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: | 05-31-2021 |
Annual Report | |||||
May 31, 2021 | |||||
High-Yield Municipal Fund | |||||
Investor Class (ABHYX) | |||||
I Class (AYMIX) | |||||
Y Class (AYMYX) | |||||
A Class (AYMAX) | |||||
C Class (AYMCX) |
Table of Contents |
President’s Letter | |||||
Performance | |||||
Portfolio Commentary | |||||
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 | |||||
Report of Independent Registered Public Accounting Firm | |||||
Management | |||||
Liquidity Risk Management Program | |||||
Additional Information |
President’s Letter |
Performance |
Total Returns as of May 31, 2021 | ||||||||||||||||||||
Average Annual Returns | ||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |||||||||||||||
Investor Class | ABHYX | 14.64% | 4.99% | 6.09% | — | 3/31/98 | ||||||||||||||
S&P Municipal Bond 50% Investment Grade/50% High Yield Index | — | 10.26% | 4.86% | — | — | — | ||||||||||||||
Bloomberg Barclays Municipal Bond Index | — | 4.74% | 3.52% | 4.29% | — | — | ||||||||||||||
I Class | AYMIX | 14.87% | 5.20% | 6.30% | — | 3/1/10 | ||||||||||||||
Y Class | AYMYX | 14.90% | — | — | 6.41% | 4/10/17 | ||||||||||||||
A Class | AYMAX | 1/31/03 | ||||||||||||||||||
No sales charge | 14.35% | 4.73% | 5.83% | — | ||||||||||||||||
With sales charge | 9.21% | 3.76% | 5.34% | — | ||||||||||||||||
C Class | AYMCX | 13.51% | 3.97% | 5.05% | — | 7/24/02 |
Growth of $10,000 Over 10 Years | ||
$10,000 investment made May 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
Value on May 31, 2021 | |||||
Investor Class — $18,075 | |||||
Bloomberg Barclays Municipal Bond Index — $15,224 | |||||
Total Annual Fund Operating Expenses | ||||||||||||||
Investor Class | I Class | Y Class | A Class | C Class | ||||||||||
0.61% | 0.41% | 0.38% | 0.86% | 1.61% |
Portfolio Commentary |
Fund Characteristics |
MAY 31, 2021 | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 95.2% | ||||
Exchange-Traded Funds | 2.8% | ||||
Affiliated Funds | 1.3% | ||||
Other Assets and Liabilities | 0.7% | ||||
Top Five States and Territories* | % of net assets | ||||
New York | 11.3% | ||||
Illinois | 7.7% | ||||
Texas | 7.1% | ||||
Arizona | 6.4% | ||||
Pennsylvania | 5.8% | ||||
* Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund’s portfolio holdings. | |||||
Top Five Sectors | % of fund investments | ||||
Retirement Community | 15% | ||||
Special Tax | 14% | ||||
General Obligation (GO) - Local | 9% | ||||
Charter School | 9% | ||||
Hospital | 8% |
Shareholder Fee Example |
Beginning Account Value 12/1/20 | Ending Account Value 5/31/21 | Expenses Paid During Period(1) 12/1/20 - 5/31/21 | Annualized Expense Ratio(1) | |||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,058.90 | $3.03 | 0.59% | ||||||||||
I Class | $1,000 | $1,060.00 | $2.00 | 0.39% | ||||||||||
Y Class | $1,000 | $1,060.10 | $1.85 | 0.36% | ||||||||||
A Class | $1,000 | $1,057.60 | $4.31 | 0.84% | ||||||||||
C Class | $1,000 | $1,053.70 | $8.14 | 1.59% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.99 | $2.97 | 0.59% | ||||||||||
I Class | $1,000 | $1,022.99 | $1.97 | 0.39% | ||||||||||
Y Class | $1,000 | $1,023.14 | $1.82 | 0.36% | ||||||||||
A Class | $1,000 | $1,020.74 | $4.23 | 0.84% | ||||||||||
C Class | $1,000 | $1,017.00 | $8.00 | 1.59% |
Schedule of Investments |
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 95.2% | ||||||||
Alabama — 0.9% | ||||||||
Jefferson County Sewer Rev., 6.50%, 10/1/53 | $ | 2,000,000 | $ | 2,354,103 | ||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) | 5,000,000 | 5,495,449 | ||||||
7,849,552 | ||||||||
Alaska — 0.3% | ||||||||
Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46 | 2,500,000 | 2,531,692 | ||||||
Arizona — 6.4% | ||||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 2,065,000 | 2,338,310 | ||||||
Arizona Industrial Development Authority Rev., (Doral Academy of Nevada), 5.00%, 7/15/49(1) | 1,675,000 | 1,900,013 | ||||||
Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47(1) | 2,000,000 | 2,262,725 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1) | 7,000,000 | 7,827,399 | ||||||
Arizona Industrial Development Authority Rev., (Odyssey Preparatory Academy, Inc.), 5.50%, 7/1/52(1) | 5,000,000 | 5,438,152 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 1,600,000 | 1,705,012 | ||||||
Florence Town, Inc. Industrial Development Authority Rev., (Legacy Traditional School Series 2013 Obligated Group), 6.00%, 7/1/43 | 1,000,000 | 1,086,659 | ||||||
Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/56 | 5,000,000 | 5,634,009 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 840,000 | 874,378 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45(1) | 1,500,000 | 1,640,317 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46(1) | 1,500,000 | 1,639,708 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 6.75%, 7/1/44(1) | 2,000,000 | 2,312,619 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46(1) | 500,000 | 551,745 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence Obligated Group), 5.25%, 7/1/48(1) | 1,000,000 | 1,031,346 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence Obligated Group), 5.25%, 7/1/53(1) | 1,000,000 | 1,030,805 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1) | 1,000,000 | 1,028,065 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/35 | 500,000 | 550,877 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/45 | 1,000,000 | 1,089,005 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45(1) | 2,000,000 | 2,189,384 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 1,325,000 | 1,349,371 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | 1,325,000 | 1,348,692 |
Principal Amount | Value | |||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(1) | $ | 2,450,000 | $ | 2,827,740 | ||||
Sundance Community Facilities District Rev., 7.125%, 7/1/27(1) | 123,000 | 123,147 | ||||||
Sundance Community Facilities District Special Assessment, 6.50%, 7/1/29 | 107,000 | 107,092 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 5.35%, 10/1/25(1) | 1,000,000 | 1,006,938 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37(1) | 800,000 | 883,944 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47(1) | 4,650,000 | 5,083,313 | ||||||
54,860,765 | ||||||||
California — 2.9% | ||||||||
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49 | 380,000 | 445,367 | ||||||
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49 | 250,000 | 308,925 | ||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(2) | 8,000,000 | 1,362,649 | ||||||
California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55(2) | 1,000,000 | 198,656 | ||||||
California Municipal Finance Authority Rev., (United Airlines, Inc.), 4.00%, 7/15/29 | 5,000,000 | 5,803,570 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(1) | 500,000 | 569,653 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41(1) | 500,000 | 565,054 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46(1) | 1,000,000 | 1,123,660 | ||||||
Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 500,000 | 604,754 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/37 | 1,000,000 | 1,042,419 | ||||||
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/47(2) | 5,000,000 | 1,112,984 | ||||||
Hastings Campus Housing Finance Authority Rev., (University of California Hastings College of the Law), 5.00%, 7/1/61 | 2,665,000 | 3,095,059 | ||||||
Hastings Campus Housing Finance Authority Rev., (University of California Hastings College of the Law), Capital Appreciation, VRN, 0.00%, 7/1/61(1) | 7,660,000 | 4,453,399 | ||||||
River Islands Public Financing Authority Special Tax, 5.50%, 9/1/45 | 1,500,000 | 1,583,474 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency Special Tax, Capital Appreciation, 0.00%, 8/1/43(2) | 3,500,000 | 1,014,361 | ||||||
Sunnyvale Special Tax, 7.75%, 8/1/32 | 1,500,000 | 1,505,725 | ||||||
24,789,709 | ||||||||
Colorado — 2.8% | ||||||||
Belleview Station Metropolitan District No. 2 GO, 5.00%, 12/1/36 | 1,000,000 | 1,039,440 | ||||||
Belleview Station Metropolitan District No. 2 GO, 5.125%, 12/1/46 | 2,000,000 | 2,077,392 | ||||||
Brighton Crossing Metropolitan District No. 4 GO, 4.00%, 12/1/27 | 482,000 | 509,814 | ||||||
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/37 | 525,000 | 557,322 | ||||||
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/47 | 1,220,000 | 1,289,695 | ||||||
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/50 | 1,000,000 | 1,103,970 | ||||||
Central Platte Valley Metropolitan District GO, 5.00%, 12/1/43 | 1,000,000 | 1,061,298 |
Principal Amount | Value | |||||||
Clear Creek Station Metropolitan District No. 2 GO, 5.00%, 12/1/47 | $ | 1,000,000 | $ | 1,055,073 | ||||
Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 500,000 | 530,022 | ||||||
Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/48 | 2,290,000 | 2,493,692 | ||||||
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 1,900,000 | 2,090,582 | ||||||
E-470 Public Highway Authority Rev., 5.00%, 9/1/26 | 1,250,000 | 1,523,275 | ||||||
Gardens on Havana Metropolitan District No. 3 Rev., 3.625%, 12/1/21 | 307,000 | 310,336 | ||||||
Leyden Rock Metropolitan District No. 10 GO, 5.00%, 12/1/45 | 1,250,000 | 1,299,330 | ||||||
One Horse Business Improvement District Rev., 6.00%, 6/1/24 | 600,000 | 601,361 | ||||||
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | 500,000 | 574,900 | ||||||
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1,000,000 | 1,131,766 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/50 (AGM) | 1,500,000 | 1,864,603 | ||||||
Village Metropolitan District GO, 5.00%, 12/1/49 | 2,400,000 | 2,703,787 | ||||||
Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40 | 300,000 | 334,457 | ||||||
24,152,115 | ||||||||
Connecticut — 1.3% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/50(1) | 3,750,000 | 4,291,732 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1) | 1,000,000 | 1,022,801 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/55(1) | 2,000,000 | 2,218,518 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 0.25%, 7/1/49 | 3,600,000 | 3,591,459 | ||||||
11,124,510 | ||||||||
Delaware — 0.4% | ||||||||
Town of Millsboro Special Tax, 5.25%, 7/1/48(1) | 3,000,000 | 3,334,593 | ||||||
District of Columbia — 0.9% | ||||||||
District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46(2) | 15,000,000 | 2,597,359 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/44 | 3,000,000 | 3,455,880 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/41(3) | 1,000,000 | 1,329,137 | ||||||
7,382,376 | ||||||||
Florida — 5.3% | ||||||||
Atlantic Beach Health Care Facilities Rev., (Naval Continuing Care Retirement Foundation Obligated Group), 3.25%, 11/15/24 | 2,155,000 | 2,156,600 | ||||||
Babcock Ranch Community Independent Special District Special Assessment, 5.25%, 11/1/46 | 250,000 | 274,387 | ||||||
Celebration Pointe Community Development District Special Assessment, 5.125%, 5/1/45 | 720,000 | 751,919 | ||||||
Celebration Pointe Community Development District Special Assessment, 5.00%, 5/1/48(1) | 1,905,000 | 2,043,391 | ||||||
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 2,700,000 | 3,109,767 | ||||||
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50 | 2,300,000 | 2,632,756 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/51(3) | 340,000 | 389,978 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/50(1) | 2,200,000 | 2,446,275 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/49(1) | 800,000 | 878,807 |
Principal Amount | Value | |||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/54(1) | $ | 850,000 | $ | 930,598 | ||||
Miami Beach Redevelopment Agency Tax Allocation, 5.00%, 2/1/27 | 1,000,000 | 1,120,738 | ||||||
Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 5.00%, 4/1/30 | 1,250,000 | 1,447,540 | ||||||
Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy, Inc.), 5.25%, 9/15/44 | 950,000 | 1,029,445 | ||||||
Northern Palm Beach County Improvement District Special Assessment, 5.00%, 8/1/46 | 2,000,000 | 2,256,613 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 3,150,000 | 3,624,080 | ||||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 3.75%, 11/15/25 | 2,000,000 | 1,973,341 | ||||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 3,000,000 | 3,000,220 | ||||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 5.75%, 11/15/54 | 2,000,000 | 2,095,765 | ||||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/24 | 1,225,000 | 1,404,565 | ||||||
Tomoka Community Development District Special Assessment, 5.50%, 5/1/35 | 2,500,000 | 2,778,658 | ||||||
Village Community Development District No. 10 Special Assessment, 6.00%, 5/1/44 | 400,000 | 434,782 | ||||||
Village Community Development District No. 12 Special Assessment, 3.625%, 5/1/31 | 1,910,000 | 2,062,587 | ||||||
Village Community Development District No. 12 Special Assessment, 4.375%, 5/1/50(1) | 2,600,000 | 2,900,727 | ||||||
Village Community Development District No. 13 Special Assessment, 3.70%, 5/1/50 | 1,985,000 | 2,123,387 | ||||||
Winter Garden Village at Fowler Groves Community Development District Special Assessment, 4.125%, 5/1/37 | 1,995,000 | 2,172,898 | ||||||
46,039,824 | ||||||||
Georgia — 3.3% | ||||||||
Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/36 | 5,000,000 | 6,381,217 | ||||||
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.00%, 10/1/29 | 1,285,000 | 1,370,353 | ||||||
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.125%, 10/1/39 | 2,000,000 | 2,133,141 | ||||||
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.25%, 10/1/49 | 4,000,000 | 4,229,025 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/54 | 1,250,000 | 1,459,629 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/54(1) | 4,020,000 | 4,765,326 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 4,300,000 | 4,988,610 | ||||||
Marietta Development Authority Rev., (Life University, Inc.), 5.00%, 11/1/37(1) | 1,500,000 | 1,686,853 | ||||||
Rockdale County Development Authority Rev., (Pratt Paper LLC), 4.00%, 1/1/38 (GA: Pratt Industries, Inc.)(1) | 1,500,000 | 1,684,097 | ||||||
28,698,251 | ||||||||
Hawaii — 0.3% | ||||||||
State of Hawaii State Highway Fund Rev., 5.00%, 1/1/41(3) | 2,000,000 | 2,625,187 | ||||||
Idaho — 0.4% | ||||||||
Idaho Health Facilities Authority Rev., (Partners In Healthcare, Inc.), 5.50%, 11/1/45 | 3,250,000 | 3,417,228 |
Principal Amount | Value | |||||||
Illinois — 7.7% | ||||||||
Chicago GO, 5.00%, 1/1/27 | $ | 1,265,000 | $ | 1,518,751 | ||||
Chicago GO, 5.00%, 1/1/28 | 2,000,000 | 2,448,849 | ||||||
Chicago GO, 5.00%, 1/1/29 | 2,000,000 | 2,493,732 | ||||||
Chicago GO, 5.625%, 1/1/29 | 2,500,000 | 3,059,460 | ||||||
Chicago GO, 5.50%, 1/1/39 | 2,000,000 | 2,243,677 | ||||||
Chicago GO, 5.00%, 1/1/40 | 2,500,000 | 2,504,859 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/31 | 2,500,000 | 3,184,935 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/32 | 2,000,000 | 2,539,109 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 3,815,000 | 4,017,785 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/46 | 2,500,000 | 2,944,949 | ||||||
Chicago Board of Education GO, 6.50%, 12/1/46 | 1,000,000 | 1,234,378 | ||||||
Chicago Midway International Airport Rev., 5.00%, 1/1/26 | 2,200,000 | 2,359,727 | ||||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/28 (BAM) | 2,385,000 | 2,758,790 | ||||||
Illinois Finance Authority Rev., 5.00%, 11/1/49 | 1,150,000 | 1,292,867 | ||||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 2,400,000 | 2,722,252 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3,500,000 | 3,920,399 | ||||||
Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45(1) | 2,000,000 | 2,242,621 | ||||||
Illinois Finance Authority Rev., (Plymouth Place, Inc.), 5.25%, 5/15/50 | 2,000,000 | 2,365,322 | ||||||
Illinois Finance Authority Rev., (Westminster Village, Inc. Obligated Group), 5.50%, 5/1/53 | 2,500,000 | 2,607,795 | ||||||
State of Illinois GO, 5.125%, 12/1/29 | 3,000,000 | 3,670,726 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 900,000 | 1,096,440 | ||||||
State of Illinois GO, 5.00%, 3/1/36 | 2,100,000 | 2,171,828 | ||||||
State of Illinois GO, 5.50%, 7/1/38 | 1,000,000 | 1,082,944 | ||||||
State of Illinois GO, 5.00%, 2/1/39 | 3,000,000 | 3,261,623 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 985,000 | 1,264,620 | ||||||
State of Illinois GO, 5.75%, 5/1/45 | 2,400,000 | 3,099,663 | ||||||
Western Illinois Economic Development Authority Rev., (Memorial Hospital Association), 4.00%, 6/1/36 | 2,000,000 | 2,024,880 | ||||||
66,132,981 | ||||||||
Indiana — 0.3% | ||||||||
Indiana Finance Authority Rev., (Franciscan Alliance, Inc. Obligated Group), VRDN, 0.02%, 6/1/21 (LOC: Barclays Bank plc) | 830,000 | 830,000 | ||||||
Indiana Finance Authority Rev., (United States Steel Corp.), 4.125%, 12/1/26 | 1,870,000 | 2,045,286 | ||||||
2,875,286 | ||||||||
Iowa — 1.1% | ||||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 4,720,000 | 5,433,651 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 2.875%, 5/15/49 | 1,500,000 | 1,516,669 | ||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 | 1,820,000 | 2,121,439 | ||||||
9,071,759 | ||||||||
Kansas — 0.5% | ||||||||
Kansas Development Finance Authority Rev., (Village Shalom Obligated Group), 4.00%, 11/15/25 | 3,930,000 | 4,023,352 | ||||||
Kentucky — 2.0% | ||||||||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 1,335,000 | 1,478,650 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 3,000,000 | 3,382,033 |
Principal Amount | Value | |||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | $ | 7,500,000 | $ | 8,435,628 | ||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 3,500,000 | 4,263,393 | ||||||
17,559,704 | ||||||||
Louisiana — 1.2% | ||||||||
East Baton Rouge Parish Industrial Development Board, Inc. Rev., (Exxon Mobil Corp.), VRDN, 0.02%, 6/1/21 | 300,000 | 300,000 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 1,650,000 | 1,767,692 | ||||||
St. James Parish Rev., (NuStar Logistics LP), VRN, 6.10%, 12/1/40(1) | 1,250,000 | 1,604,753 | ||||||
St. James Parish Rev., (NuStar Logistics LP), VRN, 5.85%, 8/1/41(1) | 1,000,000 | 1,145,124 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 1,125,000 | 1,150,307 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.20%, 6/1/37 | 1,500,000 | 1,563,146 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.375%, 6/1/37 | 3,000,000 | 3,151,994 | ||||||
10,683,016 | ||||||||
Maryland — 2.1% | ||||||||
Baltimore Rev., 5.125%, 6/1/43 | 1,500,000 | 1,648,362 | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 1,450,000 | 1,744,367 | ||||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/25 | 1,000,000 | 1,157,207 | ||||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/27 | 1,000,000 | 1,214,699 | ||||||
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/50 | 3,370,000 | 3,861,387 | ||||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.25%, 4/1/37 | 1,500,000 | 1,611,900 | ||||||
Prince George's County Tax Allocation, 5.25%, 7/1/48(1) | 2,000,000 | 2,235,441 | ||||||
State of Maryland GO, 5.00%, 8/1/25 | 3,585,000 | 4,262,438 | ||||||
17,735,801 | ||||||||
Massachusetts — 0.9% | ||||||||
Massachusetts Clean Water Trust Rev., 5.00%, 2/1/41 | 5,150,000 | 6,834,297 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/46(1) | 1,000,000 | 1,183,296 | ||||||
8,017,593 | ||||||||
Michigan — 3.3% | ||||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2,500,000 | 2,682,222 | ||||||
Detroit GO, 5.50%, 4/1/45 | 1,540,000 | 1,915,633 | ||||||
Detroit GO, 5.00%, 4/1/46 | 2,000,000 | 2,442,538 | ||||||
Detroit GO, 5.00%, 4/1/50 | 2,250,000 | 2,732,771 | ||||||
Detroit GO, 5.50%, 4/1/50 | 1,820,000 | 2,251,534 | ||||||
Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/41 | 2,500,000 | 2,712,124 | ||||||
Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.875%, 5/15/26 | 2,000,000 | 2,019,830 | ||||||
Kentwood Economic Development Corp. Rev., (Holland Home Obligated Group), 5.625%, 11/15/41 | 1,750,000 | 1,803,831 | ||||||
Michigan Finance Authority Rev., (Lawrence Technological University), 5.00%, 2/1/47 | 2,195,000 | 2,338,343 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/49 | 500,000 | 606,035 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65(2) | 1,500,000 | 196,501 |
Principal Amount | Value | |||||||
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1) | $ | 6,500,000 | $ | 6,904,492 | ||||
28,605,854 | ||||||||
Minnesota — 0.5% | ||||||||
Crookston Rev., (Riverview Healthcare Association), 5.00%, 5/1/51 | 4,100,000 | 4,254,422 | ||||||
Mississippi — 0.3% | ||||||||
Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 0.02%, 6/1/21 (GA: Chevron Corp.) | 300,000 | 300,000 | ||||||
Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 0.02%, 6/1/21 (GA: Chevron Corp.) | 300,000 | 300,000 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/38 | 800,000 | 1,000,316 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/39 | 850,000 | 1,060,597 | ||||||
2,660,913 | ||||||||
Missouri — 2.2% | ||||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/41 | 1,000,000 | 1,149,811 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/46 | 1,000,000 | 1,137,210 | ||||||
Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2,500,000 | 2,563,276 | ||||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/30 | 2,515,000 | 2,872,882 | ||||||
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/37 | 1,000,000 | 1,124,710 | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 5,000,000 | 5,646,362 | ||||||
St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 3,600,000 | 3,712,851 | ||||||
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/46 | 1,000,000 | 1,054,581 | ||||||
19,261,683 | ||||||||
Nevada — 2.6% | ||||||||
Clark County Special Assessment, 5.00%, 8/1/30 | 1,345,000 | 1,482,182 | ||||||
Clark County Special Assessment, 5.00%, 8/1/32 | 345,000 | 377,753 | ||||||
Clark County Special Assessment, 5.00%, 8/1/35 | 640,000 | 698,411 | ||||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/23 | 2,030,000 | 2,131,555 | ||||||
Henderson Local Improvement Districts Special Assessment, 6.10%, 3/1/24 | 480,000 | 484,968 | ||||||
Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 960,000 | 1,058,479 | ||||||
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 850,000 | 914,046 | ||||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/27(1) | 335,000 | 379,368 | ||||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/37(1) | 1,000,000 | 1,102,203 | ||||||
Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/47(1) | 1,400,000 | 1,525,269 | ||||||
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.25%, 6/1/34 | 585,000 | 654,170 | ||||||
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39 | 725,000 | 818,471 | ||||||
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43 | 585,000 | 657,538 | ||||||
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49 | 970,000 | 1,082,560 |
Principal Amount | Value | |||||||
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(2) | $ | 9,000,000 | $ | 1,508,362 | ||||
Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58(1)(2) | 13,000,000 | 1,385,203 | ||||||
Sparks Rev., 2.75%, 6/15/28(1) | 3,000,000 | 3,111,071 | ||||||
Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 2,500,000 | 2,865,522 | ||||||
22,237,131 | ||||||||
New Jersey — 3.6% | ||||||||
New Jersey Economic Development Authority Rev., 5.00%, 11/1/24 | 5,000,000 | 5,774,954 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/30 | 1,000,000 | 1,291,442 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/31 | 1,050,000 | 1,363,871 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/40 | 1,625,000 | 1,808,894 | ||||||
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/49(1) | 1,105,000 | 1,205,065 | ||||||
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/54(1) | 725,000 | 788,411 | ||||||
New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5,000,000 | 5,765,473 | ||||||
New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.625%, 11/15/30 | 455,000 | 510,748 | ||||||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/46 | 2,500,000 | 2,681,510 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5,000,000 | 6,120,033 | ||||||
State of New Jersey GO, 4.00%, 6/1/32 | 900,000 | 1,146,155 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | 2,000,000 | 2,437,047 | ||||||
30,893,603 | ||||||||
New Mexico — 0.4% | ||||||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500,000 | 555,420 | ||||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450,000 | 494,643 | ||||||
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | 1,200,000 | 1,310,922 | ||||||
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25 | 800,000 | 804,584 | ||||||
3,165,569 | ||||||||
New York — 11.3% | ||||||||
Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1,500,000 | 1,683,300 | ||||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/32(1) | 625,000 | 710,829 | ||||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/37(1) | 500,000 | 563,689 | ||||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/47(1) | 1,000,000 | 1,114,273 | ||||||
Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/52(1) | 1,000,000 | 1,112,242 | ||||||
Dutchess County Local Development Corp. Rev., (Bard College), 5.00%, 7/1/51(1) | 5,500,000 | 6,730,798 | ||||||
Huntington Local Development Corp. Rev., (Gurwin Independent Housing Obligated Group), 3.00%, 7/1/25 | 1,625,000 | 1,655,046 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 9/1/22 | 2,600,000 | 2,753,011 |
Principal Amount | Value | |||||||
Metropolitan Transportation Authority Rev., 4.00%, 11/15/45 | $ | 3,865,000 | $ | 4,447,795 | ||||
Metropolitan Transportation Authority Rev., 5.25%, 11/15/55 | 5,000,000 | 6,236,837 | ||||||
Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 5,000,000 | 6,487,717 | ||||||
New York City GO, VRDN, 0.02%, 6/1/21 (LOC: Bank of America N.A.) | 200,000 | 200,000 | ||||||
New York City GO, VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 2,400,000 | 2,400,000 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/27 (AGM) | 1,000,000 | 1,232,935 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) | 300,000 | 378,625 | ||||||
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 1,000,000 | 1,042,428 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.01%, 6/1/21 (SBBPA: JPMorgan Chase Bank N.A.) | 2,500,000 | 2,500,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 1,400,000 | 1,400,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 8,500,000 | 8,500,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev.,VRDN, 0.03%, 6/1/21 (SBBPA: Mizuho Bank Ltd.) | 3,275,000 | 3,275,000 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/25 | 1,535,000 | 1,819,841 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/50 | 6,370,000 | 8,210,252 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/50 | 5,000,000 | 6,444,468 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.01%, 6/1/21 (SBBPA: JPMorgan Chase Bank N.A.) | 975,000 | 975,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.01%, 6/1/21 (SBBPA: JPMorgan Chase Bank N.A.) | 1,300,000 | 1,300,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: State Street Bank & Trust Co.) | 1,800,000 | 1,800,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 500,000 | 500,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Bank of Montreal) | 800,000 | 800,000 | ||||||
New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1,500,000 | 1,523,783 | ||||||
New York Counties Tobacco Trust Rev., 5.00%, 6/1/51 | 1,000,000 | 1,067,278 | ||||||
New York State Dormitory Authority Rev., 5.00%, 9/15/28, Prerefunded at 100% of Par(4) | 5,000 | 6,451 | ||||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/27(1) | 1,000,000 | 1,241,451 | ||||||
