UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number811-04025
AMERICAN CENTURY MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(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




ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.








    


acihorizblkd52.jpg

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
 



















Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter

image10.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended May 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Muni Returns Moderated as Rates Rose

The reporting period began with financial markets experiencing a sweeping recovery from the initial—and severe—effects of the COVID-19 pandemic. Swift and significant action from the Federal Reserve and the federal government in early 2020 helped reignite investor confidence in the markets and bolster the economic backdrop. Credit-sensitive assets, including municipal bonds (munis), quickly rebounded from their late-March 2020 lows to start the reporting period on an upbeat trend. A record 33.4% (annualized) U.S. economic expansion in the third quarter of 2020 also contributed to the positive tone.

Improving data on U.S. manufacturing, employment and housing, along with a late-2020 federal coronavirus aid package and positive vaccine developments, helped sustain the optimism. Furthermore, political clarity emerged following the January 2021 U.S. Senate run-off elections in Georgia. The results gave Democrats control of Congress and set the stage for another federal aid package, which passed in March and included direct support for states. Additionally, the Biden administration released significant spending and tax-hike proposals—policies generally supportive of munis.
The broad economic gains combined with ongoing monetary and fiscal support and state reopenings eventually drove inflation and U.S. Treasury yields higher. Muni yields also rose, but at a slower pace than comparable-maturity Treasuries. Against this backdrop, muni returns moderated in 2021, but the asset class delivered gains for the 12-month period and significantly outperformed Treasuries, which declined.

Reopenings Will Shape Market Dynamics

The return to pre-pandemic life is progressing. As the U.S. economy continues to rebuild from shutdown-related losses, investors likely will face renewed opportunities and challenges. Economic growth data, the virus’s trajectory, supply chain normalization, and the effects of fiscal and monetary policy likely will be among the factors swaying market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image7.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of May 31, 2021
   
Average Annual Returns 
 
Ticker Symbol1 year5 years10 yearsSince InceptionInception Date
Investor ClassABHYX14.64%4.99%6.09%3/31/98
S&P Municipal Bond 50% Investment Grade/50% High Yield Index10.26%4.86%
Bloomberg Barclays Municipal Bond Index4.74%3.52%4.29%
I ClassAYMIX14.87%5.20%6.30%3/1/10
Y ClassAYMYX14.90%6.41%4/10/17
A ClassAYMAX1/31/03
No sales charge14.35%4.73%5.83%
With sales charge9.21%3.76%5.34%
C ClassAYMCX13.51%3.97%5.05%7/24/02
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived.

Because the S&P Municipal Bond 50% Investment Grade/50% High Yield Index total return data is first available as of November 30, 2011, returns for the Bloomberg Barclays Municipal Bond Index are also shown to cover the 10 year period.

C Class shares will automatically convert to A Class shares after being held for eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.














Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


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.
chart-69d381a84fbf45c2a27.jpg
Value on May 31, 2021
Investor Class — $18,075
Bloomberg Barclays Municipal Bond Index — $15,224
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.

Since S&P Municipal Bond 50% Investment Grade/50% High Yield Index total return data is only available from November 2011, it is not included in the line chart.

Total Annual Fund Operating Expenses 
Investor ClassI ClassY ClassA ClassC Class
0.61%0.41%0.38%0.86%1.61%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.










Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Steven Permut, Joseph Gotelli and Alan Kruss

Performance Summary

High-Yield Municipal returned 14.64%* for the 12 months ended May 31, 2021. By comparison, the S&P Municipal Bond 50% Investment Grade/50% High Yield Index returned 10.26%. Fund returns reflect operating expenses, while index returns do not. 

The fund and index generated positive returns amid a favorable supply/demand backdrop for municipal bonds (munis). The fund’s relative outperformance was primarily due to our security selection and sector positioning.

Early in the reporting period, investors viewed munis as attractive alternatives to Treasuries. Government bond yields hovered near historical lows, while the Federal Reserve (Fed) remained focused on broad financial market stability. Through the second half of 2020, yield-hungry investors’ increased demand for munis prompted a return to pre-pandemic issuance, led by new issues in the taxable space. In late 2020, growing optimism that the recovery was taking hold fueled outperformance among lower-quality munis as investors returned to sectors that struggled earlier in the year.

In early 2021, the economic recovery gathered steam, and interest rates headed upward. Expanding COVID-19 vaccine availability, a still-dovish Fed and additional federal pandemic relief aided the backdrop. Additionally, Democrats’ control of Congress and the White House fueled expectations for higher spending and taxes, which also drove rates higher. Munis generally fared better than Treasuries, thanks in part to the $1.9 trillion American Rescue Plan Act, which included more than $560 billion in direct aid to municipal issuers. Higher-yielding issues continued to lead the muni market, while investor demand and issuance levels remained high.

Retirement Community, Education-Related Investments Proved Advantageous

A rebound in two sectors that contended with considerable headwinds early in the pandemic contributed significantly to relative results. A larger-than-index position and solid security selection in retirement community bonds bolstered relative returns, as the effectiveness of the vaccines helped fuel a recovery in the sector.

Education-related positions, including an overweight stake in charter schools and solid security selection in private universities, also provided a lift. In addition, an overweight position and effective security selection in student housing, most notably in two independent projects absorbed by Texas A&M University, added to relative returns.

Security Selection, Sector Allocation Further Boosted Returns

Investments in the special tax and state and local general obligation (GO) bond sectors also contributed to outperformance. Additionally, underweight positions in the prerefunded and water and sewer sectors supplied a relative lift. Alternatively, a lack of exposure to select rallying corporate munis diminished relative results.


*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.

5


Duration Weighed on Performance

Interest rates lingered near historic lows after the onset of the pandemic. Against this backdrop, our longer-than-index duration bolstered relative returns through much of the period’s first half. Anticipating rates would rise, we trimmed the portfolio’s duration in early 2021. Nonetheless, the fund’s duration remained modestly longer than that of the index. This detracted from relative returns, especially given the rapid ascent in long-term rates, which reflected growing confidence in the economic recovery.

Portfolio Positioning

Looking ahead, we believe the massive fiscal spending already working its way through the economy, including direct federal aid to state and local governments, will continue to provide support to the muni market. In addition, increased infrastructure spending, if passed by Congress, should directly benefit municipalities and states nationwide. Meanwhile, Biden administration proposals for higher taxes and spending should bode well for tax-advantaged munis due to persistent demand from individuals and corporations.

Within the high-yield muni market, we believe risk tolerance is at or near its peak in this market cycle. Although investors may sustain such conditions through 2021, we’re starting to prepare for the market’s next bout of volatility. We’re improving quality on a name-by-name basis, exiting some lower-quality names that performed well in the 2020 recovery and redeploying the proceeds into higher-quality, more liquid assets.

We’re focused on sectors that have lagged the market, higher-quality issues in other sectors, new issues that offer good relative value and bonds that offer opportunity for credit improvement. For example, we initiated a position in Puerto Rico. We believe the combination of federal disaster relief, COVID-19 relief and a pending restructuring of certain Puerto Rican GO bonds will effectively mitigate some risks.

Given the surge in demand for high-yield munis due to the strong economic recovery and investors’ appetite for higher-yielding securities, attractive opportunities have narrowed substantially. We believe default risks have risen due to some substandard underwriting. However, we continue to actively manage the fund’s exposure to the market, while relying on fundamental credit research to drive our investment decisions.


6


Fund Characteristics
MAY 31, 2021
Types of Investments in Portfolio  
% of net assets 
Municipal Securities95.2%
Exchange-Traded Funds2.8%
Affiliated Funds1.3%
Other Assets and Liabilities0.7%
Top Five States and Territories*% of net assets
New York11.3%
Illinois7.7%
Texas7.1%
Arizona6.4%
Pennsylvania5.8%
* 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 Community15%
Special Tax14%
General Obligation (GO) - Local9%
Charter School9%
Hospital8%
7


Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2020 to May 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8


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$3.030.59%
I Class$1,000$1,060.00$2.000.39%
Y Class$1,000$1,060.10$1.850.36%
A Class$1,000$1,057.60$4.310.84%
C Class$1,000$1,053.70$8.141.59%
Hypothetical
Investor Class$1,000$1,021.99$2.970.59%
I Class$1,000$1,022.99$1.970.39%
Y Class$1,000$1,023.14$1.820.36%
A Class$1,000$1,020.74$4.230.84%
C Class$1,000$1,017.00$8.001.59%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9


Schedule of Investments

MAY 31, 2021
Principal AmountValue
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%, 6/1/462,500,000 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%, 7/1/431,000,000 1,086,659 
Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/565,000,000 5,634,009 
Industrial Development Authority of the City of Phoenix Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41840,000 874,378 
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%, 7/1/35500,000 550,877 
Industrial Development Authority of the City of Phoenix Rev., (Villa Montessori, Inc.), 5.00%, 7/1/451,000,000 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 
10


Principal AmountValue
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%, 7/1/29107,000 107,092 
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%, 6/1/49380,000 445,367 
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49250,000 308,925 
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%, 7/15/295,000,000 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%, 1/15/42500,000 604,754 
Golden State Tobacco Securitization Corp. Rev., 5.30%, 6/1/371,000,000 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%, 7/1/612,665,000 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%, 9/1/451,500,000 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%, 8/1/321,500,000 1,505,725 
24,789,709 
Colorado — 2.8%
Belleview Station Metropolitan District No. 2 GO, 5.00%, 12/1/361,000,000 1,039,440 
Belleview Station Metropolitan District No. 2 GO, 5.125%, 12/1/462,000,000 2,077,392 
Brighton Crossing Metropolitan District No. 4 GO, 4.00%, 12/1/27482,000 509,814 
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/37525,000 557,322 
Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/471,220,000 1,289,695 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/501,000,000 1,103,970 
Central Platte Valley Metropolitan District GO, 5.00%, 12/1/431,000,000 1,061,298 
11


Principal AmountValue
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%, 12/1/27500,000 530,022 
Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/482,290,000 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%, 9/1/261,250,000 1,523,275 
Gardens on Havana Metropolitan District No. 3 Rev., 3.625%, 12/1/21307,000 310,336 
Leyden Rock Metropolitan District No. 10 GO, 5.00%, 12/1/451,250,000 1,299,330 
One Horse Business Improvement District Rev., 6.00%, 6/1/24600,000 601,361 
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37500,000 574,900 
Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/471,000,000 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%, 12/1/492,400,000 2,703,787 
Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40300,000 334,457 
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%, 7/1/493,600,000 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%, 10/1/443,000,000 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%, 11/15/242,155,000 2,156,600 
Babcock Ranch Community Independent Special District Special Assessment, 5.25%, 11/1/46250,000 274,387 
Celebration Pointe Community Development District Special Assessment, 5.125%, 5/1/45720,000 751,919 
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%, 8/15/452,700,000 3,109,767 
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/502,300,000 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 
12


Principal AmountValue
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%, 2/1/271,000,000 1,120,738 
Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 5.00%, 4/1/301,250,000 1,447,540 
Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy, Inc.), 5.25%, 9/15/44950,000 1,029,445 
Northern Palm Beach County Improvement District Special Assessment, 5.00%, 8/1/462,000,000 2,256,613 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/293,150,000 3,624,080 
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 3.75%, 11/15/252,000,000 1,973,341 
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/263,000,000 3,000,220 
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 5.75%, 11/15/542,000,000 2,095,765 
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/241,225,000 1,404,565 
Tomoka Community Development District Special Assessment, 5.50%, 5/1/352,500,000 2,778,658 
Village Community Development District No. 10 Special Assessment, 6.00%, 5/1/44400,000 434,782 
Village Community Development District No. 12 Special Assessment, 3.625%, 5/1/311,910,000 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%, 5/1/501,985,000 2,123,387 
Winter Garden Village at Fowler Groves Community Development District Special Assessment, 4.125%, 5/1/371,995,000 2,172,898 
46,039,824 
Georgia — 3.3%
Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/365,000,000 6,381,217 
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.00%, 10/1/291,285,000 1,370,353 
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.125%, 10/1/392,000,000 2,133,141 
Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.25%, 10/1/494,000,000 4,229,025 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/541,250,000 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%, 11/1/453,250,000 3,417,228 
13


Principal AmountValue
Illinois — 7.7%
Chicago GO, 5.00%, 1/1/27$1,265,000 $1,518,751 
Chicago GO, 5.00%, 1/1/282,000,000 2,448,849 
Chicago GO, 5.00%, 1/1/292,000,000 2,493,732 
Chicago GO, 5.625%, 1/1/292,500,000 3,059,460 
Chicago GO, 5.50%, 1/1/392,000,000 2,243,677 
Chicago GO, 5.00%, 1/1/402,500,000 2,504,859 
Chicago Board of Education GO, 5.00%, 12/1/312,500,000 3,184,935 
Chicago Board of Education GO, 5.00%, 12/1/322,000,000 2,539,109 
Chicago Board of Education GO, 5.00%, 12/1/423,815,000 4,017,785 
Chicago Board of Education GO, 5.00%, 12/1/462,500,000 2,944,949 
Chicago Board of Education GO, 6.50%, 12/1/461,000,000 1,234,378 
Chicago Midway International Airport Rev., 5.00%, 1/1/262,200,000 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%, 11/1/491,150,000 1,292,867 
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/362,400,000 2,722,252 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/473,500,000 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%, 5/15/502,000,000 2,365,322 
Illinois Finance Authority Rev., (Westminster Village, Inc. Obligated Group), 5.50%, 5/1/532,500,000 2,607,795 
State of Illinois GO, 5.125%, 12/1/293,000,000 3,670,726 
State of Illinois GO, 5.00%, 10/1/33900,000 1,096,440 
State of Illinois GO, 5.00%, 3/1/362,100,000 2,171,828 
State of Illinois GO, 5.50%, 7/1/381,000,000 1,082,944 
State of Illinois GO, 5.00%, 2/1/393,000,000 3,261,623 
State of Illinois GO, 5.50%, 5/1/39985,000 1,264,620 
State of Illinois GO, 5.75%, 5/1/452,400,000 3,099,663 
Western Illinois Economic Development Authority Rev., (Memorial Hospital Association), 4.00%, 6/1/362,000,000 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%, 12/1/261,870,000 2,045,286 
2,875,286 
Iowa — 1.1%
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/484,720,000 5,433,651 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 2.875%, 5/15/491,500,000 1,516,669 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/491,820,000 2,121,439 
9,071,759 
Kansas — 0.5%
Kansas Development Finance Authority Rev., (Village Shalom Obligated Group), 4.00%, 11/15/253,930,000 4,023,352 
Kentucky — 2.0%
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/441,335,000 1,478,650 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)3,000,000 3,382,033 
14


