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: | 11-30-2020 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a)
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| Semiannual Report |
| |
| November 30, 2020 |
| |
| High-Yield Municipal Fund |
| Investor Class (ABHYX) |
| I Class (AYMIX) |
| Y Class (AYMYX) |
| A Class (AYMAX) |
| C Class (AYMCX) |
| | | | | |
| President’s Letter | |
| |
| |
| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
| |
| |
| Approval of Management Agreement | |
| |
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| Additional Information | |
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.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Muni Recovery Continued
The reporting period began amid an extraordinary recovery from massive market and economic disruptions triggered by the COVID-19 pandemic. Thanks to swift and aggressive action from the Federal Reserve and the federal government in March and April, municipal bonds (munis) rebounded quickly. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the summer recovery.
Nevertheless, headwinds lingered. Congress remained deadlocked on a second fiscal aid package to individuals and state and local governments facing budget shortfalls from the pandemic. Also, COVID-19 infection rates surged late in the period, prompting new lockdowns that threatened the economic recovery. The November 3 election triggered legal challenges from President Donald Trump and a runoff election for Georgia's two U.S. Senate seats. Given these events, the balance of power in Washington, D.C., along with tax and other policy priorities, remained uncertain at period-end.
Overall, munis delivered solid gains for the period. High-yield munis significantly outperformed investment-grade munis, as riskier assets regained favor during the period. Additionally, the broad asset class outperformed the Treasury market, which declined slightly.
Science Helps Steer the Return to Normal
The return to pre-pandemic life will take time and patience, but we are confident we will get there. The first COVID-19 vaccine is now approved and in limited distribution, and medical professionals continue to develop better treatment protocols. Until the vaccine is widely available, investors likely will face periods of outbreak-related disruptions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| NOVEMBER 30, 2020 | |
Portfolio at a Glance | |
| Weighted Average Life to Maturity | 18.0 years |
| Average Duration (Modified) | 5.4 years |
| |
Top Five States and Territories | % of net assets |
| New York | 10.8% |
| Illinois | 8.9% |
| Texas | 7.4% |
| Arizona | 6.3% |
| Florida | 6.2% |
| | |
Top Five Sectors | % of fund investments |
| Retirement Community | 16% |
| Special Tax | 16% |
| Charter School | 10% |
| General Obligation (GO) – Local | 9% |
| Corporate Municipal | 7% |
| | |
Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 96.1% |
| Exchange-Traded Funds | 1.7% |
| Affiliated Funds | 1.4% |
| Other Assets and Liabilities | 0.8% |
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, 2020 to November 30, 2020.
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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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.
| | | | | | | | | | | | | | |
| | Beginning
Account Value
6/1/20 | Ending
Account Value
11/30/20 | Expenses Paid During Period(1) 6/1/20 - 11/30/20 | Annualized Expense Ratio(1) |
Actual | | | | |
| Investor Class | $1,000 | $1,082.60 | $3.08 | 0.59% |
| I Class | $1,000 | $1,083.70 | $2.04 | 0.39% |
| Y Class | $1,000 | $1,083.80 | $1.88 | 0.36% |
| A Class | $1,000 | $1,081.30 | $4.38 | 0.84% |
| C Class | $1,000 | $1,077.20 | $8.28 | 1.59% |
| Hypothetical | | | | |
| Investor Class | $1,000 | $1,022.11 | $2.99 | 0.59% |
| I Class | $1,000 | $1,023.11 | $1.98 | 0.39% |
| Y Class | $1,000 | $1,023.26 | $1.83 | 0.36% |
| A Class | $1,000 | $1,020.86 | $4.26 | 0.84% |
| C Class | $1,000 | $1,017.10 | $8.04 | 1.59% |
(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.
NOVEMBER 30, 2020 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 96.1% | | |
| Alabama — 1.1% | | |
| Jefferson County Sewer Rev., 6.50%, 10/1/53 | $ | 2,000,000 | | $ | 2,358,700 | |
| Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) | 5,000,000 | | 5,563,700 | |
| | 7,922,400 | |
| Alaska — 0.3% | | |
| Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46 | 2,500,000 | | 2,512,650 | |
| Arizona — 6.3% | | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 2,065,000 | | 2,277,489 | |
Arizona Industrial Development Authority Rev., (Doral Academy of Nevada), 5.00%, 7/15/49(1) | 1,675,000 | | 1,851,411 | |
Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47(1) | 2,000,000 | | 2,220,160 | |
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1) | 7,000,000 | | 7,079,310 | |
Arizona Industrial Development Authority Rev., (Odyssey Preparatory Academy, Inc.), 5.50%, 7/1/52(1) | 5,000,000 | | 5,402,650 | |
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 1,600,000 | | 1,628,368 | |
| Florence Town, Inc. Industrial Development Authority Rev., (Legacy Traditional School Series 2013 Obligated Group), 6.00%, 7/1/43 | 1,000,000 | | 1,070,850 | |
| Industrial Development Authority of the City of Phoenix Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 840,000 | | 863,117 | |
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45(1) | 1,500,000 | | 1,614,810 | |
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46(1) | 1,500,000 | | 1,614,150 | |
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 6.75%, 7/1/44(1) | 2,000,000 | | 2,273,160 | |
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46(1) | 500,000 | | 540,075 | |
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence Obligated Group), 5.25%, 7/1/48(1) | 1,000,000 | | 1,028,320 | |
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence Obligated Group), 5.25%, 7/1/53(1) | 1,000,000 | | 1,027,540 | |
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1) | 1,000,000 | | 1,023,600 | |
| Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/35 | 500,000 | | 553,910 | |
| Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/45 | 1,000,000 | | 1,091,220 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45(1) | 2,000,000 | | 2,150,740 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 1,325,000 | | 1,347,101 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | 1,325,000 | | 1,346,107 | |
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(1) | 2,450,000 | | 2,727,977 | |
| | | | | | | | |
| Principal Amount | Value |
Sundance Community Facilities District Rev., 7.125%, 7/1/27(1) | $ | 152,000 | | $ | 152,103 | |
| Sundance Community Facilities District Special Assessment, 6.50%, 7/1/29 | 122,000 | | 122,039 | |
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 5.35%, 10/1/25(1) | 1,000,000 | | 1,009,230 | |
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37(1) | 800,000 | | 840,080 | |
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47(1) | 4,500,000 | | 4,673,520 | |
| | 47,529,037 | |
| Arkansas — 0.1% | | |
| Little Rock Metrocentere Improvement District No. 1 Rev., (Wehco Media, Inc.), VRDN, 0.11%, 12/1/20 (LOC: JPMorgan Chase Bank N.A.) | 900,000 | | 900,000 | |
| California — 2.4% | | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49 | 380,000 | | 432,744 | |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49 | 250,000 | | 295,818 | |
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(2) | 8,000,000 | | 1,321,520 | |
California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55(2) | 1,000,000 | | 184,090 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(1) | 500,000 | | 558,650 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(1) | 500,000 | | 553,825 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(1) | 1,000,000 | | 1,097,150 | |
| Foothill-Eastern Transportation Corridor Agency Rev., 6.50%, 1/15/43 | 500,000 | | 573,110 | |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 500,000 | | 582,210 | |
| Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/37 | 1,000,000 | | 1,037,000 | |
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/47(2) | 5,000,000 | | 1,071,150 | |
| Hastings Campus Housing Finance Authority Rev., (University of California Hastings College of the Law), 5.00%, 7/1/61 | 2,665,000 | | 2,790,921 | |
Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, (University of California Hastings College of the Law), 0.00%, 7/1/61(1) | 7,660,000 | | 3,090,963 | |
| River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45 | 1,500,000 | | 1,592,955 | |
San Francisco City & County Redevelopment Agency Successor Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(2) | 3,500,000 | | 1,002,120 | |
| Sunnyvale Special Tax, 7.75%, 8/1/32 | 1,500,000 | | 1,505,760 | |
| | 17,689,986 | |
| Colorado — 3.1% | | |
| Belleview Station Metropolitan District No. 2 GO, 5.00%, 12/1/36 | 1,000,000 | | 1,029,030 | |
| Belleview Station Metropolitan District No. 2 GO, 5.125%, 12/1/46 | 2,000,000 | | 2,049,680 | |
| Brighton Crossing Metropolitan District No. 4 GO, 4.00%, 12/1/27 | 482,000 | | 497,988 | |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/37 | 525,000 | | 551,198 | |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/47 | 1,220,000 | | 1,265,811 | |
| Central Platte Valley Metropolitan District GO, 5.00%, 12/1/43 | 1,000,000 | | 1,043,690 | |
| | | | | | | | |
| Principal Amount | Value |
| Clear Creek Station Metropolitan District No. 2 GO, 5.00%, 12/1/47 | $ | 1,000,000 | | $ | 1,031,330 | |
| Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 500,000 | | 523,105 | |
| Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/48 | 2,290,000 | | 2,444,002 | |
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 1,900,000 | | 2,012,613 | |
| E-470 Public Highway Authority Rev., 5.00%, 9/1/26 | 1,250,000 | | 1,562,137 | |
| Gardens on Havana Metropolitan District No. 3 Rev., 3.625%, 12/1/21 | 307,000 | | 308,664 | |
| Leyden Rock Metropolitan District No. 10 GO, 5.00%, 12/1/45 | 1,250,000 | | 1,295,812 | |
| One Horse Business Improvement District Rev., 6.00%, 6/1/24 | 750,000 | | 751,283 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 6.00%, 1/15/41 | 1,000,000 | | 1,003,380 | |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | 500,000 | | 543,645 | |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1,000,000 | | 1,069,320 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/50 (AGM) | 1,500,000 | | 1,850,250 | |
| Village Metropolitan District GO, 5.00%, 12/1/49 | 2,400,000 | | 2,515,944 | |
| Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40 | 300,000 | | 318,180 | |
| | 23,667,062 | |
| Connecticut — 0.9% | | |
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/50(1) | 3,750,000 | | 4,052,100 | |
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1) | 750,000 | | 757,057 | |
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/55(1) | 2,000,000 | | 2,124,560 | |
| | 6,933,717 | |
| Delaware — 0.4% | | |
Town of Millsboro Special Tax, 5.25%, 7/1/48(1) | 3,000,000 | | 3,102,150 | |
| District of Columbia — 0.7% | | |
District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46(2) | 15,000,000 | | 2,090,400 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/44 | 3,000,000 | | 3,375,750 | |
| | 5,466,150 | |
| Florida — 6.2% | | |
| Atlantic Beach Health Care Facilities Rev., (Naval Continuing Care Retirement Foundation Obligated Group), 3.25%, 11/15/24 | 2,155,000 | | 2,155,668 | |
| Babcock Ranch Community Independent Special District Special Assessment, 5.25%, 11/1/46 | 250,000 | | 268,535 | |
Capital Trust Agency, Inc. Rev., (Franklin Academy - Cooper City Campus), 5.00%, 12/15/50(1) | 1,000,000 | | 1,066,230 | |
Capital Trust Agency, Inc. Rev., (Franklin Academy - Cooper City Campus), 5.00%, 12/15/55(1) | 1,005,000 | | 1,068,938 | |
| Celebration Pointe Community Development District Special Assessment, 5.125%, 5/1/45 | 720,000 | | 750,485 | |
Celebration Pointe Community Development District Special Assessment, 5.00%, 5/1/48(1) | 1,905,000 | | 2,010,994 | |
| Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 2,700,000 | | 2,939,571 | |
| Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50 | 2,300,000 | | 2,493,568 | |
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/50(1) | 2,200,000 | | 2,366,034 | |
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/49(1) | 800,000 | | 848,224 | |
| | | | | | | | |
| Principal Amount | Value |
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/54(1) | $ | 850,000 | | $ | 898,085 | |
| Miami Beach Redevelopment Agency Tax Allocation, 5.00%, 2/1/27 | 1,000,000 | | 1,136,150 | |
| Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 5.00%, 4/1/30 | 1,250,000 | | 1,426,913 | |
| Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy, Inc.), 5.25%, 9/15/44 | 950,000 | | 1,031,795 | |
| Northern Palm Beach County Improvement District Special Assessment, 5.00%, 8/1/46 | 2,000,000 | | 2,224,020 | |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 3,150,000 | | 3,509,761 | |
| Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 3.75%, 11/15/25 | 2,000,000 | | 1,887,280 | |
| Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 3,000,000 | | 2,857,080 | |
| Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 5.75%, 11/15/54 | 2,000,000 | | 1,881,360 | |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/24 | 1,225,000 | | 1,403,544 | |
| Tomoka Community Development District Special Assessment, 5.50%, 5/1/35 | 2,500,000 | | 2,733,475 | |
| Village Community Development District No. 10 Special Assessment, 6.00%, 5/1/44 | 410,000 | | 451,004 | |
| Village Community Development District No. 12 Special Assessment, 3.625%, 5/1/31 | 1,925,000 | | 2,036,996 | |
Village Community Development District No. 12 Special Assessment, 4.375%, 5/1/50(1) | 2,645,000 | | 2,881,410 | |
| Village Community Development District No. 13 Special Assessment, 3.70%, 5/1/50 | 2,000,000 | | 2,089,720 | |
| Winter Garden Village at Fowler Groves Community Development District Special Assessment, 4.125%, 5/1/37 | 1,995,000 | | 2,074,940 | |
| | 46,491,780 | |
| Georgia — 2.9% | | |
| Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/36 | 5,000,000 | | 6,408,300 | |
| Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.00%, 10/1/29 | 1,285,000 | | 1,331,131 | |
| Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.125%, 10/1/39 | 2,000,000 | | 2,036,120 | |
| Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.25%, 10/1/49 | 4,000,000 | | 4,039,120 | |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 4,300,000 | | 5,023,518 | |
Marietta Development Authority Rev., (Life University, Inc.), 5.00%, 11/1/37(1) | 1,500,000 | | 1,579,005 | |
Rockdale County Development Authority Rev., (Pratt Paper LLC), 4.00%, 1/1/38 (GA: Pratt Industries, Inc.)(1) | 1,500,000 | | 1,634,985 | |
| | 22,052,179 | |
| Guam — 0.1% | | |
| Guam Government Department of Education COP, 6.625%, 12/1/30 | 1,000,000 | | 1,000,000 | |
| Idaho — 0.5% | | |
| Idaho Health Facilities Authority Rev., (Partners In Healthcare, Inc.), 5.50%, 11/1/45 | 3,250,000 | | 3,433,170 | |
| Illinois — 8.9% | | |
| Chicago GO, 5.00%, 1/1/27 | 1,265,000 | | 1,395,067 | |
| Chicago GO, 5.00%, 1/1/28 | 2,000,000 | | 2,220,320 | |
| Chicago GO, 5.00%, 1/1/29 | 2,000,000 | | 2,233,040 | |
| | | | | | | | |
| Principal Amount | Value |
| Chicago GO, 5.625%, 1/1/29 | $ | 2,500,000 | | $ | 2,816,625 | |
| Chicago GO, 5.50%, 1/1/39 | 2,000,000 | | 2,132,060 | |
| Chicago GO, 5.00%, 1/1/40 | 2,500,000 | | 2,501,700 | |
| Chicago Board of Education GO, 5.00%, 12/1/42 | 3,815,000 | | 3,853,226 | |
| Chicago Board of Education GO, 5.00%, 12/1/46 | 2,500,000 | | 2,639,475 | |
| Chicago Board of Education GO, 6.50%, 12/1/46 | 1,000,000 | | 1,179,040 | |
| Chicago Midway International Airport Rev., 5.00%, 1/1/26 | 2,200,000 | | 2,392,566 | |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/28 (BAM) | 2,385,000 | | 2,800,896 | |
| Illinois Finance Authority Rev., 5.00%, 11/1/49 | 1,150,000 | | 1,211,652 | |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 2,400,000 | | 2,709,552 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3,500,000 | | 3,818,325 | |
Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45(1) | 2,000,000 | | 2,172,020 | |
| Illinois Finance Authority Rev., (Plymouth Place, Inc.), 5.25%, 5/15/50 | 2,000,000 | | 2,063,940 | |
| Illinois Finance Authority Rev., (Westminster Village, Inc. Obligated Group), 5.50%, 5/1/53 | 2,500,000 | | 2,544,000 | |
| Northern Illinois University Rev., 4.00%, 4/1/38 (BAM) | 1,150,000 | | 1,312,391 | |
| Northern Illinois University Rev., 4.00%, 4/1/41 (BAM) | 750,000 | | 849,173 | |
| State of Illinois GO, 5.00%, 10/1/25 | 3,000,000 | | 3,286,740 | |
| State of Illinois GO, 5.00%, 12/1/25 | 3,000,000 | | 3,295,290 | |
| State of Illinois GO, 5.00%, 2/1/26 | 1,000,000 | | 1,099,990 | |
| State of Illinois GO, 5.125%, 12/1/29 | 3,000,000 | | 3,326,100 | |
| State of Illinois GO, 5.00%, 10/1/33 | 900,000 | | 983,934 | |
| State of Illinois GO, 5.00%, 3/1/36 | 2,100,000 | | 2,139,060 | |
| State of Illinois GO, 5.50%, 7/1/38 | 1,000,000 | | 1,045,120 | |
| State of Illinois GO, 5.00%, 2/1/39 | 3,000,000 | | 3,108,960 | |
| State of Illinois GO, 5.50%, 5/1/39 | 985,000 | | 1,111,770 | |
| State of Illinois GO, 5.75%, 5/1/45 | 2,400,000 | | 2,728,392 | |
| Western Illinois Economic Development Authority Rev., (Memorial Hospital Association), 4.00%, 6/1/36 | 2,000,000 | | 2,027,400 | |
| | 66,997,824 | |
| Indiana — 0.3% | | |
| Indiana Finance Authority Rev., (Franciscan Alliance, Inc. Obligated Group), VRDN, 0.10%, 12/1/20 (LOC: Barclays Bank plc) | 1,885,000 | | 1,885,000 | |
| Iowa — 1.2% | | |
| Iowa Finance Authority Rev., (Iowa Health System Obligated Group), VRDN, 0.09%, 12/1/20 (LOC: TD Bank N.A.) | 1,100,000 | | 1,100,000 | |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 4,720,000 | | 5,046,907 | |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 2.875%, 5/15/49 | 1,500,000 | | 1,510,320 | |
| Iowa Tobacco Settlement Authority Rev., 5.625%, 6/1/46 | 1,000,000 | | 1,014,960 | |
| | 8,672,187 | |
| Kansas — 0.9% | | |
| Kansas Development Finance Authority Rev., (Village Shalom Obligated Group), 4.00%, 11/15/25 | 5,950,000 | | 5,897,164 | |
| Wichita Rev., (K-96 Greenwich STAR Bond), 3.00%, 9/1/23 | 500,000 | | 509,385 | |
| | 6,406,549 | |
| Kentucky — 2.3% | | |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 1,335,000 | | 1,490,794 | |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 3,000,000 | | 3,415,410 | |
| | | | | | | | |
| Principal Amount | Value |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | $ | 7,500,000 | | $ | 8,545,800 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 3,500,000 | | 4,223,590 | |
| | 17,675,594 | |
| Louisiana — 1.7% | | |
| East Baton Rouge Parish Industrial Development Board, Inc. Rev., (Exxon Mobil Corp.), VRDN, 0.12%, 12/1/20 | 1,850,000 | | 1,850,000 | |
| East Baton Rouge Parish Industrial Development Board, Inc. Rev., (Exxon Mobil Corp.), VRDN, 0.12%, 12/1/20 | 600,000 | | 600,000 | |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 1,650,000 | | 1,783,963 | |
St. James Parish Rev., (NuStar Logistics LP), VRN, 6.10%, 12/1/40(1) | 1,250,000 | | 1,499,488 | |
St. James Parish Rev., (NuStar Logistics LP), VRN, 5.85%, 8/1/41(1) | 1,000,000 | | 1,101,380 | |
| St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 1,125,000 | | 1,137,049 | |
| St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.20%, 6/1/37 | 1,500,000 | | 1,532,520 | |
| St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.375%, 6/1/37 | 3,000,000 | | 3,092,790 | |
| | 12,597,190 | |
| Maryland — 1.2% | | |
| Baltimore Rev., 5.125%, 6/1/43 | 1,500,000 | | 1,565,715 | |
| Brunswick Special Tax, 5.00%, 7/1/36 | 1,450,000 | | 1,587,474 | |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/25 | 1,000,000 | | 1,133,480 | |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/27 | 1,000,000 | | 1,174,410 | |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.25%, 4/1/37 | 1,500,000 | | 1,551,255 | |
Prince George's County Tax Allocation, 5.25%, 7/1/48(1) | 2,000,000 | | 2,139,480 | |
| | 9,151,814 | |
| Massachusetts — 0.2% | | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/46(1) | 1,000,000 | | 1,158,650 | |
| Michigan — 3.0% | | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2,500,000 | | 2,690,075 | |
| Detroit GO, 5.50%, 4/1/45 | 1,540,000 | | 1,785,584 | |
| Detroit GO, 5.50%, 4/1/50 | 1,820,000 | | 2,100,953 | |
| Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/41 | 2,500,000 | | 2,674,475 | |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.875%, 5/15/26 | 2,000,000 | | 2,005,220 | |
| Kentwood Economic Development Corp. Rev., (Holland Home Obligated Group), 5.625%, 11/15/41 | 1,750,000 | | 1,796,690 | |
| Michigan Finance Authority Rev., (Lawrence Technological University), 5.00%, 2/1/47 | 2,195,000 | | 2,212,209 | |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/49 | 500,000 | | 599,685 | |
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65(2) | 1,500,000 | | 179,865 | |
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1) | 6,500,000 | | 6,690,320 | |
| | 22,735,076 | |
| Minnesota — 0.5% | | |
| Crookston Rev., (Riverview Healthcare Association), 5.00%, 5/1/51 | 4,100,000 | | 4,051,948 | |
| Mississippi — 0.3% | | |
| Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 0.12%, 12/1/20 (GA: Chevron Corp.) | 100,000 | | 100,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/38 | $ | 800,000 | | $ | 1,010,616 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/39 | 850,000 | | 1,071,629 | |
| | 2,182,245 | |
| Missouri — 2.6% | | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 2.875%, 2/1/34 | 2,000,000 | | 2,000,040 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 6.00%, 2/1/41 | 1,250,000 | | 1,257,562 | |
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2,500,000 | | 2,215,600 | |
| Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/30 | 2,515,000 | | 2,785,564 | |
| Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/37 | 1,000,000 | | 1,076,930 | |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 5,000,000 | | 5,435,050 | |
| St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 3,600,000 | | 3,640,932 | |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/46 | 1,000,000 | | 1,030,460 | |
| | 19,442,138 | |
| Nevada — 2.9% | | |
| Clark County Special Assessment, 5.00%, 8/1/30 | 1,370,000 | | 1,470,462 | |
| Clark County Special Assessment, 5.00%, 8/1/32 | 355,000 | | 378,348 | |
| Clark County Special Assessment, 5.00%, 8/1/35 | 650,000 | | 690,190 | |
| Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/23 | 2,030,000 | | 2,102,085 | |
| Henderson Local Improvement Districts Special Assessment, 6.10%, 3/1/24 | 640,000 | | 645,133 | |
| Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 975,000 | | 1,041,622 | |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 850,000 | | 868,700 | |
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/27(1) | 335,000 | | 374,728 | |
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/37(1) | 1,000,000 | | 1,085,640 | |
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/47(1) | 1,400,000 | | 1,501,150 | |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.25%, 6/1/34 | 600,000 | | 624,774 | |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39 | 745,000 | | 784,828 | |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43 | 600,000 | | 631,746 | |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49 | 995,000 | | 1,040,670 | |
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(2) | 9,000,000 | | 1,299,330 | |
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(2) | 13,000,000 | | 1,288,950 | |
Sparks Rev., 2.75%, 6/15/28(1) | 3,000,000 | | 2,981,790 | |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 2,500,000 | | 2,705,550 | |
| | 21,515,696 | |
| New Jersey — 3.5% | | |
| New Jersey Economic Development Authority Rev., 5.00%, 11/1/24 | 5,000,000 | | 5,706,850 | |
| | | | | | | | |
| Principal Amount | Value |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/40 | $ | 1,625,000 | | $ | 1,770,210 | |
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/49(1) | 1,105,000 | | 1,166,106 | |
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/54(1) | 725,000 | | 760,308 | |
| New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5,000,000 | | 5,455,100 | |
| New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/46 | 2,500,000 | | 2,521,700 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5,000,000 | | 5,778,900 | |
| State of New Jersey GO, 4.00%, 6/1/32 | 900,000 | | 1,103,985 | |
| Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | 2,000,000 | | 2,413,760 | |
| | 26,676,919 | |
| New Mexico — 0.4% | | |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500,000 | | 536,395 | |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450,000 | | 477,396 | |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | 1,200,000 | | 1,265,484 | |
| Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25 | 800,000 | | 787,576 | |
| | 3,066,851 | |
| New York — 10.8% | | |
| Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1,500,000 | | 1,602,885 | |
| Build NYC Resource Corp. Rev., (Metropolitan College of New York), 5.25%, 11/1/34 | 750,000 | | 797,033 | |
| Build NYC Resource Corp. Rev., (Metropolitan College of New York), 5.50%, 11/1/44 | 1,000,000 | | 1,056,780 | |
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/32(1) | 625,000 | | 692,350 | |
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/37(1) | 500,000 | | 546,090 | |
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/47(1) | 1,000,000 | | 1,081,210 | |
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/52(1) | 1,000,000 | | 1,079,030 | |
| Metropolitan Transportation Authority Rev., 5.00%, 9/1/22 | 2,600,000 | | 2,711,722 | |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/45 | 2,865,000 | | 3,046,440 | |
| Metropolitan Transportation Authority Rev., 5.25%, 11/15/55 | 5,000,000 | | 5,870,450 | |
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 5,000,000 | | 5,844,300 | |
| New York City GO, 5.00%, 4/1/45 | 10,000,000 | | 12,094,400 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 400,000 | | 400,000 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 600,000 | | 600,000 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 1,100,000 | | 1,100,000 | |
| New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 1,000,000 | | 1,048,790 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 1,300,000 | | 1,300,000 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.12%, 12/1/20 (SBBPA: JPMorgan Chase Bank N.A.) | 1,400,000 | | 1,400,000 | |
| | | | | | | | |
| Principal Amount | Value |
| New York City Transitional Finance Authority Future Tax Secured Rev.,VRDN, 0.11%, 12/1/20 (SBBPA: Mizuho Bank Ltd.) | $ | 1,200,000 | | $ | 1,200,000 | |
