR plus 0.76%), 12/1/21 | 4,000,000 | 4,034,160 | |||||
State of California GO, VRN, 2.69%, (MUNIPSA plus 1.00%), 5/1/19 | 1,600,000 | 1,600,448 | |||||
State of California GO, VRN, 2.84%, (MUNIPSA plus 1.15%), 5/1/20 | 2,120,000 | 2,138,444 | |||||
State of California Department of Water Resources Power Supply Rev., 5.00%, 5/1/19 | 5,000,000 | 5,069,650 | |||||
Tuolumne Wind Project Authority Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2) | 2,800,000 | 2,808,540 | |||||
Twin Rivers Unified School District COP, VRDN, 3.20%, 6/1/20 (AGM) | 5,305,000 | 5,310,358 | |||||
310,473,385 | |||||||
Colorado — 3.2% | |||||||
Adams County COP, 5.00%, 12/1/25 | 2,720,000 | 3,146,061 | |||||
Adams County COP, 4.00%, 12/1/26 | 2,250,000 | 2,433,105 | |||||
Adams County COP, 4.00%, 12/1/27 | 1,310,000 | 1,409,324 | |||||
Aurora Rev., (Children's Hospital Colorado Obligated Group), 5.00%, 12/1/40 | 1,250,000 | 1,297,762 | |||||
City & County of Denver Airport System Rev., 5.00%, 11/15/21 | 2,500,000 | 2,647,675 | |||||
City & County of Denver Airport System Rev., 5.00%, 11/15/43 | 7,500,000 | 8,210,850 | |||||
City & County of Denver Airport System Rev., VRDN, 2.47%, (70% of the 1-month LIBOR plus 0.86%), 11/15/19 | 3,400,000 | 3,404,454 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/21 | 1,865,000 | 1,936,989 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/22 | 2,100,000 | 2,208,990 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/23 | 2,085,000 | 2,213,061 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Regis University), 5.00%, 10/1/22 | 1,935,000 | 2,086,143 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Regis University), 5.00%, 10/1/23 | 2,060,000 | 2,248,552 | |||||
Colorado Educational & Cultural Facilities Authority Rev., (Regis University), 5.00%, 10/1/24 | 2,165,000 | 2,389,879 |
11
Principal Amount | Value | ||||||
Colorado Health Facilities Authority Rev., (Adventist Health System/Sunbelt Obligated Group), VRDN, 5.00%, 11/15/23 | $ | 2,000,000 | $ | 2,243,400 | |||
Colorado Health Facilities Authority Rev., (Catholic Health Initiatives), 6.00%, 10/1/23 | 1,500,000 | 1,504,830 | |||||
Colorado Health Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,250,000 | 1,333,350 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/19 | 250,000 | 252,500 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/20 | 690,000 | 709,886 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/21 | 325,000 | 339,440 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/22 | 400,000 | 423,184 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 800,000 | 855,128 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/24 | 515,000 | 551,683 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/25 | 350,000 | 377,129 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/26 | 390,000 | 421,415 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 3.125%, 5/15/27 | 1,250,000 | 1,224,925 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/27 | 400,000 | 432,896 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/28 | 250,000 | 272,958 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/29 | 2,160,000 | 2,350,274 | |||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/32 | 600,000 | 647,496 | |||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/28 | 690,000 | 778,713 | |||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/30 | 710,000 | 793,034 | |||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495,000 | 549,886 | |||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/40 | 1,000,000 | 1,076,780 | |||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/45 | 1,000,000 | 1,072,840 | |||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/28 | 2,300,000 | 2,568,134 | |||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/30 | 2,000,000 | 2,215,120 | |||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/31 | 1,500,000 | 1,655,580 | |||||
E-470 Public Highway Authority Rev., VRDN, 2.47%, (67% of the 1-month LIBOR plus 0.90%), 9/1/19 | 2,500,000 | 2,502,150 | |||||
E-470 Public Highway Authority Rev., VRDN, 2.62%, (67% of the 1-month LIBOR plus 1.05%), 9/1/21 | 1,000,000 | 1,007,850 | |||||
Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500,000 | 577,345 | |||||
Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,162,730 | |||||
Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750,000 | 876,337 | |||||
Jefferson County School District R-1 COP, 5.00%, 12/15/22 | 1,000,000 | 1,102,540 |
12
Principal Amount | Value | ||||||
Jefferson County School District R-1 COP, 5.00%, 12/15/23 | $ | 200,000 | $ | 224,560 | |||
Park Creek Metropolitan District Rev., 5.00%, 12/1/45 | 3,875,000 | 4,160,471 | |||||
Park Creek Metropolitan District Tax Allocation, 5.00%, 12/1/37 | 1,000,000 | 1,092,280 | |||||
Park Creek Metropolitan District Tax Allocation, 5.00%, 12/1/41 | 3,000,000 | 3,243,960 | |||||
Park Creek Metropolitan District Tax Allocation, 5.00%, 12/1/46 | 2,250,000 | 2,414,340 | |||||
Regional Transportation District COP, 5.50%, 6/1/21 | 170,000 | 178,400 | |||||
Regional Transportation District Rev., 5.00%, 11/1/25 | 9,800,000 | 10,790,486 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.25%, 7/15/19 | 3,600,000 | 3,638,448 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.25%, 1/15/20 | 4,835,000 | 4,916,905 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/20 | 2,895,000 | 2,951,510 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/21 | 1,400,000 | 1,424,906 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/21 | 1,400,000 | 1,424,906 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/22 | 1,400,000 | 1,424,906 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/22 | 1,500,000 | 1,526,685 | |||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 6.00%, 1/15/41 | 1,220,000 | 1,258,869 | |||||
University of Colorado Rev., 5.25%, 6/1/19, Prerefunded at 100% of Par(2) | 1,400,000 | 1,423,464 | |||||
109,607,474 | |||||||
Connecticut — 1.8% | |||||||
Bridgeport GO, 5.00%, 7/15/26 (BAM) | 500,000 | 570,655 | |||||
Bridgeport GO, 5.00%, 8/15/26 | 3,000,000 | 3,362,970 | |||||
Bridgeport GO, 5.00%, 8/15/27(2) | 335,000 | 396,067 | |||||
Bridgeport GO, 5.00%, 8/15/27 | 4,665,000 | 5,253,863 | |||||
Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600,000 | 688,152 | |||||
Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1,500,000 | 1,696,560 | |||||
Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1,280,000 | 1,438,925 | |||||
Bridgeport GO, 5.00%, 7/15/35 (BAM) | 1,000,000 | 1,104,050 | |||||
Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645,000 | 709,558 | |||||
Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1,730,000 | 1,897,672 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/30 | 1,000,000 | 1,110,780 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/32 | 1,030,000 | 1,137,274 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/33 | 1,000,000 | 1,099,760 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,000,000 | 1,091,040 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Masonicare Corp. Obligated Group), 4.00%, 7/1/19 | 1,000,000 | 1,007,290 |
13
Principal Amount | Value | ||||||
Connecticut State Health & Educational Facility Authority Rev., (Masonicare Corp. Obligated Group), 4.00%, 7/1/20 | $ | 1,000,000 | $ | 1,016,800 | |||
Connecticut State Health & Educational Facility Authority Rev., (Masonicare Corp. Obligated Group), 4.00%, 7/1/21 | 1,000,000 | 1,022,840 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Masonicare Corp. Obligated Group), 5.00%, 7/1/22 | 2,665,000 | 2,823,914 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Quinnipiac University), 5.00%, 7/1/28 | 5,270,000 | 5,968,697 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600,000 | 683,136 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500,000 | 566,300 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1,100,000 | 1,242,054 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350,000 | 391,002 | |||||
Connecticut State Health & Educational Facility Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | 400,000 | 444,692 | |||||
Connecticut State Health & Educational Facility Authority Rev., (University of New Haven, Inc.), 5.00%, 7/1/31 | 1,400,000 | 1,544,396 | |||||
Connecticut State Health & Educational Facility Authority Rev., (University of New Haven, Inc.), 5.00%, 7/1/32 | 1,000,000 | 1,098,910 | |||||
Connecticut State Health & Educational Facility Authority Rev., (University of New Haven, Inc.), 5.00%, 7/1/33 | 1,175,000 | 1,284,298 | |||||
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22(1) | 3,860,000 | 4,053,695 | |||||
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39(1) | 5,000,000 | 5,161,150 | |||||
New Haven GO, 5.00%, 8/1/23 (AGM)(2) | 1,435,000 | 1,612,610 | |||||
New Haven GO, 5.00%, 8/1/23 (AGM) | 8,565,000 | 9,542,181 | |||||
State of Connecticut, Special Tax Rev., 5.00%, 8/1/28 | 2,000,000 | 2,232,100 | |||||
63,253,391 | |||||||
District of Columbia — 0.5% | |||||||
District of Columbia GO, 5.00%, 6/1/20 | 3,000,000 | 3,136,140 | |||||
District of Columbia Rev., 5.00%, 12/1/19 | 5,000,000 | 5,154,550 | |||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/23 | 1,000,000 | 1,108,270 | |||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/24 | 1,000,000 | 1,127,090 | |||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/25 | 1,750,000 | 2,003,487 | |||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/39 | 5,000,000 | 5,101,700 | |||||
17,631,237 | |||||||
Florida — 5.2% | |||||||
Atlantic Beach Health Care Facilities Rev., (Naval Continuing Care Retirement Foundation Obligated Group), 3.00%, 11/15/23(4) | 3,800,000 | 3,805,206 | |||||
Broward County Airport System Rev., 5.00%, 10/1/24 | 2,750,000 | 3,016,475 | |||||
Broward County Airport System Rev., 5.00%, 10/1/25 | 1,000,000 | 1,094,210 | |||||
Broward County Airport System Rev., 5.00%, 10/1/26 | 1,000,000 | 1,091,530 | |||||
Citizens Property Insurance Corp. Rev., 5.00%, 6/1/20 | 6,050,000 | 6,303,616 | |||||
Citizens Property Insurance Corp. Rev., 5.00%, 6/1/22 | 8,000,000 | 8,742,080 | |||||
Escambia County Rev., (Gulf Power Co.), VRDN, 2.10%, 4/11/19 | 1,500,000 | 1,498,335 |
14
Principal Amount | Value | ||||||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/29 | $ | 1,000,000 | $ | 1,117,300 | |||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/30 | 750,000 | 832,965 | |||||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/31 | 1,250,000 | 1,379,850 | |||||
Florida Higher Educational Facilities Financial Authority Rev., (Ringling College of Art & Design, Inc.), 5.00%, 3/1/29 | 1,965,000 | 2,163,996 | |||||
Florida Higher Educational Facilities Financial Authority Rev., (Ringling College of Art & Design, Inc.), 5.00%, 3/1/32 | 2,215,000 | 2,403,076 | |||||
Florida Higher Educational Facilities Financial Authority Rev., (Ringling College of Art & Design, Inc.), 5.00%, 3/1/34 | 2,395,000 | 2,582,528 | |||||
Florida Municipal Power Agency Rev., 5.25%, 10/1/19, Prerefunded at 100% of Par(2) | 2,000,000 | 2,055,860 | |||||
Fort Myers Rev., 4.00%, 12/1/29 | 170,000 | 178,391 | |||||
Fort Myers Rev., 4.00%, 12/1/30 | 150,000 | 156,504 | |||||
Fort Myers Rev., 4.00%, 12/1/31 | 650,000 | 676,247 | |||||
Gainesville Utilities System Rev., 5.00%, 10/1/22 | 1,000,000 | 1,104,230 | |||||
Gainesville Utilities System Rev., 5.00%, 10/1/24 | 2,000,000 | 2,293,560 | |||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1,750,000 | 1,918,245 | |||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1,500,000 | 1,419,375 | |||||
Lee County Transportation Facilities Rev., 5.00%, 10/1/26 (AGM) | 2,250,000 | 2,544,863 | |||||
Lee County Transportation Facilities Rev., 5.00%, 10/1/27 (AGM) | 2,550,000 | 2,876,808 | |||||
Manatee County School District COP, 5.00%, 7/1/24 (BAM) | 875,000 | 981,794 | |||||
Manatee County School District COP, 5.00%, 7/1/25 (BAM) | 1,400,000 | 1,590,582 | |||||
Manatee County School District COP, 5.00%, 7/1/26 (BAM) | 750,000 | 860,610 | |||||
Manatee County School District COP, 5.00%, 7/1/27 (BAM) | 1,215,000 | 1,373,485 | |||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/37 | 2,500,000 | 2,742,450 | |||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/41 | 3,000,000 | 3,138,240 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/26 | 2,000,000 | 2,257,380 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/27 | 1,500,000 | 1,688,880 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/29 | 800,000 | 893,688 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 1,610,000 | 1,788,855 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 1,835,000 | 2,038,850 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/31 | 1,000,000 | 1,101,330 | |||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/31 | 1,500,000 | 1,651,995 | |||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/42 | 9,520,000 | 10,254,182 | |||||
Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | 1,065,000 | 1,210,309 | |||||
Monroe County School District Rev., 5.00%, 10/1/22 (AGM) | 400,000 | 439,220 | |||||
Monroe County School District Rev., 5.00%, 10/1/23 (AGM) | 500,000 | 560,130 | |||||
Monroe County School District Rev., 5.00%, 10/1/24 (AGM) | 500,000 | 569,005 |
15
Principal Amount | Value | ||||||
Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | $ | 1,000,000 | $ | 1,047,120 | |||
Orange County Health Facilities Authority Rev., (Orlando Health Obligated Group), 3.00%, 10/1/32 | 250,000 | 232,740 | |||||
Orange County School Board COP, 5.00%, 8/1/22, Prerefunded at 100% of Par(2) | 8,000,000 | 8,824,480 | |||||
Orange County School Board COP, 5.00%, 8/1/22, Prerefunded at 100% of Par(2) | 6,500,000 | 7,169,890 | |||||
Orlando Rev., 5.00%, 11/1/31 (AGM) | 5,000,000 | 5,682,950 | |||||
Orlando Rev., 5.00%, 11/1/32 (AGM) | 2,500,000 | 2,827,650 | |||||
Orlando Utilities Commission Rev., 5.00%, 4/1/19, Prerefunded at 100% of Par(2) | 945,000 | 954,913 | |||||
Orlando Utilities Commission Rev., 5.00%, 10/1/19 | 1,500,000 | 1,538,340 | |||||
Orlando Utilities Commission Rev., 5.00%, 10/1/21 | 4,745,000 | 5,130,199 | |||||
Orlando Utilities Commission Rev., 5.00%, 10/1/22 | 1,750,000 | 1,935,798 | |||||
Orlando Utilities Commission Rev., 5.00%, 10/1/33 | 1,265,000 | 1,277,283 | |||||
Orlando-Orange County Expressway Authority Rev., (Central Florida Expressway Authority), 5.00%, 7/1/20, Prerefunded at 100% of Par(2) | 1,880,000 | 1,967,890 | |||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.25%, 7/1/20, Prerefunded at 100% of Par (AGM)(2) | 5,850,000 | 6,146,068 | |||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1,000,000 | 1,051,290 | |||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2,170,000 | 2,271,903 | |||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4,665,000 | 4,870,633 | |||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1,535,000 | 1,597,152 | |||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1,000,000 | 1,038,350 | |||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1,350,000 | 1,393,389 | |||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | 1,000,000 | 1,023,300 | |||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2,000,000 | 2,039,860 | |||||
School District of Broward County COP, 5.00%, 7/1/26 | 2,170,000 | 2,348,222 | |||||
South Florida Water Management District COP, 5.00%, 10/1/28 | 3,000,000 | 3,443,010 | |||||
South Florida Water Management District COP, 5.00%, 10/1/30 | 3,305,000 | 3,755,306 | |||||
South Lake County Hospital District Rev., (Southlake Hospital, Inc.), 6.25%, 4/1/39 | 3,250,000 | 3,284,547 | |||||
Sunrise Utility System Rev., 5.20%, 10/1/20, Prerefunded at 100% of Par (Ambac)(2) | 430,000 | 446,443 | |||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/36 | 800,000 | 862,184 |
16
Principal Amount | Value | ||||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/41 | $ | 1,000,000 | $ | 1,064,590 | |||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | 1,110,000 | 1,232,111 | |||||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2,355,000 | 2,604,442 | |||||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | 3,995,000 | 4,399,054 | |||||
Village Community Development District No. 12 Special Assessment, 3.25%, 5/1/23(1) | 660,000 | 659,987 | |||||
Village Community Development District No. 12 Special Assessment, 3.80%, 5/1/28(1) | 2,255,000 | 2,251,392 | |||||
Village Community Development District No. 12 Special Assessment, 4.00%, 5/1/33(1) | 2,000,000 | 1,976,200 | |||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1,000,000 | 1,154,410 | |||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1,200,000 | 1,377,540 | |||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1,045,000 | 1,170,578 | |||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1,095,000 | 1,220,487 | |||||
179,667,936 | |||||||
Georgia — 1.7% | |||||||
Athens-Clarke County Unified Government Water & Sewerage Rev., 5.625%, 1/1/19, Prerefunded at 100% of Par(2) | 1,200,000 | 1,203,516 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/20 | 625,000 | 644,088 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/20 | 1,000,000 | 1,030,540 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/20 | 950,000 | 979,013 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/21 | 200,000 | 206,108 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/21 | 750,000 | 790,162 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/23 | 300,000 | 329,490 | |||||
Atlanta Tax Allocation, 5.00%, 12/1/23 | 2,000,000 | 2,219,380 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/24 | 300,000 | 334,170 | |||||
Atlanta Tax Allocation, 5.00%, 12/1/24 | 900,000 | 1,013,805 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/25 | 225,000 | 254,081 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/26 | 300,000 | 341,883 | |||||
Atlanta Tax Allocation, 5.00%, 1/1/27 | 300,000 | 339,618 | |||||
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1,100,000 | 1,270,379 | |||||
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1,000,000 | 1,132,170 | |||||
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/19, Prerefunded at 100% of Par(2) | 4,000,000 | 4,063,160 | |||||
Main Street Natural Gas, Inc. Rev., VRDN, 4.00%, 9/1/23 (LIQ FAC: Royal Bank of Canada) | 12,500,000 | 13,043,875 | |||||
Main Street Natural Gas, Inc. Rev., VRDN, 2.26%, (MUNIPSA plus 0.57%), 12/1/23 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | 9,985,600 | |||||
Main Street Natural Gas, Inc. Rev., VRDN, 2.37%, (67% of the 1-month LIBOR plus 0.83%), 12/1/23 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | 9,953,600 | |||||
Marietta Development Authority Rev., (Life University, Inc.), 5.00%, 11/1/27(1) | 5,000,000 | 5,418,200 | |||||
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/35 | 1,000,000 | 1,022,430 |
17
Principal Amount | Value | ||||||
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 5.00%, 4/1/44 | $ | 1,500,000 | $ | 1,582,995 | |||
57,158,263 | |||||||
Guam — 0.2% | |||||||
Guam Government GO, 6.00%, 11/15/19 | 1,120,000 | 1,145,682 | |||||
Guam Government Department of Education COP, 6.875%, 12/1/40 | 1,500,000 | 1,537,050 | |||||
Guam Government Power Authority Rev., 5.00%, 10/1/20 (AGM) | 1,000,000 | 1,048,830 | |||||
Guam Government Power Authority Rev., 5.00%, 10/1/26 (AGM) | 2,000,000 | 2,168,920 | |||||
Guam Government Power Authority Rev., 5.00%, 10/1/27 (AGM) | 1,000,000 | 1,083,550 | |||||
6,984,032 | |||||||
Hawaii — 0.5% | |||||||
City & County Honolulu Wastewater System Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(2) | 905,000 | 996,568 | |||||
Hawai'i Pacific Health Rev., (Hawai'i Pacific Health Obligated Group), 5.50%, 7/1/20, Prerefunded at 100% of Par(2) | 2,500,000 | 2,636,150 | |||||
Hawai'i Pacific Health Rev., (Hawai'i Pacific Health Obligated Group), 5.75%, 7/1/20, Prerefunded at 100% of Par(2) | 1,000,000 | 1,058,320 | |||||
State of Hawaii GO, 5.00%, 8/1/23 | 2,305,000 | 2,593,978 | |||||
State of Hawaii GO, 5.00%, 12/1/23 | 10,000,000 | 10,827,100 | |||||
18,112,116 | |||||||
Idaho — 0.1% | |||||||
Idaho Health Facilities Authority Rev., (St. Luke's Health System Obligated Group), 5.00%, 7/1/20, Prerefunded at 100% of Par (AGM)(2) | 500,000 | 523,375 | |||||