New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 4,500,000 | 5,341,310 | ||||||
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46 | 500,000 | 574,772 | ||||||
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53 | 1,500,000 | 1,713,252 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | 1,800,000 | 2,138,427 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/42 | 1,800,000 | 2,132,979 | ||||||
Suffolk County GO, 2.00%, 7/22/21 | 2,200,000 | 2,205,541 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/27 (AGM) | 800,000 | 947,878 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/28 (AGM) | 825,000 | 995,021 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 320,000 | 374,012 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49 | 640,000 | 733,076 |
Principal Amount | Value | |||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/54 | $ | 465,000 | $ | 530,779 | ||||
97,800,096 | ||||||||
North Carolina — 1.4% | ||||||||
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51 | 1,250,000 | 1,505,143 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 595,000 | 598,130 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc.), 5.00%, 10/1/35 | 1,000,000 | 1,063,555 | ||||||
North Carolina Medical Care Commission Rev., (Moravian Home, Inc.), 5.00%, 10/1/48 | 3,000,000 | 3,271,966 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/49 | 1,500,000 | 1,671,470 | ||||||
North Carolina Medical Care Commission Rev., (Southminster, Inc.), 5.00%, 10/1/37 | 1,500,000 | 1,629,023 | ||||||
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/23 | 610,000 | 652,506 | ||||||
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/24 | 280,000 | 306,644 | ||||||
Wake County Rev., 5.00%, 3/1/26 | 1,250,000 | 1,512,990 | ||||||
12,211,427 | ||||||||
Ohio — 5.0% | ||||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 17,920,000 | 20,773,547 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/57(2) | 15,000,000 | 2,416,112 | ||||||
Centerville Rev., (Graceworks Lutheran Services), 5.00%, 11/1/25 | 1,420,000 | 1,531,679 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2,500,000 | 2,915,010 | ||||||
Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/48 | 6,000,000 | 6,496,149 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,250,000 | 1,509,841 | ||||||
Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2,500,000 | 2,597,931 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 1,000,000 | 1,213,932 | ||||||
Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | 1,128,905 | ||||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 1,900,000 | 2,166,149 | ||||||
42,749,255 | ||||||||
Oregon — 0.6% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 3.25%, 11/15/25 | 2,000,000 | 2,012,819 | ||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 276,697 | ||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/50 | 1,000,000 | 1,105,320 | ||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/55 | 1,500,000 | 1,662,403 | ||||||
5,057,239 | ||||||||
Pennsylvania — 5.8% | ||||||||
Berks County Industrial Development Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/47 | 3,000,000 | 3,097,227 | ||||||
Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/49 | 1,225,000 | 1,326,337 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 5.00%, 2/1/40 | 5,355,000 | 5,611,714 |
Principal Amount | Value | |||||||
Chester County Health & Education Facilities Authority Rev., (Simpson Senior Services Obligated Group), 5.25%, 12/1/45 | $ | 1,400,000 | $ | 1,439,451 | ||||
Chester County Health & Education Facilities Authority Rev., (Simpson Senior Services Obligated Group), 5.00%, 12/1/51 | 3,000,000 | 3,054,416 | ||||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38(1) | 525,000 | 626,851 | ||||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48(1) | 1,048,000 | 1,238,479 | ||||||
Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1,500,000 | 1,632,885 | ||||||
Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1,170,000 | 1,256,161 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43 | 2,500,000 | 3,059,906 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.625%, 7/1/42 | 2,500,000 | 2,619,378 | ||||||
Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/37 | 1,000,000 | 1,109,658 | ||||||
Montgomery County Industrial Development Authority Rev., (Albert Einstein Healthcare Network Obligated Group), 5.25%, 1/15/45 | 1,250,000 | 1,389,798 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 7,000,000 | 9,201,769 | ||||||
Pennsylvania Economic Development Financing Authority Rev., (Covanta Holding Corp.), 3.25%, 8/1/39(1) | 1,000,000 | 1,021,126 | ||||||
Philadelphia GO, 5.00%, 7/15/38 | 1,500,000 | 1,664,565 | ||||||
Philadelphia Authority for Industrial Development Rev., (First Philadelphia Preparatory Charter School), 7.25%, 6/15/43 | 1,500,000 | 1,735,651 | ||||||
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 345,000 | 368,028 | ||||||
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 5.00%, 4/1/46 | 2,000,000 | 2,199,330 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia Performing Arts Charter School), 5.00%, 6/15/50(1) | 1,000,000 | 1,163,297 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/25 | 2,500,000 | 2,933,441 | ||||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1,000,000 | 1,083,960 | ||||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1,050,000 | 1,120,642 | ||||||
49,954,070 | ||||||||
Puerto Rico — 1.8% | ||||||||
Puerto Rico GO, Series 2014 A, (Public Improvement), 8.00%, 7/1/35(5) | 10,000,000 | 8,075,000 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 2,500,000 | 2,773,818 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.00%, 7/1/58 | 3,000,000 | 3,422,416 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/46(2) | 5,000,000 | 1,627,850 | ||||||
15,899,084 | ||||||||
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 | 2,424,766 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1,000,000 | 1,112,500 | ||||||
3,537,266 | ||||||||
South Carolina — 0.5% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.375%, 11/1/49 | 1,500,000 | 1,686,746 |
Principal Amount | Value | |||||||
South Carolina Jobs-Economic Development Authority Rev., (South Carolina Episcopal Home at Still Hopes Obligated Group), 5.00%, 4/1/48 | $ | 1,000,000 | $ | 1,073,449 | ||||
South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/42 | 585,000 | 646,792 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/54 | 1,000,000 | 1,091,611 | ||||||
4,498,598 | ||||||||
Tennessee — 1.1% | ||||||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/49 | 2,000,000 | 2,520,560 | ||||||
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1) | 500,000 | 575,462 | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 5,500,000 | 6,232,361 | ||||||
9,328,383 | ||||||||
Texas — 7.1% | ||||||||
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/36 | 700,000 | 701,736 | ||||||
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/46 | 1,325,000 | 1,327,943 | ||||||
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1,000,000 | 1,056,438 | ||||||
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2,000,000 | 2,093,470 | ||||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 9,950,000 | 11,561,311 | ||||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,750,000 | 1,957,687 | ||||||
Mission Economic Development Corp. Rev., (Natgasoline LLC), 4.625%, 10/1/31(1) | 2,500,000 | 2,650,599 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par(4) | 1,850,000 | 2,232,072 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par(4) | 1,615,000 | 1,948,538 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/24(4) | 1,385,000 | 1,565,810 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/25(4) | 1,505,000 | 1,761,628 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/26(4) | 1,000,000 | 1,206,525 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(4) | 1,260,000 | 1,562,488 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 1,120,000 | 1,388,879 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 2,750,000 | 3,410,193 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 570,000 | 706,840 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/25(4) | 290,000 | 338,848 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par(4) | 1,300,000 | 1,565,045 |
Principal Amount | Value | |||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par(4) | $ | 1,000,000 | $ | 1,203,881 | ||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26(4) | 390,000 | 469,514 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (MRC Crestview), 4.00%, 11/15/26 | 2,000,000 | 2,129,834 | ||||||
North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/31 | 1,805,000 | 2,087,440 | ||||||
Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas), 5.00%, 8/15/46 | 1,000,000 | 1,090,601 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Buckner Senior Living, Inc.), 6.75%, 11/15/47 | 5,095,000 | 5,790,123 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), VRDN, 0.02%, 6/1/21 (LOC: TD Bank N.A.) | 50,000 | 50,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 4.00%, 11/15/27 | 5,000,000 | 5,107,019 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/24 | 1,350,000 | 1,554,904 | ||||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners Segments 3 LLC), 5.00%, 6/30/58 | 2,000,000 | 2,454,160 | ||||||
60,973,526 | ||||||||
Virginia — 2.0% | ||||||||
Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45(1) | 1,000,000 | 1,062,153 | ||||||
Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 2,500,000 | 2,649,940 | ||||||
Dullles Town Center Community Development Authority Special Assessment, 4.25%, 3/1/26 | 1,750,000 | 1,767,402 | ||||||
Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/47 | 2,200,000 | 2,566,696 | ||||||
Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45(1) | 980,000 | 1,025,540 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 2,000,000 | 2,197,653 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 2,250,000 | 2,465,508 | ||||||
Prince William County Industrial Development Authority Rev., (Westminster Presbyterian Retirement Community, Inc.), 5.00%, 1/1/26 | 1,165,000 | 1,257,266 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1,000,000 | 1,005,141 | ||||||
Virginia Small Business Financing Authority Rev., (Covanta Holding Corp.), VRN, 5.00%, 1/1/48(1) | 1,000,000 | 1,045,174 | ||||||
17,042,473 | ||||||||
Washington — 2.1% | ||||||||
Energy Northwest Electric Rev., (Bonneville Power Administration), 5.00%, 7/1/31 | 3,610,000 | 4,843,934 | ||||||
Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26(1) | 675,000 | 701,257 | ||||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38(1) | 830,000 | 898,953 | ||||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48(1) | 1,900,000 | 2,032,117 | ||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.375%, 7/1/28(1) | 7,200,000 | 7,370,182 |
Principal Amount/Shares | Value | |||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 7.50%, 1/1/49(1) | $ | 2,000,000 | $ | 2,182,750 | ||||
18,029,193 | ||||||||
Wisconsin — 2.2% | ||||||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/51 | 1,100,000 | 1,263,335 | ||||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/56 | 1,500,000 | 1,710,376 | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 1,000,000 | 1,105,265 | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group), 5.00%, 6/1/24(1) | 1,575,000 | 1,708,442 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/50 (AGM) | 700,000 | 789,273 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/55 (AGM) | 1,000,000 | 1,123,909 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/59 (AGM) | 1,350,000 | 1,516,419 | ||||||
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/49(1) | 520,000 | 565,481 | ||||||
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/54(1) | 455,000 | 493,691 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.50%, 4/1/32 | 2,000,000 | 2,073,885 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/50(1) | 1,000,000 | 1,184,774 | ||||||
Public Finance Authority Rev., (Southminster, Inc.), 5.00%, 10/1/48(1) | 2,750,000 | 3,029,942 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (State Camillus Health System Obligated Group), 5.00%, 11/1/54 | 2,000,000 | 2,119,626 | ||||||
18,684,418 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $759,640,019) | 819,749,497 | |||||||
EXCHANGE-TRADED FUNDS — 2.8% | ||||||||
iShares National Muni Bond ETF | 109,800 | 12,843,306 | ||||||
VanEck Vectors High Yield Muni ETF | 183,900 | 11,611,446 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $23,830,573) | 24,454,752 | |||||||
AFFILIATED FUNDS(6) — 1.3% | ||||||||
American Century Diversified Municipal Bond ETF (Cost $10,134,293) | 196,300 | 10,864,184 | ||||||
TOTAL INVESTMENT SECURITIES — 99.3% (Cost $793,604,885) | 855,068,433 | |||||||
OTHER ASSETS AND LIABILITIES — 0.7% | 6,387,951 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 861,456,384 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
BAM | - | Build America Mutual Assurance Company | ||||||
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. |
Statement of Assets and Liabilities |
MAY 31, 2021 | |||||
Assets | |||||
Investment securities - unaffiliated, at value (cost of $783,470,592) | $ | 844,204,249 | |||
Investment securities - affiliated, at value (cost of $10,134,293) | 10,864,184 | ||||
Total investment securities, at value (cost of $793,604,885) | 855,068,433 | ||||
Cash | 202,927 | ||||
Receivable for investments sold | 486,700 | ||||
Receivable for capital shares sold | 1,246,513 | ||||
Interest and dividends receivable | 10,165,442 | ||||
867,170,015 | |||||
Liabilities | |||||
Payable for investments purchased | 4,326,186 | ||||
Payable for capital shares redeemed | 846,134 | ||||
Accrued management fees | 332,907 | ||||
Distribution and service fees payable | 11,695 | ||||
Dividends payable | 196,709 | ||||
5,713,631 | |||||
Net Assets | $ | 861,456,384 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 794,330,318 | |||
Distributable earnings | 67,126,066 | ||||
$ | 861,456,384 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | |||||||||
Investor Class | $323,275,653 | 31,197,926 | $10.36 | ||||||||
I Class | $432,619,621 | 41,751,835 | $10.36 | ||||||||
Y Class | $64,919,380 | 6,267,524 | $10.36 | ||||||||
A Class | $35,772,238 | 3,452,716 | $10.36* | ||||||||
C Class | $4,869,492 | 470,098 | $10.36 |
Statement of Operations |
YEAR ENDED MAY 31, 2021 | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 28,906,449 | |||
Dividends (including $222,388 from affiliated funds) | 655,077 | ||||
29,561,526 | |||||
Expenses: | |||||
Management fees | 3,609,768 | ||||
Distribution and service fees: | |||||
A Class | 89,374 | ||||
C Class | 77,249 | ||||
Trustees' fees and expenses | 51,286 | ||||
Other expenses | 1,303 | ||||
3,828,980 | |||||
Fees waived(1) | (30,765) | ||||
3,798,215 | |||||
Net investment income (loss) | 25,763,311 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | 6,995,461 | ||||
Change in net unrealized appreciation (depreciation) on investments (including $662,473 from affiliated funds) | 69,608,885 | ||||
Net realized and unrealized gain (loss) | 76,604,346 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 102,367,657 |
Statement of Changes in Net Assets |
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2021 | May 31, 2020 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 25,763,311 | $ | 25,716,750 | ||||
Net realized gain (loss) | 6,995,461 | 1,699,477 | ||||||
Change in net unrealized appreciation (depreciation) | 69,608,885 | (42,684,974) | ||||||
Net increase (decrease) in net assets resulting from operations | 102,367,657 | (15,268,747) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (9,817,435) | (11,338,625) | ||||||
I Class | (12,952,587) | (13,589,468) | ||||||
Y Class | (1,715,773) | (1,473,433) | ||||||
A Class | (1,096,341) | (1,298,303) | ||||||
C Class | (181,519) | (329,389) | ||||||
Decrease in net assets from distributions | (25,763,655) | (28,029,218) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 114,953,325 | (2,268,280) | ||||||
Net increase (decrease) in net assets | 191,557,327 | (45,566,245) | ||||||
Net Assets | ||||||||
Beginning of period | 669,899,057 | 715,465,302 | ||||||
End of period | $ | 861,456,384 | $ | 669,899,057 |
Notes to Financial Statements |
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% |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class | ||||||||||||||
Sold | 10,061,718 | $ | 100,498,506 | 12,875,134 | $ | 127,505,706 | ||||||||
Issued in reinvestment of distributions | 853,740 | 8,531,814 | 1,017,276 | 10,010,143 | ||||||||||
Redeemed | (8,409,666) | (83,996,855) | (14,546,468) | (139,837,689) | ||||||||||
2,505,792 | 25,033,465 | (654,058) | (2,321,840) | |||||||||||
I Class | ||||||||||||||
Sold | 14,112,134 | 140,938,774 | 15,621,866 | 152,009,996 | ||||||||||
Issued in reinvestment of distributions | 1,190,939 | 11,904,005 | 1,310,975 | 12,894,499 | ||||||||||
Redeemed | (7,893,426) | (78,105,787) | (17,522,373) | (169,513,702) | ||||||||||
7,409,647 | 74,736,992 | (589,532) | (4,609,207) | |||||||||||
Y Class | ||||||||||||||
Sold | 3,141,929 | 31,500,431 | 2,088,916 | 20,522,909 | ||||||||||
Issued in reinvestment of distributions | 171,244 | 1,715,564 | 149,369 | 1,466,779 | ||||||||||
Redeemed | (949,660) | (9,450,287) | (1,578,716) | (14,995,547) | ||||||||||
2,363,513 | 23,765,708 | 659,569 | 6,994,141 | |||||||||||
A Class | ||||||||||||||
Sold | 670,082 | 6,695,489 | 617,221 | 6,195,238 | ||||||||||
Issued in reinvestment of distributions | 95,318 | 951,437 | 110,943 | 1,089,911 | ||||||||||
Redeemed | (935,461) | (9,396,170) | (838,588) | (8,238,162) | ||||||||||
(170,061) | (1,749,244) | (110,424) | (953,013) | |||||||||||
C Class | ||||||||||||||
Sold | 55,667 | 563,046 | 173,852 | 1,723,151 | ||||||||||
Issued in reinvestment of distributions | 16,230 | 161,339 | 26,038 | 255,825 | ||||||||||
Redeemed | (758,523) | (7,557,981) | (344,183) | (3,357,337) | ||||||||||
(686,626) | (6,833,596) | (144,293) | (1,378,361) | |||||||||||
Net increase (decrease) | 11,422,265 | $ | 114,953,325 | (838,738) | $ | (2,268,280) |
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 | — | — | $ | 662 | $ | 10,864 | 196 | — | $ | 222 |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 819,749,497 | — | |||||||
Exchange-Traded Funds | $ | 24,454,752 | — | — | |||||||
Affiliated Funds | 10,864,184 | — | — | ||||||||
$ | 35,318,936 | $ | 819,749,497 | — |
2021 | 2020 | |||||||
Distributions Paid From | ||||||||
Exempt income | $ | 25,763,655 | $ | 25,882,577 | ||||
Taxable ordinary income | — | $ | 1,816,500 | |||||
Long-term capital gains | — | $ | 330,141 |
Federal tax cost of investments | $ | 793,604,885 | |||
Gross tax appreciation of investments | $ | 62,174,200 | |||
Gross tax depreciation of investments | (710,652) | ||||
Net tax appreciation (depreciation) of investments | $ | 61,463,548 | |||
Other book-to-tax adjustments | $ | (157,777) | |||
Undistributed exempt income | — | ||||
Accumulated long-term gains | $ | 5,820,295 |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $9.34 | 0.33 | 1.02 | 1.35 | (0.33) | — | (0.33) | $10.36 | 14.64% | 0.59% | 0.60% | 3.30% | 3.29% | 53% | $323,276 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $9.34 | 0.35 | 1.02 | 1.37 | (0.35) | — | (0.35) | $10.36 | 14.87% | 0.39% | 0.40% | 3.50% | 3.49% | 53% | $432,620 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $9.34 | 0.35 | 1.02 | 1.37 | (0.35) | — | (0.35) | $10.36 | 14.90% | 0.36% | 0.37% | 3.53% | 3.52% | 53% | $64,919 | ||||||||||||||||||||||||||||||||
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(3) | $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%(5) | $5 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $9.34 | 0.31 | 1.01 | 1.32 | (0.30) | — | (0.30) | $10.36 | 14.35% | 0.84% | 0.85% | 3.05% | 3.04% | 53% | $35,772 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $9.34 | 0.23 | 1.02 | 1.25 | (0.23) | — | (0.23) | $10.36 | 13.51% | 1.59% | 1.60% | 2.30% | 2.29% | 53% | $4,869 | ||||||||||||||||||||||||||||||||
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 |
Notes to Financial Highlights |
Report of Independent Registered Public Accounting Firm |
Management |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Tanya S. Beder (1955) | Trustee | Since 2011 | Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present) | 38 | Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017) | ||||||||||||
Jeremy I. Bulow (1954) | Trustee | Since 2011 | Professor of Economics, Stanford University, Graduate School of Business (1979 to present) | 38 | None | ||||||||||||
Anne Casscells (1958) | Trustee | Since 2016 | Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017) | 38 | None | ||||||||||||
Ronald J. Gilson (1946) | Trustee and Chairman of the Board | Since 1995 (Chairman since 2005) | Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present) | 66 | None |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Frederick L. A. Grauer (1946) | Trustee | Since 2008 | Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present) | 38 | None | ||||||||||||
Jonathan D. Levin (1972) | Trustee | Since 2016 | Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present) | 38 | None | ||||||||||||
Peter F. Pervere (1947) | Trustee | Since 2007 | Retired | 38 | None | ||||||||||||
John B. Shoven (1947) | Trustee | Since 2002 | Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019) | 38 | Cadence Design Systems; Exponent; Financial Engines | ||||||||||||
Interested Trustee | |||||||||||||||||
Jonathan S. Thomas (1963) | Trustee | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 138 | None |
Name (Year of Birth) | Offices with the Funds | Principal Occupation(s) During the Past Five Years | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) | ||||||
Amy D. Shelton (1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS | ||||||
Charles A. Etherington (1957) | General Counsel since 2007 and Senior Vice President since 2006 | Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS | ||||||
C. Jean Wade (1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) | ||||||
Robert J. Leach (1966) | Vice President since 2006 | Vice President, ACS (2000 to present) | ||||||
David H. Reinmiller (1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS | ||||||
Ward D. Stauffer (1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |
Liquidity Risk Management Program |
Additional Information |
Notes |
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-ANN-92644 2107 |
Annual Report | |||||
May 31, 2021 | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
Investor Class (TWTIX) | |||||
I Class (AXBIX) | |||||
Y Class (ATBYX) | |||||
A Class (TWWOX) | |||||
C Class (TWTCX) |
Table of Contents |
President’s Letter | |||||
Performance | |||||
Portfolio Commentary | |||||
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 | |||||
Report of Independent Registered Public Accounting Firm | |||||
Management | |||||
Liquidity Risk Management Program | |||||
Additional Information |
President’s Letter |
Performance |
Total Returns as of May 31, 2021 | ||||||||||||||||||||
Average Annual Returns | ||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |||||||||||||||
Investor Class | TWTIX | 6.50% | 3.17% | 3.42% | — | 3/2/87 | ||||||||||||||
S&P Intermediate Term National AMT-Free Municipal Bond Index | — | 3.67% | 2.99% | 3.42% | — | — | ||||||||||||||
I Class | AXBIX | 6.71% | 3.39% | 3.63% | — | 4/15/03 | ||||||||||||||
Y Class | ATBYX | 6.74% | — | — | 4.26% | 4/10/17 | ||||||||||||||
A Class | TWWOX | 3/1/10 | ||||||||||||||||||
No sales charge | 6.32% | 2.93% | 3.17% | — | ||||||||||||||||
With sales charge | 1.53% | 1.99% | 2.70% | — | ||||||||||||||||
C Class | TWTCX | 5.53% | 2.16% | 2.40% | — | 3/1/10 |
Growth of $10,000 Over 10 Years | ||
$10,000 investment made May 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
Value on May 31, 2021 | |||||
Investor Class — $13,998 | |||||
S&P Intermediate Term National AMT-Free Municipal Bond Index — $14,007 | |||||
Total Annual Fund Operating Expenses | ||||||||||||||
Investor Class | I Class | Y Class | A Class | C Class | ||||||||||
0.47% | 0.27% | 0.24% | 0.72% | 1.47% |
Portfolio Commentary |
Fund Characteristics |
MAY 31, 2021 | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 99.0% | ||||
Exchange-Traded Funds | 0.7% | ||||
Other Assets and Liabilities | 0.3% | ||||
Top Five States and Territories* | % of net assets | ||||
Illinois | 11.5% | ||||
New York | 11.3% | ||||
Texas | 9.7% | ||||
Pennsylvania | 6.9% | ||||
California | 5.9% | ||||
*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund’s portfolio holdings. | |||||
Top Five Sectors | % of fund investments | ||||
General Obligation (GO) - Local | 13% | ||||
Hospital | 13% | ||||
Special Tax | 11% | ||||
Corporate Municipal | 7% | ||||
General Obligation (GO) - State | 7% |
Shareholder Fee Example |
Beginning Account Value 12/1/20 | Ending Account Value 5/31/21 | Expenses Paid During Period(1) 12/1/20 - 5/31/21 | Annualized Expense Ratio(1) | |||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,022.30 | $2.32 | 0.46% | ||||||||||
I Class | $1,000 | $1,023.30 | $1.31 | 0.26% | ||||||||||
Y Class | $1,000 | $1,023.50 | $1.16 | 0.23% | ||||||||||
A Class | $1,000 | $1,021.00 | $3.58 | 0.71% | ||||||||||
C Class | $1,000 | $1,017.20 | $7.34 | 1.46% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,022.64 | $2.32 | 0.46% | ||||||||||
I Class | $1,000 | $1,023.64 | $1.31 | 0.26% | ||||||||||
Y Class | $1,000 | $1,023.79 | $1.16 | 0.23% | ||||||||||
A Class | $1,000 | $1,021.39 | $3.58 | 0.71% | ||||||||||
C Class | $1,000 | $1,017.65 | $7.34 | 1.46% |
Schedule of Investments |
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 99.0% | ||||||||
Alabama — 1.2% | ||||||||
Birmingham Airport Authority Rev., 5.00%, 7/1/23 (BAM) | $ | 475,000 | $ | 521,956 | ||||
Birmingham Airport Authority Rev., 5.00%, 7/1/25 (BAM) | 1,000,000 | 1,180,706 | ||||||
Birmingham Airport Authority Rev., 5.00%, 7/1/27 (BAM) | 1,000,000 | 1,249,416 | ||||||
Birmingham Airport Authority Rev., 5.00%, 7/1/29 (BAM) | 750,000 | 974,298 | ||||||
Birmingham Airport Authority Rev., 5.00%, 7/1/30 (BAM) | 560,000 | 739,991 | ||||||
Birmingham Airport Authority Rev., 5.00%, 7/1/31 (BAM) | 700,000 | 918,034 | ||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | 10,000,000 | 10,830,639 | ||||||
Houston County Health Care Authority Rev., 5.00%, 10/1/24 | 1,000,000 | 1,140,435 | ||||||
Houston County Health Care Authority Rev., 5.00%, 10/1/25 | 1,000,000 | 1,176,310 | ||||||
Houston County Health Care Authority Rev., 5.00%, 10/1/30 | 2,000,000 | 2,322,865 | ||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/26 | 5,925,000 | 7,058,977 | ||||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) | 20,000,000 | 21,981,796 | ||||||
University of South Alabama Rev., 4.00%, 4/1/35 (AGM) | 1,025,000 | 1,214,600 | ||||||
51,310,023 | ||||||||
Alaska — 0.2% | ||||||||
State of Alaska International Airports System Rev., 5.00%, 10/1/32 | 3,560,000 | 4,212,673 | ||||||
Valdez Rev., (Exxon Mobil Corp.), VRDN, 0.01%, 6/1/21 | 3,270,000 | 3,270,000 | ||||||
Valdez Rev., (Exxon Mobil Corp.), VRDN, 0.02%, 6/1/21 (GA: Exxon Mobil Corp.) | 500,000 | 500,000 | ||||||
7,982,673 | ||||||||
