| Investment Company Act file number | 811-04025 | |||||||||||||||||||
| (Exact name of registrant as specified in charter) | ||||||||||||||||||||
| 4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
| JOHN PAK 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: | 05-31-2025 | |||||||||||||||||||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
High-Yield Municipal Fund | |||||
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. | ||||
• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. | ||||
• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| Investor Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Municipal Bond 50% Investment Grade/50% High Yield | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
| Fund Changes | ||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
High-Yield Municipal Fund | |||||
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. | ||||
• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. | ||||
• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| I Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Municipal Bond 50% Investment Grade/50% High Yield | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
High-Yield Municipal Fund | |||||
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. | ||||
• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. | ||||
• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
April 10, 2017 through May 31, 2025 | ||
Average Annual Total Returns | ||||||||||||||
| 1 Year | 5 Year | Since Inception | Inception Date | |||||||||||
| Y Class | ||||||||||||||
| Regulatory Index | ||||||||||||||
| S&P National AMT-Free Municipal Bond | — | |||||||||||||
| Performance Index | ||||||||||||||
| S&P Municipal Bond 50% Investment Grade/50% High Yield | — | |||||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
High-Yield Municipal Fund | |||||
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. | ||||
• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. | ||||
• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
The initial investment is adjusted to reflect the maximum initial sales charge. | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| A Class | |||||||||||
| A Class - with sales charge | - | ||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Municipal Bond 50% Investment Grade/50% High Yield | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
High-Yield Municipal Fund | |||||
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. | ||||
• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. | ||||
• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| C Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Municipal Bond 50% Investment Grade/50% High Yield | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. | ||||
• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| Investor Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Intermediate Term National AMT-Free Municipal Bond | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Exchange-Traded Funds | |||||
| Short-Term Investments | |||||
| Other Assets and Liabilities | |||||
| Fund Changes | ||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. | ||||
• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| I Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Intermediate Term National AMT-Free Municipal Bond | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Exchange-Traded Funds | |||||
| Short-Term Investments | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. | ||||
• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
April 10, 2017 through May 31, 2025 | ||
Average Annual Total Returns | ||||||||||||||
| 1 Year | 5 Year | Since Inception | Inception Date | |||||||||||
| Y Class | ||||||||||||||
| Regulatory Index | ||||||||||||||
| S&P National AMT-Free Municipal Bond | — | |||||||||||||
| Performance Index | ||||||||||||||
| S&P Intermediate Term National AMT-Free Municipal Bond | — | |||||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Exchange-Traded Funds | |||||
| Short-Term Investments | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. | ||||
• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
The initial investment is adjusted to reflect the maximum initial sales charge. | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| A Class | |||||||||||
| A Class - with sales charge | - | - | |||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Intermediate Term National AMT-Free Municipal Bond | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Exchange-Traded Funds | |||||
| Short-Term Investments | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
| What were the key factors that affected the fund’s performance? | |||||
Intermediate-Term Tax-Free Bond Fund | |||||
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | |||||
• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. | ||||
• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. | ||||
• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. | ||||
Cumulative Performance (based on an initial $10,000 investment) | ||
May 31, 2015 through May 31, 2025 | ||
Average Annual Total Returns | |||||||||||
| 1 Year | 5 Year | 10 Year | |||||||||
| C Class | |||||||||||
| Regulatory Index | |||||||||||
| S&P National AMT-Free Municipal Bond | |||||||||||
| Performance Index | |||||||||||
| S&P Intermediate Term National AMT-Free Municipal Bond | |||||||||||
The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund’s investment strategy. | |||||||||||||||||
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. | |||||||||||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Portfolio Turnover Rate | % | ||||
| Total Number of Portfolio Holdings | |||||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Exchange-Traded Funds | |||||
| Short-Term Investments | |||||
| Other Assets and Liabilities | |||||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| May 31, 2025 | |||||
What were the fund costs for the last year? (based on a hypothetical $10,000 investment) | ||||||||
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |||||||
| $ | ||||||||
Fund Statistics | |||||
| Net Assets | $ | ||||
| Management Fees (dollars paid during the reporting period) | $ | ||||
| Total Number of Portfolio Holdings | |||||
| 7-Day Current Yield - Investor Class | 1.90 | % | |||
| 7-Day Effective Yield - Investor Class | 1.92 | % | |||
| Fund Holdings | ||
Types of Investments in Portfolio (as a % of net assets) | |||||
| Municipal Securities | |||||
| Other Assets and Liabilities | |||||
| Fund Changes | ||
For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs. | ||
©2025 American Century Proprietary Holdings, Inc. All rights reserved. | ||
| FY 2024: | $70,870 | ||||
| FY 2025: | $68,500 | ||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $0 | |||||||
| FY 2025: | $0 | |||||||
| FY 2024: | $343,325 | ||||
| FY 2025: | $98,325 | ||||
| (i) | Not applicable. | ||||
| (j) | Not applicable. | ||||
| Annual Financial Statements and Other Information | |||||
| May 31, 2025 | |||||
| High-Yield Municipal Fund | |||||
| Investor Class (ABHYX) | |||||
| I Class (AYMIX) | |||||
| Y Class (AYMYX) | |||||
| A Class (AYMAX) | |||||
| C Class (AYMCX) | |||||
| Table of Contents | ||
| 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 | |||||
| Other Tax Information | |||||
| Schedule of Investments | ||
| Principal Amount | Value | |||||||
| MUNICIPAL SECURITIES — 99.3% | ||||||||
| Alabama — 1.9% | ||||||||
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | $ | 3,075,000 | $ | 3,067,390 | ||||
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 1,000,000 | 1,042,861 | ||||||
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 1,250,000 | 1,310,849 | ||||||
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 600,000 | 635,251 | ||||||
| Jefferson Sewer County Rev., 5.25%, 10/1/49 | 2,000,000 | 2,020,886 | ||||||
| Mobile County Industrial Development Authority Rev., (AM/NS Calvert LLC), 4.75%, 12/1/54 (GA: Arcelormittal SA) | 330,000 | 298,176 | ||||||
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 2,400,000 | 2,502,124 | ||||||
| 10,877,537 | ||||||||
| Arizona — 5.2% | ||||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 2,065,000 | 1,896,861 | ||||||
| Arizona Industrial Development Authority Rev., (Doral Academy of Nevada Fire Mesa/Red Rock/Pebble Obligated Group), 5.00%, 7/15/49 | 1,675,000 | 1,481,210 | ||||||
Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47(1) | 2,000,000 | 2,005,313 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1)(2)(3) | 7,000,000 | 210,000 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)(2)(3) | 1,400,000 | 42,000 | ||||||
Arizona Industrial Development Authority Rev., (Mirabella at ASU, Inc.), VRN, 5.35%, 10/1/28(1) | 840,000 | 787,369 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1) | 1,600,000 | 1,268,891 | ||||||
| Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/56 | 3,500,000 | 2,923,393 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 840,000 | 738,888 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45(1) | 1,500,000 | 1,421,756 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46(1) | 1,500,000 | 1,415,387 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46(1) | 500,000 | 466,054 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45(1) | 2,000,000 | 1,994,682 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57(1) | 1,000,000 | 733,216 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57(1) | 1,860,000 | 1,363,782 | ||||||
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.25%, 7/1/44 | 1,165,000 | 1,001,603 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(1) | 2,450,000 | 2,273,530 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/56(1) | 1,220,000 | 924,788 | ||||||
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.25%, 7/1/47 | 1,000,000 | 1,043,517 | ||||||
Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/54(1) | 2,000,000 | 1,817,445 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37(1) | 800,000 | 593,109 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47(1) | 4,650,000 | 3,039,431 | ||||||
| 29,442,225 | ||||||||
| Arkansas — 0.5% | ||||||||
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.45%, 9/1/52 | 2,000,000 | 1,990,920 | ||||||
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 | 670,000 | 677,680 | ||||||
| 2,668,600 | ||||||||
| California — 4.4% | ||||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(4) | 8,000,000 | 1,755,364 | ||||||
California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), Capital Appreciation, 0.00%, 6/1/55(4) | 1,000,000 | 182,000 | ||||||
| Principal Amount | Value | |||||||
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | $ | 665,000 | $ | 671,117 | ||||
City & County of San Francisco Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Development), 5.75%, 9/1/50(1) | 850,000 | 879,232 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 3.25%, 4/1/57(1) | 3,000,000 | 2,082,472 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1) | 2,140,000 | 1,481,771 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Altana Apartments), 4.00%, 10/1/56(1) | 2,500,000 | 1,849,502 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Escondido Portfolio), 4.00%, 12/1/59(1) | 3,500,000 | 1,818,591 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57(1) | 2,000,000 | 1,265,331 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 4.00%, 3/1/57(1) | 1,765,000 | 1,235,516 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Parallel-Anaheim), 4.00%, 8/1/56(1) | 2,450,000 | 2,063,858 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Waterscape Apartments), 4.00%, 9/1/46(1) | 825,000 | 656,965 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57(1) | 1,670,000 | 497,078 | ||||||
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42 | 500,000 | 568,561 | ||||||
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(4) | 9,750,000 | 1,050,092 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61(1) | 2,665,000 | 2,285,998 | ||||||
Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, 0.00%, 7/1/61(1) | 7,660,000 | 3,361,853 | ||||||
| Sunnyvale Special Tax, (City of Sunnyvale CA Community Facilities District No. 1), 7.75%, 8/1/32 | 1,205,000 | 1,208,654 | ||||||
| 24,913,955 | ||||||||
| Colorado — 4.0% | ||||||||
| Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/50 | 1,000,000 | 909,241 | ||||||
| City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750,000 | 794,437 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/53 | 1,000,000 | 984,989 | ||||||
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 400,000 | 412,575 | ||||||
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.25%, 12/1/54 | 570,000 | 574,357 | ||||||
| Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 243,000 | 241,613 | ||||||
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 615,000 | 614,786 | ||||||
| Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/48 | 2,286,000 | 2,292,565 | ||||||
Denver Urban Renewal Authority Tax Allocation, (Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1) | 1,685,000 | 1,624,622 | ||||||
Fiddlers Business Improvement District GO, 5.55%, 12/1/47(1) | 1,000,000 | 995,061 | ||||||
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 1,455,000 | 1,105,552 | ||||||
| Parterre Metropolitan District No. 5 GO, 6.125%, 12/1/55 | 1,500,000 | 1,542,095 | ||||||
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 500,000 | 514,691 | ||||||
| Red Barn Metropolitan District GO, 5.50%, 12/1/55 | 940,000 | 909,870 | ||||||
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35(1) | 2,000,000 | 2,108,536 | ||||||
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | 500,000 | 488,110 | ||||||
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1,000,000 | 923,924 | ||||||
| State of Colorado COP, 6.00%, 12/15/38 | 810,000 | 925,999 | ||||||
| State of Colorado COP, 6.00%, 12/15/40 | 1,345,000 | 1,521,667 | ||||||
| Sterling Ranch Community Authority Board Special Assessment, (Sterling Ranch Metropolitan District No. 1), 5.625%, 12/1/43 | 511,000 | 511,231 | ||||||
| Village Metropolitan District GO, 5.00%, 12/1/49 | 2,400,000 | 2,277,397 | ||||||
| Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40 | 300,000 | 293,185 | ||||||
| 22,566,503 | ||||||||
| Connecticut — 1.2% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/50(1) | 3,750,000 | 3,365,031 | ||||||
| Principal Amount | Value | |||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/55(1) | $ | 2,000,000 | $ | 1,590,675 | ||||
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 900,000 | 901,803 | ||||||
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.75%, 10/1/32 | 1,000,000 | 1,003,167 | ||||||