Idaho Housing & Finance Association Rev., 5.00%, 7/15/29 | 3,000,000 | 3,190,080 | |||||
3,713,455 | |||||||
Illinois — 11.5% | |||||||
Adams County School District No. 172 GO, 5.00%, 2/1/24 (AGM) | 1,175,000 | 1,302,769 | |||||
Adams County School District No. 172 GO, 5.00%, 2/1/24 (BAM) | 1,030,000 | 1,142,002 | |||||
Adams County School District No. 172 GO, 5.00%, 2/1/25 (BAM) | 1,000,000 | 1,120,730 | |||||
Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1,000,000 | 1,127,740 | |||||
Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1,670,000 | 1,861,733 | |||||
Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1,000,000 | 1,032,220 | |||||
Chicago GO, 6.00%, 1/1/38 | 5,000,000 | 5,552,900 | |||||
Chicago Board of Education GO, 5.00%, 12/1/27 (AGM)(4) | 5,000,000 | 5,532,300 | |||||
Chicago Midway International Airport Rev., 5.00%, 1/1/19 | 800,000 | 801,848 | |||||
Chicago Midway International Airport Rev., 5.00%, 1/1/21 | 800,000 | 843,072 | |||||
Chicago Midway International Airport Rev., 5.00%, 1/1/22 | 600,000 | 645,288 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,061,500 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/23 | 1,500,000 | 1,657,680 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/24 | 4,000,000 | 4,492,440 | |||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/29 | 9,200,000 | 10,186,240 |
18
Principal Amount | Value | ||||||
Chicago O'Hare International Airport Rev., 5.75%, 1/1/39 | $ | 320,000 | $ | 339,651 | |||
Chicago Transit Authority Rev., 5.00%, 6/1/22 | 3,000,000 | 3,234,240 | |||||
Chicago Transit Authority Rev., 5.00%, 6/1/23 | 4,150,000 | 4,543,129 | |||||
Chicago Transit Authority Rev., 5.00%, 6/1/24 | 1,000,000 | 1,107,820 | |||||
Chicago Transit Authority Rev., 5.00%, 6/1/25 | 2,000,000 | 2,236,980 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3,245,000 | 3,607,045 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 1,100,000 | 1,193,764 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3,420,000 | 3,782,725 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 3,555,000 | 3,915,548 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 1,000,000 | 1,077,940 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/32 | 1,000,000 | 1,073,590 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/34 | 755,000 | 812,501 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/35 | 755,000 | 810,372 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 2,300,000 | 2,439,541 | |||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 1,510,000 | 1,611,412 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/23 | 3,750,000 | 4,135,837 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/24 | 10,000,000 | 11,172,600 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/25 | 5,000,000 | 5,621,200 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/26 | 2,000,000 | 2,269,440 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/27 | 2,250,000 | 2,530,575 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1,570,000 | 1,743,736 | |||||
Chicago Waterworks Rev., 5.00%, 11/1/39 | 2,550,000 | 2,724,343 | |||||
Cook County GO, 5.00%, 11/15/21 | 600,000 | 643,950 | |||||
Cook County GO, 5.00%, 11/15/25 | 3,600,000 | 4,072,536 | |||||
Cook County GO, 5.00%, 11/15/27 | 2,800,000 | 3,146,976 | |||||
Cook County GO, 5.00%, 11/15/28 | 4,150,000 | 4,630,362 | |||||
Cook County GO, 5.00%, 11/15/29 | 3,100,000 | 3,431,452 | |||||
Cook County GO, 5.00%, 11/15/30 | 2,500,000 | 2,756,325 | |||||
Cook County GO, 5.00%, 11/15/31 | 2,350,000 | 2,584,107 | |||||
Cook County GO, 5.00%, 11/15/34 | 2,000,000 | 2,179,000 | |||||
Cook County GO, 5.00%, 11/15/35 | 1,800,000 | 1,955,934 | |||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/23 (BAM) | 1,000,000 | 1,110,640 | |||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/25 (BAM) | 1,800,000 | 2,010,978 | |||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/27 (BAM) | 1,190,000 | 1,320,483 | |||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/22 (BAM) | 2,000,000 | 2,187,460 | |||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/23 (BAM) | 3,000,000 | 3,340,860 | |||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/24 (BAM) | 4,000,000 | 4,513,480 | |||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/24 (BAM) | 2,475,000 | 2,765,095 | |||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/25 (BAM) | 1,115,000 | 1,255,412 | |||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | 1,150,000 | 1,302,387 | |||||
Decatur GO, 5.00%, 3/1/24 (AGM) | 1,000,000 | 1,107,420 |
19
Principal Amount | Value | ||||||
Decatur GO, 5.00%, 3/1/25 (AGM) | $ | 1,045,000 | $ | 1,172,386 | |||
Decatur GO, 5.00%, 3/1/26 (AGM) | 1,000,000 | 1,133,520 | |||||
Decatur GO, 5.00%, 3/1/27 (AGM) | 1,080,000 | 1,220,908 | |||||
Decatur GO, 5.00%, 3/1/28 (AGM) | 1,205,000 | 1,354,962 | |||||
Decatur GO, 5.00%, 3/1/29 (AGM) | 1,265,000 | 1,415,737 | |||||
Decatur GO, 5.00%, 3/1/30 (AGM) | 1,330,000 | 1,482,471 | |||||
Decatur GO, 5.00%, 3/1/31 (AGM) | 1,395,000 | 1,549,217 | |||||
Decatur GO, 5.00%, 3/1/33 (AGM) | 1,545,000 | 1,700,365 | |||||
Governors State University COP, 5.00%, 7/1/22 (BAM) | 320,000 | 341,539 | |||||
Governors State University COP, 5.00%, 7/1/23 (BAM) | 400,000 | 432,352 | |||||
Governors State University COP, 5.00%, 7/1/24 (BAM) | 400,000 | 437,312 | |||||
Governors State University COP, 5.00%, 7/1/25 (BAM) | 400,000 | 441,772 | |||||
Governors State University COP, 5.00%, 7/1/26 (BAM) | 350,000 | 389,001 | |||||
Governors State University COP, 5.00%, 7/1/27 (BAM) | 395,000 | 441,424 | |||||
Governors State University COP, 5.00%, 7/1/28 (BAM) | 750,000 | 833,415 | |||||
Illinois Finance Authority Rev., (Advocate Health Care Network Obligated Group), 5.00%, 5/1/22 | 1,500,000 | 1,637,220 | |||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7,600,000 | 7,646,664 | |||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 5.00%, 2/15/41 | 1,500,000 | 1,643,055 | |||||
Illinois Finance Authority Rev., (Benedictine University), 5.00%, 10/1/26 | 1,065,000 | 1,119,081 | |||||
Illinois Finance Authority Rev., (Benedictine University), 5.00%, 10/1/27 | 1,095,000 | 1,148,272 | |||||
Illinois Finance Authority Rev., (Benedictine University), 5.00%, 10/1/30 | 1,900,000 | 1,958,672 | |||||
Illinois Finance Authority Rev., (Benedictine University), 5.00%, 10/1/33 | 3,000,000 | 3,059,850 | |||||
Illinois Finance Authority Rev., (Benedictine University), 5.00%, 10/1/38 | 1,200,000 | 1,201,608 | |||||
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), 6.00%, 8/15/41 | 2,000,000 | 2,167,920 | |||||
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1,000,000 | 1,062,220 | |||||
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2,000,000 | 2,102,060 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1,085,000 | 1,172,462 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500,000 | 540,590 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315,000 | 336,140 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500,000 | 531,235 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570,000 | 602,980 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 500,000 | 527,400 | |||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1,500,000 | 1,552,710 | |||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/31 | 750,000 | 777,030 |
20
Principal Amount | Value | ||||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 5.00%, 9/1/23 | $ | 1,175,000 | $ | 1,284,487 | |||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 5.00%, 9/1/24 | 1,235,000 | 1,368,047 | |||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 5.00%, 9/1/25 | 1,295,000 | 1,446,541 | |||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 5.00%, 9/1/29 | 1,575,000 | 1,738,091 | |||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 4.00%, 9/1/41 | 2,550,000 | 2,367,573 | |||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), 5.00%, 9/1/46 | 2,000,000 | 2,103,360 | |||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/24 | 2,000,000 | 2,228,600 | |||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/26 | 2,715,000 | 3,064,448 | |||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 4.00%, 12/1/30 | 5,000,000 | 5,074,300 | |||||
Illinois Finance Authority Rev., (Northwestern Memorial Healthcare Obligated Group), 5.00%, 11/1/19, Prerefunded at 100% of Par(2) | 3,340,000 | 3,431,817 | |||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/24 | 245,000 | 269,782 | |||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/25 | 700,000 | 776,762 | |||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325,000 | 359,083 | |||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690,000 | 756,440 | |||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750,000 | 797,055 | |||||
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,000,000 | 5,568,500 | |||||
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,475,000 | 6,097,507 | |||||
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/20 | 1,045,000 | 1,083,352 | |||||
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/22 | 825,000 | 884,755 | |||||
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/23 | 1,000,000 | 1,087,010 | |||||
Illinois Health Facilities Authority Rev., (Memorial Health System), VRDN, 1.72%, 12/3/18 (LOC: JPMorgan Chase Bank N.A.) | 900,000 | 900,000 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 1,250,000 | 1,477,200 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/29 | 1,550,000 | 1,807,036 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1,000,000 | 1,159,420 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1,000,000 | 1,148,900 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/33 | 1,200,000 | 1,363,872 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/34 | 2,500,000 | 2,829,275 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/36 | 15,200,000 | 16,688,080 | |||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/39 | 2,500,000 | 2,725,350 | |||||
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/21 | 10,000,000 | 10,665,300 | |||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 5,000,000 | 5,403,300 | |||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/27 | 3,000,000 | 3,389,160 |
21
Principal Amount | Value | ||||||
Regional Transportation Authority Rev., 7.20%, 11/1/20 (Ambac) | $ | 245,000 | $ | 262,121 | |||
Springfield Electric Rev., 5.00%, 3/1/20 | 1,000,000 | 1,033,200 | |||||
Springfield Electric Rev., 5.00%, 3/1/21 | 1,000,000 | 1,058,630 | |||||
Springfield Electric Rev., 5.00%, 3/1/22 | 1,750,000 | 1,891,715 | |||||
Springfield Electric Rev., 5.00%, 3/1/23 | 1,245,000 | 1,371,293 | |||||
Springfield Electric Rev., 5.00%, 3/1/24 | 2,000,000 | 2,238,660 | |||||
State of Illinois GO, 5.00%, 5/1/22 | 5,000,000 | 5,214,350 | |||||
State of Illinois GO, 5.00%, 11/1/23 | 5,000,000 | 5,266,200 | |||||
State of Illinois GO, 5.00%, 10/1/24 | 3,000,000 | 3,173,520 | |||||
State of Illinois GO, 5.00%, 11/1/25 | 3,000,000 | 3,183,120 | |||||
State of Illinois GO, 5.00%, 2/1/26 | 4,000,000 | 4,244,080 | |||||
State of Illinois GO, 5.00%, 11/1/26 | 12,715,000 | 13,516,172 | |||||
State of Illinois GO, 5.125%, 12/1/29 | 17,000,000 | 18,010,650 | |||||
State of Illinois GO, 5.00%, 10/1/33 | 2,100,000 | 2,174,067 | |||||
State of Illinois GO, 5.50%, 7/1/38 | 5,000,000 | 5,252,950 | |||||
State of Illinois GO, 5.00%, 2/1/39 | 3,000,000 | 3,046,110 | |||||
State of Illinois GO, 5.00%, 5/1/39 | 6,080,000 | 6,168,829 | |||||
State of Illinois GO, 5.00%, 12/1/42 | 5,000,000 | 5,086,950 | |||||
Village of Bellwood GO, 5.00%, 12/1/21 (AGM) | 1,000,000 | 1,066,230 | |||||
Village of Bellwood GO, 5.00%, 12/1/22 (AGM) | 1,050,000 | 1,139,271 | |||||
Village of Bellwood GO, 5.00%, 12/1/23 (AGM) | 1,000,000 | 1,100,810 | |||||
Village of Bellwood GO, 5.00%, 12/1/24 (AGM) | 800,000 | 892,832 | |||||
Village of Bellwood GO, 5.00%, 12/1/25 (AGM) | 1,500,000 | 1,693,935 | |||||
Village of Bellwood GO, 5.00%, 12/1/26 (AGM) | 1,000,000 | 1,141,620 | |||||
Village of Bellwood GO, 5.00%, 12/1/28 (AGM) | 1,000,000 | 1,134,860 | |||||
Village of Crestwood GO, 4.00%, 12/15/20 (BAM) | 835,000 | 861,945 | |||||
Village of Crestwood GO, 4.00%, 12/15/22 (BAM) | 600,000 | 629,358 | |||||
Village of Crestwood GO, 5.00%, 12/15/24 (BAM) | 750,000 | 831,218 | |||||
Village of Crestwood GO, 5.00%, 12/15/26 (BAM) | 1,000,000 | 1,098,400 | |||||
Village of Crestwood GO, 5.00%, 12/15/28 (BAM) | 905,000 | 986,531 | |||||
Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/36 | 2,075,000 | 2,174,475 | |||||
Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/39 | 2,250,000 | 2,346,412 | |||||
Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2,250,000 | 2,086,425 | |||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/27 (AGM) | 6,280,000 | 7,096,400 | |||||
Winnebago-Boone Etc Counties Community College District No. 511 Rock Valley Clg GO, 5.00%, 1/1/20 (AGM) | 2,735,000 | 2,814,698 | |||||
394,425,298 | |||||||
Indiana — 1.4% | |||||||
Indiana Finance Authority Rev., 5.00%, 2/1/23 | 1,735,000 | 1,925,572 | |||||
Indiana Finance Authority Rev., 5.00%, 2/1/24 | 2,200,000 | 2,483,272 | |||||
Indiana Finance Authority Rev., 5.00%, 2/1/26 | 3,030,000 | 3,502,013 | |||||
Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1,120,000 | 1,288,538 | |||||
Indiana Finance Authority Rev., 5.25%, 2/1/27 | 2,000,000 | 2,334,080 | |||||
Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2,005,000 | 2,296,126 |
22
Principal Amount | Value | ||||||
Indiana Finance Authority Rev., 5.00%, 2/1/29 | $ | 2,500,000 | $ | 2,851,525 | |||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/23 | 2,645,000 | 2,869,428 | |||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/24 | 3,025,000 | 3,279,070 | |||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/25 | 1,750,000 | 1,895,477 | |||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1,880,000 | 2,089,357 | |||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | 1,000,000 | 1,106,350 | |||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1,030,000 | 1,134,226 | |||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1,050,000 | 1,152,154 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/20 | 1,000,000 | 1,034,420 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/22 | 1,300,000 | 1,385,345 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/24 | 1,000,000 | 1,089,880 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/25 | 1,150,000 | 1,254,121 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/27 | 1,250,000 | 1,353,900 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/29 | 1,465,000 | 1,577,029 | |||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/31 | 1,250,000 | 1,336,650 | |||||
Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRDN, 2.24%, (MUNIPSA plus 0.55%), 11/1/23 | 5,000,000 | 5,001,850 | |||||
Indiana University Rev., 5.00%, 8/1/19 | 4,200,000 | 4,286,646 | |||||
48,527,029 | |||||||
Iowa — 0.1% | |||||||
Iowa Higher Education Loan Authority Rev., (Loras College), VRDN, 1.72%, 12/3/18 (LOC: Bank of America N.A.) | 1,700,000 | 1,700,000 | |||||
State of Iowa Rev., 5.00%, 6/1/19, Prerefunded at 100% of Par(2) | 2,500,000 | 2,538,850 | |||||
4,238,850 | |||||||
Kansas — 0.2% | |||||||
University of Kansas Hospital Authority Rev., (Health System), VRDN, 1.71%, 12/3/18 (LOC: U.S. Bank N.A.) | 5,000,000 | 5,000,000 | |||||
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/21 | 800,000 | 859,456 | |||||
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/23 | 895,000 | 998,569 | |||||
6,858,025 | |||||||
Kentucky — 2.2% | |||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/20 | 400,000 | 405,272 | |||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/21 | 535,000 | 546,390 | |||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/36 | 2,000,000 | 1,968,400 |
23
Principal Amount | Value | ||||||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | $ | 2,250,000 | $ | 2,400,997 | |||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3,665,000 | 3,868,847 | |||||
Kenton County Airport Board Rev., 5.00%, 1/1/23 | 825,000 | 908,011 | |||||
Kenton County Airport Board Rev., 5.00%, 1/1/24 | 750,000 | 839,287 | |||||
Kenton County Airport Board Rev., 5.00%, 1/1/26 | 1,330,000 | 1,527,931 | |||||
Kentucky Asset Liability Commission Rev., 5.00%, 9/1/20 | 4,135,000 | 4,338,897 | |||||
Kentucky Economic Development Finance Authority Rev., (Louisville Arena Authority, Inc.), 4.00%, 12/1/41 (AGM) | 250,000 | 250,858 | |||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/21 | 750,000 | 786,300 | |||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/22 | 1,000,000 | 1,062,950 | |||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/23 | 1,620,000 | 1,740,820 | |||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/24 | 2,000,000 | 2,172,200 | |||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1,350,000 | 1,476,603 | |||||
Kentucky Public Energy Authority Rev., VRDN, 4.00%, 4/1/24 | 17,000,000 | 17,806,650 | |||||
Kentucky Public Energy Authority Rev., VRDN, 4.00%, 1/1/25 | 10,000,000 | 10,477,000 | |||||
Kentucky State Property & Building Commission Rev., 5.00%, 5/1/31 (BAM) | 2,000,000 | 2,264,360 | |||||
Kentucky State Property & Building Commission Rev., 5.00%, 5/1/33 (BAM) | 1,750,000 | 1,966,370 | |||||
Kentucky Turnpike Authority Rev., 5.00%, 7/1/19 | 1,000,000 | 1,017,170 | |||||
Kentucky Turnpike Authority Rev., 5.00%, 7/1/20 | 1,500,000 | 1,567,740 | |||||
Louisville/Jefferson County Metropolitan Government Rev., (Louisville Gas & Electric Co.), VRDN, 1.50%, 4/1/19 | 5,000,000 | 4,988,950 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/24 (AGM) | 1,500,000 | 1,671,645 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/25 (AGM) | 1,500,000 | 1,681,875 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1,100,000 | 1,242,395 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2,000,000 | 2,252,380 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2,245,000 | 2,512,941 | |||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 1,500,000 | 1,662,555 | |||||
75,405,794 | |||||||
Louisiana — 1.6% | |||||||
Louisiana Local Government Environmental Facilities & Community Development Auth Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2,010,000 | 2,187,181 | |||||
Louisiana Local Government Environmental Facilities & Community Development Auth Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/48 (AGM) | 5,765,000 | 6,217,610 | |||||
Louisiana Public Facilities Authority Rev., (Entergy Louisiana LLC), 3.375%, 9/1/28 | 10,000,000 | 9,824,200 | |||||
Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/45 | 6,000,000 | 6,356,760 | |||||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), 5.00%, 10/1/21 | 1,345,000 | 1,428,175 | |||||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), Capital Appreciation, 0.00%, 10/1/19(3) | 1,000,000 | 976,530 |
24
Principal Amount | Value | ||||||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), Capital Appreciation, 0.00%, 10/1/20(3) | $ | 1,760,000 | $ | 1,665,118 | |||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), Capital Appreciation, 0.00%, 10/1/21(3) | 1,000,000 | 913,970 | |||||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), Capital Appreciation, 0.00%, 10/1/22(3) | 1,450,000 | 1,278,407 | |||||
Louisiana Public Facilities Authority Rev., (Loyola University New Orleans), Capital Appreciation, 0.00%, 10/1/23(3) | 1,000,000 | 848,660 | |||||
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/29 | 990,000 | 1,108,810 | |||||
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/30 | 990,000 | 1,104,761 | |||||
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 3.00%, 5/15/31 | 1,485,000 | 1,426,298 | |||||
New Orleans GO, 5.00%, 12/1/21 | 6,000,000 | 6,465,540 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500,000 | 573,700 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | 800,000 | 920,008 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350,000 | 400,523 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1,100,000 | 1,250,876 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1,200,000 | 1,360,728 | |||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1,200,000 | 1,343,772 | |||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/19 | 350,000 | 355,040 | |||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/21 | 400,000 | 425,904 | |||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/23 | 250,000 | 277,028 | |||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/24 | 200,000 | 225,572 | |||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/45 | 1,660,000 | 1,782,624 | |||||