Principal AmountValue
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%, 6/1/21300,000 300,000 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/231,650,000 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%, 6/1/371,125,000 1,150,307 
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.20%, 6/1/371,500,000 1,563,146 
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.375%, 6/1/373,000,000 3,151,994 
10,683,016 
Maryland — 2.1%
Baltimore Rev., 5.125%, 6/1/431,500,000 1,648,362 
Brunswick Special Tax, 5.00%, 7/1/361,450,000 1,744,367 
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/251,000,000 1,157,207 
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/271,000,000 1,214,699 
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/503,370,000 3,861,387 
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.25%, 4/1/371,500,000 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%, 8/1/253,585,000 4,262,438 
17,735,801 
Massachusetts — 0.9%
Massachusetts Clean Water Trust Rev., 5.00%, 2/1/415,150,000 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%, 2/15/472,500,000 2,682,222 
Detroit GO, 5.50%, 4/1/451,540,000 1,915,633 
Detroit GO, 5.00%, 4/1/462,000,000 2,442,538 
Detroit GO, 5.00%, 4/1/502,250,000 2,732,771 
Detroit GO, 5.50%, 4/1/501,820,000 2,251,534 
Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/412,500,000 2,712,124 
Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.875%, 5/15/262,000,000 2,019,830 
Kentwood Economic Development Corp. Rev., (Holland Home Obligated Group), 5.625%, 11/15/411,750,000 1,803,831 
Michigan Finance Authority Rev., (Lawrence Technological University), 5.00%, 2/1/472,195,000 2,338,343 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/49500,000 606,035 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65(2)
1,500,000 196,501 
15


Principal AmountValue
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%, 5/1/514,100,000 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%, 10/1/38800,000 1,000,316 
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/39850,000 1,060,597 
2,660,913 
Missouri — 2.2%
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/411,000,000 1,149,811 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/461,000,000 1,137,210 
Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/472,500,000 2,563,276 
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/302,515,000 2,872,882 
Kirkwood Industrial Development Authority Rev., (Ashfield Active Living and Wellness Communities, Inc.), 5.25%, 5/15/371,000,000 1,124,710 
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/535,000,000 5,646,362 
St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/453,600,000 3,712,851 
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/461,000,000 1,054,581 
19,261,683 
Nevada — 2.6%
Clark County Special Assessment, 5.00%, 8/1/301,345,000 1,482,182 
Clark County Special Assessment, 5.00%, 8/1/32345,000 377,753 
Clark County Special Assessment, 5.00%, 8/1/35640,000 698,411 
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/232,030,000 2,131,555 
Henderson Local Improvement Districts Special Assessment, 6.10%, 3/1/24480,000 484,968 
Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35960,000 1,058,479 
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49850,000 914,046 
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%, 6/1/34585,000 654,170 
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39725,000 818,471 
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43585,000 657,538 
North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49970,000 1,082,560 
16


Principal AmountValue
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%, 7/1/512,500,000 2,865,522 
22,237,131 
New Jersey — 3.6%
New Jersey Economic Development Authority Rev., 5.00%, 11/1/245,000,000 5,774,954 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/301,000,000 1,291,442 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/311,050,000 1,363,871 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/401,625,000 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%, 10/1/475,000,000 5,765,473 
New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.625%, 11/15/30455,000 510,748 
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/462,500,000 2,681,510 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/445,000,000 6,120,033 
State of New Jersey GO, 4.00%, 6/1/32900,000 1,146,155 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/462,000,000 2,437,047 
30,893,603 
New Mexico — 0.4%
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33500,000 555,420 
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38450,000 494,643 
Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/481,200,000 1,310,922 
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25800,000 804,584 
3,165,569 
New York — 11.3%
Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/371,500,000 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%, 7/1/251,625,000 1,655,046 
Metropolitan Transportation Authority Rev., 5.00%, 9/1/222,600,000 2,753,011 
17


Principal AmountValue
Metropolitan Transportation Authority Rev., 4.00%, 11/15/45$3,865,000 $4,447,795 
Metropolitan Transportation Authority Rev., 5.25%, 11/15/555,000,000 6,236,837 
Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/455,000,000 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%, 7/1/281,000,000 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%, 6/15/251,535,000 1,819,841 
New York City Water & Sewer System Rev., 5.00%, 6/15/506,370,000 8,210,252 
New York City Water & Sewer System Rev., 5.00%, 6/15/505,000,000 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%, 6/1/511,500,000 1,523,783 
New York Counties Tobacco Trust Rev., 5.00%, 6/1/511,000,000 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%, 10/1/454,500,000 5,341,310 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46500,000 574,772 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/531,500,000 1,713,252 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/411,800,000 2,138,427 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/421,800,000 2,132,979 
Suffolk County GO, 2.00%, 7/22/212,200,000 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%, 10/15/39320,000 374,012 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49640,000 733,076 
18


Principal AmountValue
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%, 2/1/511,250,000 1,505,143 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26595,000 598,130 
North Carolina Medical Care Commission Rev., (Maryfield, Inc.), 5.00%, 10/1/351,000,000 1,063,555 
North Carolina Medical Care Commission Rev., (Moravian Home, Inc.), 5.00%, 10/1/483,000,000 3,271,966 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/491,500,000 1,671,470 
North Carolina Medical Care Commission Rev., (Southminster, Inc.), 5.00%, 10/1/371,500,000 1,629,023 
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/23610,000 652,506 
North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/24280,000 306,644 
Wake County Rev., 5.00%, 3/1/261,250,000 1,512,990 
12,211,427 
Ohio — 5.0%
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/5517,920,000 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%, 11/1/251,420,000 1,531,679 
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/532,500,000 2,915,010 
Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/486,000,000 6,496,149 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/281,250,000 1,509,841 
Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/442,500,000 2,597,931 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/371,000,000 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%, 12/1/531,900,000 2,166,149 
42,749,255 
Oregon — 0.6%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 3.25%, 11/15/252,000,000 2,012,819 
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40250,000 276,697 
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/501,000,000 1,105,320 
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/551,500,000 1,662,403 
5,057,239 
Pennsylvania — 5.8%
Berks County Industrial Development Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/473,000,000 3,097,227 
Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/491,225,000 1,326,337 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 5.00%, 2/1/405,355,000 5,611,714 
19


Principal AmountValue
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%, 12/1/513,000,000 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%, 6/1/461,500,000 1,632,885 
Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/481,170,000 1,256,161 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/432,500,000 3,059,906 
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.625%, 7/1/422,500,000 2,619,378 
Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/371,000,000 1,109,658 
Montgomery County Industrial Development Authority Rev., (Albert Einstein Healthcare Network Obligated Group), 5.25%, 1/15/451,250,000 1,389,798 
Pennsylvania GO, 5.00%, 7/15/297,000,000 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%, 7/15/381,500,000 1,664,565 
Philadelphia Authority for Industrial Development Rev., (First Philadelphia Preparatory Charter School), 7.25%, 6/15/431,500,000 1,735,651 
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26345,000 368,028 
Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 5.00%, 4/1/462,000,000 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%, 9/1/252,500,000 2,933,441 
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/361,000,000 1,083,960 
Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/461,050,000 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%, 7/1/402,500,000 2,773,818 
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 5.00%, 7/1/583,000,000 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%, 9/1/362,125,000 2,424,766 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/501,000,000 1,112,500 
3,537,266 
South Carolina — 0.5%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.375%, 11/1/491,500,000 1,686,746 
20


Principal AmountValue
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%, 11/15/42585,000 646,792 
South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/541,000,000 1,091,611 
4,498,598 
Tennessee — 1.1%
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/492,000,000 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%, 6/15/36700,000 701,736 
Arlington Higher Education Finance Corp. Rev., (Leadership Prep School), 5.00%, 6/15/461,325,000 1,327,943 
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/401,000,000 1,056,438 
Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/452,000,000 2,093,470 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/489,950,000 11,561,311 
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/371,750,000 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 
21


Principal AmountValue
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%, 11/15/262,000,000 2,129,834 
North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/311,805,000 2,087,440 
Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas), 5.00%, 8/15/461,000,000 1,090,601 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Buckner Senior Living, Inc.), 6.75%, 11/15/475,095,000 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%, 11/15/275,000,000 5,107,019 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/241,350,000 1,554,904 
Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners Segments 3 LLC), 5.00%, 6/30/582,000,000 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%, 10/1/472,500,000 2,649,940 
Dullles Town Center Community Development Authority Special Assessment, 4.25%, 3/1/261,750,000 1,767,402 
Henrico County Economic Development Authority Rev., (LifeSpire of Virginia Obligated Group), 5.00%, 12/1/472,200,000 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%, 1/1/261,165,000 1,257,266 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/471,000,000 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%, 7/1/313,610,000 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 
22


Principal Amount/SharesValue
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%, 7/1/511,100,000 1,263,335 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/561,500,000 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%, 4/1/322,000,000 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%, 11/1/542,000,000 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 ETF109,800 12,843,306 
VanEck Vectors High Yield Muni ETF183,900 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)
196,30010,864,184 
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 


23


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.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $157,792,373, which represented 18.3% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.
(5)Security is in default.
(6)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.


See Notes to Financial Statements.
24


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 
Cash202,927 
Receivable for investments sold486,700 
Receivable for capital shares sold1,246,513 
Interest and dividends receivable10,165,442 
867,170,015 
Liabilities
Payable for investments purchased4,326,186 
Payable for capital shares redeemed846,134 
Accrued management fees332,907 
Distribution and service fees payable11,695 
Dividends payable196,709 
5,713,631 
Net Assets$861,456,384 
Net Assets Consist of:
Capital paid in$794,330,318 
Distributable earnings67,126,066 
$861,456,384 

Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$323,275,65331,197,926$10.36
I Class$432,619,62141,751,835$10.36
Y Class$64,919,3806,267,524$10.36
A Class$35,772,2383,452,716$10.36*
C Class$4,869,492470,098$10.36
*Maximum offering price $10.85 (net asset value divided by 0.955).


See Notes to Financial Statements.
25


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 fees3,609,768 
Distribution and service fees:
A Class89,374 
C Class77,249 
Trustees' fees and expenses51,286 
Other expenses1,303 
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 transactions6,995,461 
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 
(1)Amount consists of $12,041, $14,985, $1,968, $1,454 and $317 for Investor Class, I Class, Y Class, A Class and C Class, respectively.


See Notes to Financial Statements.
26


Statement of Changes in Net Assets
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020
Increase (Decrease) in Net AssetsMay 31, 2021May 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 operations102,367,657 (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 assets191,557,327 (45,566,245)
Net Assets
Beginning of period669,899,057 715,465,302 
End of period$861,456,384 $669,899,057 


See Notes to Financial Statements.
27


Notes to Financial Statements

MAY 31, 2021

1. Organization

American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. High-Yield Municipal Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective.

The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
28


Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

29


Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to other American Century Investments funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended May 31, 2021 are as follows:
Effective Annual Management Fee
Investment Category Fee Range
Complex Fee Range
Before Waiver
After Waiver
Investor Class
0.2925%
to 0.4100%
0.2500% to 0.3100%0.59%0.58%
I Class0.0500% to 0.1100%0.39%0.38%
Y Class0.0200% to 0.0800%0.36%0.35%
A Class0.2500% to 0.3100%0.59%0.58%
C Class0.2500% to 0.3100%0.59%0.58%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended May 31, 2021 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $69,080,000 and $45,470,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.
4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2021 were $527,744,517 and $403,384,936, respectively.

30


5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
May 31, 2021
Year ended
May 31, 2020
SharesAmountSharesAmount
Investor Class
Sold10,061,718$100,498,50612,875,134$127,505,706
Issued in reinvestment of distributions853,7408,531,8141,017,27610,010,143
Redeemed(8,409,666)(83,996,855)(14,546,468)(139,837,689)
2,505,79225,033,465(654,058)(2,321,840)
I Class
Sold14,112,134140,938,77415,621,866152,009,996
Issued in reinvestment of distributions1,190,93911,904,0051,310,97512,894,499
Redeemed(7,893,426)(78,105,787)(17,522,373)(169,513,702)
7,409,64774,736,992(589,532)(4,609,207)
Y Class
Sold3,141,92931,500,4312,088,91620,522,909
Issued in reinvestment of distributions171,2441,715,564149,3691,466,779
Redeemed(949,660)(9,450,287)(1,578,716)(14,995,547)
2,363,51323,765,708659,5696,994,141
A Class
Sold670,0826,695,489617,2216,195,238
Issued in reinvestment of distributions95,318951,437110,9431,089,911
Redeemed(935,461)(9,396,170)(838,588)(8,238,162)
(170,061)(1,749,244)(110,424)(953,013)
C Class
Sold55,667563,046173,8521,723,151
Issued in reinvestment of distributions16,230161,33926,038255,825
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)

6. Affiliated Fund Transactions

A summary of transactions for each affiliated fund for the period ended May 31, 2021 follows (amounts in thousands):
Affiliated Fund(1)
Beginning
Value
Purchase
Cost
Sales CostChange 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 
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.

7. Investments in Affiliated Funds

The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets.
31


8. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $819,749,497 — 
Exchange-Traded Funds$24,454,752 — — 
Affiliated Funds10,864,184 — — 
$35,318,936 $819,749,497 — 

9. Risk Factors

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.
The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

10. Federal Tax Information

The tax character of distributions paid during the years ended May 31, 2021 and May 31, 2020 were as follows:
20212020
Distributions Paid From
Exempt income$25,763,655 $25,882,577 
Taxable ordinary income— $1,816,500 
Long-term capital gains— $330,141 

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

32


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

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 

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

33


Financial Highlights
For a Share Outstanding Throughout the Years Ended May 31 (except as noted)
Per-Share DataRatios 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 IncomeNet Realized GainsTotal DistributionsNet 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$9.340.331.021.35(0.33)(0.33)$10.3614.64%0.59%0.60%3.30%3.29%53%$323,276 
2020$9.860.34(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$9.660.360.210.57(0.37)(0.37)$9.866.03%0.60%0.60%3.80%3.80%57%$289,403 
2018$9.560.360.100.46(0.36)(0.36)$9.664.87%0.60%0.60%3.74%3.74%49%$336,797 
2017$9.730.33(0.17)0.16(0.33)(0.33)$9.561.75%0.60%0.60%3.51%3.51%80%$347,732 
I Class
2021$9.340.351.021.37(0.35)(0.35)$10.3614.87%0.39%0.40%3.50%3.49%53%$432,620 
2020$9.860.36(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$9.660.380.200.58(0.38)(0.38)$9.866.24%0.40%0.40%4.00%4.00%57%$344,454 
2018$9.560.380.100.48(0.38)(0.38)$9.665.08%0.40%0.40%3.94%3.94%49%$195,453 
2017$9.730.36(0.18)0.18(0.35)(0.35)$9.561.95%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 DataRatios 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 IncomeNet Realized GainsTotal DistributionsNet 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$9.340.351.021.37(0.35)(0.35)$10.3614.90%0.36%0.37%3.53%3.52%53%$64,919 
2020$9.860.36(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$9.650.390.210.60(0.39)(0.39)$9.866.38%0.37%0.37%4.03%4.03%57%$31,979 
2018$9.560.380.090.47(0.38)(0.38)$9.655.00%0.37%0.37%3.97%3.97%49%$16,750 
2017(3)
$9.400.050.160.21(0.05)(0.05)$9.562.25%
0.37%(4)
0.37%(4)
3.88%(4)
3.88%(4)
80%(5)
$5 
A Class
2021$9.340.311.011.32(0.30)(0.30)$10.3614.35%0.84%0.85%3.05%3.04%53%$35,772 
2020$9.860.31(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$9.660.340.200.54(0.34)(0.34)$9.865.77%0.85%0.85%3.55%3.55%57%$36,807 
2018$9.560.340.090.43(0.33)(0.33)$9.664.61%0.85%0.85%3.49%3.49%49%$32,130 
2017$9.730.31(0.17)0.14(0.31)(0.31)$9.561.50%0.85%0.85%3.26%3.26%80%$33,286 
C Class
2021$9.340.231.021.25(0.23)(0.23)$10.3613.51%1.59%1.60%2.30%2.29%53%$4,869 
2020$9.860.24(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$9.650.270.210.48(0.27)(0.27)$9.865.09%1.60%1.60%2.80%2.80%57%$12,822 
2018$9.560.260.090.35(0.26)(0.26)$9.653.72%1.60%1.60%2.74%2.74%49%$14,817 
2017$9.720.24(0.16)0.08(0.24)(0.24)$9.560.85%1.60%1.60%2.51%2.51%80%$18,898 




Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)April 10, 2017 (commencement of sale) through May 31, 2017.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended May 31, 2017.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Municipal Trust and Shareholders of High-Yield Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of High-Yield Municipal Fund (one of the funds constituting American Century Municipal Trust, referred to hereafter as the “Fund”) as of May 31, 2021, the related statement of operations for the year ended May 31, 2021, the statement of changes in net assets for each of the two years in the period ended May 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
July 21, 2021

We have served as the auditor of one or more investment companies in American Century Investments since 1997.