| New York City Water & Sewer System Rev., VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 300,000 | | 300,000 | |
| New York City Water & Sewer System Rev., VRDN, 0.10%, 12/1/20 (SBBPA: Bank of Montreal) | 1,300,000 | | 1,300,000 | |
| New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1,500,000 | | 1,436,235 | |
| New York Counties Tobacco Trust Rev., 5.00%, 6/1/51 | 1,000,000 | | 1,042,890 | |
New York State Dormitory Authority Rev., 5.00%, 9/15/28, Prerefunded at 100% of Par(3) | 5,000 | | 6,685 | |
| New York State Dormitory Authority Rev., 5.00%, 3/15/48 | 9,995,000 | | 12,401,396 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/27(1) | 1,000,000 | | 1,219,990 | |
| New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/45 | 6,260,000 | | 7,728,846 | |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 9,500,000 | | 10,561,815 | |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 320,000 | | 359,430 | |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49 | 640,000 | | 704,429 | |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/54 | 465,000 | | 509,966 | |
| | 81,043,162 | |
| North Carolina — 1.2% | | |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 595,000 | | 596,494 | |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc.), 5.00%, 10/1/35 | 1,000,000 | | 1,055,860 | |
| North Carolina Medical Care Commission Rev., (Moravian Home, Inc.), 5.00%, 10/1/48 | 3,000,000 | | 3,197,730 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/49 | 1,500,000 | | 1,606,860 | |
| North Carolina Medical Care Commission Rev., (Southminster, Inc.), 5.00%, 10/1/37 | 1,500,000 | | 1,564,560 | |
| North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/23 | 610,000 | | 628,245 | |
| North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/24 | 280,000 | | 290,822 | |
| | 8,940,571 | |
| Ohio — 5.6% | | |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 18,000,000 | | 20,243,160 | |
Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/57(2) | 15,000,000 | | 2,235,300 | |
| Centerville Rev., (Graceworks Lutheran Services), 5.00%, 11/1/25 | 1,420,000 | | 1,513,379 | |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2,500,000 | | 2,680,225 | |
| Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/48 | 6,000,000 | | 6,324,720 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,250,000 | | 1,494,850 | |
| Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2,500,000 | | 2,593,700 | |
| Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 1,000,000 | | 1,229,830 | |
Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | | 1,097,720 | |
Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.50%, 1/15/48 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | | 1,100,200 | |
| | | | | | | | |
| Principal Amount | Value |
| Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | $ | 1,900,000 | | $ | 1,965,778 | |
| | 42,478,862 | |
| Oregon — 0.7% | | |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 3.25%, 11/15/25 | 2,000,000 | | 2,017,780 | |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | | 267,353 | |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/50 | 1,000,000 | | 1,062,880 | |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/55 | 1,500,000 | | 1,599,165 | |
| | 4,947,178 | |
| Pennsylvania — 5.8% | | |
| Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/49 | 1,225,000 | | 1,228,381 | |
| Chester County Health & Education Facilities Authority Rev., (Simpson Senior Services Obligated Group), 5.25%, 12/1/45 | 1,400,000 | | 1,428,938 | |
| Chester County Health & Education Facilities Authority Rev., (Simpson Senior Services Obligated Group), 5.00%, 12/1/51 | 3,000,000 | | 3,019,650 | |
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38(1) | 525,000 | | 536,482 | |
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48(1) | 1,050,000 | | 1,066,107 | |
| Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1,500,000 | | 1,641,345 | |
Dauphin County General Authority Rev., (Harrisburg University of Science & Technology), 5.125%, 10/15/41(1) | 3,000,000 | | 2,843,370 | |
| Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1,170,000 | | 1,227,353 | |
| Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43 | 2,500,000 | | 3,066,750 | |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.625%, 7/1/42 | 2,500,000 | | 2,648,700 | |
| Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/37 | 1,000,000 | | 1,065,680 | |
| Montgomery County Industrial Development Authority Rev., (Albert Einstein Healthcare Network Obligated Group), 5.25%, 1/15/45 | 1,250,000 | | 1,351,812 | |
| Pennsylvania GO, 5.00%, 7/15/29 | 7,000,000 | | 9,380,420 | |
Pennsylvania Economic Development Financing Authority Rev., (Covanta Holding Corp.), 3.25%, 8/1/39(1) | 1,000,000 | | 977,670 | |
| Philadelphia GO, 5.00%, 7/15/38 | 1,500,000 | | 1,683,060 | |
| Philadelphia Authority for Industrial Development Rev., (First Philadelphia Preparatory Charter School), 7.25%, 6/15/43 | 1,500,000 | | 1,724,310 | |
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 405,000 | | 423,999 | |
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 5.00%, 4/1/46 | 2,000,000 | | 2,150,680 | |
Philadelphia Authority for Industrial Development Rev., (Philadelphia Performing Arts Charter School), 5.00%, 6/15/50(1)(4) | 1,000,000 | | 1,128,710 | |
| School District of Philadelphia GO, 5.00%, 9/1/25 | 2,500,000 | | 2,987,500 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1,000,000 | | 1,025,580 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1,050,000 | | 1,060,542 | |
| | 43,667,039 | |
| | | | | | | | |
| Principal Amount | Value |
| Rhode Island — 0.4% | | |
| Rhode Island Health & Educational Building Corp. Rev., (Care New England Health System Obligated Group), 5.00%, 9/1/36 | $ | 2,125,000 | | $ | 2,182,630 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1,000,000 | | 1,083,860 | |
| | 3,266,490 | |
| South Carolina — 0.6% | | |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.375%, 11/1/49 | 1,500,000 | | 1,550,880 | |
| South Carolina Jobs-Economic Development Authority Rev., (South Carolina Episcopal Home at Still Hopes Obligated Group), 5.00%, 4/1/48 | 1,000,000 | | 1,062,320 | |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/42 | 585,000 | | 610,635 | |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/54 | 1,000,000 | | 1,030,020 | |
| | 4,253,855 | |
| Tennessee — 1.2% | | |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/49 | 2,000,000 | | 2,464,080 | |
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1) | 500,000 | | 532,845 | |
| Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 5,500,000 | | 6,314,660 | |
| | 9,311,585 | |
| Texas — 7.4% | | |
| Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/36 | 700,000 | | 705,999 | |
| Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/46 | 1,325,000 | | 1,334,182 | |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1,000,000 | | 1,061,460 | |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2,000,000 | | 2,083,040 | |
| Bowie County Industrial Development Corp. Rev., (Wehco Media, Inc.), VRDN, 0.11%, 12/1/20 (LOC: JPMorgan Chase Bank N.A.) | 500,000 | | 500,000 | |
| Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 9,950,000 | | 11,459,415 | |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,750,000 | | 1,868,265 | |
Mission Economic Development Corp. Rev., (Natgasoline LLC), 4.625%, 10/1/31(1) | 2,500,000 | | 2,655,150 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/31 | 1,615,000 | | 1,583,007 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/48 | 1,850,000 | | 1,732,248 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/24 | 1,385,000 | | 1,375,859 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/25 | 1,505,000 | | 1,495,549 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/26 | 1,000,000 | | 994,350 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27 | 1,260,000 | | 1,253,650 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/28 | 1,120,000 | | 1,115,027 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/29 | 570,000 | | 567,794 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/37 | 2,750,000 | | 2,728,082 | |
| | | | | | | | |
| Principal Amount | Value |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/25 | $ | 290,000 | | $ | 302,293 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26 | 390,000 | | 408,233 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/31 | 1,300,000 | | 1,342,796 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/36 | 1,000,000 | | 1,013,390 | |
| New Hope Cultural Education Facilities Finance Corp. Rev., (MRC Crestview), 4.00%, 11/15/26 | 2,000,000 | | 2,069,600 | |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/31 | 1,805,000 | | 2,059,523 | |
| Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas), 5.00%, 8/15/46 | 1,000,000 | | 1,043,230 | |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Buckner Senior Living, Inc.), 6.75%, 11/15/47 | 5,095,000 | | 5,422,659 | |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 4.00%, 11/15/27 | 5,000,000 | | 5,036,400 | |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners Segments 3 LLC), 5.00%, 6/30/58 | 2,000,000 | | 2,366,880 | |
| | 55,578,081 | |
| Virginia — 2.3% | | |
Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45(1) | 1,000,000 | | 1,025,040 | |
| Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 2,500,000 | | 2,501,250 | |
| Dullles Town Center Community Development Authority Special Assessment, 4.25%, 3/1/26 | 1,750,000 | | 1,761,550 | |
| Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/37 | 765,000 | | 832,703 | |
| Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/47 | 2,200,000 | | 2,352,504 | |
Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45(1) | 980,000 | | 984,390 | |
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 2,000,000 | | 2,116,040 | |
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 2,250,000 | | 2,374,897 | |
| Prince William County Industrial Development Authority Rev., (Westminster Presbyterian Retirement Community, Inc.), 5.00%, 1/1/26 | 1,165,000 | | 1,222,959 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1,000,000 | | 1,005,050 | |
Virginia Small Business Financing Authority Rev., (Covanta Holding Corp.), VRN, 5.00%, 1/1/48(1) | 1,000,000 | | 1,030,940 | |
| | 17,207,323 | |
| Washington — 3.2% | | |
| Energy Northwest Electric Rev., (Bonneville Power Administration), 5.00%, 7/1/31 | 7,610,000 | | 10,488,026 | |
Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26(1) | 795,000 | | 813,436 | |
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 3.125%, 7/1/23(1) | 280,000 | | 277,427 | |
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38(1) | 830,000 | | 854,759 | |
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48(1) | 1,900,000 | | 1,923,826 | |
| | | | | | | | |
| Principal Amount/Shares | Value |
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.375%, 7/1/28(1) | $ | 7,200,000 | | $ | 7,225,056 | |
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 7.50%, 1/1/49(1) | 2,000,000 | | 2,143,360 | |
| | 23,725,890 | |
| Wisconsin — 2.0% | | |
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 1,000,000 | | 1,075,450 | |
Public Finance Authority Rev., (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group), 5.00%, 6/1/24(1) | 1,575,000 | | 1,688,589 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/50 (AGM) | 700,000 | | 762,167 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/55 (AGM) | 1,000,000 | | 1,085,010 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/59 (AGM) | 1,350,000 | | 1,464,359 | |
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/49(1) | 520,000 | | 542,438 | |
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/54(1) | 455,000 | | 473,491 | |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.50%, 4/1/32 | 2,000,000 | | 2,058,300 | |
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/50(1) | 1,000,000 | | 1,069,140 | |
Public Finance Authority Rev., (Southminster, Inc.), 5.00%, 10/1/48(1) | 2,750,000 | | 2,841,575 | |
| Wisconsin Health & Educational Facilities Authority Rev., (State Camillus Health System Obligated Group), 5.00%, 11/1/54 | 2,000,000 | | 2,030,100 | |
| | 15,090,619 | |
Wyoming† | | |
| Sublette County Rev., VRDN, 0.12%, 12/1/20 | 200,000 | | 200,000 | |
TOTAL MUNICIPAL SECURITIES (Cost $688,703,105) | | 722,626,617 | |
| EXCHANGE-TRADED FUNDS — 1.7% | | |
VanEck Vectors High-Yield Municipal Index ETF
(Cost $12,891,955) | 215,200 | | 13,105,680 | |
AFFILIATED FUNDS(5) — 1.4% | | |
American Century Diversified Municipal Bond ETF
(Cost $10,134,293) | 196,300 | | 10,640,441 | |
TOTAL INVESTMENT SECURITIES — 99.2% (Cost $711,729,353) | | 746,372,738 | |
| OTHER ASSETS AND LIABILITIES — 0.8% | | 5,651,824 | |
| TOTAL NET ASSETS — 100.0% | | $ | 752,024,562 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| 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. |
| 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. The security's effective maturity date may be shorter than the final maturity date shown. |
†Category is less than 0.05% of total net assets.
(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 $145,766,992, which represented 19.4% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(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.
(5)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
See Notes to Financial Statements.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| NOVEMBER 30, 2020 (UNAUDITED) | |
| Assets | |
| Investment securities - unaffiliated, at value (cost of $701,595,060) | $ | 735,732,297 | |
| Investment securities - affiliated, at value (cost of $10,134,293) | 10,640,441 | |
| Total investment securities, at value (cost of $711,729,353) | 746,372,738 | |
| Cash | 89,574 | |
| Receivable for investments sold | 277,600 | |
| Receivable for capital shares sold | 534,825 | |
| Interest and dividends receivable | 9,424,047 | |
| 756,698,784 | |
| |
| Liabilities | |
| Payable for investments purchased | 3,059,120 | |
| Payable for capital shares redeemed | 1,088,041 | |
| Accrued management fees | 287,362 | |
| Distribution and service fees payable | 13,968 | |
| Dividends payable | 225,731 | |
| 4,674,222 | |
| |
| Net Assets | $ | 752,024,562 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 717,413,275 | |
| Distributable earnings | 34,611,287 | |
| $ | 752,024,562 | |
| | | | | | | | | | | |
| | Net Assets | Shares Outstanding | Net Asset Value Per Share |
| Investor Class | $297,896,424 | 29,955,846 | $9.94 |
| I Class | $363,949,996 | 36,599,807 | $9.94 |
| Y Class | $45,955,817 | 4,623,114 | $9.94 |
| A Class | $36,057,486 | 3,626,380 | $9.94* |
| C Class | $8,164,839 | 821,454 | $9.94 |
*Maximum offering price $10.41 (net asset value divided by 0.955).
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) | |
| Investment Income (Loss) | |
| Income: | |
| Interest | $ | 14,266,472 | |
| Dividends (including $116,740 from affiliated funds) | 287,208 | |
| 14,553,680 | |
| Expenses: | |
| Management fees | 1,733,324 | |
| Distribution and service fees: | |
| A Class | 44,542 | |
| C Class | 45,334 | |
| Trustees' fees and expenses | 26,236 | |
| Other expenses | 1,273 | |
| 1,850,709 | |
Fees waived(1) | (15,196) | |
| 1,835,513 | |
| |
| Net investment income (loss) | 12,718,167 | |
| |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss) on investment transactions | 1,300,443 | |
| Change in net unrealized appreciation (depreciation) on investments (including $438,730 from affiliated funds) | 42,788,722 | |
| |
| Net realized and unrealized gain (loss) | 44,089,165 | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 56,807,332 | |
(1)Amount consists of $6,015, $7,360, $880, $750 and $191 for Investor Class, I Class, Y Class, A Class and C Class, respectively.
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MAY 31, 2020 |
| Increase (Decrease) in Net Assets | November 30, 2020 | May 31, 2020 |
| Operations | | |
| Net investment income (loss) | $ | 12,718,167 | | $ | 25,716,750 | |
| Net realized gain (loss) | 1,300,443 | | 1,699,477 | |
| Change in net unrealized appreciation (depreciation) | 42,788,722 | | (42,684,974) | |
| Net increase (decrease) in net assets resulting from operations | 56,807,332 | | (15,268,747) | |
| | |
| Distributions to Shareholders | | |
| From earnings: | | |
| Investor Class | (4,911,663) | | (11,338,625) | |
| I Class | (6,360,766) | | (13,589,468) | |
| Y Class | (766,559) | | (1,473,433) | |
| A Class | (568,297) | | (1,298,303) | |
| C Class | (110,824) | | (329,389) | |
| Decrease in net assets from distributions | (12,718,109) | | (28,029,218) | |
| | |
| Capital Share Transactions | | |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 38,036,282 | | (2,268,280) | |
| | |
| Net increase (decrease) in net assets | 82,125,505 | | (45,566,245) | |
| | |
| Net Assets | | |
| Beginning of period | 669,899,057 | | 715,465,302 | |
| End of period | $ | 752,024,562 | | $ | 669,899,057 | |
| | |
| | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
NOVEMBER 30, 2020 (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 (NAV) 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.
Open-end management investment companies are valued at the reported NAV per share.
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 NAV 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. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.
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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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. 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 advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to other American Century Investments funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.
The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended November 30, 2020 are as follows:
| | | | | | | | | | | | | | |
| | | Effective Annual Management Fee |
| Investment Category Fee Range | Complex Fee Range | Before Waiver | After Waiver |
| Investor Class | 0.2925% to 0.4100% | 0.2500% to 0.3100% | 0.59% | 0.58% |
| I Class | 0.0500% to 0.1100% | 0.39% | 0.38% |
| Y Class | 0.0200% to 0.0800% | 0.36% | 0.35% |
| A Class | 0.2500% to 0.3100% | 0.59% | 0.58% |
| C Class | 0.2500% to 0.3100% | 0.59% | 0.58% |
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, 2020 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 $42,620,000 and $21,400,000, 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, 2020 were $256,347,125 and $207,494,236, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
| | | | | | | | | | | | | | |
| Six months ended
November 30, 2020 | Year ended
May 31, 2020 |
| Shares | Amount | Shares | Amount |
| Investor Class | | | | |
| Sold | 4,727,999 | $ | 46,061,716 | 12,875,134 | $ | 127,505,706 |
| Issued in reinvestment of distributions | 436,730 | 4,278,724 | 1,017,276 | 10,010,143 |
| Redeemed | (3,901,017) | (38,082,726) | (14,546,468) | (139,837,689) |
| 1,263,712 | 12,257,714 | (654,058) | (2,321,840) |
| I Class | | | | |
| Sold | 6,540,826 | 63,600,778 | 15,621,866 | 152,009,996 |
| Issued in reinvestment of distributions | 602,994 | 5,906,173 | 1,310,975 | 12,894,499 |
| Redeemed | (4,886,201) | (47,534,424) | (17,522,373) | (169,513,702) |
| 2,257,619 | 21,972,527 | (589,532) | (4,609,207) |
| Y Class | | | | |
| Sold | 1,147,495 | 11,189,784 | 2,088,916 | 20,522,909 |
| Issued in reinvestment of distributions | 78,219 | 766,385 | 149,369 | 1,466,779 |
| Redeemed | (506,611) | (4,931,336) | (1,578,716) | (14,995,547) |
| 719,103 | 7,024,833 | 659,569 | 6,994,141 |
| A Class | | | | |
| Sold | 297,848 | 2,908,847 | 617,221 | 6,195,238 |
| Issued in reinvestment of distributions | 50,656 | 496,133 | 110,943 | 1,089,911 |
| Redeemed | (344,901) | (3,362,190) | (838,588) | (8,238,162) |
| 3,603 | 42,790 | (110,424) | (953,013) |
| C Class | | | | |
| Sold | 16,479 | 160,619 | 173,852 | 1,723,151 |
| Issued in reinvestment of distributions | 9,926 | 97,165 | 26,038 | 255,825 |
| Redeemed | (361,675) | (3,519,366) | (344,183) | (3,357,337) |
| (335,270) | (3,261,582) | (144,293) | (1,378,361) |
| Net increase (decrease) | 3,908,767 | $ | 38,036,282 | (838,738) | $ | (2,268,280) |
6. Affiliated Fund Transactions
A summary of transactions for each affiliated fund for the period ended November 30, 2020 follows (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Fund(1) | Beginning
Value | Purchase
Cost | Sales Cost | Change in Net
Unrealized
Appreciation
(Depreciation) | Ending
Value | Ending
Shares | Net Realized
Gain (Loss) | Distributions
Received(2) |
| American Century Diversified Municipal Bond ETF | $ | 10,202 | | — | | — | | $ | 438 | | $ | 10,640 | | 196 | | — | | $ | 117 | |
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
7. Investments in Affiliated Funds
The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets.
8. 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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
| | | | | | | | | | | |
| Level 1 | Level 2 | Level 3 |
| Assets | | | |
| Investment Securities | | | |
| Municipal Securities | — | | $ | 722,626,617 | | — | |
| Exchange-Traded Funds | $ | 13,105,680 | | — | | — | |
| Affiliated Funds | 10,640,441 | | — | | — | |
| $ | 23,746,121 | | $ | 722,626,617 | | — | |
9. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
10. 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 | $ | 711,729,353 | |
| Gross tax appreciation of investments | $ | 38,029,558 | |
| Gross tax depreciation of investments | (3,386,173) | |
| Net tax appreciation (depreciation) of investments | $ | 34,643,385 | |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | Operating
Expenses
(before
expense
waiver) | Net
Investment
Income
(Loss) | Net
Investment
Income
(Loss)
(before
expense
waiver) | Portfolio
Turnover
Rate | Net
Assets,
End of
Period
(in thousands) |
| Investor Class | | | | | | | | | | | | |
2020(3) | $9.34 | 0.17 | 0.60 | 0.77 | (0.17) | — | (0.17) | $9.94 | 8.26% | 0.59%(4) | 0.60%(4) | 3.43%(4) | 3.42%(4) | 29% | $297,896 |
| 2020 | $9.86 | 0.34 | (0.49) | (0.15) | (0.34) | (0.03) | (0.37) | $9.34 | (1.64)% | 0.60% | 0.60% | 3.45% | 3.45% | 75% | $268,023 |
| 2019 | $9.66 | 0.36 | 0.21 | 0.57 | (0.37) | — | (0.37) | $9.86 | 6.03% | 0.60% | 0.60% | 3.80% | 3.80% | 57% | $289,403 |
| 2018 | $9.56 | 0.36 | 0.10 | 0.46 | (0.36) | — | (0.36) | $9.66 | 4.87% | 0.60% | 0.60% | 3.74% | 3.74% | 49% | $336,797 |
| 2017 | $9.73 | 0.33 | (0.17) | 0.16 | (0.33) | — | (0.33) | $9.56 | 1.75% | 0.60% | 0.60% | 3.51% | 3.51% | 80% | $347,732 |
| 2016 | $9.36 | 0.35 | 0.37 | 0.72 | (0.35) | — | (0.35) | $9.73 | 7.90% | 0.60% | 0.60% | 3.72% | 3.72% | 41% | $357,757 |
| I Class | | | | | | | | | | | | |
2020(3) | $9.34 | 0.18 | 0.60 | 0.78 | (0.18) | — | (0.18) | $9.94 | 8.37% | 0.39%(4) | 0.40%(4) | 3.63%(4) | 3.62%(4) | 29% | $363,950 |
| 2020 | $9.86 | 0.36 | (0.49) | (0.13) | (0.36) | (0.03) | (0.39) | $9.34 | (1.45)% | 0.40% | 0.40% | 3.65% | 3.65% | 75% | $320,785 |
| 2019 | $9.66 | 0.38 | 0.20 | 0.58 | (0.38) | — | (0.38) | $9.86 | 6.24% | 0.40% | 0.40% | 4.00% | 4.00% | 57% | $344,454 |
| 2018 | $9.56 | 0.38 | 0.10 | 0.48 | (0.38) | — | (0.38) | $9.66 | 5.08% | 0.40% | 0.40% | 3.94% | 3.94% | 49% | $195,453 |
| 2017 | $9.73 | 0.36 | (0.18) | 0.18 | (0.35) | — | (0.35) | $9.56 | 1.95% | 0.40% | 0.40% | 3.71% | 3.71% | 80% | $118,346 |
| 2016 | $9.36 | 0.37 | 0.37 | 0.74 | (0.37) | — | (0.37) | $9.73 | 8.12% | 0.40% | 0.40% | 3.92% | 3.92% | 41% | $33,660 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | Operating
Expenses
(before
expense
waiver) | Net
Investment
Income
(Loss) | Net
Investment
Income
(Loss)
(before
expense
waiver) | Portfolio
Turnover
Rate | Net
Assets,
End of
Period
(in thousands) |
| Y Class | | | | | | | | | | | | |
2020(3) | $9.34 | 0.18 | 0.60 | 0.78 | (0.18) | — | (0.18) | $9.94 | 8.38% | 0.36%(4) | 0.37%(4) | 3.66%(4) | 3.65%(4) | 29% | $45,956 |
| 2020 | $9.86 | 0.36 | (0.49) | (0.13) | (0.36) | (0.03) | (0.39) | $9.34 | (1.42)% | 0.37% | 0.37% | 3.68% | 3.68% | 75% | $36,453 |
| 2019 | $9.65 | 0.39 | 0.21 | 0.60 | (0.39) | — | (0.39) | $9.86 | 6.38% | 0.37% | 0.37% | 4.03% | 4.03% | 57% | $31,979 |
| 2018 | $9.56 | 0.38 | 0.09 | 0.47 | (0.38) | — | (0.38) | $9.65 | 5.00% | 0.37% | 0.37% | 3.97% | 3.97% | 49% | $16,750 |
2017(5) | $9.40 | 0.05 | 0.16 | 0.21 | (0.05) | — | (0.05) | $9.56 | 2.25% | 0.37%(4) | 0.37%(4) | 3.88%(4) | 3.88%(4) | 80%(6) | $5 |
| A Class | | | | | | | | | | | | |
2020(3) | $9.34 | 0.16 | 0.60 | 0.76 | (0.16) | — | (0.16) | $9.94 | 8.13% | 0.84%(4) | 0.85%(4) | 3.18%(4) | 3.17%(4) | 29% | $36,057 |
| 2020 | $9.86 | 0.31 | (0.49) | (0.18) | (0.31) | (0.03) | (0.34) | $9.34 | (1.89)% | 0.85% | 0.85% | 3.20% | 3.20% | 75% | $33,838 |
| 2019 | $9.66 | 0.34 | 0.20 | 0.54 | (0.34) | — | (0.34) | $9.86 | 5.77% | 0.85% | 0.85% | 3.55% | 3.55% | 57% | $36,807 |
| 2018 | $9.56 | 0.34 | 0.09 | 0.43 | (0.33) | — | (0.33) | $9.66 | 4.61% | 0.85% | 0.85% | 3.49% | 3.49% | 49% | $32,130 |
| 2017 | $9.73 | 0.31 | (0.17) | 0.14 | (0.31) | — | (0.31) | $9.56 | 1.50% | 0.85% | 0.85% | 3.26% | 3.26% | 80% | $33,286 |
| 2016 | $9.36 | 0.33 | 0.37 | 0.70 | (0.33) | — | (0.33) | $9.73 | 7.64% | 0.85% | 0.85% | 3.47% | 3.47% | 41% | $91,271 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | Operating
Expenses
(before
expense
waiver) | Net
Investment
Income
(Loss) | Net
Investment
Income
(Loss)
(before
expense
waiver) | Portfolio
Turnover
Rate | Net
Assets,
End of
Period
(in thousands) |
| C Class | | | | | | | | | | | | |
2020(3) | $9.34 | 0.12 | 0.60 | 0.72 | (0.12) | — | (0.12) | $9.94 | 7.72% | 1.59%(4) | 1.60%(4) | 2.43%(4) | 2.42%(4) | 29% | $8,165 |
| 2020 | $9.86 | 0.24 | (0.49) | (0.25) | (0.24) | (0.03) | (0.27) | $9.34 | (2.62)% | 1.60% | 1.60% | 2.45% | 2.45% | 75% | $10,800 |
| 2019 | $9.65 | 0.27 | 0.21 | 0.48 | (0.27) | — | (0.27) | $9.86 | 5.09% | 1.60% | 1.60% | 2.80% | 2.80% | 57% | $12,822 |
| 2018 | $9.56 | 0.26 | 0.09 | 0.35 | (0.26) | — | (0.26) | $9.65 | 3.72% | 1.60% | 1.60% | 2.74% | 2.74% | 49% | $14,817 |
| 2017 | $9.72 | 0.24 | (0.16) | 0.08 | (0.24) | — | (0.24) | $9.56 | 0.85% | 1.60% | 1.60% | 2.51% | 2.51% | 80% | $18,898 |
| 2016 | $9.35 | 0.26 | 0.37 | 0.63 | (0.26) | — | (0.26) | $9.72 | 6.84% | 1.60% | 1.60% | 2.72% | 2.72% | 41% | $25,767 |
| | |
| 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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s investment performance, 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 compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;
•financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;
•the Advisor’s strategic plans;
•the Advisor’s response to the COVID-19 pandemic;
•any economies of scale associated with the Advisor’s management of the Fund;
•services provided and charges to the Advisor’s other investment management clients;
•fees and expenses associated with any investment by the Fund in other funds;
•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board 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.