Regional Transit Authority Rev., 5.00%, 12/1/19 (AGM) | 1,000,000 | 1,029,910 | |||||
Regional Transit Authority Rev., 5.00%, 12/1/20 (AGM) | 1,250,000 | 1,317,350 | |||||
53,065,055 | |||||||
Maine — 0.1% | |||||||
Portland General Airport Rev., 5.00%, 1/1/40 (AGM) | 1,795,000 | 1,840,647 | |||||
Maryland — 1.6% | |||||||
Baltimore Rev., 4.25%, 6/1/26 | 2,050,000 | 2,073,616 | |||||
Baltimore Rev., 4.00%, 9/1/27 | 400,000 | 406,108 | |||||
Baltimore Rev., 4.75%, 6/1/31 | 1,500,000 | 1,514,115 | |||||
Baltimore Rev., 5.00%, 9/1/38 | 1,600,000 | 1,667,760 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/21 | 1,000,000 | 1,062,800 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/22 | 500,000 | 539,905 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/23 | 1,520,000 | 1,662,515 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/24 | 850,000 | 937,601 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/25 | 2,000,000 | 2,221,780 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/28 | 2,850,000 | 3,178,491 | |||||
Baltimore Rev., (Baltimore Hotel Corp.), 5.00%, 9/1/29 | 1,000,000 | 1,110,480 | |||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/24 (AGM) | 300,000 | 324,090 | |||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/25 (AGM) | 330,000 | 357,958 |
25
Principal Amount | Value | ||||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/26 (AGM) | $ | 375,000 | $ | 407,119 | |||
Maryland Economic Development Corp. Rev., 5.00%, 6/1/35 (AGM) | 1,230,000 | 1,373,836 | |||||
Maryland Economic Development Corp. Rev., 5.00%, 6/1/43 (AGM) | 1,000,000 | 1,101,560 | |||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500,000 | 557,985 | |||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2,000,000 | 2,206,500 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200,000 | 222,190 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175,000 | 195,288 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | 120,000 | 134,554 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130,000 | 144,742 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175,000 | 193,750 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250,000 | 275,230 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300,000 | 329,118 | |||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325,000 | 355,543 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.00%, 1/1/20 | 500,000 | 513,415 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.00%, 1/1/21 | 500,000 | 524,845 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3,585,000 | 3,922,205 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/32 | 460,000 | 505,443 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/34 | 675,000 | 736,108 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 4.00%, 6/1/42 | 1,250,000 | 1,216,537 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/42 | 1,000,000 | 1,070,190 | |||||
Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4,700,000 | 4,503,211 | |||||
Maryland Stadium Authority Rev., 5.00%, 5/1/22 | 1,480,000 | 1,618,898 | |||||
Maryland Stadium Authority Rev., 5.00%, 5/1/26 | 2,550,000 | 2,974,881 | |||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/20 | 1,260,000 | 1,290,127 | |||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/21 | 1,850,000 | 1,918,487 | |||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/22 | 1,945,000 | 2,036,357 |
26
Principal Amount | Value | ||||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/23 | $ | 2,045,000 | $ | 2,153,589 | |||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/24 | 2,150,000 | 2,267,906 | |||||
Rockville Rev., (King Farm Presbyterian Retirement Community, Inc.), 2.50%, 11/1/24 | 4,000,000 | 3,846,120 | |||||
55,652,953 | |||||||
Massachusetts — 2.1% | |||||||
Massachusetts GO, VRDN, 1.70%, 8/1/22 | 5,500,000 | 5,382,905 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/22 | 570,000 | 609,119 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/23 | 400,000 | 434,140 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/25 | 525,000 | 581,983 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/26 | 550,000 | 612,958 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/28 | 4,540,000 | 5,110,542 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4,120,000 | 4,579,916 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5,005,000 | 5,543,238 | |||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 475,000 | 521,227 | |||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1) | 1,000,000 | 1,026,490 | |||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(1) | 1,000,000 | 1,013,470 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/20 | 500,000 | 519,330 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/21 | 555,000 | 585,597 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/22 | 1,370,000 | 1,462,132 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/23 | 2,210,000 | 2,382,358 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/30 | 1,130,000 | 1,205,224 | |||||
Massachusetts Development Finance Agency Rev., (Provident Commonwealth Education Resources, Inc.), 5.00%, 10/1/31 | 1,200,000 | 1,275,732 | |||||
Massachusetts Development Finance Agency Rev., (South Shore Hospital, Inc.), 5.00%, 7/1/25 | 250,000 | 284,193 | |||||
Massachusetts Development Finance Agency Rev., (South Shore Hospital, Inc.), 5.00%, 7/1/26 | 1,000,000 | 1,148,210 | |||||
Massachusetts Development Finance Agency Rev., (South Shore Hospital, Inc.), 5.00%, 7/1/27 | 1,100,000 | 1,237,159 | |||||
Massachusetts Development Finance Agency Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/41 | 1,850,000 | 1,978,168 | |||||
Massachusetts Health & Educational Facilities Authority Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/21 | 1,050,000 | 1,092,966 |
27
Principal Amount | Value | ||||||
Massachusetts Port Authority Rev., 4.00%, 7/1/22 | $ | 2,655,000 | $ | 2,825,929 | |||
Massachusetts School Building Authority Rev., 5.00%, 8/15/30 | 8,000,000 | 8,713,680 | |||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/30 | 3,575,000 | 3,893,926 | |||||
Massachusetts School Building Authority Rev., 5.00%, 10/15/32 | 6,630,000 | 7,106,034 | |||||
Massachusetts Transportation Fund Rev., 5.00%, 6/1/21, Prerefunded at 100% of Par(2) | 1,755,000 | 1,882,799 | |||||
Massachusetts Transportation Fund Rev., 5.00%, 6/1/21, Prerefunded at 100% of Par(2) | 1,000,000 | 1,072,820 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/23 | 1,000,000 | 1,032,060 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/24 | 6,000,000 | 6,190,380 | |||||
71,304,685 | |||||||
Michigan — 4.6% | |||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/24 | 870,000 | 928,960 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/25 | 1,470,000 | 1,583,249 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1,575,000 | 1,700,559 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1,655,000 | 1,790,048 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1,825,000 | 1,948,169 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1,970,000 | 2,060,482 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | 1,830,000 | 1,900,418 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2,445,000 | 2,525,636 | |||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2,565,000 | 2,634,050 | |||||
Detroit City School District GO, 5.00%, 5/1/28 (Q-SBLF) | 6,500,000 | 7,003,620 | |||||
Detroit City School District GO, 5.00%, 5/1/31 (Q-SBLF) | 5,000,000 | 5,372,150 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/19 (AGM)(4) | 130,000 | 131,879 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/20 (AGM)(4) | 1,200,000 | 1,244,268 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/21 (AGM)(4) | 200,000 | 212,134 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM)(4) | 500,000 | 535,195 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM)(4) | 300,000 | 323,220 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM)(4) | 400,000 | 433,444 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM)(4) | 750,000 | 820,560 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM)(4) | 850,000 | 939,089 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM)(4) | 500,000 | 543,850 |
28
Principal Amount | Value | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM)(4) | $ | 550,000 | $ | 604,098 | |||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/26 (AGM)(4) | 600,000 | 654,534 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/27 (AGM)(4) | 1,250,000 | 1,358,300 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/28 (AGM)(4) | 1,000,000 | 1,082,420 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/30 (AGM)(4) | 1,255,000 | 1,349,878 | |||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/31 (AGM)(4) | 625,000 | 669,644 | |||||
Detroit Sewage Disposal System Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.25%, 7/1/39 | 19,250,000 | 20,552,647 | |||||
Detroit Water Supply System Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/36 | 1,000,000 | 1,044,700 | |||||
Lansing Board of Water & Light Rev., 5.00%, 7/1/27 | 5,000,000 | 5,335,950 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/21 (AGM Q-SBLF) | 1,000,000 | 1,068,380 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/22 (AGM Q-SBLF) | 500,000 | 545,570 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/23 (AGM Q-SBLF) | 1,000,000 | 1,113,540 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/24 (AGM Q-SBLF) | 1,000,000 | 1,129,110 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/25 (AGM Q-SBLF) | 1,000,000 | 1,145,010 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM Q-SBLF) | 1,480,000 | 1,657,585 | |||||
Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM Q-SBLF) | 1,630,000 | 1,819,357 | |||||
Michigan Finance Authority Rev., 5.00%, 10/1/27 | 3,030,000 | 3,364,694 | |||||
Michigan Finance Authority Rev., 5.00%, 10/1/28 | 3,465,000 | 3,841,853 | |||||
Michigan Finance Authority Rev., (Beaumont Health Obligated Group), 4.00%, 11/1/46 | 5,000,000 | 4,890,600 | |||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/33 | 2,000,000 | 2,172,940 | |||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/34 | 1,500,000 | 1,626,270 | |||||
Michigan Finance Authority Rev., (Lawrence Technological University), 5.00%, 2/1/22 | 2,065,000 | 2,184,006 | |||||
Michigan Finance Authority Rev., (Lawrence Technological University), 5.25%, 2/1/27 | 4,225,000 | 4,688,609 | |||||
Michigan Finance Authority Rev., (Lawrence Technological University), 5.25%, 2/1/32 | 4,000,000 | 4,333,320 | |||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/25 | 1,000,000 | 1,126,500 | |||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/27 | 1,400,000 | 1,567,776 | |||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/28 | 1,250,000 | 1,395,100 | |||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/29 | 1,565,000 | 1,740,843 | |||||
Michigan State Building Authority Rev., 5.25%, 10/15/20 | 4,000,000 | 4,114,520 | |||||
Michigan State Building Authority Rev., 5.00%, 4/15/25 | 1,750,000 | 2,022,458 | |||||
Michigan State Building Authority Rev., 5.00%, 4/15/26 | 750,000 | 877,125 |
29
Principal Amount | Value | ||||||
Michigan State Hospital Finance Authority Rev., (Ascension Health Credit Group), VRDN, 1.625%, 11/1/19 | $ | 5,875,000 | $ | 5,841,101 | |||
Michigan Strategic Fund Rev., (DTE Electric Co.), VRDN, 1.45%, 9/1/21 | 1,375,000 | 1,314,005 | |||||
Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1,080,000 | 1,141,452 | |||||
Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2,005,000 | 2,111,365 | |||||
Saginaw Water Supply System Rev., 4.00%, 7/1/20 (AGM) | 350,000 | 361,183 | |||||
Saginaw Water Supply System Rev., 4.00%, 7/1/22 (AGM) | 1,335,000 | 1,410,107 | |||||
Saginaw Water Supply System Rev., 4.00%, 7/1/24 (AGM) | 1,380,000 | 1,483,252 | |||||
Saginaw Water Supply System Rev., 4.00%, 7/1/26 (AGM) | 1,530,000 | 1,659,576 | |||||
State of Michigan Rev., 5.00%, 3/15/25 | 11,000,000 | 12,667,600 | |||||
Warren Consolidated Schools GO, 4.00%, 5/1/22 (AGM) | 1,645,000 | 1,732,333 | |||||
Warren Consolidated Schools GO, 4.00%, 5/1/26 (AGM) | 1,100,000 | 1,186,119 | |||||
Wayne County Airport Authority Rev., 5.00%, 12/1/30 | 1,000,000 | 1,121,310 | |||||
Wayne County Airport Authority Rev., 5.00%, 12/1/31 | 650,000 | 726,947 | |||||
Wayne County Airport Authority Rev., 5.00%, 12/1/32 | 1,175,000 | 1,311,347 | |||||
Wayne County Airport Authority Rev., 5.00%, 12/1/34 | 1,150,000 | 1,278,099 | |||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/21 (Q-SBLF) | 510,000 | 540,794 | |||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/23 (Q-SBLF) | 1,070,000 | 1,178,733 | |||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/24 (Q-SBLF) | 2,000,000 | 2,235,640 | |||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2,455,000 | 2,790,500 | |||||
157,799,780 | |||||||
Minnesota — 0.7% | |||||||
Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1,000,000 | 1,107,910 | |||||
Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | 1,000,000 | 1,086,690 | |||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/23 | 500,000 | 550,590 | |||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/24 | 1,200,000 | 1,343,952 | |||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/25 | 800,000 | 907,904 | |||||
Minnesota Higher Education Facilities Authority Rev., (Bethel University), 5.00%, 5/1/32 | 1,000,000 | 1,076,690 | |||||
Minnesota Higher Education Facilities Authority Rev., (Bethel University), 5.00%, 5/1/37 | 2,000,000 | 2,115,640 | |||||
Minnesota Higher Education Facilities Authority Rev., (Bethel University), 5.00%, 5/1/47 | 4,500,000 | 4,707,180 | |||||
Minnesota Higher Education Facilities Authority Rev., (College of Saint Benedict), 4.00%, 3/1/43 | 1,000,000 | 953,600 | |||||
Rochester Rev., (Mayo Clinic), VRDN, 4.50%, 11/15/21 | 6,000,000 | 6,383,160 | |||||
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/28 | 2,000,000 | 2,287,640 | |||||
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/30 | 1,000,000 | 1,131,020 | |||||
23,651,976 | |||||||
Mississippi — 0.8% | |||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/20 | 645,000 | 668,665 |
30
Principal Amount | Value | ||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/21 | $ | 1,000,000 | $ | 1,056,890 | |||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/22 | 1,000,000 | 1,074,340 | |||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/23 | 1,500,000 | 1,631,340 | |||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/30 | 2,000,000 | 2,167,080 | |||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/31 | 1,000,000 | 1,079,830 | |||||
Jackson Water & Sewer System Rev., 4.00%, 9/1/20 (BAM) | 625,000 | 639,569 | |||||
Jackson Water & Sewer System Rev., 4.00%, 9/1/22 (BAM) | 550,000 | 573,259 | |||||
Jackson Water & Sewer System Rev., 4.00%, 9/1/23 (BAM) | 580,000 | 608,780 | |||||
Mississippi Development Bank Rev., 5.00%, 7/1/19 (Ambac) | 4,160,000 | 4,228,515 | |||||
Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System Rev.), 6.875%, 12/1/40 (AGM) | 4,250,000 | 4,975,942 | |||||
State of Mississippi GO, 5.00%, 12/1/23, Prerefunded at 100% of Par(2) | 5,000,000 | 5,666,000 | |||||
State of Mississippi GO, VRDN, 1.87%, (67% of the 1-month LIBOR plus 0.33%), 9/1/20 | 2,745,000 | 2,746,510 | |||||
27,116,720 | |||||||
Missouri — 1.0% | |||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/22 | 1,170,000 | 1,243,663 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/23 | 600,000 | 646,554 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/24 | 1,000,000 | 1,089,580 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/26 | 805,000 | 891,433 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/27 | 1,100,000 | 1,222,793 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/30 | 1,355,000 | 1,479,850 | |||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/31 | 1,255,000 | 1,363,219 | |||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health), 5.00%, 6/1/29 | 4,500,000 | 5,242,590 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/20 | 400,000 | 413,040 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/22 | 450,000 | 488,700 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/24 | 600,000 | 679,692 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540,000 | 631,357 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250,000 | 298,100 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500,000 | 592,115 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525,000 | 614,035 | |||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475,000 | 549,974 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/19 | 1,475,000 | 1,490,414 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/23 | 1,790,000 | 1,889,846 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/24 | 380,000 | 402,238 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/25 | 975,000 | 1,032,174 |
31
Principal Amount | Value | ||||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/26 | $ | 1,000,000 | $ | 1,055,920 | |||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.00%, 5/15/27 | 1,100,000 | 1,163,613 | |||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/28 | 1,135,000 | 1,212,327 | |||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/22 | 335,000 | 364,544 | |||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/23 | 295,000 | 328,323 | |||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 7/1/23 | 400,000 | 449,784 | |||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/24 | 695,000 | 789,096 | |||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/25 | 995,000 | 1,149,981 | |||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500,000 | 523,145 | |||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965,000 | 1,007,286 | |||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630,000 | 657,613 | |||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3,000,000 | 3,004,350 | |||||
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1,000,000 | 1,007,960 | |||||
34,975,309 | |||||||
Nebraska — 0.6% | |||||||
Central Plains Energy Project Rev., 5.00%, 9/1/22 | 2,500,000 | 2,681,950 | |||||
Central Plains Energy Project Rev., 5.00%, 9/1/31 | 2,000,000 | 2,260,920 | |||||
Central Plains Energy Project Rev., VRDN, 5.00%, 1/1/24 | 10,000,000 | 10,862,200 | |||||
Douglas County Hospital Authority No. 3 Rev., (Nebraska Methodist Health Obligated Group), 5.00%, 11/1/45 | 4,100,000 | 4,423,285 | |||||
20,228,355 | |||||||
Nevada — 0.8% | |||||||
Carson City Rev., (Carson Tahoe Regional Healthcare), 5.00%, 9/1/30 | 750,000 | 833,790 | |||||
Carson City Rev., (Carson Tahoe Regional Healthcare), 5.00%, 9/1/32 | 735,000 | 812,087 | |||||
Carson City Rev., (Carson Tahoe Regional Healthcare), 5.00%, 9/1/34 | 765,000 | 835,640 | |||||
Clark County Rev., (Nevada Power Co.), VRDN, 1.60%, 5/21/20 | 1,500,000 | 1,483,470 | |||||
Clark County Department of Aviation Rev., 5.00%, 7/1/21 | 5,000,000 | 5,356,700 | |||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/21 | 1,320,000 | 1,356,907 | |||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/22 | 2,150,000 | 2,220,864 | |||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/24 | 1,890,000 | 1,944,640 |
32
Principal Amount | Value | ||||||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/29 | $ | 1,270,000 | $ | 1,386,751 | |||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/32 | 1,840,000 | 1,975,865 | |||||
Las Vegas Convention & Visitors Authority Rev., 4.00%, 7/1/32 | 3,810,000 | 3,948,265 | |||||
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/22 | 890,000 | 963,478 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/20 | 1,000,000 | 1,039,820 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/29 | 1,485,000 | 1,728,659 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/34 | 1,010,000 | 1,148,845 | |||||