37


Management 
Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
TrusteeSince 2011Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)38None
Anne Casscells
(1958)
TrusteeSince 2016Co-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)38None
Ronald J. Gilson
(1946)
Trustee and Chairman of the BoardSince 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)66None
38


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer
(1946)
TrusteeSince 2008Senior Advisor, Credit
Sesame, Inc. (credit
monitoring firm) (2018 to
present); Senior Advisor,
Course Hero (an
educational technology
company) (2015 to present)
38None
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles 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)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries138None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

39


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive 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 2014Chief 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 2012Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)
40


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period December 1, 2019 through December 31, 2020. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

41


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.


Proxy Voting Policies
 
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
 

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.



42


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $25,724,379 as exempt interest dividends for the fiscal year ended May 31,
2021.


Change in Independent Registered Public Accounting Firm

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Trustees approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP was dismissed and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending May 31, 2022.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended May 31, 2020 and May 31, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, neither the fund, nor anyone on its behalf, consulted with Deloitte & Touche LLP, on behalf of the fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the fund’s financial statements, or any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

The fund requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether PricewaterhouseCoopers LLP agrees with the statements contained above. A copy of the letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission is filed as an exhibit hereto.
43


Notes 





44
















acihorizblkd52.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
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




    


acihorizblkd52.jpg

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











Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter

image10.jpg Jonathan Thomas
Dear Investor:

Thank you for reviewing this annual report for the period ended May 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Muni Returns Moderated as Rates Rose

The reporting period began with financial markets experiencing a sweeping recovery from the initial—and severe—effects of the COVID-19 pandemic. Swift and significant action from the Federal Reserve and the federal government in early 2020 helped reignite investor confidence in the markets and bolster the economic backdrop. Credit-sensitive assets, including municipal bonds (munis), quickly rebounded from their late-March 2020 lows to start the reporting period on an upbeat trend. A record 33.4% (annualized) U.S. economic expansion in the third quarter of 2020 also contributed to the positive tone.

Improving data on U.S. manufacturing, employment and housing, along with a late-2020 federal coronavirus aid package and positive vaccine developments, helped sustain the optimism. Furthermore, political clarity emerged following the January 2021 U.S. Senate run-off elections in Georgia. The results gave Democrats control of Congress and set the stage for another federal aid package, which passed in March and included direct support for states. Additionally, the Biden administration released significant spending and tax-hike proposals—policies generally supportive of munis.
The broad economic gains combined with ongoing monetary and fiscal support and state reopenings eventually drove inflation and U.S. Treasury yields higher. Muni yields also rose, but at a slower pace than comparable-maturity Treasuries. Against this backdrop, muni returns moderated in 2021, but the asset class delivered gains for the 12-month period and significantly outperformed Treasuries, which declined.

Reopenings Will Shape Market Dynamics

The return to pre-pandemic life is progressing. As the U.S. economy continues to rebuild from shutdown-related losses, investors likely will face renewed opportunities and challenges. Economic growth data, the virus’s trajectory, supply chain normalization, and the effects of fiscal and monetary policy likely will be among the factors swaying market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image7.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of May 31, 2021
   
Average Annual Returns 
 
 
Ticker
Symbol 
1 year 
5 years 
10 years 
Since
Inception
Inception
Date 
Investor ClassTWTIX6.50%3.17%3.42%3/2/87
S&P Intermediate Term National AMT-Free Municipal Bond Index3.67%2.99%3.42%
I ClassAXBIX6.71%3.39%3.63%4/15/03
Y ClassATBYX6.74%4.26%4/10/17
A ClassTWWOX3/1/10
No sales charge6.32%2.93%3.17%
With sales charge1.53%1.99%2.70%
C ClassTWTCX5.53%2.16%2.40%3/1/10
Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.





















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
3


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.
chart-fad32fac81cb4ff48a3.jpg
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 ClassI ClassY ClassA ClassC Class
0.47%0.27%0.24%0.72%1.47%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.













Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.
4


Portfolio Commentary

Portfolio Managers: Alan Kruss, Joseph Gotelli and Steven Permut

Performance Summary

Intermediate-Term Tax-Free Bond returned 6.50%* for the 12 months ended May 31, 2021. By comparison, the S&P Intermediate Term National AMT-Free Municipal Bond Index returned 3.67%. Fund returns reflect operating expenses, while index returns do not. 

The fund and index generated positive returns amid a favorable supply/demand backdrop for municipal bonds (munis). The fund’s relative outperformance was primarily due to our sector positioning and security selection.

Early in the reporting period, investors viewed munis as attractive alternatives to Treasuries. Government bond yields hovered near historical lows, while the Federal Reserve (Fed) remained focused on broad financial market stability. Through the second half of 2020, yield-hungry investors’ increased demand for munis prompted a return to pre-pandemic issuance, led by new issues in the taxable space. In late 2020, growing optimism that the recovery was taking hold fueled outperformance among lower-quality munis as investors returned to sectors that struggled earlier in the year.

In early 2021, the economic recovery gathered steam, and interest rates headed upward. Expanding COVID-19 vaccine availability, a still-dovish Fed and additional federal pandemic relief aided the backdrop. Additionally, Democrats’ control of Congress and the White House fueled expectations for higher spending and taxes, which also drove rates higher. Munis generally fared better than Treasuries, thanks in part to the $1.9 trillion American Rescue Plan Act, which included more than $560 billion in direct aid to municipal issuers. Higher-yielding issues continued to lead the muni market, while investor demand and issuance levels remained high.

Hospital, Retirement Community Allocations Proved Advantageous

Sector allocation drove the fund’s relative results, lifted by an overweight position relative to the index in the hospital sector. Concerns about the broad impact of the pandemic hit health care providers hard early in the period. Eventually, though, government relief funds helped ease financial woes and the vaccine led to considerably lower infection rates, and hospital bonds recovered. An out-of-index stake in retirement community bonds, which also bounced back from early 2020 lows, further enhanced results.

Additionally, an underweight position in prerefunded bonds and out-of-index exposure to corporate munis supplied a relative lift.

Security Selection Aided Performance

Security selection also boosted relative results, particularly lower-quality, land-securitized special tax bonds that rallied amid the late-period push for yield. Investments in private university and state general obligation bonds also contributed to relative results. Alternatively, security selection in the hospital sector diminished relative performance, offsetting a portion of the gains resulting from our overweight in the sector.



*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the index, other share classes may not. See page 3 for returns for all share classes.
5


Duration Beneficial Early On

Interest rates lingered near historic lows after the onset of the pandemic, and our longer-than-index duration bolstered relative returns through much of the period’s first half. Anticipating rates would rise, we trimmed the portfolio’s duration in early 2021. Nonetheless, it remained modestly longer than the index. This positioning detracted from relative returns, especially given the rapid ascent in long-term rates, which reflected growing confidence in the economic recovery.

Portfolio Positioning

Looking ahead, we believe the massive fiscal spending already working its way through the economy, including direct federal aid to state and local governments, will continue to provide support to the muni market. In addition, increased infrastructure spending, if passed by Congress, should directly benefit municipalities and states nationwide. Meanwhile, Biden administration proposals for higher taxes and spending should bode well for tax-advantaged munis due to persistent demand from individuals and corporations.

Default expectations have steadily declined and are generally limited to high-yield issuers with poor underwriting standards. We believe robust demand, strong fiscal support and modest new issuance have positioned munis well for the coming months, even if a more difficult rate environment surfaces.

We intend to fine-tune the fund’s risk profile, taking advantage of the muni market’s broader move higher to exit lower-quality names that have recovered nicely. We will selectively redeploy the proceeds into sectors that have lagged the market, higher-quality issues in other sectors and new issues offering good relative value. For example, we added to our retirement community exposure by purchasing bonds we believe offer better relative value and upside than the riskier issues we sold after they rallied.

Overall, we ended the period with a slight bias toward lower-rated, higher-yielding investment-grade munis. We also held a slightly longer duration while remaining cognizant of the potential for rising rates due to anticipated higher near-term economic growth. As always, fundamental credit research will drive our investment decisions.


6


Fund Characteristics
MAY 31, 2021
Types of Investments in Portfolio  
% of net assets 
Municipal Securities99.0%
Exchange-Traded Funds0.7%
Other Assets and Liabilities0.3%
Top Five States and Territories*
% of net assets 
Illinois11.5%
New York11.3%
Texas9.7%
Pennsylvania6.9%
California5.9%
*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) - Local13%
Hospital13%
Special Tax11%
Corporate Municipal7%
General Obligation (GO) - State7%
7


Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2020 to May 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8


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$2.320.46%
I Class$1,000$1,023.30$1.310.26%
Y Class$1,000$1,023.50$1.160.23%
A Class$1,000$1,021.00$3.580.71%
C Class$1,000$1,017.20$7.341.46%
Hypothetical 
Investor Class$1,000$1,022.64$2.320.46%
I Class$1,000$1,023.64$1.310.26%
Y Class$1,000$1,023.79$1.160.23%
A Class$1,000$1,021.39$3.580.71%
C Class$1,000$1,017.65$7.341.46%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

9


Schedule of Investments 

MAY 31, 2021
Principal AmountValue
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%, 10/1/241,000,000 1,140,435 
Houston County Health Care Authority Rev., 5.00%, 10/1/251,000,000 1,176,310 
Houston County Health Care Authority Rev., 5.00%, 10/1/302,000,000 2,322,865 
Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/265,925,000 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%, 10/1/323,560,000 4,212,673 
Valdez Rev., (Exxon Mobil Corp.), VRDN, 0.01%, 6/1/213,270,000 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%), 1/1/377,500,000 7,591,429 
Arizona Industrial Development Authority Rev., 3.625%, 5/20/336,329,551 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 
10


Principal AmountValue
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%, 5/15/31560,000 621,282 
Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/411,000,000 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%, 7/1/23100,000 108,345 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/24500,000 559,871 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26200,000 236,481 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27300,000 362,544 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28215,000 264,718 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30700,000 849,315 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32700,000 842,088 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33300,000 360,235 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/371,000,000 1,189,859 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/421,250,000 1,469,342 
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/361,875,000 2,117,904 
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/411,200,000 1,347,388 
Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona), 5.00%, 7/1/461,300,000 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 
11


Principal AmountValue
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%, 8/1/27900,000 1,089,285 
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/28800,000 962,871 
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/29650,000 778,064 
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/301,625,000 1,935,918 
Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/311,500,000 1,782,258 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28370,000 425,479 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38780,000 916,706 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/41430,000 484,234 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/46345,000 386,141 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/482,000,000 2,317,824 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/51580,000 645,925 
Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 0.62%, (MUNIPSA plus 0.57%), 1/1/353,780,000 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%), 9/1/487,735,000 7,712,473 
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/25700,000 824,940 
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/26600,000 729,403 
McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/271,000,000 1,208,660 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/3010,000,000 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%, 9/1/231,000,000 1,088,608 
12


Principal AmountValue
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%, 9/1/251,155,000 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%, 10/1/21700,000 708,258 
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/241,000,000 1,149,360 
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/367,065,000 8,356,551 
Anaheim Public Financing Authority Rev., 5.00%, 5/1/271,725,000 1,914,188 
Anaheim Public Financing Authority Rev., 5.00%, 5/1/301,750,000 1,928,113 
Anaheim Public Financing Authority Rev., 5.00%, 5/1/312,000,000 2,202,051 
Anaheim Public Financing Authority Rev., 5.00%, 5/1/322,000,000 2,202,640 
Anaheim Public Financing Authority Rev., 5.00%, 5/1/331,800,000 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%), 4/1/453,750,000 3,814,162 
Bay Area Toll Authority Rev., VRN, 0.31%, (MUNIPSA plus 0.28%), 4/1/567,000,000 6,984,138 
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/31550,000 731,891 
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/33450,000 592,571 
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/35200,000 244,672 
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/37275,000 333,611 
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/38275,000 332,570 
California County Tobacco Securitization Agency Rev., 4.00%, 6/1/40150,000 180,431 
California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/371,810,000 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%, 11/1/23600,000 660,130 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/241,000,000 1,136,980 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/251,000,000 1,169,755 
California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/261,000,000 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%, 4/1/255,000,000 5,202,770 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/251,500,000 1,757,428 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/261,500,000 1,810,996 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/271,000,000 1,200,852 
13


Principal AmountValue
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%, 12/1/448,000,000 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%, 1/15/534,000,000 4,221,103 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/222,500,000 2,617,441 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/242,500,000 2,837,084 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/301,750,000 1,903,728 
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/361,065,000 1,085,046 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/4515,360,000 18,092,902 
Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/372,225,000 2,456,896 
Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/442,555,000 2,792,074 
Irvine Special Tax, 4.00%, 9/1/271,455,000 1,598,903 
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/261,485,000 1,693,051 
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/281,250,000 1,423,547 
Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/291,060,000 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%), 7/1/375,000,000 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%, 8/1/261,025,000 1,208,599 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/271,295,000 1,526,003 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/281,000,000 1,177,037 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/341,000,000 1,171,343 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/35800,000 936,185 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/222,500,000 2,651,299 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/232,500,000 2,748,012 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/252,095,000 2,444,718 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/262,000,000 2,392,207 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/283,500,000 4,138,643 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/303,325,000 3,887,216 
Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/312,125,000 2,478,140 
Poway Unified School District GO, Capital Appreciation, 0.00%, 8/1/41(2)
5,110,000 3,246,861 
14