| 6,860,676 | ||||||||
| Delaware — 0.6% | ||||||||
Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.625%, 7/1/53(1) | 750,000 | 752,114 | ||||||
Town of Millsboro Special Tax, (Town of Millsboro DE Plantation Lakes Special Development District), 5.25%, 7/1/48(1) | 2,994,000 | 2,781,070 | ||||||
| 3,533,184 | ||||||||
| District of Columbia — 0.7% | ||||||||
| District of Columbia Rev., (Rocketship DC Obligated Group), 5.75%, 6/1/54 | 750,000 | 743,499 | ||||||
District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46(4) | 15,000,000 | 3,213,356 | ||||||
| 3,956,855 | ||||||||
| Florida — 7.5% | ||||||||
| Babcock Ranch Community Independent Special District Special Assessment, (Babcock Ranch Community Independent Special District Assessment Area 1), 5.25%, 11/1/46 | 250,000 | 246,346 | ||||||
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 1,000,000 | 904,476 | ||||||
Capital Projects Finance Authority Rev., (Navigator Academy of Leadership, Inc. Obligated Group), 5.00%, 6/15/64(1) | 1,000,000 | 874,998 | ||||||
Capital Projects Finance Authority Rev., (PRG - UnionWest Properties LLC), 5.00%, 6/1/54(1) | 250,000 | 236,809 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/58 | 1,200,000 | 1,071,282 | ||||||
| Escambia County Health Facilities Authority Rev., (Baptist Hospital, Inc. Obligated Group), 4.00%, 8/15/45 | 4,860,000 | 4,138,618 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 5.00%, 9/15/50(1) | 2,200,000 | 1,877,229 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 6.75%, 6/15/53(1) | 1,500,000 | 1,566,883 | ||||||
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/54 | 2,500,000 | 2,409,173 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/53 | 1,250,000 | 1,325,218 | ||||||
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.50%, 11/15/54 | 2,000,000 | 2,106,555 | ||||||
| JEA Water & Sewer System Rev., 5.50%, 10/1/54 | 1,000,000 | 1,054,134 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/49(1) | 800,000 | 700,872 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/54(1) | 850,000 | 726,381 | ||||||
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 650,000 | 650,397 | ||||||
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 2,000,000 | 1,938,943 | ||||||
| Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy Obligated Group), 5.25%, 9/15/44 | 950,000 | 882,426 | ||||||
| Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 | 700,000 | 695,607 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/46 | 2,000,000 | 1,937,379 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.75%, 9/1/54 (AGM) | 960,000 | 1,012,314 | ||||||
| Tomoka Community Development District Special Assessment, (Tomoka Community Development District Series 2017), 5.50%, 5/1/35 | 2,500,000 | 2,536,291 | ||||||
Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.625%, 1/1/30(1) | 750,000 | 748,509 | ||||||
| Village Community Development District No. 12 Special Assessment (Village Community Development District No. 12 Series 2016), 3.625%, 5/1/31 | 1,805,000 | 1,766,075 | ||||||
| Village Community Development District No. 12 Special Assessment (Village Community Development District No. 12 Series 2018 Phase II), 4.375%, 5/1/50 | 2,425,000 | 2,111,228 | ||||||
| Village Community Development District No. 13 Special Assessment (Village Community Development District No. 13 Phase I Series 2019), 3.70%, 5/1/50 | 1,885,000 | 1,453,588 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.25%, 5/1/52 | 2,130,000 | 1,463,708 | ||||||
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.50%, 5/1/53 | 2,850,000 | 2,870,629 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 5.25%, 5/1/54(1) | 985,000 | 961,876 | ||||||
| Principal Amount | Value | |||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.80%, 5/1/55(1) | $ | 500,000 | $ | 458,996 | ||||
| Winter Garden Village at Fowler Groves Community Development District Special Assessment, (Winter Garden Village at Fowler Groves Cmnty Development Dist 2016), 4.125%, 5/1/37 | 1,995,000 | 1,914,030 | ||||||
| 42,640,970 | ||||||||
| Georgia — 3.5% | ||||||||
| Atlanta Department of Aviation Rev., 5.00%, 7/1/52 | 2,100,000 | 2,069,666 | ||||||
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 775,000 | 782,806 | ||||||
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 2,500,000 | 2,495,162 | ||||||
| Development Authority of White County Rev., (Truett-McConnell University, Inc. Obligated Group), 5.25%, 10/1/49 | 4,000,000 | 3,209,370 | ||||||
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/54 | 1,250,000 | 1,022,038 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/54(1) | 2,020,000 | 1,814,471 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 1,050,000 | 1,097,474 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | 3,645,000 | 3,787,538 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 500,000 | 521,251 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 3,000,000 | 3,156,574 | ||||||
| 19,956,350 | ||||||||
| Idaho — 1.1% | ||||||||
| Idaho Health Facilities Authority Rev., (North Canyon Medical Center, Inc.), 5.50%, 11/1/45 | 3,250,000 | 2,944,917 | ||||||
| Idaho Health Facilities Authority Rev., (North Canyon Medical Center, Inc.), 7.125%, 11/1/57 | 1,000,000 | 1,050,279 | ||||||
| Idaho Health Facilities Authority Rev., (St. Luke's Health System Ltd. Obligated Group ID), 4.00%, 3/1/46 (BAM-TCRS) | 2,000,000 | 1,784,173 | ||||||
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 370,000 | 403,526 | ||||||
| 6,182,895 | ||||||||
| Illinois — 6.9% | ||||||||
| Chicago GO, 5.00%, 1/1/28 | 2,000,000 | 2,058,772 | ||||||
| Chicago GO, 5.00%, 1/1/29 | 2,000,000 | 2,076,054 | ||||||
| Chicago GO, 5.625%, 1/1/29 | 2,500,000 | 2,560,689 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/42 | 3,815,000 | 3,461,528 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/46 | 2,500,000 | 2,276,539 | ||||||
| Chicago Board of Education GO, 6.50%, 12/1/46 | 1,000,000 | 1,010,921 | ||||||
| Chicago Midway International Airport Rev., 5.75%, 1/1/48 (BAM) | 715,000 | 752,551 | ||||||
| Chicago O'Hare International Airport Rev., 5.50%, 1/1/53 (AGM) | 1,000,000 | 1,022,559 | ||||||
Chicago O'Hare International Airport Rev., (TrIPs Obligated Group), 5.50%, 7/1/36(5) | 1,415,000 | 1,525,659 | ||||||
Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.125%, 12/1/50 (GA: Centerpoint Properties TR)(1) | 1,500,000 | 1,447,514 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3,500,000 | 3,386,886 | ||||||
Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45(1) | 2,000,000 | 2,002,190 | ||||||
Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/49(1) | 1,840,000 | 1,692,135 | ||||||
Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine and Science), 5.25%, 8/1/35(1) | 1,090,000 | 1,092,783 | ||||||
| Illinois Municipal Electric Agency Rev., 4.00%, 2/1/35 | 2,500,000 | 2,464,358 | ||||||
| Springfield Electric Rev., 5.00%, 3/1/39 (BAM) | 1,250,000 | 1,319,910 | ||||||
| State of Illinois GO, 5.125%, 12/1/29 | 3,000,000 | 3,107,450 | ||||||
| State of Illinois GO, 5.00%, 10/1/33 | 900,000 | 929,286 | ||||||
| State of Illinois GO, 5.50%, 5/1/39 | 985,000 | 1,031,177 | ||||||
| State of Illinois GO, 5.75%, 5/1/45 | 2,400,000 | 2,494,289 | ||||||
| Western Illinois Economic Development Authority Rev., (Memorial Hospital Association IL), 4.00%, 6/1/36 | 2,000,000 | 1,746,682 | ||||||
| 39,459,932 | ||||||||
| Indiana — 0.7% | ||||||||
| Carmel Waterworks Rev., 5.25%, 5/1/51 (BAM) | 1,150,000 | 1,173,595 | ||||||
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.125%, 6/1/58 | 250,000 | 241,575 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/39 | 250,000 | 260,254 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/44 | 250,000 | 253,604 | ||||||
Indiana Finance Authority Rev., (Retirement Living, Inc. Obligated Group), 5.25%, 3/1/50(5) | 880,000 | 852,246 | ||||||
| Principal Amount | Value | |||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.75%, 7/1/64 | $ | 1,255,000 | $ | 1,132,831 | ||||
Valparaiso Rev., (Pratt Paper IN LLC), 4.50%, 1/1/34(1) | 195,000 | 195,336 | ||||||
Valparaiso Rev., (Pratt Paper IN LLC), 5.00%, 1/1/54(1) | 100,000 | 92,734 | ||||||
| 4,202,175 | ||||||||
| Iowa — 0.8% | ||||||||
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 3,720,000 | 3,492,826 | ||||||
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 7.50%, 5/15/53 | 1,000,000 | 1,103,520 | ||||||
| 4,596,346 | ||||||||
| Kansas — 0.1% | ||||||||
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 870,000 | 799,642 | ||||||
| Kentucky — 0.7% | ||||||||
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 1,335,000 | 1,334,974 | ||||||
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 6/1/55 (GA: Morgan Stanley Finance) | 2,500,000 | 2,622,906 | ||||||
| 3,957,880 | ||||||||
| Louisiana — 0.5% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Christwood Obligated Group), 5.25%, 11/15/53(1) | 500,000 | 457,625 | ||||||
St. James Parish Rev., (NuStar Logistics LP), VRN, 6.10%, 12/1/40(1) | 1,250,000 | 1,330,038 | ||||||
St. James Parish Rev., (NuStar Logistics LP), VRN, 5.85%, 8/1/41(1) | 1,000,000 | 1,000,000 | ||||||
| 2,787,663 | ||||||||
| Maryland — 1.2% | ||||||||
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.125%, 6/1/43 | 1,500,000 | 1,447,246 | ||||||
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.00%, 6/1/51 | 1,200,000 | 1,134,016 | ||||||
| Brunswick Special Tax, (City of Brunswick MD Brunswick Crossing District), 5.00%, 7/1/36 | 1,447,000 | 1,451,402 | ||||||
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/50 | 3,370,000 | 2,712,154 | ||||||
| 6,744,818 | ||||||||
| Massachusetts — 0.6% | ||||||||
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/52 | 2,070,000 | 2,020,614 | ||||||
Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 5.00%, 7/1/60(1) | 1,000,000 | 904,938 | ||||||
Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29(1) | 400,000 | 400,353 | ||||||
| 3,325,905 | ||||||||
| Michigan — 3.1% | ||||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2,500,000 | 2,247,149 | ||||||
| Detroit GO, 5.50%, 4/1/45 | 1,540,000 | 1,572,850 | ||||||
| Detroit GO, 5.00%, 4/1/46 | 3,000,000 | 2,980,249 | ||||||
| Detroit GO, 5.00%, 4/1/50 | 1,250,000 | 1,222,803 | ||||||
| Detroit GO, 5.50%, 4/1/50 | 1,820,000 | 1,846,342 | ||||||
| Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/41 | 2,500,000 | 2,256,312 | ||||||
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 1,580,000 | 1,463,812 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65(4) | 1,500,000 | 151,785 | ||||||
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1) | 1,335,000 | 1,312,441 | ||||||
| State of Michigan Trunk Line Rev., 5.00%, 11/15/46 | 2,000,000 | 2,072,270 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/36 (AGM) | 750,000 | 809,538 | ||||||
| 17,935,551 | ||||||||
| Minnesota — 0.3% | ||||||||
| Crookston Rev., (Riverview Healthcare Association), 5.00%, 5/1/51 | 3,100,000 | 1,642,676 | ||||||
| Mississippi — 0.5% | ||||||||
Hinds County COP, 4.625%, 9/1/54 (BAM)(1) | 960,000 | 828,212 | ||||||
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 1,900,000 | 1,868,316 | ||||||
| 2,696,528 | ||||||||
| Missouri — 2.4% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/54 | 1,250,000 | 1,205,386 | ||||||
| Principal Amount | Value | |||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/48 | $ | 945,000 | $ | 976,510 | ||||
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2,500,000 | 2,119,933 | ||||||
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 750,000 | 738,834 | ||||||
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 5,000,000 | 4,676,633 | ||||||
| St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 3,600,000 | 3,095,628 | ||||||
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/46 | 1,000,000 | 897,972 | ||||||
| 13,710,896 | ||||||||
| Nebraska — 0.9% | ||||||||
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 5,000,000 | 5,158,519 | ||||||
| Nevada — 3.2% | ||||||||
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/30 | 1,145,000 | 1,146,741 | ||||||
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/32 | 295,000 | 295,389 | ||||||
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/35 | 545,000 | 545,570 | ||||||
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.50%, 12/1/53 | 300,000 | 292,987 | ||||||
| Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 840,000 | 843,004 | ||||||
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 775,000 | 619,778 | ||||||
| Las Vegas Special Improvement District No. 817 Special Assessment, 6.00%, 6/1/53 | 500,000 | 514,034 | ||||||
Nevada Department of Business & Industry Rev., (Desertxpress Enterprises LLC), VRN, 9.50%, 1/1/65(1) | 2,500,000 | 2,385,636 | ||||||
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada Cactus/Saddle Obligated Group), 5.00%, 7/15/37 | 1,000,000 | 989,237 | ||||||
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada Cactus/Saddle Obligated Group), 5.00%, 7/15/47 | 1,400,000 | 1,252,286 | ||||||
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.25%, 6/1/34 | 535,000 | 511,804 | ||||||
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39 | 640,000 | 599,324 | ||||||
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43 | 530,000 | 481,174 | ||||||
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49 | 870,000 | 765,519 | ||||||
Reno Rev., (County of Washoe NV Sales Tax), Capital Appreciation, 0.00%, 7/1/58(1)(4) | 5,500,000 | 814,806 | ||||||
Reno Rev., (County of Washoe NV Sales Tax), Capital Appreciation, 0.00%, 7/1/58(1)(4) | 13,000,000 | 1,487,702 | ||||||
Reno Special Assessment, (City of Reno NV 2024 District No. 1), 5.125%, 6/1/47(1) | 675,000 | 632,590 | ||||||
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/39 | 240,000 | 240,129 | ||||||
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/44 | 230,000 | 221,524 | ||||||
| Sparks Special Improvement District No. 1 Special Assessment, 5.125%, 6/1/54 | 285,000 | 266,001 | ||||||
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 2,850,000 | 2,765,740 | ||||||
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 500,000 | 471,706 | ||||||
| 18,142,681 | ||||||||
| New Jersey — 2.9% | ||||||||
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/49(1) | 1,105,000 | 1,033,695 | ||||||
New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/54(1) | 725,000 | 669,496 | ||||||
| New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5,000,000 | 4,763,939 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/52 | 2,300,000 | 2,313,905 | ||||||
| New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.625%, 11/15/30 | 455,000 | 455,237 | ||||||