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 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 investment performance information during the management agreement renewal 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 five-year periods and below its benchmark for the ten-year period 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.
Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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, technology support (including cyber security), 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.
COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.
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.
Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.
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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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, 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 Investment Company Act. Under this 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, 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 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 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 with respect to 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.
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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on
Form N-PORT. The fund’s Form N-PORT reports 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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| | |
| 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. | |
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©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91041 2101 | |
| | | | | |
| |
| Semiannual Report |
| |
| November 30, 2020 |
| |
| Intermediate-Term Tax-Free Bond Fund |
| Investor Class (TWTIX) |
| I Class (AXBIX) |
| Y Class (ATBYX) |
| A Class (TWWOX) |
| C Class (TWTCX) |
| | | | | |
| President’s Letter | |
| |
| |
| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
| |
| |
| Approval of Management Agreement | |
| |
| |
| Additional Information | |
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.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Muni Recovery Continued
The reporting period began amid an extraordinary recovery from massive market and economic disruptions triggered by the COVID-19 pandemic. Thanks to swift and aggressive action from the Federal Reserve and the federal government in March and April, municipal bonds (munis) rebounded quickly. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the summer recovery.
Nevertheless, headwinds lingered. Congress remained deadlocked on a second fiscal aid package to individuals and state and local governments facing budget shortfalls from the pandemic. Also, COVID-19 infection rates surged late in the period, prompting new lockdowns that threatened the economic recovery. The November 3 election triggered legal challenges from President Donald Trump and a runoff election for Georgia's two U.S. Senate seats. Given these events, the balance of power in Washington, D.C., along with tax and other policy priorities, remained uncertain at period-end.
Overall, munis delivered solid gains for the period. High-yield munis significantly outperformed investment-grade munis, as riskier assets regained favor during the period. Additionally, the broad asset class outperformed the Treasury market, which declined slightly.
Science Helps Steer the Return to Normal
The return to pre-pandemic life will take time and patience, but we are confident we will get there. The first COVID-19 vaccine is now approved and in limited distribution, and medical professionals continue to develop better treatment protocols. Until the vaccine is widely available, investors likely will face periods of outbreak-related disruptions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| NOVEMBER 30, 2020 | |
Portfolio at a Glance | |
| Weighted Average Life to Maturity | 9.5 years |
| Average Duration (Modified) | 4.7 years |
| | |
Top Five States and Territories | % of net assets |
| Illinois | 12.2% |
| Texas | 10.0% |
| New York | 9.6% |
| Pennsylvania | 7.8% |
| New Jersey | 5.4% |
| | |
Top Five Sectors | % of fund investments |
| Hospital | 13% |
| General Obligation (GO) - Local | 13% |
| Special Tax | 12% |
| Water & Sewer | 7% |
| Corporate Municipal | 7% |
| | |
Types of Investments in Portfolio | % of net assets |
| Municipal Securities | 98.3% |
| Exchange-Traded Funds | 0.8% |
| Other Assets and Liabilities | 0.9% |
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, 2020 to November 30, 2020.
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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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.
| | | | | | | | | | | | | | |
| | Beginning
Account Value
6/1/20 | Ending
Account Value
11/30/20 | Expenses Paid During Period(1) 6/1/20 - 11/30/20 | Annualized Expense Ratio(1) |
Actual | | | | |
| Investor Class | $1,000 | $1,041.80 | $2.41 | 0.47% |
| I Class | $1,000 | $1,042.80 | $1.38 | 0.27% |
| Y Class | $1,000 | $1,042.90 | $1.23 | 0.24% |
| A Class | $1,000 | $1,041.30 | $3.68 | 0.72% |
| C Class | $1,000 | $1,037.50 | $7.51 | 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.
NOVEMBER 30, 2020 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 98.3% | | |
| Alabama — 1.3% | | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/23 (BAM) | $ | 475,000 | | $ | 527,345 | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/25 (BAM) | 1,000,000 | | 1,190,430 | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/27 (BAM) | 1,000,000 | | 1,251,760 | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/29 (BAM) | 750,000 | | 974,055 | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/30 (BAM) | 560,000 | | 739,598 | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/31 (BAM) | 700,000 | | 918,904 | |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs & Company) | 10,000,000 | | 10,961,600 | |
| Houston County Health Care Authority Rev., 5.00%, 10/1/24 | 1,000,000 | | 1,136,220 | |
| Houston County Health Care Authority Rev., 5.00%, 10/1/25 | 1,000,000 | | 1,169,790 | |
| Houston County Health Care Authority Rev., 5.00%, 10/1/30 | 2,000,000 | | 2,321,040 | |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/26 | 5,925,000 | | 7,088,729 | |
| Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) | 20,000,000 | | 22,254,800 | |
| University of South Alabama Rev., 4.00%, 4/1/35 (AGM) | 1,025,000 | | 1,202,253 | |
| | 51,736,524 | |
| Alaska — 0.2% | | |
| State of Alaska International Airports System Rev., 5.00%, 10/1/32 | 3,560,000 | | 4,186,346 | |
| Valdez Rev., (BP Pipelines Alaska, Inc.), 5.00%, 1/1/21 (GA: BP plc) | 2,600,000 | | 2,609,932 | |
| | 6,796,278 | |
| Arizona — 3.4% | | |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 0.96%, (67% of the 3-month LIBOR plus 0.81%), 1/1/37 | 7,500,000 | | 7,060,425 | |
| Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 6,385,376 | | 6,757,005 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/21(1) | 165,000 | | 166,701 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 3.00%, 7/1/22(1) | 105,000 | | 105,839 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26(1) | 500,000 | | 549,595 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27(1) | 400,000 | | 429,980 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37(1) | 600,000 | | 674,592 | |
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47(1) | 855,000 | | 945,117 | |
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.75%, 7/1/30(1) | 5,000,000 | | 5,041,800 | |
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1) | 625,000 | | 670,169 | |
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 725,000 | | 748,548 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/28 (BAM) | 300,000 | | 377,988 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/29 (BAM) | 250,000 | | 320,733 | |
| | | | | | | | |
| Principal Amount | Value |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/31 (BAM) | $ | 625,000 | | $ | 787,531 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/32 (BAM) | 300,000 | | 374,583 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/33 (BAM) | 300,000 | | 372,699 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/34 (BAM) | 250,000 | | 283,953 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/35 (BAM) | 525,000 | | 648,895 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/36 (BAM) | 1,655,000 | | 2,038,778 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/37 (BAM) | 1,550,000 | | 1,903,756 | |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/39 (BAM) | 500,000 | | 560,130 | |
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1) | 6,400,000 | | 6,683,072 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/23 | 100,000 | | 105,668 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/24 | 500,000 | | 537,395 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200,000 | | 220,624 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300,000 | | 334,065 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215,000 | | 241,170 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700,000 | | 776,244 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700,000 | | 769,363 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | 300,000 | | 328,056 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1,000,000 | | 1,081,100 | |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1,250,000 | | 1,334,350 | |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/36 | 1,875,000 | | 2,080,875 | |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/41 | 1,200,000 | | 1,321,392 | |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/46 | 1,300,000 | | 1,422,668 | |
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31(1) | 10,965,000 | | 12,215,010 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/22(1) | 475,000 | | 480,676 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.125%, 6/15/29(1) | 4,905,000 | | 4,966,558 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.75%, 6/15/37(1) | 4,500,000 | | 4,572,540 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 7,075,000 | | 7,193,011 | |
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | 2,240,000 | | 2,275,683 | |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/27 | 900,000 | | 1,092,078 | |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/28 | 800,000 | | 963,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/29 | $ | 650,000 | | $ | 778,277 | |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/30 | 1,625,000 | | 1,933,197 | |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/31 | 1,500,000 | | 1,778,505 | |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 370,000 | | 427,202 | |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 780,000 | | 904,192 | |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 1,000,000 | | 1,137,970 | |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 0.68%, (MUNIPSA plus 0.57%), 1/1/35 | 3,890,000 | | 3,872,300 | |
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/29(1) | 1,000,000 | | 1,085,460 | |
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 1,855,000 | | 2,106,742 | |
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(1) | 3,500,000 | | 3,897,110 | |
| Maricopa County Industrial Development Authority Rev., (Scottsdale Healthcare Hospitals Obligated Group), VRN, 0.91%, (MUNIPSA plus 0.80%), 9/1/48 | 7,735,000 | | 7,708,624 | |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/25 | 700,000 | | 842,415 | |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/26 | 600,000 | | 745,524 | |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/27 | 1,000,000 | | 1,239,090 | |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 10,000,000 | | 12,999,500 | |
| Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | 10,030,000 | | 14,193,152 | |
| | 137,462,675 | |
| Arkansas — 0.1% | | |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/23 | 1,000,000 | | 1,077,590 | |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/24 | 1,360,000 | | 1,500,393 | |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/25 | 1,155,000 | | 1,303,059 | |
| | 3,881,042 | |
| California — 5.2% | | |
| Alameda Corridor Transportation Authority Rev., 4.00%, 10/1/21 | 700,000 | | 717,318 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 1,000,000 | | 1,152,010 | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7,065,000 | | 8,258,702 | |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/27 | 1,725,000 | | 1,945,869 | |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/30 | 1,750,000 | | 1,965,582 | |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/31 | 2,000,000 | | 2,243,120 | |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/32 | 2,000,000 | | 2,239,840 | |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/33 | 1,800,000 | | 2,012,454 | |
Anaheim Public Financing Authority Rev., Capital Appreciation, 0.00%, 9/1/25 (AGM)(2) | 2,000,000 | | 1,900,780 | |
| Bay Area Toll Authority Rev., VRN, 1.21%, (MUNIPSA plus 1.10%), 4/1/45 | 3,750,000 | | 3,806,287 | |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/31 | 550,000 | | 735,906 | |
| | | | | | | | |
| Principal Amount | Value |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/33 | $ | 450,000 | | $ | 589,860 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/35 | 200,000 | | 240,574 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/37 | 275,000 | | 327,071 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/38 | 275,000 | | 326,015 | |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/40 | 150,000 | | 176,684 | |
| California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37 | 1,810,000 | | 2,000,249 | |
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/21(1) | 195,000 | | 197,517 | |
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26(1) | 1,750,000 | | 1,835,593 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/23 | 600,000 | | 658,158 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24 | 1,000,000 | | 1,128,890 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25 | 1,000,000 | | 1,157,070 | |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26 | 1,000,000 | | 1,177,790 | |
| California State Public Works Board Rev., 5.00%, 4/1/25 | 5,000,000 | | 5,314,350 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25 | 1,500,000 | | 1,700,370 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/26 | 1,500,000 | | 1,732,200 | |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1,000,000 | | 1,149,220 | |
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(1) | 2,385,000 | | 2,528,625 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/31(1) | 1,350,000 | | 1,527,215 | |
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(1) | 6,255,000 | | 6,988,711 | |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 8,000,000 | | 8,697,600 | |
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NATL)(2) | 2,530,000 | | 2,254,179 | |
| Foothill-Eastern Transportation Corridor Agency Rev., VRN, 5.50%, 1/15/53 | 4,000,000 | | 4,308,240 | |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22 | 2,500,000 | | 2,677,750 | |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24 | 2,500,000 | | 2,896,275 | |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/30 | 1,750,000 | | 1,933,015 | |
| Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/36 | 1,430,000 | | 1,456,655 | |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45 | 15,360,000 | | 16,339,200 | |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2,225,000 | | 2,494,625 | |
| Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 2,555,000 | | 2,823,377 | |
| Irvine Special Tax, 4.00%, 9/1/27 | 1,455,000 | | 1,607,324 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/26 | 1,485,000 | | 1,723,966 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/28 | 1,250,000 | | 1,439,925 | |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/29 | 1,060,000 | | 1,216,573 | |
| Kern County COP, 5.00%, 11/1/21 (AGM) | 2,875,000 | | 2,997,417 | |
| | | | | | | | |
| Principal Amount | Value |
| Metropolitan Water District of Southern California Rev., VRDN, 0.10%, 12/1/20 (SBBPA: PNC Bank N.A.) | $ | 2,690,000 | | $ | 2,690,000 | |
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 3,150,000 | | 3,477,852 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 | 1,025,000 | | 1,226,013 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/27 | 1,295,000 | | 1,543,342 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/28 | 1,000,000 | | 1,187,290 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/34 | 1,000,000 | | 1,171,860 | |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/35 | 800,000 | | 935,976 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/22 | 2,500,000 | | 2,693,600 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/23 | 2,500,000 | | 2,791,625 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/25 | 2,095,000 | | 2,489,426 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2,000,000 | | 2,437,000 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/28 | 3,500,000 | | 4,191,320 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3,325,000 | | 3,933,475 | |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2,125,000 | | 2,501,104 | |
Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(2) | 5,110,000 | | 3,222,264 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/22 | 325,000 | | 352,014 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/23 | 1,155,000 | | 1,305,162 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/24 | 620,000 | | 729,542 | |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/25 | 1,035,000 | | 1,265,505 | |
| San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 4,050,000 | | 4,287,978 | |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/29 | 6,000,000 | | 6,882,600 | |
| State of California GO, 5.00%, 12/1/26 | 3,955,000 | | 4,503,558 | |
| State of California GO, 5.00%, 2/1/27 | 10,000,000 | | 11,023,500 | |
| State of California GO, 5.00%, 11/1/27 | 5,000,000 | | 5,674,600 | |
| State of California GO, 5.00%, 2/1/28 | 10,000,000 | | 11,009,800 | |
| State of California GO, 4.00%, 9/1/32 | 5,000,000 | | 5,893,950 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/25 | 1,000,000 | | 1,208,310 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/27 | 1,200,000 | | 1,522,344 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/31 | 1,000,000 | | 1,310,490 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/35 | 1,330,000 | | 1,714,397 | |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/38 | 1,000,000 | | 1,276,990 | |
| | | | | | | | |
| Principal Amount | Value |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/40 | $ | 1,000,000 | | $ | 1,267,060 | |
| | 210,320,098 | |
| Colorado — 3.1% | | |
| Adams County COP, 5.00%, 12/1/25 | 2,720,000 | | 3,346,035 | |
| Adams County COP, 4.00%, 12/1/26 | 2,250,000 | | 2,619,405 | |
| Adams County COP, 4.00%, 12/1/27 | 1,310,000 | | 1,511,412 | |
| Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/43 | 3,000,000 | | 3,905,520 | |
| City & County of Denver Airport System Rev., 5.00%, 11/15/43 | 7,500,000 | | 8,197,575 | |
| Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/21 | 1,865,000 | | 1,891,483 | |
| Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/22 | 2,100,000 | | 2,194,983 | |
| Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/23 | 2,085,000 | | 2,249,319 | |
| Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/36 | 2,000,000 | | 2,268,920 | |
| Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/49 | 5,000,000 | | 6,283,100 | |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,000,000 | | 2,331,660 | |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,000,000 | | 2,397,140 | |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 2,000,000 | | 2,251,600 | |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/50 | 3,000,000 | | 3,311,550 | |
| Colorado Health Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,250,000 | | 1,398,512 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/21 | 325,000 | | 328,718 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/22 | 400,000 | | 414,116 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 800,000 | | 845,912 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/24 | 515,000 | | 555,737 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/25 | 350,000 | | 385,102 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/26 | 390,000 | | 436,874 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/27 | 400,000 | | 455,412 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/28 | 250,000 | | 287,198 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/29 | 2,160,000 | | 2,481,386 | |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/32 | 600,000 | | 689,274 | |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 2,000,000 | | 2,315,180 | |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 5.00%, 11/1/39 | 4,875,000 | | 6,074,396 | |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/28 | 690,000 | | 848,051 | |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/30 | 710,000 | | 863,197 | |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495,000 | | 596,975 | |
| | | | | | | | |
| Principal Amount | Value |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/40 | $ | 1,000,000 | | $ | 1,127,000 | |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/45 | 1,000,000 | | 1,118,740 | |
| Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 5,000,000 | | 5,836,650 | |
| Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/28 | 2,300,000 | | 2,654,936 | |
| Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/30 | 2,000,000 | | 2,285,680 | |
| Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/31 | 1,500,000 | | 1,706,385 | |
| E-470 Public Highway Authority Rev., 5.00%, 9/1/27 | 900,000 | | 1,153,782 | |
| E-470 Public Highway Authority Rev., 5.00%, 9/1/28 | 800,000 | | 1,047,024 | |
E-470 Public Highway Authority Rev., VRN, 0.52%, (67% of the
1-month LIBOR plus 0.42%), 9/1/39 | 3,000,000 | | 2,991,960 | |
E-470 Public Highway Authority Rev., VRN, 1.15%, (67% of the
1-month LIBOR plus 1.05%), 9/1/39 | 1,000,000 | | 1,000,700 | |
| Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500,000 | | 625,215 | |
| Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1,000,000 | | 1,278,140 | |
| Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750,000 | | 978,945 | |
| Jefferson County School District R-1 COP, 5.00%, 12/15/22 | 1,000,000 | | 1,095,120 | |
| Jefferson County School District R-1 COP, 5.00%, 12/15/23 | 200,000 | | 226,858 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/31 | 1,235,000 | | 1,571,957 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/34 | 1,465,000 | | 1,844,142 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/35 | 1,540,000 | | 1,932,469 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | 1,000,000 | | 1,164,240 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | 1,700,000 | | 2,113,984 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/38 | 1,785,000 | | 2,199,316 | |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/45 | 3,875,000 | | 4,459,117 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/21 | 1,400,000 | | 1,401,820 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/21 | 1,400,000 | | 1,401,820 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/22 | 1,400,000 | | 1,401,820 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/22 | 1,500,000 | | 1,501,950 | |
| Regional Transportation District Rev., (Denver Transit Partners LLC), 6.00%, 1/15/41 | 1,220,000 | | 1,224,124 | |
| South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/39 (AGM) | 700,000 | | 806,162 | |
| South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 750,000 | | 851,617 | |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/34 (BAM) | 500,000 | | 623,680 | |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/36 (BAM) | 400,000 | | 495,016 | |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/38 (BAM) | 620,000 | | 762,588 | |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/40 (BAM) | 325,000 | | 397,686 | |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/45 (BAM) | 1,850,000 | | 2,229,620 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/21 (AGM) | 155,000 | | 161,453 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/22 (AGM) | 165,000 | | 178,601 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/23 (AGM) | 190,000 | | 213,378 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/23 (AGM) | 120,000 | | 134,922 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/24 (AGM) | 200,000 | | 232,634 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/24 (AGM) | 135,000 | | 157,187 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/25 (AGM) | 180,000 | | 216,376 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/25 (AGM) | 125,000 | | 149,319 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 195,000 | | 240,611 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 135,000 | | 160,568 | |
| | | | | | | | |
| Principal Amount | Value |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/27 (AGM) | $ | 200,000 | | $ | 252,532 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/27 (AGM) | 130,000 | | 153,955 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 210,000 | | 270,751 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/28 (AGM) | 125,000 | | 147,453 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/29 (AGM) | 215,000 | | 282,297 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/29 (AGM) | 125,000 | | 146,879 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/30 (AGM) | 215,000 | | 280,930 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/30 (AGM) | 125,000 | | 146,525 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/31 (AGM) | 230,000 | | 298,995 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/31 (AGM) | 135,000 | | 157,843 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/32 (AGM) | 500,000 | | 645,735 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/32 (AGM) | 160,000 | | 186,475 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/33 (AGM) | 505,000 | | 649,551 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/34 (AGM) | 285,000 | | 365,980 | |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/35 (AGM) | 100,000 | | 127,968 | |
| | 123,204,923 | |
| Connecticut — 1.9% | | |
| Bridgeport GO, 5.00%, 7/15/26 (BAM) | 500,000 | | 611,110 | |
| Bridgeport GO, 5.00%, 8/15/26 | 3,000,000 | | 3,618,900 | |
| Bridgeport GO, 5.00%, 8/15/27 | 4,490,000 | | 5,518,389 | |
| Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600,000 | | 762,708 | |
| Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1,500,000 | | 1,880,850 | |
| Bridgeport GO, 5.00%, 2/1/31 (BAM) | 500,000 | | 630,585 | |
| Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1,280,000 | | 1,592,179 | |
| Bridgeport GO, 5.00%, 2/1/33 (BAM) | 1,000,000 | | 1,243,600 | |
| Bridgeport GO, 5.00%, 7/15/35 (BAM) | 1,000,000 | | 1,219,240 | |
| Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645,000 | | 784,030 | |
| Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1,730,000 | | 2,097,383 | |
| Bridgeport GO, 5.00%, 2/1/38 (BAM) | 1,000,000 | | 1,222,150 | |
| Bridgeport GO, 5.00%, 2/1/39 (BAM) | 1,470,000 | | 1,792,342 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/30 | 1,000,000 | | 1,196,570 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/32 | 1,030,000 | | 1,224,680 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/33 | 1,000,000 | | 1,185,880 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,000,000 | | 1,177,770 | |
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/28(1) | 990,000 | | 1,182,387 | |
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/30(1) | 285,000 | | 334,673 | |
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/31(1) | 1,065,000 | | 1,240,310 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Masonicare Corp. Obligated Group), 4.00%, 7/1/21 | 1,000,000 | | 1,008,290 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Masonicare Corp. Obligated Group), 5.00%, 7/1/22 | 2,665,000 | | 2,762,086 | |
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 2.75%, 1/1/26(1) | 650,000 | | 654,511 | |
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/30(1) | 500,000 | | 553,320 | |
| | | | | | | | |
| Principal Amount | Value |
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/45(1) | $ | 1,500,000 | | $ | 1,603,590 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 5.00%, 7/1/28 | 5,270,000 | | 6,337,596 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600,000 | | 730,296 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500,000 | | 606,265 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1,100,000 | | 1,327,733 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350,000 | | 419,979 | |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | 400,000 | | 478,984 | |
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22(1) | 2,640,000 | | 2,733,139 | |
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39(1) | 5,000,000 | | 5,437,150 | |
| New Haven GO, 5.00%, 8/1/23 (AGM) | 8,565,000 | | 9,445,054 | |
| State of Connecticut GO, 4.00%, 6/1/31 | 1,200,000 | | 1,495,848 | |
| State of Connecticut GO, 4.00%, 6/1/32 | 1,900,000 | | 2,345,892 | |
| State of Connecticut GO, 4.00%, 6/1/33 | 1,000,000 | | 1,223,660 | |
| State of Connecticut GO, 4.00%, 6/1/34 | 2,250,000 | | 2,740,365 | |
| State of Connecticut GO, 4.00%, 6/1/35 | 1,000,000 | | 1,214,590 | |
| State of Connecticut GO, 4.00%, 6/1/37 | 950,000 | | 1,143,790 | |
| State of Connecticut GO, 4.00%, 6/1/38 | 750,000 | | 899,625 | |
| State of Connecticut GO, 4.00%, 6/1/39 | 500,000 | | 598,270 | |
| State of Connecticut Special Tax Rev., 5.00%, 8/1/28 | 2,000,000 | | 2,391,560 | |
| | 78,667,329 | |
| District of Columbia — 0.9% | | |
| District of Columbia GO, 5.00%, 10/15/35 | 15,000,000 | | 19,682,700 | |
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/23(3) | 1,000,000 | | 1,107,580 | |
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/24(3) | 1,000,000 | | 1,152,750 | |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/25 | 1,750,000 | | 2,055,130 | |
| District of Columbia Water & Sewer Authority Rev., VRN, 1.75%, 10/1/54 | 3,785,000 | | 3,946,090 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/33 | 1,250,000 | | 1,573,300 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/34 | 1,250,000 | | 1,570,162 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/35 | 1,250,000 | | 1,443,150 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/36 | 1,250,000 | | 1,438,050 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/37 | 1,500,000 | | 1,719,390 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 | 1,000,000 | | 1,143,150 | |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/39 | 250,000 | | 285,203 | |