Principal AmountValue
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%, 9/1/231,155,000 1,278,637 
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/24620,000 713,357 
Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/251,035,000 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%, 1/15/296,000,000 6,919,353 
State of California GO, 5.00%, 12/1/232,725,000 3,051,505 
State of California GO, 4.00%, 12/1/243,500,000 3,953,343 
State of California GO, 5.00%, 12/1/256,750,000 8,135,091 
State of California GO, 5.00%, 12/1/263,955,000 4,420,446 
State of California GO, 5.00%, 2/1/2710,000,000 10,800,212 
State of California GO, 5.00%, 11/1/275,000,000 5,567,408 
State of California GO, 5.00%, 2/1/2810,000,000 10,798,464 
State of California GO, 4.00%, 9/1/325,000,000 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%, 10/1/251,000,000 1,187,574 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/271,200,000 1,506,238 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/311,000,000 1,310,226 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/351,330,000 1,724,095 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/381,000,000 1,285,998 
Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/401,000,000 1,280,567 
248,739,710 
Colorado — 2.8%
Adams County COP, 5.00%, 12/1/252,720,000 3,259,302 
Adams County COP, 4.00%, 12/1/262,250,000 2,590,806 
Adams County COP, 4.00%, 12/1/271,310,000 1,504,789 
Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/433,000,000 3,956,551 
City & County of Denver Airport System Rev., 5.00%, 11/15/437,500,000 8,297,622 
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/222,100,000 2,164,187 
Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/232,085,000 2,233,680 
Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/362,000,000 2,234,564 
Colorado Health Facilities Authority Rev., (Adventist Health System / Sunbelt Obligated Group), VRN, 5.00%, 11/15/495,000,000 6,150,816 
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/492,000,000 2,326,236 
15


Principal AmountValue
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%, 12/1/402,000,000 2,316,880 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/503,000,000 3,425,039 
Colorado Health Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/351,250,000 1,406,999 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/22400,000 411,035 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23800,000 843,837 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/24515,000 556,923 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/25350,000 387,603 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/26390,000 441,560 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/27400,000 462,166 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/28250,000 291,261 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/292,160,000 2,516,494 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/32600,000 699,026 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/392,000,000 2,380,322 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 5.00%, 11/1/394,875,000 6,251,068 
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/28690,000 849,323 
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/30710,000 863,380 
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32495,000 598,693 
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/401,000,000 1,126,264 
Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/451,000,000 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%, 12/1/282,300,000 2,746,036 
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/302,000,000 2,364,462 
Denver Convention Center Hotel Authority Rev., 5.00%, 12/1/311,500,000 1,769,905 
E-470 Public Highway Authority Rev., 5.00%, 9/1/27900,000 1,123,007 
E-470 Public Highway Authority Rev., 5.00%, 9/1/28800,000 1,021,215 
E-470 Public Highway Authority Rev., VRN, 0.48%, (67% of the 1-month LIBOR plus 0.42%), 9/1/393,000,000 3,000,018 
E-470 Public Highway Authority Rev., VRN, 1.11%, (67% of the 1-month LIBOR plus 1.05%), 9/1/391,000,000 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%, 12/15/221,000,000 1,073,165 
Jefferson County School District R-1 COP, 5.00%, 12/15/23200,000 223,554 
Park Creek Metropolitan District Rev., 5.00%, 12/1/311,235,000 1,554,326 
Park Creek Metropolitan District Rev., 5.00%, 12/1/341,465,000 1,824,448 
Park Creek Metropolitan District Rev., 5.00%, 12/1/351,540,000 1,914,184 
16


Principal AmountValue
Park Creek Metropolitan District Rev., 5.00%, 12/1/37$1,000,000 $1,158,634 
Park Creek Metropolitan District Rev., 5.00%, 12/1/371,700,000 2,102,966 
Park Creek Metropolitan District Rev., 5.00%, 12/1/381,785,000 2,203,480 
Park Creek Metropolitan District Rev., 5.00%, 12/1/453,875,000 4,445,884 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30250,000 323,566 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/30350,000 456,891 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/31500,000 659,433 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/31400,000 526,386 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/32600,000 787,739 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32500,000 654,887 
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%, 8/15/263,000,000 3,595,249 
17


Principal AmountValue
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%, 12/1/301,000,000 1,204,162 
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/321,030,000 1,232,365 
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/331,000,000 1,194,611 
Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/351,000,000 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%, 7/1/211,000,000 1,002,467 
Connecticut State Health & Educational Facilities Authority Rev., (Masonicare Corp. Obligated Group), 5.00%, 7/1/222,665,000 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%, 7/1/285,270,000 6,308,645 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30600,000 729,952 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31500,000 606,366 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/321,100,000 1,331,933 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34350,000 421,947 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35400,000 481,616 
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 0.25%, 7/1/377,000,000 6,985,261 
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 0.25%, 7/1/491,400,000 1,396,679 
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22(1)
1,620,000 1,673,716 
18


Principal AmountValue
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%, 6/1/311,200,000 1,486,747 
State of Connecticut GO, 4.00%, 6/1/321,900,000 2,343,343 
State of Connecticut GO, 4.00%, 6/1/331,000,000 1,227,300 
State of Connecticut GO, 4.00%, 6/1/342,250,000 2,752,872 
State of Connecticut GO, 4.00%, 6/1/351,000,000 1,221,383 
State of Connecticut GO, 4.00%, 6/1/37950,000 1,151,634 
State of Connecticut GO, 4.00%, 6/1/38750,000 905,544 
State of Connecticut GO, 4.00%, 6/1/39500,000 603,538 
State of Connecticut Special Tax Rev., 5.00%, 8/1/282,000,000 2,351,633 
86,639,169 
District of Columbia — 1.0%
District of Columbia GO, 5.00%, 10/15/3515,000,000 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%, 4/1/251,750,000 2,017,489 
District of Columbia Water & Sewer Authority Rev., VRN, 1.75%, 10/1/543,785,000 3,944,570 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/331,250,000 1,588,402 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/341,250,000 1,584,594 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/351,250,000 1,475,829 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/361,250,000 1,470,722 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/371,500,000 1,758,859 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/381,000,000 1,168,993 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/39250,000 291,407 
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%, 11/15/233,800,000 3,802,309 
Broward County Airport System Rev., 5.00%, 10/1/242,750,000 2,925,020 
Broward County Airport System Rev., 5.00%, 10/1/251,000,000 1,063,366 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25500,000 580,167 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26500,000 595,537 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28255,000 315,934 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/291,000,000 1,257,065 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30500,000 636,356 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31500,000 631,944 
19


Principal AmountValue
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%, 10/1/33500,000 627,568 
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM)5,000,000 6,426,716 
Citizens Property Insurance, Inc. Rev., 5.00%, 6/1/228,000,000 8,391,959 
Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/455,000,000 5,758,827 
Florida Development Finance Corp. Rev., 5.00%, 6/15/35750,000 868,681 
Florida Development Finance Corp. Rev., 5.00%, 6/15/401,650,000 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%, 4/1/291,000,000 1,175,255 
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/30750,000 877,120 
Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/311,250,000 1,457,462 
Fort Myers Rev., 4.00%, 12/1/29170,000 194,752 
Fort Myers Rev., 4.00%, 12/1/30150,000 171,584 
Fort Myers Rev., 4.00%, 12/1/31650,000 741,990 
Gainesville Utilities System Rev., 5.00%, 10/1/242,000,000 2,305,906 
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/301,750,000 2,070,650 
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/311,500,000 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%, 10/1/372,500,000 2,856,423 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/375,000,000 6,312,106 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/385,000,000 6,307,146 
20


Principal AmountValue
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%, 10/1/32400,000 519,593 
Osceola County Transportation Rev., 5.00%, 10/1/33695,000 898,354 
Osceola County Transportation Rev., 5.00%, 10/1/34250,000 322,314 
Osceola County Transportation Rev., 5.00%, 10/1/37740,000 943,370 
Osceola County Transportation Rev., 5.00%, 10/1/38700,000 889,026 
Osceola County Transportation Rev., 5.00%, 10/1/391,000,000 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%, 11/15/411,250,000 1,443,551 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/31500,000 645,769 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/32500,000 643,989 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/331,000,000 1,284,152 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/34600,000 766,938 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/351,000,000 1,275,969 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/361,000,000 1,272,628 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/371,000,000 1,269,239 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/331,000,000 1,182,341 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/342,170,000 2,558,961 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/354,665,000 5,486,775 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/361,535,000 1,801,621 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/371,000,000 1,171,238 
Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/382,000,000 2,236,622 
Pasco County School Board COP, VRN, 0.78%, (MUNIPSA plus 0.75%), 8/1/323,500,000 3,503,281 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/291,200,000 1,380,602 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/3914,165,000 16,993,447 
Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/371,350,000 1,468,578 
21


Principal AmountValue
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%, 1/1/472,000,000 2,159,360 
School District of Broward County COP, 5.00%, 7/1/262,170,000 2,277,339 
South Florida Water Management District COP, 5.00%, 10/1/283,000,000 3,602,573 
South Florida Water Management District COP, 5.00%, 10/1/303,305,000 3,948,013 
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/36800,000 914,858 
Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/411,000,000 1,133,764 
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/341,110,000 1,339,158 
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/352,355,000 2,836,974 
Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/363,995,000 4,802,758 
Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/371,000,000 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%, 5/1/24375,000 384,890 
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%, 5/1/29995,000 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%, 5/1/343,225,000 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%, 10/15/281,000,000 1,245,181 
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/291,200,000 1,491,198 
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/341,045,000 1,282,645 
Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/351,095,000 1,341,922 
192,784,237 
Georgia — 2.5%
Atlanta Tax Allocation, 5.00%, 12/1/232,000,000 2,208,409 
Atlanta Tax Allocation, 5.00%, 12/1/24900,000 1,026,896 
Atlanta Department of Aviation Rev., (Atlanta Airport Passenger Facility Charge), 5.00%, 7/1/3610,000,000 12,762,434 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/331,500,000 1,836,513 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/341,785,000 2,181,846 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/351,750,000 2,133,048 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 2.375%, 1/1/311,000,000 1,075,398 
22


Principal AmountValue
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%, 1/1/361,100,000 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%, 1/1/541,250,000 1,459,629 
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/291,100,000 1,382,020 
Georgia Municipal Association, Inc. COP, 5.00%, 12/1/341,000,000 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%, 4/1/441,500,000 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%, 8/1/232,305,000 2,545,198 
State of Hawaii GO, 5.00%, 1/1/358,000,000 10,179,005 
State of Hawaii GO, 5.00%, 1/1/367,000,000 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%, 7/15/293,000,000 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%, 1/1/306,600,000 8,360,098 
Chicago GO, 5.25%, 1/1/325,000,000 5,454,319 
Chicago GO, 6.00%, 1/1/385,000,000 6,086,414 
Chicago Board of Education GO, 5.00%, 12/1/221,000,000 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 
23


Principal AmountValue
Chicago Midway International Airport Rev., 5.00%, 1/1/22$600,000 $616,761 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/231,500,000 1,612,624 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/244,000,000 4,475,502 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/299,200,000 10,629,455 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/362,250,000 2,838,521 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/373,000,000 3,775,144 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/383,250,000 4,080,377 
Chicago Transit Authority Rev., 5.00%, 6/1/223,000,000 3,138,014 
Chicago Transit Authority Rev., 5.00%, 6/1/234,150,000 4,526,291 
Chicago Transit Authority Rev., 5.00%, 6/1/241,000,000 1,131,733 
Chicago Transit Authority Rev., 5.00%, 6/1/252,000,000 2,337,557 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/291,100,000 1,222,630 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/293,245,000 3,971,500 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/303,420,000 4,172,243 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/311,000,000 1,108,216 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/313,555,000 4,325,778 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/321,000,000 1,108,216 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/34755,000 868,537 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/35755,000 867,380 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/392,300,000 2,548,896 
Chicago Wastewater Transmission Rev., 5.00%, 1/1/391,510,000 1,725,545 
Chicago Waterworks Rev., 5.00%, 11/1/233,750,000 4,158,254 
Chicago Waterworks Rev., 5.00%, 11/1/2410,000,000 11,493,689 
Chicago Waterworks Rev., 5.00%, 11/1/255,000,000 5,934,367 
Chicago Waterworks Rev., 5.00%, 11/1/262,000,000 2,437,883 
Chicago Waterworks Rev., 5.00%, 11/1/272,250,000 2,767,063 
Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM)1,570,000 1,956,103 
Chicago Waterworks Rev., 5.00%, 11/1/392,550,000 2,879,769 
Cook County GO, 5.00%, 11/15/21600,000 613,185 
Cook County GO, 5.00%, 11/15/227,500,000 8,027,374 
Cook County GO, 5.00%, 11/15/253,600,000 4,279,571 
Cook County GO, 5.00%, 11/15/263,900,000 4,770,402 
Cook County GO, 5.00%, 11/15/272,800,000 3,447,158 
Cook County GO, 5.00%, 11/15/281,000,000 1,226,347 
Cook County GO, 5.00%, 11/15/293,270,000 3,999,299 
Cook County GO, 5.00%, 11/15/312,350,000 2,867,299 
Cook County GO, 5.00%, 11/15/342,000,000 2,432,584 
Cook County GO, 5.00%, 11/15/351,800,000 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 
24


Principal AmountValue
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%, 5/1/22330,000 344,725 
Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/367,600,000 8,620,464 
Illinois Finance Authority Rev., (Ascension Health Credit Group), 5.00%, 2/15/411,500,000 1,798,979 
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), 6.00%, 8/15/412,000,000 2,023,790 
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/371,000,000 1,138,470 
Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/472,000,000 2,244,019 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/261,085,000 1,259,617 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27500,000 590,281 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29315,000 366,985 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30500,000 578,724 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31570,000 656,422 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32500,000 574,160 
Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/371,500,000 1,705,432 
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/31750,000 859,609 
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/322,370,000 2,968,030 
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/332,055,000 2,566,238 
Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/344,370,000 5,442,355 
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/242,000,000 2,305,914 
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 5.00%, 12/1/262,715,000 3,279,505 
Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 4.00%, 12/1/305,000,000 5,648,307 
25


Principal AmountValue
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%, 8/1/24245,000 276,811 
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/25700,000 814,610 
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29325,000 392,406 
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31690,000 825,476 
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42750,000 876,702 
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/295,000,000 5,857,131 
Illinois Finance Authority Rev., (Rush University Medical Center Obligated Group), 5.00%, 11/15/295,475,000 6,413,558 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/3310,000,000 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%, 1/1/281,250,000 1,580,341 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/291,550,000 1,961,959 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/301,000,000 1,261,073 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/303,000,000 3,957,096 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/311,000,000 1,256,589 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/312,500,000 3,289,999 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/331,200,000 1,500,166 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/342,500,000 3,116,080 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/3615,200,000 17,456,677 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/392,500,000 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%, 6/1/2110,000,000 10,000,000 
26