Arizona — 3.5% | ||||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 0.95%, (67% of the 3-month LIBOR plus 0.81%), 1/1/37 | 7,500,000 | 7,591,429 | ||||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 6,329,551 | 7,206,668 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/21(1) | 165,000 | 165,362 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 3.00%, 7/1/22(1) | 105,000 | 105,970 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26(1) | 500,000 | 555,133 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27(1) | 400,000 | 439,357 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37(1) | 600,000 | 692,163 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47(1) | 855,000 | 970,219 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.75%, 7/1/30(1) | 5,000,000 | 5,517,405 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/30(1) | 625,000 | 689,686 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 725,000 | 783,704 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/28 (BAM) | 300,000 | 375,139 |
Principal Amount | Value | |||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/29 (BAM) | $ | 250,000 | $ | 318,531 | ||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/31 (BAM) | 625,000 | 786,522 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/32 (BAM) | 300,000 | 376,541 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/33 (BAM) | 300,000 | 375,434 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/34 (BAM) | 250,000 | 289,519 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/35 (BAM) | 525,000 | 654,231 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/36 (BAM) | 1,655,000 | 2,057,209 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/37 (BAM) | 1,550,000 | 1,921,467 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/39 (BAM) | 500,000 | 572,458 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 3.00%, 12/15/31(1) | 525,000 | 552,499 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1) | 250,000 | 274,828 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/51(1) | 700,000 | 758,400 | ||||||
Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 4.00%, 5/15/31 | 560,000 | 621,282 | ||||||
Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/41 | 1,000,000 | 1,142,360 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1) | 6,400,000 | 6,748,171 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/23 | 100,000 | 108,345 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/24 | 500,000 | 559,871 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200,000 | 236,481 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300,000 | 362,544 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215,000 | 264,718 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700,000 | 849,315 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700,000 | 842,088 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | 300,000 | 360,235 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1,000,000 | 1,189,859 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1,250,000 | 1,469,342 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/36 | 1,875,000 | 2,117,904 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/41 | 1,200,000 | 1,347,388 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/46 | 1,300,000 | 1,452,070 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31(1) | 10,965,000 | 12,455,593 |
Principal Amount | Value | |||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/22(1) | $ | 235,000 | $ | 237,543 | ||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.125%, 6/15/29(1) | 4,905,000 | 4,981,946 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.75%, 6/15/37(1) | 4,500,000 | 4,581,546 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/47(1) | 7,075,000 | 7,205,132 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/52(1) | 2,240,000 | 2,280,052 | ||||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/27 | 900,000 | 1,089,285 | ||||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/28 | 800,000 | 962,871 | ||||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/29 | 650,000 | 778,064 | ||||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/30 | 1,625,000 | 1,935,918 | ||||||
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/31 | 1,500,000 | 1,782,258 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 370,000 | 425,479 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 780,000 | 916,706 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/41 | 430,000 | 484,234 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/46 | 345,000 | 386,141 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 2,000,000 | 2,317,824 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/51 | 580,000 | 645,925 | ||||||
Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 0.62%, (MUNIPSA plus 0.57%), 1/1/35 | 3,780,000 | 3,765,325 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/29(1) | 1,000,000 | 1,119,312 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 1,855,000 | 2,183,464 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(1) | 3,500,000 | 4,039,629 | ||||||
Maricopa County Industrial Development Authority Rev., (Scottsdale Healthcare Hospitals Obligated Group), VRN, 0.83%, (MUNIPSA plus 0.80%), 9/1/48 | 7,735,000 | 7,712,473 | ||||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/25 | 700,000 | 824,940 | ||||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/26 | 600,000 | 729,403 | ||||||
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/27 | 1,000,000 | 1,208,660 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 10,000,000 | 12,625,318 | ||||||
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | 10,030,000 | 14,139,109 | ||||||
145,515,997 | ||||||||
Arkansas — 0.2% | ||||||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/23 | 1,000,000 | 1,088,608 |
Principal Amount | Value | |||||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/24 | $ | 1,360,000 | $ | 1,525,760 | ||||
Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/25 | 1,155,000 | 1,329,139 | ||||||
Little Rock Metrocentere Improvement District No. 1 Rev., (Wehco Media, Inc.), VRDN, 0.03%, 6/1/21 (LOC: JPMorgan Chase Bank N.A.) | 4,100,000 | 4,100,000 | ||||||
8,043,507 | ||||||||
California — 5.9% | ||||||||
Alameda Corridor Transportation Authority Rev., 4.00%, 10/1/21 | 700,000 | 708,258 | ||||||
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 1,000,000 | 1,149,360 | ||||||
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7,065,000 | 8,356,551 | ||||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/27 | 1,725,000 | 1,914,188 | ||||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/30 | 1,750,000 | 1,928,113 | ||||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/31 | 2,000,000 | 2,202,051 | ||||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/32 | 2,000,000 | 2,202,640 | ||||||
Anaheim Public Financing Authority Rev., 5.00%, 5/1/33 | 1,800,000 | 1,982,215 | ||||||
Anaheim Public Financing Authority Rev., Capital Appreciation, 0.00%, 9/1/25 (AGM)(2) | 2,000,000 | 1,920,594 | ||||||
Bay Area Toll Authority Rev., VRN, 1.13%, (MUNIPSA plus 1.10%), 4/1/45 | 3,750,000 | 3,814,162 | ||||||
Bay Area Toll Authority Rev., VRN, 0.31%, (MUNIPSA plus 0.28%), 4/1/56 | 7,000,000 | 6,984,138 | ||||||
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/31 | 550,000 | 731,891 | ||||||
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/33 | 450,000 | 592,571 | ||||||
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/35 | 200,000 | 244,672 | ||||||
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/37 | 275,000 | 333,611 | ||||||
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/38 | 275,000 | 332,570 | ||||||
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/40 | 150,000 | 180,431 | ||||||
California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/37 | 1,810,000 | 1,983,355 | ||||||
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/21(1) | 195,000 | 197,515 | ||||||
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26(1) | 1,750,000 | 1,909,024 | ||||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/23 | 600,000 | 660,130 | ||||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24 | 1,000,000 | 1,136,980 | ||||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25 | 1,000,000 | 1,169,755 | ||||||
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26 | 1,000,000 | 1,200,747 | ||||||
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.125%, 11/15/27(1)(3) | 5,000,000 | 5,041,173 | ||||||
California State Public Works Board Rev., 5.00%, 4/1/25 | 5,000,000 | 5,202,770 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25 | 1,500,000 | 1,757,428 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/26 | 1,500,000 | 1,810,996 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1,000,000 | 1,200,852 |
Principal Amount | Value | |||||||
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(1) | $ | 2,385,000 | $ | 2,572,639 | ||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/31(1) | 1,350,000 | 1,554,833 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(1) | 6,255,000 | 7,126,362 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 8,000,000 | 9,084,337 | ||||||
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NATL)(2) | 2,530,000 | 2,270,869 | ||||||
Foothill-Eastern Transportation Corridor Agency Rev., VRN, 5.50%, 1/15/53 | 4,000,000 | 4,221,103 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/22 | 2,500,000 | 2,617,441 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24 | 2,500,000 | 2,837,084 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/30 | 1,750,000 | 1,903,728 | ||||||
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/36 | 1,065,000 | 1,085,046 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45 | 15,360,000 | 18,092,902 | ||||||
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2,225,000 | 2,456,896 | ||||||
Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 2,555,000 | 2,792,074 | ||||||
Irvine Special Tax, 4.00%, 9/1/27 | 1,455,000 | 1,598,903 | ||||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/26 | 1,485,000 | 1,693,051 | ||||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/28 | 1,250,000 | 1,423,547 | ||||||
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/29 | 1,060,000 | 1,206,543 | ||||||
Kern County COP, 5.00%, 11/1/21 (AGM) | 2,875,000 | 2,931,412 | ||||||
Metropolitan Water District of Southern California Rev., VRN, 0.30%, (MUNIPSA plus 0.14%), 7/1/37 | 5,000,000 | 5,001,238 | ||||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 3,150,000 | 3,674,382 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 | 1,025,000 | 1,208,599 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/27 | 1,295,000 | 1,526,003 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/28 | 1,000,000 | 1,177,037 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/34 | 1,000,000 | 1,171,343 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/35 | 800,000 | 936,185 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/22 | 2,500,000 | 2,651,299 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/23 | 2,500,000 | 2,748,012 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/25 | 2,095,000 | 2,444,718 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2,000,000 | 2,392,207 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/28 | 3,500,000 | 4,138,643 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3,325,000 | 3,887,216 | ||||||
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2,125,000 | 2,478,140 | ||||||
Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(2) | 5,110,000 | 3,246,861 |
Principal Amount | Value | |||||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/22 | $ | 325,000 | $ | 344,616 | ||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/23 | 1,155,000 | 1,278,637 | ||||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/24 | 620,000 | 713,357 | ||||||
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/25 | 1,035,000 | 1,232,590 | ||||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/21, Prerefunded at 100% of Par(4) | 4,050,000 | 4,195,189 | ||||||
San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/29 | 6,000,000 | 6,919,353 | ||||||
State of California GO, 5.00%, 12/1/23 | 2,725,000 | 3,051,505 | ||||||
State of California GO, 4.00%, 12/1/24 | 3,500,000 | 3,953,343 | ||||||
State of California GO, 5.00%, 12/1/25 | 6,750,000 | 8,135,091 | ||||||
State of California GO, 5.00%, 12/1/26 | 3,955,000 | 4,420,446 | ||||||
State of California GO, 5.00%, 2/1/27 | 10,000,000 | 10,800,212 | ||||||
State of California GO, 5.00%, 11/1/27 | 5,000,000 | 5,567,408 | ||||||
State of California GO, 5.00%, 2/1/28 | 10,000,000 | 10,798,464 | ||||||
State of California GO, 4.00%, 9/1/32 | 5,000,000 | 5,825,916 | ||||||
State of California GO, 5.00%, 9/1/41(3) | 6,250,000 | 8,209,491 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/25 | 1,000,000 | 1,187,574 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/27 | 1,200,000 | 1,506,238 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/31 | 1,000,000 | 1,310,226 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/35 | 1,330,000 | 1,724,095 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/38 | 1,000,000 | 1,285,998 | ||||||
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/40 | 1,000,000 | 1,280,567 | ||||||
248,739,710 | ||||||||
Colorado — 2.8% | ||||||||
Adams County COP, 5.00%, 12/1/25 | 2,720,000 | 3,259,302 | ||||||
Adams County COP, 4.00%, 12/1/26 | 2,250,000 | 2,590,806 | ||||||
Adams County COP, 4.00%, 12/1/27 | 1,310,000 | 1,504,789 | ||||||
Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/43 | 3,000,000 | 3,956,551 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/43 | 7,500,000 | 8,297,622 | ||||||
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/22 | 2,100,000 | 2,164,187 | ||||||
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/23 | 2,085,000 | 2,233,680 | ||||||
Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/36 | 2,000,000 | 2,234,564 | ||||||
Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/49 | 5,000,000 | 6,150,816 | ||||||
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,000,000 | 2,326,236 |
Principal Amount | Value | |||||||
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | $ | 2,000,000 | $ | 2,398,892 | ||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 2,000,000 | 2,316,880 | ||||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/50 | 3,000,000 | 3,425,039 | ||||||
Colorado Health Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,250,000 | 1,406,999 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/22 | 400,000 | 411,035 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 800,000 | 843,837 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/24 | 515,000 | 556,923 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/25 | 350,000 | 387,603 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/26 | 390,000 | 441,560 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/27 | 400,000 | 462,166 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/28 | 250,000 | 291,261 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/29 | 2,160,000 | 2,516,494 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/32 | 600,000 | 699,026 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 2,000,000 | 2,380,322 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 5.00%, 11/1/39 | 4,875,000 | 6,251,068 | ||||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/28 | 690,000 | 849,323 | ||||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/30 | 710,000 | 863,380 | ||||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495,000 | 598,693 | ||||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/40 | 1,000,000 | 1,126,264 | ||||||
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/45 | 1,000,000 | 1,126,264 | ||||||
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 5,000,000 | 5,887,137 | ||||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/28 | 2,300,000 | 2,746,036 | ||||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/30 | 2,000,000 | 2,364,462 | ||||||
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/31 | 1,500,000 | 1,769,905 | ||||||
E-470 Public Highway Authority Rev., 5.00%, 9/1/27 | 900,000 | 1,123,007 | ||||||
E-470 Public Highway Authority Rev., 5.00%, 9/1/28 | 800,000 | 1,021,215 | ||||||
E-470 Public Highway Authority Rev., VRN, 0.48%, (67% of the 1-month LIBOR plus 0.42%), 9/1/39 | 3,000,000 | 3,000,018 | ||||||
E-470 Public Highway Authority Rev., VRN, 1.11%, (67% of the 1-month LIBOR plus 1.05%), 9/1/39 | 1,000,000 | 1,000,023 | ||||||
Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500,000 | 610,530 | ||||||
Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,248,130 | ||||||
Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750,000 | 956,226 | ||||||
Jefferson County School District R-1 COP, 5.00%, 12/15/22 | 1,000,000 | 1,073,165 | ||||||
Jefferson County School District R-1 COP, 5.00%, 12/15/23 | 200,000 | 223,554 | ||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/31 | 1,235,000 | 1,554,326 | ||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/34 | 1,465,000 | 1,824,448 | ||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/35 | 1,540,000 | 1,914,184 |
Principal Amount | Value | |||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | $ | 1,000,000 | $ | 1,158,634 | ||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | 1,700,000 | 2,102,966 | ||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/38 | 1,785,000 | 2,203,480 | ||||||
Park Creek Metropolitan District Rev., 5.00%, 12/1/45 | 3,875,000 | 4,445,884 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30 | 250,000 | 323,566 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/30 | 350,000 | 456,891 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/31 | 500,000 | 659,433 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/31 | 400,000 | 526,386 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/32 | 600,000 | 787,739 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32 | 500,000 | 654,887 | ||||||
South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/39 (AGM) | 700,000 | 812,491 | ||||||
South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 750,000 | 860,689 | ||||||
Town of Firestone Water Enterprise Rev., 4.00%, 12/1/34 (BAM) | 500,000 | 609,060 | ||||||
Town of Firestone Water Enterprise Rev., 4.00%, 12/1/36 (BAM) | 400,000 | 484,561 | ||||||
Town of Firestone Water Enterprise Rev., 4.00%, 12/1/38 (BAM) | 620,000 | 746,914 | ||||||
Town of Firestone Water Enterprise Rev., 4.00%, 12/1/40 (BAM) | 325,000 | 389,718 | ||||||
Town of Firestone Water Enterprise Rev., 4.00%, 12/1/45 (BAM) | 1,850,000 | 2,191,777 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/21 (AGM) | 155,000 | 158,481 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/22 (AGM) | 165,000 | 176,102 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/23 (AGM) | 190,000 | 210,799 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/23 (AGM) | 120,000 | 133,302 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/24 (AGM) | 200,000 | 229,691 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/24 (AGM) | 135,000 | 155,194 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/25 (AGM) | 180,000 | 213,221 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/25 (AGM) | 125,000 | 147,281 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 195,000 | 237,521 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 135,000 | 159,006 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 200,000 | 249,626 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/27 (AGM) | 130,000 | 152,771 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 210,000 | 267,743 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/28 (AGM) | 125,000 | 146,556 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/29 (AGM) | 215,000 | 279,300 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/29 (AGM) | 125,000 | 145,998 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/30 (AGM) | 215,000 | 278,581 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/30 (AGM) | 125,000 | 145,593 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/31 (AGM) | 230,000 | 296,955 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/31 (AGM) | 135,000 | 156,986 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/32 (AGM) | 500,000 | 643,657 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/32 (AGM) | 160,000 | 185,804 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/33 (AGM) | 505,000 | 648,149 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/34 (AGM) | 285,000 | 364,973 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/1/35 (AGM) | 100,000 | 127,788 | ||||||
117,714,102 | ||||||||
Connecticut — 2.1% | ||||||||
Bridgeport GO, 5.00%, 7/15/26 (BAM) | 500,000 | 605,988 | ||||||
Bridgeport GO, 5.00%, 8/15/26 | 3,000,000 | 3,595,249 |
Principal Amount | Value | |||||||
Bridgeport GO, 5.00%, 8/15/27 | $ | 4,490,000 | $ | 5,511,281 | ||||
Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600,000 | 764,277 | ||||||
Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1,500,000 | 1,888,275 | ||||||
Bridgeport GO, 5.00%, 2/1/31 (BAM) | 500,000 | 636,149 | ||||||
Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1,280,000 | 1,606,364 | ||||||
Bridgeport GO, 5.00%, 2/1/33 (BAM) | 1,000,000 | 1,264,982 | ||||||
Bridgeport GO, 5.00%, 7/15/35 (BAM) | 1,000,000 | 1,247,711 | ||||||
Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645,000 | 802,921 | ||||||
Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1,730,000 | 2,148,402 | ||||||
Bridgeport GO, 5.00%, 2/1/38 (BAM) | 1,000,000 | 1,250,521 | ||||||
Bridgeport GO, 5.00%, 2/1/39 (BAM) | 1,470,000 | 1,834,297 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/30 | 1,000,000 | 1,204,162 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/32 | 1,030,000 | 1,232,365 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/33 | 1,000,000 | 1,194,611 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1,000,000 | 1,188,728 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/28(1) | 990,000 | 1,175,068 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/30(1) | 285,000 | 341,086 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/31(1) | 1,065,000 | 1,269,467 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Masonicare Corp. Obligated Group), 4.00%, 7/1/21 | 1,000,000 | 1,002,467 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Masonicare Corp. Obligated Group), 5.00%, 7/1/22 | 2,665,000 | 2,780,146 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 2.75%, 1/1/26(1) | 650,000 | 657,901 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/30(1) | 500,000 | 572,562 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/45(1) | 1,500,000 | 1,674,211 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 5.00%, 7/1/28 | 5,270,000 | 6,308,645 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600,000 | 729,952 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500,000 | 606,366 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1,100,000 | 1,331,933 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350,000 | 421,947 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | 400,000 | 481,616 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 0.25%, 7/1/37 | 7,000,000 | 6,985,261 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 0.25%, 7/1/49 | 1,400,000 | 1,396,679 | ||||||
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22(1) | 1,620,000 | 1,673,716 |
Principal Amount | Value | |||||||
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39(1) | $ | 5,000,000 | $ | 5,785,729 | ||||
New Haven GO, 5.00%, 8/1/23 (AGM) | 8,565,000 | 9,424,140 | ||||||
State of Connecticut GO, 4.00%, 6/1/31 | 1,200,000 | 1,486,747 | ||||||
State of Connecticut GO, 4.00%, 6/1/32 | 1,900,000 | 2,343,343 | ||||||
State of Connecticut GO, 4.00%, 6/1/33 | 1,000,000 | 1,227,300 | ||||||
State of Connecticut GO, 4.00%, 6/1/34 | 2,250,000 | 2,752,872 | ||||||
State of Connecticut GO, 4.00%, 6/1/35 | 1,000,000 | 1,221,383 | ||||||
State of Connecticut GO, 4.00%, 6/1/37 | 950,000 | 1,151,634 | ||||||
State of Connecticut GO, 4.00%, 6/1/38 | 750,000 | 905,544 | ||||||
State of Connecticut GO, 4.00%, 6/1/39 | 500,000 | 603,538 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 8/1/28 | 2,000,000 | 2,351,633 | ||||||
86,639,169 | ||||||||
District of Columbia — 1.0% | ||||||||
District of Columbia GO, 5.00%, 10/15/35 | 15,000,000 | 19,320,684 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/23(4) | 1,000,000 | 1,086,503 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/24(4) | 1,000,000 | 1,130,549 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/25 | 1,750,000 | 2,017,489 | ||||||
District of Columbia Water & Sewer Authority Rev., VRN, 1.75%, 10/1/54 | 3,785,000 | 3,944,570 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/33 | 1,250,000 | 1,588,402 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/34 | 1,250,000 | 1,584,594 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/35 | 1,250,000 | 1,475,829 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/36 | 1,250,000 | 1,470,722 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/37 | 1,500,000 | 1,758,859 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 | 1,000,000 | 1,168,993 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/39 | 250,000 | 291,407 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/29(3) | 2,500,000 | 3,282,521 | ||||||
40,121,122 | ||||||||
Florida — 4.6% | ||||||||
Atlantic Beach Health Care Facilities Rev., (Naval Continuing Care Retirement Foundation Obligated Group), 3.00%, 11/15/23 | 3,800,000 | 3,802,309 | ||||||
Broward County Airport System Rev., 5.00%, 10/1/24 | 2,750,000 | 2,925,020 | ||||||
Broward County Airport System Rev., 5.00%, 10/1/25 | 1,000,000 | 1,063,366 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25 | 500,000 | 580,167 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26 | 500,000 | 595,537 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 255,000 | 315,934 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/29 | 1,000,000 | 1,257,065 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30 | 500,000 | 636,356 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31 | 500,000 | 631,944 |
Principal Amount | Value | |||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/32 | $ | 500,000 | $ | 629,509 | ||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 500,000 | 627,568 | ||||||
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) | 5,000,000 | 6,426,716 | ||||||
Citizens Property Insurance, Inc. Rev., 5.00%, 6/1/22 | 8,000,000 | 8,391,959 | ||||||
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 5,000,000 | 5,758,827 | ||||||
Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | 750,000 | 868,681 | ||||||
Florida Development Finance Corp. Rev., 5.00%, 6/15/40 | 1,650,000 | 1,896,446 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/31(3) | 300,000 | 354,368 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/35(3) | 225,000 | 263,390 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/51(3) | 1,660,000 | 1,904,012 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 4.00%, 9/15/30(1) | 470,000 | 513,049 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/40(1) | 1,050,000 | 1,182,258 | ||||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/34 (AGM) | 1,250,000 | 1,497,019 | ||||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/35 (AGM) | 1,270,000 | 1,517,974 | ||||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/36 (AGM) | 1,600,000 | 1,900,276 | ||||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/38 (AGM) | 1,000,000 | 1,181,710 | ||||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/40 (AGM) | 1,000,000 | 1,176,848 | ||||||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/29 | 1,000,000 | 1,175,255 | ||||||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/30 | 750,000 | 877,120 | ||||||
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/31 | 1,250,000 | 1,457,462 | ||||||
Fort Myers Rev., 4.00%, 12/1/29 | 170,000 | 194,752 | ||||||
Fort Myers Rev., 4.00%, 12/1/30 | 150,000 | 171,584 | ||||||
Fort Myers Rev., 4.00%, 12/1/31 | 650,000 | 741,990 | ||||||