| | 37,116,655 | |
| Florida — 5.0% | | |
| Atlantic Beach Health Care Facilities Rev., (Naval Continuing Care Retirement Foundation Obligated Group), 3.00%, 11/15/23 | 3,800,000 | | 3,800,684 | |
| Broward County Airport System Rev., 5.00%, 10/1/24 | 2,750,000 | | 2,962,685 | |
| Broward County Airport System Rev., 5.00%, 10/1/25 | 1,000,000 | | 1,077,150 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25 | 500,000 | | 553,885 | |
| | | | | | | | |
| Principal Amount | Value |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26 | $ | 500,000 | | $ | 561,350 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 255,000 | | 290,157 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/29 | 1,000,000 | | 1,144,920 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30 | 500,000 | | 574,920 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31 | 500,000 | | 571,295 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/32 | 500,000 | | 569,940 | |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 500,000 | | 567,695 | |
| Citizens Property Insurance, Inc. Rev., 5.00%, 6/1/22 | 8,000,000 | | 8,561,280 | |
| Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 5,000,000 | | 5,443,650 | |
| Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | 750,000 | | 867,698 | |
| Florida Development Finance Corp. Rev., 5.00%, 6/15/40 | 1,650,000 | | 1,890,108 | |
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 4.00%, 9/15/30(1) | 470,000 | | 495,103 | |
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/40(1) | 1,050,000 | | 1,137,749 | |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/34 (AGM) | 1,250,000 | | 1,531,462 | |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/35 (AGM) | 1,270,000 | | 1,550,962 | |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/36 (AGM) | 1,600,000 | | 1,939,600 | |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/38 (AGM) | 1,000,000 | | 1,205,420 | |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/40 (AGM) | 1,000,000 | | 1,199,850 | |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/29 | 1,000,000 | | 1,180,810 | |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/30 | 750,000 | | 881,730 | |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/31 | 1,250,000 | | 1,464,975 | |
| Fort Myers Rev., 4.00%, 12/1/29 | 170,000 | | 194,602 | |
| Fort Myers Rev., 4.00%, 12/1/30 | 150,000 | | 170,967 | |
| Fort Myers Rev., 4.00%, 12/1/31 | 650,000 | | 738,894 | |
| Gainesville Utilities System Rev., 5.00%, 10/1/24 | 2,000,000 | | 2,358,620 | |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1,750,000 | | 2,063,512 | |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1,500,000 | | 1,625,565 | |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/26 (AGM) | 2,250,000 | | 2,624,377 | |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/27 (AGM) | 2,550,000 | | 2,969,041 | |
| Manatee County School District COP, 5.00%, 7/1/24 (BAM) | 875,000 | | 1,012,253 | |
| Manatee County School District COP, 5.00%, 7/1/25 (BAM) | 1,400,000 | | 1,679,202 | |
| Manatee County School District COP, 5.00%, 7/1/26 (BAM) | 750,000 | | 928,650 | |
| Manatee County School District COP, 5.00%, 7/1/27 (BAM) | 1,215,000 | | 1,490,198 | |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/37 | 2,500,000 | | 2,829,550 | |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/41 | 3,000,000 | | 3,035,340 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/27 | 1,500,000 | | 1,712,895 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/29 | 800,000 | | 907,192 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 1,610,000 | | 1,820,266 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 1,835,000 | | 2,074,651 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/31 | 1,000,000 | | 1,127,230 | |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/31 | 1,500,000 | | 1,690,845 | |
| | | | | | | | |
| Principal Amount | Value |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/37 | $ | 5,000,000 | | $ | 6,385,550 | |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/38 | 5,000,000 | | 6,370,200 | |
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | 1,065,000 | | 1,255,113 | |
| Monroe County School District Rev., 5.00%, 10/1/22 (AGM) | 400,000 | | 433,984 | |
| Monroe County School District Rev., 5.00%, 10/1/23 (AGM) | 500,000 | | 563,605 | |
| Monroe County School District Rev., 5.00%, 10/1/24 (AGM) | 500,000 | | 585,685 | |
| Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | 995,000 | | 1,102,838 | |
| Orlando Tourist Development Tax Rev., 5.00%, 11/1/31 (AGM) | 5,000,000 | | 6,227,500 | |
| Orlando Tourist Development Tax Rev., 5.00%, 11/1/32 (AGM) | 2,500,000 | | 3,103,325 | |
| Osceola County Transportation Rev., 5.00%, 10/1/32 | 400,000 | | 496,128 | |
| Osceola County Transportation Rev., 5.00%, 10/1/33 | 695,000 | | 857,616 | |
| Osceola County Transportation Rev., 5.00%, 10/1/34 | 250,000 | | 307,665 | |
| Osceola County Transportation Rev., 5.00%, 10/1/37 | 740,000 | | 900,084 | |
| Osceola County Transportation Rev., 5.00%, 10/1/38 | 700,000 | | 848,106 | |
| Osceola County Transportation Rev., 5.00%, 10/1/39 | 1,000,000 | | 1,207,530 | |
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/35(2) | 1,200,000 | | 780,312 | |
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/36(2) | 3,000,000 | | 1,873,980 | |
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/38(2) | 1,500,000 | | 865,275 | |
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/39(2) | 1,800,000 | | 997,524 | |
| Palm Beach County Health Facilities Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/41 | 1,250,000 | | 1,377,588 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/31 | 500,000 | | 643,950 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/32 | 500,000 | | 640,110 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/33 | 1,000,000 | | 1,274,280 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/34 | 600,000 | | 762,834 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/35 | 1,000,000 | | 1,267,760 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/36 | 1,000,000 | | 1,263,440 | |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/37 | 1,000,000 | | 1,259,790 | |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1,000,000 | | 1,106,020 | |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2,170,000 | | 2,389,430 | |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4,665,000 | | 5,122,450 | |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1,535,000 | | 1,680,856 | |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1,000,000 | | 1,093,200 | |
| Pasco County School Board COP, VRN, 0.86%, (MUNIPSA plus 0.75%), 8/1/32 | 3,500,000 | | 3,501,890 | |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 1,200,000 | | 1,337,052 | |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 14,165,000 | | 16,160,424 | |
| | | | | | | | |
| Principal Amount | Value |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | $ | 1,350,000 | | $ | 1,447,065 | |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | 1,000,000 | | 1,065,500 | |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2,000,000 | | 2,124,940 | |
| School District of Broward County COP, 5.00%, 7/1/26 | 2,170,000 | | 2,320,837 | |
| South Florida Water Management District COP, 5.00%, 10/1/28 | 3,000,000 | | 3,651,270 | |
| South Florida Water Management District COP, 5.00%, 10/1/30 | 3,305,000 | | 3,987,945 | |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/36 | 800,000 | | 905,848 | |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/41 | 1,000,000 | | 1,119,290 | |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | 1,110,000 | | 1,345,031 | |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2,355,000 | | 2,848,278 | |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | 3,995,000 | | 4,817,730 | |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1,000,000 | | 1,091,930 | |
Village Community Development District No. 12 Special Assessment, 3.25%, 5/1/23(1) | 630,000 | | 643,161 | |
Village Community Development District No. 12 Special Assessment, 3.80%, 5/1/28(1) | 2,180,000 | | 2,352,939 | |
Village Community Development District No. 12 Special Assessment, 4.00%, 5/1/33(1) | 1,945,000 | | 2,127,499 | |
| Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/24 | 500,000 | | 508,820 | |
Village Community Development District No. 13 Special Assessment, 1.875%, 5/1/25(1) | 1,000,000 | | 1,010,180 | |
| Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/29 | 1,000,000 | | 1,050,410 | |
Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/30(1) | 1,765,000 | | 1,810,555 | |
| Village Community Development District No. 13 Special Assessment, 3.375%, 5/1/34 | 3,250,000 | | 3,443,602 | |
Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/35(1) | 2,320,000 | | 2,379,021 | |
Village Community Development District No. 13 Special Assessment, 3.25%, 5/1/40(1) | 2,500,000 | | 2,561,325 | |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1,000,000 | | 1,248,880 | |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1,200,000 | | 1,489,188 | |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1,045,000 | | 1,273,406 | |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1,095,000 | | 1,330,907 | |
| | 201,077,579 | |
| Georgia — 2.4% | | |
| Atlanta Tax Allocation, 5.00%, 1/1/21 | 200,000 | | 200,666 | |
| Atlanta Tax Allocation, 5.00%, 1/1/21 | 750,000 | | 752,498 | |
| Atlanta Tax Allocation, 5.00%, 12/1/23 | 2,000,000 | | 2,218,420 | |
| Atlanta Tax Allocation, 5.00%, 12/1/24 | 900,000 | | 1,030,041 | |
| Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/36 | 10,000,000 | | 12,816,600 | |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/33 | 1,500,000 | | 1,872,570 | |
| | | | | | | | |
| Principal Amount | Value |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/34 | $ | 1,785,000 | | $ | 2,215,649 | |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/35 | 1,750,000 | | 2,164,820 | |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1,100,000 | | 1,409,298 | |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1,000,000 | | 1,254,530 | |
| Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/35 (GA: Macquarie Group Ltd.) | 2,000,000 | | 2,768,660 | |
| Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/36 (GA: Macquarie Group Ltd.) | 2,500,000 | | 3,494,850 | |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 4/1/48 (LIQ FAC: Royal Bank of Canada) | 12,500,000 | | 13,640,625 | |
| Main Street Natural Gas, Inc. Rev., VRN, 0.68%, (MUNIPSA plus 0.57%), 8/1/48 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | | 10,026,700 | |
| Main Street Natural Gas, Inc. Rev., VRN, 0.93%, (67% of the 1-month LIBOR plus 0.83%), 8/1/48 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | | 10,036,900 | |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 8/1/49 (GA: TD Bank N.A.) | 6,000,000 | | 6,842,280 | |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 20,000,000 | | 23,365,200 | |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 5.00%, 4/1/44 | 1,500,000 | | 1,635,315 | |
| | 97,745,622 | |
| Guam — 0.1% | | |
| Guam Government Department of Education COP, 6.875%, 12/1/40 | 1,500,000 | | 1,500,000 | |
| 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 | | 1,082,630 | |
| | 4,751,550 | |
| Hawaii — 0.5% | | |
| State of Hawaii GO, 5.00%, 8/1/23 | 2,305,000 | | 2,593,770 | |
| State of Hawaii GO, 5.00%, 1/1/35 | 8,000,000 | | 10,369,440 | |
| State of Hawaii GO, 5.00%, 1/1/36 | 7,000,000 | | 9,044,350 | |
| | 22,007,560 | |
| Idaho — 0.1% | | |
| Idaho Housing & Finance Association Rev., 5.00%, 7/15/29 | 3,000,000 | | 3,079,200 | |
| Illinois — 12.2% | | |
| Adams County School District No. 172 GO, 5.00%, 2/1/24 (BAM) | 1,030,000 | | 1,166,763 | |
| Adams County School District No. 172 GO, 5.00%, 2/1/24 (AGM) | 1,175,000 | | 1,331,017 | |
| Adams County School District No. 172 GO, 5.00%, 2/1/25 (BAM) | 1,000,000 | | 1,173,740 | |
| Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1,000,000 | | 1,217,750 | |
| Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1,670,000 | | 2,014,788 | |
| Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1,000,000 | | 1,118,340 | |
| Chicago GO, 5.00%, 1/1/30 | 6,600,000 | | 7,385,664 | |
| Chicago GO, 5.25%, 1/1/32 | 5,000,000 | | 5,251,500 | |
| Chicago GO, 6.00%, 1/1/38 | 5,000,000 | | 5,647,000 | |
| Chicago Board of Education GO, 5.00%, 12/1/27 (AGM) | 15,000,000 | | 18,642,900 | |
| Chicago Board of Education GO, 5.00%, 12/1/33 (AGM) | 1,250,000 | | 1,528,425 | |
| Chicago Midway International Airport Rev., 5.00%, 1/1/21 | 800,000 | | 802,976 | |
| Chicago Midway International Airport Rev., 5.00%, 1/1/22 | 600,000 | | 629,928 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/23 | 1,500,000 | | 1,644,075 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/24 | 4,000,000 | | 4,560,760 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/29 | 9,200,000 | | 10,735,296 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 2,250,000 | | 2,799,292 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 3,000,000 | | 3,720,630 | |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 3,250,000 | | 4,020,607 | |
| Chicago Transit Authority Rev., 5.00%, 6/1/22 | 3,000,000 | | 3,189,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Chicago Transit Authority Rev., 5.00%, 6/1/23 | $ | 4,150,000 | | $ | 4,583,135 | |
| Chicago Transit Authority Rev., 5.00%, 6/1/24 | 1,000,000 | | 1,143,170 | |
| Chicago Transit Authority Rev., 5.00%, 6/1/25 | 2,000,000 | | 2,365,460 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3,245,000 | | 3,973,470 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 1,100,000 | | 1,234,387 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3,420,000 | | 4,175,957 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 3,555,000 | | 4,330,417 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 1,000,000 | | 1,119,900 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/32 | 1,000,000 | | 1,119,250 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/34 | 755,000 | | 867,873 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/35 | 755,000 | | 867,223 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 2,300,000 | | 2,553,552 | |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 1,510,000 | | 1,722,789 | |
| Chicago Waterworks Rev., 5.00%, 11/1/23 | 3,750,000 | | 4,187,437 | |
| Chicago Waterworks Rev., 5.00%, 11/1/24 | 10,000,000 | | 11,556,600 | |
| Chicago Waterworks Rev., 5.00%, 11/1/25 | 5,000,000 | | 5,967,800 | |
| Chicago Waterworks Rev., 5.00%, 11/1/26 | 2,000,000 | | 2,449,820 | |
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 2,250,000 | | 2,766,825 | |
| Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1,570,000 | | 1,921,005 | |
| Chicago Waterworks Rev., 5.00%, 11/1/39 | 2,550,000 | | 2,870,815 | |
| Cook County GO, 5.00%, 11/15/21 | 600,000 | | 623,286 | |
| Cook County GO, 5.00%, 11/15/25 | 3,600,000 | | 4,269,420 | |
| Cook County GO, 5.00%, 11/15/27 | 2,800,000 | | 3,374,476 | |
| Cook County GO, 5.00%, 11/15/28 | 1,000,000 | | 1,198,490 | |
| Cook County GO, 5.00%, 11/15/29 | 3,270,000 | | 3,909,612 | |
| Cook County GO, 5.00%, 11/15/31 | 2,350,000 | | 2,789,990 | |
| Cook County GO, 5.00%, 11/15/34 | 2,000,000 | | 2,354,020 | |
| Cook County GO, 5.00%, 11/15/35 | 1,800,000 | | 2,113,614 | |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/23 (BAM) | 1,000,000 | | 1,129,720 | |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/25 (BAM) | 1,800,000 | | 2,120,922 | |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/27 (BAM) | 1,190,000 | | 1,399,059 | |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/22 (BAM) | 2,000,000 | | 2,162,780 | |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/23 (BAM) | 3,000,000 | | 3,364,380 | |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/24 (BAM) | 4,000,000 | | 4,644,120 | |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/24 (BAM) | 2,475,000 | | 2,889,488 | |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/25 (BAM) | 1,115,000 | | 1,346,396 | |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | 1,150,000 | | 1,426,564 | |
| Decatur GO, 5.00%, 3/1/24 (AGM) | 1,000,000 | | 1,134,830 | |
| Decatur GO, 5.00%, 3/1/25 (AGM) | 1,045,000 | | 1,228,617 | |
| Decatur GO, 5.00%, 3/1/26 (AGM) | 1,000,000 | | 1,213,740 | |
| Decatur GO, 5.00%, 3/1/27 (AGM) | 1,080,000 | | 1,316,434 | |
| Decatur GO, 5.00%, 3/1/28 (AGM) | 1,205,000 | | 1,466,027 | |
| Decatur GO, 5.00%, 3/1/29 (AGM) | 1,265,000 | | 1,536,115 | |
| Decatur GO, 5.00%, 3/1/30 (AGM) | 1,330,000 | | 1,611,228 | |
| Decatur GO, 5.00%, 3/1/31 (AGM) | 1,395,000 | | 1,684,407 | |
| Decatur GO, 5.00%, 3/1/33 (AGM) | 1,545,000 | | 1,843,664 | |
| | | | | | | | |
| Principal Amount | Value |
| Governors State University COP, 5.00%, 7/1/22 (BAM) | $ | 320,000 | | $ | 339,811 | |
| Governors State University COP, 5.00%, 7/1/23 (BAM) | 400,000 | | 439,428 | |
| Governors State University COP, 5.00%, 7/1/24 (BAM) | 400,000 | | 454,200 | |
| Governors State University COP, 5.00%, 7/1/25 (BAM) | 400,000 | | 468,684 | |
| Governors State University COP, 5.00%, 7/1/26 (BAM) | 350,000 | | 421,432 | |
| Governors State University COP, 5.00%, 7/1/27 (BAM) | 395,000 | | 486,249 | |
| Governors State University COP, 5.00%, 7/1/28 (BAM) | 750,000 | | 916,410 | |
| Illinois Finance Authority Rev., (Advocate Health Care Network Obligated Group), 5.00%, 5/1/22 | 330,000 | | 350,361 | |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7,600,000 | | 8,580,248 | |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 5.00%, 2/15/41 | 1,500,000 | | 1,807,530 | |
| Illinois Finance Authority Rev., (Carle Foundation Obligated Group), 6.00%, 8/15/41 | 2,000,000 | | 2,063,840 | |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1,000,000 | | 991,160 | |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2,000,000 | | 1,920,860 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1,085,000 | | 1,238,104 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500,000 | | 576,635 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315,000 | | 358,716 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500,000 | | 566,865 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570,000 | | 643,616 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 500,000 | | 561,640 | |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1,500,000 | | 1,667,400 | |
| Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/31 | 750,000 | | 848,790 | |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/32 | 2,370,000 | | 3,014,427 | |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/33 | 2,055,000 | | 2,599,801 | |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/34 | 4,370,000 | | 5,511,750 | |
| Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/24 | 2,000,000 | | 2,326,340 | |
| Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/26 | 2,715,000 | | 3,274,263 | |
| Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 4.00%, 12/1/30 | 5,000,000 | | 5,541,150 | |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/24 | 245,000 | | 270,394 | |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/25 | 700,000 | | 790,279 | |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325,000 | | 373,357 | |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690,000 | | 785,199 | |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750,000 | | 831,188 | |
| Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,475,000 | | 6,349,248 | |
| Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,000,000 | | 5,798,400 | |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 | 10,000,000 | | 13,375,400 | |
| | | | | | | | |
| Principal Amount | Value |
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/22(3) | $ | 825,000 | | $ | 890,365 | |
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/23(3) | 1,000,000 | | 1,124,400 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 1,250,000 | | 1,608,738 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/29 | 1,550,000 | | 1,979,489 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 3,000,000 | | 4,027,650 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1,000,000 | | 1,266,710 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 2,500,000 | | 3,329,675 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1,000,000 | | 1,261,690 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/33 | 1,200,000 | | 1,499,772 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/34 | 2,500,000 | | 3,114,750 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/36 | 15,200,000 | | 17,511,616 | |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/39 | 2,500,000 | | 2,784,425 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/28 (AGM) | 770,000 | | 911,634 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/30 (AGM) | 450,000 | | 526,487 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/33 (AGM) | 250,000 | | 288,275 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/34 (AGM) | 200,000 | | 230,272 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/38 (AGM) | 580,000 | | 653,335 | |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/39 (AGM) | 550,000 | | 618,453 | |
| Northern Illinois University Rev., 5.00%, 4/1/29 (BAM) | 1,025,000 | | 1,306,650 | |
| Northern Illinois University Rev., 5.00%, 4/1/31 (BAM) | 1,075,000 | | 1,386,417 | |
| Northern Illinois University Rev., 5.00%, 4/1/33 (BAM) | 1,400,000 | | 1,780,506 | |
| Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) | 1,000,000 | | 1,152,660 | |
| Northern Illinois University Rev., 4.00%, 4/1/37 (BAM) | 1,425,000 | | 1,630,898 | |
| Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/21 | 10,000,000 | | 10,241,200 | |
| Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 5,000,000 | | 5,336,400 | |
| Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/27 | 3,000,000 | | 3,663,120 | |
| Springfield Electric Rev., 5.00%, 3/1/21 | 1,000,000 | | 1,011,350 | |
| Springfield Electric Rev., 5.00%, 3/1/22 | 1,750,000 | | 1,848,910 | |
| Springfield Electric Rev., 5.00%, 3/1/23 | 1,245,000 | | 1,368,081 | |
| Springfield Electric Rev., 5.00%, 3/1/24 | 2,000,000 | | 2,280,740 | |
| State of Illinois GO, 5.00%, 5/1/22 | 5,000,000 | | 5,215,150 | |
| State of Illinois GO, 5.00%, 11/1/23 | 5,000,000 | | 5,279,150 | |
| State of Illinois GO, 5.00%, 10/1/24 | 3,000,000 | | 3,243,810 | |
| State of Illinois GO, 5.00%, 11/1/24 | 12,715,000 | | 13,627,047 | |
| State of Illinois GO, 5.00%, 11/1/25 | 3,000,000 | | 3,260,730 | |
| State of Illinois GO, 5.00%, 2/1/26 | 4,000,000 | | 4,399,960 | |
| State of Illinois GO, 5.00%, 11/1/27 | 15,000,000 | | 16,549,950 | |
| State of Illinois GO, 5.125%, 12/1/29 | 17,000,000 | | 18,847,900 | |
| State of Illinois GO, 5.50%, 5/1/30 | 2,500,000 | | 2,916,525 | |
| State of Illinois GO, 5.00%, 10/1/33 | 2,100,000 | | 2,295,846 | |
| State of Illinois GO, 5.50%, 7/1/38 | 5,000,000 | | 5,225,600 | |
| State of Illinois GO, 5.00%, 2/1/39 | 3,000,000 | | 3,108,960 | |
| State of Illinois GO, 5.00%, 5/1/39 | 6,080,000 | | 6,316,026 | |
| State of Illinois GO, 5.50%, 5/1/39 | 1,475,000 | | 1,664,832 | |
| State of Illinois GO, 5.00%, 12/1/39 | 5,000,000 | | 5,343,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/30 | $ | 1,275,000 | | $ | 1,584,455 | |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/31 | 1,560,000 | | 1,916,678 | |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/32 | 1,110,000 | | 1,355,765 | |
| Village of Bellwood GO, 5.00%, 12/1/21 (AGM) | 1,000,000 | | 1,044,710 | |
| Village of Bellwood GO, 5.00%, 12/1/22 (AGM) | 1,050,000 | | 1,126,566 | |
| Village of Bellwood GO, 5.00%, 12/1/23 (AGM) | 1,000,000 | | 1,108,590 | |
| Village of Bellwood GO, 5.00%, 12/1/24 (AGM) | 800,000 | | 914,920 | |
| Village of Bellwood GO, 5.00%, 12/1/25 (AGM) | 1,500,000 | | 1,766,115 | |
| Village of Bellwood GO, 5.00%, 12/1/26 (AGM) | 1,000,000 | | 1,204,150 | |
| Village of Bellwood GO, 5.00%, 12/1/28 (AGM) | 1,000,000 | | 1,233,250 | |
| Village of Crestwood GO, 4.00%, 12/15/20 (BAM) | 835,000 | | 836,035 | |
| Village of Crestwood GO, 4.00%, 12/15/22 (BAM) | 600,000 | | 639,078 | |
| Village of Crestwood GO, 5.00%, 12/15/24 (BAM) | 750,000 | | 845,625 | |
| Village of Crestwood GO, 5.00%, 12/15/26 (BAM) | 1,000,000 | | 1,122,040 | |
| Village of Crestwood GO, 5.00%, 12/15/28 (BAM) | 905,000 | | 1,011,111 | |
| Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/36 | 2,075,000 | | 2,247,329 | |
| Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/39 | 2,250,000 | | 2,426,265 | |
| Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2,250,000 | | 2,317,477 | |
| Western Illinois University Rev., 4.00%, 4/1/27 (BAM) | 1,390,000 | | 1,610,593 | |
| Western Illinois University Rev., 4.00%, 4/1/28 (BAM) | 1,455,000 | | 1,702,641 | |
| Western Illinois University Rev., 4.00%, 4/1/29 (BAM) | 1,565,000 | | 1,853,962 | |
| Western Illinois University Rev., 5.00%, 4/1/31 (BAM) | 1,100,000 | | 1,401,180 | |
| Western Illinois University Rev., 4.00%, 4/1/32 (BAM) | 1,000,000 | | 1,179,390 | |
| Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/22 (AGM) | 700,000 | | 717,913 | |
| Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/34 (AGM) | 650,000 | | 730,178 | |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/27 (AGM) | 6,280,000 | | 7,653,750 | |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/32 (AGM) | 1,390,000 | | 1,531,321 | |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/35 (AGM) | 1,000,000 | | 1,091,050 | |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/36 (AGM) | 1,365,000 | | 1,484,042 | |
| | 490,637,243 | |
| Indiana — 1.2% | | |
| Indiana Finance Authority Rev., 5.00%, 2/1/23 | 1,735,000 | | 1,912,178 | |
| Indiana Finance Authority Rev., 5.00%, 2/1/24 | 2,200,000 | | 2,522,674 | |
| Indiana Finance Authority Rev., 5.00%, 2/1/26 | 3,030,000 | | 3,676,663 | |
| Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1,120,000 | | 1,358,717 | |
| Indiana Finance Authority Rev., 5.25%, 2/1/27 | 2,000,000 | | 2,437,960 | |
| Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2,005,000 | | 2,423,664 | |
| Indiana Finance Authority Rev., 5.00%, 2/1/29 | 2,500,000 | | 3,012,350 | |
| Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/23 | 2,645,000 | | 2,753,048 | |
| Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/24 | 3,025,000 | | 3,148,329 | |
| Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/25 | 1,750,000 | | 1,820,752 | |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1,880,000 | | 2,205,259 | |
| | | | | | | | |
| Principal Amount | Value |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | $ | 1,000,000 | | $ | 1,165,570 | |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1,030,000 | | 1,193,677 | |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1,050,000 | | 1,211,417 | |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 0.39%, (MUNIPSA plus 0.28%), 12/1/46 | 5,000,000 | | 5,000,000 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/22 | 1,300,000 | | 1,379,391 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/24 | 1,000,000 | | 1,099,650 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/25 | 1,150,000 | | 1,259,940 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/27 | 1,250,000 | | 1,361,375 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/29 | 1,465,000 | | 1,590,389 | |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/31 | 1,250,000 | | 1,354,638 | |
| Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRN, 0.66%, (MUNIPSA plus 0.55%), 11/1/39 | 4,845,000 | | 4,857,258 | |
| | 48,744,899 | |
| Iowa — 0.1% | | |
| Iowa Finance Authority Rev., (Iowa Health System Obligated Group), VRDN, 0.09%, 12/1/20 (LOC: TD Bank N.A.) | 3,700,000 | | 3,700,000 | |
Kansas† | | |
| Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/21 | 800,000 | | 827,976 | |
| Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/23 | 895,000 | | 1,006,884 | |
| | 1,834,860 | |
| Kentucky — 2.6% | | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/21 | 535,000 | | 537,151 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/28 | 600,000 | | 713,028 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/29 | 265,000 | | 318,546 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/32 | 900,000 | | 1,074,384 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/33 | 580,000 | | 628,065 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/34 | 500,000 | | 539,415 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/35 | 465,000 | | 500,656 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/36 | 380,000 | | 407,683 | |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/38 | 745,000 | | 794,259 | |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | 1,915,000 | | 2,105,791 | |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3,665,000 | | 4,092,705 | |
| Kenton County Airport Board Rev., 5.00%, 1/1/23 | 825,000 | | 900,628 | |
| Kenton County Airport Board Rev., 5.00%, 1/1/24 | 750,000 | | 850,448 | |
| Kenton County Airport Board Rev., 5.00%, 1/1/26 | 1,330,000 | | 1,615,737 | |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/21 | 750,000 | | 760,703 | |
| | | | | | | | |
| Principal Amount | Value |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/22 | $ | 1,000,000 | | $ | 1,042,370 | |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/23 | 1,620,000 | | 1,732,801 | |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/24 | 2,000,000 | | 2,191,940 | |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1,350,000 | | 1,514,092 | |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 10,000,000 | | 11,084,300 | |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 15,000,000 | | 16,896,900 | |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 17,000,000 | | 19,353,990 | |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 14,750,000 | | 16,806,740 | |
| Kentucky State Property & Building Commission Rev., 5.00%, 5/1/31 (BAM) | 2,000,000 | | 2,531,960 | |
| Kentucky State Property & Building Commission Rev., 5.00%, 5/1/33 (BAM) | 1,750,000 | | 2,205,665 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/24 (AGM) | 1,500,000 | | 1,747,110 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/25 (AGM) | 1,500,000 | | 1,805,325 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1,100,000 | | 1,358,709 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2,000,000 | | 2,455,600 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2,245,000 | | 2,734,073 | |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 1,500,000 | | 1,810,110 | |
| | 103,110,884 | |
| Louisiana — 1.8% | | |