Reno Rev., (Washoe County Sales Tax Rev.), 4.00%, 6/1/43 | 1,000,000 | 991,000 | |||||
28,026,781 | |||||||
New Jersey — 5.3% | |||||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/24 (AGM) | 1,000,000 | 1,111,040 | |||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/25 (AGM) | 1,005,000 | 1,129,761 | |||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | 1,000,000 | 1,132,770 | |||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1,100,000 | 1,251,360 | |||||
New Jersey Economic Development Authority Rev., 4.00%, 7/1/22 | 3,000,000 | 3,116,460 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/23 | 2,335,000 | 2,531,747 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/24 | 4,015,000 | 4,396,144 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/25 | 5,000,000 | 5,444,450 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/26 | 5,000,000 | 5,407,950 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/23 (BAM) | 5,125,000 | 5,608,185 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/27 (BAM) | 3,000,000 | 3,429,300 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/28 (BAM) | 6,000,000 | 6,800,400 | |||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/33 | 1,000,000 | 1,062,310 | |||||
New Jersey Economic Development Authority Rev., 5.25%, 12/15/20 (Ambac) | 5,000,000 | 5,272,600 | |||||
New Jersey Economic Development Authority Rev., 5.25%, 6/15/40 | 3,500,000 | 3,688,650 | |||||
New Jersey Economic Development Authority Rev., 5.50%, 6/15/27 | 5,000,000 | 5,674,400 | |||||
New Jersey Educational Facilities Authority Rev., (College of New Jersey), 4.00%, 7/1/30 | 575,000 | 603,595 | |||||
New Jersey Educational Facilities Authority Rev., (College of New Jersey), 4.00%, 7/1/31 | 500,000 | 522,670 | |||||
New Jersey Educational Facilities Authority Rev., (College of New Jersey), 4.00%, 7/1/32 | 1,000,000 | 1,041,710 |
33
Principal Amount | Value | ||||||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/21 | $ | 835,000 | $ | 847,533 | |||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/26 | 2,105,000 | 2,174,591 | |||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/25 (AGM) | 2,360,000 | 2,698,047 | |||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/26 (AGM) | 1,500,000 | 1,730,055 | |||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/27 (AGM) | 2,575,000 | 2,959,679 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (St. Joseph's Healthcare System Obligated Group), 5.00%, 7/1/25 | 1,750,000 | 1,940,400 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (St. Joseph's Healthcare System Obligated Group), 5.00%, 7/1/27 | 2,000,000 | 2,213,840 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26 | 1,500,000 | 1,691,760 | |||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/27 | 1,500,000 | 1,683,810 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/20 | 4,200,000 | 4,361,826 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/21 | 3,000,000 | 3,176,430 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2,000,000 | 2,238,580 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2,000,000 | 2,193,480 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38 | 7,000,000 | 7,301,210 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/42 | 12,980,000 | 13,386,144 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5,000,000 | 5,168,700 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/21 (NATL) | 6,850,000 | 7,364,435 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/23 (Ambac) | 2,210,000 | 2,445,542 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 6/15/23 | 3,000,000 | 3,179,310 | |||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 6/15/30 | 5,000,000 | 5,267,000 | |||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 5,200,000 | 5,874,960 | |||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 5,215,000 | 5,763,201 | |||||
New Jersey Turnpike Authority Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(2) | 180,000 | 198,342 | |||||
New Jersey Turnpike Authority Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(2) | 14,940,000 | 16,462,386 | |||||
South Jersey Port Corp. Rev., 5.00%, 1/1/27 | 1,030,000 | 1,149,264 | |||||
South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2,360,000 | 2,587,598 | |||||
South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1,670,000 | 1,821,987 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 3,000,000 | 3,330,060 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 3,000,000 | 3,314,820 | |||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/32 | 3,500,000 | 3,849,615 |
34
Principal Amount | Value | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/33 | $ | 2,505,000 | $ | 2,742,649 | |||
180,342,756 | |||||||
New Mexico — 0.4% | |||||||
Farmington Rev., (Public Service Co. of New Mexico), VRDN, 2.125%, 6/1/22 | 3,000,000 | 2,923,320 | |||||
New Mexico Finance Authority Rev., 4.00%, 6/15/19 | 2,000,000 | 2,023,220 | |||||
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/23 | 1,625,000 | 1,815,726 | |||||
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/26 | 1,000,000 | 1,145,860 | |||||
New Mexico Municipal Energy Acquisition Authority Rev., VRDN, 5.00%, 8/1/19 (SBBPA: Royal Bank of Canada) | 5,000,000 | 5,087,550 | |||||
12,995,676 | |||||||
New York — 9.1% | |||||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28 | 400,000 | 454,484 | |||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30 | 350,000 | 394,202 | |||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31 | 350,000 | 392,721 | |||||
Brooklyn Arena Local Development Corp. Rev., (Brooklyn Events Center LLC), 6.25%, 1/15/20, Prerefunded at 100% of Par(2) | 3,700,000 | 3,881,929 | |||||
Brooklyn Arena Local Development Corp. Rev., (Brooklyn Events Center LLC), 4.00%, 7/15/29 (AGM) | 2,000,000 | 2,126,720 | |||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/24 | 1,465,000 | 1,565,221 | |||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/26 | 1,130,000 | 1,206,422 | |||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/27 | 1,320,000 | 1,408,928 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/21 | 430,000 | 457,417 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/22 | 1,365,000 | 1,479,032 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/24 | 1,500,000 | 1,670,025 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/26 | 830,000 | 936,921 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1,825,000 | 2,052,121 | |||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900,000 | 992,223 | |||||
Jefferson County Civic Facility Development Corp. Rev., (Samaritan Medical Center Obligated Group), 5.00%, 11/1/25 | 1,305,000 | 1,435,487 | |||||
Jefferson County Civic Facility Development Corp. Rev., (Samaritan Medical Center Obligated Group), 5.00%, 11/1/26 | 1,375,000 | 1,519,567 | |||||
Jefferson County Civic Facility Development Corp. Rev., (Samaritan Medical Center Obligated Group), 5.00%, 11/1/27 | 1,440,000 | 1,595,650 | |||||
Jefferson County Civic Facility Development Corp. Rev., (Samaritan Medical Center Obligated Group), 5.00%, 11/1/37 | 2,000,000 | 2,159,960 |
35
Principal Amount | Value | ||||||
Long Island Power Authority Rev., 5.00%, 5/1/21 | $ | 2,385,000 | $ | 2,548,873 | |||
Long Island Power Authority Rev., 5.00%, 9/1/34 | 11,410,000 | 12,636,575 | |||||
Long Island Power Authority Rev., 5.00%, 9/1/35 | 3,500,000 | 3,866,520 | |||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/19 | 1,750,000 | 1,799,507 | |||||
Metropolitan Transportation Authority Rev., 5.25%, 11/15/19 (NATL) | 4,900,000 | 5,050,038 | |||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/21, Prerefunded at 100% of Par(2) | 1,295,000 | 1,408,351 | |||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/22, Prerefunded at 100% of Par(2) | 5,000,000 | 5,566,550 | |||||
Metropolitan Transportation Authority Rev., 5.00%, 5/15/23, Prerefunded at 100% of Par(2) | 4,595,000 | 5,178,749 | |||||
Metropolitan Transportation Authority Rev., 5.00%, 5/15/23, Prerefunded at 100% of Par(2) | 10,360,000 | 11,676,134 | |||||
Metropolitan Transportation Authority Rev., VRDN, 2.14%, (MUNIPSA plus 0.45%), 11/15/22 | 7,000,000 | 6,960,380 | |||||
Nassau County Interim Finance Authority Rev., 5.00%, 11/15/21 | 120,000 | 121,685 | |||||
Nassau County Interim Finance Authority Rev., 5.00%, 11/15/23 | 100,000 | 101,368 | |||||
Nassau County Local Economic Assistance Corp. Rev., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/22 | 850,000 | 922,845 | |||||
New York City GO, 5.00%, 8/1/19 | 4,555,000 | 4,649,243 | |||||
New York City GO, 5.00%, 10/1/19 | 5,000,000 | 5,129,050 | |||||
New York City GO, 5.00%, 8/1/22 | 7,565,000 | 8,327,855 | |||||
New York City GO, 5.00%, 8/1/25 | 1,700,000 | 1,956,836 | |||||
New York City GO, 5.00%, 8/1/25 | 13,605,000 | 15,787,514 | |||||
New York City GO, 5.00%, 8/1/26 | 5,370,000 | 6,138,286 | |||||
New York City GO, 5.00%, 8/1/36 | 4,600,000 | 5,055,814 | |||||
New York City GO, VRDN, 1.73%, 12/3/18 (SBBPA: Bank of America N.A.) | 2,950,000 | 2,950,000 | |||||
New York City GO, VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 1,345,000 | 1,345,000 | |||||
New York City GO, VRDN, 1.73%, 12/3/18 (SBBPA: State Street Bank & Trust Co.) | 2,450,000 | 2,450,000 | |||||
New York City GO, VRDN, 1.74%, 12/3/18 (LOC: Bank of New York Mellon) | 1,200,000 | 1,200,000 | |||||
New York City GO, VRDN, 1.76%, 12/3/18 (SBBPA: JPMorgan Chase Bank N.A.) | 200,000 | 200,000 | |||||
New York City Transitional Finance Authority Building Aid Rev., 5.50%, 1/15/39 | 2,000,000 | 2,008,700 | |||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 | 5,000,000 | 5,751,800 | |||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/28 | 10,000,000 | 11,019,600 | |||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10,000,000 | 11,386,200 | |||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/39 | 4,200,000 | 4,405,632 | |||||
New York City Water & Sewer System Rev., 5.00%, 6/15/39 | 5,070,000 | 5,140,929 | |||||
New York City Water & Sewer System Rev., 5.00%, 6/15/39 | 7,010,000 | 7,108,070 | |||||
New York City Water & Sewer System Rev., VRDN, 1.76%, 12/3/18 (SBBPA: JPMorgan Chase Bank N.A.) | 3,485,000 | 3,485,000 |
36
Principal Amount | Value | ||||||
New York Convention Center Development Corp. Rev., Capital Appreciation, 0.00%, 11/15/37(3) | $ | 3,000,000 | $ | 1,352,280 | |||
New York Counties Tobacco Trust Rev., 5.00%, 6/1/36 | 550,000 | 580,564 | |||||
New York Counties Tobacco Trust Rev., 5.00%, 6/1/41 | 400,000 | 418,552 | |||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 9,795,000 | 11,806,991 | |||||
New York Power Authority Rev., 5.00%, 11/15/22 | 1,000,000 | 1,114,920 | |||||
New York State Dormitory Authority Rev., 5.75%, 3/15/19, Prerefunded at 100% of Par(2) | 10,000,000 | 10,111,600 | |||||
New York State Dormitory Authority Rev., 5.00%, 2/15/27 | 8,235,000 | 8,908,376 | |||||
New York State Dormitory Authority Rev., 5.00%, 2/15/39 | 235,000 | 236,290 | |||||
New York State Dormitory Authority Rev., (Brooklyn Law School), 5.75%, 7/1/33 | 1,000,000 | 1,016,970 | |||||
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 5.50%, 5/1/19, Prerefunded at 100% of Par(2) | 1,450,000 | 1,472,475 | |||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 4.00%, 12/1/20(1) | 800,000 | 821,296 | |||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 4.00%, 12/1/21(1) | 1,100,000 | 1,139,831 | |||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/22(1) | 900,000 | 974,745 | |||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/24(1) | 2,600,000 | 2,894,138 | |||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/25(1) | 1,300,000 | 1,461,096 | |||||
New York State Thruway Authority Rev., 5.00%, 5/1/19 | 12,000,000 | 12,152,280 | |||||
New York State Thruway Authority Rev., 5.00%, 1/1/24 | 3,330,000 | 3,601,561 | |||||
New York State Thruway Authority Rev., 5.00%, 1/1/28 | 5,000,000 | 5,643,250 | |||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 10,000,000 | 11,250,700 | |||||
Niagara Falls Bridge Commission Rev., 4.00%, 10/1/19 (AGC) | 700,000 | 711,669 | |||||
Port Authority of New York & New Jersey Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/20 | 580,000 | 597,145 | |||||
Port Authority of New York & New Jersey Rev., (JFK International Air Terminal LLC), 6.00%, 12/1/42 | 2,850,000 | 3,035,164 | |||||
State of New York GO, 5.00%, 2/15/39 | 2,000,000 | 2,011,860 | |||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 4.00%, 7/1/29 | 500,000 | 501,325 | |||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730,000 | 775,881 | |||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1,000,000 | 1,053,070 | |||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1,010,000 | 1,056,915 | |||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 3,000,000 | 3,595,260 | |||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 | 2,500,000 | 3,032,650 | |||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700,000 | 799,568 | |||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 3,030,000 | 3,349,604 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/20 | 2,000,000 | 2,077,840 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/20 | 1,000,000 | 1,031,480 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/21 | 2,000,000 | 2,121,040 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/21 | 1,000,000 | 1,039,860 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/22 | 1,000,000 | 1,079,610 |
37
Principal Amount | Value | ||||||
TSASC, Inc. Rev., 5.00%, 6/1/22 | $ | 1,300,000 | $ | 1,366,625 | |||
TSASC, Inc. Rev., 5.00%, 6/1/23 | 2,000,000 | 2,191,580 | |||||
TSASC, Inc. Rev., 5.00%, 6/1/24 | 1,000,000 | 1,065,090 | |||||
Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/42 | 3,345,000 | 3,593,467 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/25 | 1,000,000 | 1,130,230 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/28 | 1,000,000 | 1,107,730 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/29 | 1,000,000 | 1,100,860 | |||||
Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.00%, 11/1/30 | 1,000,000 | 1,095,480 | |||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/20 | 500,000 | 518,785 | |||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/21 | 500,000 | 529,145 | |||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/22 | 1,935,000 | 2,083,685 | |||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/23 | 2,000,000 | 2,182,740 | |||||
311,855,407 | |||||||
North Carolina — 0.7% | |||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/28 | 1,000,000 | 1,169,820 | |||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/29 | 1,500,000 | 1,761,480 | |||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/30 | 1,340,000 | 1,562,815 | |||||
Greensboro Combined Water & Sewer System Rev., 5.25%, 6/1/20 | 2,060,000 | 2,161,022 | |||||
North Carolina Capital Facilities Finance Agency Rev., (Meredith College), 4.00%, 6/1/34 | 1,000,000 | 996,560 | |||||
North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1,750,000 | 1,905,943 | |||||
North Carolina Medical Care Commission Rev., (Mission Health System, Inc.), 5.00%, 10/1/26 | 905,000 | 928,394 | |||||
North Carolina Medical Care Commission Rev., (Mission Health System, Inc.), 5.00%, 10/1/27 | 965,000 | 990,148 | |||||
North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/37 | 1,100,000 | 1,149,896 | |||||
North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/19, Prerefunded at 100% of Par(2) | 1,280,000 | 1,283,174 | |||||
North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/28 | 4,050,000 | 4,345,326 | |||||
North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/30 | 520,000 | 521,097 | |||||
North Carolina Turnpike Authority Rev., 5.00%, 1/1/19 | 350,000 | 350,763 | |||||
North Carolina Turnpike Authority Rev., 5.00%, 1/1/20 | 800,000 | 823,744 | |||||
North Carolina Turnpike Authority Rev., 5.00%, 1/1/21 | 790,000 | 832,802 | |||||
North Carolina Turnpike Authority Rev., 5.00%, 1/1/22 | 700,000 | 752,983 |
38
Principal Amount | Value | ||||||
Raleigh Durham Airport Authority Rev., 5.00%, 5/1/20 | $ | 450,000 | $ | 468,518 | |||
Raleigh Durham Airport Authority Rev., 5.00%, 5/1/21 | 360,000 | 384,707 | |||||
Raleigh Durham Airport Authority Rev., 5.00%, 5/1/22 | 760,000 | 829,791 | |||||
23,218,983 | |||||||
Ohio — 2.2% | |||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.875%, 6/1/30 | 5,000,000 | 4,750,050 | |||||
Cleveland COP, 5.00%, 11/15/19 | 2,450,000 | 2,511,593 | |||||
Cleveland Rev., 5.00%, 5/15/21 | 1,475,000 | 1,577,601 | |||||
Cleveland Rev., 5.00%, 5/15/23 | 1,305,000 | 1,458,403 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/22 (AGM) | 1,635,000 | 1,767,484 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/23 (AGM) | 1,510,000 | 1,663,793 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/24 (AGM) | 1,075,000 | 1,203,527 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/25 (AGM) | 4,000,000 | 4,308,080 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/25 | 2,500,000 | 2,684,850 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/26 (AGM) | 3,560,000 | 3,828,709 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/26 | 2,530,000 | 2,713,172 | |||||
Cleveland Airport System Rev., 5.00%, 1/1/31 (AGM) | 750,000 | 827,775 | |||||
Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/39 | 5,000,000 | 5,389,750 | |||||
Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/44 | 2,250,000 | 2,285,235 | |||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 1,250,000 | 1,337,225 | |||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1,625,000 | 1,749,426 | |||||
Cuyahoga County Rev., 5.00%, 12/1/20 | 1,400,000 | 1,476,258 | |||||
Cuyahoga County Rev., 5.00%, 12/1/24 | 500,000 | 559,810 | |||||
Cuyahoga County Rev., 5.00%, 12/1/25 | 370,000 | 413,338 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/23 | 1,500,000 | 1,608,075 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/24 | 1,750,000 | 1,894,497 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/25 | 1,350,000 | 1,474,375 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2,000,000 | 2,195,160 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1,600,000 | 1,760,112 | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,750,000 | 1,900,972 | |||||
Kent State University Rev., 4.00%, 5/1/23 | 1,800,000 | 1,922,868 | |||||
Miami University/Oxford Rev., 5.00%, 9/1/25 | 4,440,000 | 4,755,373 | |||||
Montgomery County Rev., (Premier Health Partners Obligated Group), VRDN, 1.73%, 12/3/18 (LOC: Barclays Bank plc) | 1,100,000 | 1,100,000 | |||||
Ohio Higher Educational Facility Commission Rev., 5.00%, 10/1/19 | 3,480,000 | 3,568,079 | |||||
Ohio Higher Educational Facility Commission Rev., (Case Western Reserve University), 6.50%, 10/1/20 | 280,000 | 294,202 | |||||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/21 | 1,055,000 | 1,124,915 |
39
Principal Amount | Value | ||||||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/22 | $ | 1,090,000 | $ | 1,180,830 | |||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/23 | 1,170,000 | 1,282,847 | |||||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/24 | 1,230,000 | 1,360,442 | |||||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/25 | 1,290,000 | 1,436,144 | |||||
Ohio Higher Educational Facility Commission Rev., (Otterbein University), 5.00%, 12/1/28 | 1,505,000 | 1,660,090 | |||||
State of Ohio Rev., 5.00%, 12/15/22 | 2,500,000 | 2,769,575 | |||||
75,794,635 | |||||||
Oklahoma — 0.6% | |||||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/25 | 1,500,000 | 1,722,690 | |||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/26 | 1,000,000 | 1,143,790 | |||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/27 | 1,000,000 | 1,136,950 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.00%, 8/15/23 | 1,550,000 | 1,688,415 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.00%, 8/15/25 | 530,000 | 589,371 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.00%, 8/15/27 | 700,000 | 788,361 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.00%, 8/15/28 | 1,600,000 | 1,810,128 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.00%, 8/15/29 | 750,000 | 839,790 | |||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.25%, 8/15/48 | 3,750,000 | 4,003,762 | |||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/23 | 250,000 | 269,960 | |||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/24 | 1,665,000 | 1,806,392 | |||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/26 | 500,000 | 546,550 | |||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/28 | 600,000 | 650,904 | |||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/29 | 1,000,000 | 1,079,740 | |||||
Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/22 | 1,270,000 | 1,365,847 | |||||
Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/24 | 1,000,000 | 1,099,390 | |||||
20,542,040 | |||||||
Oregon — 0.9% | |||||||
Clackamas County Hospital Facility Authority Rev., (Mary's Woods at Marylhurst, Inc.), 2.60%, 11/15/23 | 6,200,000 | 6,100,738 | |||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 3.00%, 11/15/22 | 2,500,000 | 2,501,600 | |||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/32 | 500,000 | 540,190 | |||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/37 | 500,000 | 530,330 |
40
Principal Amount | Value | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | $ | 1,500,000 | $ | 1,572,720 | |||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/52 | 1,500,000 | 1,567,065 | |||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 4.00%, 3/1/19 | 320,000 | 321,203 | |||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/22 | 1,040,000 | 1,107,392 | |||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/23 | 350,000 | 377,237 | |||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/24 | 250,000 | 271,798 | |||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/25 | 200,000 | 219,146 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/22 | 325,000 | 341,936 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/23 | 600,000 | 636,336 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/24 | 475,000 | 507,210 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/25 | 275,000 | 295,226 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 240,000 | 258,082 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/27 | 200,000 | 228,038 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265,000 | 300,539 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 235,000 | 265,289 | |||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/30 | 200,000 | 224,878 | |||||
Oregon Health & Science University Rev., 5.75%, 7/1/19, Prerefunded at 100% of Par(2) | 3,200,000 | 3,270,624 | |||||
State of Oregon GO, 5.00%, 5/1/19 | 1,080,000 | 1,094,018 | |||||
State of Oregon GO, 5.00%, 5/1/20 | 1,870,000 | 1,950,148 | |||||
State of Oregon GO, 5.00%, 8/1/20 | 1,000,000 | 1,049,840 | |||||
State of Oregon GO, 5.00%, 5/1/21 | 1,500,000 | 1,606,230 | |||||
State of Oregon GO, 5.00%, 8/1/21 | 750,000 | 808,072 | |||||
State of Oregon GO, 5.00%, 8/1/22 | 700,000 | 772,268 | |||||
State of Oregon GO, 5.00%, 8/1/23 | 1,340,000 | 1,509,899 | |||||
State of Oregon GO, 5.00%, 8/1/24 | 1,000,000 | 1,148,250 | |||||
31,376,302 | |||||||
Pennsylvania — 8.5% | |||||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1,230,000 | 1,276,789 | |||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2,000,000 | 2,072,200 | |||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600,000 | 619,722 | |||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/33 | 400,000 | 411,652 | |||||
Allegheny County Higher Education Building Authority Rev., (Robert Morris University), 5.00%, 10/15/37 | 1,000,000 | 1,060,160 |
41
Principal Amount | Value | ||||||
Allegheny County Higher Education Building Authority Rev., (Robert Morris University), 5.00%, 10/15/47 | $ | 1,625,000 | $ | 1,705,584 | |||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRDN, 3.19%, (MUNIPSA plus 1.50%), 7/1/22 | 2,500,000 | 2,538,125 | |||||
Capital Region Water Rev., 5.00%, 7/15/24 (BAM) | 750,000 | 850,560 | |||||
Capital Region Water Rev., 5.00%, 7/15/29 (BAM) | 400,000 | 454,080 | |||||
Centre County Hospital Authority Rev., (Mount Nittany Medical Center Obligated Group), 4.00%, 11/15/32 | 250,000 | 256,053 | |||||
Centre County Hospital Authority Rev., (Mount Nittany Medical Center Obligated Group), 4.00%, 11/15/34 | 200,000 | 203,388 | |||||
Coatesville School District GO, 4.00%, 8/1/20 | 250,000 | 256,170 | |||||
Coatesville School District GO, 5.00%, 8/1/21 | 1,000,000 | 1,058,850 | |||||
Coatesville School District GO, 5.00%, 8/1/22 | 875,000 | 942,095 | |||||
Coatesville School District GO, 5.00%, 8/1/24 | 1,000,000 | 1,104,980 | |||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2,500,000 | 2,811,375 | |||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/31 | 2,000,000 | 2,242,220 | |||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 2,000,000 | 2,237,080 | |||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/28 | 1,370,000 | 1,525,372 | |||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/29 | 1,440,000 | 1,591,200 | |||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/30 | 1,510,000 | 1,661,498 | |||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/31 | 1,465,000 | 1,606,270 | |||||
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/28 | 1,000,000 | 1,141,670 | |||||
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/29 | 1,420,000 | 1,613,901 | |||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/24 | 525,000 | 589,260 | |||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/25 | 750,000 | 853,568 | |||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 650,000 | 747,110 | |||||
Doylestown Hospital Authority Rev., (Doylestown Hospital), 4.00%, 7/1/19 (GA: Doylestown Health Foundation) | 1,105,000 | 1,113,464 | |||||
Doylestown Hospital Authority Rev., (Doylestown Hospital), 5.00%, 7/1/22 (GA: Doylestown Health Foundation) | 1,820,000 | 1,946,963 | |||||
Doylestown Hospital Authority Rev., (Doylestown Hospital), 5.00%, 7/1/41 (GA: Doylestown Health Foundation) | 3,000,000 | 3,153,660 | |||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | 1,040,000 | 1,151,467 | |||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1,095,000 | 1,204,401 | |||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1,150,000 | 1,255,777 | |||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1,205,000 | 1,308,076 | |||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1,265,000 | 1,366,908 | |||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 2.47%, (67% of the 3-month LIBOR plus 0.77%), 5/1/37 | 5,000,000 | 4,491,150 |
42
Principal Amount | Value | ||||||
General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), 5.00%, 6/1/44 | $ | 5,000,000 | $ | 5,337,250 | |||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2,000,000 | 2,175,080 | |||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/30 | 2,500,000 | 2,701,825 | |||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/32 | 1,000,000 | 1,071,880 | |||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1,300,000 | 1,387,776 | |||||
Luzerne County GO, 5.00%, 12/15/21 (AGM) | 1,200,000 | 1,288,476 | |||||
Luzerne County GO, 5.00%, 12/15/24 (AGM) | 1,100,000 | 1,229,536 | |||||
Luzerne County GO, 5.00%, 12/15/25 (AGM) | 1,000,000 | 1,123,220 | |||||
Luzerne County GO, 5.00%, 12/15/27 (AGM) | 900,000 | 1,020,132 | |||||
Luzerne County Industrial Development Authority Rev., 5.00%, 12/15/27 (AGM) | 1,000,000 | 1,116,510 | |||||
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 4.00%, 7/1/19 | 1,400,000 | 1,413,412 | |||||
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/21 | 700,000 | 743,778 | |||||
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/24 | 530,000 | 589,455 | |||||
Montgomery County Higher Education & Health Authority Rev., (Thomas Jefferson University Obligated Group), VRDN, 2.41%, (MUNIPSA plus 0.72%), 9/1/23 | 10,000,000 | 10,000,000 | |||||
Northampton County General Purpose Authority Rev., (St. Luke's Hospital Obligated Group), VRDN, 2.65%, (70% of the 1-month LIBOR plus 1.04%), 8/15/24 | 3,000,000 | 3,004,140 | |||||
Northeastern Pennsylvania Hospital & Education Authority Rev., (Wilkes University), 5.00%, 3/1/25 | 1,510,000 | 1,654,552 | |||||
Northeastern Pennsylvania Hospital & Education Authority Rev., (Wilkes University), 5.25%, 3/1/31 | 1,300,000 | 1,428,063 | |||||
Northeastern Pennsylvania Hospital & Education Authority Rev., (Wilkes University), 5.00%, 3/1/37 | 1,525,000 | 1,612,108 | |||||
Pennsylvania COP, 5.00%, 7/1/29 | 600,000 | 680,010 | |||||
Pennsylvania COP, 5.00%, 7/1/30 | 750,000 | 845,588 | |||||
Pennsylvania COP, 5.00%, 7/1/31 | 850,000 | 954,771 | |||||
Pennsylvania COP, 5.00%, 7/1/35 | 450,000 | 497,637 | |||||
Pennsylvania GO, 5.00%, 2/1/25 (AGM) | 6,035,000 | 6,879,900 | |||||
Pennsylvania GO, 5.00%, 3/15/25 | 12,005,000 | 13,671,654 | |||||
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 5,000,000 | 5,748,100 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/24 | 470,000 | 526,889 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/25 | 700,000 | 795,739 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/26 | 675,000 | 774,630 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/27 | 750,000 | 855,105 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University-of The Commonwealth System of Higher Education), 5.00%, 4/1/25 | 1,000,000 | 1,081,810 |
43
Principal Amount | Value | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University-of The Commonwealth System of Higher Education), 5.00%, 4/1/26 | $ | 1,000,000 | $ | 1,080,140 | |||
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University-of The Commonwealth System of Higher Education), 5.00%, 4/1/27 | 1,250,000 | 1,348,513 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (University of Pennsylvania Health System Obligated Group), 5.00%, 8/15/20 | 1,600,000 | 1,678,288 | |||||
Pennsylvania Higher Educational Facilities Authority Rev., (University of Pennsylvania), 5.00%, 9/1/19(2) | 1,000,000 | 1,023,370 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24(4) | 4,000,000 | 4,397,560 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(2) | 945,000 | 1,087,619 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25(4) | 3,900,000 | 4,332,588 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/26 | 1,850,000 | 2,083,932 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/28 | 1,000,000 | 1,118,820 | |||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 6,505,000 | 7,094,353 | |||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 5,000,000 | 5,460,800 | |||||
Pennsylvania Turnpike Commission Rev., Capital Appreciation, VRN, 0.00%, 12/1/44 | 2,000,000 | 1,859,240 | |||||
Pennsylvania Turnpike Commission Rev., VRN, 2.29%, (MUNIPSA plus 0.60%), 12/1/23 | 5,000,000 | 4,999,750 | |||||
Pennsylvania Turnpike Commission Rev., VRN, 2.39%, (MUNIPSA plus 0.70%), 12/1/23 | 10,000,000 | 10,003,800 | |||||
Philadelphia GO, 5.00%, 8/1/20 | 2,500,000 | 2,611,225 | |||||
Philadelphia GO, 5.00%, 8/1/21 | 3,000,000 | 3,204,420 | |||||
Philadelphia GO, 5.00%, 8/1/22 | 2,500,000 | 2,726,275 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/24 (AGM) | 1,305,000 | 1,483,159 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,148,950 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/29 (AGM) | 1,465,000 | 1,665,559 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/30 (AGM) | 2,960,000 | 3,346,398 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/31 (AGM) | 1,610,000 | 1,812,522 | |||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/32 (AGM) | 1,800,000 | 2,017,926 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/20 | 600,000 | 621,960 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/21 | 1,000,000 | 1,058,190 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/22 | 715,000 | 770,956 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/23 | 1,260,000 | 1,381,275 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/24 | 1,500,000 | 1,665,285 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/25 | 1,700,000 | 1,905,921 | |||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/26 | 1,750,000 | 1,973,650 | |||||
Philadelphia Water & Wastewater Rev., 5.25%, 1/1/19, Prerefunded at 100% of Par(2) | 1,665,000 | 1,669,412 | |||||
Pittsburgh GO, 5.00%, 9/1/25 | 3,000,000 | 3,276,300 | |||||
Pittsburgh GO, 5.00%, 9/1/26 | 1,000,000 | 1,090,600 | |||||
Pittsburgh Water & Sewer Authority Rev., VRDN, 2.27%, (70% of the 1-month LIBOR plus 0.64%), 12/1/20 (AGM) | 5,000,000 | 5,005,800 | |||||
Reading GO, 4.00%, 11/1/20 (BAM) | 1,170,000 | 1,203,146 |
44
Principal Amount | Value | ||||||
Reading GO, 5.00%, 11/1/22 (BAM) | $ | 425,000 | $ | 462,005 | |||
Reading GO, 5.00%, 11/1/23 (BAM) | 1,345,000 | 1,482,378 | |||||
Reading GO, 5.00%, 11/1/25 (BAM) | 1,760,000 | 1,980,440 | |||||
Reading GO, 5.00%, 11/1/25 (BAM) | 1,225,000 | 1,378,431 | |||||
Reading GO, 5.00%, 11/1/26 (BAM) | 1,555,000 | 1,763,106 | |||||
Reading GO, 5.00%, 11/1/27 (BAM) | 1,630,000 | 1,858,526 | |||||
Reading GO, 5.00%, 11/1/28 (BAM) | 1,000,000 | 1,134,390 | |||||
Reading GO, 5.00%, 11/1/29 (BAM) | 1,795,000 | 2,025,855 | |||||
Reading School District GO, 5.00%, 3/1/21 | 425,000 | 449,153 | |||||
Reading School District GO, 5.00%, 3/1/23 | 670,000 | 735,854 | |||||
Reading School District GO, 5.00%, 3/1/28 | 1,025,000 | 1,177,694 | |||||
Reading School District GO, 5.00%, 3/1/35 | 2,000,000 | 2,232,800 | |||||
Reading School District GO, 5.00%, 3/1/37 | 1,500,000 | 1,663,200 | |||||
Reading School District GO, 5.00%, 3/1/38 | 1,500,000 | 1,658,670 | |||||
School District of Philadelphia GO, 5.00%, 9/1/20 | 500,000 | 523,165 | |||||
School District of Philadelphia GO, 5.00%, 9/1/22 | 5,000,000 | 5,436,200 | |||||
School District of Philadelphia GO, 5.00%, 9/1/23 | 1,500,000 | 1,651,125 | |||||
School District of Philadelphia GO, 5.00%, 9/1/23 | 5,000,000 | 5,503,750 | |||||
School District of Philadelphia GO, 5.00%, 9/1/26 | 2,200,000 | 2,490,488 | |||||
School District of Philadelphia GO, 5.00%, 9/1/27 | 500,000 | 568,950 | |||||
School District of Philadelphia GO, 5.00%, 9/1/28 | 475,000 | 543,058 | |||||
School District of Philadelphia GO, 5.00%, 9/1/29 | 1,225,000 | 1,387,398 | |||||
School District of Philadelphia GO, 5.00%, 9/1/30 | 3,000,000 | 3,379,140 | |||||
School District of Philadelphia GO, 5.00%, 9/1/33 | 1,625,000 | 1,810,445 | |||||
Scranton School District GO, 5.00%, 6/1/19 | 425,000 | 430,011 | |||||
Scranton School District GO, 5.00%, 6/1/20 | 630,000 | 651,420 | |||||
Scranton School District GO, 5.00%, 6/1/21 | 1,355,000 | 1,422,249 | |||||
Scranton School District GO, 5.00%, 6/1/24 | 2,235,000 | 2,427,925 | |||||
Scranton School District GO, 5.00%, 12/1/32 | 1,000,000 | 1,109,970 | |||||
Scranton School District GO, 5.00%, 12/1/34 | 1,650,000 | 1,815,446 | |||||
Scranton School District GO, 5.00%, 12/1/35 | 750,000 | 821,595 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 4,200,000 | 4,083,828 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/23 | 500,000 | 551,685 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/24 | 600,000 | 669,660 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/25 | 625,000 | 703,894 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/26 | 920,000 | 1,027,916 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/27 | 805,000 | 894,709 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/28 | 785,000 | 867,912 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/29 | 1,000,000 | 1,101,100 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/30 | 700,000 | 767,256 | |||||
Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/31 | 700,000 | 764,946 |
45
Principal Amount | Value | ||||||
State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/25 | $ | 4,000,000 | $ | 4,478,720 | |||
Township of Exeter GO, 5.30%, 7/15/19 (Ambac) | 1,830,000 | 1,868,430 | |||||
University of Pittsburgh-of the Commonwealth System of Higher Education Rev., VRN, 1.93%, (MUNIPSA plus 0.24%), 9/15/21 | 10,000,000 | 10,000,000 | |||||
291,594,419 | |||||||
Rhode Island — 0.4% | |||||||
Providence Public Building Authority Rev., 5.00%, 9/15/27 (AGM) | 1,635,000 | 1,902,159 | |||||
Providence Public Building Authority Rev., 5.00%, 9/15/29 (AGM) | 1,810,000 | 2,074,007 | |||||
Providence Public Building Authority Rev., 5.00%, 9/15/32 (AGM) | 2,000,000 | 2,254,000 | |||||
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/24 | 1,000,000 | 1,130,030 | |||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/27 | 450,000 | 511,551 | |||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/29 | 500,000 | 562,970 | |||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/31 | 500,000 | 557,255 | |||||
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/23 | 2,250,000 | 2,469,352 | |||||
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/24 | 2,000,000 | 2,226,140 | |||||
13,687,464 | |||||||
South Carolina — 0.7% | |||||||
Charleston Educational Excellence Finance Corp. Rev. (Charleston County School District), 5.00%, 12/1/24 | 1,750,000 | 1,964,585 | |||||
Charleston Educational Excellence Finance Corp. Rev. (Charleston County School District), 5.00%, 12/1/25 | 2,945,000 | 3,298,754 | |||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/21 (BAM) | 1,000,000 | 1,076,120 | |||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/27 (BAM) | 5,000,000 | 5,713,350 | |||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/23 | 250,000 | 277,153 | |||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/25 | 1,145,000 | 1,297,422 | |||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/26 | 450,000 | 514,359 | |||||
Piedmont Municipal Power Agency Rev., 6.75%, 1/1/19 (FGIC)(2) | 625,000 | 627,300 | |||||
Piedmont Municipal Power Agency Rev., 6.75%, 1/1/19 (NATL) | 875,000 | 878,141 | |||||
South Carolina Jobs-Economic Development Authority Rev., (Conway Hospital, Inc. Obligated Group), 5.25%, 7/1/47 | 3,750,000 | 4,023,675 | |||||
South Carolina Jobs-Economic Development Authority Rev., (Palmetto Health Obligated Group), 5.75%, 8/1/19, Prerefunded at 100% of Par(2) | 2,700,000 | 2,767,797 | |||||
22,438,656 | |||||||
Tennessee — 0.4% | |||||||
Clarksville Public Building Authority Rev., VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 3,000,000 | 3,000,000 | |||||
Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 5.00%, 4/1/20 | 300,000 | 308,832 |
46
Principal Amount | Value | ||||||
Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 4.00%, 4/1/21 | $ | 1,050,000 | $ | 1,077,499 | |||
Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 5.00%, 4/1/22 | 500,000 | 532,655 | |||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 375,000 | 406,200 | |||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/26 | 650,000 | 698,412 | |||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | 415,000 | 442,465 | |||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375,000 | 420,056 | |||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475,000 | 530,865 | |||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475,000 | 529,668 | |||||
Montgomery County Public Building Authority Rev., VRDN, 1.73%, 12/3/18 (LOC: Bank of America N.A.) | 900,000 | 900,000 | |||||
Tennessee Energy Acquisition Corp. Rev., VRDN, 4.00%, 11/1/25 | 3,000,000 | 3,129,120 | |||||
11,975,772 | |||||||
Texas — 9.3% | |||||||
Allen Independent School District GO, 5.25%, 2/15/19, Prerefunded at 100% of Par(2) | 3,325,000 | 3,347,543 | |||||
Arlington Special Tax, 5.00%, 2/15/28 (BAM) | 1,425,000 | 1,654,240 | |||||
Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1,000,000 | 1,151,870 | |||||
Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1,100,000 | 1,261,315 | |||||
Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1,000,000 | 1,141,570 | |||||
Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1,000,000 | 1,137,480 | |||||
Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/36 | 1,315,000 | 1,393,992 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/20 | 500,000 | 515,325 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/21 | 750,000 | 790,163 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/21 | 800,000 | 843,840 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/22 | 650,000 | 698,594 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/23 | 650,000 | 708,617 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/23 | 750,000 | 817,643 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/24 | 1,500,000 | 1,654,335 | |||||
Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/25 | 800,000 | 888,696 | |||||
Austin Electric Utility Rev., 5.00%, 11/15/19 | 500,000 | 514,430 | |||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 275,000 | 295,625 | |||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 1,000,000 | 1,079,340 | |||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 250,000 | 269,320 | |||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 4.00%, 7/15/31 | 1,500,000 | 1,426,965 | |||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/33 | 1,500,000 | 1,586,745 | |||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/21 | 860,000 | 902,484 |
47
Principal Amount | Value | ||||||
Central Texas Regional Mobility Authority Rev., 6.00%, 1/1/21, Prerefunded at 100% of Par(2) | $ | 2,500,000 | $ | 2,693,725 | |||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/22 | 2,000,000 | 2,137,880 | |||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23 | 2,000,000 | 2,176,340 | |||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/29 | 2,000,000 | 2,220,920 | |||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/45 | 2,000,000 | 2,131,220 | |||||
Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 2,050,000 | 2,161,951 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/20 | 1,395,000 | 1,428,578 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/22 | 1,000,000 | 1,042,190 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/26 | 1,010,000 | 1,130,190 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1,100,000 | 1,222,199 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500,000 | 552,330 | |||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/39 (PSF-GTD) | 1,500,000 | 1,641,810 | |||||
Dallas GO, 5.00%, 2/15/21 | 7,150,000 | 7,588,509 | |||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/19 | 2,250,000 | 2,318,423 | |||||
Dallas Independent School District GO, VRDN, 5.00%, 2/15/22 (PSF-GTD) | 9,845,000 | 10,667,353 | |||||
Dallas Independent School District GO, VRN, 5.00%, 2/15/36, Prerefunded at 100% of Par (PSF-GTD)(2) | 155,000 | 168,724 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/20 | 6,000,000 | 6,323,700 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/20 | 750,000 | 790,463 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/21 | 4,500,000 | 4,760,100 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/21 | 500,000 | 539,450 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/22 | 400,000 | 440,588 | |||||
Dallas/Fort Worth International Airport Rev., 5.00%, 11/1/23 | 645,000 | 722,690 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/19 (BAM) | 150,000 | 150,564 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/20 (BAM) | 240,000 | 245,472 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/21 (BAM) | 400,000 | 413,200 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/22 (BAM) | 305,000 | 318,246 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/23 (BAM) | 400,000 | 419,960 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/24 (BAM) | 480,000 | 505,075 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/25 (BAM) | 240,000 | 252,766 | |||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200,000 | 209,426 | |||||
El Paso Water & Sewer Rev., 4.00%, 3/1/29 | 1,160,000 | 1,239,924 | |||||
El Paso Water & Sewer Rev., 4.00%, 3/1/30 | 500,000 | 531,900 | |||||
Garland Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 7,790,000 | 8,823,110 |
48
Principal Amount | Value | ||||||
Grand Parkway Transportation Corp. Rev., 5.00%, 2/1/23 | $ | 8,000,000 | $ | 8,791,840 | |||
Grand Parkway Transportation Corp. Rev., 5.125%, 10/1/43 | 2,250,000 | 2,412,990 | |||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/25 | 3,170,000 | 3,676,566 | |||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/26 | 1,660,000 | 1,910,843 | |||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/27 | 1,500,000 | 1,721,685 | |||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/28 | 1,000,000 | 1,145,150 | |||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/29 | 1,000,000 | 1,140,530 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/27 | 1,000,000 | 1,055,260 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 4.00%, 1/1/31 | 1,745,000 | 1,642,586 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,000,000 | 1,025,330 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Houston Methodist Hospital Obligated Group), 5.50%, 12/1/18 | 2,500,000 | 2,500,000 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/20 | 1,220,000 | 1,278,792 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/21 | 900,000 | 961,731 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/23 | 850,000 | 938,808 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/24 | 700,000 | 784,063 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/25 | 760,000 | 847,301 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/26 | 1,000,000 | 1,111,410 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/27 | 510,000 | 563,596 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/29 | 2,300,000 | 2,524,641 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/30 | 1,000,000 | 1,094,830 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/32 | 485,000 | 529,348 | |||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/33 | 1,000,000 | 1,088,060 | |||||
Houston Rev., 5.00%, 9/1/25 | 1,000,000 | 1,121,760 | |||||
Houston Rev., 5.00%, 9/1/27 | 2,050,000 | 2,280,010 | |||||
Houston Rev., 5.00%, 9/1/28 | 710,000 | 788,867 | |||||
Houston Airport System Rev., 5.00%, 7/1/23 | 2,560,000 | 2,791,296 | |||||
Houston Airport System Rev., 5.00%, 7/1/24 | 4,000,000 | 4,355,680 | |||||
Houston Community College System Rev., 4.00%, 4/15/31 | 1,000,000 | 1,044,870 | |||||
Houston Independent School District GO, VRDN, 2.40%, 6/1/21 (PSF-GTD) | 8,000,000 | 8,017,280 | |||||
Irving Hospital Authority Rev., (Baylor Medical Center at Irving), 5.00%, 10/15/20 | 500,000 | 523,265 | |||||
Irving Hospital Authority Rev., (Baylor Medical Center at Irving), 5.00%, 10/15/22 | 250,000 | 271,830 |
49
Principal Amount | Value | ||||||
Irving Hospital Authority Rev., (Baylor Medical Center at Irving), 5.00%, 10/15/23 | $ | 490,000 | $ | 540,999 | |||
Irving Hospital Authority Rev., (Baylor Medical Center at Irving), 5.00%, 10/15/25 | 250,000 | 282,910 | |||||
Irving Hospital Authority Rev., VRDN, 2.79%, (MUNIPSA plus 1.10%), 10/15/23 | 1,750,000 | 1,755,023 | |||||
Lone Star College System GO, 5.00%, 8/15/19, Prerefunded at 100% of Par(2) | 1,000,000 | 1,022,330 | |||||
Love Field Airport Modernization Corp. Rev., (Southwest Airlines Co.), 5.25%, 11/1/40 | 2,600,000 | 2,696,850 | |||||
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/22 | 1,000,000 | 1,040,340 | |||||
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/23 | 3,435,000 | 3,570,579 | |||||
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/24 | 2,000,000 | 2,078,360 | |||||
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 2,000,000 | 2,320,160 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700,000 | 787,444 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460,000 | 512,242 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500,000 | 543,035 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/29 | 1,000,000 | 1,027,340 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/32 | 1,670,000 | 1,696,019 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/37 | 1,000,000 | 998,740 | |||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/42 | 1,000,000 | 979,700 | |||||
North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 2,610,000 | 2,870,582 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/21 | 7,615,000 | 8,055,223 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/24 | 3,500,000 | 3,930,885 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/27 | 1,000,000 | 1,143,720 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/28 | 3,000,000 | 3,230,130 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/29 | 2,500,000 | 2,686,375 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 1,250,000 | 1,408,988 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 6,310,000 | 6,774,605 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/31 | 1,250,000 | 1,403,675 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/32 | 3,500,000 | 3,952,480 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/36 | 2,000,000 | 2,135,620 | |||||
North Texas Tollway Authority Rev., 5.00%, 1/1/40 | 2,110,000 | 2,252,045 | |||||
Red River Education Finance Corp. Rev., (Houston Baptist University), 5.50%, 10/1/46 | 3,150,000 | 3,344,890 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/19 | 1,000,000 | 1,014,060 |
50
Principal Amount | Value | ||||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/20 | $ | 1,000,000 | $ | 1,040,120 | |||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/21 | 785,000 | 833,293 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 3.00%, 6/1/22 | 655,000 | 664,347 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/22 | 880,000 | 950,981 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/23 | 1,970,000 | 2,161,326 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/23 | 870,000 | 954,494 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/24 | 2,065,000 | 2,295,867 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/24 | 455,000 | 505,869 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/25 | 685,000 | 769,563 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/26 | 1,150,000 | 1,300,823 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/27 | 1,675,000 | 1,879,166 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/28 | 1,000,000 | 1,114,130 | |||||
Red River Education Finance Corp. Rev., (St. Edward's University, Inc.), 5.00%, 6/1/29 | 1,420,000 | 1,575,092 | |||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/43 | 4,350,000 | 4,677,120 | |||||
San Antonio Water System Rev., VRDN, 2.00%, 11/1/22 | 4,000,000 | 3,931,560 | |||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), VRDN, 1.69%, 12/3/18 (LOC: TD Bank N.A.) | 22,000,000 | 22,000,000 | |||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), VRDN, 1.70%, 12/3/18 (LOC: TD Bank N.A.) | 3,230,000 | 3,230,000 | |||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 | 2,000,000 | 2,248,540 | |||||
Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 | 5,580,000 | 6,419,790 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/23 (BAM) | 2,255,000 | 2,478,222 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/24 (BAM) | 2,365,000 | 2,639,860 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/25 (BAM) | 1,520,000 | 1,720,245 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/28 (BAM) | 1,000,000 | 1,129,560 | |||||
Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1,500,000 | 1,549,005 | |||||
Texas Transportation Commission State Highway Fund Rev., VRDN, 4.00%, 10/1/21 | 2,000,000 | 2,095,920 | |||||
University of Houston Rev., 5.00%, 2/15/27 | 8,100,000 | 9,397,134 | |||||
University of North Texas System Rev., 5.00%, 4/15/27 | 5,770,000 | 6,627,884 | |||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/33 | 720,000 | 782,971 | |||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1,570,000 | 1,698,520 | |||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/34(4) | 1,255,000 | 1,339,662 |
51
Principal Amount | Value | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/35(4) | $ | 3,950,000 | $ | 4,204,419 | |||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/36(4) | 4,100,000 | 4,349,157 | |||||
Williamson County GO, 5.00%, 2/15/19 (NATL) | 1,000,000 | 1,006,420 | |||||
317,615,735 | |||||||
Utah — 0.3% | |||||||
Salt Lake County Rev., (Westminster College), 5.00%, 10/1/26 | 1,050,000 | 1,171,401 | |||||
Salt Lake County Rev., (Westminster College), 5.00%, 10/1/27 | 2,145,000 | 2,375,845 | |||||
St. George Electric Rev., 5.00%, 6/1/24 (AGM) | 1,000,000 | 1,131,700 | |||||
St. George Electric Rev., 5.00%, 6/1/27 (AGM) | 1,000,000 | 1,158,640 | |||||
Utah Transit Authority Rev., 5.00%, 6/15/22, Prerefunded at 100% of Par(2) | 2,900,000 | 3,190,957 | |||||
Utah Transit Authority Rev., 5.00%, 6/15/22, Prerefunded at 100% of Par(2) | 1,220,000 | 1,342,402 | |||||
10,370,945 | |||||||
Vermont — 0.4% | |||||||
Burlington Airport Rev., 5.00%, 7/1/24 (AGM) | 500,000 | 549,460 | |||||
Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 750,000 | 821,565 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/24 | 1,400,000 | 1,550,276 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/25 | 615,000 | 686,727 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/26 | 1,000,000 | 1,123,490 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/27 | 785,000 | 875,016 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/28 | 1,000,000 | 1,107,370 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/29 | 900,000 | 993,375 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/30 | 500,000 | 549,345 | |||||
Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4,000,000 | 4,513,880 | |||||
12,770,504 | |||||||
Virginia — 0.6% | |||||||
Fairfax County Economic Development Authority Special Tax, 5.00%, 4/1/20, Prerefunded at 100% of Par(2) | 1,430,000 | 1,487,700 | |||||
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/24 | 3,000,000 | 3,387,150 | |||||
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/25 | 1,660,000 | 1,900,899 | |||||
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/38 | 250,000 | 255,943 | |||||
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/48 | 700,000 | 710,703 | |||||
Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 4.00%, 1/1/31 | 675,000 | 675,904 | |||||
Peninsula Town Center Community Development Authority Special Assessment, 4.00%, 9/1/23(1) | 445,000 | 451,644 |
52
Principal Amount | Value | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28(1) | $ | 725,000 | $ | 750,049 | |||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 1,500,000 | 1,555,800 | |||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/24 | 650,000 | 721,812 | |||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/25 | 1,000,000 | 1,123,370 | |||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/28 | 1,000,000 | 1,120,710 | |||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/30 | 700,000 | 777,238 | |||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/22 | 450,000 | 486,581 | |||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 500,000 | 554,030 | |||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/26 | 450,000 | 507,105 | |||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/28 | 750,000 | 842,070 | |||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/29 | 1,000,000 | 1,116,940 | |||||
Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3,000,000 | 3,395,310 | |||||
21,820,958 | |||||||
Washington — 3.3% | |||||||
Port of Seattle Rev., 5.00%, 6/1/22 | 1,000,000 | 1,041,660 | |||||
Seattle Municipal Light & Power Rev., 5.00%, 2/1/19 | 5,000,000 | 5,025,250 | |||||
Seattle Water System Rev., 5.00%, 5/1/22 | 10,000,000 | 10,959,700 | |||||
State of Washington GO, 5.00%, 6/1/21 | 1,650,000 | 1,769,295 | |||||
State of Washington GO, 5.00%, 7/1/21 | 3,375,000 | 3,626,336 | |||||
State of Washington GO, 5.00%, 6/1/22 | 2,000,000 | 2,142,580 | |||||
State of Washington GO, 5.00%, 7/1/22 | 5,000,000 | 5,367,100 | |||||
State of Washington GO, 5.00%, 7/1/23 | 3,855,000 | 4,235,296 | |||||
State of Washington GO, 5.00%, 7/1/26 | 14,000,000 | 15,295,140 | |||||
State of Washington GO, 5.00%, 7/1/27 | 10,000,000 | 11,393,000 | |||||
State of Washington GO, 5.00%, 8/1/29 | 18,795,000 | 21,437,765 | |||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 2,250,000 | 2,414,340 | |||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/23 | 2,000,000 | 2,174,800 | |||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/24 | 3,000,000 | 3,256,950 | |||||
Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRDN, 2.67%, (67% of the 1-month LIBOR plus 1.10%), 7/1/22 | 2,000,000 | 2,020,640 | |||||
Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRDN, 2.74%, (MUNIPSA plus 1.05%), 7/3/23 | 2,000,000 | 2,036,520 |
53
Principal Amount | Value | ||||||
Washington Health Care Facilities Authority Rev., (Seattle Children's Hospital Obligated Group), 5.00%, 10/1/29 | $ | 6,500,000 | $ | 7,284,420 | |||
Washington Health Care Facilities Authority Rev., (Yakima Valley Memorial Hospital Association Obligated Group), 5.00%, 12/1/46 | 5,000,000 | 5,253,900 | |||||
Washington Higher Education Facilities Authority Rev., (Whitworth University), 5.00%, 10/1/25 | 980,000 | 1,088,613 | |||||
Washington Higher Education Facilities Authority Rev., (Whitworth University), 5.00%, 10/1/26 | 2,010,000 | 2,243,864 | |||||
Washington Higher Education Facilities Authority Rev., (Whitworth University), 5.00%, 10/1/30 | 1,270,000 | 1,388,440 | |||||
Washington Higher Education Facilities Authority Rev., (Whitworth University), 5.00%, 10/1/31 | 1,340,000 | 1,459,247 | |||||
Washington Higher Education Facilities Authority Rev., (Whitworth University), 5.00%, 10/1/33 | 1,505,000 | 1,627,236 | |||||
114,542,092 | |||||||
Wisconsin — 1.3% | |||||||
Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/42 | 1,100,000 | 1,157,772 | |||||
Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1,100,000 | 1,153,020 | |||||
Public Finance Authority Rev., (Guilford College), 5.00%, 1/1/33 | 3,480,000 | 3,600,478 | |||||
Public Finance Authority Rev., (Guilford College), 5.00%, 1/1/38 | 4,335,000 | 4,410,776 | |||||
Public Finance Authority Rev., (Mary's Woods at Marylhurst, Inc.), 3.00%, 11/15/22(1) | 2,200,000 | 2,200,088 | |||||
Public Finance Authority Rev., (Northwest Nazarene University), 5.00%, 10/1/43 | 5,305,000 | 5,316,883 | |||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/23 | 1,375,000 | 1,513,188 | |||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/24 | 1,000,000 | 1,116,430 | |||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/25 | 1,500,000 | 1,696,635 | |||||
State of Wisconsin GO, 5.00%, 5/1/19 | 2,715,000 | 2,750,241 | |||||
State of Wisconsin GO, 5.00%, 5/1/20 | 2,890,000 | 3,014,703 | |||||
State of Wisconsin GO, 5.00%, 5/1/21 | 2,460,000 | 2,634,832 | |||||
Wisconsin Health & Educational Facilities Authority Rev., (Luther Hospital), 5.50%, 11/15/22 (GA: Mayo Clinic) | 4,655,000 | 4,729,294 | |||||
Wisconsin Health & Educational Facilities Authority Rev., (Luther Hospital), 5.75%, 11/15/30 (GA: Mayo Clinic) | 5,800,000 | 5,896,106 | |||||
Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40(1) | 3,580,000 | 3,642,041 | |||||
44,832,487 | |||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $3,413,784,006) | 3,429,067,591 | ||||||
OTHER ASSETS AND LIABILITIES — (0.1)% | (4,810,516 | ) | |||||
TOTAL NET ASSETS — 100.0% | $ | 3,424,257,075 |
54
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGC | - | Assured Guaranty Corporation |
AGM | - | Assured Guaranty Municipal Corporation |
AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
FGIC | - | Financial Guaranty Insurance Company |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LIBOR | - | London Interbank Offered Rate |
LIQ FAC | - | Liquidity Facilities |
LOC | - | Letter of Credit |
MUNIPSA | - | SIFMA Municipal Swap Index |
NATL | - | National Public Finance Guarantee Corporation |
PSF-GTD | - | Permanent School Fund Guaranteed |
Q-SBLF | - | Qualified School Board Loan Fund |
SBBPA | - | Standby Bond Purchase Agreement |
VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. |
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $75,076,481, which represented 2.2% of total net assets. |
(2) | Escrowed to maturity in U.S. government securities or state and local government securities. |
(3) | Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(4) | When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date. |
See Notes to Financial Statements.