Gainesville Utilities System Rev., 5.00%, 10/1/24 | 2,000,000 | 2,305,906 | ||||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1,750,000 | 2,070,650 | ||||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1,500,000 | 1,635,576 | ||||||
Lee County Transportation Facilities Rev., 5.00%, 10/1/26 (AGM) | 2,250,000 | 2,589,290 | ||||||
Lee County Transportation Facilities Rev., 5.00%, 10/1/27 (AGM) | 2,550,000 | 2,929,039 | ||||||
Manatee County School District COP, 5.00%, 7/1/24 (BAM) | 875,000 | 991,692 | ||||||
Manatee County School District COP, 5.00%, 7/1/25 (BAM) | 1,400,000 | 1,638,749 | ||||||
Manatee County School District COP, 5.00%, 7/1/26 (BAM) | 750,000 | 904,667 | ||||||
Manatee County School District COP, 5.00%, 7/1/27 (BAM) | 1,215,000 | 1,469,601 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/37 | 2,500,000 | 2,856,423 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/37 | 5,000,000 | 6,312,106 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/38 | 5,000,000 | 6,307,146 |
Principal Amount | Value | |||||||
Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | $ | 1,065,000 | $ | 1,252,771 | ||||
Monroe County School District Rev., 5.00%, 10/1/22 (AGM) | 400,000 | 425,069 | ||||||
Monroe County School District Rev., 5.00%, 10/1/23 (AGM) | 500,000 | 552,672 | ||||||
Monroe County School District Rev., 5.00%, 10/1/24 (AGM) | 500,000 | 573,069 | ||||||
Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | 995,000 | 1,099,275 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/32 | 400,000 | 519,593 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/33 | 695,000 | 898,354 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/34 | 250,000 | 322,314 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/37 | 740,000 | 943,370 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/38 | 700,000 | 889,026 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/39 | 1,000,000 | 1,265,948 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/35(2) | 1,200,000 | 814,577 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/36(2) | 3,000,000 | 1,956,796 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/38(2) | 1,500,000 | 903,891 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/39(2) | 1,800,000 | 1,042,260 | ||||||
Palm Beach County Health Facilities Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/41 | 1,250,000 | 1,443,551 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/31 | 500,000 | 645,769 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/32 | 500,000 | 643,989 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/33 | 1,000,000 | 1,284,152 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/34 | 600,000 | 766,938 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/35 | 1,000,000 | 1,275,969 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/36 | 1,000,000 | 1,272,628 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/37 | 1,000,000 | 1,269,239 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1,000,000 | 1,182,341 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2,170,000 | 2,558,961 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4,665,000 | 5,486,775 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1,535,000 | 1,801,621 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1,000,000 | 1,171,238 | ||||||
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/38 | 2,000,000 | 2,236,622 | ||||||
Pasco County School Board COP, VRN, 0.78%, (MUNIPSA plus 0.75%), 8/1/32 | 3,500,000 | 3,503,281 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 1,200,000 | 1,380,602 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 14,165,000 | 16,993,447 | ||||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1,350,000 | 1,468,578 |
Principal Amount | Value | |||||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | $ | 1,000,000 | $ | 1,082,565 | ||||
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2,000,000 | 2,159,360 | ||||||
School District of Broward County COP, 5.00%, 7/1/26 | 2,170,000 | 2,277,339 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/28 | 3,000,000 | 3,602,573 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/30 | 3,305,000 | 3,948,013 | ||||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/36 | 800,000 | 914,858 | ||||||
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/41 | 1,000,000 | 1,133,764 | ||||||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | 1,110,000 | 1,339,158 | ||||||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2,355,000 | 2,836,974 | ||||||
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | 3,995,000 | 4,802,758 | ||||||
Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1,000,000 | 1,128,242 | ||||||
Village Community Development District No. 12 Special Assessment, 3.25%, 5/1/23(1) | 420,000 | 432,586 | ||||||
Village Community Development District No. 12 Special Assessment, 3.80%, 5/1/28(1) | 2,145,000 | 2,365,107 | ||||||
Village Community Development District No. 12 Special Assessment, 4.00%, 5/1/33(1) | 1,910,000 | 2,152,864 | ||||||
Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/24 | 375,000 | 384,890 | ||||||
Village Community Development District No. 13 Special Assessment, 1.875%, 5/1/25(1) | 1,000,000 | 1,019,586 | ||||||
Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/29 | 995,000 | 1,064,600 | ||||||
Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/30(1) | 1,765,000 | 1,851,619 | ||||||
Village Community Development District No. 13 Special Assessment, 3.375%, 5/1/34 | 3,225,000 | 3,500,628 | ||||||
Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/35(1) | 2,320,000 | 2,433,846 | ||||||
Village Community Development District No. 13 Special Assessment, 3.25%, 5/1/40(1) | 2,500,000 | 2,619,959 | ||||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1,000,000 | 1,245,181 | ||||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1,200,000 | 1,491,198 | ||||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1,045,000 | 1,282,645 | ||||||
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1,095,000 | 1,341,922 | ||||||
192,784,237 | ||||||||
Georgia — 2.5% | ||||||||
Atlanta Tax Allocation, 5.00%, 12/1/23 | 2,000,000 | 2,208,409 | ||||||
Atlanta Tax Allocation, 5.00%, 12/1/24 | 900,000 | 1,026,896 | ||||||
Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/36 | 10,000,000 | 12,762,434 | ||||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/33 | 1,500,000 | 1,836,513 | ||||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/34 | 1,785,000 | 2,181,846 | ||||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/35 | 1,750,000 | 2,133,048 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 2.375%, 1/1/31 | 1,000,000 | 1,075,398 |
Principal Amount | Value | |||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1) | $ | 2,460,000 | $ | 2,753,169 | ||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/36 | 1,100,000 | 1,320,949 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36(1) | 3,355,000 | 4,095,271 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/54 | 1,250,000 | 1,459,629 | ||||||
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1,100,000 | 1,382,020 | ||||||
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1,000,000 | 1,246,434 | ||||||
Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/35 (GA: Macquarie Group Ltd.) | 2,000,000 | 2,770,236 | ||||||
Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/36 (GA: Macquarie Group Ltd.) | 2,500,000 | 3,504,230 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 4/1/48 (LIQ FAC: Royal Bank of Canada) | 12,500,000 | 13,475,075 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 0.60%, (MUNIPSA plus 0.57%), 8/1/48 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | 10,043,081 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 0.90%, (67% of the 1-month LIBOR plus 0.83%), 8/1/48 (LIQ FAC: Royal Bank of Canada) | 10,000,000 | 10,084,721 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 8/1/49 (GA: TD Bank N.A.) | 6,000,000 | 6,704,747 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 20,000,000 | 23,202,840 | ||||||
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 5.00%, 4/1/44 | 1,500,000 | 1,646,080 | ||||||
106,913,026 | ||||||||
Guam — 0.1% | ||||||||
Guam Government Power Authority Rev., 5.00%, 10/1/26 (AGM) | 2,000,000 | 2,118,544 | ||||||
Guam Government Power Authority Rev., 5.00%, 10/1/27 (AGM) | 1,000,000 | 1,058,760 | ||||||
3,177,304 | ||||||||
Hawaii — 0.7% | ||||||||
State of Hawaii GO, 5.00%, 8/1/23 | 2,305,000 | 2,545,198 | ||||||
State of Hawaii GO, 5.00%, 1/1/35 | 8,000,000 | 10,179,005 | ||||||
State of Hawaii GO, 5.00%, 1/1/36 | 7,000,000 | 8,888,673 | ||||||
State of Hawaii State Highway Fund Rev., 5.00%, 1/1/35(3) | 4,000,000 | 5,336,650 | ||||||
State of Hawaii State Highway Fund Rev., 5.00%, 1/1/36(3) | 2,500,000 | 3,327,205 | ||||||
30,276,731 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association Rev., 5.00%, 7/15/29 | 3,000,000 | 3,017,513 | ||||||
Illinois — 11.5% | ||||||||
Adams County School District No. 172 GO, 5.00%, 2/1/24 (AGM) | 1,175,000 | 1,309,889 | ||||||
Adams County School District No. 172 GO, 5.00%, 2/1/24 (BAM) | 1,030,000 | 1,148,243 | ||||||
Adams County School District No. 172 GO, 5.00%, 2/1/25 (BAM) | 1,000,000 | 1,152,624 | ||||||
Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1,000,000 | 1,187,854 | ||||||
Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1,670,000 | 1,988,774 | ||||||
Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1,000,000 | 1,134,227 | ||||||
Chicago GO, 5.00%, 1/1/30 | 6,600,000 | 8,360,098 | ||||||
Chicago GO, 5.25%, 1/1/32 | 5,000,000 | 5,454,319 | ||||||
Chicago GO, 6.00%, 1/1/38 | 5,000,000 | 6,086,414 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/22 | 1,000,000 | 1,062,969 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/27 (AGM) | 15,000,000 | 18,562,512 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/33 (AGM) | 1,250,000 | 1,563,834 |
Principal Amount | Value | |||||||
Chicago Midway International Airport Rev., 5.00%, 1/1/22 | $ | 600,000 | $ | 616,761 | ||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/23 | 1,500,000 | 1,612,624 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/24 | 4,000,000 | 4,475,502 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/29 | 9,200,000 | 10,629,455 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 2,250,000 | 2,838,521 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 3,000,000 | 3,775,144 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 3,250,000 | 4,080,377 | ||||||
Chicago Transit Authority Rev., 5.00%, 6/1/22 | 3,000,000 | 3,138,014 | ||||||
Chicago Transit Authority Rev., 5.00%, 6/1/23 | 4,150,000 | 4,526,291 | ||||||
Chicago Transit Authority Rev., 5.00%, 6/1/24 | 1,000,000 | 1,131,733 | ||||||
Chicago Transit Authority Rev., 5.00%, 6/1/25 | 2,000,000 | 2,337,557 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 1,100,000 | 1,222,630 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3,245,000 | 3,971,500 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3,420,000 | 4,172,243 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 1,000,000 | 1,108,216 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 3,555,000 | 4,325,778 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/32 | 1,000,000 | 1,108,216 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/34 | 755,000 | 868,537 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/35 | 755,000 | 867,380 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 2,300,000 | 2,548,896 | ||||||
Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 1,510,000 | 1,725,545 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/23 | 3,750,000 | 4,158,254 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/24 | 10,000,000 | 11,493,689 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/25 | 5,000,000 | 5,934,367 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/26 | 2,000,000 | 2,437,883 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/27 | 2,250,000 | 2,767,063 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1,570,000 | 1,956,103 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/39 | 2,550,000 | 2,879,769 | ||||||
Cook County GO, 5.00%, 11/15/21 | 600,000 | 613,185 | ||||||
Cook County GO, 5.00%, 11/15/22 | 7,500,000 | 8,027,374 | ||||||
Cook County GO, 5.00%, 11/15/25 | 3,600,000 | 4,279,571 | ||||||
Cook County GO, 5.00%, 11/15/26 | 3,900,000 | 4,770,402 | ||||||
Cook County GO, 5.00%, 11/15/27 | 2,800,000 | 3,447,158 | ||||||
Cook County GO, 5.00%, 11/15/28 | 1,000,000 | 1,226,347 | ||||||
Cook County GO, 5.00%, 11/15/29 | 3,270,000 | 3,999,299 | ||||||
Cook County GO, 5.00%, 11/15/31 | 2,350,000 | 2,867,299 | ||||||
Cook County GO, 5.00%, 11/15/34 | 2,000,000 | 2,432,584 | ||||||
Cook County GO, 5.00%, 11/15/35 | 1,800,000 | 2,185,147 | ||||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/23 (BAM) | 1,000,000 | 1,108,412 | ||||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/25 (BAM) | 1,800,000 | 2,092,331 | ||||||
Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/27 (BAM) | 1,190,000 | 1,379,202 | ||||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/22 (BAM) | 2,000,000 | 2,124,635 | ||||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/23 (BAM) | 3,000,000 | 3,312,613 | ||||||
Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/24 (BAM) | 4,000,000 | 4,563,981 | ||||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/24 (BAM) | 2,475,000 | 2,828,565 | ||||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/25 (BAM) | 1,115,000 | 1,312,679 |
Principal Amount | Value | |||||||
Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | $ | 1,150,000 | $ | 1,390,472 | ||||
Decatur GO, 5.00%, 3/1/24 (AGM) | 1,000,000 | 1,113,746 | ||||||
Decatur GO, 5.00%, 3/1/25 (AGM) | 1,045,000 | 1,201,759 | ||||||
Decatur GO, 5.00%, 3/1/26 (AGM) | 1,000,000 | 1,183,527 | ||||||
Decatur GO, 5.00%, 3/1/27 (AGM) | 1,080,000 | 1,298,775 | ||||||
Decatur GO, 5.00%, 3/1/28 (AGM) | 1,205,000 | 1,445,970 | ||||||
Decatur GO, 5.00%, 3/1/29 (AGM) | 1,265,000 | 1,515,350 | ||||||
Decatur GO, 5.00%, 3/1/30 (AGM) | 1,330,000 | 1,589,093 | ||||||
Decatur GO, 5.00%, 3/1/31 (AGM) | 1,395,000 | 1,665,318 | ||||||
Decatur GO, 5.00%, 3/1/33 (AGM) | 1,545,000 | 1,841,204 | ||||||
Governors State University COP, 5.00%, 7/1/22 (BAM) | 320,000 | 335,543 | ||||||
Governors State University COP, 5.00%, 7/1/23 (BAM) | 400,000 | 434,383 | ||||||
Governors State University COP, 5.00%, 7/1/24 (BAM) | 400,000 | 449,294 | ||||||
Governors State University COP, 5.00%, 7/1/25 (BAM) | 400,000 | 462,796 | ||||||
Governors State University COP, 5.00%, 7/1/26 (BAM) | 350,000 | 416,224 | ||||||
Governors State University COP, 5.00%, 7/1/27 (BAM) | 395,000 | 480,936 | ||||||
Governors State University COP, 5.00%, 7/1/28 (BAM) | 750,000 | 900,531 | ||||||
Illinois Finance Authority Rev., (Advocate Health Care Network Obligated Group), 5.00%, 5/1/22 | 330,000 | 344,725 | ||||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7,600,000 | 8,620,464 | ||||||
Illinois Finance Authority Rev., (Ascension Health Credit Group), 5.00%, 2/15/41 | 1,500,000 | 1,798,979 | ||||||
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), 6.00%, 8/15/41 | 2,000,000 | 2,023,790 | ||||||
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1,000,000 | 1,138,470 | ||||||
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2,000,000 | 2,244,019 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1,085,000 | 1,259,617 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500,000 | 590,281 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315,000 | 366,985 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500,000 | 578,724 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570,000 | 656,422 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 500,000 | 574,160 | ||||||
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1,500,000 | 1,705,432 | ||||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/31 | 750,000 | 859,609 | ||||||
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/32 | 2,370,000 | 2,968,030 | ||||||
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/33 | 2,055,000 | 2,566,238 | ||||||
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/34 | 4,370,000 | 5,442,355 | ||||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/24 | 2,000,000 | 2,305,914 | ||||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/26 | 2,715,000 | 3,279,505 | ||||||
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 4.00%, 12/1/30 | 5,000,000 | 5,648,307 |
Principal Amount | Value | |||||||
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 0.75%, (MUNIPSA plus 0.70%), 5/1/42 | $ | 2,000,000 | $ | 2,000,764 | ||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/24 | 245,000 | 276,811 | ||||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/25 | 700,000 | 814,610 | ||||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325,000 | 392,406 | ||||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690,000 | 825,476 | ||||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750,000 | 876,702 | ||||||
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,000,000 | 5,857,131 | ||||||
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/29 | 5,475,000 | 6,413,558 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 | 10,000,000 | 13,064,531 | ||||||
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/22(4) | 825,000 | 872,134 | ||||||
Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/23(4) | 1,000,000 | 1,104,743 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 1,250,000 | 1,580,341 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/29 | 1,550,000 | 1,961,959 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1,000,000 | 1,261,073 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 3,000,000 | 3,957,096 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1,000,000 | 1,256,589 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 2,500,000 | 3,289,999 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/33 | 1,200,000 | 1,500,166 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/34 | 2,500,000 | 3,116,080 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/36 | 15,200,000 | 17,456,677 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/39 | 2,500,000 | 2,768,502 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/28 (AGM) | 770,000 | 925,364 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/30 (AGM) | 450,000 | 534,725 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/33 (AGM) | 250,000 | 294,487 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/34 (AGM) | 200,000 | 235,108 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/38 (AGM) | 580,000 | 675,695 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/39 (AGM) | 550,000 | 639,553 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/25 (BAM)(3) | 325,000 | 381,630 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/26 (BAM)(3) | 250,000 | 301,520 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/27 (BAM)(3) | 325,000 | 400,259 | ||||||
Northern Illinois University Rev., 5.00%, 4/1/29 (BAM) | 1,025,000 | 1,293,444 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/29 (BAM)(3) | 325,000 | 413,174 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/30 (BAM)(3) | 325,000 | 418,502 | ||||||
Northern Illinois University Rev., 5.00%, 4/1/31 (BAM) | 1,075,000 | 1,370,655 | ||||||
Northern Illinois University Rev., 4.00%, 10/1/32 (BAM)(3) | 1,000,000 | 1,200,108 | ||||||
Northern Illinois University Rev., 5.00%, 4/1/33 (BAM) | 1,400,000 | 1,773,894 | ||||||
Northern Illinois University Rev., 4.00%, 10/1/34 (BAM)(3) | 1,000,000 | 1,188,658 | ||||||
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) | 1,000,000 | 1,170,689 | ||||||
Northern Illinois University Rev., 4.00%, 10/1/35 (BAM)(3) | 1,000,000 | 1,186,969 | ||||||
Northern Illinois University Rev., 4.00%, 4/1/37 (BAM) | 1,425,000 | 1,661,396 | ||||||
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/21 | 10,000,000 | 10,000,000 |
Principal Amount | Value | |||||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | $ | 5,000,000 | $ | 5,234,142 | ||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/27 | 3,000,000 | 3,624,115 | ||||||
Springfield Electric Rev., 5.00%, 3/1/22 | 1,750,000 | 1,810,484 | ||||||
Springfield Electric Rev., 5.00%, 3/1/23 | 1,245,000 | 1,342,455 | ||||||
Springfield Electric Rev., 5.00%, 3/1/24 | 2,000,000 | 2,240,281 | ||||||
State of Illinois GO, 5.00%, 11/1/25 | 3,000,000 | 3,549,019 | ||||||
State of Illinois GO, 5.00%, 11/1/27 | 15,000,000 | 18,477,243 | ||||||
State of Illinois GO, 5.125%, 12/1/29 | 17,000,000 | 20,800,780 | ||||||
State of Illinois GO, 5.50%, 5/1/30 | 2,500,000 | 3,299,484 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 2,100,000 | 2,558,359 | ||||||
State of Illinois GO, 5.50%, 7/1/38 | 5,000,000 | 5,414,717 | ||||||
State of Illinois GO, 5.00%, 2/1/39 | 3,000,000 | 3,261,623 | ||||||
State of Illinois GO, 5.00%, 5/1/39 | 6,080,000 | 6,637,062 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 1,475,000 | 1,893,720 | ||||||
State of Illinois GO, 5.00%, 12/1/39 | 5,000,000 | 5,909,409 | ||||||
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/30 | 1,275,000 | 1,587,159 | ||||||
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/31 | 1,560,000 | 1,933,249 | ||||||
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/32 | 1,110,000 | 1,369,320 | ||||||
Village of Bellwood GO, 5.00%, 12/1/21 (AGM) | 1,000,000 | 1,022,963 | ||||||
Village of Bellwood GO, 5.00%, 12/1/22 (AGM) | 1,050,000 | 1,108,800 | ||||||
Village of Bellwood GO, 5.00%, 12/1/23 (AGM) | 1,000,000 | 1,097,409 | ||||||
Village of Bellwood GO, 5.00%, 12/1/24 (AGM) | 800,000 | 905,108 | ||||||
Village of Bellwood GO, 5.00%, 12/1/25 (AGM) | 1,500,000 | 1,743,648 | ||||||
Village of Bellwood GO, 5.00%, 12/1/26 (AGM) | 1,000,000 | 1,190,847 | ||||||
Village of Bellwood GO, 5.00%, 12/1/28 (AGM) | 1,000,000 | 1,230,115 | ||||||
Village of Crestwood GO, 4.00%, 12/15/22 (BAM) | 600,000 | 630,331 | ||||||
Village of Crestwood GO, 5.00%, 12/15/24 (BAM) | 750,000 | 831,474 | ||||||
Village of Crestwood GO, 5.00%, 12/15/26 (BAM) | 1,000,000 | 1,104,096 | ||||||
Village of Crestwood GO, 5.00%, 12/15/28 (BAM) | 905,000 | 995,602 | ||||||
Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/36 | 2,075,000 | 2,274,765 | ||||||
Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/39 | 2,250,000 | 2,458,003 | ||||||
Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2,250,000 | 2,350,031 | ||||||
Western Illinois University Rev., 4.00%, 4/1/27 (BAM) | 1,390,000 | 1,637,566 | ||||||
Western Illinois University Rev., 4.00%, 4/1/28 (BAM) | 1,455,000 | 1,739,253 | ||||||
Western Illinois University Rev., 4.00%, 4/1/29 (BAM) | 1,565,000 | 1,891,596 | ||||||
Western Illinois University Rev., 5.00%, 4/1/31 (BAM) | 1,100,000 | 1,403,569 | ||||||
Western Illinois University Rev., 4.00%, 4/1/32 (BAM) | 1,000,000 | 1,190,233 | ||||||
Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/22 (AGM) | 700,000 | 713,591 | ||||||
Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/34 (AGM) | 650,000 | 742,158 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)(4) | 285,000 | 342,145 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/27 (AGM) | 5,995,000 | 7,178,677 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/32 (AGM) | 1,390,000 | 1,572,648 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/35 (AGM) | 1,000,000 | 1,123,178 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/36 (AGM) | 1,365,000 | 1,524,030 | ||||||
484,645,171 |
Principal Amount | Value | |||||||
Indiana — 1.1% | ||||||||
Indiana Finance Authority Rev., 5.00%, 2/1/23 | $ | 1,735,000 | $ | 1,876,266 | ||||
Indiana Finance Authority Rev., 5.00%, 2/1/24 | 2,200,000 | 2,479,404 | ||||||
Indiana Finance Authority Rev., 5.00%, 2/1/26 | 3,030,000 | 3,593,940 | ||||||
Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1,120,000 | 1,323,260 | ||||||
Indiana Finance Authority Rev., 5.25%, 2/1/27 | 2,000,000 | 2,378,954 | ||||||
Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2,005,000 | 2,360,847 | ||||||
Indiana Finance Authority Rev., 5.00%, 2/1/29 | 2,500,000 | 2,941,521 | ||||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/23 | 2,645,000 | 2,691,233 | ||||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/24 | 3,025,000 | 3,078,080 | ||||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/25 | 1,750,000 | 1,780,707 | ||||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1,880,000 | 2,228,094 | ||||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | 1,000,000 | 1,179,064 | ||||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1,030,000 | 1,208,546 | ||||||
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1,050,000 | 1,228,341 | ||||||
Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 0.33%, (MUNIPSA plus 0.28%), 12/1/46 | 5,000,000 | 5,000,028 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/22 | 1,300,000 | 1,366,338 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/24 | 1,000,000 | 1,122,097 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/25 | 1,150,000 | 1,284,826 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/27 | 1,250,000 | 1,392,916 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/29 | 1,465,000 | 1,628,185 | ||||||
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/31 | 1,250,000 | 1,386,658 | ||||||
Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRN, 0.58%, (MUNIPSA plus 0.55%), 11/1/39 | 4,845,000 | 4,861,001 | ||||||
48,390,306 | ||||||||
Iowa† | ||||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 1,030,000 | 1,185,733 | ||||||
Kansas† | ||||||||
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/21 | 800,000 | 809,417 | ||||||
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/23 | 895,000 | 987,179 | ||||||
1,796,596 | ||||||||
Kentucky — 2.5% | ||||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/28 | 600,000 | 711,742 | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/29 | 265,000 | 318,305 | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/32 | 900,000 | 1,082,267 | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/33 | 580,000 | 644,095 | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/34 | 500,000 | 553,567 |
Principal Amount | Value | |||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/35 | $ | 465,000 | $ | 513,751 | ||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/36 | 380,000 | 418,843 | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/38 | 745,000 | 816,706 | ||||||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | 1,750,000 | 1,892,686 | ||||||
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3,665,000 | 4,059,365 | ||||||
Kenton County Airport Board Rev., 5.00%, 1/1/23 | 825,000 | 885,852 | ||||||
Kenton County Airport Board Rev., 5.00%, 1/1/24 | 750,000 | 840,808 | ||||||
Kenton County Airport Board Rev., 5.00%, 1/1/26 | 1,330,000 | 1,593,933 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/21 | 750,000 | 750,000 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/22 | 1,000,000 | 1,039,757 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/23 | 1,620,000 | 1,746,969 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/24 | 2,000,000 | 2,226,116 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1,350,000 | 1,543,953 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 10,000,000 | 10,950,804 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 15,000,000 | 16,698,479 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 17,000,000 | 19,164,857 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 14,750,000 | 16,590,068 | ||||||
Kentucky State Property & Building Commission Rev., 5.00%, 5/1/31 (BAM) | 2,000,000 | 2,512,379 | ||||||
Kentucky State Property & Building Commission Rev., 5.00%, 5/1/33 (BAM) | 1,750,000 | 2,187,350 | ||||||