| Greater Ouachita Water Co. Rev., 5.00%, 9/1/29 (BAM) | 500,000 | | 656,560 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM) | 400,000 | | 487,532 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/31 (BAM) | 500,000 | | 606,340 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/32 (BAM) | 1,000,000 | | 1,205,150 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/33 (BAM) | 500,000 | | 599,750 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/34 (BAM) | 500,000 | | 598,410 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/35 (BAM) | 500,000 | | 596,605 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/36 (BAM) | 350,000 | | 416,154 | |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/37 (BAM) | 250,000 | | 296,378 | |
| Jefferson Sales Tax District Rev., 4.00%, 12/1/36 (AGM) | 6,745,000 | | 8,040,242 | |
| Jefferson Sales Tax District Rev., 4.00%, 12/1/37 (AGM) | 5,000,000 | | 5,943,400 | |
| Jefferson Sales Tax District Rev., 4.00%, 12/1/38 (AGM) | 5,000,000 | | 5,927,000 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2,010,000 | | 2,368,021 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/48 (AGM) | 5,765,000 | | 6,745,108 | |
Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/25, Prerefunded at 100% of Par(3) | 6,000,000 | | 7,302,420 | |
| Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/29 | 990,000 | | 1,191,208 | |
| Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/30 | 990,000 | | 1,186,168 | |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 3,250,000 | | 3,513,867 | |
| New Orleans GO, 5.00%, 12/1/21 | 6,000,000 | | 6,282,420 | |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500,000 | | 613,445 | |
| | | | | | | | |
| Principal Amount | Value |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | $ | 800,000 | | $ | 1,016,656 | |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350,000 | | 442,376 | |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1,100,000 | | 1,383,162 | |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1,200,000 | | 1,499,436 | |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1,200,000 | | 1,487,832 | |
| New Orleans Sewerage Service Rev., 5.00%, 6/1/21 | 400,000 | | 408,784 | |
| New Orleans Sewerage Service Rev., 5.00%, 6/1/23 | 250,000 | | 277,078 | |
| New Orleans Sewerage Service Rev., 5.00%, 6/1/24 | 200,000 | | 230,128 | |
Regional Transit Authority Rev., 5.00%, 12/1/20 (AGM)(3) | 1,250,000 | | 1,250,000 | |
| Shreveport Water & Sewer Rev., 4.00%, 12/1/37 (AGM) | 790,000 | | 929,411 | |
| St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 1,450,000 | | 1,465,529 | |
| St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/37 | 9,000,000 | | 9,159,120 | |
| | 74,125,690 | |
| Maryland — 1.6% | | |
| Baltimore Rev., 4.25%, 6/1/26 | 1,750,000 | | 1,841,945 | |
| Baltimore Rev., 4.00%, 9/1/27 | 625,000 | | 653,794 | |
| Baltimore Rev., 4.75%, 6/1/31 | 1,500,000 | | 1,576,935 | |
| Baltimore Rev., 5.00%, 9/1/38 | 1,600,000 | | 1,696,608 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/34 | 2,500,000 | | 3,083,325 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/34 | 2,275,000 | | 2,805,826 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/35 | 1,750,000 | | 2,152,535 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/35 | 3,310,000 | | 4,071,366 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/36 | 2,675,000 | | 3,271,578 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/36 | 1,440,000 | | 1,761,149 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/37 | 1,500,000 | | 1,828,965 | |
| Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/37 | 1,465,000 | | 1,786,289 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/35 | 600,000 | | 667,032 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/36 | 650,000 | | 720,655 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/37 | 750,000 | | 827,918 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/38 | 700,000 | | 771,050 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/39 | 1,000,000 | | 1,098,510 | |
| Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/40 | 725,000 | | 794,694 | |
| Maryland Economic Development Corp. Rev., 4.00%, 7/1/24 (AGM) | 300,000 | | 329,373 | |
| Maryland Economic Development Corp. Rev., 4.00%, 7/1/25 (AGM) | 330,000 | | 370,877 | |
| Maryland Economic Development Corp. Rev., 4.00%, 7/1/26 (AGM) | 375,000 | | 429,611 | |
| Maryland Economic Development Corp. Rev., 5.00%, 6/1/35 (AGM) | 1,230,000 | | 1,426,739 | |
| Maryland Economic Development Corp. Rev., 5.00%, 6/1/43 (AGM) | 1,000,000 | | 1,143,140 | |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500,000 | | 578,395 | |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2,000,000 | | 2,294,220 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200,000 | | 206,682 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175,000 | | 181,102 | |
| | | | | | | | |
| Principal Amount | Value |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | $ | 120,000 | | $ | 124,140 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130,000 | | 133,736 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175,000 | | 179,029 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250,000 | | 254,335 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300,000 | | 304,185 | |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325,000 | | 328,071 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.00%, 1/1/21 | 500,000 | | 501,345 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3,585,000 | | 4,085,143 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/32 | 460,000 | | 522,574 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/34 | 675,000 | | 762,426 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Maryland Institute College of Art), 5.00%, 6/1/42 | 1,000,000 | | 1,112,040 | |
| Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4,700,000 | | 5,016,874 | |
| Maryland Stadium Authority Rev., 5.00%, 5/1/22 | 1,480,000 | | 1,578,716 | |
| Maryland Stadium Authority Rev., 5.00%, 5/1/26 | 2,550,000 | | 3,153,253 | |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/21 | 1,850,000 | | 1,858,880 | |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/22 | 1,945,000 | | 1,980,730 | |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/23 | 2,045,000 | | 2,106,964 | |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/24 | 2,150,000 | | 2,236,043 | |
| | 64,608,797 | |
| Massachusetts — 2.0% | | |
| Massachusetts GO, 5.00%, 1/1/37 | 10,000,000 | | 12,941,800 | |
| Massachusetts GO, VRN, 1.70%, 8/1/43 | 5,500,000 | | 5,622,155 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/22 | 570,000 | | 594,755 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/23 | 400,000 | | 433,104 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/25 | 525,000 | | 607,115 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/26 | 550,000 | | 654,819 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/28 | 4,540,000 | | 5,576,300 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4,120,000 | | 4,972,222 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5,005,000 | | 6,009,203 | |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 475,000 | | 557,626 | |
| | | | | | | | |
| Principal Amount | Value |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/23(1) | $ | 125,000 | | $ | 135,941 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/24(1) | 130,000 | | 145,296 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/25(1) | 125,000 | | 143,535 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/26(1) | 160,000 | | 187,416 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/27(1) | 160,000 | | 190,194 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/28(1) | 170,000 | | 204,456 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/29(1) | 300,000 | | 363,987 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30(1) | 325,000 | | 397,436 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/31(1) | 350,000 | | 422,447 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/32(1) | 400,000 | | 479,772 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/33(1) | 315,000 | | 375,858 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/34(1) | 300,000 | | 357,015 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/35(1) | 275,000 | | 326,318 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/36(1) | 465,000 | | 549,760 | |
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/37(1) | 245,000 | | 288,745 | |
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1) | 1,850,000 | | 1,989,324 | |
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(1) | 1,000,000 | | 1,069,700 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/31 | 620,000 | | 760,176 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/32 | 775,000 | | 942,803 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/33 | 775,000 | | 936,223 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/34 | 550,000 | | 661,331 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/35 | 470,000 | | 563,680 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/36 | 445,000 | | 533,061 | |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/37 | 605,000 | | 722,092 | |
| Massachusetts Development Finance Agency Rev., (Trustees of Boston University), VRN, 5.00%, 10/1/42 | 5,000,000 | | 5,625,450 | |
| Massachusetts Development Finance Agency Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/41 | 1,850,000 | | 2,145,870 | |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/32 | 1,875,000 | | 2,287,256 | |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/34 | 1,330,000 | | 1,606,707 | |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 | 1,300,000 | | 1,522,300 | |
| | | | | | | | |
| Principal Amount | Value |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | $ | 6,670,000 | | $ | 7,759,144 | |
| Massachusetts Health & Educational Facilities Authority Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/21 | 1,050,000 | | 1,053,497 | |
| Massachusetts Port Authority Rev., 4.00%, 7/1/22 | 2,655,000 | | 2,810,211 | |
Massachusetts School Building Authority Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(3) | 3,575,000 | | 3,867,828 | |
| | 79,393,928 | |
| Michigan — 2.6% | | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/24 | 870,000 | | 963,821 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/25 | 1,470,000 | | 1,675,903 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1,575,000 | | 1,838,340 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1,655,000 | | 1,970,939 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1,825,000 | | 2,134,885 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1,970,000 | | 2,247,297 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | 1,830,000 | | 2,082,284 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2,445,000 | | 2,770,552 | |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2,565,000 | | 2,891,473 | |
| Detroit City School District GO, 5.00%, 5/1/28 (Q-SBLF) | 6,500,000 | | 6,912,100 | |
| Detroit City School District GO, 5.00%, 5/1/31 (Q-SBLF) | 5,000,000 | | 5,314,800 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/21 (AGM) | 200,000 | | 205,080 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM) | 300,000 | | 320,880 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM) | 500,000 | | 534,800 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM) | 400,000 | | 444,736 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM) | 850,000 | | 979,413 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM) | 750,000 | | 864,188 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM) | 550,000 | | 630,575 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM) | 500,000 | | 573,250 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/26 (AGM) | 600,000 | | 687,216 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/27 (AGM) | 1,250,000 | | 1,428,362 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/28 (AGM) | 1,600,000 | | 1,823,456 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/30 (AGM) | 1,255,000 | | 1,424,576 | |
| Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/31 (AGM) | 1,625,000 | | 1,841,499 | |
Detroit Water Supply System Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/21, Prerefunded at 100% of Par(3) | 1,000,000 | | 1,028,190 | |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.625%, 5/15/25 | 1,150,000 | | 1,151,989 | |
| | | | | | | | |
| Principal Amount | Value |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/43 | $ | 1,125,000 | | $ | 1,211,884 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/21 (AGM
Q-SBLF) | 1,000,000 | | 1,019,000 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/22 (AGM
Q-SBLF) | 500,000 | | 532,320 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/23 (AGM
Q-SBLF) | 1,000,000 | | 1,113,210 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/24 (AGM
Q-SBLF) | 1,000,000 | | 1,159,250 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/25 (AGM
Q-SBLF) | 1,000,000 | | 1,197,740 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM
Q-SBLF) | 1,480,000 | | 1,783,592 | |
Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM
Q-SBLF) | 1,630,000 | | 1,962,455 | |
| Michigan Finance Authority Rev., 5.00%, 10/1/27 | 3,030,000 | | 3,537,646 | |
| Michigan Finance Authority Rev., 5.00%, 10/1/28 | 3,465,000 | | 4,038,804 | |
| Michigan Finance Authority Rev., (Beaumont Health Obligated Group), 4.00%, 11/1/46 | 5,000,000 | | 5,425,450 | |
| Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/33 | 2,000,000 | | 2,281,580 | |
| Michigan Finance Authority Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/34 | 1,500,000 | | 1,708,920 | |
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(3) | 1,000,000 | | 1,158,460 | |
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(3) | 1,400,000 | | 1,621,844 | |
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(3) | 1,250,000 | | 1,448,075 | |
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(3) | 1,565,000 | | 1,812,990 | |
| Michigan State Building Authority Rev., 5.00%, 4/15/25 | 1,750,000 | | 2,103,587 | |
| Michigan State Building Authority Rev., 5.00%, 4/15/26 | 750,000 | | 934,305 | |
| Michigan Strategic Fund Rev., (DTE Electric Co.), VRN, 1.45%, 8/1/29 | 1,375,000 | | 1,380,101 | |
| Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1,080,000 | | 1,233,846 | |
| Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2,005,000 | | 2,274,231 | |
| Saginaw Water Supply System Rev., 4.00%, 7/1/24 (AGM) | 1,380,000 | | 1,550,251 | |
| Saginaw Water Supply System Rev., 4.00%, 7/1/26 (AGM) | 1,530,000 | | 1,811,642 | |
| Warren Consolidated Schools GO, 4.00%, 5/1/22 (AGM) | 1,645,000 | | 1,729,849 | |
| Warren Consolidated Schools GO, 4.00%, 5/1/26 (AGM) | 1,100,000 | | 1,285,636 | |
| Wayne County Airport Authority Rev., 5.00%, 12/1/30 | 1,000,000 | | 1,152,510 | |
| Wayne County Airport Authority Rev., 5.00%, 12/1/31 | 650,000 | | 747,208 | |
| Wayne County Airport Authority Rev., 5.00%, 12/1/32 | 1,175,000 | | 1,346,750 | |
| Wayne County Airport Authority Rev., 5.00%, 12/1/34 | 1,150,000 | | 1,313,748 | |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/21 (Q-SBLF) | 510,000 | | 519,323 | |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/23 (Q-SBLF) | 1,070,000 | | 1,183,741 | |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/24 (Q-SBLF) | 2,000,000 | | 2,294,200 | |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2,455,000 | | 3,040,223 | |
| | 103,654,975 | |
| Minnesota — 0.5% | | |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1,000,000 | | 1,212,020 | |
| | | | | | | | |
| Principal Amount | Value |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | $ | 1,000,000 | | $ | 1,199,690 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/21 (SD CRED PROG) | 300,000 | | 302,091 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/22 (SD CRED PROG) | 325,000 | | 341,052 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/23 (SD CRED PROG) | 380,000 | | 414,648 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/24 (SD CRED PROG) | 420,000 | | 475,482 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/25 (SD CRED PROG) | 375,000 | | 439,815 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/26 (SD CRED PROG) | 395,000 | | 478,554 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/27 (SD CRED PROG) | 370,000 | | 460,143 | |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/28 (SD CRED PROG) | 350,000 | | 445,484 | |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/23 | 500,000 | | 549,215 | |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/24 | 1,200,000 | | 1,365,600 | |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/25 | 800,000 | | 941,680 | |
| Minnesota Higher Education Facilities Authority Rev., (College of Saint Benedict), 4.00%, 3/1/43 | 1,000,000 | | 1,030,380 | |
| Rochester Rev., (Mayo Clinic), VRN, 4.50%, 11/15/38 | 6,000,000 | | 6,236,580 | |
| St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/28 | 2,000,000 | | 2,407,120 | |
| St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/30 | 1,000,000 | | 1,191,150 | |
| | 19,490,704 | |
| Mississippi — 0.4% | | |
| Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/21 | 1,000,000 | | 1,016,800 | |
| Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/22 | 1,000,000 | | 1,044,520 | |
| Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/23 | 1,500,000 | | 1,606,950 | |
| Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/30 | 2,000,000 | | 2,234,640 | |
| Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/31 | 1,000,000 | | 1,112,040 | |
| Jackson Water & Sewer System Rev., 4.00%, 9/1/22 (BAM) | 550,000 | | 579,783 | |
| Jackson Water & Sewer System Rev., 4.00%, 9/1/23 (BAM) | 580,000 | | 628,703 | |
| Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System Rev.), 6.875%, 12/1/40 (AGM) | 4,250,000 | | 4,921,882 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/33 | 685,000 | | 878,903 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/34 | 700,000 | | 895,034 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/35 | 600,000 | | 764,778 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/36 | 650,000 | | 825,643 | |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/37 | 750,000 | | 949,972 | |
| | 17,459,648 | |
| Missouri — 0.8% | | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/22 | 1,170,000 | | 1,212,986 | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/23 | 600,000 | | 637,764 | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/24 | 1,000,000 | | 1,091,000 | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/26 | 805,000 | | 914,448 | |
| | | | | | | | |
| Principal Amount | Value |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/27 | $ | 1,100,000 | | $ | 1,265,374 | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/30 | 1,355,000 | | 1,504,362 | |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/31 | 1,255,000 | | 1,388,432 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/31 | 650,000 | | 834,750 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/32 | 1,000,000 | | 1,277,810 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/33 | 750,000 | | 953,017 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/35 | 915,000 | | 1,156,706 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 4.00%, 2/15/37 | 500,000 | | 583,610 | |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health), 5.00%, 6/1/29 | 4,500,000 | | 5,761,125 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/24 | 600,000 | | 685,704 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540,000 | | 663,595 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250,000 | | 324,740 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500,000 | | 645,275 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525,000 | | 670,593 | |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475,000 | | 599,526 | |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 7/1/23 | 400,000 | | 449,456 | |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/24 | 690,000 | | 791,547 | |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/25 | 990,000 | | 1,176,704 | |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500,000 | | 564,230 | |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965,000 | | 1,088,259 | |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630,000 | | 708,051 | |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3,000,000 | | 3,275,580 | |
St. Louis County Industrial Development Authority Rev.,
(Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1,000,000 | | 1,035,870 | |
| | 31,260,514 | |
| Nebraska — 0.7% | | |
| Central Plains Energy Project Rev., 5.00%, 9/1/22 (GA: Goldman Sachs Group, Inc.) | 2,500,000 | | 2,693,750 | |
| Central Plains Energy Project Rev., 5.00%, 9/1/31 (GA: Goldman Sachs Group, Inc.) | 2,000,000 | | 2,660,280 | |
| Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) | 5,000,000 | | 5,774,000 | |
| Central Plains Energy Project Rev., VRN, 5.00%, 3/1/50 (GA: Goldman Sachs Group, Inc.) | 10,000,000 | | 11,269,400 | |
| Douglas County Hospital Authority No. 3 Rev., (Nebraska Methodist Health Obligated Group), 5.00%, 11/1/45 | 4,100,000 | | 4,652,147 | |
| | 27,049,577 | |
| Nevada — 0.9% | | |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/30 | 750,000 | | 898,125 | |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32 | 735,000 | | 870,975 | |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34 | 765,000 | | 901,675 | |
| | | | | | | | |
| Principal Amount | Value |
| Clark County Department of Aviation Rev., 5.00%, 7/1/21 | $ | 5,000,000 | | $ | 5,132,950 | |
| Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/21 | 1,320,000 | | 1,336,104 | |
| Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/22 | 2,150,000 | | 2,206,223 | |
| Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/24 | 1,890,000 | | 1,973,840 | |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/29 | 1,270,000 | | 1,442,568 | |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/32 | 1,840,000 | | 2,054,139 | |
| Las Vegas Convention & Visitors Authority Rev., 4.00%, 7/1/32 | 3,810,000 | | 4,129,659 | |
| Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/22 | 890,000 | | 939,359 | |
| Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/30 | 1,375,000 | | 1,594,299 | |
| Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/31 | 1,465,000 | | 1,693,980 | |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40 | 450,000 | | 465,471 | |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/50 | 1,000,000 | | 1,028,920 | |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39 | 500,000 | | 519,810 | |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44 | 550,000 | | 565,131 | |
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/40 | 1,000,000 | | 1,079,270 | |
| Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/29 | 1,485,000 | | 1,788,504 | |
| Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/34 | 1,010,000 | | 1,161,500 | |
| Reno Rev., (Washoe County Sales Tax Rev.), 4.00%, 6/1/43 | 1,000,000 | | 1,033,230 | |
Sparks Rev., 2.50%, 6/15/24(1) | 1,080,000 | | 1,080,205 | |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/40 | 2,250,000 | | 2,482,177 | |
| | 36,378,114 | |
| New Hampshire — 0.4% | | |
| New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 14,538,469 | | 16,100,773 | |
| New Jersey — 5.4% | | |
| New Jersey Economic Development Authority Rev., 5.25%, 12/15/20 (Ambac) | 5,000,000 | | 5,008,200 | |
| New Jersey Economic Development Authority Rev., 4.00%, 7/1/22 | 3,000,000 | | 3,148,530 | |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/23 | 2,335,000 | | 2,573,427 | |
| New Jersey Economic Development Authority Rev., 5.00%, 7/1/23 (BAM) | 5,125,000 | | 5,691,774 | |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/24 | 4,015,000 | | 4,529,683 | |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/25 | 5,000,000 | | 5,633,800 | |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/26 | 5,000,000 | | 5,615,900 | |
| New Jersey Economic Development Authority Rev., 5.50%, 6/15/27 | 5,000,000 | | 6,083,750 | |
| New Jersey Economic Development Authority Rev., 5.00%, 7/1/27 (BAM) | 3,000,000 | | 3,680,490 | |
| New Jersey Economic Development Authority Rev., 5.00%, 7/1/28 (BAM) | 6,000,000 | | 7,317,660 | |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/31 | 4,790,000 | | 5,866,361 | |
| New Jersey Economic Development Authority Rev., 5.00%, 7/1/33 | 1,000,000 | | 1,133,590 | |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/24 (AGM) | 1,000,000 | | 1,137,970 | |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/25 (AGM) | 1,005,000 | | 1,181,840 | |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | 1,000,000 | | 1,208,820 | |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1,100,000 | | 1,361,052 | |
| | | | | | | | |
| Principal Amount | Value |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.25%, 6/15/40 | $ | 3,310,000 | | $ | 3,705,379 | |
| New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/21 | 225,000 | | 227,097 | |
| New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/26 | 2,105,000 | | 2,204,272 | |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/25 (AGM) | 2,360,000 | | 2,733,187 | |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/26 (AGM) | 1,500,000 | | 1,775,880 | |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/27 (AGM) | 2,575,000 | | 3,035,667 | |
| New Jersey Health Care Facilities Financing Authority Rev., (St. Joseph's Healthcare System Obligated Group), 5.00%, 7/1/25 | 1,750,000 | | 2,020,008 | |
| New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26 | 1,500,000 | | 1,817,865 | |
| New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/27 | 1,500,000 | | 1,804,740 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/21 | 3,000,000 | | 3,070,050 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/21 (NATL) | 6,850,000 | | 7,169,689 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/23 (Ambac) | 2,210,000 | | 2,495,399 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2,000,000 | | 2,357,960 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 2,770,000 | | 3,380,840 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 5,500,000 | | 5,943,795 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.25%, 6/15/30 | 5,000,000 | | 5,114,650 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2,000,000 | | 2,306,940 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 3,500,000 | | 4,228,035 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/31 | 6,000,000 | | 7,327,980 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/32 | 3,000,000 | | 3,604,440 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 | 4,000,000 | | 4,742,080 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/35 | 17,500,000 | | 20,713,525 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38 | 7,000,000 | | 7,641,270 | |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5,000,000 | | 5,324,900 | |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 5,200,000 | | 6,011,668 | |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 5,215,000 | | 5,921,632 | |
| Newark GO, 5.00%, 10/1/25 (AGM) | 700,000 | | 840,266 | |
| Newark GO, 5.00%, 10/1/25 (AGM) | 500,000 | | 600,190 | |
| Newark GO, 5.00%, 10/1/26 (AGM) | 650,000 | | 801,210 | |
| Newark GO, 5.00%, 10/1/27 (AGM) | 650,000 | | 818,714 | |
| Newark GO, 5.00%, 10/1/28 (AGM) | 600,000 | | 771,018 | |
| South Jersey Port Corp. Rev., 5.00%, 1/1/27 | 1,030,000 | | 1,197,200 | |
| South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2,360,000 | | 2,699,368 | |
| South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1,670,000 | | 1,902,497 | |
| State of New Jersey GO, 4.00%, 6/1/30 | 2,500,000 | | 3,023,225 | |
| | | | | | | | |
| Principal Amount | Value |
| State of New Jersey GO, 4.00%, 6/1/31 | $ | 1,350,000 | | $ | 1,647,324 | |
| State of New Jersey GO, 4.00%, 6/1/32 | 600,000 | | 735,990 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 2,775,000 | | 3,582,497 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 3,000,000 | | 3,846,210 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 3,000,000 | | 3,823,170 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/32 | 4,630,000 | | 5,861,210 | |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/33 | 5,005,000 | | 6,299,994 | |
| | 216,301,878 | |
| New Mexico — 0.2% | | |
| Farmington Rev., (Public Service Co. of New Mexico), VRN, 2.125%, 6/1/40 | 3,000,000 | | 3,060,180 | |
| New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 1,425,000 | | 1,411,206 | |
| New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/23 | 1,625,000 | | 1,816,116 | |
| New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/26 | 1,000,000 | | 1,197,640 | |
| Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.25%, 5/15/24 | 600,000 | | 586,884 | |
| | 8,072,026 | |
| New York — 9.6% | | |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28 | 400,000 | | 450,332 | |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30 | 350,000 | | 391,034 | |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31 | 350,000 | | 389,540 | |
| Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/45 | 2,000,000 | | 2,078,340 | |
| Brookhaven Local Development Corp. Rev., (Brookhaven Memorial Hospital Medical Center, Inc. Obligated Group), 4.00%, 10/1/45 | 2,000,000 | | 2,146,500 | |
| Brooklyn Arena Local Development Corp. Rev., (Brooklyn Events Center LLC), 4.00%, 7/15/29 (AGM) | 2,000,000 | | 2,252,340 | |
| Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/24 | 1,465,000 | | 1,501,537 | |
| Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/26 | 1,130,000 | | 1,157,041 | |
| Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/27 | 1,320,000 | | 1,350,690 | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/21 | 430,000 | | 438,333 | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/22 | 1,365,000 | | 1,436,253 | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/24 | 1,500,000 | | 1,668,570�� | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/26 | 830,000 | | 967,664 | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1,825,000 | | 2,149,631 | |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900,000 | | 1,043,667 | |
| Long Island Power Authority Rev., 5.00%, 5/1/21 | 170,000 | | 173,366 | |
| Long Island Power Authority Rev., 5.00%, 9/1/34 | 11,410,000 | | 13,194,296 | |
| Long Island Power Authority Rev., 5.00%, 9/1/35 | 3,500,000 | | 4,041,695 | |
| Metropolitan Transportation Authority Rev., 4.00%, 2/1/22 | 20,000,000 | | 20,318,400 | |
| Metropolitan Transportation Authority Rev., 5.00%, 9/1/22 | 15,000,000 | | 15,644,550 | |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/22 | 10,000,000 | | 10,478,700 | |
| Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 | 4,245,000 | | 4,466,929 | |
| | | | | | | | |
| Principal Amount | Value |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | $ | 9,710,000 | | $ | 10,667,794 | |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 6,830,000 | | 7,809,627 | |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/45 | 8,320,000 | | 8,846,906 | |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/50 | 3,000,000 | | 3,445,350 | |