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 530,000 | 527,224 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/44 | 5,000,000 | 4,988,144 | ||||||
New Jersey Turnpike Authority Rev., 5.25%, 1/1/55(5) | 1,500,000 | 1,551,667 | ||||||
| 16,303,307 | ||||||||
| New Mexico — 1.0% | ||||||||
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500,000 | 486,643 | ||||||
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450,000 | 431,246 | ||||||
| Principal Amount | Value | |||||||
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | $ | 1,200,000 | $ | 1,111,306 | ||||
Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.00%, 5/1/33(1) | 1,000,000 | 947,922 | ||||||
Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.25%, 5/1/40(1) | 2,750,000 | 2,466,282 | ||||||
| 5,443,399 | ||||||||
| New York — 11.1% | ||||||||
| Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1,500,000 | 1,501,086 | ||||||
Build NYC Resource Corp. Rev., (TrIPs Obligated Group), 5.50%, 7/1/45(5) | 1,000,000 | 1,029,997 | ||||||
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 4,500,000 | 4,174,879 | ||||||
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 3,805,000 | 3,220,117 | ||||||
| Metropolitan Transportation Authority Rev., 5.25%, 11/15/55 | 5,000,000 | 5,075,255 | ||||||
| New York City GO, 5.25%, 5/1/42 | 1,000,000 | 1,051,832 | ||||||
| New York City GO, 5.00%, 4/1/43 | 7,040,000 | 7,112,837 | ||||||
| New York City GO, 5.25%, 5/1/43 | 1,000,000 | 1,043,282 | ||||||
| New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 700,000 | 703,652 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/50 | 10,000,000 | 10,119,757 | ||||||
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.50%, 5/1/53 | 1,500,000 | 1,592,896 | ||||||
| New York Counties Tobacco Trust Rev., 5.00%, 6/1/45 | 1,000,000 | 873,928 | ||||||
| New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1,500,000 | 1,067,527 | ||||||
| New York State Dormitory Authority Rev., (Cornell University), 5.50%, 7/1/54 | 1,000,000 | 1,062,174 | ||||||
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/41 | 1,235,000 | 1,267,446 | ||||||
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/44 | 750,000 | 760,894 | ||||||
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 2,500,000 | 2,232,883 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.25%, 3/15/52 | 670,000 | 695,932 | ||||||
| New York State Thruway Authority Rev., 5.25%, 1/1/54 | 1,000,000 | 1,038,329 | ||||||
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.625%, 4/1/40 | 1,630,000 | 1,671,740 | ||||||
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 2,000,000 | 1,773,607 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 3,800,000 | 3,495,276 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 2,535,000 | 2,550,488 | ||||||
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), 5.25%, 12/31/54 (AGC) | 1,750,000 | 1,756,177 | ||||||
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), VRN, 0.00%, 12/31/54 (AGC) | 750,000 | 460,973 | ||||||
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/49 (AGM) | 1,000,000 | 989,572 | ||||||
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/54 (AGM) | 1,250,000 | 1,225,138 | ||||||
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.50%, 6/30/54 | 555,000 | 559,937 | ||||||
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/54 | 1,095,000 | 1,148,685 | ||||||
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.75%, 11/1/48 (AGM) | 500,000 | 536,435 | ||||||
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 320,000 | 315,186 | ||||||
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49 | 640,000 | 590,472 | ||||||
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/54 | 465,000 | 420,267 | ||||||
| 63,118,656 | ||||||||
| North Carolina — 1.1% | ||||||||
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/35 | 1,000,000 | 970,499 | ||||||
| North Carolina Medical Care Commission Rev., (Moravian Home Obligated Group), 5.00%, 10/1/48 | 3,000,000 | 2,507,352 | ||||||
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.50%, 9/1/29 | 315,000 | 313,196 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/49 | 1,500,000 | 1,365,621 | ||||||
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/58 (AGM) | 1,000,000 | 989,891 | ||||||
| 6,146,559 | ||||||||
| Ohio — 4.7% | ||||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/33 | 935,000 | 1,019,723 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/35 | 1,030,000 | 1,123,796 | ||||||
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 12,380,000 | 10,728,367 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/57(4) | 15,000,000 | 1,444,239 | ||||||
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2,500,000 | 2,410,776 | ||||||
| Principal Amount | Value | |||||||
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | $ | 525,000 | $ | 517,529 | ||||
| Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/48 | 5,670,000 | 3,695,246 | ||||||
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 935,000 | 925,215 | ||||||
| Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2,500,000 | 2,360,425 | ||||||
Ohio Air Quality Development Authority Rev., (Pratt Paper OH LLC), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)(1) | 1,000,000 | 945,432 | ||||||
| Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 1,900,000 | 1,657,941 | ||||||
| 26,828,689 | ||||||||
| Oklahoma — 0.4% | ||||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41(5) | 300,000 | 314,643 | ||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42(5) | 345,000 | 358,926 | ||||||
| Oklahoma Water Resources Board Rev., 4.125%, 10/1/53 | 1,300,000 | 1,142,093 | ||||||
| Tulsa Airports Improvement Trust Rev., (American Airlines, Inc.), 6.25%, 12/1/35 | 555,000 | 607,276 | ||||||
| 2,422,938 | ||||||||
| Oregon — 0.4% | ||||||||
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 243,513 | ||||||
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/50 | 1,000,000 | 916,541 | ||||||
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/55 | 1,500,000 | 1,374,710 | ||||||
| 2,534,764 | ||||||||
| Pennsylvania — 3.1% | ||||||||
| Allegheny County Airport Authority Rev., 5.00%, 1/1/35 (AGM) | 1,000,000 | 1,060,678 | ||||||
| Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/49 | 1,225,000 | 1,006,524 | ||||||
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 6/30/39 | 2,100,000 | 1,945,672 | ||||||
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 0.00%, 6/30/44 | 1,049,000 | 755,333 | ||||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38(1) | 358,000 | 344,812 | ||||||
Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48(1) | 748,000 | 678,022 | ||||||
| Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1,500,000 | 1,505,594 | ||||||
| Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1,170,000 | 1,003,506 | ||||||
| Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/37 | 1,000,000 | 976,270 | ||||||
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 1,750,000 | 1,753,893 | ||||||
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.75%, 6/30/48 | 1,600,000 | 1,628,296 | ||||||
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.00%, 12/31/57 (AGM) | 1,600,000 | 1,541,829 | ||||||
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 700,000 | 704,717 | ||||||
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 75,000 | 74,342 | ||||||
Philadelphia Authority for Industrial Development Rev., (Philadelphia Performing Arts Charter School), 5.00%, 6/15/50(1) | 1,000,000 | 908,293 | ||||||
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1,000,000 | 911,709 | ||||||
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1,050,000 | 867,799 | ||||||
| 17,667,289 | ||||||||
| Puerto Rico — 2.5% | ||||||||
| Puerto Rico GO, 5.375%, 7/1/25 | 705,243 | 705,744 | ||||||
| Puerto Rico GO, 5.625%, 7/1/29 | 402,071 | 421,473 | ||||||
| Puerto Rico GO, 5.75%, 7/1/31 | 390,528 | 418,114 | ||||||
| Puerto Rico GO, 4.00%, 7/1/33 | 370,323 | 356,294 | ||||||
| Puerto Rico GO, 4.00%, 7/1/35 | 332,871 | 314,448 | ||||||
| Puerto Rico GO, 4.00%, 7/1/37 | 285,691 | 264,063 | ||||||
| Puerto Rico GO, 4.00%, 7/1/41 | 388,431 | 333,047 | ||||||
| Puerto Rico GO, 4.00%, 7/1/46 | 403,963 | 332,254 | ||||||
Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/33(4) | 476,571 | 323,026 | ||||||
| Puerto Rico GO, VRN, 0.00%, 11/1/43 | 1,532,082 | 921,164 | ||||||
| Principal Amount | Value | |||||||
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | $ | 1,245,911 | $ | 643,201 | ||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 2,500,000 | 2,332,016 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.75%, 7/1/53 | 3,000,000 | 2,747,385 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/46(4) | 5,000,000 | 1,605,171 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51(4) | 10,000,000 | 2,360,755 | ||||||
| 14,078,155 | ||||||||
| Rhode Island — 0.2% | ||||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1,000,000 | 992,943 | ||||||
| South Carolina — 2.1% | ||||||||
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.375%, 11/1/49 | 1,500,000 | 1,261,302 | ||||||
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 1,500,000 | 1,579,872 | ||||||
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.75%, 11/15/54 | 400,000 | 403,406 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Greenville Renewable Energy Education Charter School Obligated Group), 4.00%, 6/1/56(1) | 1,530,000 | 1,011,696 | ||||||
| South Carolina Jobs-Economic Development Authority Rev., (Kiawah Life Plan Village, Inc.), 5.25%, 11/15/28 | 5,000,000 | 5,003,167 | ||||||
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/42 | 585,000 | 551,188 | ||||||
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/54 | 1,000,000 | 877,799 | ||||||
| South Carolina Public Service Authority Rev., 5.25%, 12/1/49 | 500,000 | 511,438 | ||||||
| South Carolina Public Service Authority Rev., 5.00%, 12/1/54 (AGM) | 1,000,000 | 999,656 | ||||||
| 12,199,524 | ||||||||
| Tennessee — 0.7% | ||||||||
| Hamilton County & Chattanooga Sports Authority Rev., 6.00%, 12/1/55 | 1,000,000 | 1,109,719 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.125%, 7/1/64 (BAM) | 635,000 | 617,391 | ||||||
Nashville Metropolitan Development & Housing Agency Tax Allocation, (Nashville Metropolitan Development & Housing Agency Fifth + Broadway Redev Area), 5.125%, 6/1/36(1) | 500,000 | 502,761 | ||||||
Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.25%, 6/1/56(1) | 1,200,000 | 1,139,649 | ||||||
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 750,000 | 780,327 | ||||||
| 4,149,847 | ||||||||
| Texas — 7.1% | ||||||||
Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 5.00%, 11/1/44(1) | 450,000 | 420,636 | ||||||
Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 5.25%, 11/1/53(1) | 500,000 | 463,515 | ||||||
| Austin Airport System Rev., 5.00%, 11/15/37 | 2,000,000 | 2,070,277 | ||||||
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/49 (BAM) | 1,500,000 | 1,525,723 | ||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1,000,000 | 944,695 | ||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2,000,000 | 1,851,425 | ||||||
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 615,000 | 647,383 | ||||||
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 6.125%, 8/15/48 | 9,950,000 | 9,960,654 | ||||||
| Galveston Wharves & Terminal Rev., 5.50%, 8/1/40 | 1,155,000 | 1,199,810 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1,750,000 | 1,756,302 | ||||||
| Houston Airport System Rev., 5.25%, 7/1/48 (AGM) | 2,500,000 | 2,539,176 | ||||||
| Houston Airport System Rev., (United Airlines, Inc.), 5.50%, 7/15/38 | 570,000 | 586,422 | ||||||
| Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 | 1,740,000 | 1,508,746 | ||||||
| Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.25%, 5/15/54 (AGM) | 1,000,000 | 1,026,631 | ||||||
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 1,400,000 | 1,358,637 | ||||||
| Mission Economic Development Corp. Rev., (Graphic Packaging International LLC), VRN, 5.00%, 12/1/64 | 1,500,000 | 1,533,000 | ||||||
| Principal Amount | Value | |||||||
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | $ | 375,000 | $ | 373,531 | ||||
Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.125%, 9/1/45(1) | 386,000 | 357,777 | ||||||
Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.375%, 9/1/55(1) | 750,000 | 698,332 | ||||||
| Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas LLC), 5.00%, 8/15/46 | 1,000,000 | 899,910 | ||||||
| San Antonio Electric & Gas Systems Rev., 5.50%, 2/1/49 | 500,000 | 532,336 | ||||||
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/54 | 1,000,000 | 1,033,454 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 4.00%, 11/15/27 | 1,335,000 | 1,293,721 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 2,050,000 | 2,159,399 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.50%, 12/31/58 | 2,625,000 | 2,690,990 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/35 (BAM) | 920,000 | 921,120 | ||||||
| 40,353,602 | ||||||||
| Utah — 0.6% | ||||||||
UIPA Crossroads Public Infrastructure District Tax Allocation, (UIPA Crossroads Public Infrastructure District AJL Project Area), 4.375%, 6/1/52(1) | 4,250,000 | 3,646,153 | ||||||
| Virginia — 1.9% | ||||||||
Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45(1) | 995,000 | 995,330 | ||||||
| Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 3,240,000 | 1,947,600 | ||||||
Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45(1) | 1,905,000 | 1,756,225 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(1) | 2,000,000 | 2,001,468 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 2,250,000 | 2,090,451 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1,000,000 | 864,501 | ||||||
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 1,190,000 | 1,199,837 | ||||||
| 10,855,412 | ||||||||
| Washington — 1.1% | ||||||||
| Grays Harbor County Public Hospital District No. 1 Rev., 6.875%, 12/1/53 | 1,000,000 | 1,085,251 | ||||||
| Jefferson County Public Hospital District No. 2 Rev., 6.875%, 12/1/53 | 2,000,000 | 2,017,198 | ||||||
| Tacoma Electric System Rev., 5.00%, 1/1/54 | 1,000,000 | 1,011,978 | ||||||
Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26(1) | 300,000 | 298,379 | ||||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38(1) | 830,000 | 667,621 | ||||||
Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48(1) | 1,900,000 | 1,304,945 | ||||||
| 6,385,372 | ||||||||
| West Virginia — 1.0% | ||||||||
Monongalia County Tax Allocation, (Monongalia County Building Commission Development District No. 4), 5.75%, 6/1/43(1) | 440,000 | 452,086 | ||||||
Monongalia County Tax Allocation, (Monongalia County Building Commission Development District No. 4), 6.00%, 6/1/53(1) | 875,000 | 900,128 | ||||||