Louisville/Jefferson County Metropolitan Government Rev., (Norton Healthcare Obligated Group), VRDN, 0.01%, 6/1/21 (LOC: PNC Bank N.A.) | 1,800,000 | 1,800,000 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/24 (AGM) | 1,500,000 | 1,710,653 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/25 (AGM) | 1,500,000 | 1,760,970 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1,100,000 | 1,324,444 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2,000,000 | 2,451,479 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2,245,000 | 2,745,244 | ||||||
Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 1,500,000 | 1,827,168 | ||||||
103,362,610 | ||||||||
Louisiana — 2.0% | ||||||||
East Baton Rouge Parish Industrial Development Board, Inc. Rev., (Exxon Mobil Corp.), VRDN, 0.02%, 6/1/21 | 12,700,000 | 12,700,000 | ||||||
Greater Ouachita Water Co. Rev., 5.00%, 9/1/29 (BAM) | 500,000 | 651,166 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM) | 400,000 | 487,843 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/31 (BAM) | 500,000 | 606,945 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/32 (BAM) | 1,000,000 | 1,210,426 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/33 (BAM) | 500,000 | 595,199 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/34 (BAM) | 500,000 | 591,563 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/35 (BAM) | 500,000 | 588,353 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/36 (BAM) | 350,000 | 409,270 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/37 (BAM) | 250,000 | 290,713 | ||||||
Jefferson Sales Tax District Rev., 4.00%, 12/1/36 (AGM) | 6,745,000 | 8,149,749 |
Principal Amount | Value | |||||||
Jefferson Sales Tax District Rev., 4.00%, 12/1/37 (AGM) | $ | 5,000,000 | $ | 6,034,253 | ||||
Jefferson Sales Tax District Rev., 4.00%, 12/1/38 (AGM) | 5,000,000 | 6,028,619 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2,010,000 | 2,434,799 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/48 (AGM) | 5,765,000 | 6,984,323 | ||||||
Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/25, Prerefunded at 100% of Par(4) | 6,000,000 | 7,206,325 | ||||||
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/29 | 990,000 | 1,183,828 | ||||||
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/30 | 990,000 | 1,177,940 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 3,250,000 | 3,481,817 | ||||||
New Orleans GO, 5.00%, 12/1/21 | 6,000,000 | 6,143,264 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500,000 | 609,269 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | 800,000 | 1,028,467 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350,000 | 447,840 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1,100,000 | 1,401,841 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1,200,000 | 1,526,359 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1,200,000 | 1,509,408 | ||||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/21(4) | 400,000 | 400,000 | ||||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/23 | 250,000 | 271,935 | ||||||
New Orleans Sewerage Service Rev., 5.00%, 6/1/24 | 200,000 | 225,581 | ||||||
Shreveport Water & Sewer Rev., 4.00%, 12/1/37 (AGM) | 790,000 | 912,070 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 1,450,000 | 1,482,618 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/37 | 9,000,000 | 9,299,557 | ||||||
86,071,340 | ||||||||
Maryland — 2.3% | ||||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/34 | 2,500,000 | 3,023,596 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/34 | 2,275,000 | 2,751,473 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/35 | 1,750,000 | 2,112,998 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/35 | 3,310,000 | 3,996,586 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/36 | 2,675,000 | 3,221,387 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/36 | 1,440,000 | 1,734,130 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/37 | 1,500,000 | 1,801,383 | ||||||
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/37 | 1,465,000 | 1,759,351 | ||||||
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 625,000 | 677,599 | ||||||
Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 1,600,000 | 1,758,977 |
Principal Amount | Value | |||||||
Baltimore Rev., (Harbor Point Special Taxing District), 4.25%, 6/1/26 | $ | 1,530,000 | $ | 1,699,094 | ||||
Baltimore Rev., (Harbor Point Special Taxing District), 4.75%, 6/1/31 | 1,500,000 | 1,662,830 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/35 | 600,000 | 684,811 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/36 | 650,000 | 740,345 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/37 | 750,000 | 852,570 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/38 | 700,000 | 794,318 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/39 | 1,000,000 | 1,129,433 | ||||||
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/40 | 725,000 | 817,293 | ||||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/24 (AGM) | 300,000 | 332,619 | ||||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/25 (AGM) | 330,000 | 374,893 | ||||||
Maryland Economic Development Corp. Rev., 4.00%, 7/1/26 (AGM) | 375,000 | 436,159 | ||||||
Maryland Economic Development Corp. Rev., 5.00%, 6/1/35 (AGM) | 1,230,000 | 1,450,445 | ||||||
Maryland Economic Development Corp. Rev., 5.00%, 6/1/43 (AGM) | 1,000,000 | 1,176,915 | ||||||
Maryland Economic Development Corp. Rev., (Morgan State University), 4.00%, 7/1/40 | 750,000 | 869,909 | ||||||
Maryland Economic Development Corp. Rev., (Morgan State University), 5.00%, 7/1/50 | 1,150,000 | 1,415,838 | ||||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500,000 | 602,929 | ||||||
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2,000,000 | 2,396,379 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200,000 | 221,655 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175,000 | 197,620 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | 120,000 | 137,479 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130,000 | 147,911 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175,000 | 197,847 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250,000 | 280,996 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300,000 | 335,592 | ||||||
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325,000 | 362,214 | ||||||
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/40 | 2,505,000 | 2,917,296 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/30 | 510,000 | 602,639 |
Principal Amount | Value | |||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.00%, 1/1/36(3) | $ | 2,290,000 | $ | 2,800,043 | ||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/38 | 865,000 | 969,347 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3,585,000 | 4,236,230 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4,700,000 | 5,162,844 | ||||||
Maryland Stadium Authority Rev., 5.00%, 5/1/22 | 1,480,000 | 1,545,060 | ||||||
Maryland Stadium Authority Rev., 5.00%, 5/1/26 | 2,550,000 | 3,077,890 | ||||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/22 | 1,945,000 | 1,981,748 | ||||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/23 | 2,045,000 | 2,127,264 | ||||||
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/24 | 2,150,000 | 2,278,378 | ||||||
State of Maryland GO, 5.00%, 8/1/25 | 21,860,000 | 25,990,766 | ||||||
95,845,079 | ||||||||
Massachusetts — 2.0% | ||||||||
Massachusetts GO, 5.00%, 1/1/37 | 10,000,000 | 12,782,184 | ||||||
Massachusetts GO, VRN, 1.70%, 8/1/43 | 5,500,000 | 5,590,035 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/22 | 570,000 | 585,448 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/23 | 400,000 | 429,306 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/25 | 525,000 | 607,584 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/26 | 550,000 | 656,944 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/28 | 4,540,000 | 5,713,326 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4,120,000 | 5,088,838 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 475,000 | 567,439 | ||||||
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5,005,000 | 6,145,882 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/23(1) | 125,000 | 134,695 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/24(1) | 130,000 | 144,203 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/25(1) | 125,000 | 142,128 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/26(1) | 160,000 | 185,957 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/27(1) | 160,000 | 189,382 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/28(1) | 170,000 | 204,242 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/29(1) | 300,000 | 364,797 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30(1) | 325,000 | 399,274 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/31(1) | 350,000 | 428,103 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/32(1) | 400,000 | 487,819 |
Principal Amount | Value | |||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/33(1) | $ | 315,000 | $ | 382,918 | ||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/34(1) | 300,000 | 363,647 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/35(1) | 275,000 | 332,737 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/36(1) | 465,000 | 561,048 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/37(1) | 245,000 | 294,741 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1) | 1,850,000 | 2,031,680 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(1) | 1,000,000 | 1,094,364 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/31 | 620,000 | 789,715 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/32 | 775,000 | 984,502 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/33 | 775,000 | 981,594 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/34 | 550,000 | 694,297 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/35 | 470,000 | 592,349 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/36 | 445,000 | 559,408 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/37 | 605,000 | 758,495 | ||||||
Massachusetts Development Finance Agency Rev., (Trustees of Boston University), VRN, 5.00%, 10/1/42 | 5,000,000 | 5,525,491 | ||||||
Massachusetts Development Finance Agency Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/41 | 1,850,000 | 2,199,612 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/32 | 1,875,000 | 2,344,541 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/34 | 1,330,000 | 1,654,268 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 | 1,300,000 | 1,576,965 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | 6,670,000 | 7,827,660 | ||||||
Massachusetts Port Authority Rev., 4.00%, 7/1/22(4) | 2,655,000 | 2,767,092 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4) | 3,575,000 | 3,785,960 | ||||||
University of Massachusetts Building Authority Rev., (University of Massachusetts), 5.00%, 11/1/25 | 3,500,000 | 4,201,372 | ||||||
83,152,042 | ||||||||
Michigan — 2.9% | ||||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/24 | 870,000 | 952,995 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/25 | 1,470,000 | 1,648,791 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1,575,000 | 1,803,965 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1,655,000 | 1,928,360 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1,825,000 | 2,094,757 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1,970,000 | 2,224,506 |
Principal Amount | Value | |||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | $ | 1,830,000 | $ | 2,062,168 | ||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2,445,000 | 2,744,541 | ||||||
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2,565,000 | 2,867,326 | ||||||
Detroit GO, 5.00%, 4/1/34 | 1,000,000 | 1,240,622 | ||||||
Detroit GO, 5.00%, 4/1/35 | 1,450,000 | 1,795,286 | ||||||
Detroit GO, 5.00%, 4/1/37 | 1,630,000 | 2,006,169 | ||||||
Detroit GO, 5.00%, 4/1/38 | 700,000 | 859,258 | ||||||
Detroit GO, 4.00%, 4/1/42 | 1,100,000 | 1,231,190 | ||||||
Detroit City School District GO, 5.00%, 5/1/28 (Q-SBLF) | 6,500,000 | 6,785,125 | ||||||
Detroit City School District GO, 5.00%, 5/1/31 (Q-SBLF) | 5,000,000 | 5,218,854 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/21 (AGM) | 200,000 | 200,785 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM) | 300,000 | 315,444 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/22 (AGM) | 500,000 | 525,739 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM) | 400,000 | 437,346 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM) | 850,000 | 964,196 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/24 (AGM) | 750,000 | 850,761 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM) | 550,000 | 622,988 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/25 (AGM) | 500,000 | 566,353 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/26 (AGM) | 600,000 | 677,265 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/27 (AGM) | 1,250,000 | 1,410,561 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/28 (AGM) | 1,600,000 | 1,804,995 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/30 (AGM) | 1,255,000 | 1,414,973 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/31 (AGM) | 1,625,000 | 1,831,606 | ||||||
Detroit Water Supply System Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/21, Prerefunded at 100% of Par(4) | 1,000,000 | 1,003,978 | ||||||
Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.625%, 5/15/25 | 1,150,000 | 1,154,561 | ||||||
Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/43 | 1,125,000 | 1,281,064 | ||||||
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/51 | 12,000,000 | 12,787,752 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/22 (AGM Q-SBLF) | 500,000 | 522,027 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/23 (AGM Q-SBLF) | 1,000,000 | 1,090,404 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/24 (AGM Q-SBLF) | 1,000,000 | 1,134,920 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/25 (AGM Q-SBLF) | 1,000,000 | 1,176,348 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM Q-SBLF) | 1,480,000 | 1,765,829 | ||||||
Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM Q-SBLF) | 1,630,000 | 1,941,343 |
Principal Amount | Value | |||||||
Michigan Finance Authority Rev., 5.00%, 10/1/27 | $ | 3,030,000 | $ | 3,477,555 | ||||
Michigan Finance Authority Rev., 5.00%, 10/1/28 | 3,465,000 | 3,975,614 | ||||||
Michigan Finance Authority Rev., (Beaumont Health Obligated Group), 4.00%, 11/1/46 | 5,000,000 | 5,480,090 | ||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/33 | 2,000,000 | 2,270,671 | ||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/34 | 1,500,000 | 1,701,523 | ||||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(4) | 1,000,000 | 1,139,166 | ||||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(4) | 1,400,000 | 1,594,832 | ||||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(4) | 1,250,000 | 1,423,958 | ||||||
Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(4) | 1,565,000 | 1,782,795 | ||||||
Michigan State Building Authority Rev., 5.00%, 4/15/25 | 1,750,000 | 2,058,478 | ||||||
Michigan State Building Authority Rev., 5.00%, 4/15/26 | 750,000 | 911,279 | ||||||
Michigan Strategic Fund Rev., (DTE Electric Co.), VRN, 1.45%, 8/1/29 | 1,375,000 | 1,379,210 | ||||||
Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1,080,000 | 1,238,249 | ||||||
Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2,005,000 | 2,292,045 | ||||||
Saginaw Water Supply System Rev., 4.00%, 7/1/24 (AGM) | 1,380,000 | 1,530,050 | ||||||
Saginaw Water Supply System Rev., 4.00%, 7/1/26 (AGM) | 1,530,000 | 1,778,700 | ||||||
Warren Consolidated Schools GO, 4.00%, 5/1/22 (AGM) | 1,645,000 | 1,700,142 | ||||||
Warren Consolidated Schools GO, 4.00%, 5/1/26 (AGM) | 1,100,000 | 1,266,632 | ||||||
Wayne County Airport Authority Rev., 5.00%, 12/1/30 | 1,000,000 | 1,152,205 | ||||||
Wayne County Airport Authority Rev., 5.00%, 12/1/31 | 650,000 | 748,933 | ||||||
Wayne County Airport Authority Rev., 5.00%, 12/1/32 | 1,175,000 | 1,353,841 | ||||||
Wayne County Airport Authority Rev., 5.00%, 12/1/34 | 1,150,000 | 1,325,036 | ||||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/23 (Q-SBLF) | 1,070,000 | 1,167,164 | ||||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/24 (Q-SBLF) | 2,000,000 | 2,271,091 | ||||||
Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2,455,000 | 2,981,774 | ||||||
120,946,184 | ||||||||
Minnesota — 0.4% | ||||||||
Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1,000,000 | 1,229,486 | ||||||
Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | 1,000,000 | 1,219,446 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/22 (SD CRED PROG) | 325,000 | 334,362 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/23 (SD CRED PROG) | 380,000 | 406,906 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/24 (SD CRED PROG) | 420,000 | 466,680 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/25 (SD CRED PROG) | 375,000 | 430,327 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/26 (SD CRED PROG) | 395,000 | 466,622 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/27 (SD CRED PROG) | 370,000 | 448,522 | ||||||
Duluth Independent School District No. 709 COP, 5.00%, 2/1/28 (SD CRED PROG) | 350,000 | 433,903 | ||||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/23 | 500,000 | 543,591 |
Principal Amount | Value | |||||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/24 | $ | 1,200,000 | $ | 1,354,423 | ||||
Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/25 | 800,000 | 932,934 | ||||||
Minnesota Higher Education Facilities Authority Rev., (College of Saint Benedict), 4.00%, 3/1/43 | 1,000,000 | 1,057,878 | ||||||
Rochester Rev., (Mayo Clinic), VRN, 4.50%, 11/15/38 | 6,000,000 | 6,115,000 | ||||||
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/28 | 2,000,000 | 2,408,661 | ||||||
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/30 | 1,000,000 | 1,201,652 | ||||||
19,050,393 | ||||||||
Mississippi — 0.6% | ||||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/21 | 1,000,000 | 1,003,217 | ||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/22 | 1,000,000 | 1,043,016 | ||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/23 | 1,500,000 | 1,620,825 | ||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/30 | 2,000,000 | 2,292,058 | ||||||
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/31 | 1,000,000 | 1,142,952 | ||||||
Jackson Water & Sewer System Rev., 4.00%, 9/1/22 (BAM) | 550,000 | 572,607 | ||||||
Jackson Water & Sewer System Rev., 4.00%, 9/1/23 (BAM) | 580,000 | 620,282 | ||||||
Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 0.02%, 6/1/21 (GA: Chevron Corp.) | 1,200,000 | 1,200,000 | ||||||
Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 0.02%, 6/1/21 (GA: Chevron Corp.) | 8,500,000 | 8,500,000 | ||||||
Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System Rev.), 6.875%, 12/1/40 (AGM) | 4,250,000 | 4,862,198 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/33 | 685,000 | 867,993 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/34 | 700,000 | 883,630 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/35 | 600,000 | 755,944 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/36 | 650,000 | 816,750 | ||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/37 | 750,000 | 939,937 | ||||||
27,121,409 | ||||||||
Missouri — 0.8% | ||||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/22 | 1,170,000 | 1,207,566 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/23 | 600,000 | 644,343 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/24 | 1,000,000 | 1,113,166 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/26 | 805,000 | 951,509 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/27 | 1,100,000 | 1,333,380 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/30 | 1,355,000 | 1,617,412 | ||||||
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/31 | 1,255,000 | 1,492,458 | ||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/31 | 650,000 | 828,246 | ||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/32 | 1,000,000 | 1,270,454 |
Principal Amount | Value | |||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/33 | $ | 750,000 | $ | 950,198 | ||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/35 | 915,000 | 1,154,025 | ||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 4.00%, 2/15/37 | 500,000 | 585,796 | ||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health), 5.00%, 6/1/29 | 4,500,000 | 5,778,515 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/24 | 600,000 | 672,647 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540,000 | 649,331 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250,000 | 318,086 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500,000 | 633,622 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525,000 | 660,090 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475,000 | 594,158 | ||||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 7/1/23 | 400,000 | 440,159 | ||||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/24 | 690,000 | 774,495 | ||||||
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/25 | 990,000 | 1,151,865 | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500,000 | 585,131 | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965,000 | 1,124,487 | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630,000 | 730,709 | ||||||
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3,000,000 | 3,395,704 | ||||||
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1,000,000 | 1,060,487 | ||||||
31,718,039 | ||||||||
Nebraska — 0.6% | ||||||||
Central Plains Energy Project Rev., 5.00%, 9/1/22 (GA: Goldman Sachs Group, Inc.) | 2,500,000 | 2,647,644 | ||||||
Central Plains Energy Project Rev., 5.00%, 9/1/31 (GA: Goldman Sachs Group, Inc.) | 2,000,000 | 2,635,640 | ||||||
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) | 5,000,000 | 5,689,988 | ||||||
Central Plains Energy Project Rev., VRN, 5.00%, 3/1/50 (GA: Goldman Sachs Group, Inc.) | 10,000,000 | 11,088,967 | ||||||
Douglas County Hospital Authority No. 3 Rev., (Nebraska Methodist Health Obligated Group), 5.00%, 11/1/45 | 4,100,000 | 4,721,298 | ||||||
26,783,537 | ||||||||
Nevada — 0.9% | ||||||||
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/30 | 750,000 | 914,686 | ||||||
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32 | 735,000 | 891,719 | ||||||
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34 | 765,000 | 924,146 | ||||||
Clark County Department of Aviation Rev., 5.00%, 7/1/21 | 5,000,000 | 5,019,590 | ||||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/21 | 1,320,000 | 1,328,211 | ||||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/22 | 2,150,000 | 2,213,966 | ||||||
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/24 | 1,890,000 | 2,019,595 | ||||||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/29 | 1,270,000 | 1,520,695 |
Principal Amount | Value | |||||||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/32 | $ | 1,840,000 | $ | 2,169,685 | ||||
Las Vegas Convention & Visitors Authority Rev., 4.00%, 7/1/32 | 3,810,000 | 4,208,637 | ||||||
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/22 | 890,000 | 929,670 | ||||||
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/30 | 1,375,000 | 1,596,507 | ||||||
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/31 | 1,465,000 | 1,695,626 | ||||||
Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40 | 450,000 | 488,953 | ||||||
Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/50 | 1,000,000 | 1,079,933 | ||||||
Las Vegas Special Improvement District No. 612 Skye Hills Special Assessment, 3.75%, 6/1/42 | 1,000,000 | 1,047,489 | ||||||
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39 | 500,000 | 546,927 | ||||||
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44 | 550,000 | 594,498 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/40 | 1,000,000 | 1,143,060 | ||||||
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/29 | 1,485,000 | 1,757,485 | ||||||
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/34 | 1,010,000 | 1,173,164 | ||||||
Reno Rev., (Washoe County Sales Tax Rev.), 4.00%, 6/1/43 | 1,000,000 | 1,066,755 | ||||||
Sparks Rev., 2.50%, 6/15/24(1) | 835,000 | 846,041 | ||||||
Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/40 | 2,250,000 | 2,616,177 | ||||||
37,793,215 | ||||||||
New Hampshire — 0.5% | ||||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 14,438,503 | 17,416,269 | ||||||
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/41 | 2,250,000 | 2,510,793 | ||||||
19,927,062 | ||||||||
New Jersey — 5.1% | ||||||||
New Jersey Economic Development Authority Rev., 4.00%, 7/1/22 | 3,000,000 | 3,118,746 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/23 | 2,335,000 | 2,561,130 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/23 (BAM) | 5,125,000 | 5,635,062 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/24 | 4,015,000 | 4,574,409 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/25 | 5,000,000 | 5,683,971 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/26 | 5,000,000 | 5,677,809 | ||||||
New Jersey Economic Development Authority Rev., 5.50%, 6/15/27 | 5,000,000 | 6,242,551 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/27 (BAM) | 3,000,000 | 3,756,708 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/28 (BAM) | 6,000,000 | 7,438,990 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 6/15/31 | 4,790,000 | 6,115,421 | ||||||
New Jersey Economic Development Authority Rev., 5.00%, 7/1/33 | 1,000,000 | 1,185,199 | ||||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/24 (AGM) | 1,000,000 | 1,135,898 | ||||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/25 (AGM) | 1,005,000 | 1,178,964 |
Principal Amount | Value | |||||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | $ | 1,000,000 | $ | 1,209,988 | ||||
New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1,100,000 | 1,367,776 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.25%, 6/15/40 | 3,310,000 | 3,803,209 | ||||||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/21 | 225,000 | 225,572 | ||||||
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/26 | 2,105,000 | 2,292,487 | ||||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/25 (AGM)(4) | 2,360,000 | 2,794,732 | ||||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/26 (AGM) | 1,500,000 | 1,815,988 | ||||||
New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/27 (AGM) | 2,575,000 | 3,100,898 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (St. Joseph's Healthcare System Obligated Group), 5.00%, 7/1/25 | 1,750,000 | 2,052,290 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26 | 1,500,000 | 1,800,232 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/27 | 1,500,000 | 1,793,973 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/21 | 3,000,000 | 3,005,283 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/21 (NATL) | 6,850,000 | 7,034,004 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/23 (Ambac) | 2,210,000 | 2,490,891 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2,000,000 | 2,406,619 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 2,770,000 | 3,512,513 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 5,500,000 | 5,986,753 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 6/15/30 | 5,000,000 | 5,009,183 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2,000,000 | 2,362,491 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 3,500,000 | 4,397,092 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/31 | 6,000,000 | 7,646,987 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/32 | 3,000,000 | 3,763,397 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 | 4,000,000 | 4,988,934 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/35 | 17,500,000 | 21,799,181 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38 | 7,000,000 | 7,807,203 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5,000,000 | 5,388,481 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 5,200,000 | 5,932,930 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 5,215,000 | 5,901,929 | ||||||