| Metropolitan Transportation Authority Rev., VRN, 0.56%, (MUNIPSA plus 0.45%), 11/15/44 | 7,000,000 | | 6,754,020 | |
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 10,000,000 | | 11,688,600 | |
| Nassau County Interim Finance Authority Rev., 5.00%, 11/15/21 | 120,000 | | 120,464 | |
| Nassau County Interim Finance Authority Rev., 5.00%, 11/15/23 | 100,000 | | 100,387 | |
| Nassau County Local Economic Assistance Corp. Rev., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/22 | 850,000 | | 908,599 | |
| New York City GO, 5.00%, 8/1/22 | 7,565,000 | | 8,144,101 | |
| New York City GO, 5.00%, 8/1/25 | 13,605,000 | | 16,456,472 | |
| New York City GO, 5.00%, 8/1/25 | 1,700,000 | | 1,994,593 | |
| New York City GO, 5.00%, 8/1/26 | 5,370,000 | | 6,295,734 | |
| New York City GO, 5.00%, 8/1/27 | 7,680,000 | | 9,825,101 | |
| New York City GO, 5.00%, 8/1/32 | 2,000,000 | | 2,547,860 | |
| New York City GO, 5.00%, 8/1/33 | 500,000 | | 633,220 | |
| New York City GO, 5.00%, 8/1/33 | 1,000,000 | | 1,266,440 | |
| New York City GO, 5.00%, 8/1/34 | 2,215,000 | | 2,796,947 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 3,550,000 | | 3,550,000 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 3,070,000 | | 3,070,000 | |
| New York City GO, VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 6,100,000 | | 6,100,000 | |
| New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM) | 1,150,000 | | 1,519,805 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 | 5,000,000 | | 5,981,400 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/28 | 10,000,000 | | 11,075,800 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10,000,000 | | 11,993,500 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/35 | 12,500,000 | | 16,003,500 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 2,915,000 | | 2,915,000 | |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.12%, 12/1/20 (SBBPA: JPMorgan Chase Bank N.A.) | 2,200,000 | | 2,200,000 | |
| New York City Water & Sewer System Rev., 4.00%, 6/15/40 | 10,030,000 | | 12,059,570 | |
| New York City Water & Sewer System Rev., VRDN, 0.10%, 12/1/20 (SBBPA: State Street Bank & Trust Co.) | 5,050,000 | | 5,050,000 | |
| New York City Water & Sewer System Rev., VRDN, 0.10%, 12/1/20 (SBBPA: Barclays Bank plc) | 1,300,000 | | 1,300,000 | |
| New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 9,795,000 | | 14,151,424 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 4.00%, 12/1/20(1) | 800,000 | | 800,000 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 4.00%, 12/1/21(1) | 1,100,000 | | 1,129,777 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/22(1) | 900,000 | | 968,787 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/24(1) | 2,600,000 | | 2,989,922 | |
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/25(1) | 1,300,000 | | 1,541,007 | |
| | | | | | | | |
| Principal Amount | Value |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/34 | $ | 4,005,000 | | $ | 5,241,824 | |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/35 | 4,155,000 | | 5,422,732 | |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 | 10,000,000 | | 12,711,200 | |
| New York State Environmental Facilities Corp. Rev., (New York City Municipal Water Finance Authority), 5.00%, 6/15/32 | 3,000,000 | | 4,016,730 | |
| New York State Thruway Authority Rev., 5.00%, 1/1/28 | 5,000,000 | | 5,862,950 | |
| New York State Thruway Authority Rev., 5.00%, 1/1/29 | 10,000,000 | | 11,703,900 | |
| New York State Thruway Authority Rev., 4.00%, 1/1/37 | 4,980,000 | | 5,806,282 | |
| New York State Thruway Authority Rev., 4.00%, 1/1/38 | 3,000,000 | | 3,482,490 | |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 4.00%, 7/1/29 | 500,000 | | 504,200 | |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730,000 | | 793,948 | |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1,000,000 | | 1,072,670 | |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1,010,000 | | 1,071,368 | |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 3,000,000 | | 3,863,100 | |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 | 2,500,000 | | 3,293,575 | |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700,000 | | 821,338 | |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 3,030,000 | | 3,337,606 | |
| Triborough Bridge & Tunnel Authority Rev., VRDN, 0.10%, 12/1/20 (LOC: Citibank N.A.) | 1,055,000 | | 1,055,000 | |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/34 | 1,875,000 | | 2,349,806 | |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/36 | 2,755,000 | | 3,428,763 | |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37 | 1,500,000 | | 1,861,020 | |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/38 | 1,300,000 | | 1,608,256 | |
| TSASC, Inc. Rev., 5.00%, 6/1/21 | 2,000,000 | | 2,042,300 | |
| TSASC, Inc. Rev., 5.00%, 6/1/22 | 1,000,000 | | 1,063,230 | |
| TSASC, Inc. Rev., 5.00%, 6/1/23 | 2,000,000 | | 2,206,920 | |
| Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/42 | 3,345,000 | | 3,635,379 | |
| Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/21 | 500,000 | | 510,780 | |
| Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/22 | 1,935,000 | | 2,058,414 | |
| Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/23 | 2,000,000 | | 2,208,840 | |
| | 385,475,736 | |
| North Carolina — 1.9% | | |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/28 | 1,000,000 | | 1,277,850 | |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/29 | 1,500,000 | | 1,958,730 | |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/30 | 1,340,000 | | 1,737,605 | |
| North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1,750,000 | | 1,989,085 | |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 2.30%, 9/1/25 | 1,250,000 | | 1,254,038 | |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/40 | 3,050,000 | | 3,227,297 | |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.50%, 10/1/24 | 745,000 | | 746,833 | |
| | | | | | | | |
| Principal Amount | Value |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/40 | $ | 1,050,000 | | $ | 1,160,922 | |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/45 | 1,000,000 | | 1,094,740 | |
| North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/34 | 1,000,000 | | 1,088,030 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26 | 590,000 | | 589,988 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/28 | 1,815,000 | | 1,920,796 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/30 | 1,035,000 | | 1,092,701 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/31 | 1,075,000 | | 1,196,045 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/32 | 1,115,000 | | 1,236,301 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/34 | 1,230,000 | | 1,350,515 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/40 | 600,000 | | 661,332 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/40 | 2,000,000 | | 2,369,720 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/45 | 1,000,000 | | 1,089,000 | |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/45 | 1,800,000 | | 2,107,746 | |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/35 | 5,000,000 | | 5,427,950 | |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/37 | 2,100,000 | | 2,244,144 | |
| North Carolina Medical Care Commission Rev., (Wake Forest Baptist Obligated Group), VRN, 2.20%, 12/1/48 | 5,000,000 | | 5,127,500 | |
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/21 | 790,000 | | 792,773 | |
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/22 | 700,000 | | 732,886 | |
| North Carolina Turnpike Authority Rev., 5.00%, 2/1/24 | 9,800,000 | | 11,097,912 | |
| Raleigh Durham Airport Authority Rev., 5.00%, 5/1/21 | 360,000 | | 366,793 | |
| Raleigh Durham Airport Authority Rev., 5.00%, 5/1/22 | 760,000 | | 808,792 | |
| State of North Carolina Rev., 5.00%, 3/1/34 | 15,000,000 | | 19,461,900 | |
| | 75,209,924 | |
| Ohio — 2.3% | | |
| Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), VRDN, 0.11%, 12/1/20 (LOC: Union Bank N.A.) | 1,000,000 | | 1,000,000 | |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/35 | 1,000,000 | | 1,310,180 | |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/36 | 2,000,000 | | 2,605,800 | |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/38 | 1,000,000 | | 1,194,230 | |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 1,000,000 | | 1,190,340 | |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 6,000,000 | | 6,783,780 | |
| Cleveland Rev., 5.00%, 5/15/21 | 1,475,000 | | 1,507,022 | |
| Cleveland Rev., 5.00%, 5/15/23 | 1,305,000 | | 1,450,651 | |
| Cleveland Airport System Rev., 5.00%, 1/1/22 (AGM) | 1,635,000 | | 1,706,907 | |
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par (AGM)(3) | 4,000,000 | | 4,205,800 | |
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par (AGM)(3) | 3,560,000 | | 3,743,162 | |
| | | | | | | | |
| Principal Amount | Value |
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | $ | 2,500,000 | | $ | 2,628,625 | |
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | 2,530,000 | | 2,660,168 | |
| Cleveland Airport System Rev., 5.00%, 1/1/23 (AGM) | 1,510,000 | | 1,648,754 | |
| Cleveland Airport System Rev., 5.00%, 1/1/24 (AGM) | 1,075,000 | | 1,219,330 | |
| Cleveland Airport System Rev., 5.00%, 1/1/31 (AGM) | 750,000 | | 856,973 | |
| Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/39 | 5,000,000 | | 5,473,550 | |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 1,140,000 | | 1,215,229 | |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1,625,000 | | 1,741,025 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/23 | 1,500,000 | | 1,619,595 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/24 | 1,750,000 | | 1,950,357 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/25 | 1,350,000 | | 1,550,974 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2,000,000 | | 2,361,780 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1,600,000 | | 1,930,512 | |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,750,000 | | 2,092,790 | |
| Kent State University Rev., 4.00%, 5/1/23 | 1,800,000 | | 1,952,316 | |
| Miami University/Oxford Rev., 5.00%, 9/1/25 | 4,440,000 | | 4,594,601 | |
| Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/36 | 2,000,000 | | 2,470,520 | |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/29 | 20,000,000 | | 26,976,600 | |
| State of Ohio Rev., 5.00%, 12/15/22 | 2,500,000 | | 2,740,475 | |
| | 94,382,046 | |
| Oklahoma — 0.5% | | |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/25 | 1,500,000 | | 1,793,715 | |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/26 | 1,000,000 | | 1,188,800 | |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/27 | 1,000,000 | | 1,182,940 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/21 | 950,000 | | 970,387 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/22 | 1,000,000 | | 1,060,380 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/23 | 1,025,000 | | 1,123,410 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/24 | 1,050,000 | | 1,190,207 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/25 | 1,085,000 | | 1,269,135 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/26 | 1,030,000 | | 1,239,595 | |
| Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/27 | 1,005,000 | | 1,237,155 | |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/23 | 250,000 | | 264,170 | |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/24 | 1,665,000 | | 1,783,731 | |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/26 | 500,000 | | 548,140 | |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/28 | 600,000 | | 655,008 | |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/29 | 1,000,000 | | 1,088,320 | |
| Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/22 | 1,270,000 | | 1,327,582 | |
| Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/24 | 1,000,000 | | 1,087,310 | |
| | 19,009,985 | |
| Oregon — 0.4% | | |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 2.75%, 11/15/25 | 1,000,000 | | 1,009,020 | |
| | | | | | | | |
| Principal Amount | Value |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/32 | $ | 500,000 | | $ | 547,040 | |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/37 | 500,000 | | 539,630 | |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 3,900,000 | | 4,159,506 | |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/22 | 1,040,000 | | 1,056,911 | |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/23 | 350,000 | | 360,619 | |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/24 | 250,000 | | 260,000 | |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/25 | 200,000 | | 209,080 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/22 | 325,000 | | 342,131 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/23 | 600,000 | | 649,014 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/24 | 475,000 | | 527,483 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/25 | 275,000 | | 311,721 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 240,000 | | 277,262 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/27 | 200,000 | | 239,720 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265,000 | | 315,726 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 235,000 | | 278,477 | |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/30 | 200,000 | | 236,344 | |
| State of Oregon GO, 5.00%, 5/1/21 | 1,500,000 | | 1,530,090 | |
| State of Oregon GO, 5.00%, 8/1/24 | 1,000,000 | | 1,175,200 | |
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/32(1) | 500,000 | | 622,445 | |
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/33(1) | 500,000 | | 617,765 | |
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/34(1) | 500,000 | | 614,960 | |
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/36(1) | 600,000 | | 731,148 | |
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/39(1) | 800,000 | | 968,048 | |
| | 17,579,340 | |
| Pennsylvania — 7.8% | | |
| Allegheny County Higher Education Building Authority Rev., 4.00%, 3/1/33 | 400,000 | | 444,608 | |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1,230,000 | | 1,381,401 | |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2,000,000 | | 2,239,200 | |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600,000 | | 669,432 | |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/31 | 1,355,000 | | 1,752,489 | |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/32 | 1,500,000 | | 1,925,970 | |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/33 | 1,800,000 | | 2,296,710 | |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/34 | 1,250,000 | | 1,591,037 | |
| | | | | | | | |
| Principal Amount | Value |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 5.00%, 2/1/40 | $ | 5,000,000 | | $ | 5,385,650 | |
| Capital Region Water Rev., 5.00%, 7/15/24 (BAM) | 750,000 | | 868,320 | |
| Capital Region Water Rev., 5.00%, 7/15/29 (BAM) | 400,000 | | 494,072 | |
| Coatesville School District GO, 5.00%, 8/1/22 (AGM) | 795,000 | | 852,685 | |
| Coatesville School District GO, 5.00%, 8/1/24 (AGM) | 1,000,000 | | 1,154,940 | |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2,500,000 | | 3,186,550 | |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/31 | 2,000,000 | | 2,538,400 | |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 2,000,000 | | 2,524,080 | |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/28 | 1,370,000 | | 1,581,035 | |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/29 | 1,440,000 | | 1,653,408 | |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/30 | 1,510,000 | | 1,726,413 | |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/31 | 1,465,000 | | 1,669,675 | |
| Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/28 | 1,000,000 | | 1,214,710 | |
| Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/29 | 1,420,000 | | 1,716,070 | |
| Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/24 | 525,000 | | 601,141 | |
| Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/25 | 750,000 | | 887,048 | |
| Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 650,000 | | 791,941 | |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | 1,040,000 | | 1,157,281 | |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1,095,000 | | 1,215,351 | |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1,150,000 | | 1,271,785 | |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1,205,000 | | 1,325,765 | |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1,265,000 | | 1,386,048 | |
| Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43 | 7,500,000 | | 9,200,250 | |
| General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), 5.00%, 6/1/44 | 5,000,000 | | 5,555,600 | |
| General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), VRN, 0.71%, (MUNIPSA plus 0.60%), 6/1/49 | 6,750,000 | | 6,773,895 | |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2,000,000 | | 2,337,580 | |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/30 | 5,450,000 | | 6,354,809 | |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/32 | 1,000,000 | | 1,155,060 | |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1,300,000 | | 1,495,806 | |
| Lehigh County Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/26 | 1,800,000 | | 2,208,798 | |
| Lehigh County Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/28 | 3,250,000 | | 4,155,222 | |
| Luzerne County GO, 5.00%, 12/15/21 (AGM) | 1,200,000 | | 1,256,376 | |
| | | | | | | | |
| Principal Amount | Value |
| Luzerne County GO, 5.00%, 12/15/24 (AGM) | $ | 1,100,000 | | $ | 1,285,944 | |
| Luzerne County GO, 5.00%, 12/15/25 (AGM) | 1,000,000 | | 1,208,860 | |
| Luzerne County GO, 5.00%, 12/15/27 (AGM) | 900,000 | | 1,144,341 | |
| Luzerne County Industrial Development Authority Rev., 5.00%, 12/15/27 (AGM) | 1,000,000 | | 1,204,460 | |
| Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/21 | 700,000 | | 718,025 | |
| Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/24 | 530,000 | | 610,693 | |
| Montgomery County Higher Education & Health Authority Rev., (Thomas Jefferson University Obligated Group), VRN, 0.83%, (MUNIPSA plus 0.72%), 9/1/51 | 10,000,000 | | 9,999,200 | |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | 600,000 | | 658,422 | |
| Northampton County General Purpose Authority Rev., (St. Luke's Hospital Obligated Group), VRN, 1.14%, (70% of the 1-month LIBOR plus 1.04%), 8/15/48 | 3,000,000 | | 3,000,570 | |
| Pennsylvania COP, 5.00%, 7/1/29 | 600,000 | | 764,598 | |
| Pennsylvania COP, 5.00%, 7/1/30 | 750,000 | | 950,910 | |
| Pennsylvania COP, 5.00%, 7/1/31 | 850,000 | | 1,073,269 | |
| Pennsylvania COP, 5.00%, 7/1/35 | 450,000 | | 560,565 | |
| Pennsylvania GO, 5.00%, 2/1/25 (AGM) | 6,035,000 | | 7,206,816 | |
| Pennsylvania GO, 5.00%, 3/15/25 | 12,005,000 | | 14,374,307 | |
| Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 5,000,000 | | 6,111,700 | |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/24 | 470,000 | | 536,397 | |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/25 | 700,000 | | 824,635 | |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/26 | 675,000 | | 818,215 | |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/27 | 750,000 | | 904,043 | |
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University of The Commonwealth System of Higher Education), 5.00%, 4/1/22, Prerefunded at 100% of Par(3) | 1,000,000 | | 1,064,020 | |
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University of The Commonwealth System of Higher Education), 5.00%, 4/1/22, Prerefunded at 100% of Par(3) | 1,000,000 | | 1,064,020 | |
Pennsylvania Higher Educational Facilities Authority Rev., (Temple University of The Commonwealth System of Higher Education), 5.00%, 4/1/22, Prerefunded at 100% of Par(3) | 1,250,000 | | 1,330,025 | |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24 | 4,000,000 | | 4,753,400 | |
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(3) | 945,000 | | 1,115,147 | |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 3,900,000 | | 4,808,505 | |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/26 | 1,850,000 | | 2,168,218 | |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/28 | 1,000,000 | | 1,162,500 | |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 6,505,000 | | 7,458,308 | |
| Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 5,000,000 | | 5,737,800 | |
| Pennsylvania Turnpike Commission Rev., Capital Appreciation, VRN, 0.00%, 12/1/44 | 2,000,000 | | 2,215,060 | |
| Pennsylvania Turnpike Commission Rev., VRN, 0.71%, (MUNIPSA plus 0.60%), 12/1/23 | 5,000,000 | | 5,029,250 | |
| Pennsylvania Turnpike Commission Rev., VRN, 0.81%, (MUNIPSA plus 0.70%), 12/1/23 | 10,000,000 | | 10,054,400 | |
| Philadelphia GO, 5.00%, 8/1/21 | 3,000,000 | | 3,089,130 | |
| Philadelphia GO, 5.00%, 8/1/22 | 2,500,000 | | 2,685,300 | |
| | | | | | | | |
| Principal Amount | Value |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/24 (AGM) | $ | 1,305,000 | | $ | 1,534,824 | |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/27 (AGM) | 1,000,000 | | 1,263,160 | |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/29 (AGM) | 1,465,000 | | 1,840,919 | |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/30 (AGM) | 2,960,000 | | 3,708,022 | |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/31 (AGM) | 1,610,000 | | 2,005,641 | |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/32 (AGM) | 1,800,000 | | 2,229,930 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/21 | 1,000,000 | | 1,014,670 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/22 | 715,000 | | 757,414 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/23 | 1,260,000 | | 1,389,717 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/24 | 1,500,000 | | 1,713,750 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/25 | 1,700,000 | | 2,013,123 | |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/26 | 1,750,000 | | 2,141,160 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/30 (AGM) | 745,000 | | 986,648 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/31 (AGM) | 1,000,000 | | 1,317,820 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 550,000 | | 720,401 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 1,000,000 | | 1,401,900 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 750,000 | | 977,872 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 1,000,000 | | 1,424,390 | |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/34 (AGM) | 1,000,000 | | 1,300,980 | |
| Pittsburgh Water & Sewer Authority Rev., VRN, 0.77%, (MUNIPSA plus 0.65%), 9/1/40 (AGM) | 5,000,000 | | 5,007,450 | |
| Reading GO, 5.00%, 11/1/22 (BAM) | 425,000 | | 458,834 | |
| Reading GO, 5.00%, 11/1/23 (BAM) | 1,345,000 | | 1,506,440 | |
| Reading GO, 5.00%, 11/1/25 (BAM) | 1,760,000 | | 2,099,733 | |
| Reading GO, 5.00%, 11/1/25 (BAM) | 1,225,000 | | 1,461,462 | |
| Reading GO, 5.00%, 11/1/26 (BAM) | 1,555,000 | | 1,902,745 | |
| Reading GO, 5.00%, 11/1/27 (BAM) | 1,630,000 | | 2,043,303 | |
| Reading GO, 5.00%, 11/1/28 (BAM) | 1,000,000 | | 1,259,160 | |
| Reading GO, 5.00%, 11/1/29 (BAM) | 1,795,000 | | 2,251,217 | |
| Reading School District GO, 5.00%, 3/1/21 (AGM) | 425,000 | | 429,747 | |
| Reading School District GO, 5.00%, 3/1/23 (AGM) | 670,000 | | 735,446 | |
| Reading School District GO, 5.00%, 3/1/28 (AGM) | 1,025,000 | | 1,282,757 | |
| Reading School District GO, 5.00%, 3/1/35 (AGM) | 2,000,000 | | 2,432,080 | |
| Reading School District GO, 5.00%, 3/1/37 (AGM) | 1,500,000 | | 1,805,055 | |
| Reading School District GO, 5.00%, 3/1/38 (AGM) | 1,500,000 | | 1,801,455 | |
| School District of Philadelphia GO, 5.00%, 9/1/22 | 5,000,000 | | 5,380,850 | |
| School District of Philadelphia GO, 5.00%, 9/1/26 | 2,200,000 | | 2,701,820 | |
| School District of Philadelphia GO, 5.00%, 9/1/27 | 500,000 | | 627,870 | |
| School District of Philadelphia GO, 5.00%, 9/1/28 | 475,000 | | 609,368 | |
| School District of Philadelphia GO, 5.00%, 9/1/29 | 1,225,000 | | 1,560,515 | |
| School District of Philadelphia GO, 5.00%, 9/1/30 | 3,000,000 | | 3,815,430 | |
| School District of Philadelphia GO, 5.00%, 9/1/33 | 1,625,000 | | 2,031,136 | |
| Scranton School District GO, 5.00%, 6/1/21 | 1,355,000 | | 1,383,875 | |
| Scranton School District GO, 5.00%, 6/1/24 | 2,235,000 | | 2,563,321 | |
| Scranton School District GO, 5.00%, 12/1/32 (BAM) | 1,000,000 | | 1,234,550 | |
| Scranton School District GO, 5.00%, 12/1/34 (BAM) | 1,650,000 | | 2,033,839 | |
| Scranton School District GO, 5.00%, 12/1/35 (BAM) | 750,000 | | 921,893 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 4,200,000 | | 4,242,168 | |
| | | | | | | | |
| Principal Amount | Value |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/23 | $ | 500,000 | | $ | 561,400 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/24 | 600,000 | | 698,424 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/25 | 625,000 | | 751,638 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/26 | 920,000 | | 1,116,944 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/27 | 805,000 | | 971,852 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/28 | 785,000 | | 941,482 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/29 | 1,000,000 | | 1,190,320 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/30 | 700,000 | | 830,095 | |
| Scranton-Lackawanna Health & Welfare Authority Rev., (University of Scranton), 5.00%, 11/1/31 | 700,000 | | 826,994 | |
| State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/25 | 4,000,000 | | 4,721,240 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRN, 0.35%, (MUNIPSA plus 0.24%), 9/15/21 | 10,000,000 | | 9,999,200 | |
| University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRN, 0.47%, (MUNIPSA plus 0.36%), 2/15/24 | 10,000,000 | | 10,003,000 | |
| | 313,626,113 | |
| Rhode Island — 1.0% | | |
| Providence Public Building Authority Rev., 5.00%, 9/15/27 (AGM) | 1,635,000 | | 2,040,317 | |
| Providence Public Building Authority Rev., 5.00%, 9/15/29 (AGM) | 1,810,000 | | 2,230,391 | |
| Providence Public Building Authority Rev., 5.00%, 9/15/32 (AGM) | 2,000,000 | | 2,432,240 | |
| Providence Public Building Authority Rev., (Providence), 4.00%, 9/15/24 (AGM) | 2,620,000 | | 2,922,767 | |
| Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/25 (AGM) | 2,785,000 | | 3,316,434 | |
| Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/26 (AGM) | 3,480,000 | | 4,253,813 | |
| Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/27 (AGM) | 4,185,000 | | 5,222,461 | |
| Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/32 (AGM) | 2,175,000 | | 2,765,904 | |
| Providence Public Building Authority Rev., (Providence), 4.00%, 9/15/33 (AGM) | 5,620,000 | | 6,583,549 | |
| Rhode Island Commerce Corp. Rev., 5.00%, 6/15/24 | 1,000,000 | | 1,159,150 | |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/27 | 450,000 | | 522,423 | |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/29 | 500,000 | | 572,345 | |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/31 | 500,000 | | 566,790 | |
| Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/23 | 2,250,000 | | 2,446,267 | |
| Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/24 | 2,000,000 | | 2,241,320 | |
| | 39,276,171 | |
| South Carolina — 0.7% | | |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.00%, 11/1/30 | 425,000 | | 444,792 | |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 1,000,000 | | 1,030,440 | |
| Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/24 | 1,750,000 | | 1,990,135 | |
| | | | | | | | |
| Principal Amount | Value |
| Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/25 | $ | 2,945,000 | | $ | 3,347,287 | |
| Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/21 (BAM) | 1,000,000 | | 1,046,150 | |
| Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/27 (BAM) | 5,000,000 | | 5,966,450 | |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/23 | 250,000 | | 279,698 | |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/25 | 1,145,000 | | 1,373,840 | |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/26 | 450,000 | | 555,260 | |
| South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 | 7,500,000 | | 8,943,900 | |
| South Carolina Jobs-Economic Development Authority Rev., (Conway Hospital, Inc. Obligated Group), 5.25%, 7/1/47 | 3,750,000 | | 4,352,737 | |
| | 29,330,689 | |
| Tennessee — 1.0% | | |
| Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 4.00%, 4/1/21 | 1,050,000 | | 1,059,303 | |
| Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 5.00%, 4/1/22 | 500,000 | | 524,315 | |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 375,000 | | 429,930 | |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/26 | 650,000 | | 742,053 | |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | 415,000 | | 472,171 | |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375,000 | | 444,180 | |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475,000 | | 561,222 | |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475,000 | | 559,355 | |
| Tennergy Corp. Rev., VRN, 5.00%, 2/1/50 (LIQ FAC: Royal Bank of Canada) | 12,000,000 | | 13,973,040 | |
| Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 20,000,000 | | 22,962,400 | |
| | 41,727,969 | |
| Texas — 10.0% | | |
| Arlington Special Tax, 5.00%, 2/15/28 (BAM) | 1,425,000 | | 1,751,938 | |
| Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1,000,000 | | 1,206,570 | |
| Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1,100,000 | | 1,321,892 | |
| Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1,000,000 | | 1,196,390 | |
| Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1,000,000 | | 1,190,470 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/33 (PSF-GTD) | 1,300,000 | | 1,577,251 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/35 (PSF-GTD) | 1,685,000 | | 2,032,076 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/36 (PSF-GTD) | 1,250,000 | | 1,502,187 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/37 (PSF-GTD) | 1,500,000 | | 1,795,920 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/38 (PSF-GTD) | 1,875,000 | | 2,238,825 | |
| Arlington Higher Education Finance Corp. Rev., 4.00%, 8/15/39 (PSF-GTD) | 3,250,000 | | 3,872,375 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 200,000 | | 246,032 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/33 (PSF-GTD) | 380,000 | | 465,226 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/34 (PSF-GTD) | 330,000 | | 403,676 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/35 (PSF-GTD) | 500,000 | | 609,830 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/36 (PSF-GTD) | 375,000 | | 455,768 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/37 (PSF-GTD) | 550,000 | | 666,468 | |
| | | | | | | | |
| Principal Amount | Value |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/38 (PSF-GTD) | $ | 900,000 | | $ | 1,087,632 | |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/39 (PSF-GTD) | 465,000 | | 560,744 | |
| Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/36 | 1,315,000 | | 1,479,862 | |
Arlington Independent School District GO, 4.00%, 2/15/39
(PSF-GTD) | 6,755,000 | | 8,253,056 | |
| Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/21 | 750,000 | | 752,317 | |
| Austin Convention Enterprises, Inc. Rev., 5.00%, 1/1/21 | 800,000 | | 796,976 | |
| Austin Independent School District GO, 4.00%, 8/1/34 (PSF-GTD) | 4,875,000 | | 5,899,432 | |
| Austin Independent School District GO, 4.00%, 8/1/35 (PSF-GTD) | 6,000,000 | | 7,247,100 | |
| Austin Independent School District GO, 4.00%, 8/1/36 (PSF-GTD) | 4,750,000 | | 5,723,085 | |
| Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 275,000 | | 301,661 | |
| Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 1,000,000 | | 1,100,840 | |
| Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 250,000 | | 277,995 | |
| Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 4.00%, 7/15/31 | 1,500,000 | | 1,528,695 | |
| Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/33 | 1,500,000 | | 1,620,690 | |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/21 | 860,000 | | 863,148 | |
Central Texas Regional Mobility Authority Rev., 6.00%, 1/1/21, Prerefunded at 100% of Par(3) | 2,500,000 | | 2,511,775 | |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/22 | 2,000,000 | | 2,096,640 | |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23 | 2,000,000 | | 2,185,520 | |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/29 | 2,000,000 | | 2,392,580 | |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/45 | 2,000,000 | | 2,281,560 | |
| Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 2,050,000 | | 2,311,006 | |
Clear Creek Independent School District GO, 4.00%, 2/15/37
(PSF-GTD) | 1,620,000 | | 1,931,105 | |
Clear Creek Independent School District GO, 4.00%, 2/15/38
(PSF-GTD) | 2,605,000 | | 3,100,028 | |
Clear Creek Independent School District GO, 4.00%, 2/15/39
(PSF-GTD) | 3,500,000 | | 4,158,840 | |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/22 | 1,000,000 | | 1,050,170 | |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/26 | 1,010,000 | | 1,214,666 | |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1,100,000 | | 1,315,171 | |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500,000 | | 593,935 | |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/39 (PSF-GTD) | 1,500,000 | | 1,717,620 | |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/32 | 2,750,000 | | 3,657,637 | |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 2,500,000 | | 3,311,600 | |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 5,250,000 | | 6,942,915 | |
Dallas Independent School District GO, VRN, 5.00%, 2/15/36
(PSF-GTD) | 3,975,000 | | 4,198,633 | |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/21 (BAM) | 400,000 | | 402,924 | |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/22 (BAM) | 305,000 | | 317,895 | |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/23 (BAM) | 400,000 | | 429,852 | |
| | | | | | | | |
| Principal Amount | Value |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/24 (BAM) | $ | 480,000 | | $ | 531,437 | |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/25 (BAM) | 240,000 | | 273,444 | |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200,000 | | 226,004 | |
| El Paso Water & Sewer Rev., 4.00%, 3/1/29 | 1,160,000 | | 1,361,538 | |
| El Paso Water & Sewer Rev., 4.00%, 3/1/30 | 500,000 | | 584,615 | |
Fort Bend Independent School District GO, 4.00%, 2/15/34
(PSF-GTD) | 3,000,000 | | 3,614,700 | |
| Frisco Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 3,000,000 | | 3,620,310 | |
Garland Independent School District GO, 5.00%, 2/15/24
(PSF-GTD) | 7,790,000 | | 8,970,730 | |
| Grand Parkway Transportation Corp. Rev., 5.00%, 2/1/23 | 8,000,000 | | 8,724,000 | |
| Grand Parkway Transportation Corp. Rev., 5.125%, 10/1/43 | 2,250,000 | | 2,412,337 | |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/25 | 3,170,000 | | 3,848,000 | |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/26 | 1,660,000 | | 2,011,588 | |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/27 | 1,500,000 | | 1,813,815 | |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/28 | 1,000,000 | | 1,208,690 | |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/29 | 1,000,000 | | 1,204,030 | |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/27 | 1,000,000 | | 1,088,550 | |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 4.00%, 1/1/31 | 1,745,000 | | 1,779,900 | |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,000,000 | | 1,067,580 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/23 | 850,000 | | 900,558 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/24 | 700,000 | | 753,431 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/25 | 760,000 | | 817,456 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/26 | 1,000,000 | | 1,071,300 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/27 | 510,000 | | 544,094 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/29 | 2,300,000 | | 2,435,194 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/30 | 1,000,000 | | 1,056,280 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/32 | 485,000 | | 509,473 | |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/33 | 1,000,000 | | 1,048,390 | |
Houston Airport System Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(3) | 2,560,000 | | 2,752,538 | |
Houston Airport System Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(3) | 4,000,000 | | 4,300,840 | |
| Houston Community College System Rev., 4.00%, 4/15/31 | 1,000,000 | | 1,143,950 | |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/25 | 1,000,000 | | 1,106,050 | |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/27 | 2,050,000 | | 2,255,164 | |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28 | 710,000 | | 778,700 | |
Houston Independent School District GO, VRN, 2.40%, 6/1/36
(PSF-GTD) | 8,000,000 | | 8,084,240 | |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/34 (PSF-GTD) | 2,000,000 | | 2,443,620 | |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1,400,000 | | 1,706,012 | |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/37 (PSF-GTD) | 1,500,000 | | 1,824,600 | |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/38 (PSF-GTD) | 1,000,000 | | 1,214,250 | |
| | | | | | | | |
| Principal Amount | Value |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | $ | 1,500,000 | | $ | 1,819,095 | |
| Irving Hospital Authority Rev., 5.00%, 10/15/22 | 250,000 | | 270,613 | |
| Irving Hospital Authority Rev., 5.00%, 10/15/23 | 490,000 | | 551,520 | |
| Irving Hospital Authority Rev., 5.00%, 10/15/25 | 250,000 | | 301,280 | |
| Irving Hospital Authority Rev., VRN, 1.21%, (MUNIPSA plus 1.10%), 10/15/44 | 1,665,000 | | 1,641,307 | |
| Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/25 (AGM) | 890,000 | | 1,070,928 | |
| Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/27 (AGM) | 1,050,000 | | 1,325,551 | |
| Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/28 (AGM) | 1,250,000 | | 1,606,800 | |
| Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 2,000,000 | | 2,471,620 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700,000 | | 834,680 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460,000 | | 544,815 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500,000 | | 578,105 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/29 | 1,000,000 | | 996,130 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/32 | 1,670,000 | | 1,660,665 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/37 | 1,000,000 | | 992,030 | |
New Hope Cultural Education Facilities Finance Corp. Rev.,
(CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/42 | 1,000,000 | | 975,590 | |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 2,610,000 | | 3,028,905 | |
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | 2,500,000 | | 2,628,625 | |
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | 3,000,000 | | 3,154,350 | |
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | 6,310,000 | | 6,634,649 | |
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(3) | 2,000,000 | | 2,102,900 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/24 | 3,500,000 | | 3,997,630 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/27 | 1,000,000 | | 1,219,010 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 1,250,000 | | 1,496,562 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/31 | 1,250,000 | | 1,490,100 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/32 | 3,500,000 | | 4,279,590 | |
| North Texas Tollway Authority Rev., 5.00%, 1/1/40 | 2,110,000 | | 2,266,478 | |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/34 (BAM) | 1,400,000 | | 1,647,044 | |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/35 (BAM) | 1,070,000 | | 1,253,698 | |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/36 (BAM) | 1,130,000 | | 1,315,343 | |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/37 (BAM) | 1,325,000 | | 1,533,051 | |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/33 (PSF-GTD) | 1,325,000 | | 1,556,027 | |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/34 (PSF-GTD) | 1,250,000 | | 1,463,450 | |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/35 (PSF-GTD) | 1,000,000 | | 1,168,840 | |
San Antonio Independent School District GO, 4.00%, 8/15/36
(PSF-GTD) | 4,000,000 | | 4,862,160 | |
| | | | | | | | |
| Principal Amount | Value |
| San Antonio Water System Rev., 5.00%, 5/15/34 | $ | 6,500,000 | | $ | 8,698,105 | |
| San Antonio Water System Rev., VRN, 2.00%, 5/1/44 | 4,000,000 | | 4,111,400 | |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 3.00%, 11/15/26 | 3,000,000 | | 3,016,560 | |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 | 2,000,000 | | 2,279,700 | |
| Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 (GA: Merrill Lynch & Co.) | 4,560,000 | | 5,350,978 | |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/32 | 1,000,000 | | 1,192,310 | |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/32 | 1,500,000 | | 1,782,285 | |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/23 (BAM) | 2,255,000 | | 2,455,988 | |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/24 (BAM) | 2,365,000 | | 2,659,892 | |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/25 (BAM) | 1,520,000 | | 1,760,586 | |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/28 (BAM) | 1,000,000 | | 1,176,510 | |
| Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1,500,000 | | 1,670,280 | |
| Texas Transportation Commission State Highway Fund Rev., VRN, 4.00%, 4/1/26 | 2,000,000 | | 2,061,340 | |
| Texas Water Development Board Rev., 5.00%, 4/15/31 | 9,910,000 | | 13,138,777 | |
| Texas Water Development Board Rev., 5.00%, 8/1/32 | 5,000,000 | | 6,825,550 | |
| Texas Water Development Board Rev., 5.00%, 8/1/33 | 3,755,000 | | 5,123,923 | |
| Texas Water Development Board Rev., 4.00%, 8/1/34 | 2,500,000 | | 3,152,550 | |
| Texas Water Development Board Rev., 5.00%, 10/15/38 | 14,540,000 | | 18,856,635 | |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 4,750,000 | | 6,415,350 | |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/32 | 5,000,000 | | 6,720,050 | |
| University of Houston Rev., 5.00%, 2/15/27 | 8,100,000 | | 9,997,911 | |
| University of North Texas System Rev., 5.00%, 4/15/27 | 5,770,000 | | 6,869,127 | |
| University of Texas System Rev., 5.00%, 8/15/34 | 15,000,000 | | 19,885,050 | |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/33 | 720,000 | | 834,077 | |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1,255,000 | | 1,414,862 | |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1,570,000 | | 1,809,582 | |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/35 | 3,950,000 | | 4,456,943 | |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/36 | 4,100,000 | | 4,620,864 | |
| | 402,311,933 | |
| Utah — 0.1% | | |
| St. George Electric Rev., 5.00%, 6/1/24 (AGM) | 1,000,000 | | 1,160,070 | |
| St. George Electric Rev., 5.00%, 6/1/27 (AGM) | 1,000,000 | | 1,234,690 | |
| | 2,394,760 | |
| Vermont — 0.3% | | |
| Burlington Airport Rev., 5.00%, 7/1/24 (AGM) | 410,000 | | 447,794 | |
| Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 750,000 | | 854,745 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/24 | 1,400,000 | | 1,529,388 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/25 | 615,000 | | 683,357 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/26 | 1,000,000 | | 1,125,740 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/27 | 785,000 | | 878,918 | |
| | | | | | | | |
| Principal Amount | Value |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/28 | $ | 1,000,000 | | $ | 1,114,110 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/29 | 900,000 | | 994,203 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/30 | 500,000 | | 548,690 | |
| Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4,000,000 | | 4,735,120 | |
| | 12,912,065 | |
| Virginia — 0.7% | | |
| Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/24 | 3,000,000 | | 3,394,890 | |
| Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/25 | 1,660,000 | | 1,937,618 | |
| Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/38 | 250,000 | | 258,480 | |
| Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/48 | 700,000 | | 716,513 | |
Henrico County Economic Development Authority Rev., 4.00%, 10/1/40(4) | 500,000 | | 552,265 | |
Henrico County Economic Development Authority Rev., 4.00%, 10/1/45(4) | 700,000 | | 765,128 | |
| Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 4.00%, 1/1/31 | 675,000 | | 692,584 | |
Peninsula Town Center Community Development Authority Special Assessment, 4.00%, 9/1/23(1) | 410,000 | | 413,333 | |
Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28(1) | 725,000 | | 755,080 | |
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 1,500,000 | | 1,587,030 | |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/24 | 650,000 | | 744,068 | |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/25 | 1,000,000 | | 1,184,240 | |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/28 | 1,000,000 | | 1,198,330 | |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/30 | 700,000 | | 831,040 | |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/22 | 450,000 | | 476,330 | |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 500,000 | | 559,255 | |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/26 | 450,000 | | 525,141 | |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/28 | 750,000 | | 867,390 | |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/29 | 1,000,000 | | 1,151,090 | |
| Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3,000,000 | | 3,516,330 | |
| Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/38 | 3,000,000 | | 3,387,210 | |
| Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/39 | 3,500,000 | | 3,936,800 | |
| | 29,450,145 | |
| Washington — 3.6% | | |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 2,000,000 | | 2,738,940 | |
| | | | | | | | |
| Principal Amount | Value |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | $ | 2,000,000 | | $ | 2,724,140 | |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 7,000,000 | | 9,233,490 | |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 11,000,000 | | 14,460,600 | |
| Port of Seattle Rev., 5.00%, 6/1/22 | 1,000,000 | | 1,002,490 | |
| State of Washington GO, 5.00%, 7/1/27 | 10,000,000 | | 11,881,400 | |
| State of Washington GO, 5.00%, 8/1/29 | 18,795,000 | | 22,782,735 | |
State of Washington GO, 5.00%, 6/1/34(4) | 1,500,000 | | 2,007,390 | |
| State of Washington GO, 5.00%, 8/1/34 | 11,845,000 | | 15,721,750 | |
| State of Washington GO, 5.00%, 6/1/35 | 9,785,000 | | 12,900,348 | |
State of Washington GO, 5.00%, 6/1/35(4) | 1,500,000 | | 2,001,945 | |
| Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 2,250,000 | | 2,409,975 | |
| Tobacco Settlement Authority Rev., 5.00%, 6/1/23 | 2,000,000 | | 2,232,620 | |
| Tobacco Settlement Authority Rev., 5.00%, 6/1/24 | 3,000,000 | | 3,347,340 | |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,000,000 | | 2,259,200 | |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 10,000,000 | | 11,658,300 | |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,250,000 | | 2,696,783 | |
| Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRN, 1.16%, (MUNIPSA plus 1.05%), 1/1/42 | 2,000,000 | | 2,020,140 | |
| Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRN, 1.20%, (67% of the 1-month LIBOR plus 1.10%), 1/1/42 | 2,000,000 | | 2,008,060 | |
| Washington Health Care Facilities Authority Rev., (Seattle Children's Hospital Obligated Group), 5.00%, 10/1/29 | 6,500,000 | | 7,646,145 | |
| Washington Health Care Facilities Authority Rev., (Yakima Valley Memorial Hospital Association Obligated Group), 5.00%, 12/1/46 | 5,000,000 | | 5,520,300 | |
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1) | 6,750,000 | | 6,774,300 | |
| | 146,028,391 | |
| Wisconsin — 0.8% | | |
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/37 | 600,000 | | 668,148 | |
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | 2,250,000 | | 2,652,570 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/31 (AGM) | 690,000 | | 843,835 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/32 (AGM) | 740,000 | | 898,020 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/33 (AGM) | 330,000 | | 372,913 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/33 (AGM) | 750,000 | | 906,180 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/35 (AGM) | 300,000 | | 336,531 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/37 (AGM) | 300,000 | | 334,590 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 325,000 | | 360,899 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 1,000,000 | | 1,177,210 | |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/45 (AGM) | 600,000 | | 656,994 | |
| | | | | | | | |
| Principal Amount/Shares | Value |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | $ | 925,000 | | $ | 1,131,229 | |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/32 (AGM) | 2,540,000 | | 3,082,392 | |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/33 (AGM) | 2,665,000 | | 3,219,960 | |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/34 (AGM) | 2,800,000 | | 3,375,428 | |
| Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1,100,000 | | 1,169,971 | |
| Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/23 | 1,375,000 | | 1,528,285 | |
| Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/24 | 1,000,000 | | 1,153,270 | |
| Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/25 | 1,500,000 | | 1,790,940 | |
Public Finance Authority Rev., (Roseman University of Health Sciences), 3.00%, 4/1/25(1) | 425,000 | | 423,963 | |
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30(1) | 500,000 | | 552,800 | |
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/40(1) | 1,175,000 | | 1,275,216 | |
Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40(1) | 3,580,000 | | 3,890,815 | |
| | 31,802,159 | |
TOTAL MUNICIPAL SECURITIES (Cost $3,714,863,634) | | 3,960,288,971 | |
| EXCHANGE-TRADED FUNDS — 0.8% | | |
VanEck Vectors High Yield Municipal Index ETF
(Cost $29,749,110) | 496,700 | | 30,249,030 | |
TOTAL INVESTMENT SECURITIES — 99.1% (Cost $3,744,612,744) | | 3,990,538,001 | |
| OTHER ASSETS AND LIABILITIES — 0.9% | | 36,903,935 | |
| TOTAL NET ASSETS — 100.0% | | $ | 4,027,441,936 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AGM | - | Assured Guaranty Municipal Corporation |
| AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts |
| BAM | - | Build America Mutual Assurance Company |
| COP | - | Certificates of Participation |
| 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. The security's effective maturity date may be shorter than the final maturity date shown. |
†Category is less than 0.05% of total net assets.
(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 $134,984,129, which represented 3.4% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(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.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| NOVEMBER 30, 2020 (UNAUDITED) | |
| Assets | |
| Investment securities, at value (cost of $3,744,612,744) | $ | 3,990,538,001 | |
| Cash | 80,368 | |
| Receivable for investments sold | 650,000 | |
| Receivable for capital shares sold | 4,928,457 | |
| Interest and dividends receivable | 47,896,561 | |
| 4,044,093,387 | |
| |
| Liabilities | |
| Payable for investments purchased | 9,710,745 | |
| Payable for capital shares redeemed | 5,143,322 | |
| Accrued management fees | 967,951 | |
| Distribution and service fees payable | 13,508 | |
| Dividends payable | 815,925 | |
| 16,651,451 | |
| |
| Net Assets | $ | 4,027,441,936 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 3,793,515,038 | |
| Distributable earnings | 233,926,898 | |
| $ | 4,027,441,936 | |
| | | | | | | | | | | |
| | Net Assets | Shares Outstanding | Net Asset Value Per Share |
| Investor Class | $948,560,708 | 80,424,992 | $11.79 |
| I Class | $1,421,492,097 | 120,488,048 | $11.80 |
| Y Class | $1,612,316,606 | 136,748,205 | $11.79 |
| A Class | $38,020,920 | 3,222,834 | $11.80* |
| C Class | $7,051,605 | 598,249 | $11.79 |
*Maximum offering price $12.36 (net asset value divided by 0.955).
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) | |
| Investment Income (Loss) | |
| Income: | |
| Interest | $ | 56,574,512 | |
| Dividends | 350,794 | |
| 56,925,306 | |
| Expenses: | |
| Management fees | 6,068,736 | |
| Distribution and service fees: | |
| A Class | 43,732 | |
| C Class | 37,645 | |
| Trustees' fees and expenses | 148,650 | |
| Other expenses | 13,555 | |
| 6,312,318 | |
| |
| Net investment income (loss) | 50,612,988 | |
| |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss) on investment transactions | 4,859,524 | |
| Change in net unrealized appreciation (depreciation) on investments | 113,970,245 | |
| |
| Net realized and unrealized gain (loss) | 118,829,769 | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 169,442,757 | |
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MAY 31, 2020 |
| Increase (Decrease) in Net Assets | November 30, 2020 | May 31, 2020 |
| Operations | | |
| Net investment income (loss) | $ | 50,612,988 | | $ | 102,811,940 | |
| Net realized gain (loss) | 4,859,524 | | (6,146,292) | |
| Change in net unrealized appreciation (depreciation) | 113,970,245 | | (23,171,816) | |
| Net increase (decrease) in net assets resulting from operations | 169,442,757 | | 73,493,832 | |
| | |
| Distributions to Shareholders | | |
| From earnings: | | |
| Investor Class | (11,646,189) | | (29,189,331) | |
| I Class | (16,455,252) | | (36,454,382) | |
| Y Class | (22,096,533) | | (36,375,204) | |
| A Class | (364,885) | | (635,210) | |
| C Class | (50,346) | | (125,749) | |
| Decrease in net assets from distributions | (50,613,205) | | (102,779,876) | |
| | |
| Capital Share Transactions | | |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (95,019,371) | | 158,911,668 | |
| | |
| Net increase (decrease) in net assets | 23,810,181 | | 129,625,624 | |
| | |
| Net Assets | | |
| Beginning of period | 4,003,631,755 | | 3,874,006,131 | |
| End of period | $ | 4,027,441,936 | | $ | 4,003,631,755 | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
NOVEMBER 30, 2020 (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 (NAV) 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.
Open-end management investment companies are valued at the reported NAV per share.
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 NAV 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. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.
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 ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, 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. 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, 2020 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% |
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, 2020 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 $19,100,000 and $44,220,000, 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, 2020 were $604,216,201 and $726,834,635, respectively.
5. Capital Share Transactions
Transactions in shares of the fund were as follows (unlimited number of shares authorized):
| | | | | | | | | | | | | | |
| Six months ended
November 30, 2020 | Year ended
May 31, 2020 |
| Shares | Amount | Shares | Amount |
| Investor Class | | | | |
| Sold | 7,018,760 | $ | 81,815,623 | 20,583,514 | $ | 237,608,370 |
| Issued in reinvestment of distributions | 935,828 | 10,948,629 | 2,383,075 | 27,580,187 |
| Redeemed | (23,124,558) | (271,276,474) | (32,536,959) | (371,516,071) |
| (15,169,970) | (178,512,222) | (9,570,370) | (106,327,514) |
| I Class | | | | |
| Sold | 35,527,223 | 416,240,627 | 46,936,172 | 543,063,993 |
| Issued in reinvestment of distributions | 1,332,382 | 15,601,903 | 2,386,050 | 27,617,594 |
| Redeemed | (12,577,982) | (147,114,171) | (71,945,933) | (817,725,720) |
| 24,281,623 | 284,728,359 | (22,623,711) | (247,044,133) |
| Y Class | | | | |
| Sold | 11,510,356 | 134,534,862 | 71,370,664 | 815,169,823 |
| Issued in reinvestment of distributions | 1,561,596 | 18,270,517 | 3,082,960 | 35,638,964 |
| Redeemed | (30,821,771) | (359,843,681) | (29,816,498) | (340,049,485) |
| (17,749,819) | (207,038,302) | 44,637,126 | 510,759,302 |
| A Class | | | | |
| Sold | 741,245 | 8,707,220 | 971,809 | 11,223,337 |
| Issued in reinvestment of distributions | 29,960 | 350,750 | 53,336 | 617,004 |
| Redeemed | (154,734) | (1,808,185) | (803,743) | (9,250,977) |
| 616,471 | 7,249,785 | 221,402 | 2,589,364 |
| C Class | | | | |
| Sold | 44,024 | 515,004 | 121,965 | 1,405,506 |
| Issued in reinvestment of distributions | 4,037 | 47,204 | 9,183 | 106,183 |
| Redeemed | (171,629) | (2,009,199) | (223,811) | (2,577,040) |
| (123,568) | (1,446,991) | (92,663) | (1,065,351) |
| Net increase (decrease) | (8,145,263) | $ | (95,019,371) | 12,571,784 | $ | 158,911,668 |
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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
| | | | | | | | | | | |
| Level 1 | Level 2 | Level 3 |
| Assets | | | |
| Investment Securities | | | |
| Municipal Securities | — | | $ | 3,960,288,971 | | — | |
| Exchange-Traded Funds | $ | 30,249,030 | | — | | — | |
| $ | 30,249,030 | | $ | 3,960,288,971 | | — | |
7. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. However, LIBOR is expected to be phased out and the transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.
8. 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 | $ | 3,744,612,744 | |
| Gross tax appreciation of investments | $ | 250,480,333 | |
| Gross tax depreciation of investments | (4,555,076) | |
| Net tax appreciation (depreciation) of investments | $ | 245,925,257 | |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
As of May 31, 2020, the fund had accumulated short-term capital losses of $(16,857,666), 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | |
2020(3) | $11.45 | 0.14 | 0.34 | 0.48 | (0.14) | $11.79 | 4.18% | 0.47%(4) | 2.33%(4) | 15% | $948,561 | |
| 2020 | $11.49 | 0.28 | (0.04) | 0.24 | (0.28) | $11.45 | 2.09% | 0.47% | 2.43% | 49% | $1,094,742 | |
| 2019 | $11.18 | 0.30 | 0.31 | 0.61 | (0.30) | $11.49 | 5.57% | 0.47% | 2.69% | 40% | $1,208,725 | |
| 2018 | $11.37 | 0.30 | (0.19) | 0.11 | (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) | $11.37 | 0.87% | 0.47% | 2.52% | 54% | $1,559,408 | |
| 2016 | $11.33 | 0.29 | 0.23 | 0.52 | (0.29) | $11.56 | 4.66% | 0.47% | 2.55% | 32% | $1,624,065 | |
| I Class | | | | | | | | |
2020(3) | $11.46 | 0.15 | 0.34 | 0.49 | (0.15) | $11.80 | 4.28% | 0.27%(4) | 2.53%(4) | 15% | $1,421,492 | |
| 2020 | $11.50 | 0.30 | (0.04) | 0.26 | (0.30) | $11.46 | 2.30% | 0.27% | 2.63% | 49% | $1,102,093 | |
| 2019 | $11.18 | 0.32 | 0.32 | 0.64 | (0.32) | $11.50 | 5.87% | 0.27% | 2.89% | 40% | $1,366,170 | |
| 2018 | $11.38 | 0.32 | (0.20) | 0.12 | (0.32) | $11.18 | 1.07% | 0.27% | 2.83% | 36% | $872,018 | |
| 2017 | $11.56 | 0.31 | (0.18) | 0.13 | (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) | $11.56 | 4.77% | 0.27% | 2.75% | 32% | $1,633,080 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | | | |
2020(3) | $11.45 | 0.15 | 0.34 | 0.49 | (0.15) | $11.79 | 4.29% | 0.24%(4) | 2.56%(4) | 15% | $1,612,317 | |
| 2020 | $11.49 | 0.31 | (0.04) | 0.27 | (0.31) | $11.45 | 2.33% | 0.24% | 2.66% | 49% | $1,768,682 | |
| 2019 | $11.18 | 0.33 | 0.31 | 0.64 | (0.33) | $11.49 | 5.81% | 0.24% | 2.92% | 40% | $1,262,340 | |
| 2018 | $11.37 | 0.32 | (0.19) | 0.13 | (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) | $11.37 | 1.65% | 0.24%(4) | 2.83%(4) | 54%(6) | $5 | |
| A Class | | | | | | | | | | | |
2020(3) | $11.45 | 0.12 | 0.35 | 0.47 | (0.12) | $11.80 | 4.13% | 0.72%(4) | 2.08%(4) | 15% | $38,021 | |
| 2020 | $11.50 | 0.25 | (0.05) | 0.20 | (0.25) | $11.45 | 1.75% | 0.72% | 2.18% | 49% | $29,854 | |
| 2019 | $11.18 | 0.27 | 0.32 | 0.59 | (0.27) | $11.50 | 5.40% | 0.72% | 2.44% | 40% | $27,415 | |
| 2018 | $11.38 | 0.27 | (0.20) | 0.07 | (0.27) | $11.18 | 0.61% | 0.72% | 2.38% | 36% | $39,379 | |
| 2017 | $11.56 | 0.26 | (0.18) | 0.08 | (0.26) | $11.38 | 0.70% | 0.72% | 2.27% | 54% | $59,168 | |
| 2016 | $11.34 | 0.26 | 0.22 | 0.48 | (0.26) | $11.56 | 4.30% | 0.72% | 2.30% | 32% | $70,224 | |
| C Class | | | | | | | | | | | |
2020(3) | $11.44 | 0.08 | 0.35 | 0.43 | (0.08) | $11.79 | 3.75% | 1.47%(4) | 1.33%(4) | 15% | $7,052 | |
| 2020 | $11.49 | 0.16 | (0.05) | 0.11 | (0.16) | $11.44 | 0.99% | 1.47% | 1.43% | 49% | $8,261 | |
| 2019 | $11.17 | 0.19 | 0.32 | 0.51 | (0.19) | $11.49 | 4.61% | 1.47% | 1.69% | 40% | $9,356 | |
| 2018 | $11.37 | 0.18 | (0.20) | (0.02) | (0.18) | $11.17 | (0.14)% | 1.47% | 1.63% | 36% | $12,437 | |
| 2017 | $11.55 | 0.17 | (0.18) | (0.01) | (0.17) | $11.37 | (0.05)% | 1.47% | 1.52% | 54% | $14,572 | |
| 2016 | $11.33 | 0.18 | 0.22 | 0.40 | (0.18) | $11.55 | 3.53% | 1.47% | 1.55% | 32% | $16,425 | |
| | |
| 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, 2020 (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 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s investment performance, 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 compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;
•financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;
•the Advisor’s strategic plans;
•the Advisor’s response to the COVID-19 pandemic;
•any economies of scale associated with the Advisor’s management of the Fund;
•services provided and charges to the Advisor’s other investment management clients;
•fees and expenses associated with any investment by the Fund in other funds;
•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board 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.