Principal AmountValue
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22$5,000,000 $5,234,142 
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/273,000,000 3,624,115 
Springfield Electric Rev., 5.00%, 3/1/221,750,000 1,810,484 
Springfield Electric Rev., 5.00%, 3/1/231,245,000 1,342,455 
Springfield Electric Rev., 5.00%, 3/1/242,000,000 2,240,281 
State of Illinois GO, 5.00%, 11/1/253,000,000 3,549,019 
State of Illinois GO, 5.00%, 11/1/2715,000,000 18,477,243 
State of Illinois GO, 5.125%, 12/1/2917,000,000 20,800,780 
State of Illinois GO, 5.50%, 5/1/302,500,000 3,299,484 
State of Illinois GO, 5.00%, 10/1/332,100,000 2,558,359 
State of Illinois GO, 5.50%, 7/1/385,000,000 5,414,717 
State of Illinois GO, 5.00%, 2/1/393,000,000 3,261,623 
State of Illinois GO, 5.00%, 5/1/396,080,000 6,637,062 
State of Illinois GO, 5.50%, 5/1/391,475,000 1,893,720 
State of Illinois GO, 5.00%, 12/1/395,000,000 5,909,409 
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/301,275,000 1,587,159 
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/311,560,000 1,933,249 
Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/321,110,000 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%, 10/1/362,075,000 2,274,765 
Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/392,250,000 2,458,003 
Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/462,250,000 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 
27


Principal AmountValue
Indiana — 1.1%
Indiana Finance Authority Rev., 5.00%, 2/1/23$1,735,000 $1,876,266 
Indiana Finance Authority Rev., 5.00%, 2/1/242,200,000 2,479,404 
Indiana Finance Authority Rev., 5.00%, 2/1/263,030,000 3,593,940 
Indiana Finance Authority Rev., 5.00%, 2/1/271,120,000 1,323,260 
Indiana Finance Authority Rev., 5.25%, 2/1/272,000,000 2,378,954 
Indiana Finance Authority Rev., 5.00%, 2/1/282,005,000 2,360,847 
Indiana Finance Authority Rev., 5.00%, 2/1/292,500,000 2,941,521 
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/232,645,000 2,691,233 
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/243,025,000 3,078,080 
Indiana Finance Authority Rev., (CWA Authority, Inc.), 5.25%, 10/1/251,750,000 1,780,707 
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/281,880,000 2,228,094 
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/291,000,000 1,179,064 
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/301,030,000 1,208,546 
Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/311,050,000 1,228,341 
Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 0.33%, (MUNIPSA plus 0.28%), 12/1/465,000,000 5,000,028 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/221,300,000 1,366,338 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/241,000,000 1,122,097 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/251,150,000 1,284,826 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/271,250,000 1,392,916 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/291,465,000 1,628,185 
Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/311,250,000 1,386,658 
Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRN, 0.58%, (MUNIPSA plus 0.55%), 11/1/394,845,000 4,861,001 
48,390,306 
Iowa
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/481,030,000 1,185,733 
Kansas
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/21800,000 809,417 
Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/23895,000 987,179 
1,796,596 
Kentucky — 2.5%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/28600,000 711,742 
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/29265,000 318,305 
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/32900,000 1,082,267 
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/33580,000 644,095 
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/34500,000 553,567 
28


Principal AmountValue
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%, 2/1/36380,000 418,843 
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/38745,000 816,706 
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/261,750,000 1,892,686 
Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/443,665,000 4,059,365 
Kenton County Airport Board Rev., 5.00%, 1/1/23825,000 885,852 
Kenton County Airport Board Rev., 5.00%, 1/1/24750,000 840,808 
Kenton County Airport Board Rev., 5.00%, 1/1/261,330,000 1,593,933 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/21750,000 750,000 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/221,000,000 1,039,757 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/231,620,000 1,746,969 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/242,000,000 2,226,116 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/251,350,000 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%, 6/1/2112,700,000 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 
29


Principal AmountValue
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%, 5/15/29990,000 1,183,828 
Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/30990,000 1,177,940 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/233,250,000 3,481,817 
New Orleans GO, 5.00%, 12/1/216,000,000 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%, 6/1/23250,000 271,935 
New Orleans Sewerage Service Rev., 5.00%, 6/1/24200,000 225,581 
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%, 6/1/371,450,000 1,482,618 
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/379,000,000 9,299,557 
86,071,340 
Maryland — 2.3%
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/342,500,000 3,023,596 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/342,275,000 2,751,473 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/351,750,000 2,112,998 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/353,310,000 3,996,586 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/362,675,000 3,221,387 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/361,440,000 1,734,130 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/371,500,000 1,801,383 
Baltimore Rev., (Baltimore MD Water Utility Fund), 4.00%, 7/1/371,465,000 1,759,351 
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27625,000 677,599 
Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/381,600,000 1,758,977 
30


Principal AmountValue
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%, 6/1/311,500,000 1,662,830 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/35600,000 684,811 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/36650,000 740,345 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/37750,000 852,570 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/38700,000 794,318 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/391,000,000 1,129,433 
Baltimore County Rev., (Riderwood Village Obligated Group), 4.00%, 1/1/40725,000 817,293 
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%, 7/1/40750,000 869,909 
Maryland Economic Development Corp. Rev., (Morgan State University), 5.00%, 7/1/501,150,000 1,415,838 
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32500,000 602,929 
Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/352,000,000 2,396,379 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25200,000 221,655 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26175,000 197,620 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27120,000 137,479 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28130,000 147,911 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29175,000 197,847 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30250,000 280,996 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31300,000 335,592 
Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32325,000 362,214 
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/402,505,000 2,917,296 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/30510,000 602,639 
31


Principal AmountValue
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%, 1/1/38865,000 969,347 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/463,585,000 4,236,230 
Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/424,700,000 5,162,844 
Maryland Stadium Authority Rev., 5.00%, 5/1/221,480,000 1,545,060 
Maryland Stadium Authority Rev., 5.00%, 5/1/262,550,000 3,077,890 
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/221,945,000 1,981,748 
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/232,045,000 2,127,264 
Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/242,150,000 2,278,378 
State of Maryland GO, 5.00%, 8/1/2521,860,000 25,990,766 
95,845,079 
Massachusetts — 2.0%
Massachusetts GO, 5.00%, 1/1/3710,000,000 12,782,184 
Massachusetts GO, VRN, 1.70%, 8/1/435,500,000 5,590,035 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/22570,000 585,448 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/23400,000 429,306 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/25525,000 607,584 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/26550,000 656,944 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/284,540,000 5,713,326 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/304,120,000 5,088,838 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31475,000 567,439 
Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/315,005,000 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 
32


Principal AmountValue
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%, 7/1/31620,000 789,715 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/32775,000 984,502 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/33775,000 981,594 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/34550,000 694,297 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/35470,000 592,349 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/36445,000 559,408 
Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/37605,000 758,495 
Massachusetts Development Finance Agency Rev., (Trustees of Boston University), VRN, 5.00%, 10/1/425,000,000 5,525,491 
Massachusetts Development Finance Agency Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/411,850,000 2,199,612 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/321,875,000 2,344,541 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/341,330,000 1,654,268 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/441,300,000 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%, 11/1/253,500,000 4,201,372 
83,152,042 
Michigan — 2.9%
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/24870,000 952,995 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/251,470,000 1,648,791 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/261,575,000 1,803,965 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/271,655,000 1,928,360 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/291,825,000 2,094,757 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/331,970,000 2,224,506 
33


Principal AmountValue
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%, 2/15/352,445,000 2,744,541 
Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/362,565,000 2,867,326 
Detroit GO, 5.00%, 4/1/341,000,000 1,240,622 
Detroit GO, 5.00%, 4/1/351,450,000 1,795,286 
Detroit GO, 5.00%, 4/1/371,630,000 2,006,169 
Detroit GO, 5.00%, 4/1/38700,000 859,258 
Detroit GO, 4.00%, 4/1/421,100,000 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%, 5/15/251,150,000 1,154,561 
Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/431,125,000 1,281,064 
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/5112,000,000 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 
34


Principal AmountValue
Michigan Finance Authority Rev., 5.00%, 10/1/27$3,030,000 $3,477,555 
Michigan Finance Authority Rev., 5.00%, 10/1/283,465,000 3,975,614 
Michigan Finance Authority Rev., (Beaumont Health Obligated Group), 4.00%, 11/1/465,000,000 5,480,090 
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/332,000,000 2,270,671 
Michigan Finance Authority Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/341,500,000 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%, 4/15/251,750,000 2,058,478 
Michigan State Building Authority Rev., 5.00%, 4/15/26750,000 911,279 
Michigan Strategic Fund Rev., (DTE Electric Co.), VRN, 1.45%, 8/1/291,375,000 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%, 12/1/301,000,000 1,152,205 
Wayne County Airport Authority Rev., 5.00%, 12/1/31650,000 748,933 
Wayne County Airport Authority Rev., 5.00%, 12/1/321,175,000 1,353,841 
Wayne County Airport Authority Rev., 5.00%, 12/1/341,150,000 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%, 2/15/331,000,000 1,229,486 
Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/371,000,000 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%, 5/1/23500,000 543,591 
35


Principal AmountValue
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%, 5/1/25800,000 932,934 
Minnesota Higher Education Facilities Authority Rev., (College of Saint Benedict), 4.00%, 3/1/431,000,000 1,057,878 
Rochester Rev., (Mayo Clinic), VRN, 4.50%, 11/15/386,000,000 6,115,000 
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/282,000,000 2,408,661 
St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/301,000,000 1,201,652 
19,050,393 
Mississippi — 0.6%
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/211,000,000 1,003,217 
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/221,000,000 1,043,016 
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/231,500,000 1,620,825 
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/302,000,000 2,292,058 
Gulfport Rev., (Memorial Hospital at Gulfport), 5.00%, 7/1/311,000,000 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%, 10/1/33685,000 867,993 
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/34700,000 883,630 
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/35600,000 755,944 
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/36650,000 816,750 
Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/37750,000 939,937 
27,121,409 
Missouri — 0.8%
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/221,170,000 1,207,566 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/23600,000 644,343 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/241,000,000 1,113,166 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/26805,000 951,509 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/271,100,000 1,333,380 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/301,355,000 1,617,412 
Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/311,255,000 1,492,458 
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/31650,000 828,246 
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 5.00%, 2/15/321,000,000 1,270,454 
36


Principal AmountValue
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%, 2/15/35915,000 1,154,025 
Health & Educational Facilities Authority of the State of Missouri Rev., (Heartland Health Obligated Group), 4.00%, 2/15/37500,000 585,796 
Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health), 5.00%, 6/1/294,500,000 5,778,515 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/24600,000 672,647 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26540,000 649,331 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28250,000 318,086 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29500,000 633,622 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31525,000 660,090 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33475,000 594,158 
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 7/1/23400,000 440,159 
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/24690,000 774,495 
Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/25990,000 1,151,865 
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26500,000 585,131 
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27965,000 1,124,487 
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28630,000 730,709 
St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/383,000,000 3,395,704 
St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/411,000,000 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%, 11/1/454,100,000 4,721,298 
26,783,537 
Nevada — 0.9%
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/30750,000 914,686 
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32735,000 891,719 
Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34765,000 924,146 
Clark County Department of Aviation Rev., 5.00%, 7/1/215,000,000 5,019,590 
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/211,320,000 1,328,211 
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/222,150,000 2,213,966 
Henderson Local Improvement Districts Special Assessment, 4.00%, 9/1/241,890,000 2,019,595 
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/291,270,000 1,520,695 
37


Principal AmountValue
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%, 7/1/323,810,000 4,208,637 
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/22890,000 929,670 
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/301,375,000 1,596,507 
Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/311,465,000 1,695,626 
Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40450,000 488,953 
Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/501,000,000 1,079,933 
Las Vegas Special Improvement District No. 612 Skye Hills Special Assessment, 3.75%, 6/1/421,000,000 1,047,489 
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39500,000 546,927 
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44550,000 594,498 
Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/401,000,000 1,143,060 
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/291,485,000 1,757,485 
Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/341,010,000 1,173,164 
Reno Rev., (Washoe County Sales Tax Rev.), 4.00%, 6/1/431,000,000 1,066,755 
Sparks Rev., 2.50%, 6/15/24(1)
835,000 846,041 
Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/402,250,000 2,616,177 
37,793,215 
New Hampshire — 0.5%
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/3414,438,503 17,416,269 
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/412,250,000 2,510,793 
19,927,062 
New Jersey — 5.1%
New Jersey Economic Development Authority Rev., 4.00%, 7/1/223,000,000 3,118,746 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/232,335,000 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%, 6/15/244,015,000 4,574,409 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/255,000,000 5,683,971 
New Jersey Economic Development Authority Rev., 5.00%, 6/15/265,000,000 5,677,809 
New Jersey Economic Development Authority Rev., 5.50%, 6/15/275,000,000 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%, 6/15/314,790,000 6,115,421 
New Jersey Economic Development Authority Rev., 5.00%, 7/1/331,000,000 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 
38


Principal AmountValue
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%, 6/15/403,310,000 3,803,209 
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/21225,000 225,572 
New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/262,105,000 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%, 7/1/251,750,000 2,052,290 
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/261,500,000 1,800,232 
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/271,500,000 1,793,973 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/213,000,000 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%, 6/15/272,000,000 2,406,619 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/292,770,000 3,512,513 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/295,500,000 5,986,753 
New Jersey Transportation Trust Fund Authority Rev., 5.25%, 6/15/305,000,000 5,009,183 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/312,000,000 2,362,491 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/313,500,000 4,397,092 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/316,000,000 7,646,987 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/323,000,000 3,763,397 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/354,000,000 4,988,934 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/3517,500,000 21,799,181 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/387,000,000 7,807,203 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/445,000,000 5,388,481 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/275,200,000 5,932,930 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/335,215,000 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 
39


Principal AmountValue
Newark GO, 5.00%, 10/1/28 (AGM)$600,000 $756,162 
South Jersey Port Corp. Rev., 5.00%, 1/1/271,030,000 1,217,940 
South Jersey Port Corp. Rev., 5.00%, 1/1/302,360,000 2,752,604 
South Jersey Port Corp. Rev., 5.00%, 1/1/311,670,000 1,939,924 
State of New Jersey GO, 4.00%, 6/1/302,500,000 3,090,434 
State of New Jersey GO, 4.00%, 6/1/311,350,000 1,693,359 
State of New Jersey GO, 4.00%, 6/1/32600,000 764,104 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/292,775,000 3,514,032 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/303,000,000 3,771,167 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/313,000,000 3,755,785 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/324,630,000 5,776,502 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/335,005,000 6,219,298 
214,245,522 
New Mexico — 0.2%
Farmington Rev., (Public Service Co. of New Mexico), VRN, 2.125%, 6/1/403,000,000 3,052,547 
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/231,425,000 1,426,197 
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/231,625,000 1,787,257 
New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/261,000,000 1,177,620 
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.25%, 5/15/24600,000 602,589 
8,046,210 
New York — 11.3%
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28400,000 479,508 
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30350,000 414,932 
Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31350,000 413,644 
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/452,000,000 2,174,523 
Brookhaven Local Development Corp. Rev., (Brookhaven Memorial Hospital Medical Center, Inc. Obligated Group), 4.00%, 10/1/452,000,000 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%, 7/1/241,465,000 1,470,487 
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/261,130,000 1,134,016 
Hempstead Town Local Development Corp. Rev., (Hofstra University), 5.00%, 7/1/271,320,000 1,324,564 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/21430,000 431,525 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/221,365,000 1,429,779 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/241,500,000 1,693,163 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/26830,000 994,304 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/281,825,000 2,225,645 
Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31900,000 1,080,976 
40