Newark GO, 5.00%, 10/1/25 (AGM) | 700,000 | 822,112 | ||||||
Newark GO, 5.00%, 10/1/25 (AGM) | 500,000 | 587,223 | ||||||
Newark GO, 5.00%, 10/1/26 (AGM) | 650,000 | 784,875 | ||||||
Newark GO, 5.00%, 10/1/27 (AGM) | 650,000 | 804,127 |
Principal Amount | Value | |||||||
Newark GO, 5.00%, 10/1/28 (AGM) | $ | 600,000 | $ | 756,162 | ||||
South Jersey Port Corp. Rev., 5.00%, 1/1/27 | 1,030,000 | 1,217,940 | ||||||
South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2,360,000 | 2,752,604 | ||||||
South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1,670,000 | 1,939,924 | ||||||
State of New Jersey GO, 4.00%, 6/1/30 | 2,500,000 | 3,090,434 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 1,350,000 | 1,693,359 | ||||||
State of New Jersey GO, 4.00%, 6/1/32 | 600,000 | 764,104 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 2,775,000 | 3,514,032 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 3,000,000 | 3,771,167 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 3,000,000 | 3,755,785 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/32 | 4,630,000 | 5,776,502 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/33 | 5,005,000 | 6,219,298 | ||||||
214,245,522 | ||||||||
New Mexico — 0.2% | ||||||||
Farmington Rev., (Public Service Co. of New Mexico), VRN, 2.125%, 6/1/40 | 3,000,000 | 3,052,547 | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 1,425,000 | 1,426,197 | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/23 | 1,625,000 | 1,787,257 | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/26 | 1,000,000 | 1,177,620 | ||||||
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.25%, 5/15/24 | 600,000 | 602,589 | ||||||
8,046,210 | ||||||||
New York — 11.3% | ||||||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28 | 400,000 | 479,508 | ||||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30 | 350,000 | 414,932 | ||||||
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31 | 350,000 | 413,644 | ||||||
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/45 | 2,000,000 | 2,174,523 | ||||||
Brookhaven Local Development Corp. Rev., (Brookhaven Memorial Hospital Medical Center, Inc. Obligated Group), 4.00%, 10/1/45 | 2,000,000 | 2,261,450 | ||||||
Brooklyn Arena Local Development Corp. Rev., (Brooklyn Events Center LLC), 4.00%, 7/15/29 (AGM) | 2,000,000 | 2,230,367 | ||||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/24 | 1,465,000 | 1,470,487 | ||||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/26 | 1,130,000 | 1,134,016 | ||||||
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/27 | 1,320,000 | 1,324,564 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/21 | 430,000 | 431,525 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/22 | 1,365,000 | 1,429,779 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/24 | 1,500,000 | 1,693,163 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/26 | 830,000 | 994,304 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1,825,000 | 2,225,645 | ||||||
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900,000 | 1,080,976 |
Principal Amount | Value | |||||||
Long Island Power Authority Rev., 1.00%, 9/1/25 | $ | 10,000,000 | $ | 10,114,693 | ||||
Long Island Power Authority Rev., 5.00%, 9/1/34 | 11,410,000 | 12,980,903 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/35 | 3,500,000 | 3,977,028 | ||||||
Metropolitan Transportation Authority Rev., 4.00%, 2/1/22 | 20,000,000 | 20,498,682 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 9/1/22 | 15,000,000 | 15,882,757 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/22 | 10,000,000 | 10,685,312 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 | 12,745,000 | 13,731,805 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 9,710,000 | 11,321,402 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 6,830,000 | 8,509,384 | ||||||
Metropolitan Transportation Authority Rev., 4.00%, 11/15/45 | 8,320,000 | 9,574,555 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/45 | 5,500,000 | 6,861,605 | ||||||
Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 5,000,000 | 5,741,368 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/50 | 3,000,000 | 3,687,137 | ||||||
Metropolitan Transportation Authority Rev., VRN, 0.48%, (MUNIPSA plus 0.45%), 11/15/44 | 7,000,000 | 6,965,664 | ||||||
Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 10,000,000 | 12,975,434 | ||||||
Nassau County Local Economic Assistance Corp. Rev., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/22 | 850,000 | 893,566 | ||||||
New York City GO, 5.00%, 8/1/22 | 7,565,000 | 7,996,983 | ||||||
New York City GO, 5.00%, 8/1/25 | 1,700,000 | 1,982,967 | ||||||
New York City GO, 5.00%, 8/1/25 | 13,605,000 | 16,157,249 | ||||||
New York City GO, 5.00%, 8/1/26 | 5,370,000 | 6,259,571 | ||||||
New York City GO, 5.00%, 8/1/27 | 7,680,000 | 9,652,681 | ||||||
New York City GO, 5.00%, 8/1/32 | 2,000,000 | 2,548,617 | ||||||
New York City GO, 5.00%, 8/1/33 | 500,000 | 634,945 | ||||||
New York City GO, 5.00%, 8/1/33 | 1,000,000 | 1,269,891 | ||||||
New York City GO, 5.00%, 8/1/34 | 2,215,000 | 2,804,119 | ||||||
New York City GO, VRDN, 0.02%, 6/1/21 (LOC: Bank of America N.A.) | 700,000 | 700,000 | ||||||
New York City GO, VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 1,000,000 | 1,000,000 | ||||||
New York City GO, VRDN, 0.02%, 6/1/21 (SBBPA: Mizuho Bank Ltd.) | 2,600,000 | 2,600,000 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/24 (AGM) | 1,000,000 | 1,120,802 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/25 (AGM) | 1,000,000 | 1,162,335 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/26 (AGM) | 1,000,000 | 1,197,945 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) | 450,000 | 567,937 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM) | 1,150,000 | 1,494,875 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 | 5,000,000 | 5,890,273 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/28 | 10,000,000 | 10,916,154 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10,000,000 | 11,839,570 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/35 | 12,500,000 | 15,966,286 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.01%, 6/1/21 (SBBPA: JPMorgan Chase Bank N.A.) | 1,500,000 | 1,500,000 |
Principal Amount | Value | |||||||
New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | $ | 16,900,000 | $ | 16,900,000 | ||||
New York City Transitional Finance Authority Future Tax Secured Rev.,VRDN, 0.03%, 6/1/21 (SBBPA: Mizuho Bank Ltd.) | 9,200,000 | 9,200,000 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/26 | 6,450,000 | 7,902,603 | ||||||
New York City Water & Sewer System Rev., 4.00%, 6/15/40 | 10,030,000 | 11,967,574 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.01%, 6/1/21 (SBBPA: JPMorgan Chase Bank N.A.) | 5,795,000 | 5,795,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Bank of Montreal) | 5,900,000 | 5,900,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Bank of Montreal) | 800,000 | 800,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: Barclays Bank plc) | 4,500,000 | 4,500,000 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 9,795,000 | 14,111,180 | ||||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 4.00%, 12/1/21(1) | 1,100,000 | 1,119,855 | ||||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/22(1) | 900,000 | 961,959 | ||||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/24(1) | 2,600,000 | 2,997,688 | ||||||
New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/25(1) | 1,300,000 | 1,547,539 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/34 | 4,005,000 | 5,212,199 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/35 | 4,155,000 | 5,388,698 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 | 10,000,000 | 12,693,256 | ||||||
New York State Environmental Facilities Corp. Rev., (New York City Municipal Water Finance Authority), 5.00%, 6/15/32 | 3,000,000 | 3,940,142 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/28 | 5,000,000 | 5,782,660 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 10,000,000 | 11,565,320 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/37 | 4,980,000 | 5,905,716 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/38 | 3,000,000 | 3,548,393 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/31 | 1,630,000 | 2,153,432 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/32 | 1,975,000 | 2,596,691 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/33 | 1,850,000 | 2,424,352 | ||||||
Suffolk County GO, 2.00%, 7/22/21 | 4,200,000 | 4,210,578 | ||||||
Suffolk County GO, 2.00%, 9/24/21 | 8,000,000 | 8,042,367 | ||||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 4.00%, 7/1/29 | 500,000 | 501,057 | ||||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730,000 | 811,295 | ||||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1,000,000 | 1,100,203 | ||||||
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1,010,000 | 1,100,071 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/25 (AGM) | 1,750,000 | 1,977,229 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/26 (AGM) | 920,000 | 1,065,774 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 3,000,000 | 3,804,793 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 | 2,500,000 | 3,242,456 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700,000 | 819,998 |
Principal Amount | Value | |||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | $ | 3,030,000 | $ | 3,300,014 | ||||
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/34 | 1,875,000 | 2,439,854 | ||||||
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/36 | 2,755,000 | 3,567,372 | ||||||
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37 | 1,500,000 | 1,936,639 | ||||||
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/38 | 1,300,000 | 1,674,255 | ||||||
TSASC, Inc. Rev., 5.00%, 6/1/21 | 2,000,000 | 2,000,000 | ||||||
TSASC, Inc. Rev., 5.00%, 6/1/22 | 1,000,000 | 1,047,845 | ||||||
TSASC, Inc. Rev., 5.00%, 6/1/23 | 2,000,000 | 2,190,194 | ||||||
Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/42 | 3,345,000 | 3,690,844 | ||||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/21 | 500,000 | 500,000 | ||||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/22 | 1,935,000 | 2,029,281 | ||||||
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/23 | 2,000,000 | 2,192,523 | ||||||
477,582,277 | ||||||||
North Carolina — 2.2% | ||||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 5.00%, 1/15/50 | 5,700,000 | 6,621,964 | ||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/28 | 1,000,000 | 1,255,186 | ||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/29 | 1,500,000 | 1,923,309 | ||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/30 | 1,340,000 | 1,705,353 | ||||||
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51 | 4,250,000 | 5,117,485 | ||||||
North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1,750,000 | 2,041,955 | ||||||
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/41(3) | 830,000 | 966,049 | ||||||
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46(3) | 715,000 | 824,273 | ||||||
North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 2.30%, 9/1/25 | 1,250,000 | 1,268,052 | ||||||
North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/40 | 3,050,000 | 3,361,238 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.50%, 10/1/24 | 745,000 | 748,902 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/40 | 1,050,000 | 1,184,549 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/45 | 1,000,000 | 1,117,684 | ||||||
North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/34 | 1,000,000 | 1,122,345 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26 | 590,000 | 616,326 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/28 | 1,815,000 | 2,019,926 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/30 | 1,035,000 | 1,142,308 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/31 | 1,075,000 | 1,234,240 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/32 | 1,115,000 | 1,277,262 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/34 | 1,230,000 | 1,400,076 |
Principal Amount | Value | |||||||
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/40 | $ | 600,000 | $ | 689,995 | ||||
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/40 | 2,000,000 | 2,445,668 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/45 | 1,000,000 | 1,137,053 | ||||||
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/45 | 1,800,000 | 2,176,792 | ||||||
North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/35 | 5,000,000 | 5,826,256 | ||||||
North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/37 | 2,100,000 | 2,312,047 | ||||||
North Carolina Medical Care Commission Rev., (Wake Forest Baptist Obligated Group), VRN, 2.20%, 12/1/48 | 5,000,000 | 5,095,028 | ||||||
North Carolina Turnpike Authority Rev., 5.00%, 1/1/22 | 700,000 | 719,346 | ||||||
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24 | 9,800,000 | 10,999,935 | ||||||
Raleigh Durham Airport Authority Rev., 5.00%, 5/1/22 | 760,000 | 794,200 | ||||||
State of North Carolina Rev., 5.00%, 3/1/34 | 15,000,000 | 19,073,160 | ||||||
Wake County Rev., 5.00%, 3/1/25 | 2,500,000 | 2,930,544 | ||||||
91,148,506 | ||||||||
Ohio — 1.9% | ||||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/35 | 1,000,000 | 1,291,702 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/36 | 2,000,000 | 2,572,135 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/38 | 1,000,000 | 1,191,761 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 1,000,000 | 1,186,955 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 6,000,000 | 6,946,053 | ||||||
Cleveland Rev., 5.00%, 5/15/23 | 1,305,000 | 1,422,097 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/22 (AGM) | 1,635,000 | 1,678,921 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par (AGM)(4) | 4,000,000 | 4,114,678 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par (AGM)(4) | 3,560,000 | 3,662,064 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 2,500,000 | 2,571,674 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 2,530,000 | 2,602,534 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/23 (AGM) | 1,510,000 | 1,618,884 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/24 (AGM) | 1,075,000 | 1,205,158 | ||||||
Cleveland Airport System Rev., 5.00%, 1/1/31 (AGM) | 750,000 | 866,532 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/25 | 100,000 | 117,054 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/26 | 125,000 | 150,295 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/27 | 250,000 | 307,348 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/28 | 250,000 | 313,136 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/31 | 200,000 | 264,281 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/32 | 225,000 | 296,359 |
Principal Amount | Value | |||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/33 | $ | 250,000 | $ | 328,116 | ||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/34 | 500,000 | 654,144 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/36 | 600,000 | 781,034 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/38 | 525,000 | 629,578 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/46 | 1,500,000 | 1,764,200 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/39 | 5,000,000 | 5,576,200 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 1,140,000 | 1,292,467 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1,625,000 | 1,885,505 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/23 | 1,500,000 | 1,608,628 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/24 | 1,750,000 | 1,946,082 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/25 | 1,350,000 | 1,549,883 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2,000,000 | 2,363,100 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1,600,000 | 1,939,332 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,750,000 | 2,113,778 | ||||||
Kent State University Rev., 4.00%, 5/1/23 | 1,800,000 | 1,925,517 | ||||||
Miami University/Oxford Rev., 5.00%, 9/1/25 | 4,440,000 | 4,493,646 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/36 | 2,000,000 | 2,436,120 | ||||||
State of Ohio Rev., 5.00%, 12/15/22 | 2,500,000 | 2,688,144 | ||||||
State of Ohio Rev., 5.00%, 2/1/29 | 2,400,000 | 3,118,882 | ||||||
State of Ohio Rev., 5.00%, 2/1/30 | 3,300,000 | 4,375,583 | ||||||
State of Ohio Rev., 5.00%, 2/1/31 | 2,740,000 | 3,707,808 | ||||||
81,557,368 | ||||||||
Oklahoma — 0.5% | ||||||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/25 | 1,500,000 | 1,761,773 | ||||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/26 | 1,000,000 | 1,169,539 | ||||||
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/27 | 1,000,000 | 1,168,186 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/21 | 950,000 | 950,000 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/22 | 1,000,000 | 1,043,950 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/23 | 1,025,000 | 1,118,155 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/24 | 1,050,000 | 1,187,648 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/25 | 1,085,000 | 1,268,125 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/26 | 1,030,000 | 1,237,866 | ||||||
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/27 | 1,005,000 | 1,236,426 | ||||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/23 | 250,000 | 272,152 | ||||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/24 | 1,665,000 | 1,865,294 | ||||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/26 | 500,000 | 580,096 | ||||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/28 | 600,000 | 692,073 | ||||||
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/29 | 1,000,000 | 1,150,341 | ||||||
Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/22 | 1,270,000 | 1,326,766 |
Principal Amount | Value | |||||||
Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/24 | $ | 1,000,000 | $ | 1,102,289 | ||||
19,130,679 | ||||||||
Oregon — 0.4% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 2.75%, 11/15/25 | 1,000,000 | 1,006,474 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/32 | 500,000 | 560,182 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/37 | 500,000 | 555,694 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 3,900,000 | 4,287,671 | ||||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/22 | 1,040,000 | 1,050,864 | ||||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/23 | 350,000 | 369,418 | ||||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/24 | 250,000 | 270,502 | ||||||
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/25 | 200,000 | 220,866 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/22 | 325,000 | 339,982 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/23 | 600,000 | 646,418 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/24 | 475,000 | 526,146 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/25 | 275,000 | 312,091 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 240,000 | 278,396 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/27 | 200,000 | 242,040 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265,000 | 318,897 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 235,000 | 281,239 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/30 | 200,000 | 238,246 | ||||||
State of Oregon GO, 5.00%, 8/1/24 | 1,000,000 | 1,149,835 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/32(1) | 500,000 | 608,137 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/33(1) | 500,000 | 604,399 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/34(1) | 500,000 | 601,469 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/36(1) | 600,000 | 716,626 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/39(1) | 800,000 | 949,247 | ||||||
16,134,839 | ||||||||
Pennsylvania — 6.9% | ||||||||
Allegheny County Higher Education Building Authority Rev., 4.00%, 3/1/33 | 400,000 | 451,282 | ||||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1,230,000 | 1,400,470 | ||||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2,000,000 | 2,268,898 | ||||||
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600,000 | 679,063 | ||||||
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/31 | 1,355,000 | 1,755,099 | ||||||
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/32 | 1,500,000 | 1,937,654 |
Principal Amount | Value | |||||||
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/33 | $ | 1,800,000 | $ | 2,318,290 | ||||
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/34 | 1,250,000 | 1,605,719 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 5.00%, 2/1/40 | 5,000,000 | 5,180,057 | ||||||
Capital Region Water Rev., 5.00%, 7/15/24 (BAM) | 750,000 | 850,643 | ||||||
Capital Region Water Rev., 5.00%, 7/15/29 (BAM) | 400,000 | 486,587 | ||||||
Coatesville School District GO, 5.00%, 8/1/22 (AGM) | 795,000 | 836,167 | ||||||
Coatesville School District GO, 5.00%, 8/1/24 (AGM) | 1,000,000 | 1,141,990 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2,500,000 | 3,109,144 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/31 | 2,000,000 | 2,478,116 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 2,000,000 | 2,472,325 | ||||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/28 | 1,370,000 | 1,604,076 | ||||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/29 | 1,440,000 | 1,680,882 | ||||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/30 | 1,510,000 | 1,762,445 | ||||||
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/31 | 1,465,000 | 1,708,032 | ||||||
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/28 | 1,000,000 | 1,197,146 | ||||||
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/29 | 1,420,000 | 1,690,967 | ||||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/24 | 525,000 | 598,713 | ||||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/25 | 750,000 | 884,711 | ||||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 650,000 | 789,344 | ||||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | 1,040,000 | 1,228,532 | ||||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1,095,000 | 1,287,295 | ||||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1,150,000 | 1,342,910 | ||||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1,205,000 | 1,397,549 | ||||||
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1,265,000 | 1,457,634 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43 | 7,500,000 | 9,179,717 | ||||||
General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par(4) | 5,000,000 | 5,711,971 | ||||||
General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), VRN, 0.63%, (MUNIPSA plus 0.60%), 6/1/49 | 6,750,000 | 6,799,436 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2,000,000 | 2,364,659 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/30 | 5,450,000 | 6,420,781 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/32 | 1,000,000 | 1,169,474 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1,300,000 | 1,516,831 |
Principal Amount | Value | |||||||
Lehigh County Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/26 | $ | 1,800,000 | $ | 2,200,310 | ||||
Lehigh County Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/28 | 3,250,000 | 4,179,943 | ||||||
Luzerne County GO, 5.00%, 12/15/21 (AGM) | 1,200,000 | 1,229,706 | ||||||
Luzerne County GO, 5.00%, 12/15/24 (AGM) | 1,100,000 | 1,258,643 | ||||||
Luzerne County GO, 5.00%, 12/15/25 (AGM) | 1,000,000 | 1,178,581 | ||||||
Luzerne County GO, 5.00%, 12/15/27 (AGM) | 900,000 | 1,114,668 | ||||||
Luzerne County Industrial Development Authority Rev., 5.00%, 12/15/27 (AGM) | 1,000,000 | 1,188,374 | ||||||
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/21 | 700,000 | 702,714 | ||||||
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/24 | 530,000 | 602,426 | ||||||
Montgomery County Higher Education & Health Authority Rev., (Thomas Jefferson University Obligated Group), VRN, 0.75%, (MUNIPSA plus 0.72%), 9/1/51 | 10,000,000 | 10,000,381 | ||||||
Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | 600,000 | 688,925 | ||||||
Northampton County General Purpose Authority Rev., (St. Luke's Hospital Obligated Group), VRN, 1.12%, (70% of the 1-month LIBOR plus 1.04%), 8/15/48 | 3,000,000 | 3,019,825 | ||||||
Pennsylvania COP, 5.00%, 7/1/29 | 600,000 | 751,260 | ||||||
Pennsylvania COP, 5.00%, 7/1/30 | 750,000 | 935,431 | ||||||
Pennsylvania COP, 5.00%, 7/1/31 | 850,000 | 1,057,123 | ||||||
Pennsylvania COP, 5.00%, 7/1/35 | 450,000 | 553,366 | ||||||
Pennsylvania GO, 5.00%, 2/1/25 (AGM) | 6,035,000 | 7,063,593 | ||||||
Pennsylvania GO, 5.00%, 3/15/25 | 12,005,000 | 14,071,405 | ||||||
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 5,000,000 | 5,978,641 | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/24 | 470,000 | 531,652 | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/25 | 700,000 | 819,278 | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/26 | 675,000 | 813,647 | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/27 | 750,000 | 899,443 | ||||||
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(4) | 1,000,000 | 1,040,926 | ||||||
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(4) | 1,000,000 | 1,040,926 | ||||||
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(4) | 1,250,000 | 1,301,158 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(4) | 945,000 | 1,094,028 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24 | 4,000,000 | 4,654,184 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 3,900,000 | 4,694,471 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/26 | 1,850,000 | 2,141,560 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/28 | 1,000,000 | 1,153,930 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 6,505,000 | 7,486,366 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 5,000,000 | 5,801,645 | ||||||
Pennsylvania Turnpike Commission Rev., Capital Appreciation, VRN, 0.00%, 12/1/44 | 2,000,000 | 2,242,771 |
Principal Amount | Value | |||||||
Pennsylvania Turnpike Commission Rev., VRN, 0.65%, (MUNIPSA plus 0.60%), 12/1/23 | $ | 5,000,000 | $ | 5,043,270 | ||||
Pennsylvania Turnpike Commission Rev., VRN, 0.73%, (MUNIPSA plus 0.70%), 12/1/23 | 10,000,000 | 10,061,800 | ||||||
Philadelphia GO, 5.00%, 8/1/21 | 3,000,000 | 3,023,913 | ||||||
Philadelphia GO, 5.00%, 8/1/22 | 2,500,000 | 2,641,224 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/24 (AGM) | 1,305,000 | 1,501,177 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,233,551 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/29 (AGM) | 1,465,000 | 1,819,252 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/30 (AGM) | 2,960,000 | 3,662,903 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/31 (AGM) | 1,610,000 | 1,982,843 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/32 (AGM) | 1,800,000 | 2,212,022 | ||||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/22 | 715,000 | 742,037 | ||||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/23 | 1,260,000 | 1,363,472 | ||||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/24 | 1,500,000 | 1,680,729 | ||||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/25 | 1,700,000 | 1,967,501 | ||||||