55
Statement of Assets and Liabilities |
NOVEMBER 30, 2018 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $3,413,784,006) | $ | 3,429,067,591 | |
Cash | 324,906 | ||
Receivable for investments sold | 690,000 | ||
Receivable for capital shares sold | 6,493,271 | ||
Interest receivable | 43,762,942 | ||
3,480,338,710 | |||
Liabilities | |||
Payable for investments purchased | 38,751,752 | ||
Payable for capital shares redeemed | 15,617,635 | ||
Accrued management fees | 915,670 | ||
Distribution and service fees payable | 14,880 | ||
Dividends payable | 781,698 | ||
56,081,635 | |||
Net Assets | $ | 3,424,257,075 | |
Net Assets Consist of: | |||
Capital paid in | $ | 3,419,304,447 | |
Distributable earnings | 4,952,628 | ||
$ | 3,424,257,075 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | ||
Investor Class | $1,166,235,158 | 105,415,528 | $11.06 | |
I Class | $1,083,625,334 | 97,924,691 | $11.07 | |
Y Class | $1,132,238,081 | 102,373,837 | $11.06 | |
A Class | $32,174,373 | 2,907,769 | $11.06* | |
C Class | $9,984,129 | 902,973 | $11.06 |
*Maximum offering price $11.58 (net asset value divided by 0.955).
See Notes to Financial Statements.
56
Statement of Operations |
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 54,847,416 | |
Expenses: | |||
Management fees | 5,673,323 | ||
Distribution and service fees: | |||
A Class | 44,751 | ||
C Class | 56,527 | ||
Trustees' fees and expenses | 123,432 | ||
Other expenses | 895 | ||
5,898,928 | |||
Net investment income (loss) | 48,948,488 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | (1,274,782 | ) | |
Change in net unrealized appreciation (depreciation) on investments | (35,035,766 | ) | |
Net realized and unrealized gain (loss) | (36,310,548 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,637,940 |
See Notes to Financial Statements.
57
Statement of Changes in Net Assets |
SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) AND YEAR ENDED MAY 31, 2018 | ||||||
Increase (Decrease) in Net Assets | November 30, 2018 | May 31, 2018 | ||||
Operations | ||||||
Net investment income (loss) | $ | 48,948,488 | $ | 92,087,794 | ||
Net realized gain (loss) | (1,274,782 | ) | 4,122,414 | |||
Change in net unrealized appreciation (depreciation) | (35,035,766 | ) | (62,930,443 | ) | ||
Net increase (decrease) in net assets resulting from operations | 12,637,940 | 33,279,765 | ||||
Distributions to Shareholders | ||||||
From earnings: | ||||||
Investor Class | (17,209,582) | (38,736,951) | ||||
I Class | (14,821,227) | (28,303,449) | ||||
Y Class | (16,905,798) | (23,597,196 | ) | |||
A Class | (441,858) | (1,226,845) | ||||
C Class | (96,729) | (223,353) | ||||
Decrease in net assets from distributions | (49,475,194) | (92,087,794) | ||||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 2,380,165 | 280,048,787 | ||||
Net increase (decrease) in net assets | (34,457,089 | ) | 221,240,758 | |||
Net Assets | ||||||
Beginning of period | 3,458,714,164 | 3,237,473,406 | ||||
End of period | $ | 3,424,257,075 | $ | 3,458,714,164 |
See Notes to Financial Statements.
58
Notes to Financial Statements |
NOVEMBER 30, 2018 (UNAUDITED)
1. Organization
American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Intermediate-Term Tax-Free Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal income tax.
The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
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Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended November 30, 2018 are as follows:
Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee | |
Investor Class | 0.1625% to 0.2800% | 0.2500% to 0.3100% | 0.46% |
I Class | 0.0500% to 0.1100% | 0.26% | |
Y Class | 0.0200% to 0.0800% | 0.23% | |
A Class | 0.2500% to 0.3100% | 0.46% | |
C Class | 0.2500% to 0.3100% | 0.46% |
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Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2018 are detailed in the Statement of Operations.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $26,010,000 and $18,830,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2018 were $713,243,317 and $668,065,334, respectively.
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5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Six months ended November 30, 2018 | Year ended May 31, 2018 | |||||||||
Shares | Amount | Shares | Amount | |||||||
Investor Class | ||||||||||
Sold | 10,282,121 | $ | 114,228,177 | 23,265,099 | $ | 262,848,833 | ||||
Issued in reinvestment of distributions | 1,476,155 | 16,405,366 | 3,221,798 | 36,331,066 | ||||||
Redeemed | (32,271,034 | ) | (358,556,020 | ) | (37,650,968 | ) | (425,499,025 | ) | ||
(20,512,758 | ) | (227,922,477 | ) | (11,164,071 | ) | (126,319,126 | ) | |||
I Class | ||||||||||
Sold | 37,727,506 | 418,771,099 | 49,839,919 | 564,438,126 | ||||||
Issued in reinvestment of distributions | 1,031,525 | 11,460,836 | 1,941,003 | 21,915,301 | ||||||
Redeemed | (18,809,974 | ) | (208,365,794 | ) | (114,822,985 | ) | (1,302,431,333 | ) | ||
19,949,057 | 221,866,141 | (63,042,063 | ) | (716,077,906 | ) | |||||
Y Class | ||||||||||
Sold | 10,816,254 | 120,203,455 | 113,056,803 | 1,280,916,214 | ||||||
Issued in reinvestment of distributions | 1,508,609 | 16,752,753 | 2,091,258 | 23,526,908 | ||||||
Redeemed | (10,766,163 | ) | (119,356,438 | ) | (14,333,371 | ) | (161,085,522 | ) | ||
1,558,700 | 17,599,770 | 100,814,690 | 1,143,357,600 | |||||||
A Class | ||||||||||
Sold | 223,850 | 2,488,038 | 898,180 | 10,208,621 | ||||||
Issued in reinvestment of distributions | 38,888 | 432,283 | 106,295 | 1,200,247 | ||||||
Redeemed | (876,400 | ) | (9,751,607 | ) | (2,683,884 | ) | (30,417,909 | ) | ||
(613,662 | ) | (6,831,286 | ) | (1,679,409 | ) | (19,009,041 | ) | |||
C Class | ||||||||||
Sold | 16,469 | 183,657 | 85,273 | 964,193 | ||||||
Issued in reinvestment of distributions | 7,507 | 83,381 | 17,023 | 191,851 | ||||||
Redeemed | (234,088 | ) | (2,599,021 | ) | (271,127 | ) | (3,058,784 | ) | ||
(210,112 | ) | (2,331,983 | ) | (168,831 | ) | (1,902,740 | ) | |||
Net increase (decrease) | 171,225 | $ | 2,380,165 | 24,760,316 | $ | 280,048,787 |
6. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
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The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
7. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 3,413,784,006 | |
Gross tax appreciation of investments | $ | 49,764,270 | |
Gross tax depreciation of investments | (34,480,685) | ||
Net tax appreciation (depreciation) of investments | $ | 15,283,585 |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
As of May 31, 2018, the fund had accumulated short-term capital losses of $(8,492,425), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
8. Recently Issued Accounting Standards
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Investor Class | |||||||||||||||
2018(3) | $11.18 | 0.15 | (0.12) | 0.03 | (0.15) | — | (0.15) | $11.06 | 0.36% | 0.47%(4) | 2.70%(4) | 19% | $1,166,235 | ||
2018 | $11.37 | 0.30 | (0.19) | 0.11 | (0.30) | — | (0.30) | $11.18 | 0.95% | 0.47% | 2.63% | 36% | $1,408,019 | ||
2017 | $11.56 | 0.29 | (0.19) | 0.10 | (0.29) | — | (0.29) | $11.37 | 0.87% | 0.47% | 2.52% | 54% | $1,559,408 | ||
2016 | $11.33 | 0.29 | 0.23 | 0.52 | (0.29) | — | (0.29) | $11.56 | 4.66% | 0.47% | 2.55% | 32% | $1,624,065 | ||
2015 | $11.45 | 0.30 | (0.12) | 0.18 | (0.30) | — | (0.30) | $11.33 | 1.59% | 0.47% | 2.64% | 34% | $1,624,982 | ||
2014 | $11.61 | 0.29 | (0.12) | 0.17 | (0.29) | (0.04) | (0.33) | $11.45 | 1.55% | 0.47% | 2.61% | 41% | $1,753,597 | ||
I Class | |||||||||||||||
2018(3) | $11.18 | 0.16 | (0.11) | 0.05 | (0.16) | — | (0.16) | $11.07 | 0.46% | 0.27%(4) | 2.90%(4) | 19% | $1,083,625 | ||
2018 | $11.38 | 0.32 | (0.20) | 0.12 | (0.32) | — | (0.32) | $11.18 | 1.07% | 0.27% | 2.83% | 36% | $872,018 | ||
2017 | $11.56 | 0.31 | (0.18) | 0.13 | (0.31) | — | (0.31) | $11.38 | 1.16% | 0.27% | 2.72% | 54% | $1,604,320 | ||
2016 | $11.34 | 0.31 | 0.22 | 0.53 | (0.31) | — | (0.31) | $11.56 | 4.77% | 0.27% | 2.75% | 32% | $1,633,080 | ||
2015 | $11.45 | 0.32 | (0.11) | 0.21 | (0.32) | — | (0.32) | $11.34 | 1.89% | 0.27% | 2.84% | 34% | $1,676,931 | ||
2014 | $11.61 | 0.32 | (0.12) | 0.20 | (0.32) | (0.04) | (0.36) | $11.45 | 1.76% | 0.27% | 2.81% | 41% | $1,511,995 |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Y Class | |||||||||||||||
2018(3) | $11.18 | 0.16 | (0.12) | 0.04 | (0.16) | — | (0.16) | $11.06 | 0.39% | 0.24%(4) | 2.93%(4) | 19% | $1,132,238 | ||
2018 | $11.37 | 0.32 | (0.19) | 0.13 | (0.32) | — | (0.32) | $11.18 | 1.19% | 0.24% | 2.86% | 36% | $1,126,861 | ||
2017(5) | $11.23 | 0.04 | 0.14 | 0.18 | (0.04) | — | (0.04) | $11.37 | 1.65% | 0.24%(4) | 2.83%(4) | 54%(6) | $5 | ||
A Class | |||||||||||||||
2018(3) | $11.18 | 0.14 | (0.12) | 0.02 | (0.14) | — | (0.14) | $11.06 | 0.24% | 0.72%(4) | 2.45%(4) | 19% | $32,174 | ||
2018 | $11.38 | 0.27 | (0.20) | 0.07 | (0.27) | — | (0.27) | $11.18 | 0.61% | 0.72% | 2.38% | 36% | $39,379 | ||
2017 | $11.56 | 0.26 | (0.18) | 0.08 | (0.26) | — | (0.26) | $11.38 | 0.70% | 0.72% | 2.27% | 54% | $59,168 | ||
2016 | $11.34 | 0.26 | 0.22 | 0.48 | (0.26) | — | (0.26) | $11.56 | 4.30% | 0.72% | 2.30% | 32% | $70,224 | ||
2015 | $11.45 | 0.27 | (0.11) | 0.16 | (0.27) | — | (0.27) | $11.34 | 1.43% | 0.72% | 2.39% | 34% | $66,830 | ||
2014 | $11.61 | 0.27 | (0.12) | 0.15 | (0.27) | (0.04) | (0.31) | $11.45 | 1.30% | 0.72% | 2.36% | 41% | $43,283 | ||
C Class | |||||||||||||||
2018(3) | $11.17 | 0.09 | (0.11) | (0.02) | (0.09) | — | (0.09) | $11.06 | (0.14)% | 1.47%(4) | 1.70%(4) | 19% | $9,984 | ||
2018 | $11.37 | 0.18 | (0.20) | (0.02) | (0.18) | — | (0.18) | $11.17 | (0.14)% | 1.47% | 1.63% | 36% | $12,437 | ||
2017 | $11.55 | 0.17 | (0.18) | (0.01) | (0.17) | — | (0.17) | $11.37 | (0.05)% | 1.47% | 1.52% | 54% | $14,572 | ||
2016 | $11.33 | 0.18 | 0.22 | 0.40 | (0.18) | — | (0.18) | $11.55 | 3.53% | 1.47% | 1.55% | 32% | $16,425 | ||
2015 | $11.44 | 0.19 | (0.11) | 0.08 | (0.19) | — | (0.19) | $11.33 | 0.67% | 1.47% | 1.64% | 34% | $17,005 | ||
2014 | $11.60 | 0.18 | (0.12) | 0.06 | (0.18) | (0.04) | (0.22) | $11.44 | 0.54% | 1.47% | 1.61% | 41% | $17,912 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Six months ended November 30, 2018 (unaudited). |
(4) | Annualized. |
(5) | April 10, 2017 (commencement of sale) through May 31, 2017. |
(6) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended May 31, 2017. |
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on June 19, 2018, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.
The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.
Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.
In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:
• | the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund; |
• | the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis; |
• | the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies; |
• | the cost of owning the Fund compared to the cost of owning similar funds; |
• | the Advisor’s compliance policies, procedures, and regulatory experience; |
• | financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor; |
• | strategic plans of the Advisor; |
• | any economies of scale associated with the Advisor’s management of the Fund and other accounts; |
• | services provided and charges to other investment management clients of the Advisor; |
• | acquired fund fees and expenses; |
• | payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and |
• | any collateral benefits derived by the Advisor from the management of the Fund. |
In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.
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Factors Considered
The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:
Nature, Extent and Quality of Services - Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:
• | constructing and designing the Fund |
• | portfolio research and security selection |
• | initial capitalization/funding |
• | securities trading |
• | Fund administration |
• | custody of Fund assets |
• | daily valuation of the Fund’s portfolio |
• | shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications |
• | legal services (except the independent Trustees’ counsel) |
• | regulatory and portfolio compliance |
• | financial reporting |
• | marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans) |
The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.
Investment Management, Shareholder, and Other Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review detailed performance information during the management agreement approval process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was above its benchmark for the one-, three-, and ten-year periods and below its benchmark for the five-year period reviewed by the Board. The Board discussed the Fund’s performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.
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Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.
Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.
Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.
Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, the fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.
Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different
69
regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.
Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.
Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.
Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.
Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.
70
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
71
Notes |
72
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century Municipal Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91042 1901 |
Semiannual Report | |
November 30, 2018 | |
Tax-Free Money Market Fund | |
Investor Class (BNTXX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2018. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional commentary and information on fund performance, plus other investment insights, please visit our website, americancentury.com.
Municipal Bonds Outperform Treasuries in Volatile Climate
Municipal bonds (munis) overcame heightened market volatility to generate slightly positive returns for the six-month reporting period. Munis generally outperformed U.S. Treasuries, which declined fractionally as yields remained volatile and headed higher overall.
Favorable economic data and continued Federal Reserve (Fed) easing helped drive Treasury yields higher, and muni yields followed suit. U.S. annualized gross domestic product growth jumped from 2.2% in the first quarter to 4.2% in the second quarter. Although growth moderated in the third quarter, the economy continued to expand at a healthy 3.5% pace. At the same time, the unemployment rate plunged to a 49-year low, while inflation remained at or near the Fed's target.
The upbeat economy prompted the Fed to lift its short-term lending rate in June and September, the second and third interest rate hikes of 2018. The Fed also boosted its outlook for 2018 from three rate hikes to potentially four. This more-hawkish tone, combined with U.S. midterm election results, helped drive Treasury yields to their highest levels in several years. But Treasury yields fell sharply late in the reporting period. Continued strong stock market volatility and softer language from the Fed regarding the central bank's 2019 rate-hike plans drove yields lower.
Against this challenging backdrop for fixed-income investors, positive supply and demand influences helped munis advance fractionally and outperform Treasuries. High-yield munis modestly outperformed investment-grade munis.
Looking ahead, we believe state and local finances across the country should remain relatively healthy, providing continued support to the muni market. We also expect supply and demand dynamics to remain favorable. However, slowing global growth, ongoing trade tensions, and Fed interest-rate policy may continue to trigger widespread financial market volatility. We believe this scenario underscores the importance of using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
NOVEMBER 30, 2018 | |
Yields | |
7-Day Current Yield | 1.28% |
7-Day Effective Yield | 1.28% |
Portfolio at a Glance | |
Weighted Average Maturity | 11 days |
Weighted Average Life | 11 days |
Portfolio Composition by Maturity | % of fund investments |
1-30 days | 96% |
31-90 days | 2% |
91-180 days | — |
More than 180 days | 2% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2018 to November 30, 2018.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s 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 your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, 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.