Principal AmountValue
Long Island Power Authority Rev., 1.00%, 9/1/25$10,000,000 $10,114,693 
Long Island Power Authority Rev., 5.00%, 9/1/3411,410,000 12,980,903 
Long Island Power Authority Rev., 5.00%, 9/1/353,500,000 3,977,028 
Metropolitan Transportation Authority Rev., 4.00%, 2/1/2220,000,000 20,498,682 
Metropolitan Transportation Authority Rev., 5.00%, 9/1/2215,000,000 15,882,757 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/2210,000,000 10,685,312 
Metropolitan Transportation Authority Rev., 5.00%, 2/1/2312,745,000 13,731,805 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/319,710,000 11,321,402 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/316,830,000 8,509,384 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/458,320,000 9,574,555 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/455,500,000 6,861,605 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/475,000,000 5,741,368 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/503,000,000 3,687,137 
Metropolitan Transportation Authority Rev., VRN, 0.48%, (MUNIPSA plus 0.45%), 11/15/447,000,000 6,965,664 
Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/4510,000,000 12,975,434 
Nassau County Local Economic Assistance Corp. Rev., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/22850,000 893,566 
New York City GO, 5.00%, 8/1/227,565,000 7,996,983 
New York City GO, 5.00%, 8/1/251,700,000 1,982,967 
New York City GO, 5.00%, 8/1/2513,605,000 16,157,249 
New York City GO, 5.00%, 8/1/265,370,000 6,259,571 
New York City GO, 5.00%, 8/1/277,680,000 9,652,681 
New York City GO, 5.00%, 8/1/322,000,000 2,548,617 
New York City GO, 5.00%, 8/1/33500,000 634,945 
New York City GO, 5.00%, 8/1/331,000,000 1,269,891 
New York City GO, 5.00%, 8/1/342,215,000 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%, 11/1/265,000,000 5,890,273 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/2810,000,000 10,916,154 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/2910,000,000 11,839,570 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/3512,500,000 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 
41


Principal AmountValue
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%, 6/15/266,450,000 7,902,603 
New York City Water & Sewer System Rev., 4.00%, 6/15/4010,030,000 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%, 10/1/359,795,000 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%, 2/15/344,005,000 5,212,199 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/354,155,000 5,388,698 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/3610,000,000 12,693,256 
New York State Environmental Facilities Corp. Rev., (New York City Municipal Water Finance Authority), 5.00%, 6/15/323,000,000 3,940,142 
New York State Thruway Authority Rev., 5.00%, 1/1/285,000,000 5,782,660 
New York State Thruway Authority Rev., 5.00%, 1/1/2910,000,000 11,565,320 
New York State Thruway Authority Rev., 4.00%, 1/1/374,980,000 5,905,716 
New York State Thruway Authority Rev., 4.00%, 1/1/383,000,000 3,548,393 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/311,630,000 2,153,432 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/321,975,000 2,596,691 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/331,850,000 2,424,352 
Suffolk County GO, 2.00%, 7/22/214,200,000 4,210,578 
Suffolk County GO, 2.00%, 9/24/218,000,000 8,042,367 
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 4.00%, 7/1/29500,000 501,057 
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29730,000 811,295 
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/341,000,000 1,100,203 
Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/441,010,000 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%, 11/15/273,000,000 3,804,793 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/282,500,000 3,242,456 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29700,000 819,998 
42


Principal AmountValue
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%, 9/1/341,875,000 2,439,854 
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/362,755,000 3,567,372 
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/371,500,000 1,936,639 
Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/381,300,000 1,674,255 
TSASC, Inc. Rev., 5.00%, 6/1/212,000,000 2,000,000 
TSASC, Inc. Rev., 5.00%, 6/1/221,000,000 1,047,845 
TSASC, Inc. Rev., 5.00%, 6/1/232,000,000 2,190,194 
Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/423,345,000 3,690,844 
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/21500,000 500,000 
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/221,935,000 2,029,281 
Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/232,000,000 2,192,523 
477,582,277 
North Carolina — 2.2%
Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 5.00%, 1/15/505,700,000 6,621,964 
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/281,000,000 1,255,186 
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/291,500,000 1,923,309 
Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/301,340,000 1,705,353 
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/514,250,000 5,117,485 
North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/371,750,000 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%, 9/1/251,250,000 1,268,052 
North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/403,050,000 3,361,238 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.50%, 10/1/24745,000 748,902 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/401,050,000 1,184,549 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/451,000,000 1,117,684 
North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/341,000,000 1,122,345 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26590,000 616,326 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/281,815,000 2,019,926 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/301,035,000 1,142,308 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/311,075,000 1,234,240 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/321,115,000 1,277,262 
North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/341,230,000 1,400,076 
43


Principal AmountValue
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%, 10/1/402,000,000 2,445,668 
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/451,000,000 1,137,053 
North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/451,800,000 2,176,792 
North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/355,000,000 5,826,256 
North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/372,100,000 2,312,047 
North Carolina Medical Care Commission Rev., (Wake Forest Baptist Obligated Group), VRN, 2.20%, 12/1/485,000,000 5,095,028 
North Carolina Turnpike Authority Rev., 5.00%, 1/1/22700,000 719,346 
North Carolina Turnpike Authority Rev., 5.00%, 2/1/249,800,000 10,999,935 
Raleigh Durham Airport Authority Rev., 5.00%, 5/1/22760,000 794,200 
State of North Carolina Rev., 5.00%, 3/1/3415,000,000 19,073,160 
Wake County Rev., 5.00%, 3/1/252,500,000 2,930,544 
91,148,506 
Ohio — 1.9%
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/351,000,000 1,291,702 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/362,000,000 2,572,135 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/381,000,000 1,191,761 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/391,000,000 1,186,955 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/486,000,000 6,946,053 
Cleveland Rev., 5.00%, 5/15/231,305,000 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%, 7/1/25100,000 117,054 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/26125,000 150,295 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/27250,000 307,348 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/28250,000 313,136 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/31200,000 264,281 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/32225,000 296,359 
44


Principal AmountValue
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%, 7/1/34500,000 654,144 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/36600,000 781,034 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/38525,000 629,578 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/461,500,000 1,764,200 
Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/395,000,000 5,576,200 
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/281,140,000 1,292,467 
Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/331,625,000 1,885,505 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/231,500,000 1,608,628 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/241,750,000 1,946,082 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/251,350,000 1,549,883 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/262,000,000 2,363,100 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/271,600,000 1,939,332 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/281,750,000 2,113,778 
Kent State University Rev., 4.00%, 5/1/231,800,000 1,925,517 
Miami University/Oxford Rev., 5.00%, 9/1/254,440,000 4,493,646 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/362,000,000 2,436,120 
State of Ohio Rev., 5.00%, 12/15/222,500,000 2,688,144 
State of Ohio Rev., 5.00%, 2/1/292,400,000 3,118,882 
State of Ohio Rev., 5.00%, 2/1/303,300,000 4,375,583 
State of Ohio Rev., 5.00%, 2/1/312,740,000 3,707,808 
81,557,368 
Oklahoma — 0.5%
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/251,500,000 1,761,773 
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/261,000,000 1,169,539 
Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/271,000,000 1,168,186 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/21950,000 950,000 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/221,000,000 1,043,950 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/231,025,000 1,118,155 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/241,050,000 1,187,648 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/251,085,000 1,268,125 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/261,030,000 1,237,866 
Tulsa Airports Improvement Trust Rev., 5.00%, 6/1/271,005,000 1,236,426 
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/23250,000 272,152 
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/241,665,000 1,865,294 
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/26500,000 580,096 
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/28600,000 692,073 
Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/291,000,000 1,150,341 
Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/221,270,000 1,326,766 
45


Principal AmountValue
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%, 11/15/251,000,000 1,006,474 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/32500,000 560,182 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/37500,000 555,694 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/473,900,000 4,287,671 
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/221,040,000 1,050,864 
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/23350,000 369,418 
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/24250,000 270,502 
Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/25200,000 220,866 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/22325,000 339,982 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/23600,000 646,418 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/24475,000 526,146 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/25275,000 312,091 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26240,000 278,396 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/27200,000 242,040 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28265,000 318,897 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29235,000 281,239 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/30200,000 238,246 
State of Oregon GO, 5.00%, 8/1/241,000,000 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%, 3/1/33400,000 451,282 
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/301,230,000 1,400,470 
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/312,000,000 2,268,898 
Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32600,000 679,063 
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/311,355,000 1,755,099 
Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/321,500,000 1,937,654 
46


Principal AmountValue
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%, 7/15/341,250,000 1,605,719 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 5.00%, 2/1/405,000,000 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%, 6/1/302,500,000 3,109,144 
Commonwealth Financing Authority Rev., 5.00%, 6/1/312,000,000 2,478,116 
Commonwealth Financing Authority Rev., 5.00%, 6/1/322,000,000 2,472,325 
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/281,370,000 1,604,076 
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/291,440,000 1,680,882 
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/301,510,000 1,762,445 
Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/311,465,000 1,708,032 
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/281,000,000 1,197,146 
Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/291,420,000 1,690,967 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/24525,000 598,713 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/25750,000 884,711 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26650,000 789,344 
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/271,040,000 1,228,532 
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/281,095,000 1,287,295 
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/291,150,000 1,342,910 
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/301,205,000 1,397,549 
Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/311,265,000 1,457,634 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/437,500,000 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%), 6/1/496,750,000 6,799,436 
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/292,000,000 2,364,659 
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/305,450,000 6,420,781 
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/321,000,000 1,169,474 
Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/331,300,000 1,516,831 
47


Principal AmountValue
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%, 7/1/283,250,000 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%, 7/1/21700,000 702,714 
Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/24530,000 602,426 
Montgomery County Higher Education & Health Authority Rev., (Thomas Jefferson University Obligated Group), VRN, 0.75%, (MUNIPSA plus 0.72%), 9/1/5110,000,000 10,000,381 
Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43600,000 688,925 
Northampton County General Purpose Authority Rev., (St. Luke's Hospital Obligated Group), VRN, 1.12%, (70% of the 1-month LIBOR plus 1.04%), 8/15/483,000,000 3,019,825 
Pennsylvania COP, 5.00%, 7/1/29600,000 751,260 
Pennsylvania COP, 5.00%, 7/1/30750,000 935,431 
Pennsylvania COP, 5.00%, 7/1/31850,000 1,057,123 
Pennsylvania COP, 5.00%, 7/1/35450,000 553,366 
Pennsylvania GO, 5.00%, 2/1/25 (AGM)6,035,000 7,063,593 
Pennsylvania GO, 5.00%, 3/15/2512,005,000 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%, 5/1/24470,000 531,652 
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/25700,000 819,278 
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/26675,000 813,647 
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/27750,000 899,443 
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%, 12/1/244,000,000 4,654,184 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/253,900,000 4,694,471 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/261,850,000 2,141,560 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/281,000,000 1,153,930 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/326,505,000 7,486,366 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/395,000,000 5,801,645 
Pennsylvania Turnpike Commission Rev., Capital Appreciation, VRN, 0.00%, 12/1/442,000,000 2,242,771 
48


Principal AmountValue
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%), 12/1/2310,000,000 10,061,800 
Philadelphia GO, 5.00%, 8/1/213,000,000 3,023,913 
Philadelphia GO, 5.00%, 8/1/222,500,000 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%, 4/1/22715,000 742,037 
Philadelphia Municipal Authority Rev., 5.00%, 4/1/231,260,000 1,363,472 
Philadelphia Municipal Authority Rev., 5.00%, 4/1/241,500,000 1,680,729 
Philadelphia Municipal Authority Rev., 5.00%, 4/1/251,700,000 1,967,501 
Philadelphia Municipal Authority Rev., 5.00%, 4/1/261,750,000 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%, 9/1/225,000,000 5,296,586 
School District of Philadelphia GO, 5.00%, 9/1/262,200,000 2,655,757 
School District of Philadelphia GO, 5.00%, 9/1/27500,000 618,753 
School District of Philadelphia GO, 5.00%, 9/1/28475,000 600,663 
School District of Philadelphia GO, 5.00%, 9/1/291,225,000 1,565,011 
School District of Philadelphia GO, 5.00%, 9/1/303,000,000 3,816,258 
School District of Philadelphia GO, 5.00%, 9/1/331,625,000 2,049,362 
Scranton School District GO, 5.00%, 6/1/211,355,000 1,355,000 
Scranton School District GO, 5.00%, 6/1/242,235,000 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 
49


Principal AmountValue
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%, 6/1/254,000,000 4,637,360 
University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRN, 0.39%, (MUNIPSA plus 0.36%), 2/15/2410,000,000 10,051,630 
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/36365,000 423,363 
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/41370,000 422,212 
West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/46525,000 594,035 
Westmoreland County Industrial Development Authority Rev., (Excela Health Obligated Group), 4.00%, 7/1/371,400,000 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%, 6/15/241,000,000 1,140,082 
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/27450,000 537,945 
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/29500,000 597,220 
Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/31500,000 595,695 
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/232,250,000 2,434,869 
Rhode Island Health & Educational Building Corp. Rev., (Lifespan Obligated Group), 5.00%, 5/15/242,000,000 2,241,707 
39,084,558 
South Carolina — 0.7%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.00%, 11/1/30425,000 485,179 
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/401,000,000 1,127,951 
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/241,750,000 1,957,000 
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/252,945,000 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%, 10/1/23250,000 276,275 
50


Principal AmountValue
Myrtle Beach Tax Allocation, 5.00%, 10/1/25$1,145,000 $1,352,231 
Myrtle Beach Tax Allocation, 5.00%, 10/1/26450,000 547,030 
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/487,500,000 8,839,849 
South Carolina Jobs-Economic Development Authority Rev., (Conway Hospital, Inc. Obligated Group), 5.25%, 7/1/473,750,000 4,381,421 
29,315,738 
Tennessee — 0.9%
Knox County Health Educational & Housing Facility Board Rev., (University Health System Obligated Group), 5.00%, 4/1/22500,000 518,907 
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25375,000 427,643 
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/26650,000 737,580 
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27415,000 468,767 
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28375,000 440,273 
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29475,000 557,679 
Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30475,000 557,679 
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%, 12/1/361,315,000 1,512,557 
51


Principal AmountValue
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%, 7/15/25275,000 311,656 
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/26250,000 287,632 
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/261,000,000 1,129,171 
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 4.00%, 7/15/311,500,000 1,588,197 
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/331,500,000 1,674,945 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/222,000,000 2,054,321 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/232,000,000 2,145,867 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/275,900,000 7,002,830 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/292,000,000 2,359,266 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/452,000,000 2,295,928 
Central Texas Turnpike System Rev., 5.00%, 8/15/422,050,000 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%, 8/15/221,000,000 1,036,473 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/261,010,000 1,198,016 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/271,100,000 1,297,690 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28500,000 586,027 
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%, 12/1/322,750,000 3,601,745 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/332,500,000 3,264,491 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/345,250,000 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%, 3/1/291,160,000 1,332,061 
El Paso Water & Sewer Rev., 4.00%, 3/1/30500,000 573,410 
Fort Bend Independent School District GO, 4.00%, 2/15/34 (PSF-GTD)3,000,000 3,573,077 
52