| Ohio County Tax Allocation, (Ohio WV Fort Henry Centre Tax Increment Financing District No. 1), 5.25%, 6/1/53 | 600,000 | 576,185 | ||||||
| West Virginia Economic Development Authority Rev., (Commercial Metals Co.), VRN, 4.625%, 4/15/55 | 600,000 | 596,921 | ||||||
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.50%, 9/1/48 (AGM) | 3,250,000 | 3,423,286 | ||||||
| 5,948,606 | ||||||||
| Wisconsin — 4.9% | ||||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/54 | 8,000,000 | 7,363,042 | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 1,000,000 | 920,675 | ||||||
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.50%, 6/1/55 | 600,000 | 591,037 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.75%, 7/1/53(1) | 1,330,000 | 1,306,230 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 6.75%, 7/1/63(1) | 2,000,000 | 1,982,686 | ||||||
| Principal Amount | Value | |||||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.25%, 6/15/55 | $ | 1,000,000 | $ | 994,975 | ||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.50%, 6/15/55 | 500,000 | 499,009 | ||||||
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/49(1) | 520,000 | 471,010 | ||||||
Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/54(1) | 455,000 | 402,271 | ||||||
Public Finance Authority Rev., (Pinecrest Academy of Nevada), 4.50%, 7/15/53(1) | 1,000,000 | 844,848 | ||||||
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.50%, 7/1/44 | 1,000,000 | 1,024,728 | ||||||
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.75%, 7/1/49 | 855,000 | 878,848 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30, Prerefunded at 100% of Par(1)(6) | 50,000 | 54,031 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/50(1) | 950,000 | 860,307 | ||||||
Public Finance Authority Rev., (Southminster, Inc. Obligated Group), 5.00%, 10/1/53(1) | 2,750,000 | 2,426,725 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1) | 1,125,000 | 817,101 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1) | 1,085,000 | 881,389 | ||||||
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/51 | 1,100,000 | 798,482 | ||||||
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/56 | 1,500,000 | 1,056,399 | ||||||
Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/51(1) | 1,500,000 | 1,206,626 | ||||||
Public Finance Authority Tax Allocation, (Southeast Overtown Park West Community Redevelopment Agency), 5.00%, 6/1/41(1) | 1,500,000 | 1,477,158 | ||||||
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 200,000 | 193,227 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52 | 800,000 | 830,602 | ||||||
| 27,881,406 | ||||||||
TOTAL INVESTMENT SECURITIES — 99.3% (Cost $610,538,555) | 565,717,583 | |||||||
| OTHER ASSETS AND LIABILITIES — 0.7% | 3,968,109 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 569,685,692 | ||||||
| FUTURES CONTRACTS PURCHASED | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 2-Year Notes | 128 | September 2025 | $ | 26,552,000 | $ | 22,750 | ||||||||
| FUTURES CONTRACTS SOLD | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 10-Year Ultra Notes | 67 | September 2025 | $ | 7,540,641 | $ | (21,592) | ||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| AGC | – | Assured Guaranty Corp. | ||||||
| AGM | – | Assured Guaranty Municipal Corp. | ||||||
| BAM | – | Build America Mutual Assurance Corp. | ||||||
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts | ||||||
| COP | – | Certificates of Participation | ||||||
| FNMA | – | Federal National Mortgage Association | ||||||
| GA | – | Guaranty Agreement | ||||||
| GO | – | General Obligation | ||||||
| HUD | – | Housing and Urban Development | ||||||
| LIQ FAC | – | Liquidity Facilities | ||||||
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. | ||||||
| Statement of Assets and Liabilities | ||
| MAY 31, 2025 | |||||
| Assets | |||||
| Investment securities, at value (cost of $610,538,555) | $ | 565,717,583 | |||
| Deposits with broker for futures contracts | 193,250 | ||||
| Receivable for investments sold | 2,915,724 | ||||
| Receivable for capital shares sold | 363,413 | ||||
| Receivable for variation margin on futures contracts | 6,813 | ||||
| Interest and dividends receivable | 9,276,137 | ||||
| 578,472,920 | |||||
| Liabilities | |||||
| Disbursements in excess of demand deposit cash | 489,800 | ||||
| Payable for investments purchased | 5,671,929 | ||||
| Payable for capital shares redeemed | 2,182,082 | ||||
| Accrued management fees | 231,923 | ||||
| Distribution and service fees payable | 7,502 | ||||
| Dividends payable | 203,992 | ||||
| 8,787,228 | |||||
| Net Assets | $ | 569,685,692 | |||
| Net Assets Consist of: | |||||
| Capital paid in | $ | 667,624,488 | |||
| Distributable earnings (loss) | (97,938,796) | ||||
| $ | 569,685,692 | ||||
| Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
| Investor Class | $225,998,065 | 26,535,057 | $8.52 | ||||||||
| I Class | $258,198,194 | 30,318,887 | $8.52 | ||||||||
| Y Class | $56,798,653 | 6,671,607 | $8.51 | ||||||||
| A Class | $26,587,173 | 3,122,120 | $8.52 | ||||||||
| C Class | $2,103,607 | 247,096 | $8.51 | ||||||||
| Statement of Operations | ||
| YEAR ENDED MAY 31, 2025 | |||||
| Investment Income (Loss) | |||||
| Income: | |||||
| Interest | $ | 29,046,149 | |||
| Dividends | 170,497 | ||||
| 29,216,646 | |||||
| Expenses: | |||||
| Management fees | 2,828,175 | ||||
| Distribution and service fees: | |||||
| A Class | 70,322 | ||||
| C Class | 21,972 | ||||
| Trustees' fees and expenses | 36,708 | ||||
| Other expenses | 4,716 | ||||
| 2,961,893 | |||||
Fees waived(1) | (224) | ||||
| 2,961,669 | |||||
| Net investment income (loss) | 26,254,977 | ||||
| Realized and Unrealized Gain (Loss) | |||||
| Net realized gain (loss) on: | |||||
| Investment transactions (including $16,590 from affiliated funds) | (2,398,516) | ||||
| Futures contract transactions | 73,466 | ||||
| (2,325,050) | |||||
| Change in net unrealized appreciation (depreciation) on: | |||||
| Investments | (11,441,907) | ||||
| Futures contracts | 1,158 | ||||
| (11,440,749) | |||||
| Net realized and unrealized gain (loss) | (13,765,799) | ||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,489,178 | |||
| Statement of Changes in Net Assets | ||
| YEARS ENDED MAY 31, 2025 AND MAY 31, 2024 | ||||||||
| Increase (Decrease) in Net Assets | May 31, 2025 | May 31, 2024 | ||||||
| Operations | ||||||||
| Net investment income (loss) | $ | 26,254,977 | $ | 27,070,405 | ||||
| Net realized gain (loss) | (2,325,050) | (10,598,990) | ||||||
| Change in net unrealized appreciation (depreciation) | (11,440,749) | 13,530,415 | ||||||
| Net increase (decrease) in net assets resulting from operations | 12,489,178 | 30,001,830 | ||||||
| Distributions to Shareholders | ||||||||
| From earnings: | ||||||||
| Investor Class | (10,039,847) | (9,946,190) | ||||||
| I Class | (11,933,226) | (13,138,667) | ||||||
| Y Class | (2,631,454) | (2,387,870) | ||||||
| A Class | (1,121,111) | (1,194,715) | ||||||
| C Class | (71,115) | (88,202) | ||||||
| Decrease in net assets from distributions | (25,796,753) | (26,755,644) | ||||||
| Capital Share Transactions | ||||||||
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 5,053,244 | (93,795,685) | ||||||
| Net increase (decrease) in net assets | (8,254,331) | (90,549,499) | ||||||
| Net Assets | ||||||||
| Beginning of period | 577,940,023 | 668,489,522 | ||||||
| End of period | $ | 569,685,692 | $ | 577,940,023 | ||||
| Notes to Financial Statements | ||
| Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee | |||||||||
| Investor Class | 0.2925% to 0.4100% | 0.2500% to 0.3100% | 0.59% | ||||||||
| I Class | 0.0500% to 0.1100% | 0.39% | |||||||||
| Y Class | 0.0200% to 0.0800% | 0.36% | |||||||||
| A Class | 0.2500% to 0.3100% | 0.59% | |||||||||
| C Class | 0.2500% to 0.3100% | 0.59% | |||||||||
Year ended May 31, 2025 | Year ended May 31, 2024 | |||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||
| Investor Class | ||||||||||||||
| Sold | 5,624,754 | $ | 50,002,112 | 5,952,824 | $ | 50,937,157 | ||||||||
| Issued in reinvestment of distributions | 969,988 | 8,587,050 | 991,787 | 8,531,796 | ||||||||||
| Redeemed | (6,413,930) | (56,758,982) | (8,513,243) | (72,939,642) | ||||||||||
| 180,812 | 1,830,180 | (1,568,632) | (13,470,689) | |||||||||||
| I Class | ||||||||||||||
| Sold | 10,668,225 | 94,264,312 | 12,945,767 | 109,811,962 | ||||||||||
| Issued in reinvestment of distributions | 1,262,858 | 11,179,662 | 1,441,103 | 12,376,379 | ||||||||||
| Redeemed | (11,772,150) | (103,848,117) | (23,600,301) | (199,937,348) | ||||||||||
| 158,933 | 1,595,857 | (9,213,431) | (77,749,007) | |||||||||||
| Y Class | ||||||||||||||
| Sold | 1,302,298 | 11,547,128 | 1,743,997 | 14,999,371 | ||||||||||
| Issued in reinvestment of distributions | 297,349 | 2,631,343 | 277,446 | 2,386,187 | ||||||||||
| Redeemed | (1,277,660) | (11,220,972) | (1,857,784) | (15,907,207) | ||||||||||
| 321,987 | 2,957,499 | 163,659 | 1,478,351 | |||||||||||
| A Class | ||||||||||||||
| Sold | 425,669 | 3,789,227 | 131,357 | 1,112,119 | ||||||||||
| Issued in reinvestment of distributions | 109,315 | 967,733 | 117,975 | 1,014,393 | ||||||||||
| Redeemed | (644,264) | (5,714,717) | (659,934) | (5,601,465) | ||||||||||
| (109,280) | (957,757) | (410,602) | (3,474,953) | |||||||||||
| C Class | ||||||||||||||
| Sold | 43,350 | 388,144 | 52,534 | 455,281 | ||||||||||
| Issued in reinvestment of distributions | 7,405 | 65,534 | 9,152 | 78,760 | ||||||||||
| Redeemed | (92,996) | (826,213) | (131,027) | (1,113,428) | ||||||||||
| (42,241) | (372,535) | (69,341) | (579,387) | |||||||||||
| Net increase (decrease) | 510,211 | $ | 5,053,244 | (11,098,347) | $ | (93,795,685) | ||||||||
Affiliated Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | ||||||||||||||||||
| American Century Diversified Municipal Bond ETF | — | $ | 1,480 | $ | 1,480 | — | — | — | $ | 17 | — | |||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||
| Assets | |||||||||||
| Investment Securities | |||||||||||
| Municipal Securities | — | $ | 565,717,583 | — | |||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 22,750 | — | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 21,592 | — | — | |||||||
| 2025 | 2024 | |||||||
Distributions Paid From | ||||||||
| Exempt income | $ | 25,796,753 | $ | 26,755,644 | ||||
| Taxable ordinary income | — | — | ||||||
| Long-term capital gains | — | — | ||||||
| Federal tax cost of investments | $ | 610,543,432 | |||
| Gross tax appreciation of investments | $ | 6,334,216 | |||
| Gross tax depreciation of investments | (51,160,065) | ||||
| Net tax appreciation (depreciation) of investments | (44,825,849) | ||||
| Net tax appreciation (depreciation) on derivatives | — | ||||
| Net tax appreciation (depreciation) | $ | (44,825,849) | |||
| Other book-to-tax adjustments | $ | (14,009) | |||
| Undistributed exempt income | — | ||||
| Accumulated short-term capital losses | $ | (26,695,422) | |||
| Accumulated long-term capital losses | $ | (26,403,516) | |||
| Financial Highlights | ||
| For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||||||||||||||||||||||||||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
| Income From Investment Operations*: | Distributions From: | Ratio to Average Net Assets of†: | |||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||||
| Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $8.71 | 0.38 | (0.19) | 0.19 | (0.38) | — | (0.38) | $8.52 | 2.05% | 0.59% | 0.59% | 4.31% | 4.31% | 47% | $225,998 | ||||||||||||||||||||||||||||||||
| 2024 | $8.63 | 0.37 | 0.08 | 0.45 | (0.37) | — | (0.37) | $8.71 | 5.30% | 0.60% | 0.60% | 4.32% | 4.32% | 37% | $229,456 | ||||||||||||||||||||||||||||||||
| 2023 | $9.31 | 0.34 | (0.68) | (0.34) | (0.34) | — | (0.34) | $8.63 | (3.61)% | 0.60% | 0.60% | 3.86% | 3.86% | 50% | $240,924 | ||||||||||||||||||||||||||||||||
| 2022 | $10.36 | 0.29 | (0.97) | (0.68) | (0.29) | (0.08) | (0.37) | $9.31 | (6.72)% | 0.59% | 0.59% | 2.91% | 2.91% | 60% | $283,598 | ||||||||||||||||||||||||||||||||
| 2021 | $9.34 | 0.33 | 1.02 | 1.35 | (0.33) | — | (0.33) | $10.36 | 14.64% | 0.59% | 0.60% | 3.30% | 3.29% | 53% | $323,276 | ||||||||||||||||||||||||||||||||
| I Class | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $8.71 | 0.40 | (0.20) | 0.20 | (0.39) | — | (0.39) | $8.52 | 2.25% | 0.39% | 0.39% | 4.51% | 4.51% | 47% | $258,198 | ||||||||||||||||||||||||||||||||
| 2024 | $8.63 | 0.40 | 0.06 | 0.46 | (0.38) | — | (0.38) | $8.71 | 5.51% | 0.40% | 0.40% | 4.52% | 4.52% | 37% | $262,572 | ||||||||||||||||||||||||||||||||
| 2023 | $9.31 | 0.36 | (0.68) | (0.32) | (0.36) | — | (0.36) | $8.63 | (3.42)% | 0.40% | 0.40% | 4.06% | 4.06% | 50% | $339,700 | ||||||||||||||||||||||||||||||||
| 2022 | $10.36 | 0.31 | (0.97) | (0.66) | (0.31) | (0.08) | (0.39) | $9.31 | (6.53)% | 0.39% | 0.39% | 3.11% | 3.11% | 60% | $445,970 | ||||||||||||||||||||||||||||||||
| 2021 | $9.34 | 0.35 | 1.02 | 1.37 | (0.35) | — | (0.35) | $10.36 | 14.87% | 0.39% | 0.40% | 3.50% | 3.49% | 53% | $432,620 | ||||||||||||||||||||||||||||||||
| Y Class | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $8.70 | 0.40 | (0.19) | 0.21 | (0.40) | — | (0.40) | $8.51 | 2.16% | 0.36% | 0.36% | 4.54% | 4.54% | 47% | $56,799 | ||||||||||||||||||||||||||||||||
| 2024 | $8.62 | 0.39 | 0.07 | 0.46 | (0.38) | — | (0.38) | $8.70 | 5.66% | 0.37% | 0.37% | 4.55% | 4.55% | 37% | $55,261 | ||||||||||||||||||||||||||||||||
| 2023 | $9.31 | 0.36 | (0.69) | (0.33) | (0.36) | — | (0.36) | $8.62 | (3.50)% | 0.37% | 0.37% | 4.09% | 4.09% | 50% | $53,353 | ||||||||||||||||||||||||||||||||
| 2022 | $10.36 | 0.32 | (0.97) | (0.65) | (0.32) | (0.08) | (0.40) | $9.31 | (6.50)% | 0.36% | 0.36% | 3.14% | 3.14% | 60% | $62,488 | ||||||||||||||||||||||||||||||||
| 2021 | $9.34 | 0.35 | 1.02 | 1.37 | (0.35) | — | (0.35) | $10.36 | 14.90% | 0.36% | 0.37% | 3.53% | 3.52% | 53% | $64,919 | ||||||||||||||||||||||||||||||||
| A Class | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $8.71 | 0.36 | (0.20) | 0.16 | (0.35) | — | (0.35) | $8.52 | 1.80% | 0.84% | 0.84% | 4.06% | 4.06% | 47% | $26,587 | ||||||||||||||||||||||||||||||||
| 2024 | $8.63 | 0.35 | 0.07 | 0.42 | (0.34) | — | (0.34) | $8.71 | 5.03% | 0.85% | 0.85% | 4.07% | 4.07% | 37% | $28,132 | ||||||||||||||||||||||||||||||||
| 2023 | $9.31 | 0.32 | (0.68) | (0.36) | (0.32) | — | (0.32) | $8.63 | (3.85)% | 0.85% | 0.85% | 3.61% | 3.61% | 50% | $31,420 | ||||||||||||||||||||||||||||||||
| 2022 | $10.36 | 0.27 | (0.97) | (0.70) | (0.27) | (0.08) | (0.35) | $9.31 | (6.95)% | 0.84% | 0.84% | 2.66% | 2.66% | 60% | $30,220 | ||||||||||||||||||||||||||||||||