Philadelphia Municipal Authority Rev., 5.00%, 4/1/26 | 1,750,000 | 2,086,815 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/30 (AGM) | 745,000 | 973,763 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/31 (AGM) | 1,000,000 | 1,302,907 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 550,000 | 714,601 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 1,000,000 | 1,379,578 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 750,000 | 971,553 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 1,000,000 | 1,407,528 | ||||||
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/34 (AGM) | 1,000,000 | 1,292,179 | ||||||
Reading GO, 5.00%, 11/1/22 (BAM) | 425,000 | 451,967 | ||||||
Reading GO, 5.00%, 11/1/23 (BAM) | 1,345,000 | 1,479,451 | ||||||
Reading GO, 5.00%, 11/1/25 (BAM) | 1,225,000 | 1,432,372 | ||||||
Reading GO, 5.00%, 11/1/25 (BAM) | 1,760,000 | 2,057,938 | ||||||
Reading GO, 5.00%, 11/1/26 (BAM) | 1,555,000 | 1,865,353 | ||||||
Reading GO, 5.00%, 11/1/27 (BAM) | 1,630,000 | 2,003,285 | ||||||
Reading GO, 5.00%, 11/1/28 (BAM) | 1,000,000 | 1,262,780 | ||||||
Reading GO, 5.00%, 11/1/29 (BAM) | 1,795,000 | 2,258,283 | ||||||
Reading School District GO, 5.00%, 3/1/23 (AGM) | 670,000 | 721,589 | ||||||
Reading School District GO, 5.00%, 3/1/28 (AGM) | 1,025,000 | 1,261,764 | ||||||
Reading School District GO, 5.00%, 3/1/35 (AGM) | 2,000,000 | 2,430,744 | ||||||
Reading School District GO, 5.00%, 3/1/37 (AGM) | 1,500,000 | 1,817,220 | ||||||
Reading School District GO, 5.00%, 3/1/38 (AGM) | 1,500,000 | 1,814,079 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/22 | 5,000,000 | 5,296,586 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/26 | 2,200,000 | 2,655,757 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/27 | 500,000 | 618,753 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/28 | 475,000 | 600,663 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/29 | 1,225,000 | 1,565,011 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/30 | 3,000,000 | 3,816,258 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/33 | 1,625,000 | 2,049,362 | ||||||
Scranton School District GO, 5.00%, 6/1/21 | 1,355,000 | 1,355,000 | ||||||
Scranton School District GO, 5.00%, 6/1/24 | 2,235,000 | 2,520,865 | ||||||
Scranton School District GO, 5.00%, 12/1/32 (BAM) | 1,000,000 | 1,233,907 | ||||||
Scranton School District GO, 5.00%, 12/1/34 (BAM) | 1,650,000 | 2,016,029 | ||||||
Scranton School District GO, 5.00%, 12/1/35 (BAM) | 750,000 | 914,830 |
Principal Amount | Value | |||||||
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | $ | 4,200,000 | $ | 4,482,568 | ||||
State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/25 | 4,000,000 | 4,637,360 | ||||||
University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRN, 0.39%, (MUNIPSA plus 0.36%), 2/15/24 | 10,000,000 | 10,051,630 | ||||||
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/36 | 365,000 | 423,363 | ||||||
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/41 | 370,000 | 422,212 | ||||||
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/46 | 525,000 | 594,035 | ||||||
Westmoreland County Industrial Development Authority Rev., (Excela Health Obligated Group), 4.00%, 7/1/37 | 1,400,000 | 1,666,486 | ||||||
291,098,027 | ||||||||
Rhode Island — 0.9% | ||||||||
Providence Public Building Authority Rev., 5.00%, 9/15/27 (AGM) | 1,635,000 | 2,023,979 | ||||||
Providence Public Building Authority Rev., 5.00%, 9/15/29 (AGM) | 1,810,000 | 2,211,493 | ||||||
Providence Public Building Authority Rev., 5.00%, 9/15/32 (AGM) | 2,000,000 | 2,426,063 | ||||||
Providence Public Building Authority Rev., (Providence), 4.00%, 9/15/24 (AGM) | 2,620,000 | 2,899,548 | ||||||
Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/25 (AGM) | 2,785,000 | 3,272,920 | ||||||
Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/26 (AGM) | 3,480,000 | 4,207,174 | ||||||
Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/27 (AGM) | 4,185,000 | 5,180,645 | ||||||
Providence Public Building Authority Rev., (Providence), 5.00%, 9/15/32 (AGM) | 2,175,000 | 2,740,428 | ||||||
Providence Public Building Authority Rev., (Providence), 4.00%, 9/15/33 (AGM) | 5,620,000 | 6,574,790 | ||||||
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/24 | 1,000,000 | 1,140,082 | ||||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/27 | 450,000 | 537,945 | ||||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/29 | 500,000 | 597,220 | ||||||
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/31 | 500,000 | 595,695 | ||||||
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/23 | 2,250,000 | 2,434,869 | ||||||
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/24 | 2,000,000 | 2,241,707 | ||||||
39,084,558 | ||||||||
South Carolina — 0.7% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.00%, 11/1/30 | 425,000 | 485,179 | ||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 1,000,000 | 1,127,951 | ||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/24 | 1,750,000 | 1,957,000 | ||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/25 | 2,945,000 | 3,287,352 | ||||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/21 (BAM) | 1,000,000 | 1,023,979 | ||||||
Greenwood Fifty Schools Facilities, Inc. Rev., 5.00%, 12/1/27 (BAM) | 5,000,000 | 6,037,471 | ||||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/23 | 250,000 | 276,275 |
Principal Amount | Value | |||||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/25 | $ | 1,145,000 | $ | 1,352,231 | ||||
Myrtle Beach Tax Allocation, 5.00%, 10/1/26 | 450,000 | 547,030 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 | 7,500,000 | 8,839,849 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Conway Hospital, Inc. Obligated Group), 5.25%, 7/1/47 | 3,750,000 | 4,381,421 | ||||||
29,315,738 | ||||||||
Tennessee — 0.9% | ||||||||
Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 5.00%, 4/1/22 | 500,000 | 518,907 | ||||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 375,000 | 427,643 | ||||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/26 | 650,000 | 737,580 | ||||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | 415,000 | 468,767 | ||||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375,000 | 440,273 | ||||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475,000 | 557,679 | ||||||
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475,000 | 557,679 | ||||||
Tennergy Corp. Rev., VRN, 5.00%, 2/1/50 (LIQ FAC: Royal Bank of Canada) | 12,000,000 | 13,741,140 | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 20,000,000 | 22,663,128 | ||||||
40,112,796 | ||||||||
Texas — 9.7% | ||||||||
Arlington Special Tax, 5.00%, 2/15/28 (BAM) | 1,425,000 | 1,765,912 | ||||||
Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1,000,000 | 1,223,904 | ||||||
Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1,100,000 | 1,341,174 | ||||||
Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1,000,000 | 1,216,774 | ||||||
Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1,000,000 | 1,214,501 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 200,000 | 239,495 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/33 (PSF-GTD) | 380,000 | 453,657 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/34 (PSF-GTD) | 330,000 | 392,946 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/35 (PSF-GTD) | 500,000 | 594,295 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/36 (PSF-GTD) | 375,000 | 444,526 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/37 (PSF-GTD) | 550,000 | 650,194 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/38 (PSF-GTD) | 900,000 | 1,061,515 | ||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/39 (PSF-GTD) | 465,000 | 547,229 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/33 (PSF-GTD) | 1,300,000 | 1,551,984 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/35 (PSF-GTD) | 1,685,000 | 2,002,772 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/36 (PSF-GTD) | 1,250,000 | 1,481,753 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/37 (PSF-GTD) | 1,500,000 | 1,773,257 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/38 (PSF-GTD) | 1,875,000 | 2,211,489 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/39 (PSF-GTD) | 3,250,000 | 3,824,717 | ||||||
Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/36 | 1,315,000 | 1,512,557 |
Principal Amount | Value | |||||||
Arlington Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | $ | 6,755,000 | $ | 8,088,542 | ||||
Austin Independent School District GO, 4.00%, 8/1/34 (PSF-GTD) | 4,875,000 | 5,840,003 | ||||||
Austin Independent School District GO, 4.00%, 8/1/35 (PSF-GTD) | 6,000,000 | 7,176,376 | ||||||
Austin Independent School District GO, 4.00%, 8/1/36 (PSF-GTD) | 4,750,000 | 5,667,773 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 275,000 | 311,656 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 250,000 | 287,632 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26 | 1,000,000 | 1,129,171 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 4.00%, 7/15/31 | 1,500,000 | 1,588,197 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/33 | 1,500,000 | 1,674,945 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/22 | 2,000,000 | 2,054,321 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23 | 2,000,000 | 2,145,867 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 | 5,900,000 | 7,002,830 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/29 | 2,000,000 | 2,359,266 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/45 | 2,000,000 | 2,295,928 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 2,050,000 | 2,281,848 | ||||||
Clear Creek Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1,620,000 | 1,922,619 | ||||||
Clear Creek Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 2,605,000 | 3,085,300 | ||||||
Clear Creek Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 3,500,000 | 4,137,132 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/22 | 1,000,000 | 1,036,473 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/26 | 1,010,000 | 1,198,016 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1,100,000 | 1,297,690 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500,000 | 586,027 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/39 (PSF-GTD) | 1,500,000 | 1,695,836 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/32 | 2,750,000 | 3,601,745 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 2,500,000 | 3,264,491 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 5,250,000 | 6,840,126 | ||||||
Dallas Independent School District GO, VRN, 5.00%, 2/15/22, Prerefunded at 100% of Par (PSF-GTD)(4) | 3,975,000 | 4,112,948 | ||||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/22 (BAM) | 305,000 | 312,996 | ||||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/23 (BAM) | 400,000 | 423,333 | ||||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/24 (BAM) | 480,000 | 523,270 | ||||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/25 (BAM) | 240,000 | 268,308 | ||||||
Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200,000 | 223,902 | ||||||
El Paso Water & Sewer Rev., 4.00%, 3/1/29 | 1,160,000 | 1,332,061 | ||||||
El Paso Water & Sewer Rev., 4.00%, 3/1/30 | 500,000 | 573,410 | ||||||
Fort Bend Independent School District GO, 4.00%, 2/15/34 (PSF-GTD) | 3,000,000 | 3,573,077 |
Principal Amount | Value | |||||||
Frisco Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | $ | 3,000,000 | $ | 3,593,608 | ||||
Garland Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 7,790,000 | 8,788,193 | ||||||
Grand Parkway Transportation Corp. Rev., 5.00%, 2/1/23 | 8,000,000 | 8,617,827 | ||||||
Grand Parkway Transportation Corp. Rev., 5.125%, 10/1/43 | 2,250,000 | 2,393,414 | ||||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/25 | 3,170,000 | 3,771,023 | ||||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/26 | 1,660,000 | 1,967,105 | ||||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/27 | 1,500,000 | 1,776,817 | ||||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/28 | 1,000,000 | 1,183,629 | ||||||
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/29 | 1,000,000 | 1,182,714 | ||||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/27 | 1,000,000 | 1,113,691 | ||||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 4.00%, 1/1/31 | 1,745,000 | 1,852,983 | ||||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | 1,000,000 | 1,118,678 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/23 | 850,000 | 931,652 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/24 | 700,000 | 791,210 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/25 | 760,000 | 855,793 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/26 | 1,000,000 | 1,122,079 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/27 | 510,000 | 571,020 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/29 | 2,300,000 | 2,563,254 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/30 | 1,000,000 | 1,114,532 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/32 | 485,000 | 540,871 | ||||||
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/33 | 1,000,000 | 1,115,488 | ||||||
Houston Airport System Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(4) | 2,560,000 | 2,694,287 | ||||||
Houston Airport System Rev., 5.00%, 7/1/22, Prerefunded at 100% of Par(4) | 4,000,000 | 4,209,823 | ||||||
Houston Community College System Rev., 4.00%, 4/15/31 | 1,000,000 | 1,137,943 | ||||||
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 3.375%, 10/1/37 | 500,000 | 500,170 | ||||||
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 1,200,000 | 1,325,210 | ||||||
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/25 | 1,000,000 | 1,128,634 | ||||||
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/27 | 2,050,000 | 2,301,478 | ||||||
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28 | 710,000 | 794,207 | ||||||
Houston Independent School District GO, VRN, 2.40%, 6/1/36 (PSF-GTD) | 8,000,000 | 8,000,000 | ||||||
Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/34 (PSF-GTD) | 2,000,000 | 2,417,823 | ||||||
Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1,400,000 | 1,691,892 | ||||||
Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/37 (PSF-GTD) | 1,500,000 | 1,807,425 | ||||||
Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/38 (PSF-GTD) | 1,000,000 | 1,202,472 | ||||||
Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 1,500,000 | 1,800,108 | ||||||
Irving Hospital Authority Rev., 5.00%, 10/15/22 | 250,000 | 266,120 | ||||||
Irving Hospital Authority Rev., 5.00%, 10/15/23 | 490,000 | 543,039 | ||||||
Irving Hospital Authority Rev., 5.00%, 10/15/25 | 250,000 | 295,715 |
Principal Amount | Value | |||||||
Irving Hospital Authority Rev., VRN, 1.13%, (MUNIPSA plus 1.10%), 10/15/44 | $ | 1,665,000 | $ | 1,673,897 | ||||
Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/25 (AGM) | 890,000 | 1,044,712 | ||||||
Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/27 (AGM) | 1,050,000 | 1,291,533 | ||||||
Memorial City Redevelopment Authority Tax Allocation, 5.00%, 9/1/28 (AGM) | 1,250,000 | 1,563,938 | ||||||
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 2,000,000 | 2,398,841 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700,000 | 867,636 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460,000 | 567,532 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500,000 | 612,825 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 1,000,000 | 1,240,070 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 1,670,000 | 2,070,917 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 1,000,000 | 1,240,070 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 1,000,000 | 1,240,070 | ||||||
North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 2,610,000 | 3,071,071 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 2,500,000 | 2,570,929 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 3,000,000 | 3,085,114 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 6,310,000 | 6,489,024 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/22, Prerefunded at 100% of Par(4) | 2,000,000 | 2,056,743 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/24 | 3,500,000 | 3,928,598 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/27 | 1,000,000 | 1,194,882 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 1,250,000 | 1,477,346 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/31 | 1,250,000 | 1,472,322 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/32 | 3,500,000 | 4,240,259 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/40 | 2,110,000 | 2,260,757 | ||||||
Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/34 (BAM) | 1,400,000 | 1,632,281 | ||||||
Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/35 (BAM) | 1,070,000 | 1,245,455 | ||||||
Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/36 (BAM) | 1,130,000 | 1,312,122 | ||||||
Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/37 (BAM) | 1,325,000 | 1,534,825 | ||||||
Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/33 (PSF-GTD) | 1,325,000 | 1,556,450 | ||||||
Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/34 (PSF-GTD) | 1,250,000 | 1,464,755 | ||||||
Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/35 (PSF-GTD) | 1,000,000 | 1,169,851 |
Principal Amount | Value | |||||||
San Antonio Independent School District GO, 4.00%, 8/15/36 (PSF-GTD) | $ | 4,000,000 | $ | 4,764,210 | ||||
San Antonio Water System Rev., 5.00%, 5/15/34 | 6,500,000 | 8,533,692 | ||||||
San Antonio Water System Rev., VRN, 2.00%, 5/1/44 | 4,000,000 | 4,095,865 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 3.00%, 11/15/26 | 3,000,000 | 3,041,540 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 | 2,000,000 | 2,252,222 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 (GA: Merrill Lynch & Co.) | 4,560,000 | 5,347,263 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/21 | 1,150,000 | 1,179,036 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/22 | 1,000,000 | 1,071,239 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/23 | 1,150,000 | 1,281,716 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/25 | 1,750,000 | 2,077,073 | ||||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/32 | 1,000,000 | 1,213,023 | ||||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/32 | 1,500,000 | 1,816,323 | ||||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/23 (BAM) | 2,255,000 | 2,446,616 | ||||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/24 (BAM) | 2,365,000 | 2,659,811 | ||||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/25 (BAM) | 1,520,000 | 1,765,535 | ||||||
Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/28 (BAM) | 1,000,000 | 1,183,916 | ||||||
Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1,500,000 | 1,695,259 | ||||||
Texas Transportation Commission State Highway Fund Rev., VRN, 4.00%, 4/1/26 | 2,000,000 | 2,025,568 | ||||||
Texas Water Development Board Rev., 5.00%, 4/15/31 | 9,910,000 | 12,797,582 | ||||||
Texas Water Development Board Rev., 5.00%, 8/1/32 | 5,000,000 | 6,671,125 | ||||||
Texas Water Development Board Rev., 5.00%, 8/1/33 | 3,755,000 | 4,989,739 | ||||||
Texas Water Development Board Rev., 4.00%, 8/1/34 | 2,500,000 | 3,101,563 | ||||||
Texas Water Development Board Rev., 5.00%, 10/15/38 | 14,540,000 | 18,606,028 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 4,750,000 | 6,265,571 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/32 | 5,000,000 | 6,585,401 | ||||||
University of Houston Rev., 5.00%, 2/15/27 | 8,100,000 | 9,747,152 | ||||||
University of North Texas System Rev., 5.00%, 4/15/27 | 5,770,000 | 6,723,650 | ||||||
University of Texas System Rev., 5.00%, 8/15/34 | 15,000,000 | 19,483,630 | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/33 | 720,000 | 835,506 | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1,570,000 | 1,815,428 | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1,255,000 | 1,419,635 | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/35 | 3,950,000 | 4,468,859 | ||||||
Uptown Development Authority Tax Allocation, 5.00%, 9/1/36 | 4,100,000 | 4,635,369 | ||||||
408,670,663 | ||||||||
Utah — 0.1% | ||||||||
St. George Electric Rev., 5.00%, 6/1/24 (AGM) | 1,000,000 | 1,135,898 | ||||||
St. George Electric Rev., 5.00%, 6/1/27 (AGM) | 1,000,000 | 1,206,164 | ||||||
2,342,062 |
Principal Amount | Value | |||||||
Vermont — 0.3% | ||||||||
Burlington Airport Rev., 5.00%, 7/1/24 (AGM) | $ | 315,000 | $ | 338,997 | ||||
Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 750,000 | 851,996 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/24 | 1,400,000 | 1,564,327 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/25 | 615,000 | 703,198 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/26 | 1,000,000 | 1,168,748 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/27 | 785,000 | 912,768 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/28 | 1,000,000 | 1,156,684 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/29 | 900,000 | 1,033,283 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/30 | 500,000 | 569,894 | ||||||
Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4,000,000 | 4,769,265 | ||||||
13,069,160 | ||||||||
Virginia — 0.7% | ||||||||
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/24 | 3,000,000 | 3,378,447 | ||||||
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/25 | 1,660,000 | 1,928,144 | ||||||
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/38 | 250,000 | 273,317 | ||||||
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/48 | 700,000 | 760,262 | ||||||
Henrico County Economic Development Authority Rev., 4.00%, 10/1/40 | 500,000 | 564,548 | ||||||
Henrico County Economic Development Authority Rev., 4.00%, 10/1/45 | 700,000 | 782,642 | ||||||
Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 4.00%, 1/1/31 | 675,000 | 716,770 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 4.00%, 9/1/23(1) | 410,000 | 417,008 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28(1) | 725,000 | 781,860 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 1,500,000 | 1,648,240 | ||||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/24 | 650,000 | 739,781 | ||||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/25 | 1,000,000 | 1,173,257 | ||||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/28 | 1,000,000 | 1,199,490 | ||||||
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/30 | 700,000 | 831,012 | ||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/22 | 450,000 | 474,713 | ||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 500,000 | 568,320 | ||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/26 | 450,000 | 536,263 |
Principal Amount | Value | |||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/28 | $ | 750,000 | $ | 884,199 | ||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/29 | 1,000,000 | 1,175,404 | ||||||
Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3,000,000 | 3,460,969 | ||||||
Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/38 | 3,000,000 | 3,384,292 | ||||||
Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/39 | 3,500,000 | 3,939,144 | ||||||
29,618,082 | ||||||||
Washington — 3.4% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 2,000,000 | 2,675,648 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 2,000,000 | 2,666,875 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 7,000,000 | 9,080,936 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 11,000,000 | 14,233,409 | ||||||
Port of Seattle Rev., 5.00%, 6/1/22 | 1,000,000 | 1,002,134 | ||||||
State of Washington GO, 5.00%, 7/1/27 | 10,000,000 | 11,607,842 | ||||||
State of Washington GO, 5.00%, 8/1/29 | 18,795,000 | 22,243,939 | ||||||
State of Washington GO, 5.00%, 6/1/34 | 1,500,000 | 1,985,766 | ||||||
State of Washington GO, 5.00%, 8/1/34 | 11,845,000 | 15,477,943 | ||||||
State of Washington GO, 5.00%, 6/1/35 | 9,785,000 | 12,711,344 | ||||||
State of Washington GO, 5.00%, 6/1/35 | 1,500,000 | 1,982,414 | ||||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 2,250,000 | 2,361,090 | ||||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/23 | 2,000,000 | 2,195,973 | ||||||
Tobacco Settlement Authority Rev., 5.00%, 6/1/24 | 3,000,000 | 3,291,116 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,000,000 | 2,246,299 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 10,000,000 | 11,631,178 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 2,250,000 | 2,698,754 | ||||||
Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRN, 1.08%, (MUNIPSA plus 1.05%), 1/1/42 | 2,000,000 | 2,015,382 | ||||||
Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRN, 1.16%, (67% of the 1-month LIBOR plus 1.10%), 1/1/42 | 2,000,000 | 2,006,576 | ||||||
Washington Health Care Facilities Authority Rev., (Seattle Children's Hospital Obligated Group), 5.00%, 10/1/29 | 6,500,000 | 7,520,132 | ||||||
Washington Health Care Facilities Authority Rev., (Yakima Valley Memorial Hospital Association Obligated Group), 5.00%, 12/1/46 | 5,000,000 | 5,492,171 | ||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1) | 6,750,000 | 6,901,117 | ||||||
144,028,038 | ||||||||
Wisconsin — 0.8% | ||||||||
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/37 | 600,000 | 698,923 | ||||||
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | 2,250,000 | 2,734,512 | ||||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/46 | 1,100,000 | 1,270,561 |
Principal Amount/Shares | Value | |||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/31 (AGM) | $ | 690,000 | $ | 860,329 | ||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/32 (AGM) | 740,000 | 920,469 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/33 (AGM) | 330,000 | 383,858 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/33 (AGM) | 750,000 | 930,448 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/35 (AGM) | 300,000 | 347,608 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/37 (AGM) | 300,000 | 345,946 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 325,000 | 373,266 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 1,000,000 | 1,213,942 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/45 (AGM) | 600,000 | 679,609 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 925,000 | 1,124,743 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/32 (AGM) | 2,540,000 | 3,081,139 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/33 (AGM) | 2,665,000 | 3,224,284 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/34 (AGM) | 2,800,000 | 3,379,655 | ||||||
Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1,100,000 | 1,253,690 | ||||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/23 | 1,375,000 | 1,504,302 | ||||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/24 | 1,000,000 | 1,136,862 | ||||||
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/25 | 1,500,000 | 1,764,201 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 3.00%, 4/1/25(1) | 355,000 | 368,864 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30(1) | 500,000 | 609,588 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/40(1) | 1,175,000 | 1,412,619 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40(1) | 3,580,000 | 3,972,273 | ||||||
33,591,691 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $3,889,143,368) | 4,168,800,046 | |||||||
EXCHANGE-TRADED FUNDS — 0.7% | ||||||||
VanEck Vectors High Yield Muni ETF (Cost $29,749,110) | 496,700 | 31,361,638 | ||||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $3,918,892,478) | 4,200,161,684 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 10,607,182 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 4,210,768,866 |
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. |
Statement of Assets and Liabilities |
MAY 31, 2021 | |||||
Assets | |||||
Investment securities, at value (cost of $3,918,892,478) | $ | 4,200,161,684 | |||
Cash | 419,746 | ||||