Principal AmountValue
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%, 2/1/238,000,000 8,617,827 
Grand Parkway Transportation Corp. Rev., 5.125%, 10/1/432,250,000 2,393,414 
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/253,170,000 3,771,023 
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/261,660,000 1,967,105 
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/271,500,000 1,776,817 
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/281,000,000 1,183,629 
Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/291,000,000 1,182,714 
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/271,000,000 1,113,691 
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 4.00%, 1/1/311,745,000 1,852,983 
Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/371,000,000 1,118,678 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/23850,000 931,652 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/24700,000 791,210 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/25760,000 855,793 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/261,000,000 1,122,079 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/27510,000 571,020 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/292,300,000 2,563,254 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/301,000,000 1,114,532 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/32485,000 540,871 
Harris County-Houston Sports Authority Rev., 5.00%, 11/15/331,000,000 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%, 4/15/311,000,000 1,137,943 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 3.375%, 10/1/37500,000 500,170 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/511,200,000 1,325,210 
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/251,000,000 1,128,634 
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/272,050,000 2,301,478 
Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28710,000 794,207 
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%, 10/15/22250,000 266,120 
Irving Hospital Authority Rev., 5.00%, 10/15/23490,000 543,039 
Irving Hospital Authority Rev., 5.00%, 10/15/25250,000 295,715 
53


Principal AmountValue
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%, 11/1/262,000,000 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%, 1/1/282,610,000 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%, 1/1/243,500,000 3,928,598 
North Texas Tollway Authority Rev., 5.00%, 1/1/271,000,000 1,194,882 
North Texas Tollway Authority Rev., 5.00%, 1/1/301,250,000 1,477,346 
North Texas Tollway Authority Rev., 5.00%, 1/1/311,250,000 1,472,322 
North Texas Tollway Authority Rev., 5.00%, 1/1/323,500,000 4,240,259 
North Texas Tollway Authority Rev., 5.00%, 1/1/402,110,000 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 
54


Principal AmountValue
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%, 5/15/346,500,000 8,533,692 
San Antonio Water System Rev., VRN, 2.00%, 5/1/444,000,000 4,095,865 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 3.00%, 11/15/263,000,000 3,041,540 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/242,000,000 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%, 12/15/211,150,000 1,179,036 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/221,000,000 1,071,239 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/231,150,000 1,281,716 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/251,750,000 2,077,073 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/321,000,000 1,213,023 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/321,500,000 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%, 4/1/262,000,000 2,025,568 
Texas Water Development Board Rev., 5.00%, 4/15/319,910,000 12,797,582 
Texas Water Development Board Rev., 5.00%, 8/1/325,000,000 6,671,125 
Texas Water Development Board Rev., 5.00%, 8/1/333,755,000 4,989,739 
Texas Water Development Board Rev., 4.00%, 8/1/342,500,000 3,101,563 
Texas Water Development Board Rev., 5.00%, 10/15/3814,540,000 18,606,028 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/314,750,000 6,265,571 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/325,000,000 6,585,401 
University of Houston Rev., 5.00%, 2/15/278,100,000 9,747,152 
University of North Texas System Rev., 5.00%, 4/15/275,770,000 6,723,650 
University of Texas System Rev., 5.00%, 8/15/3415,000,000 19,483,630 
Uptown Development Authority Tax Allocation, 5.00%, 9/1/33720,000 835,506 
Uptown Development Authority Tax Allocation, 5.00%, 9/1/341,570,000 1,815,428 
Uptown Development Authority Tax Allocation, 5.00%, 9/1/341,255,000 1,419,635 
Uptown Development Authority Tax Allocation, 5.00%, 9/1/353,950,000 4,468,859 
Uptown Development Authority Tax Allocation, 5.00%, 9/1/364,100,000 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 
55


Principal AmountValue
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%, 10/15/241,400,000 1,564,327 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/25615,000 703,198 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/261,000,000 1,168,748 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/27785,000 912,768 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/281,000,000 1,156,684 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/29900,000 1,033,283 
Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/30500,000 569,894 
Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/314,000,000 4,769,265 
13,069,160 
Virginia — 0.7%
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/243,000,000 3,378,447 
Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/251,660,000 1,928,144 
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/38250,000 273,317 
Hanover County Economic Development Authority Rev., (Covenant Woods), 5.00%, 7/1/48700,000 760,262 
Henrico County Economic Development Authority Rev., 4.00%, 10/1/40500,000 564,548 
Henrico County Economic Development Authority Rev., 4.00%, 10/1/45700,000 782,642 
Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 4.00%, 1/1/31675,000 716,770 
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%, 6/15/24650,000 739,781 
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/251,000,000 1,173,257 
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/281,000,000 1,199,490 
Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/30700,000 831,012 
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/22450,000 474,713 
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24500,000 568,320 
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/26450,000 536,263 
56


Principal AmountValue
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%, 9/1/291,000,000 1,175,404 
Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/293,000,000 3,460,969 
Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/383,000,000 3,384,292 
Virginia Small Business Financing Authority Rev., (National Senior Campuses, Inc. Obligated Group), 4.00%, 1/1/393,500,000 3,939,144 
29,618,082 
Washington — 3.4%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/322,000,000 2,675,648 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/332,000,000 2,666,875 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/357,000,000 9,080,936 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/3611,000,000 14,233,409 
Port of Seattle Rev., 5.00%, 6/1/221,000,000 1,002,134 
State of Washington GO, 5.00%, 7/1/2710,000,000 11,607,842 
State of Washington GO, 5.00%, 8/1/2918,795,000 22,243,939 
State of Washington GO, 5.00%, 6/1/341,500,000 1,985,766 
State of Washington GO, 5.00%, 8/1/3411,845,000 15,477,943 
State of Washington GO, 5.00%, 6/1/359,785,000 12,711,344 
State of Washington GO, 5.00%, 6/1/351,500,000 1,982,414 
Tobacco Settlement Authority Rev., 5.00%, 6/1/222,250,000 2,361,090 
Tobacco Settlement Authority Rev., 5.00%, 6/1/232,000,000 2,195,973 
Tobacco Settlement Authority Rev., 5.00%, 6/1/243,000,000 3,291,116 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/492,000,000 2,246,299 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/4910,000,000 11,631,178 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/492,250,000 2,698,754 
Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Research Center), VRN, 1.08%, (MUNIPSA plus 1.05%), 1/1/422,000,000 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%), 1/1/422,000,000 2,006,576 
Washington Health Care Facilities Authority Rev., (Seattle Children's Hospital Obligated Group), 5.00%, 10/1/296,500,000 7,520,132 
Washington Health Care Facilities Authority Rev., (Yakima Valley Memorial Hospital Association Obligated Group), 5.00%, 12/1/465,000,000 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%, 11/15/37600,000 698,923 
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/412,250,000 2,734,512 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/461,100,000 1,270,561 
57


Principal Amount/SharesValue
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%, 5/1/471,100,000 1,253,690 
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/231,375,000 1,504,302 
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/241,000,000 1,136,862 
Public Finance Authority Rev., (Renown Regional Medical Center Obligated Group), 5.00%, 6/1/251,500,000 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)
496,70031,361,638 
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 


58


NOTES TO SCHEDULE OF INVESTMENTS
AGM-Assured Guaranty Municipal Corporation
AGM-CR-Assured Guaranty Municipal Corporation - Custodian Receipts
BAM-Build America Mutual Assurance Company
COP-Certificates of Participation
GA-Guaranty Agreement
GO-General Obligation
LIBOR-London Interbank Offered Rate
LIQ FAC-Liquidity Facilities
LOC-Letter of Credit
MUNIPSA-SIFMA Municipal Swap Index
NATL-National Public Finance Guarantee Corporation
PSF-GTD-Permanent School Fund Guaranteed
Q-SBLF-Qualified School Board Loan Fund
SBBPA-Standby Bond Purchase Agreement
VRDN-Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed.
VRN-Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $148,788,360, which represented 3.5% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.


See Notes to Financial Statements.
59


Statement of Assets and Liabilities 
MAY 31, 2021
Assets
Investment securities, at value (cost of $3,918,892,478)$4,200,161,684 
Cash419,746 
Receivable for investments sold1,165,000 
Receivable for capital shares sold3,732,529 
Interest and dividends receivable48,959,883 
4,254,438,842 
Liabilities
Payable for investments purchased37,525,002 
Payable for capital shares redeemed4,380,697 
Accrued management fees1,014,970 
Distribution and service fees payable12,181 
Dividends payable737,126 
43,669,976 
Net Assets$4,210,768,866 
Net Assets Consist of:
Capital paid in$3,932,369,747 
Distributable earnings278,399,119 
$4,210,768,866 

 Net AssetsShares OutstandingNet Asset Value Per Share
Investor Class$834,125,29569,958,975$11.92
I Class$1,703,280,981142,808,644$11.93
Y Class$1,630,371,311136,779,977$11.92
A Class$38,172,3073,200,699$11.93*
C Class$4,818,972404,327$11.92
*Maximum offering price $12.49 (net asset value divided by 0.955).


See Notes to Financial Statements.
60


Statement of Operations 
YEAR ENDED MAY 31, 2021
Investment Income (Loss)
Income:
Interest$111,496,804 
Dividends922,446 
112,419,250 
Expenses:
Management fees12,073,557 
Distribution and service fees:
A Class90,369 
C Class66,882 
Trustees' fees and expenses279,778 
Other expenses17,429 
12,528,015 
Net investment income (loss)99,891,235 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions13,987,002 
Change in net unrealized appreciation (depreciation) on investments149,314,194 
Net realized and unrealized gain (loss)163,301,196 
Net Increase (Decrease) in Net Assets Resulting from Operations$263,192,431 


See Notes to Financial Statements.
61


Statement of Changes in Net Assets 
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020
Increase (Decrease) in Net AssetsMay 31, 2021May 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 operations263,192,431 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 assets207,137,111 129,625,624 
Net Assets
Beginning of period4,003,631,755 3,874,006,131 
End of period$4,210,768,866 $4,003,631,755 


See Notes to Financial Statements.
62


Notes to Financial Statements 

MAY 31, 2021

1. Organization

American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Intermediate-Term Tax-Free Bond Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal income tax.

The fund offers the Investor Class, I Class, Y Class, A Class and C Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

63


Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, the trust's distributor, American Century Investment Services, Inc. (ACIS), and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.

64


The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended May 31, 2021 are as follows:
Investment Category Fee Range
Complex Fee Range
Effective Annual Management Fee
Investor Class
0.1625%
to 0.2800%
0.2500% to 0.3100%0.46%
I Class0.0500% to 0.1100%0.26%
Y Class0.0200% to 0.0800%0.23%
A Class0.2500% to 0.3100%0.46%
C Class0.2500% to 0.3100%0.46%

Distribution and Service Fees — The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended May 31, 2021 are detailed in the Statement of Operations.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $48,920,000 and $77,000,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2021 were $1,184,223,621 and $1,137,479,655, respectively.

65


5. Capital Share Transactions

Transactions in shares of the fund were as follows (unlimited number of shares authorized):
Year ended
May 31, 2021
Year ended
May 31, 2020
SharesAmountSharesAmount
Investor Class
Sold15,060,821$177,336,89020,583,514$237,608,370
Issued in reinvestment of distributions1,723,00220,286,4672,383,07527,580,187
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
Sold70,254,993827,666,51646,936,172543,063,993
Issued in reinvestment of distributions2,870,02333,850,3632,386,05027,617,594
Redeemed(26,522,797)(312,595,361)(71,945,933)(817,725,720)
46,602,219548,921,518(22,623,711)(247,044,133)
Y Class
Sold21,700,699255,450,36271,370,664815,169,823
Issued in reinvestment of distributions2,934,88934,558,7283,082,96035,638,964
Redeemed(42,353,635)(496,625,622)(29,816,498)(340,049,485)
(17,718,047)(206,616,532)44,637,126510,759,302
A Class
Sold1,269,41314,969,151971,80911,223,337
Issued in reinvestment of distributions59,589702,34753,336617,004
Redeemed(734,666)(8,685,053)(803,743)(9,250,977)
594,3366,986,445221,4022,589,364
C Class
Sold144,5261,708,225121,9651,405,506
Issued in reinvestment of distributions7,04682,8779,183106,183
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$43,835,33812,571,784$158,911,668

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

66


The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1Level 2Level 3
Assets
Investment Securities
Municipal Securities— $4,168,800,046 — 
Exchange-Traded Funds$31,361,638 — — 
$31,361,638 $4,168,800,046 — 

7. Risk Factors

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. However, LIBOR is expected to be phased out and the transition process may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments.

8. Federal Tax Information

The tax character of distributions paid during the years ended May 31, 2021 and May 31, 2020 were as follows:
20212020
Distributions Paid From
Exempt income$99,890,658 $102,779,876 
Long-term capital gains— — 

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

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$281,269,206 
Undistributed exempt income419 
Accumulated short-term capital losses$(2,870,506)
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

67


Financial Highlights 
For a Share Outstanding Throughout the Years Ended May 31 (except as noted)
Per-Share DataRatios 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$11.450.270.470.74(0.27)$11.926.50%0.47%2.27%28%$834,125 
2020$11.490.28(0.04)0.24(0.28)$11.452.09%0.47%2.43%49%$1,094,742 
2019$11.180.300.310.61(0.30)$11.495.57%0.47%2.69%40%$1,208,725 
2018$11.370.30(0.19)0.11(0.30)$11.180.95%0.47%2.63%36%$1,408,019 
2017$11.560.29(0.19)0.10(0.29)$11.370.87%0.47%2.52%54%$1,559,408 
I Class
2021$11.460.290.470.76(0.29)$11.936.71%0.27%2.47%28%$1,703,281 
2020$11.500.30(0.04)0.26(0.30)$11.462.30%0.27%2.63%49%$1,102,093 
2019$11.180.320.320.64(0.32)$11.505.87%0.27%2.89%40%$1,366,170 
2018$11.380.32(0.20)0.12(0.32)$11.181.07%0.27%2.83%36%$872,018 
2017$11.560.31(0.18)0.13(0.31)$11.381.16%0.27%2.72%54%$1,604,320 
Y Class
2021$11.450.300.460.76(0.29)$11.926.74%0.24%2.50%28%$1,630,371 
2020$11.490.31(0.04)0.27(0.31)$11.452.33%0.24%2.66%49%$1,768,682 
2019$11.180.330.310.64(0.33)$11.495.81%0.24%2.92%40%$1,262,340 
2018$11.370.32(0.19)0.13(0.32)$11.181.19%0.24%2.86%36%$1,126,861 
2017(3)
$11.230.040.140.18(0.04)$11.371.65%
0.24%(4)
2.83%(4)
54%(5)
$5 



For a Share Outstanding Throughout the Years Ended May 31 (except as noted)
Per-Share DataRatios 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$11.450.240.480.72(0.24)$11.936.32%0.72%2.02%28%$38,172 
2020$11.500.25(0.05)0.20(0.25)$11.451.75%0.72%2.18%49%$29,854 
2019$11.180.270.320.59(0.27)$11.505.40%0.72%2.44%40%$27,415 
2018$11.380.27(0.20)0.07(0.27)$11.180.61%0.72%2.38%36%$39,379 
2017$11.560.26(0.18)0.08(0.26)$11.380.70%0.72%2.27%54%$59,168 
C Class
2021$11.440.150.480.63(0.15)$11.925.53%1.47%1.27%28%$4,819 
2020$11.490.16(0.05)0.11(0.16)$11.440.99%1.47%1.43%49%$8,261 
2019$11.170.190.320.51(0.19)$11.494.61%1.47%1.69%40%$9,356 
2018$11.370.18(0.20)(0.02)(0.18)$11.17(0.14)%1.47%1.63%36%$12,437 
2017$11.550.17(0.18)(0.01)(0.17)$11.37(0.05)%1.47%1.52%54%$14,572 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)April 10, 2017 (commencement of sale) through May 31, 2017.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended May 31, 2017.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm 

To the Board of Trustees of American Century Municipal Trust and Shareholders of Intermediate-Term Tax-Free Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Intermediate-Term Tax-Free Bond Fund (one of the funds constituting American Century Municipal Trust, referred to hereafter as the “Fund”) as of May 31, 2021, the related statement of operations for the year ended May 31, 2021, the statement of changes in net assets for each of the two years in the period ended May 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
July 21, 2021

We have served as the auditor of one or more investment companies in American Century Investments since 1997.