| 2021 | $9.34 | 0.31 | 1.01 | 1.32 | (0.30) | — | (0.30) | $10.36 | 14.35% | 0.84% | 0.85% | 3.05% | 3.04% | 53% | $35,772 | ||||||||||||||||||||||||||||||||
| C Class | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | $8.70 | 0.29 | (0.19) | 0.10 | (0.29) | — | (0.29) | $8.51 | 0.92% | 1.59% | 1.59% | 3.31% | 3.31% | 47% | $2,104 | ||||||||||||||||||||||||||||||||
| 2024 | $8.63 | 0.29 | 0.06 | 0.35 | (0.28) | — | (0.28) | $8.70 | 4.25% | 1.60% | 1.60% | 3.32% | 3.32% | 37% | $2,518 | ||||||||||||||||||||||||||||||||
| 2023 | $9.31 | 0.25 | (0.68) | (0.43) | (0.25) | — | (0.25) | $8.63 | (4.57)% | 1.60% | 1.60% | 2.86% | 2.86% | 50% | $3,094 | ||||||||||||||||||||||||||||||||
| 2022 | $10.36 | 0.19 | (0.97) | (0.78) | (0.19) | (0.08) | (0.27) | $9.31 | (7.65)% | 1.59% | 1.59% | 1.91% | 1.91% | 60% | $3,668 | ||||||||||||||||||||||||||||||||
| 2021 | $9.34 | 0.23 | 1.02 | 1.25 | (0.23) | — | (0.23) | $10.36 | 13.51% | 1.59% | 1.60% | 2.30% | 2.29% | 53% | $4,869 | ||||||||||||||||||||||||||||||||
| Notes to Financial Highlights | ||
| Report of Independent Registered Public Accounting Firm | ||
| Contact Us | americancentury.com | |||||||
| Automated Information Line | 1-800-345-8765 | |||||||
| Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
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| This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
| ©2025 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92644 2507 | ||||||||
| Annual Financial Statements and Other Information | |||||
| May 31, 2025 | |||||
| Intermediate-Term Tax-Free Bond Fund | |||||
| Investor Class (TWTIX) | |||||
| I Class (AXBIX) | |||||
| Y Class (ATBYX) | |||||
| A Class (TWWOX) | |||||
| C Class (TWTCX) | |||||
| Table of Contents | ||
| 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 | |||||
| Other Tax Information | |||||
| Schedule of Investments | ||
Principal Amount/ Shares | Value | |||||||
| MUNICIPAL SECURITIES — 99.5% | ||||||||
| Alabama — 3.4% | ||||||||
| Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.) | $ | 10,000,000 | $ | 10,471,304 | ||||
| Black Belt Energy Gas District Rev., VRN, 5.25%, 2/1/53 (GA: Morgan Stanley) | 15,000,000 | 15,616,746 | ||||||
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | 6,925,000 | 6,907,863 | ||||||
| Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 1,630,000 | 1,681,169 | ||||||
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 16,170,000 | 16,863,062 | ||||||
| Black Belt Energy Gas District Rev., VRN, 5.50%, 10/1/54 (GA: Goldman Sachs Group, Inc.) | 1,500,000 | 1,594,663 | ||||||
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 13,845,000 | 14,518,961 | ||||||
| Energy Southeast A Cooperative District Rev., VRN, 5.75%, 4/1/54 (GA: Morgan Stanley) | 3,750,000 | 4,064,323 | ||||||
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 4,800,000 | 5,082,011 | ||||||
| Jefferson County Rev., 5.00%, 9/15/35 | 1,000,000 | 1,009,328 | ||||||
| Jefferson County Sewer Rev., 5.00%, 10/1/27 | 1,250,000 | 1,300,382 | ||||||
| Jefferson County Sewer Rev., 5.00%, 10/1/28 | 2,000,000 | 2,109,464 | ||||||
| Jefferson County Sewer Rev., 5.00%, 10/1/32 | 2,250,000 | 2,448,629 | ||||||
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 6/1/49 (GA: Morgan Stanley) | 8,890,000 | 9,297,080 | ||||||
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 8/1/54 (GA: Pacific Life Insurance Co.) | 2,000,000 | 2,082,933 | ||||||
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.50%, 1/1/53 (GA: Morgan Stanley) | 5,000,000 | 5,276,154 | ||||||
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 11,715,000 | 12,213,492 | ||||||
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 5/1/55 (GA: Royal Bank of Canada) | 7,000,000 | 7,335,570 | ||||||
| 119,873,134 | ||||||||
| Arizona — 4.2% | ||||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 2.22%, (MUNIPSA plus 0.25%), 11/4/25, Prerefunded at 100% of Par(1) | 605,000 | 603,959 | ||||||
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.75%, (S&P Municipal Bond 7‐Day High Grade Index plus 0.81%), 1/1/37 | 7,445,000 | 7,204,299 | ||||||
Arizona Health Facilities Authority Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 11/4/25, Prerefunded at 100% of Par(1) | 125,000 | 124,602 | ||||||
| Arizona Health Facilities Authority Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 1/1/46 | 3,115,000 | 3,085,978 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26(2) | 215,000 | 215,809 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27(2) | 275,000 | 273,653 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37(2) | 600,000 | 601,803 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47(2) | 855,000 | 803,965 | ||||||
| Arizona Industrial Development Authority Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 4,320,000 | 4,550,298 | ||||||
| Arizona Industrial Development Authority Rev., (Ironwood Ranch Apartments LP), VRN, 5.00%, 2/1/58 | 4,725,000 | 4,823,424 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.75%, 7/1/30(2)(3)(4) | 5,000,000 | 150,000 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/30(2) | 1,025,000 | 1,011,174 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(2) | 725,000 | 639,375 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/29 (BAM) | 250,000 | 266,444 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/31 (BAM) | 625,000 | 664,130 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/32 (BAM) | 300,000 | 316,963 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/33 (BAM) | 300,000 | 315,771 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/34 (BAM) | 250,000 | 250,279 | ||||||
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/39 (BAM) | 500,000 | 475,475 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 3.00%, 12/15/31(2) | 420,000 | 384,388 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(2) | 250,000 | 211,503 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/51(2) | 700,000 | 530,948 | ||||||
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/28 | 2,090,000 | 2,227,777 | ||||||
Principal Amount/ Shares | Value | |||||||
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/29 | $ | 2,500,000 | $ | 2,706,392 | ||||
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/34 | 2,105,000 | 2,331,094 | ||||||
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/35 | 5,000,000 | 5,502,363 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(2) | 1,400,000 | 1,399,166 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200,000 | 201,875 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300,000 | 305,616 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215,000 | 220,441 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700,000 | 713,978 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700,000 | 710,329 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | 300,000 | 303,445 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1,000,000 | 993,380 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1,250,000 | 1,199,666 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/41 | 1,200,000 | 1,158,591 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/46 | 1,300,000 | 1,225,603 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31(2) | 10,965,000 | 11,038,911 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(2) | 3,380,000 | 2,823,097 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51(2) | 1,140,000 | 865,230 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51(2) | 6,500,000 | 4,933,329 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57(2) | 3,140,000 | 2,302,298 | ||||||
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/28 | 800,000 | 812,897 | ||||||
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/30 | 1,625,000 | 1,647,984 | ||||||
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/31 | 1,500,000 | 1,519,668 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 180,000 | 182,487 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 2,805,000 | 2,763,542 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/41 | 430,000 | 360,254 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/46 | 345,000 | 275,656 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 2,750,000 | 2,492,977 | ||||||
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/51 | 580,000 | 438,471 | ||||||
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 1,750,000 | 1,774,960 | ||||||
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 5,200,000 | 5,593,180 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/29(2) | 955,000 | 948,661 | ||||||
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/39 | 7,500,000 | 6,705,233 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(2) | 1,855,000 | 1,857,560 | ||||||
Principal Amount/ Shares | Value | |||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49(2) | $ | 3,500,000 | $ | 3,247,901 | ||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/51(2) | 1,650,000 | 1,287,168 | ||||||
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/30 | 1,000,000 | 1,096,057 | ||||||
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/31 | 1,000,000 | 1,107,388 | ||||||
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/33 | 500,000 | 562,693 | ||||||
| Pima County Unified School District No. 1 Tucson GO, 5.00%, 7/1/42 (AGM) | 1,725,000 | 1,806,796 | ||||||
| Pima County Unified School District No. 1 Tucson GO, 5.00%, 7/1/43 (AGM) | 1,000,000 | 1,040,385 | ||||||
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/33 | 8,000,000 | 9,032,587 | ||||||
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/38 | 6,910,000 | 6,819,783 | ||||||
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/41 | 2,500,000 | 2,685,971 | ||||||
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 | 7,500,000 | 7,686,423 | ||||||
| Salt Verde Financial Corp. Rev., 5.00%, 12/1/32 (GA: Citigroup, Inc.) | 11,855,000 | 12,475,346 | ||||||
Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/34(2) | 1,875,000 | 1,913,593 | ||||||
Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/44(2) | 2,000,000 | 1,904,931 | ||||||
| 150,707,373 | ||||||||
| Arkansas — 0.1% | ||||||||
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/38 | 2,000,000 | 1,871,785 | ||||||
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/39 | 2,000,000 | 1,842,845 | ||||||
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/41 | 1,000,000 | 900,543 | ||||||
| 4,615,173 | ||||||||
| California — 2.7% | ||||||||
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7,065,000 | 7,142,174 | ||||||
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | 1,665,000 | 1,680,316 | ||||||
California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26(2) | 785,000 | 780,021 | ||||||
| California Municipal Finance Authority Special Tax, (City Of Chula Vista Community Facilities District No. 2021-11), 5.00%, 9/1/52 | 5,000,000 | 4,949,189 | ||||||
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1,000,000 | 1,012,769 | ||||||
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26(2) | 485,000 | 482,673 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/31(2) | 1,350,000 | 1,362,099 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36(2) | 6,255,000 | 6,256,637 | ||||||
Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NPFG)(5) | 2,530,000 | 2,211,687 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(2) | 1,800,000 | 1,246,349 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57(2) | 1,400,000 | 885,732 | ||||||
CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57(2) | 1,455,000 | 433,083 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(2) | 19,815,000 | 18,102,768 | ||||||
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2,225,000 | 2,241,216 | ||||||
| Irvine Special Tax, (City of Irvine CA Community Facilities District No. 2013-3 Area No. 4), 4.00%, 9/1/27 | 1,455,000 | 1,465,255 | ||||||
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.10%, 6/2/25 (SBBPA: Bank of America N.A.) | 5,025,000 | 5,025,000 | ||||||
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.11%, 6/2/25 (SBBPA: Royal Bank of Canada) | 1,500,000 | 1,500,000 | ||||||
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.15%, 6/2/25 (SBBPA: Bank of America N.A.) | 8,295,000 | 8,295,000 | ||||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(2) | 3,150,000 | 3,142,638 | ||||||
Mountain View School District School Facilities Improvement District No. 2 GO, Capital Appreciation, 0.00%, 7/1/29(5) | 1,670,000 | 1,430,293 | ||||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par(1) | 800,000 | 802,835 | ||||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par(1) | 1,000,000 | 1,003,543 | ||||||
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/26 | 1,025,000 | 1,028,150 | ||||||
Principal Amount/ Shares | Value | |||||||
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 | $ | 1,295,000 | $ | 1,297,738 | ||||
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/28 | 1,000,000 | 1,002,084 | ||||||
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/42 | 2,000,000 | 2,037,081 | ||||||
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/47 | 1,700,000 | 1,713,538 | ||||||
| Orange County Community Facilities District No. 2023-1 Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.00%, 8/15/38 | 1,230,000 | 1,288,593 | ||||||
| Orange County Community Facilities District No. 2023-1 Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.25%, 8/15/43 | 1,350,000 | 1,397,771 | ||||||
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2,000,000 | 2,013,620 | ||||||
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3,325,000 | 3,160,371 | ||||||
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2,125,000 | 1,990,845 | ||||||
Poway Unified School District GO, (Poway Unified School District Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/41(5) | 5,110,000 | 2,480,527 | ||||||
| State of California GO, 4.00%, 9/1/32 | 5,000,000 | 5,000,583 | ||||||
| 95,862,178 | ||||||||
| Colorado — 4.4% | ||||||||
| Adams County COP, 4.00%, 12/1/27 | 1,310,000 | 1,315,834 | ||||||
| Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/43 (ST AID WITHHLDG) | 3,000,000 | 3,125,914 | ||||||
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/38 (AGC) | 425,000 | 446,888 | ||||||
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/39 (AGC) | 1,000,000 | 1,046,208 | ||||||
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/42 (AGC) | 765,000 | 782,816 | ||||||
| Bromley Park Metropolitan District No. 3 GO, 4.00%, 12/1/44 (AGC) | 5,000,000 | 4,423,112 | ||||||
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/38 (BAM) | 720,000 | 758,223 | ||||||
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/40 (BAM) | 300,000 | 313,631 | ||||||
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/42 (BAM) | 740,000 | 755,527 | ||||||