Receivable for investments sold | 1,165,000 | ||||
Receivable for capital shares sold | 3,732,529 | ||||
Interest and dividends receivable | 48,959,883 | ||||
4,254,438,842 | |||||
Liabilities | |||||
Payable for investments purchased | 37,525,002 | ||||
Payable for capital shares redeemed | 4,380,697 | ||||
Accrued management fees | 1,014,970 | ||||
Distribution and service fees payable | 12,181 | ||||
Dividends payable | 737,126 | ||||
43,669,976 | |||||
Net Assets | $ | 4,210,768,866 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 3,932,369,747 | |||
Distributable earnings | 278,399,119 | ||||
$ | 4,210,768,866 |
Net Assets | Shares Outstanding | Net Asset Value Per Share | |||||||||
Investor Class | $834,125,295 | 69,958,975 | $11.92 | ||||||||
I Class | $1,703,280,981 | 142,808,644 | $11.93 | ||||||||
Y Class | $1,630,371,311 | 136,779,977 | $11.92 | ||||||||
A Class | $38,172,307 | 3,200,699 | $11.93* | ||||||||
C Class | $4,818,972 | 404,327 | $11.92 |
Statement of Operations |
YEAR ENDED MAY 31, 2021 | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 111,496,804 | |||
Dividends | 922,446 | ||||
112,419,250 | |||||
Expenses: | |||||
Management fees | 12,073,557 | ||||
Distribution and service fees: | |||||
A Class | 90,369 | ||||
C Class | 66,882 | ||||
Trustees' fees and expenses | 279,778 | ||||
Other expenses | 17,429 | ||||
12,528,015 | |||||
Net investment income (loss) | 99,891,235 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | 13,987,002 | ||||
Change in net unrealized appreciation (depreciation) on investments | 149,314,194 | ||||
Net realized and unrealized gain (loss) | 163,301,196 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 263,192,431 |
Statement of Changes in Net Assets |
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2021 | May 31, 2020 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 99,891,235 | $ | 102,811,940 | ||||
Net realized gain (loss) | 13,987,002 | (6,146,292) | ||||||
Change in net unrealized appreciation (depreciation) | 149,314,194 | (23,171,816) | ||||||
Net increase (decrease) in net assets resulting from operations | 263,192,431 | 73,493,832 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (21,776,191) | (29,189,331) | ||||||
I Class | (35,426,560) | (36,454,382) | ||||||
Y Class | (41,868,434) | (36,375,204) | ||||||
A Class | (733,014) | (635,210) | ||||||
C Class | (86,459) | (125,749) | ||||||
Decrease in net assets from distributions | (99,890,658) | (102,779,876) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 43,835,338 | 158,911,668 | ||||||
Net increase (decrease) in net assets | 207,137,111 | 129,625,624 | ||||||
Net Assets | ||||||||
Beginning of period | 4,003,631,755 | 3,874,006,131 | ||||||
End of period | $ | 4,210,768,866 | $ | 4,003,631,755 |
Notes to Financial Statements |
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% |
Year ended May 31, 2021 | Year ended May 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Investor Class | ||||||||||||||
Sold | 15,060,821 | $ | 177,336,890 | 20,583,514 | $ | 237,608,370 | ||||||||
Issued in reinvestment of distributions | 1,723,002 | 20,286,467 | 2,383,075 | 27,580,187 | ||||||||||
Redeemed | (42,419,810) | (499,345,113) | (32,536,959) | (371,516,071) | ||||||||||
(25,635,987) | (301,721,756) | (9,570,370) | (106,327,514) | |||||||||||
I Class | ||||||||||||||
Sold | 70,254,993 | 827,666,516 | 46,936,172 | 543,063,993 | ||||||||||
Issued in reinvestment of distributions | 2,870,023 | 33,850,363 | 2,386,050 | 27,617,594 | ||||||||||
Redeemed | (26,522,797) | (312,595,361) | (71,945,933) | (817,725,720) | ||||||||||
46,602,219 | 548,921,518 | (22,623,711) | (247,044,133) | |||||||||||
Y Class | ||||||||||||||
Sold | 21,700,699 | 255,450,362 | 71,370,664 | 815,169,823 | ||||||||||
Issued in reinvestment of distributions | 2,934,889 | 34,558,728 | 3,082,960 | 35,638,964 | ||||||||||
Redeemed | (42,353,635) | (496,625,622) | (29,816,498) | (340,049,485) | ||||||||||
(17,718,047) | (206,616,532) | 44,637,126 | 510,759,302 | |||||||||||
A Class | ||||||||||||||
Sold | 1,269,413 | 14,969,151 | 971,809 | 11,223,337 | ||||||||||
Issued in reinvestment of distributions | 59,589 | 702,347 | 53,336 | 617,004 | ||||||||||
Redeemed | (734,666) | (8,685,053) | (803,743) | (9,250,977) | ||||||||||
594,336 | 6,986,445 | 221,402 | 2,589,364 | |||||||||||
C Class | ||||||||||||||
Sold | 144,526 | 1,708,225 | 121,965 | 1,405,506 | ||||||||||
Issued in reinvestment of distributions | 7,046 | 82,877 | 9,183 | 106,183 | ||||||||||
Redeemed | (469,062) | (5,525,439) | (223,811) | (2,577,040) | ||||||||||
(317,490) | (3,734,337) | (92,663) | (1,065,351) | |||||||||||
Net increase (decrease) | 3,525,031 | $ | 43,835,338 | 12,571,784 | $ | 158,911,668 |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 4,168,800,046 | — | |||||||
Exchange-Traded Funds | $ | 31,361,638 | — | — | |||||||
$ | 31,361,638 | $ | 4,168,800,046 | — |
2021 | 2020 | |||||||
Distributions Paid From | ||||||||
Exempt income | $ | 99,890,658 | $ | 102,779,876 | ||||
Long-term capital gains | — | — |
Federal tax cost of investments | $ | 3,918,892,478 | |||
Gross tax appreciation of investments | $ | 282,971,838 | |||
Gross tax depreciation of investments | (1,702,632) | ||||
Net tax appreciation (depreciation) of investments | $ | 281,269,206 | |||
Undistributed exempt income | 419 | ||||
Accumulated short-term capital losses | $ | (2,870,506) |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||
2021 | $11.45 | 0.27 | 0.47 | 0.74 | (0.27) | $11.92 | 6.50% | 0.47% | 2.27% | 28% | $834,125 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||
2021 | $11.46 | 0.29 | 0.47 | 0.76 | (0.29) | $11.93 | 6.71% | 0.27% | 2.47% | 28% | $1,703,281 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Y Class | |||||||||||||||||||||||||||||||||||
2021 | $11.45 | 0.30 | 0.46 | 0.76 | (0.29) | $11.92 | 6.74% | 0.24% | 2.50% | 28% | $1,630,371 | ||||||||||||||||||||||||
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(3) | $11.23 | 0.04 | 0.14 | 0.18 | (0.04) | $11.37 | 1.65% | 0.24%(4) | 2.83%(4) | 54%(5) | $5 |
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) | |||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||
2021 | $11.45 | 0.24 | 0.48 | 0.72 | (0.24) | $11.93 | 6.32% | 0.72% | 2.02% | 28% | $38,172 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||
2021 | $11.44 | 0.15 | 0.48 | 0.63 | (0.15) | $11.92 | 5.53% | 1.47% | 1.27% | 28% | $4,819 | ||||||||||||||||||||||||
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 |
Notes to Financial Highlights |
Report of Independent Registered Public Accounting Firm |
Management |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Tanya S. Beder (1955) | Trustee | Since 2011 | Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present) | 38 | Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017) | ||||||||||||
Jeremy I. Bulow (1954) | Trustee | Since 2011 | Professor of Economics, Stanford University, Graduate School of Business (1979 to present) | 38 | None | ||||||||||||
Anne Casscells (1958) | Trustee | Since 2016 | Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017) | 38 | None | ||||||||||||
Ronald J. Gilson (1946) | Trustee and Chairman of the Board | Since 1995 (Chairman since 2005) | Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present) | 66 | None |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Frederick L. A. Grauer (1946) | Trustee | Since 2008 | Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present) | 38 | None | ||||||||||||
Jonathan D. Levin (1972) | Trustee | Since 2016 | Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present) | 38 | None | ||||||||||||
Peter F. Pervere (1947) | Trustee | Since 2007 | Retired | 38 | None | ||||||||||||
John B. Shoven (1947) | Trustee | Since 2002 | Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019) | 38 | Cadence Design Systems; Exponent; Financial Engines | ||||||||||||
Interested Trustee | |||||||||||||||||
Jonathan S. Thomas (1963) | Trustee | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 138 | None |
Name (Year of Birth) | Offices with the Funds | Principal Occupation(s) During the Past Five Years | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) | ||||||
Amy D. Shelton (1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS | ||||||
Charles A. Etherington (1957) | General Counsel since 2007 and Senior Vice President since 2006 | Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS | ||||||
C. Jean Wade (1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) | ||||||
Robert J. Leach (1966) | Vice President since 2006 | Vice President, ACS (2000 to present) | ||||||
David H. Reinmiller (1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS | ||||||
Ward D. Stauffer (1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |
Liquidity Risk Management Program |
Additional Information |
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-ANN-92645 2107 |
Annual Report | |||||
May 31, 2021 | |||||
Tax-Free Money Market Fund | |||||
Investor Class (BNTXX) |
Table of Contents |
President’s Letter | |||||
Performance | 3 | ||||
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 | |||||
Report of Independent Registered Public Accounting Firm | |||||
Management | |||||
Liquidity Risk Management Program | |||||
Additional Information |
President’s Letter |
Performance |
Total Returns as of May 31, 2021 | |||||||||||||||||
Average Annual Returns | |||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Inception Date | |||||||||||||
Investor Class | BNTXX | 0.01% | 0.60% | 0.31% | 7/31/84 |
Total Annual Fund Operating Expenses | |||||
Investor Class | 0.50% |
Fund Characteristics |
MAY 31, 2021 | |||||
7-Day Current Yield | |||||
After waiver(1) | 0.01% | ||||
Before waiver | -0.30% | ||||
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 | 36 days | ||||
Portfolio Composition by Maturity | % of fund investments | ||||
1-30 days | 77% | ||||
31-90 days | 14% | ||||
91-180 days | 5% | ||||
More than 180 days | 4% |
Shareholder Fee Example |
Beginning Account Value 12/1/20 | Ending Account Value 5/31/21 | Expenses Paid During Period(1) 12/1/20 - 5/31/21 | Annualized Expense Ratio(1) | |||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,000.00 | $0.85 | 0.17% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,024.08 | $0.86 | 0.17% |
Schedule of Investments |
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 99.5% | ||||||||
Alaska — 0.9% | ||||||||
Valdez Rev., (Exxon Mobil Corp.), VRDN, 0.02%, 6/1/21 (GA: Exxon Mobil Corp.) | $ | 1,360,000 | $ | 1,360,000 | ||||
Arkansas — 0.3% | ||||||||
Little Rock Metrocentere Improvement District No. 1 Rev., (Wehco Media, Inc.), VRDN, 0.03%, 6/1/21 (LOC: JPMorgan Chase Bank N.A.) | 500,000 | 500,000 | ||||||
California — 27.1% | ||||||||
California Health Facilities Financing Authority, 0.15%, 11/9/21 | 3,000,000 | 3,000,000 | ||||||
California Infrastructure & Economic Development Bank Rev., (Columbia College), VRDN, 0.09%, 6/7/21 (LOC: Wells Fargo Bank N.A.) | 545,000 | 545,000 | ||||||
California School Finance Authority Rev., 3.00%, 12/30/21 | 2,000,000 | 2,033,045 | ||||||
California Statewide Communities Development Authority, 0.15%, 11/3/21 | 2,000,000 | 2,000,000 | ||||||
California Statewide Communities Development Authority, 0.14%, 11/9/21 | 2,000,000 | 2,000,000 | ||||||
California Statewide Communities Development Authority Rev., (Kelvin Court LP), VRDN, 0.10%, 6/7/21 (LOC: FNMA)(LIQ FAC: FNMA) | 4,300,000 | 4,300,000 | ||||||
California Statewide Communities Development Authority Rev., (Sarich Family Living Trust), VRDN, 0.15%, 6/7/21 (LOC: Bank of the West) | 800,000 | 800,000 | ||||||
California Statewide Communities Development Authority Rev., (Uptown Newport Building Owner LP), VRDN, 0.09%, 6/7/21 (LOC: East West Bank, Zions Bank and FHLB) | 1,450,000 | 1,450,000 | ||||||
City of Los Angeles Rev., 4.00%, 6/24/21 | 2,465,000 | 2,470,725 | ||||||
Irvine Ranch Water District Special Assessment, VRN, 0.08%, (MUNIPSA plus 0.03%), 10/1/37 | 1,000,000 | 1,000,000 | ||||||
Mizuho Floater/Residual Trust Rev., VRDN, 0.16%, 6/7/21 (LIQ FAC: Mizuho Capital Markets LLC)(1) | 5,000,000 | 5,000,000 | ||||||
San Diego Public Facilities Financing Authority Water Rev., 0.12%, 8/3/21 (LOC: Bank of America N.A.) | 3,000,000 | 3,000,000 | ||||||
San Francisco City & County Public Utilities Commission Power Rev., 0.11%, 6/23/21 (LOC: Bank of America N.A.) | 2,800,000 | 2,800,000 | ||||||
State of California GO, 0.12%, 6/3/21 (LOC: Royal Bank of Canada) | 1,500,000 | 1,500,000 | ||||||
State of California GO, 0.11%, 8/19/21 (LOC: Royal Bank of Canada) | 2,700,000 | 2,700,000 | ||||||
State of California Department of Water Resources, 0.10%, 6/9/21 | 2,700,000 | 2,700,000 | ||||||
State of California Department of Water Resources, 0.09%, 7/6/21 | 4,500,000 | 4,500,000 | ||||||
41,798,770 | ||||||||
Colorado — 0.9% | ||||||||
Colorado Housing and Finance Authority Rev., VRDN, 0.05%, 6/7/21 (SBBPA: FHLB) | 585,000 | 585,000 | ||||||
Jefferson County Rev., (Rocky Mountain Butterfly Consortium), VRDN, 0.15%, 7/1/21 (LOC: Wells Fargo Bank N.A.) | 735,000 | 735,000 | ||||||
1,320,000 | ||||||||
Connecticut — 3.0% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 2.00%, 7/1/33 | 4,500,000 | 4,569,547 | ||||||
District of Columbia — 0.5% | ||||||||
District of Columbia Rev., (Progressive Life Center, Inc.), VRDN, 0.13%, 6/7/21 (LOC: Truist Bank) | 820,000 | 820,000 |
Principal Amount | Value | |||||||
Florida — 3.1% | ||||||||
Florida Housing Finance Corp. Rev., (Lamson Avenue Apartments GP LLC), VRDN, 0.08%, 6/7/21 (LOC: FNMA)(LIQ FAC: FNMA) | $ | 175,000 | $ | 175,000 | ||||
Hillsborough County Industrial Development Authority Rev., (Corbett Preparatory School of IDS, Inc.), VRDN, 0.19%, 6/7/21 (LOC: Bank of America N.A.) | 1,100,000 | 1,100,000 | ||||||
Orlando Utilities Commission Rev., VRDN, 0.07%, 6/7/21 (SBBPA: TD Bank N.A.) | 350,000 | 350,000 | ||||||
Pinellas County Health Facilities Authority Rev., (Hospice of the Florida Suncoast, Inc.), VRDN, 0.10%, 6/7/21 (LOC: Wells Fargo Bank N.A.) | 640,000 | 640,000 | ||||||
Seminole County Industrial Development Authority Rev., (3100 Camp Rd. LLC), VRDN, 0.10%, 6/7/21 (LOC: PNC Bank N.A.) (Acquired 12/7/20, Cost $700,000)(2) | 700,000 | 700,000 | ||||||
Sumter County Industrial Development Authority Rev., (American Cement Co. LLC), VRDN, 0.14%, 6/7/21 (LOC: Bank of America N.A.) | 1,800,000 | 1,800,000 | ||||||
4,765,000 | ||||||||
Georgia — 5.3% | ||||||||
Roswell Housing Authority Rev., VRDN, 0.10%, 6/7/21 (LOC: Northern Trust Company) | 7,200,000 | 7,200,000 | ||||||
Valdosta-Lowndes County Industrial Development Authority Rev., (Steeda Autosports, Inc.), VRDN, 0.12%, 6/7/21 (LOC: Bank of America N.A.) | 1,025,000 | 1,025,000 | ||||||
8,225,000 | ||||||||
Illinois — 10.7% | ||||||||
Illinois Educational Facilities Authority Rev., (Lincoln Park Society), VRDN, 0.07%, 6/7/21 (LOC: Citibank N.A.) | 1,000,000 | 1,000,000 | ||||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), VRDN, 0.10%, 6/7/21 (LOC: PNC Bank N.A.) | 500,000 | 500,000 | ||||||
Illinois Finance Authority Rev., (Uniform Law Foundation), VRDN, 0.09%, 6/7/21 (LOC: PNC Bank N.A.) | 340,000 | 340,000 | ||||||
Illinois Housing Development Authority Rev., (Rome Meadows Associates III LP), VRDN, 0.44%, 6/7/21 (LOC: First National Bank and FHLB) | 1,450,000 | 1,450,000 | ||||||
Illinois Housing Development Authority Rev., (Woodlawn Six LP), VRDN, 0.08%, 6/7/21 (LOC: FHLMC) | 5,300,000 | 5,300,000 | ||||||
Tender Option Bond Trust Receipts/Certificates GO, VRDN, 0.10%, 6/7/21 (AGM-CR)(LOC: Barclays Bank plc)(LIQ FAC: Barclays Bank plc)(1) | 3,600,000 | 3,600,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.17%, 6/7/21 (LOC: Barclays Bank plc)(LIQ FAC: Barclays Bank plc)(1) | 4,365,000 | 4,365,000 | ||||||
16,555,000 | ||||||||
Indiana — 1.4% | ||||||||
Indiana Development Finance Authority Rev., (TTP, Inc.), VRDN, 0.14%, 6/7/21 (LOC: U.S. Bank N.A.)(1) | 900,000 | 900,000 | ||||||
Indiana Finance Authority Rev., (Franciscan Alliance, Inc. Obligated Group), VRDN, 0.08%, 6/7/21 (LOC: Bank of New York Mellon) | 1,255,000 | 1,255,000 | ||||||
2,155,000 | ||||||||
Louisiana — 5.1% | ||||||||
Calcasieu Parish Industrial Development Board, Inc. Rev., (Hydroserve Westlake LLC), VRDN, 0.07%, 6/7/21 (LOC: JPMorgan Chase Bank N.A.) | 3,500,000 | 3,500,000 | ||||||
Louisiana Housing Corp. Rev., (Reserve at Jefferson Crossing LLC), VRDN, 0.07%, 6/7/21 (LOC: FHLMC) | 1,560,000 | 1,560,000 | ||||||
Terrebonne Economic Development Authority Rev., (Buquet Distributing Co, Inc.), VRDN, 0.95%, 6/7/21 (LOC: Community Bank and FHLB) | 2,760,000 | 2,760,000 | ||||||
7,820,000 |
Principal Amount | Value | |||||||
Massachusetts — 1.3% | ||||||||
RBC Municipal Products, Inc. Trust GO, VRDN, 0.08%, 6/7/21 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | $ | 2,000,000 | $ | 2,000,000 | ||||
Michigan — 4.0% | ||||||||
Michigan Finance Authority Rev., 4.00%, 8/20/21 (LOC: JPMorgan Chase Bank N.A.) | 5,000,000 | 5,040,986 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.25%, 6/7/21 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(1) | 1,175,000 | 1,175,000 | ||||||
6,215,986 | ||||||||
Minnesota — 3.5% | ||||||||
St. Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 0.17%, 6/7/21 (LIQ FAC: FHLMC) | 5,335,000 | 5,334,965 | ||||||
Missouri — 0.3% | ||||||||
Wright City Rev., (MB Realty LLC), VRDN, 0.20%, 6/7/21 (LOC: Bank of America N.A.) | 520,000 | 520,000 | ||||||
Nevada — 3.2% | ||||||||
Nevada Housing Division Rev., (HELP Owens Associates LP), VRDN, 0.07%, 6/7/21 (LOC: Citibank N.A.) | 1,965,000 | 1,965,000 | ||||||
Tender Option Bond Trust Receipts/Certificates COP, VRDN, 0.10%, 6/7/21 (LIQ FAC: Barclays Bank plc)(1) | 2,900,000 | 2,900,000 | ||||||
4,865,000 | ||||||||
New York — 3.1% | ||||||||
Albany Industrial Development Agency Rev., (CHF - Holland Suites II LLC), VRDN, 0.06%, 6/7/21 (LOC: TD Bank N.A.) | 1,580,000 | 1,580,000 | ||||||
New York City Water & Sewer System Rev., VRDN, 0.02%, 6/1/21 (SBBPA: State Street Bank & Trust Co.) | 600,000 | 600,000 | ||||||
North Amityville Fire Co., Inc. Rev., VRDN, 0.11%, 6/7/21 (LOC: Citibank N.A.) | 600,000 | 600,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.17%, 6/7/21 (LIQ FAC: Barclays Bank plc)(1) | 2,015,000 | 2,015,000 | ||||||
4,795,000 | ||||||||
North Carolina — 0.3% | ||||||||
North Carolina Capital Facilities Finance Agency Rev., (Lees-McRae College, Inc.), VRDN, 0.15%, 6/7/21 (LOC: Truist Bank) | 465,000 | 465,000 | ||||||
Ohio — 2.6% | ||||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.10%, 6/7/21 (LIQ FAC: Citibank N.A.)(1) | 4,000,000 | 4,000,000 | ||||||
Pennsylvania — 5.2% | ||||||||
Pennsylvania Economic Development Financing Authority Rev., (Talen Energy Supply LLC), VRDN, 0.10%, 6/7/21 (LOC: MUFG Bank Ltd.) | 3,000,000 | 3,000,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.08%, 6/7/21 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 1,925,000 | 1,925,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.20%, 6/7/21 (LIQ FAC: JPMorgan Chase Bank N.A.)(GA: JPMorgan Chase Bank N.A.)(1) | 3,075,000 | 3,075,000 | ||||||
8,000,000 | ||||||||
Rhode Island — 0.4% | ||||||||
Rhode Island Health & Educational Building Corp. Rev., (New England Institute of Technology), VRDN, 0.09%, 6/7/21 (LOC: TD Bank N.A.) | 620,000 | 620,000 | ||||||
South Carolina — 1.0% | ||||||||
South Carolina Public Service Authority Rev., VRDN, 0.10%, 6/7/21 (LOC: Bank of America N.A.) | 1,555,000 | 1,555,000 |
Principal Amount | Value | |||||||
Tennessee — 5.9% | ||||||||
Montgomery County Public Building Authority Rev., VRDN, 0.11%, 6/7/21 (LOC: Bank of America N.A.) (Acquired 12/17/20 -12/21/20, Cost $3,180,000)(2) | $ | 3,180,000 | $ | 3,180,000 | ||||
Public Building Authority of Blount County Tennessee Rev., VRDN, 0.13%, 6/7/21 (CNTY GTD) (LOC: Truist Bank) | 995,000 | 995,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.17%, 6/7/21 (LIQ FAC: JPMorgan Chase Bank N.A.)(1) | 5,000,000 | 5,000,000 | ||||||
9,175,000 | ||||||||
Texas — 6.5% | ||||||||
Frenship Independent School District GO, 4.00%, 8/15/21 (PSF-GTD)(LOC: Texas Permanent School Fund) | 1,030,000 | 1,038,173 | ||||||
Frenship Independent School District GO, 4.00%, 2/15/22 (PSF-GTD)(LOC: Texas Permanent School Fund) | 220,000 | 225,942 | ||||||
Houstpn Airport System Rev., 0.12%, 6/24/21 (LOC: PNC Bank N.A.) | 2,000,000 | 2,000,000 | ||||||
Mission Economic Development Corp. Rev., VRDN, 0.20%, 6/7/21 (LOC: Wells Fargo Bank N.A.) | 2,210,000 | 2,210,000 | ||||||
State of Texas Rev., 4.00%, 8/26/21 | 4,500,000 | 4,539,879 | ||||||
10,013,994 | ||||||||
Utah — 1.0% | ||||||||
RBC Municipal Products, Inc. Trust Rev., VRDN, 0.08%, 6/7/21 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 1,585,000 | 1,585,000 | ||||||
Washington — 0.9% | ||||||||
Pierce County Economic Development Corp. Rev., (Sumner Leasing LLC), VRDN, 0.20%, 6/7/21 (LOC: FHLB and Homestreet Bank) | 1,400,000 | 1,400,000 | ||||||
West Virginia — 0.9% | ||||||||
West Virginia Hospital Finance Authority Rev., (Cabell Huntington Hospital, Inc.), VRDN, 0.13%, 6/7/21 (LOC: Truist Bank) | 1,390,000 | 1,390,000 | ||||||
Wisconsin — 1.1% | ||||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 0.25%, 6/7/21 (LIQ FAC: Mizuho Capital Markets LLC)(GA: Mizuho Capital Markets LLC)(1) | 1,645,000 | 1,645,000 | ||||||
TOTAL INVESTMENT SECURITIES — 99.5% | 153,468,262 | |||||||
OTHER ASSETS AND LIABILITIES — 0.5% | 846,132 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 154,314,394 |
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 | ||||||
PSF-GTD | - | Permanent School Fund Guaranteed | ||||||
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. |
Statement of Assets and Liabilities |
MAY 31, 2021 | |||||
Assets | |||||
Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 153,468,262 | |||
Cash | 83,872 | ||||
Receivable for investments sold | 380,000 | ||||
Receivable for capital shares sold | 248,265 | ||||
Interest receivable | 463,745 | ||||
154,644,144 | |||||
Liabilities | |||||
Payable for capital shares redeemed | 304,990 | ||||
Accrued management fees | 24,760 | ||||
329,750 | |||||
Net Assets | $ | 154,314,394 | |||
Investor Class Capital Shares | |||||
Shares outstanding (unlimited number of shares authorized) | 154,334,225 | ||||
Net Asset Value Per Share | $ | 1.00 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 154,314,394 |
Statement of Operations |
YEAR ENDED MAY 31, 2021 | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 314,805 | |||
Expenses: | |||||
Management fees | 774,831 | ||||
Trustees' fees and expenses | 10,853 | ||||
Other expenses | 534 | ||||
786,218 | |||||
Fees waived | (487,303) | ||||
298,915 | |||||
Net investment income (loss) | 15,890 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 15,890 |
Statement of Changes in Net Assets |
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020 | ||||||||
Increase (Decrease) in Net Assets | May 31, 2021 | May 31, 2020 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 15,890 | $ | 1,254,330 | ||||
Distributions to Shareholders | ||||||||
From earnings | (15,890) | (1,254,330) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 118,891,461 | 160,467,538 | ||||||
Proceeds from reinvestment of distributions | 15,317 | 1,233,495 | ||||||
Payments for shares redeemed | (124,283,867) | (131,168,408) | ||||||
Net increase (decrease) in net assets from capital share transactions | (5,377,089) | 30,532,625 | ||||||
Net increase (decrease) in net assets | (5,377,089) | 30,532,625 | ||||||
Net Assets | ||||||||
Beginning of period | 159,691,483 | 129,158,858 | ||||||
End of period | $ | 154,314,394 | $ | 159,691,483 | ||||
Transactions in Shares of the Fund | ||||||||
Sold | 118,891,461 | 160,467,538 | ||||||
Issued in reinvestment of distributions | 15,317 | 1,233,495 | ||||||
Redeemed | (124,283,867) | (131,168,408) | ||||||
Net increase (decrease) in shares of the fund | (5,377,089) | 30,532,625 |
Notes to Financial Statements |
2021 | 2020 | |||||||
Distributions Paid From | ||||||||
Exempt income | $ | 15,890 | $ | 1,254,330 | ||||
Long-term capital gains | — | — |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(1) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
2021 | $1.00 | —(2) | — | —(2) | —(2) | — | —(2) | $1.00 | 0.01% | 0.19% | 0.50% | 0.01% | (0.30)% | $154,314 | ||||||||||||||||||||||||||||||
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) | —(2) | (0.01) | $1.00 | 1.12% | 0.50% | 0.50% | 1.11% | 1.11% | $129,159 | ||||||||||||||||||||||||||||||
2018 | $1.00 | 0.01 | —(2) | 0.01 | (0.01) | — | (0.01) | $1.00 | 0.69% | 0.50% | 0.50% | 0.69% | 0.69% | $138,247 | ||||||||||||||||||||||||||||||
2017 | $1.00 | —(2) | — | —(2) | —(2) | —(2) | —(2) | $1.00 | 0.28% | 0.50% | 0.50% | 0.27% | 0.27% | $137,390 |
Notes to Financial Highlights |
Report of Independent Registered Public Accounting Firm |
Management |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Tanya S. Beder (1955) | Trustee | Since 2011 | Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present) | 38 | Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017) | ||||||||||||
Jeremy I. Bulow (1954) | Trustee | Since 2011 | Professor of Economics, Stanford University, Graduate School of Business (1979 to present) | 38 | None | ||||||||||||
Anne Casscells (1958) | Trustee | Since 2016 | Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017) | 38 | None | ||||||||||||
Ronald J. Gilson (1946) | Trustee and Chairman of the Board | Since 1995 (Chairman since 2005) | Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present) | 66 | None |
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Frederick L. A. Grauer (1946) | Trustee | Since 2008 | Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present) | 38 | None | ||||||||||||
Jonathan D. Levin (1972) | Trustee | Since 2016 | Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present) | 38 | None | ||||||||||||
Peter F. Pervere (1947) | Trustee | Since 2007 | Retired | 38 | None | ||||||||||||
John B. Shoven (1947) | Trustee | Since 2002 | Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019) | 38 | Cadence Design Systems; Exponent; Financial Engines | ||||||||||||
Interested Trustee | |||||||||||||||||
Jonathan S. Thomas (1963) | Trustee | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 138 | None |
Name (Year of Birth) | Offices with the Funds | Principal Occupation(s) During the Past Five Years | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) | ||||||
Amy D. Shelton (1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS | ||||||
Charles A. Etherington (1957) | General Counsel since 2007 and Senior Vice President since 2006 | Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS | ||||||
C. Jean Wade (1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) | ||||||
Robert J. Leach (1966) | Vice President since 2006 | Vice President, ACS (2000 to present) | ||||||
David H. Reinmiller (1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS | ||||||
Ward D. Stauffer (1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |
Liquidity Risk Management Program |
Additional Information |
Notes |
Notes |
Notes |
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-ANN-92646 2107 |
Registrant: | American Century Municipal Trust | |||||||||||||
By: | /s/ Patrick Bannigan | |||||||||||||
Name: | Patrick Bannigan | |||||||||||||
Title: | President | |||||||||||||
Date: | July 28, 2021 |
By: | /s/ Patrick Bannigan | ||||||||||
Name: Patrick Bannigan | |||||||||||
Title: President | |||||||||||
(principal executive officer) | |||||||||||
Date: | July 28, 2021 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: R. Wes Campbell | |||||||||||
Title: Treasurer and | |||||||||||
Chief Financial Officer | |||||||||||
(principal financial officer) | |||||||||||
Date: | July 28, 2021 |