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 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 investment performance information during the management agreement renewal 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-, 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.
Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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, technology support (including cyber security), 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.
COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.
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.
Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.
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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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, 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 Investment Company Act. Under this 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, 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 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 with respect to 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.
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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on
Form N-PORT. The fund’s Form N-PORT reports 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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| 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 | |
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| American Century Municipal Trust | |
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Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | |
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| 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. | |
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©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91042 2101 | |
| | | | | |
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| Semiannual Report |
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| November 30, 2020 |
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| Tax-Free Money Market Fund |
| Investor Class (BNTXX) |
| | | | | |
| President’s Letter | |
| Fund Characteristics | |
| Shareholder Fee Example | |
| Schedule of Investments | |
| Statement of Assets and Liabilities | |
| Statement of Operations | |
| Statement of Changes in Net Assets | |
| Notes to Financial Statements | |
| Financial Highlights | |
| |
| |
| Approval of Management Agreement | |
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| Additional Information | |
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.
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended November 30, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.
Muni Recovery Continued
The reporting period began amid an extraordinary recovery from massive market and economic disruptions triggered by the COVID-19 pandemic. Thanks to swift and aggressive action from the Federal Reserve and the federal government in March and April, municipal bonds (munis) rebounded quickly. In addition, declining coronavirus infection, hospitalization and death rates, the gradual reopening of state economies, and COVID-19 treatment and vaccine progress also helped fuel the summer recovery.
Nevertheless, headwinds lingered. Congress remained deadlocked on a second fiscal aid package to individuals and state and local governments facing budget shortfalls from the pandemic. Also, COVID-19 infection rates surged late in the period, prompting new lockdowns that threatened the economic recovery. The November 3 election triggered legal challenges from President Donald Trump and a runoff election for Georgia's two U.S. Senate seats. Given these events, the balance of power in Washington, D.C., along with tax and other policy priorities, remained uncertain at period-end.
Overall, munis delivered solid gains for the period. High-yield munis significantly outperformed investment-grade munis, as riskier assets regained favor during the period. Additionally, the broad asset class outperformed the Treasury market, which declined slightly.
Science Helps Steer the Return to Normal
The return to pre-pandemic life will take time and patience, but we are confident we will get there. The first COVID-19 vaccine is now approved and in limited distribution, and medical professionals continue to develop better treatment protocols. Until the vaccine is widely available, investors likely will face periods of outbreak-related disruptions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
| | | | | |
| NOVEMBER 30, 2020 | |
| 7-Day Current Yield | |
After waiver(1) | 0.01% |
| Before waiver | -0.28% |
| 7-Day Effective Yield | |
After waiver(1) | 0.01% |
| (1) Yields would have been lower if a portion of the fees had not been waived | |
| |
Portfolio at a Glance | |
| Weighted Average Maturity | 35 days |
| Weighted Average Life | 35 days |
| |
Portfolio Composition by Maturity | % of fund investments |
| 1-30 days | 83% |
| 31-90 days | 4% |
| 91-180 days | 4% |
| More than 180 days | 9% |
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, 2020 to November 30, 2020.
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 through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual 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 $25.00 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.
| | | | | | | | | | | | | | |
| | Beginning
Account Value
6/1/20 | Ending
Account Value
11/30/20 | Expenses Paid
During Period(1)
6/1/20 - 11/30/20 | Annualized
Expense Ratio(1) |
Actual | | | | |
| Investor Class | $1,000 | $1,000.10 | $1.05 | 0.21% |
Hypothetical | | | | |
| Investor Class | $1,000 | $1,024.02 | $1.07 | 0.21% |
(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.
NOVEMBER 30, 2020 (UNAUDITED)
| | | | | | | | |
| Principal Amount | Value |
| MUNICIPAL SECURITIES — 98.2% | | |
| Alaska — 0.9% | | |
| State of Alaska International Airports System Rev., VRDN, 0.12%, 12/7/20 (LOC: State Street Bank & Trust Co.) | $ | 1,360,000 | | $ | 1,360,000 | |
| California — 18.3% | | |
| California Health Facilities Financing Authority Rev., 0.26%, 5/6/21 | 3,000,000 | | 3,000,000 | |
| California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.15%, 12/7/20 (LOC: Wells Fargo Bank N.A.) | 345,000 | | 345,000 | |
| California Statewide Communities Development Authority Rev., (Kelvin Court LP), VRDN, 0.16%, 12/7/20 (LOC: FNMA)(LIQ FAC: FNMA) | 4,300,000 | | 4,300,000 | |
| California Statewide Communities Development Authority Rev., (Salvation Army San Francisco Silvercrest LP), VRDN, 0.18%, 12/7/20 (LOC: FNMA)(LIQ FAC: FNMA) | 3,900,000 | | 3,900,000 | |
| California Statewide Communities Development Authority Rev., (Sarich Family Living Trust), VRDN, 0.23%, 12/7/20 (LOC: Bank of the West) | 900,000 | | 900,000 | |
| California Statewide Communities Development Authority Rev., (Uptown Newport Building Owner LP), VRDN, 0.15%, 12/7/20 (LOC: East West Bank, Zions Bank and FHLB) | 1,300,000 | | 1,300,000 | |
| City of Los Angeles Rev., 4.00%, 6/24/21 | 2,465,000 | | 2,516,029 | |
| Metropolitan Water District of Southern California Rev., VRN, 0.36%, (MUNIPSA plus 0.25%), 7/1/37 | 1,000,000 | | 1,000,000 | |
Mizuho Floater/Residual Trust Rev., VRDN, 0.26%, 12/4/20 (LOC: FHLB) (LIQ FAC: Mizuho Capital Markets LLC)(1) | 5,000,000 | | 5,000,000 | |
| State of California GO, 0.18%, 1/11/21 (LOC: Royal Bank of Canada) | 1,200,000 | | 1,200,000 | |
| State of California Department of Water Resources, 0.19%, 1/13/21 | 5,000,000 | | 5,000,000 | |
| | 28,461,029 | |
| Colorado — 1.7% | | |
| Colorado Housing and Finance Authority Rev., VRDN, 0.12%, 12/7/20 (SBBPA: FHLB) | 1,200,000 | | 1,200,000 | |
| Colorado Housing and Finance Authority Rev., VRDN, 0.14%, 12/7/20 (SBBPA: FHLB) | 590,000 | | 590,000 | |
| Jefferson County Rev., (Rocky Mountain Butterfly Consortium), VRDN, 0.21%, 12/7/20 (LOC: Wells Fargo Bank N.A.) | 820,000 | | 820,000 | |
| | 2,610,000 | |
| Delaware — 0.4% | | |
| Delaware State Economic Development Authority Rev., (YMCA of Delaware), VRDN, 0.13%, 12/7/20 (LOC: PNC Bank N.A.) | 700,000 | | 700,000 | |
| District of Columbia — 0.5% | | |
| District of Columbia Rev., (Progressive Life Center, Inc.), VRDN, 0.19%, 12/7/20 (LOC: Truist Bank) | 820,000 | | 820,000 | |
| Florida — 5.0% | | |
| Hillsborough County Industrial Development Authority Rev., (Corbett Preparatory School of IDS, Inc.), VRDN, 0.34%, 12/7/20 (LOC: Bank of America N.A.) | 1,200,000 | | 1,200,000 | |
| JEA Water & Sewer System Rev., VRDN, 0.14%, 12/7/20 (SBBPA: State Street Bank & Trust Co.) | 4,635,000 | | 4,635,000 | |
| Pinellas County Health Facilities Authority Rev., (Hospice of the Florida Suncoast, Inc.), VRDN, 0.16%, 12/7/20 (LOC: Wells Fargo Bank N.A.) | 640,000 | | 640,000 | |
| Sunshine State Governmental Financing Commission Rev., VRDN, 0.13%, 12/7/20 (LOC: MUFG Union Bank N.A.) | 1,300,000 | | 1,300,000 | |
| | 7,775,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Georgia — 1.7% | | |
| Paulding County Hospital Authority Rev., (WellStar Health System Obligated Group), VRDN, 0.13%, 12/7/20 (LOC: Bank of America N.A.) | $ | 1,500,000 | | $ | 1,500,000 | |
| Valdosta-Lowndes County Industrial Development Authority Rev., (Steeda Autosports, Inc.), VRDN, 0.21%, 12/7/20 (LOC: Bank of America N.A.) | 1,110,000 | | 1,110,000 | |
| | 2,610,000 | |
| Illinois — 17.0% | | |
| Illinois Educational Facilities Authority Rev., (Lincoln Park Society), VRDN, 0.14%, 12/7/20 (LOC: Citibank N.A.) | 1,200,000 | | 1,200,000 | |
| Illinois Finance Authority Rev., (Advocate Health Care Network Obligated Group), VRDN, 0.14%, 12/7/20 (SBBPA: Northern Trust Company) | 3,220,000 | | 3,220,000 | |
| Illinois Finance Authority Rev., (Uniform Law Foundation), VRDN, 0.15%, 12/7/20 (LOC: PNC Bank N.A.) | 2,740,000 | | 2,740,000 | |
| Illinois Housing Development Authority Rev., (Rome Meadows Associates III LP), VRDN, 0.50%, 12/7/20 (LOC: First National Bank and FHLB) | 1,480,000 | | 1,480,000 | |
| Illinois Housing Development Authority Rev., (Woodlawn Six LP), VRDN, 0.14%, 12/7/20 (LOC: FHLMC) | 6,395,000 | | 6,395,000 | |
| Southwestern Illinois Development Authority Rev., (Waste Management, Inc.), VRDN, 0.13%, 12/7/20 (LOC: JPMorgan Chase Bank N.A.) | 2,400,000 | | 2,400,000 | |
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.17%, 12/7/20 (AGM-CR)(LOC: Barclays Bank plc)(GA: Barclays Bank plc)(1) | 4,500,000 | | 4,500,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.26%, 12/7/20 (LOC: Barclays Bank plc)(GA: Barclays Bank plc)(1) | 4,365,000 | | 4,365,000 | |
| | 26,300,000 | |
| Indiana — 2.0% | | |
Indiana Development Finance Authority Rev., (TTP, Inc.), VRDN, 0.25%, 12/7/20 (LOC: U.S. Bank N.A.)(1) | 1,050,000 | | 1,050,000 | |
| Indiana Finance Authority Rev., (Franciscan Alliance, Inc. Obligated Group), VRDN, 0.14%, 12/7/20 (LOC: Bank of New York Mellon) | 2,000,000 | | 2,000,000 | |
| | 3,050,000 | |
| Iowa — 3.6% | | |
| Iowa Finance Authority Rev., (Geneseo Communications, Inc.), VRDN, 0.15%, 12/7/20 (LOC: Great Western Bank and U.S. Bank N.A.) | 5,545,000 | | 5,545,000 | |
| Louisiana — 5.2% | | |
| Calcasieu Parish Industrial Development Board, Inc. Rev., (Hydroserve Westlake LLC), VRDN, 0.18%, 12/7/20 (LOC: JPMorgan Chase Bank N.A.) | 3,500,000 | | 3,500,000 | |
| East Baton Rouge Parish Industrial Development Board, Inc. Rev., (Exxon Mobil Corp.), VRDN, 0.12%, 12/1/20 | 100,000 | | 100,000 | |
| Louisiana Housing Corp. Rev., (Reserve at Jefferson Crossing LLC), VRDN, 0.14%, 12/7/20 (LOC: FHLMC) | 1,560,000 | | 1,560,000 | |
| Terrebonne Economic Development Authority Rev., (Buquet Distributing Co, Inc.), VRDN, 1.01%, 12/7/20 (LOC: Community Bank and FHLB) | 2,890,000 | | 2,890,000 | |
| | 8,050,000 | |
| Michigan — 4.4% | | |
| Michigan Finance Authority Rev., 4.00%, 8/20/21 (LOC: JPMorgan Chase Bank N.A.) | 5,000,000 | | 5,134,230 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.15%, 12/7/20 (LIQ FAC: Barclays Bank plc)(1) | 1,635,000 | | 1,635,000 | |
| | 6,769,230 | |
| | | | | | | | |
| Principal Amount | Value |
| Minnesota — 3.4% | | |
| St. Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 0.23%, 12/7/20 (LIQ FAC: FHLMC) | $ | 5,335,000 | | $ | 5,334,964 | |
| Mississippi — 1.7% | | |
| Mississippi Business Finance Corp. Rev., (Jackson Heart Realty LLC), VRDN, 0.13%, 12/7/20 (LOC: Trustmark National Bank and FHLB) | 2,700,000 | | 2,700,000 | |
| Missouri — 0.4% | | |
| Wright City Rev., (MB Realty LLC), VRDN, 0.26%, 12/7/20 (LOC: Bank of America N.A.) | 580,000 | | 580,000 | |
| Nevada — 1.9% | | |
Tender Option Bond Trust Receipts/Certificates COP, VRDN, 0.18%, 12/7/20 (LIQ FAC: Barclays Bank plc)(1) | 2,900,000 | | 2,900,000 | |
| New York — 7.2% | | |
| Erie County Industrial Development Agency (The) Rev., (Our Lady of Victory Renaissance Corp.), VRDN, 0.14%, 12/7/20 (LOC: HSBC Bank USA N.A.) | 1,125,000 | | 1,125,000 | |
| Metropolitan Transportation Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: PNC Bank N.A.) | 1,900,000 | | 1,900,000 | |
| Metropolitan Transportation Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: PNC Bank N.A.) | 1,600,000 | | 1,600,000 | |
| Metropolitan Transportation Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: PNC Bank N.A.) | 750,000 | | 750,000 | |
| New York City Water & Sewer System Rev., VRDN, 0.13%, 12/7/20 (SBBPA: PNC Bank N.A.) | 1,425,000 | | 1,425,000 | |
| New York State Dormitory Authority Rev., 5.00%, 3/31/21 | 3,315,000 | | 3,363,445 | |
| New York State Dormitory Authority Rev., (Blythedale Children's Hospital), VRDN, 0.13%, 12/7/20 (LOC: TD Bank N.A.) | 430,000 | | 430,000 | |
| North Amityville Fire Co., Inc. Rev., VRDN, 0.24%, 12/7/20 (LOC: Citibank N.A.) | 600,000 | | 600,000 | |
| | 11,193,445 | |
| North Carolina — 0.9% | | |
| Lower Cape Fear Water & Sewer Authority Rev., VRDN, 0.14%, 12/7/20 (LOC: Cooperatieve Rabobank U.A.) | 855,000 | | 855,000 | |
| North Carolina Capital Facilities Finance Agency Rev., (Lees-McRae College, Inc.), VRDN, 0.21%, 12/7/20 (LOC: Truist Bank) | 560,000 | | 560,000 | |
| | 1,415,000 | |
| Ohio — 0.3% | | |
| Butler County Rev., (Lakota Family YMCA), VRDN, 0.14%, 12/7/20 (LOC: PNC Bank N.A.) | 500,000 | | 500,000 | |
| Pennsylvania — 0.8% | | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.19%, 12/7/20 (LOC: Barclays Bank plc)(LIQ FAC: Barclays Bank plc)(1) | 1,230,000 | | 1,230,000 | |
| Rhode Island — 2.3% | | |
| Rhode Island Health & Educational Building Corp. Rev., (Bryant University), VRDN, 0.12%, 12/7/20 (LOC: TD Bank N.A.) | 2,865,000 | | 2,865,000 | |
| Rhode Island Health & Educational Building Corp. Rev., (New England Institute of Technology), VRDN, 0.15%, 12/7/20 (LOC: TD Bank N.A.) | 660,000 | | 660,000 | |
| | 3,525,000 | |
| South Dakota — 0.5% | | |
| South Dakota Housing Development Authority Rev., VRDN, 0.13%, 12/7/20 (SBBPA: FHLB) | 850,000 | | 850,000 | |
| Tennessee — 5.6% | | |
Clarksville Public Building Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: Bank of America N.A.) (Acquired 12/2/19 -1/6/20, Cost $820,000)(2) | 820,000 | | 820,000 | |
| | | | | | | | |
| Principal Amount | Value |
| Clarksville Public Building Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: Bank of America N.A.) | $ | 1,120,000 | | $ | 1,120,000 | |
| Public Building Authority of Blount County Tennessee Rev., VRDN, 0.19%, 12/7/20 (CNTY GTD)(LOC: Truist Bank) | 995,000 | | 995,000 | |
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.23%, 12/7/20 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 5,000,000 | | 5,000,000 | |
Wilson County Sports Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: PNC Bank N.A.) (Acquired 3/24/20 Cost $700,000)(2) | 700,000 | | 700,000 | |
| | 8,635,000 | |
| Texas — 8.0% | | |
| City of Austin Rev., VRDN, 0.13%, 12/7/20 (LOC: Sumitomo Mitsui Banking) | 540,000 | | 540,000 | |
| City of Houston, 0.20%, 12/22/20 | 2,000,000 | | 2,000,000 | |
| Harris County Health Facilities Development Corp. Rev., (Houston Methodist Hospital Obligated Group), VRDN, 0.13%, 12/1/20 | 400,000 | | 400,000 | |
| Harris County Hospital District Rev., VRDN, 0.12%, 12/7/20 (LOC: JPMorgan Chase Bank N.A.) | 2,265,000 | | 2,265,000 | |
| Lower Neches Valley Authority Industrial Development Corp. Rev., (Exxon Capital Ventures, Inc.), VRDN, 0.13%, 12/1/20 (GA: EXXON MOBIL Corp.) | 130,000 | | 130,000 | |
| Mission Economic Development Corp. Rev., VRDN, 0.26%, 12/7/20 (LOC: Wells Fargo Bank N.A.) | 2,410,000 | | 2,410,000 | |
| State of Texas Rev., 4.00%, 8/26/21 | 4,500,000 | | 4,624,272 | |
| | 12,369,272 | |
| Washington — 3.1% | | |
| Pierce County Economic Development Corp. Rev., (Sumner Leasing LLC), VRDN, 0.26%, 12/7/20 (LOC: FHLB and Homestreet Bank) | 1,400,000 | | 1,400,000 | |
| Port of Chehalis Industrial Development Corp. Rev., (JLT Holding LLC), VRDN, 0.21%, 12/7/20 (LOC: Wells Fargo Bank N.A.) | 675,000 | | 675,000 | |
| Washington Higher Education Facilities Authority Rev., VRDN, 0.13%, 12/7/20 (LOC: U.S. Bank N.A.) | 2,775,000 | | 2,775,000 | |
| | 4,850,000 | |
| West Virginia — 0.9% | | |
| West Virginia Hospital Finance Authority Rev., (Cabell Huntington Hospital, Inc.), VRDN, 0.19%, 12/7/20 (LOC: Truist Bank) | 1,390,000 | | 1,390,000 | |
| Wisconsin — 0.5% | | |
| Wisconsin Housing & Economic Development Authority Rev., VRDN, 0.16%, 12/7/20 (GO of Authority Housing and Urban Development Loan)(LOC: Bank of America N.A.) | 770,000 | | 770,000 | |
TOTAL INVESTMENT SECURITIES — 98.2% (Cost $152,292,940) | | 152,292,940 | |
| OTHER ASSETS AND LIABILITIES — 1.8% | | 2,842,336 | |
| TOTAL NET ASSETS — 100.0% | | $ | 155,135,276 | |
| | | | | | | | |
| NOTES TO SCHEDULE OF INVESTMENTS |
| AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts |
| CNTY GTD | - | County Guaranteed |
| COP | - | Certificates of Participation |
| 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 |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| 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. The security's effective maturity date may be shorter than the final maturity date shown. |
(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 $25,680,000, which represented 16.6% 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 $1,520,000, which represented 1.0% of total net assets.
See Notes to Financial Statements.
| | |
| Statement of Assets and Liabilities |
| | | | | |
| NOVEMBER 30, 2020 (UNAUDITED) |
| Assets |
| Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 152,292,940 | |
| Cash | 86,019 | |
| Receivable for investments sold | 2,585,032 | |
| Receivable for capital shares sold | 75,647 | |
| Interest receivable | 249,894 | |
| 155,289,532 | |
| |
| Liabilities | |
| Payable for capital shares redeemed | 129,377 | |
| Accrued management fees | 24,879 | |
| 154,256 | |
| |
| Net Assets | $ | 155,135,276 | |
| |
| Investor Class Capital Shares | |
| Shares outstanding (unlimited number of shares authorized) | 155,155,107 | |
| |
| Net Asset Value Per Share | $ | 1.00 | |
| |
| Net Assets Consist of: | |
| Capital paid in | $ | 155,135,276 | |
See Notes to Financial Statements.
| | | | | |
| FOR THE SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) |
| Investment Income (Loss) |
| Income: | |
| Interest | $ | 172,666 | |
| |
| Expenses: | |
| Management fees | 379,869 | |
| Trustees' fees and expenses | 5,733 | |
| Other expenses | 209 | |
| 385,811 | |
| Fees waived | (220,985) | |
| 164,826 | |
| |
| Net investment income (loss) | 7,840 | |
| |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,840 | |
See Notes to Financial Statements.
| | |
| Statement of Changes in Net Assets |
| | | | | | | | |
| SIX MONTHS ENDED NOVEMBER 30, 2020 (UNAUDITED) AND YEAR ENDED MAY 31, 2020 |
| Increase (Decrease) in Net Assets | November 30, 2020 | May 31, 2020 |
| Operations | | |
| Net investment income (loss) | $ | 7,840 | | $ | 1,254,330 | |
| | |
| Distributions to Shareholders | | |
| From earnings | (7,840) | | (1,254,330) | |
| | |
| Capital Share Transactions | | |
| Proceeds from shares sold | 55,832,497 | | 160,467,538 | |
| Proceeds from reinvestment of distributions | 7,437 | | 1,233,495 | |
| Payments for shares redeemed | (60,396,141) | | (131,168,408) | |
| Net increase (decrease) in net assets from capital share transactions | (4,556,207) | | 30,532,625 | |
| | |
| Net increase (decrease) in net assets | (4,556,207) | | 30,532,625 | |
| | |
| Net Assets | | |
| Beginning of period | 159,691,483 | | 129,158,858 | |
| End of period | $ | 155,135,276 | | $ | 159,691,483 | |
| | |
| | |
| | |
| Transactions in Shares of the Fund | | |
| Sold | 55,832,497 | | 160,467,538 | |
| Issued in reinvestment of distributions | 7,437 | | 1,233,495 | |
| Redeemed | (60,396,141) | | (131,168,408) | |
| Net increase (decrease) in shares of the fund | (4,556,207) | | 30,532,625 | |
See Notes to Financial Statements.
| | |
| Notes to Financial Statements |
NOVEMBER 30, 2020 (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 (NAV) 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.
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 ACIM will pay 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. 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. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. 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, 2020 was 0.48% before waiver and 0.20% after waiver.
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 $7,875,000 and $4,350,000, 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. Risk Factors
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and would adversely impact the value of its bonds, which could negatively impact the performance of the fund.
6. 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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| 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 | Distributions
From 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 | | | | | | | | | | | | | |
2020(2) | $1.00 | —(3) | — | —(3) | —(3) | — | —(3) | $1.00 | 0.01% | 0.21%(4) | 0.49%(4) | 0.01%(4) | (0.27)%(4) | $155,135 | |
| 2020 | $1.00 | 0.01 | — | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.91% | 0.47% | 0.50% | 0.90% | 0.87% | $159,691 | |
| 2019 | $1.00 | 0.01 | — | 0.01 | (0.01) | —(3) | (0.01) | $1.00 | 1.12% | 0.50% | 0.50% | 1.11% | 1.11% | $129,159 | |
| 2018 | $1.00 | 0.01 | —(3) | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.69% | 0.50% | 0.50% | 0.69% | 0.69% | $138,247 | |
| 2017 | $1.00 | —(3) | — | —(3) | —(3) | —(3) | —(3) | $1.00 | 0.28% | 0.50% | 0.50% | 0.27% | 0.27% | $137,390 | |
| 2016 | $1.00 | —(3) | —(3) | —(3) | —(3) | — | —(3) | $1.00 | 0.02% | 0.23% | 0.50% | 0.02% | (0.25)% | $153,686 | |
| | |
| 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, 2020 (unaudited).
(3)Per-share amount was less than $0.005.
(4)Annualized.
See Notes to Financial Statements.
| | |
| Approval of Management Agreement |
At a meeting held on June 17, 2020, 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 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 and its affiliates provide to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s investment performance, 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 compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;
•financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;
•the Advisor’s strategic plans;
•the Advisor’s response to the COVID-19 pandemic;
•any economies of scale associated with the Advisor’s management of the Fund;
•services provided and charges to the Advisor’s other investment management clients;
•fees and expenses associated with any investment by the Fund in other funds;
•payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients 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 meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board 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.
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 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 investment performance information during the management agreement renewal 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 peer group median 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.
Shareholder and Other Services. Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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, technology support (including cyber security), 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.
COVID-19 Response. During 2020, much of the world experienced unprecedented change and challenges from the impacts of the rapidly evolving, worldwide spread of the COVID-19 virus. The Board evaluated the Advisor’s response to the COVID-19 pandemic and its impact on service to the Fund. The Board found that Fund shareholders have continued to receive the Advisor’s investment management and other services without disruption, and Advisor personnel have demonstrated great resiliency in providing those services. The Board, directly and through its committees, continues to monitor the impact of the pandemic and the response of each of the Fund’s service providers.
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.
Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.
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, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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, 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 Investment Company Act. Under this 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, 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 above 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 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 with respect to 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.
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 American Century Investments’ website at americancentury.com/proxy. 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 americancentury.com/proxy. 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 as an exhibit to its reports on
Form N-PORT. The fund’s Form N-PORT reports 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.
| | | | | | | | |
| |
| | |
| 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. | |
| | |
©2021 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SAN-91043 2101 | |
(b) None.
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)(3) Not applicable.
(a)(4) Not applicable.
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/ Patrick Bannigan | |
| Name: | Patrick Bannigan | |
| Title: | President | |
| | | |
| Date: | January 27, 2021 | |
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/ Patrick Bannigan |
| Name: Patrick Bannigan | |
| Title: President | |
| (principal executive officer) |
| | |
| Date: | January 27, 2021 | |
| | | | | | | | | | | |
| By: | /s/ R. Wes Campbell |
| Name: R. Wes Campbell | |
| Title: Treasurer and |
| Chief Financial Officer | |
| (principal financial officer) | |
| | |
| Date: | January 27, 2021 | |