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/44 (BAM) | 630,000 | 637,239 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/34 | 270,000 | 298,069 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/35 | 500,000 | 548,294 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/36 | 400,000 | 434,740 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 320,000 | 343,411 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 600,000 | 643,896 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 875,000 | 931,554 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 1,080,000 | 1,149,804 | ||||||
| City & County of Denver Airport System Rev., 5.25%, 11/15/39 | 1,300,000 | 1,400,324 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/40 | 1,100,000 | 1,159,663 | ||||||
| City & County of Denver Airport System Rev., 5.25%, 11/15/40 | 670,000 | 719,205 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/41 | 1,500,000 | 1,571,031 | ||||||
| City & County of Denver Airport System Rev., 5.25%, 11/15/41 | 570,000 | 607,887 | ||||||
| City & County of Denver Airport System Rev., 5.00%, 11/15/42 | 1,125,000 | 1,170,915 | ||||||
| City & County of Denver Airport System Rev., 5.25%, 11/15/42 | 500,000 | 529,922 | ||||||
| City & County of Denver Airport System Rev., 5.25%, 11/15/47 | 3,350,000 | 3,482,485 | ||||||
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), 4.00%, 11/15/43 | 10,000,000 | 9,021,955 | ||||||
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 7,400,000 | 7,443,579 | ||||||
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/59 | 1,740,000 | 1,858,448 | ||||||
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/29 | 3,300,000 | 3,516,468 | ||||||
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 1,400,000 | 1,444,013 | ||||||
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 7,795,000 | 7,857,963 | ||||||
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/34 | 2,000,000 | 2,169,132 | ||||||
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1,000,000 | 1,076,750 | ||||||
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1,250,000 | 1,250,000 | ||||||
Principal Amount/ Shares | Value | |||||||
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | $ | 2,000,000 | $ | 1,827,265 | ||||
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/50 | 3,000,000 | 2,415,074 | ||||||
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/26 | 390,000 | 391,507 | ||||||
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/27 | 400,000 | 404,283 | ||||||
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/28 | 250,000 | 254,132 | ||||||
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/29 | 2,160,000 | 2,197,284 | ||||||
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/32 | 600,000 | 610,116 | ||||||
| Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | 8,500,000 | 8,669,317 | ||||||
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495,000 | 506,356 | ||||||
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/37 (BAM) | 250,000 | 261,407 | ||||||
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/38 (BAM) | 250,000 | 259,931 | ||||||
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/39 (BAM) | 500,000 | 516,579 | ||||||
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/44 (BAM) | 1,000,000 | 1,014,506 | ||||||
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 2,360,000 | 2,359,177 | ||||||
| Denver City & County School District No. 1 GO, 5.50%, 12/1/44 (ST AID WITHHLDG) | 5,000,000 | 5,427,158 | ||||||
| Hunters Overlook Metropolitan District No. 5 GO, 5.00%, 12/1/44 (AGC) | 500,000 | 515,241 | ||||||
| Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500,000 | 513,660 | ||||||
| Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,044,590 | ||||||
| Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750,000 | 794,802 | ||||||
| Lanterns Metropolitan District No. 1 GO, 4.00%, 12/1/44 (AGC) | 4,000,000 | 3,520,178 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/36 (BAM) | 400,000 | 424,541 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/37 (BAM) | 425,000 | 446,506 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/38 (BAM) | 525,000 | 548,280 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/39 (BAM) | 500,000 | 518,181 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/40 (BAM) | 635,000 | 653,364 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/41 (BAM) | 500,000 | 512,167 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/42 (BAM) | 575,000 | 585,496 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/43 (BAM) | 625,000 | 631,274 | ||||||
| Meridian Village Metropolitan District No. 1 GO, 5.25%, 12/1/45 (BAM) | 1,000,000 | 1,020,777 | ||||||
| Mesa County Valley School District No. 51 Grand Junction GO, 5.25%, 12/1/43 (ST AID WITHHLDG) | 4,500,000 | 4,821,915 | ||||||
| Mesa County Valley School District No. 51 Grand Junction GO, 5.25%, 12/1/44 (ST AID WITHHLDG) | 3,000,000 | 3,198,559 | ||||||
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 2,040,000 | 1,550,052 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/26 (AGM) | 600,000 | 614,445 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/28 (AGM) | 670,000 | 708,430 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/29 (AGM) | 400,000 | 427,960 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/29 (AGM) | 735,000 | 786,377 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/30 (AGM) | 300,000 | 324,350 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/30 (AGM) | 755,000 | 816,281 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 (AGM) | 300,000 | 326,246 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 (AGM) | 935,000 | 1,016,801 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 | 1,235,000 | 1,287,475 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/32 (AGM) | 500,000 | 546,677 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/33 (AGM) | 425,000 | 460,925 | ||||||
Principal Amount/ Shares | Value | |||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/34 (AGM) | $ | 325,000 | $ | 349,846 | ||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/34 | 1,465,000 | 1,514,652 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/35 (AGM) | 350,000 | 373,534 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/35 | 1,540,000 | 1,587,015 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/36 (AGM) | 250,000 | 265,430 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/37 (AGM) | 275,000 | 290,437 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/37 | 1,700,000 | 1,740,361 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/38 (AGM) | 300,000 | 315,245 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/38 | 1,785,000 | 1,819,202 | ||||||
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/40 (AGM) | 1,100,000 | 1,141,817 | ||||||
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 1,100,000 | 1,132,319 | ||||||
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/39 (BAM) | 1,000,000 | 1,032,514 | ||||||
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35(2) | 15,000,000 | 15,814,018 | ||||||
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/36 (AGC) | 115,000 | 121,185 | ||||||
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/37 (AGC) | 350,000 | 365,970 | ||||||
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/38 (AGC) | 265,000 | 275,527 | ||||||
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/39 (AGC) | 250,000 | 258,129 | ||||||
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/40 (AGC) | 280,000 | 288,121 | ||||||
| State of Colorado COP, 6.00%, 12/15/38 | 1,960,000 | 2,240,688 | ||||||
| State of Colorado COP, 6.00%, 12/15/40 | 3,270,000 | 3,699,517 | ||||||
| Trails at Crowfoot Metropolitan District No. 3 GO, 5.00%, 12/1/39 (AGC) | 500,000 | 523,434 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/25 (AGM) | 180,000 | 181,511 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 195,000 | 200,126 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 135,000 | 138,673 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 200,000 | 208,527 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/27 (AGM) | 130,000 | 133,992 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 210,000 | 221,690 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/28 (AGM) | 125,000 | 128,837 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/29 (AGM) | 215,000 | 229,565 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/29 (AGM) | 125,000 | 128,837 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/30 (AGM) | 215,000 | 229,185 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/30 (AGM) | 125,000 | 128,834 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/31 (AGM) | 230,000 | 244,648 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/31 (AGM) | 135,000 | 139,140 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/32 (AGM) | 500,000 | 529,789 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/15/32 (AGM) | 160,000 | 164,891 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/33 (AGM) | 505,000 | 532,856 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/34 (AGM) | 285,000 | 299,343 | ||||||
| Vauxmont Metropolitan District GO, 5.00%, 12/1/35 (AGM) | 100,000 | 104,561 | ||||||
| 159,058,508 | ||||||||
| Connecticut — 2.3% | ||||||||
| Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600,000 | 636,047 | ||||||
| Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1,500,000 | 1,585,699 | ||||||
| Bridgeport GO, 5.00%, 2/1/31 (BAM) | 500,000 | 532,017 | ||||||
| Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1,280,000 | 1,346,845 | ||||||
| Bridgeport GO, 5.00%, 2/1/33 (BAM) | 1,000,000 | 1,055,974 | ||||||
Principal Amount/ Shares | Value | |||||||
| Bridgeport GO, 5.00%, 7/15/35 (BAM) | $ | 1,000,000 | $ | 1,037,931 | ||||
| Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645,000 | 667,512 | ||||||
| Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1,730,000 | 1,783,148 | ||||||
| Bridgeport GO, 5.00%, 2/1/38 (BAM) | 1,000,000 | 1,031,793 | ||||||
| Bridgeport GO, 5.00%, 2/1/39 (BAM) | 1,470,000 | 1,508,495 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/30 | 1,000,000 | 1,020,873 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/32 | 1,030,000 | 1,046,501 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/33 | 1,000,000 | 1,012,349 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1,000,000 | 1,006,374 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/28(2) | 990,000 | 1,007,598 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/30(2) | 285,000 | 290,251 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/31(2) | 1,065,000 | 1,082,579 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/30(2) | 410,000 | 405,482 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/45(2) | 1,500,000 | 1,278,958 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600,000 | 618,166 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500,000 | 514,290 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1,100,000 | 1,129,651 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350,000 | 358,098 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | 400,000 | 408,417 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 3.20%, 7/1/37 | 6,500,000 | 6,461,629 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 2.80%, 7/1/57 | 6,530,000 | 6,480,378 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 5.00%, 7/1/64 | 5,000,000 | 5,512,577 | ||||||
| Connecticut State Health & Educational Facilities Authority Rev., (Yale-New Haven Health Obligated Group), VRN, 5.00%, 7/1/49 | 2,925,000 | 3,089,511 | ||||||
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39(2) | 6,000,000 | 6,011,791 | ||||||
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 4,350,000 | 4,358,713 | ||||||
| State of Connecticut GO, 5.00%, 4/15/32 | 5,000,000 | 5,333,993 | ||||||
| State of Connecticut GO, 4.00%, 1/15/35 | 5,500,000 | 5,556,879 | ||||||
| State of Connecticut GO, 4.00%, 1/15/36 | 12,560,000 | 12,630,215 | ||||||
| State of Connecticut GO, 5.00%, 11/15/36 | 1,000,000 | 1,086,536 | ||||||
| State of Connecticut GO, 5.00%, 11/15/37 | 1,000,000 | 1,076,153 | ||||||
| State of Connecticut, Special Tax Rev., 5.00%, 8/1/28 | 2,000,000 | 2,004,899 | ||||||
| 81,968,322 | ||||||||
| Delaware — 0.1% | ||||||||
| Delaware River & Bay Authority Rev., 5.00%, 1/1/34 | 400,000 | 452,316 | ||||||
| Delaware River & Bay Authority Rev., 5.00%, 1/1/36 | 550,000 | 608,754 | ||||||
| Delaware River & Bay Authority Rev., 5.00%, 1/1/37 | 700,000 | 769,160 | ||||||
Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.25%, 7/1/44(2) | 875,000 | 867,652 | ||||||
| 2,697,882 | ||||||||
| District of Columbia — 0.7% | ||||||||
| District of Columbia GO, 5.00%, 8/1/42 | 2,500,000 | 2,623,035 | ||||||
| District of Columbia Rev., 5.00%, 10/1/33 | 14,600,000 | 15,525,786 | ||||||
| District of Columbia Rev., 4.00%, 3/1/45 | 7,890,000 | 7,165,824 | ||||||
| 25,314,645 | ||||||||
| Florida — 6.3% | ||||||||
| Broward County Airport System Rev., 5.00%, 10/1/25 | 1,000,000 | 1,000,897 | ||||||
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 2,900,000 | 2,622,980 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25 | 500,000 | 501,752 | ||||||
Principal Amount/ Shares | Value | |||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26 | $ | 500,000 | $ | 508,136 | ||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 255,000 | 264,627 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/29 | 1,000,000 | 1,044,863 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30 | 500,000 | 525,430 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31 | 500,000 | 523,257 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/32 | 500,000 | 520,739 | ||||||
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 500,000 | 517,740 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/37 | 940,000 | 941,603 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/38 | 680,000 | 675,086 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/39 | 765,000 | 746,115 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/40 | 855,000 | 825,885 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/41 | 945,000 | 902,998 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/42 | 1,045,000 | 988,839 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/43 | 1,145,000 | 1,074,952 | ||||||
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/48 | 2,500,000 | 2,308,242 | ||||||
| Central Florida Expressway Authority Rev., 5.00%, 7/1/41 (AGC) | 1,250,000 | 1,317,893 | ||||||
| Duval County Public Schools COP, 5.00%, 7/1/35 (AGM) | 2,955,000 | 3,133,448 | ||||||