70


Management 

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
TrusteeSince 2011Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)38None
Anne Casscells
(1958)
TrusteeSince 2016Co-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)38None
Ronald J. Gilson
(1946)
Trustee and Chairman of the BoardSince 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)66None
71


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer
(1946)
TrusteeSince 2008Senior Advisor, Credit
Sesame, Inc. (credit
monitoring firm) (2018 to
present); Senior Advisor,
Course Hero (an
educational technology
company) (2015 to present)
38None
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles 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)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries138None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

72


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive 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 2014Chief 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 2012Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)
73


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period December 1, 2019 through December 31, 2020. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

74


Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.


Proxy Voting Policies
 
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
 

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.
75


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $100,057,050 as exempt interest dividends for the fiscal year ended May 31, 2021.


Change in Independent Registered Public Accounting Firm

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Trustees approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP was dismissed and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending May 31, 2022.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended May 31, 2020 and May 31, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, neither the fund, nor anyone on its behalf, consulted with Deloitte & Touche LLP, on behalf of the fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the fund’s financial statements, or any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

The fund requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether PricewaterhouseCoopers LLP agrees with the statements contained above. A copy of the letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission is filed as an exhibit hereto.




















76






acihorizblkd52.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
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




    


acihorizblkd52.jpg

Annual Report
May 31, 2021
Tax-Free Money Market Fund
Investor Class (BNTXX)

































Table of Contents 
President’s Letter
Performance3
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
 





















Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter

image10.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended May 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Muni Returns Moderated as Rates Rose

The reporting period began with financial markets experiencing a sweeping recovery from the initial—and severe—effects of the COVID-19 pandemic. Swift and significant action from the Federal Reserve and the federal government in early 2020 helped reignite investor confidence in the markets and bolster the economic backdrop. Credit-sensitive assets, including municipal bonds (munis), quickly rebounded from their late-March 2020 lows to start the reporting period on an upbeat trend. A record 33.4% (annualized) U.S. economic expansion in the third quarter of 2020 also contributed to the positive tone.

Improving data on U.S. manufacturing, employment and housing, along with a late-2020 federal coronavirus aid package and positive vaccine developments, helped sustain the optimism. Furthermore, political clarity emerged following the January 2021 U.S. Senate run-off elections in Georgia. The results gave Democrats control of Congress and set the stage for another federal aid package, which passed in March and included direct support for states. Additionally, the Biden administration released significant spending and tax-hike proposals—policies generally supportive of munis.
The broad economic gains combined with ongoing monetary and fiscal support and state reopenings eventually drove inflation and U.S. Treasury yields higher. Muni yields also rose, but at a slower pace than comparable-maturity Treasuries. Against this backdrop, muni returns moderated in 2021, but the asset class delivered gains for the 12-month period and significantly outperformed Treasuries, which declined.

Reopenings Will Shape Market Dynamics

The return to pre-pandemic life is progressing. As the U.S. economy continues to rebuild from shutdown-related losses, investors likely will face renewed opportunities and challenges. Economic growth data, the virus’s trajectory, supply chain normalization, and the effects of fiscal and monetary policy likely will be among the factors swaying market dynamics.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image7.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance  
Total Returns as of May 31, 2021
   
Average Annual Returns 
 
Ticker Symbol1 year5 years10 yearsInception Date
Investor ClassBNTXX0.01%0.60%0.31%7/31/84
Fund returns would have been lower if a portion of the fees had not been waived.
Total Annual Fund Operating Expenses 
Investor Class0.50%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.
 




















Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The 7-day current yield more closely reflects the current earnings of the fund than the total return.
3


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 Maturity35 days
Weighted Average Life36 days
Portfolio Composition by Maturity 
% of fund investments
1-30 days77%
31-90 days14%
91-180 days5%
More than 180 days4%

4


Shareholder Fee Example 

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from December 1, 2020 to May 31, 2021.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

5


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$0.850.17%
Hypothetical
Investor Class$1,000$1,024.08$0.860.17%
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
6


Schedule of Investments 

MAY 31, 2021
Principal AmountValue
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%, 11/9/213,000,000 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%, 12/30/212,000,000 2,033,045 
California Statewide Communities Development Authority, 0.15%, 11/3/212,000,000 2,000,000 
California Statewide Communities Development Authority, 0.14%, 11/9/212,000,000 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%, 6/24/212,465,000 2,470,725 
Irvine Ranch Water District Special Assessment, VRN, 0.08%, (MUNIPSA plus 0.03%), 10/1/371,000,000 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%, 6/9/212,700,000 2,700,000 
State of California Department of Water Resources, 0.09%, 7/6/214,500,000 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%, 7/1/334,500,000 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 
7


Principal AmountValue
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 
8


Principal AmountValue
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 
9


Principal AmountValue
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%, 8/26/214,500,000 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 

10


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.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $39,185,000, which represented 25.4% of total net assets.
(2)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $3,880,000, which represented 2.5% of total net assets.


See Notes to Financial Statements.
11


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 
Cash83,872 
Receivable for investments sold380,000 
Receivable for capital shares sold248,265 
Interest receivable463,745 
154,644,144 
Liabilities
Payable for capital shares redeemed304,990 
Accrued management fees24,760 
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 


See Notes to Financial Statements.
12


Statement of Operations 
YEAR ENDED MAY 31, 2021
Investment Income (Loss)
Income:
Interest$314,805 
Expenses:
Management fees774,831 
Trustees' fees and expenses10,853 
Other expenses534 
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 


See Notes to Financial Statements.
13


Statement of Changes in Net Assets 
YEARS ENDED MAY 31, 2021 AND MAY 31, 2020
Increase (Decrease) in Net AssetsMay 31, 2021May 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 sold118,891,461 160,467,538 
Proceeds from reinvestment of distributions15,317 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 period159,691,483 129,158,858 
End of period$154,314,394 $159,691,483 
Transactions in Shares of the Fund
Sold118,891,461 160,467,538 
Issued in reinvestment of distributions15,317 1,233,495 
Redeemed(124,283,867)(131,168,408)
Net increase (decrease) in shares of the fund(5,377,089)30,532,625 


See Notes to Financial Statements.
14


Notes to Financial Statements 

MAY 31, 2021

1. Organization

American Century Municipal Trust (the trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Massachusetts business trust. Tax-Free Money Market Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek safety of principal and high current income that is exempt from federal income tax.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments are generally valued at amortized cost, which approximates fair value. If the fund determines that the amortized cost does not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are declared daily and paid monthly. The fund may make capital gains distributions to comply with the distribution requirements of the Internal Revenue Code.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, American Century Investment Management, Inc. (ACIM), the trust's distributor, American Century Investment Services, Inc., and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

15


Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended May 31, 2021 was 0.49% before waiver and 0.18% after waiver.

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the fund. The trustees receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund’s officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $9,725,000 and $10,901,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

4. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the fund’s investment securities were classified as Level 2. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

5. Risk Factors

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.

16


6. Federal Tax Information

The tax character of distributions paid during the years ended May 31, 2021 and May 31, 2020 were as follows:
20212020
Distributions Paid From
Exempt income$15,890 $1,254,330 
Long-term capital gains— — 

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.



17


Financial Highlights 
For a Share Outstanding Throughout the Years Ended May 31 (except as noted)
Per-Share DataRatios 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)
$1.000.01%0.19%0.50%0.01%(0.30)%$154,314 
2020$1.000.010.01(0.01)(0.01)$1.000.91%0.47%0.50%0.90%0.87%$159,691 
2019$1.000.010.01(0.01)
(2)
(0.01)$1.001.12%0.50%0.50%1.11%1.11%$129,159 
2018$1.000.01
(2)
0.01(0.01)(0.01)$1.000.69%0.50%0.50%0.69%0.69%$138,247 
2017$1.00
(2)
(2)
(2)
(2)
(2)
$1.000.28%0.50%0.50%0.27%0.27%$137,390 

Notes to Financial Highlights
(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(2)Per-share amount was less than $0.005.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Century Municipal Trust and Shareholders of Tax-Free Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Tax-Free Money Market Fund (one of the funds constituting American Century Municipal Trust, referred to hereafter as the “Fund”) as of May 31, 2021, the related statement of operations for the year ended May 31, 2021, the statement of changes in net assets for each of the two years in the period ended May 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2021 and the financial highlights for each of the five years in the period ended May 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Kansas City, Missouri
July 21, 2021

We have served as the auditor of one or more investment companies in American Century Investments since 1997.
19


Management 

Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Independent trustees shall retire on December 31 of the year in which they reach their 75th birthday; provided, however, that on or after January 1, 2022, independent trustees shall retire on December 31 of the year in which they reach their 76th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The trustees serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Ronald J. Gilson, 9) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Tanya S. Beder
(1955)
TrusteeSince 2011Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)38Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012 to 2017)
Jeremy I. Bulow
(1954)
TrusteeSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)38None
Anne Casscells
(1958)
TrusteeSince 2016Co-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)38None
Ronald J. Gilson
(1946)
Trustee and Chairman of the BoardSince 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)66None
20


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by TrusteeOther Directorships Held During Past 5 Years
Independent Trustees
Frederick L. A. Grauer
(1946)
TrusteeSince 2008Senior Advisor, Credit
Sesame, Inc. (credit
monitoring firm) (2018 to
present); Senior Advisor,
Course Hero (an
educational technology
company) (2015 to present)
38None
Jonathan D. Levin
(1972)
TrusteeSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)38None
Peter F. Pervere
(1947)
TrusteeSince 2007Retired38None
John B. Shoven
(1947)
TrusteeSince 2002Charles 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)
TrusteeSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries138None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-2021.

21


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each of the officers listed below is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)
Offices with the FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive 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 2014Chief 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 2012Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach
(1966)
Vice President since 2006Vice President, ACS (2000 to present)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)


22


Liquidity Risk Management Program


The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period December 1, 2019 through December 31, 2020. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

23


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.


Proxy Voting Policies
 
Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.
 

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange
Commission (SEC) each month on Form N-MFP. The fund’s Form N-MFP reports are available on
its website at americancentury.com and on the SEC’s website at sec.gov. The fund also makes its
complete schedule of portfolio holdings for the most recent first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.



24


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates $15,890 as exempt interest dividends for the fiscal year ended May 31,
2021.


Change in Independent Registered Public Accounting Firm

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Trustees approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP was dismissed and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending May 31, 2022.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended May 31, 2020 and May 31, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, neither the fund, nor anyone on its behalf, consulted with Deloitte & Touche LLP, on behalf of the fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the fund’s financial statements, or any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

The fund requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether PricewaterhouseCoopers LLP agrees with the statements contained above. A copy of the letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission is filed as an exhibit hereto.





25


Notes
26


Notes
27



Notes



28













































acihorizblkd52.jpg
Contact Usamericancentury.com
Automated Information Line1-800-345-8765
Investor Services Representative1-800-345-2021
or 816-531-5575
Investors Using Advisors1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies1-800-345-6488
Telecommunications Relay Service for the Deaf711
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



(b) None.

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Tanya S. Beder, Jennifer Cabalquinto, Anne Casscells, Peter F. Pervere and Ronald J. Gilson are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2020: $87,177
FY 2021: $85,805




(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2020: $0
FY 2021: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2020: $0
FY 2021: $0

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent



company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2020: $147,500
FY 2021: $144,500

(h) The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.


ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.


ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.


ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.




ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.


ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.


ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4)(i) Change in Registrant’s Independent Public Accountant
(a)(4)(ii) Letter from PricewaterhouseCoopers LLP

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant:American Century Municipal Trust
By:/s/ Patrick Bannigan
Name:Patrick Bannigan
Title:President
Date:July 28, 2021


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:/s/ Patrick Bannigan
Name: Patrick Bannigan
Title: President
          (principal executive officer)
Date: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



Document

EX-99.CERT
CERTIFICATIONS

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:July 28, 2021
/s/ Patrick Bannigan
Patrick Bannigan
President
(principal executive officer)




I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:July 28, 2021
/s/ R. Wes Campbell
R. Wes Campbell
Treasurer and Chief Financial Officer
(principal financial officer)



Document

Exhibit 13(a)(4) – Changes in the Registrant’s Independent Public Accountant

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Trustees approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP was dismissed and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending May 31, 2022. During the fiscal years ended May 31, 2020 and May 31, 2021 and the subsequent interim period through June 16, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1)(v) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended May 31, 2020 and May 31, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

The Registrant has requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit hereto.


Document

image.jpg


July 28, 2021





Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549


Commissioners:

We have read the statements made by American Century Municipal Trust (copy attached), which we                             
understand will be filed with the Securities and Exchange Commission, pursuant to Item 13(4) of Form N-    
CSR of American Century Municipal Trust dated July 28, 2021. We agree with the statements concerning
our Firm contained therein.

Very truly yours,



PricewaterhouseCoopers LLP
Kansas City, Missouri



Attachment


Document

EX-99.906CERT

CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


    
In connection with the shareholder report of American Century Municipal Trust (the "Registrant") on Form N-CSR for the period ending May 31, 2021 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:July 28, 2021
By:/s/ Patrick Bannigan
Patrick Bannigan
President
(chief executive officer)
By:/s/ R. Wes Campbell
R. Wes Campbell
Treasurer and Chief Financial Officer
(chief financial officer)