4
Beginning Account Value 6/1/18 | Ending Account Value 11/30/18 | Expenses Paid During Period(1) 6/1/18 - 11/30/18 | Annualized Expense Ratio(1) | |
Actual | ||||
Investor Class | $1,000 | $1,005.10 | $2.51 | 0.50% |
Hypothetical | ||||
Investor Class | $1,000 | $1,022.56 | $2.54 | 0.50% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
5
Schedule of Investments |
NOVEMBER 30, 2018 (UNAUDITED)
Principal Amount | Value | ||||||
MUNICIPAL SECURITIES — 99.2% | |||||||
Arizona — 3.3% | |||||||
Salt River Pima-Maricopa Indian Community Rev., VRDN, 1.72%, 12/7/18 (LOC: Bank of America N.A.) | $ | 4,500,000 | $ | 4,500,000 | |||
California — 11.0% | |||||||
Municipal Improvement Corp. of Los Angeles Lease Revenue, 1.70%, 12/14/18 (LOC: Bank of the West) | 1,000,000 | 1,000,000 | |||||
San Francisco City & County Redevelopment Agency Successor Agency Rev., VRDN, 1.80%, 12/7/18 (LOC: Citibank N.A.) | 300,000 | 300,000 | |||||
State of California Department of Water Resources Rev., 1.74%, 1/2/19 | 3,255,000 | 3,255,000 | |||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.72%, 12/7/18 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 1,000,000 | 1,000,000 | |||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.79%, 12/7/18 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 3,000,000 | 3,000,000 | |||||
Victorville Joint Powers Finance Authority Rev., VRDN, 2.19%, 12/7/18 (LOC: BNP Paribas) | 6,595,000 | 6,595,000 | |||||
15,150,000 | |||||||
Colorado — 2.9% | |||||||
Lafayette Exempla Improvement District Special Assessment, VRDN, 1.72%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 920,000 | 920,000 | |||||
RBC Municipal Products, Inc. Trust GO, VRDN, 1.72%, 12/7/18 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 3,000,000 | 3,000,000 | |||||
3,920,000 | |||||||
District of Columbia — 2.5% | |||||||
District of Columbia Rev., (AARP Foundation), VRDN, 1.79%, 12/7/18 (LOC: Bank of America N.A.) | 300,000 | 300,000 | |||||
District of Columbia Housing Finance Agency Rev., (FC 1212 LLC), VRDN, 1.86%, 12/7/18 (LOC: Capital One N.A. and FHLB) | 3,200,000 | 3,200,000 | |||||
3,500,000 | |||||||
Florida — 3.6% | |||||||
County of Palm Beach Rev., (Henry Morrison Flagler Museum), VRDN, 1.75%, 12/7/18 (LOC: Northern Trust Company) | 1,975,000 | 1,975,000 | |||||
Florida Housing Finance Corp. Rev., (Mango Grove LLC), VRDN, 1.76%, 12/7/18 (LOC: Citibank N.A.) | 2,100,000 | 2,100,000 | |||||
Hillsborough County Industrial Development Authority Rev., (Independent Day School of Tampa), VRDN, 2.01%, 12/7/18 (LOC: Bank of America N.A.) | 800,000 | 800,000 | |||||
4,875,000 | |||||||
Georgia — 2.1% | |||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.84%, 12/7/18 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 1,600,000 | 1,600,000 | |||||
Valdosta-Lowndes County Industrial Development Authority Rev., (Steeda Autosports, Inc.), VRDN, 1.85%, 12/7/18 (LOC: Bank of America N.A.) | 1,340,000 | 1,340,000 | |||||
2,940,000 |
6
Principal Amount | Value | ||||||
Illinois — 11.5% | |||||||
Du Page County Rev., (Morton Arboretum), VRDN, 1.68%, 12/7/18 (LOC: Northern Trust Company) | $ | 1,800,000 | $ | 1,800,000 | |||
East Moline Rev., (Elliott Aviation of the Quad Cities, Inc.), VRDN, 1.97%, 12/7/18 (LOC: U.S. Bank N.A.) | 480,000 | 480,000 | |||||
Illinois Development Finance Authority Rev., (Teacher's Academy for Mathematics and Science), VRDN, 1.74%, 12/7/18 (LOC: JPMorgan Chase Bank N.A.) | 530,000 | 530,000 | |||||
Illinois Educational Facilities Authority Rev., (Lincoln Park Society), VRDN, 1.70%, 12/7/18 (LOC: Citibank N.A.) | 2,000,000 | 2,000,000 | |||||
Illinois Educational Facilities Authority Rev., (National-Louis University), VRDN, 1.76%, 12/7/18 (LOC: JPMorgan Chase Bank N.A.) | 2,100,000 | 2,100,000 | |||||
Illinois Finance Authority Rev., (Uniform Law Foundation), VRDN, 1.71%, 12/7/18 (LOC: PNC Bank N.A.) | 2,740,000 | 2,740,000 | |||||
Illinois Housing Development Authority Rev., (Rome Meadows Associates III LP), VRDN, 2.08%, 12/7/18 (LOC: First National Bank and FHLB) | 1,600,000 | 1,600,000 | |||||
RBC Municipal Products, Inc. Trust Rev., VRDN, 1.72%, 12/7/18 (AGM)(LIQ FAC: Royal Bank of Canada)(GA: Royal Bank of Canada)(1) | 2,770,000 | 2,770,000 | |||||
University of Illinois Rev., VRDN, 1.68%, 12/7/18 (LOC: JPMorgan Chase Bank N.A.) | 1,805,000 | 1,805,000 | |||||
15,825,000 | |||||||
Indiana — 0.8% | |||||||
Indiana Finance Authority Rev., (Franciscan Alliance, Inc. Obligated Group), VRDN, 1.73%, 12/7/18 (LOC: Bank of New York Mellon) | 1,140,000 | 1,140,000 | |||||
Iowa — 1.3% | |||||||
Iowa Finance Authority Rev., (Iowa Health System Obligated Group), VRDN, 1.74%, 12/3/18 (LOC: Union Bank N.A.) | 1,800,000 | 1,800,000 | |||||
Louisiana — 2.5% | |||||||
Terrebonne Economic Development Authority Rev., (Buquet Distributing Co, Inc.), VRDN, 1.77%, 12/7/18 (LOC: Community Bank and FHLB) | 3,390,000 | 3,390,000 | |||||
Michigan — 0.4% | |||||||
Michigan State Housing Development Authority Rev., VRDN, 1.70%, 12/7/18 (SBBPA: Barclays Bank plc) | 550,000 | 550,000 | |||||
Minnesota — 4.9% | |||||||
Minneapolis Rev., (Seven Corners Community Housing Corp.), VRDN, 1.79%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 1,255,000 | 1,255,000 | |||||
Minnetonka Rev., (Brier Creek Apartments Partnership LLP), VRDN, 1.79%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 145,000 | 145,000 | |||||
Saint Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 1.81%, 12/7/18 (LIQ FAC: FHLMC) | 5,335,000 | 5,334,959 | |||||
6,734,959 | |||||||
Nevada — 4.3% | |||||||
Nevada Housing Division Rev., (HELP Owens Associates LP), VRDN, 1.72%, 12/7/18 (LOC: Citibank N.A.) | 1,965,000 | 1,965,000 | |||||
Nevada Housing Division Rev., (L'Octaine LP), VRDN, 1.72%, 12/7/18 (LOC: Citibank N.A.) | 900,000 | 900,000 | |||||
Nevada Housing Division Rev., (Vintage at Laughlin LLC), VRDN, 1.72%, 12/7/18 (LOC: East West Bank)(SBBPA: FHLB) | 940,000 | 940,000 |
7
Principal Amount | Value | ||||||
Nevada Housing Division Rev., (Vista Creek Apartments LLC), VRDN, 1.76%, 12/7/18 (LOC: East West Bank and FHLB) | $ | 2,100,000 | $ | 2,100,000 | |||
5,905,000 | |||||||
New Jersey — 2.9% | |||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.71%, 12/7/18 (LOC: Barclays Bank plc)(LIQ FAC: Barclays Bank plc)(1) | 3,000,000 | 3,000,000 | |||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.71%, 12/7/18 (LOC: Barclays Bank plc)(LIQ FAC: Barclays Bank plc)(1) | 1,000,000 | 1,000,000 | |||||
4,000,000 | |||||||
New York — 16.8% | |||||||
Erie County Industrial Development Agency Rev., (Our Lady of Victory Renaissance Corp.), VRDN, 1.80%, 12/7/18 (LOC: HSBC Bank USA N.A.) | 6,235,000 | 6,235,000 | |||||
New York City GO, VRDN, 1.74%, 12/3/18 (LOC: Bank of New York Mellon) | 3,160,000 | 3,160,000 | |||||
New York City GO, VRDN, 1.76%, 12/3/18 (LOC: Bank of the West) | 500,000 | 500,000 | |||||
New York City Municipal Water Finance Authority Rev., VRDN, 1.72%, 12/3/18 (SBBPA: PNC Bank N.A.) | 600,000 | 600,000 | |||||
New York City Municipal Water Finance Authority Rev., VRDN, 1.69%, 12/7/18 (SBBPA: Barclays Bank plc) | 2,765,000 | 2,765,000 | |||||
New York City Transitional Finance Authority Rev., VRDN, 1.74%, 12/3/18 (SBBPA: Barclays Bank plc) | 2,900,000 | 2,900,000 | |||||
New York State Housing Finance Agency Rev., (Caroline Apartments Preservation LP), VRDN, 1.76%, 12/7/18 (LIQ FAC: FHLMC) | 1,325,000 | 1,325,000 | |||||
New York State Housing Finance Agency Rev., (MH Rental LLC), VRDN, 1.72%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 900,000 | 900,000 | |||||
North Amityville Fire Co, Inc. Rev., VRDN, 1.93%, 12/7/18 (LOC: Citibank N.A.) | 1,725,000 | 1,725,000 | |||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.71%, 12/7/18 (LIQ FAC: Toronto Dominion Bank)(1) | 3,000,000 | 3,000,000 | |||||
23,110,000 | |||||||
North Carolina — 2.5% | |||||||
North Carolina Capital Facilities Finance Agency Rev., (Lees-McRae College, Inc.), VRDN, 1.72%, 12/7/18 (LOC: Branch Banking & Trust) | 3,485,000 | 3,485,000 | |||||
Ohio — 1.1% | |||||||
Lorain County Port Authority Rev., (Saint Ignatius High School of Cleveland), VRDN, 1.68%, 12/7/18 (LOC: U.S. Bank N.A.) | 1,465,000 | 1,465,000 | |||||
Pennsylvania — 2.1% | |||||||
Lancaster Industrial Development Authority Rev., (Willow Valley Communities), VRDN, 1.68%, 12/7/18 (LOC: PNC Bank N.A.) | 1,400,000 | 1,400,000 | |||||
Pennsylvania Economic Development Financing Authority Rev., (JCH Associates), VRDN, 1.71%, 12/7/18 (LOC: PNC Bank N.A.) | 400,000 | 400,000 | |||||
Pennsylvania Economic Development Financing Authority Rev., (Miquon School), VRDN, 1.71%, 12/7/18 (LOC: PNC Bank N.A.) | 200,000 | 200,000 | |||||
Pennsylvania Economic Development Financing Authority Rev., (Pittsburgh Allegheny County Thermal Ltd.), VRDN, 1.71%, 12/7/18 (LOC: PNC Bank N.A.) | 400,000 | 400,000 |
8
Principal Amount | Value | ||||||
Pennsylvania Economic Development Financing Authority Rev., VRDN, 1.71%, 12/7/18 (LOC: PNC Bank N.A.) | $ | 450,000 | $ | 450,000 | |||
2,850,000 | |||||||
South Carolina — 0.4% | |||||||
South Carolina Jobs-Economic Development Authority Rev., (Franco Manufacturing Co, Inc.), VRDN, 1.86%, 12/7/18 (LOC: Bank of America N.A.) | 500,000 | 500,000 | |||||
Texas — 11.2% | |||||||
Gregg County Housing Finance Corp. Rev., (Bailey Properties LLC), VRDN, 1.71%, 12/7/18 (LOC: FNMA)(LIQ FAC: FNMA) | 3,845,000 | 3,845,000 | |||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Houston Methodist Hospital Obligated Group), VRDN, 1.79%, 12/3/18 | 1,500,000 | 1,500,000 | |||||
Harris County Health Facilities Development Corp. Rev., (Houston Methodist Hospital Obligated Group), VRDN, 1.79%, 12/3/18 | 595,000 | 595,000 | |||||
Houston Combined Utility System Rev., VRDN, 1.71%, 12/7/18 (LIQ FAC: State Street Bank & Trust Co.) | 2,850,000 | 2,850,000 | |||||
Mission Economic Development Corp. Rev., VRDN, 1.84%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 1,540,000 | 1,540,000 | |||||
San Antonio Airport System Rev., (Cessna Aircraft Co.), VRDN, 1.86%, 12/7/18 (LOC: Bank of America N.A.) (Acquired 2/26/18, Cost $1,400,000)(2) | 1,400,000 | 1,400,000 | |||||
State of Texas Rev., 4.00%, 8/29/19 | 2,000,000 | 2,031,354 | |||||
Texas Department of Housing & Community Affairs Rev., (Idlewilde Apartments LP), VRDN, 1.73%, 12/7/18 (LOC: FNMA)(LIQ FAC: FNMA) | 1,690,000 | 1,690,000 | |||||
15,451,354 | |||||||
Washington — 10.4% | |||||||
Pierce County Economic Development Corp. Rev., (Sumner Leasing LLC), VRDN, 1.84%, 12/7/18 (LOC: FHLB and Homestreet Bank) | 1,500,000 | 1,500,000 | |||||
Washington Economic Development Finance Authority Rev., (Recology CleanScapes, Inc.), VRDN, 1.74%, 12/7/18 (LOC: Bank of America N.A.) | 2,100,000 | 2,100,000 | |||||
Washington State Housing Finance Commission Rev., (Evergreen School), VRDN, 1.79%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 1,145,000 | 1,145,000 | |||||
Washington State Housing Finance Commission Rev., (Panorama), VRDN, 1.79%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 5,500,000 | 5,500,000 | |||||
Washington State Housing Finance Commission Rev., (Vintage at Mount Vernon), VRDN, 1.73%, 12/7/18 (LOC: FNMA)(LIQ FAC: FNMA) | 4,000,000 | 4,000,000 | |||||
14,245,000 | |||||||
Wisconsin — 0.7% | |||||||
Appleton Rev., (Great Northern Corp.), VRDN, 1.88%, 12/7/18 (LOC: Wells Fargo Bank N.A.) | 1,000,000 | 1,000,000 | |||||
TOTAL INVESTMENT SECURITIES — 99.2% | 136,336,313 | ||||||
OTHER ASSETS AND LIABILITIES — 0.8% | 1,077,040 | ||||||
TOTAL NET ASSETS — 100.0% | $ | 137,413,353 |
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NOTES TO SCHEDULE OF INVESTMENTS | ||
AGM | - | Assured Guaranty Municipal Corporation |
FHLB | - | Federal Home Loan Bank |
FHLMC | - | Federal Home Loan Mortgage Corporation |
FNMA | - | Federal National Mortgage Association |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LIQ FAC | - | Liquidity Facilities |
LOC | - | Letter of Credit |
SBBPA | - | Standby Bond Purchase Agreement |
VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $18,370,000, which represented 13.4% of total net assets. |
(2) | Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,400,000, which represented 1.0% of total net assets. |
See Notes to Financial Statements.
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Statement of Assets and Liabilities |
NOVEMBER 30, 2018 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 136,336,313 | |
Cash | 90,701 | ||
Receivable for investments sold | 820,000 | ||
Receivable for capital shares sold | 97,786 | ||
Interest receivable | 219,414 | ||
137,564,214 | |||
Liabilities | |||
Payable for capital shares redeemed | 96,738 | ||
Accrued management fees | 54,123 | ||
150,861 | |||
Net Assets | $ | 137,413,353 | |
Investor Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 137,421,574 | ||
Net Asset Value Per Share | $ | 1.00 | |
Net Assets Consist of: | |||
Capital paid in | $ | 137,401,743 | |
Distributable earnings | 11,610 | ||
$ | 137,413,353 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 1,016,390 | |
Expenses: | |||
Management fees | 330,429 | ||
Trustees' fees and expenses | 4,823 | ||
335,252 | |||
Net investment income (loss) | 681,138 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 681,138 |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
SIX MONTHS ENDED NOVEMBER 30, 2018 (UNAUDITED) AND YEAR ENDED MAY 31, 2018 | ||||||
Increase (Decrease) in Net Assets | November 30, 2018 | May 31, 2018 | ||||
Operations | ||||||
Net investment income (loss) | $ | 681,138 | $ | 946,553 | ||
Net realized gain (loss) | — | 11,610 | ||||
Net increase (decrease) in net assets resulting from operations | 681,138 | 958,163 | ||||
Distributions to Shareholders | ||||||
From earnings | (681,138 | ) | (946,553 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 27,993,930 | 68,056,635 | ||||
Proceeds from reinvestment of distributions | 681,138 | 936,350 | ||||
Payments for shares redeemed | (29,508,343 | ) | (68,148,167 | ) | ||
Net increase (decrease) in net assets from capital share transactions | (833,275 | ) | 844,818 | |||
Net increase (decrease) in net assets | (833,275 | ) | 856,428 | |||
Net Assets | ||||||
Beginning of period | 138,246,628 | 137,390,200 | ||||
End of period | $ | 137,413,353 | $ | 138,246,628 | ||
Transactions in Shares of the Fund | ||||||
Sold | 27,993,930 | 68,056,635 | ||||
Issued in reinvestment of distributions | 681,138 | 936,350 | ||||
Redeemed | (29,508,343 | ) | (68,148,167 | ) | ||
Net increase (decrease) in shares of the fund | (833,275 | ) | 844,818 |
See Notes to Financial Statements.
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Notes to Financial Statements |
NOVEMBER 30, 2018 (UNAUDITED)
1. Organization
American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Tax-Free Money Market Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal income tax.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Officers and/or directors of these entities own 5% of the outstanding shares of the fund.
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Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended November 30, 2018 was 0.49%.
Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.
Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $3,200,000 and $4,850,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
5. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
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6. Recently Issued Accounting Standards
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No.2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact that adopting ASU 2017-08 will have on the financial statements.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | ||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | ||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(1) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Net Assets, End of Period (in thousands) | |||
Investor Class | ||||||||||||||||
2018(2) | $1.00 | 0.01 | — | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.51% | 0.50%(3) | 0.50%(3) | 1.01%(3) | 1.01%(3) | $137,413 | ||
2018 | $1.00 | 0.01 | —(4) | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.69% | 0.50% | 0.50% | 0.69% | 0.69% | $138,247 | ||
2017 | $1.00 | —(4) | — | —(4) | —(4) | —(4) | —(4) | $1.00 | 0.28% | 0.50% | 0.50% | 0.27% | 0.27% | $137,390 | ||
2016 | $1.00 | —(4) | —(4) | —(4) | —(4) | — | —(4) | $1.00 | 0.02% | 0.23% | 0.50% | 0.02% | (0.25)% | $153,686 | ||
2015 | $1.00 | —(4) | —(4) | —(4) | —(4) | —(4) | —(4) | $1.00 | 0.02% | 0.17% | 0.50% | 0.01% | (0.32)% | $160,314 | ||
2014 | $1.00 | —(4) | —(4) | —(4) | —(4) | —(4) | —(4) | $1.00 | 0.04% | 0.24% | 0.50% | 0.01% | (0.25)% | $167,166 |
Notes to Financial Highlights |
(1) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(2) | Six months ended November 30, 2018 (unaudited). |
(3) | Annualized. |
(4) | Per-share amount was less than $0.005. |
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on June 19, 2018, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors/trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.
The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.
Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.
In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:
• | the nature, extent, and quality of investment management, shareholder services, and other services provided to the Fund; |
• | the wide range of other programs and services the Advisor provides to the Fund and its shareholders on a routine and non-routine basis; |
• | the investment performance of the Fund, including data comparing the Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies; |
• | the cost of owning the Fund compared to the cost of owning similar funds; |
• | the Advisor’s compliance policies, procedures, and regulatory experience; |
• | financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor; |
• | strategic plans of the Advisor; |
• | any economies of scale associated with the Advisor’s management of the Fund and other accounts; |
• | services provided and charges to other investment management clients of the Advisor; |
• | acquired fund fees and expenses; |
• | payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and |
• | any collateral benefits derived by the Advisor from the management of the Fund. |
In keeping with its practice, the Board held two in-person meetings to review and discuss the information provided in response to their request and held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.
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Factors Considered
The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:
Nature, Extent and Quality of Services - Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:
• | constructing and designing the Fund |
• | portfolio research and security selection |
• | initial capitalization/funding |
• | securities trading |
• | Fund administration |
• | custody of Fund assets |
• | daily valuation of the Fund’s portfolio |
• | shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications |
• | legal services (except the independent Trustees’ counsel) |
• | regulatory and portfolio compliance |
• | financial reporting |
• | marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans) |
The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.
Investment Management, Shareholder, and Other Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review detailed performance information during the management agreement approval process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was in the first quartile of its peer group for the one-, three-, five- and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.
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Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.
Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.
Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders enhanced and expanded services.
Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, the fees and expenses of the Fund’s independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields, and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross basis and net of applicable waivers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.
Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They
20
observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.
Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.
Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.
Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.
Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting the "About Us" page of American Century Investments’ website at americancentury.com. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the "About Us" page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at sec.gov. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.
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Notes |
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Notes |
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American Century Municipal Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2019 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-91043 1901 |
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) |
are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) | Not applicable for semiannual report filings. |
(a)(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT. |
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.
Registrant: | American Century Municipal Trust | |||
By: | /s/ Jonathan S. Thomas | |||
Name: | Jonathan S. Thomas | |||
Title: | President | |||
Date: | January 25, 2019 |
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/ Jonathan S. Thomas | ||
Name: Jonathan S. Thomas | |||
Title: President | |||
(principal executive officer) | |||
Date: | January 25, 2019 |
By: | /s/ R. Wes Campbell | ||
Name: R. Wes Campbell | |||
Title: Treasurer and | |||
Chief Financial Officer | |||
(principal financial officer) | |||
Date: | January 25, 2019 |