| Escambia County Health Facilities Authority Rev., (Baptist Hospital, Inc. Obligated Group), 4.00%, 8/15/45 | 5,000,000 | 4,257,837 | ||||||
Florida Development Finance Corp. Rev., 4.00%, 7/1/51(2) | 1,850,000 | 1,459,986 | ||||||
| Florida Development Finance Corp. Rev., (Florida Health Sciences Center, Inc. Obligated Group), VRN, 5.00%, 8/1/56 | 5,725,000 | 6,121,112 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/31(2) | 300,000 | 304,896 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/35(2) | 225,000 | 225,287 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 4.00%, 9/15/30(2) | 470,000 | 447,561 | ||||||
Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 5.00%, 9/15/40(2) | 1,050,000 | 961,218 | ||||||
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/39 | 2,790,000 | 2,861,909 | ||||||
| Florida Housing Finance Corp. Rev., (SP Palms LLC), 4.90%, 11/1/42 (FHLMC) | 1,125,000 | 1,131,792 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/26 | 300,000 | 308,179 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/26 | 550,000 | 564,995 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/27 | 400,000 | 419,694 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/27 | 600,000 | 629,541 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/28 | 400,000 | 427,296 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/28 | 650,000 | 694,357 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/40 | 800,000 | 854,357 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/40 | 1,000,000 | 1,067,946 | ||||||
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/48 | 3,500,000 | 3,739,359 | ||||||
| Fort Myers Rev., 4.00%, 12/1/29 | 170,000 | 170,850 | ||||||
| Fort Myers Rev., 4.00%, 12/1/30 | 150,000 | 150,698 | ||||||
| Fort Myers Rev., 4.00%, 12/1/31 | 650,000 | 652,580 | ||||||
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1,750,000 | 1,773,688 | ||||||
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1,500,000 | 1,473,611 | ||||||
| Hillsborough County Housing Finance Authority Rev., 4.55%, 2/1/42 (FNMA) | 8,500,000 | 8,273,226 | ||||||
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.00%, 11/15/34 | 5,000,000 | 5,582,744 | ||||||
| Lakeland Department of Electric Utilities Rev., 5.00%, 10/1/32 | 1,100,000 | 1,215,999 | ||||||
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 3,915,000 | 3,917,393 | ||||||
| Lee County Transportation Facilities Rev., 5.00%, 10/1/33 | 500,000 | 550,806 | ||||||
| Lee County Transportation Facilities Rev., 5.00%, 10/1/34 | 525,000 | 579,490 | ||||||
| Lee County Transportation Facilities Rev., 5.00%, 10/1/35 | 400,000 | 441,339 | ||||||
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 5,500,000 | 5,332,094 | ||||||
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/32 | 3,500,000 | 3,922,188 | ||||||
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/37 | 5,000,000 | 5,165,490 | ||||||
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/38 | 5,000,000 | 5,135,934 | ||||||
Principal Amount/ Shares | Value | |||||||
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | $ | 1,065,000 | $ | 1,069,224 | ||||
| Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | 345,000 | 348,717 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/34 (BAM) | 460,000 | 499,840 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/35 (BAM) | 940,000 | 1,014,220 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/36 (BAM) | 680,000 | 728,800 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/38 (BAM) | 1,460,000 | 1,537,821 | ||||||
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/39 (BAM) | 700,000 | 731,366 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/40 | 760,000 | 816,440 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/41 | 565,000 | 602,187 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/42 | 500,000 | 528,904 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/42 | 3,200,000 | 3,383,649 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/43 | 250,000 | 262,857 | ||||||
| Orlando Utilities Commission Rev., 5.00%, 10/1/43 | 6,800,000 | 7,120,569 | ||||||
| Osceola County Transportation Rev., 5.00%, 10/1/37 | 1,025,000 | 1,043,623 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/35(5) | 1,200,000 | 779,384 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/36(5) | 3,000,000 | 1,847,779 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/38(5) | 1,500,000 | 821,693 | ||||||
Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/39(5) | 1,800,000 | 927,974 | ||||||
| Palm Beach County Health Facilities Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/41 | 1,250,000 | 1,128,802 | ||||||
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1,000,000 | 1,011,604 | ||||||
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2,170,000 | 2,190,990 | ||||||
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4,665,000 | 4,704,543 | ||||||
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1,535,000 | 1,544,899 | ||||||
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1,000,000 | 1,005,227 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/27 (AGM) | 500,000 | 523,088 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/28 (AGM) | 600,000 | 638,268 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/29 (AGM) | 500,000 | 538,969 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/30 (AGM) | 550,000 | 599,379 | ||||||
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/32 (AGM) | 1,075,000 | 1,191,089 | ||||||
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 720,000 | 727,175 | ||||||
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 15,415,000 | 14,925,625 | ||||||
| Port State Lucie Utility System Rev., 4.00%, 9/1/36 | 5,000,000 | 4,989,177 | ||||||
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1,350,000 | 1,351,199 | ||||||
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | 1,000,000 | 958,972 | ||||||
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2,000,000 | 1,836,309 | ||||||
| South Florida Water Management District COP, 5.00%, 10/1/28 | 3,000,000 | 3,042,113 | ||||||
| South Florida Water Management District COP, 5.00%, 10/1/30 | 3,305,000 | 3,343,789 | ||||||
| State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/36 | 5,555,000 | 6,017,227 | ||||||
| Tampa Rev., (BayCare Obligated Group), 4.00%, 11/15/46 | 10,000,000 | 8,560,908 | ||||||
| Tampa Bay Water Rev., 5.00%, 10/1/43 | 1,000,000 | 1,045,954 | ||||||
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | 1,110,000 | 1,141,219 | ||||||
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2,355,000 | 2,413,433 | ||||||
Principal Amount/ Shares | Value | |||||||
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | $ | 3,995,000 | $ | 4,079,261 | ||||
Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.25%, 1/1/30(2) | 900,000 | 898,014 | ||||||
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/30 (AGM) | 890,000 | 946,027 | ||||||
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/33 (AGM) | 815,000 | 879,606 | ||||||
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/34 (AGM) | 485,000 | 520,242 | ||||||
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/37 (AGM) | 1,140,000 | 1,196,831 | ||||||
| Village Community Development District No. 12 Special Assessment, (Village Community Development District No. 12 Series 2018 Phase II), 3.80%, 5/1/28 | 1,245,000 | 1,246,065 | ||||||
| Village Community Development District No. 12 Special Assessment, (Village Community Development District No. 12 Series 2018 Phase II), 4.00%, 5/1/33 | 1,780,000 | 1,748,177 | ||||||
Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 2.625%, 5/1/30(2) | 1,685,000 | 1,569,147 | ||||||
Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 3.00%, 5/1/35(2) | 2,235,000 | 1,964,986 | ||||||
Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 3.25%, 5/1/40(2) | 2,400,000 | 1,960,730 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 1.80%, 5/1/26 | 135,000 | 132,490 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 2.55%, 5/1/31 | 980,000 | 893,277 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 2.85%, 5/1/36 | 975,000 | 816,797 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.00%, 5/1/41 | 1,460,000 | 1,121,611 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.25%, 5/1/52 | 4,350,000 | 2,989,263 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.00%, 5/1/29 | 765,000 | 736,377 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.375%, 5/1/34 | 3,065,000 | 2,847,832 | ||||||
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.55%, 5/1/39 | 1,235,000 | 1,069,046 | ||||||
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.125%, 5/1/37 | 5,220,000 | 5,355,202 | ||||||
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.375%, 5/1/42 | 3,795,000 | 3,850,610 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 4.375%, 5/1/33(2) | 990,000 | 1,000,088 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 4.85%, 5/1/38(2) | 745,000 | 749,546 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 5.00%, 5/1/43(2) | 495,000 | 487,097 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.20%, 5/1/39(2) | 1,000,000 | 935,465 | ||||||
Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.55%, 5/1/44(2) | 750,000 | 701,599 | ||||||
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1,000,000 | 1,040,549 | ||||||
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1,200,000 | 1,247,475 | ||||||
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1,045,000 | 1,070,799 | ||||||
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1,095,000 | 1,119,226 | ||||||
| 226,429,374 | ||||||||
| Georgia — 3.5% | ||||||||
| Atlanta Airport Passenger Facility Charge Rev., 5.00%, 7/1/37 | 7,000,000 | 7,537,917 | ||||||
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/43 (BAM) | 1,050,000 | 979,277 | ||||||
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 2,585,000 | 2,611,039 | ||||||
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.70%, 10/1/32 | 5,225,000 | 5,263,328 | ||||||
Principal Amount/ Shares | Value | |||||||
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | $ | 6,500,000 | $ | 6,387,653 | ||||
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.375%, 11/1/53 | 1,820,000 | 1,808,731 | ||||||
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 12,500,000 | 12,475,810 | ||||||
| Development Authority of Monroe County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | 5,000,000 | 4,913,580 | ||||||
| George L Smith II Congress Center Authority Rev., 2.375%, 1/1/31 | 2,000,000 | 1,834,907 | ||||||
| George L Smith II Congress Center Authority Rev., 4.00%, 1/1/36 | 1,100,000 | 1,092,023 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(2) | 2,460,000 | 2,332,389 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36(2) | 4,355,000 | 4,360,114 | ||||||
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1,100,000 | 1,152,169 | ||||||
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1,000,000 | 1,036,474 | ||||||
| Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/37 (GA: Macquarie Group Ltd.) | 4,500,000 | 4,657,386 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 20,200,000 | 20,245,396 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 1,585,000 | 1,584,629 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) | 3,215,000 | 3,346,865 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 6,900,000 | 7,211,972 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Royal Bank of Canada) | 3,635,000 | 3,819,167 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | 10,400,000 | 10,806,692 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 2,500,000 | 2,606,257 | ||||||
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 1,000,000 | 1,052,191 | ||||||
| Metropolitan Atlanta Rapid Transit Authority Rev., 4.00%, 7/1/35 | 5,095,000 | 5,098,471 | ||||||
| Municipal Electric Authority of Georgia Rev., 5.25%, 1/1/41 (BAM) | 1,150,000 | 1,234,351 | ||||||
| Municipal Electric Authority of Georgia Rev., 5.00%, 1/1/42 | 2,100,000 | 2,173,601 | ||||||
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/38 | 1,400,000 | 1,358,062 | ||||||
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/39 | 2,750,000 | 2,607,982 | ||||||
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 2,125,000 | 1,906,175 | ||||||
| 123,494,608 | ||||||||
| Hawaii — 0.2% | ||||||||
| City & County Honolulu Wastewater System Rev., 5.00%, 7/1/38 | 980,000 | 1,075,853 | ||||||
Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/41(6) | 2,500,000 | 2,608,017 | ||||||
Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/42(6) | 1,000,000 | 1,035,751 | ||||||
Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/43(6) | 1,000,000 | 1,024,310 | ||||||
| 5,743,931 | ||||||||
| Idaho — 0.1% | ||||||||
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 2,760,000 | 3,010,087 | ||||||
| Illinois — 8.2% | ||||||||
| Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1,000,000 | 1,012,025 | ||||||
| Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1,670,000 | 1,693,079 | ||||||
| Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1,000,000 | 1,004,055 | ||||||
| Brown County Community Unit School District No. 1 GO, 5.00%, 12/1/39 (BAM) | 1,340,000 | 1,386,927 | ||||||
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/31 (BAM) | 910,000 | 985,141 | ||||||
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/33 (BAM) | 500,000 | 545,802 | ||||||
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/35 (BAM) | 1,150,000 | 1,241,697 | ||||||
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/36 (BAM) | 830,000 | 888,213 | ||||||
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/37 (BAM) | 1,000,000 | 1,063,169 | ||||||
| Chicago GO, 5.00%, 1/1/30 | 6,600,000 | 6,872,733 | ||||||
| Chicago GO, 4.00%, 1/1/35 | 3,000,000 | 2,844,926 | ||||||
| Chicago GO, 5.25%, 1/1/38 | 5,000,000 | 5,118,225 | ||||||
| Chicago GO, 6.00%, 1/1/38 | 5,000,000 | 5,089,620 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 6,705,000 | 6,981,434 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 8,295,000 | 8,636,987 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/31 (AGM) | 1,250,000 | 1,291,504 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/31 (AGM) | 2,250,000 | 2,315,820 | ||||||
| Chicago Board of Education GO, 5.00%, 12/1/32 (AGM) | 1,000,000 | 1,025,777 | ||||||
Principal Amount/ Shares | Value | |||||||
| Chicago Midway International Airport Rev., 5.00%, 1/1/34 (BAM) | $ | 2,000,000 | $ | 2,212,014 | ||||
| Chicago Midway International Airport Rev., 5.00%, 1/1/35 (BAM) | 3,000,000 | 3,301,158 | ||||||
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 2,250,000 | 2,348,800 | ||||||
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 3,000,000 | 3,115,057 | ||||||
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 3,250,000 | 3,350,780 | ||||||
| Chicago O'Hare International Airport Rev., 4.00%, 1/1/42 | 2,500,000 | 2,293,841 | ||||||
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/39 (BAM) | 1,190,000 | 1,274,269 | ||||||
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/40 (BAM) | 1,700,000 | 1,803,901 | ||||||
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/41 (BAM) | 1,950,000 | 2,055,581 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3,245,000 | 3,328,383 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3,420,000 | 3,499,245 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/33 (AGM) | 6,000,000 | 6,548,423 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/42 (BAM) | 1,750,000 | 1,812,817 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/43 (BAM) | 2,000,000 | 2,058,973 | ||||||
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/44 (BAM) | 2,000,000 | 2,045,186 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/26 | 2,000,000 | 2,050,872 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 2,250,000 | 2,297,558 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/31 (AGM) | 1,650,000 | 1,813,193 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1,570,000 | 1,616,811 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/41 | 1,000,000 | 1,024,975 | ||||||
| Chicago Waterworks Rev., 5.00%, 11/1/42 | 845,000 | 860,388 | ||||||
| Cook County GO, 5.00%, 11/15/29 | 3,270,000 | 3,339,702 | ||||||
| Cook County GO, 5.00%, 11/15/34 | 2,000,000 | 2,029,572 | ||||||
| Cook County GO, 5.00%, 11/15/35 | 1,800,000 | 1,825,344 | ||||||
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | 1,150,000 | 1,180,569 | ||||||
| Cook County Sales Tax Rev., 5.00%, 11/15/42 (BAM-TCRS) | 3,000,000 | 3,100,684 | ||||||
| Cook County Sales Tax Rev., 5.00%, 11/15/43 (BAM-TCRS) | 2,000,000 | 2,050,767 | ||||||
| Cook County Sales Tax Rev., 5.25%, 11/15/45 (BAM-TCRS) | 7,275,000 | 7,544,945 | ||||||
| Decatur GO, 5.00%, 3/1/26 (AGM) | 1,000,000 | 1,012,924 | ||||||
| Decatur GO, 5.00%, 3/1/27 (AGM) | 1,080,000 | 1,096,368 | ||||||
| Decatur GO, 5.00%, 3/1/28 (AGM) | 1,205,000 | 1,222,106 | ||||||
| Decatur GO, 5.00%, 3/1/30 (AGM) | 1,330,000 | 1,346,511 | ||||||
| Decatur GO, 5.00%, 3/1/31 (AGM) | 1,395,000 | 1,412,111 | ||||||
| Decatur GO, 5.00%, 3/1/33 (AGM) | 1,545,000 | 1,563,722 | ||||||
| Governors State University COP, 5.00%, 7/1/25 (BAM) | 400,000 | 400,514 | ||||||
| Governors State University COP, 5.00%, 7/1/26 (BAM) | 350,000 | 356,739 | ||||||
| Governors State University COP, 5.00%, 7/1/27 (BAM) | 395,000 | 409,992 | ||||||
| Governors State University COP, 5.00%, 7/1/28 (BAM) | 750,000 | 779,148 | ||||||
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7,600,000 | 7,373,992 | ||||||
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1,000,000 | 987,354 | ||||||
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2,000,000 | 1,860,621 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1,085,000 | 1,105,708 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500,000 | 517,424 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315,000 | 324,727 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500,000 | 514,285 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570,000 | 585,005 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 965,000 | 987,723 | ||||||
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1,500,000 | 1,513,402 | ||||||
Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.25%, 10/1/39(2) | 1,350,000 | 1,361,412 | ||||||
Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/44(2) | 800,000 | 749,302 | ||||||
Principal Amount/ Shares | Value | |||||||
| Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group IL), VRN, 2.67%, (MUNIPSA plus 0.70%), 5/1/42 | $ | 2,000,000 | $ | 1,985,687 | ||||
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325,000 | 333,194 | ||||||
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690,000 | 704,738 | ||||||
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750,000 | 736,181 | ||||||
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | 5,000,000 | 5,002,616 | ||||||
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | 5,475,000 | 5,477,865 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/30(6) | 1,000,000 | 1,086,689 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/31(6) | 2,000,000 | 2,186,812 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/32(6) | 1,000,000 | 1,105,096 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/33(6) | 1,000,000 | 1,114,161 | ||||||
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/34 | 10,000,000 | 10,796,272 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/35(6) | 1,500,000 | 1,688,882 | ||||||
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 | 4,750,000 | 4,905,756 | ||||||
| Illinois Municipal Electric Agency Rev., 4.00%, 2/1/35 | 9,000,000 | 8,871,687 | ||||||
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1,000,000 | 1,044,948 | ||||||
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1,000,000 | 1,043,582 | ||||||
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 11,410,000 | 11,463,490 | ||||||
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/38 | 4,080,000 | 4,388,067 | ||||||
| Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43 | 1,670,000 | 1,760,464 | ||||||
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 5.00%, 6/15/29 | 2,670,000 | 2,757,484 | ||||||
Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), Capital Appreciation, 0.00%, 12/15/36 (NPFG)(5) | 4,000,000 | 2,346,512 | ||||||
Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), Capital Appreciation, 0.00%, 12/15/41 (AGM-CR)(5) | 1,245,000 | 554,496 | ||||||
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/34 (BAM) | 2,210,000 | 2,431,221 | ||||||
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/35 (BAM) | 1,865,000 | 2,018,536 | ||||||
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/36 (BAM) | 2,525,000 | 2,713,472 | ||||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/26, Prerefunded at 100% of Par(1) | 3,000,000 | 3,062,161 | ||||||
| Springfield Electric Rev., 5.00%, 3/1/40 (BAM) | 2,500,000 | 2,617,385 | ||||||
| State of Illinois GO, 5.00%, 11/1/27 | 15,000,000 | 15,609,189 | ||||||
| State of Illinois GO, 5.125%, 12/1/29 | 17,000,000 | 17,608,882 | ||||||
| State of Illinois GO, 5.50%, 5/1/30 | 2,500,000 | 2,634,337 | ||||||
| State of Illinois GO, 5.00%, 10/1/33 | 2,100,000 | 2,168,333 | ||||||
| State of Illinois GO, 5.50%, 5/1/39 | 1,475,000 | 1,544,149 | ||||||
| State of Illinois GO, 5.00%, 12/1/39 | 5,000,000 | 5,052,686 | ||||||
| State of Illinois GO, 5.25%, 5/1/42 | 2,000,000 | 2,072,515 | ||||||
| University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.50%, 10/1/40 | 1,220,000 | 1,298,523 | ||||||
| University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.50%, 10/1/41 | 1,665,000 | 1,766,963 | ||||||
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/30 | 1,275,000 | 1,315,382 | ||||||
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/31 | 1,560,000 | 1,603,587 | ||||||
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/32 | 1,110,000 | 1,137,886 | ||||||
| Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2,250,000 | 1,796,682 | ||||||
| Village of Westchester GO, 5.00%, 12/15/41 (BAM) | 500,000 | 515,820 | ||||||
| Village of Westchester GO, 5.00%, 12/15/42 (BAM) | 1,000,000 | 1,023,094 | ||||||
Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)(1) | 55,000 | 55,654 | ||||||
| Will County Community Unit School District No. 201-U Crete-Monee GO, Capital Appreciation, 5.00%, 1/1/27 (AGM) | 2,760,000 | 2,787,139 | ||||||
| 293,450,307 | ||||||||
| Indiana — 1.1% | ||||||||
| Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1,120,000 | 1,123,328 | ||||||
| Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2,005,000 | 2,010,317 | ||||||
| Indiana Finance Authority Rev., 5.00%, 2/1/29 | 2,500,000 | 2,505,923 | ||||||
Principal Amount/ Shares | Value | |||||||
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/32 | $ | 325,000 | $ | 343,797 | ||||
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/33 | 415,000 | 437,736 | ||||||
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/38 | 800,000 | 816,214 | ||||||
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/43 | 860,000 | 852,592 | ||||||
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1,880,000 | 1,899,367 | ||||||
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | 1,000,000 | 1,009,850 | ||||||
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1,030,000 | 1,039,617 | ||||||
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1,050,000 | 1,059,365 | ||||||
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/32 | 700,000 | 753,721 | ||||||
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/33 | 945,000 | 1,020,218 | ||||||
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/42 | 1,300,000 | 1,308,365 | ||||||
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/43 | 1,200,000 | 1,201,703 | ||||||
| Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/34 | 1,210,000 | 1,370,761 | ||||||
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/62 | 3,635,000 | 3,820,422 | ||||||
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/27 | 2,000,000 | 2,006,750 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.00%, 9/15/25 | 1,165,000 | 1,168,144 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.00%, 9/15/28 | 1,480,000 | 1,527,891 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/39 | 1,560,000 | 1,623,983 | ||||||
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/44 | 1,560,000 | 1,582,489 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/35 | 1,120,000 | 1,177,163 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/36 | 1,345,000 | 1,400,308 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.00%, 7/1/37 | 1,415,000 | 1,340,274 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.00%, 7/1/38 | 1,250,000 | 1,162,706 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.125%, 7/1/39 | 1,300,000 | 1,206,971 | ||||||
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.25%, 7/1/44 | 2,000,000 | 1,776,138 | ||||||
| 38,546,113 | ||||||||
| Iowa — 0.4% | ||||||||
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/34 | 6,750,000 | 7,670,030 | ||||||
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/35 | 1,275,000 | 1,421,872 | ||||||
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/36 | 1,275,000 | 1,408,409 | ||||||
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.58%, (SOFR plus 0.55%), 5/15/56 | 5,000,000 | 4,838,226 | ||||||
| 15,338,537 | ||||||||
| Kansas — 0.2% | ||||||||
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/41 (AGM) | 1,415,000 | 1,449,065 | ||||||
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/42 (AGM) | 1,485,000 | 1,515,012 | ||||||
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/43 (AGM) | 1,180,000 | 1,201,859 | ||||||
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 2.875%, 4/1/30 | 130,000 | 127,215 | ||||||
| Sedgwick County Unified School District No. 262 Valley Center GO, 4.50%, 9/1/43 (AGM) | 875,000 | 876,668 | ||||||
| Sedgwick County Unified School District No. 262 Valley Center GO, 4.50%, 9/1/44 (AGM) | 525,000 | 524,282 | ||||||
| 5,694,101 | ||||||||
| Kentucky — 1.5% | ||||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/29 | 265,000 | 275,934 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/32 | 900,000 | 917,297 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/33 | 580,000 | 562,256 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/34 | 500,000 | 478,532 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/35 | 465,000 | 439,339 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/36 | 380,000 | 354,642 | ||||||
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/38 | 745,000 | 680,328 | ||||||
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | 395,000 | 398,087 | ||||||
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3,665,000 | 3,664,930 | ||||||
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1,350,000 | 1,350,000 | ||||||
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 14,750,000 | 14,750,000 | ||||||
Principal Amount/ Shares | Value | |||||||
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 4/1/54 (GA: Morgan Stanley) | $ | 12,000,000 | $ | 12,702,623 | ||||
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 6/1/55 (GA: Morgan Stanley Finance) | 5,000,000 | 5,245,812 | ||||||
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 5.00%, 5/1/31 (BAM) | 2,000,000 | 2,101,345 | ||||||
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 5.00%, 5/1/33 (BAM) | 1,750,000 | 1,831,058 | ||||||
| Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1,100,000 | 1,124,371 | ||||||
| Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2,000,000 | 2,050,185 | ||||||
| Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2,245,000 | 2,301,037 | ||||||
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 1,500,000 | 1,532,707 | ||||||
| 52,760,483 | ||||||||
| Louisiana — 1.2% | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Calcasieu Parish School Board), 5.00%, 12/1/39 (BAM) | 500,000 | 524,491 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Calcasieu Parish School Board), 4.00%, 12/1/44 (BAM) | 3,000,000 | 2,612,030 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/39 (BAM) | 1,500,000 | 1,600,992 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/40 (BAM) | 1,250,000 | 1,320,422 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/41 (BAM) | 1,000,000 | 1,050,011 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2,010,000 | 2,018,476 | ||||||
Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/25, Prerefunded at 100% of Par(1) | 6,000,000 | 6,046,173 | ||||||
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/39 | 1,625,000 | 1,714,162 | ||||||
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/40 | 1,750,000 | 1,830,956 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500,000 | 512,591 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | 800,000 | 844,588 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350,000 | 368,657 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1,100,000 | 1,153,372 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1,200,000 | 1,252,326 | ||||||
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1,200,000 | 1,244,133 | ||||||
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 3.30%, 6/1/37 | 4,950,000 | 4,852,920 | ||||||
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 4.05%, 6/1/37 (GA: Conocophillips) | 12,600,000 | 12,602,186 | ||||||
| 41,548,486 | ||||||||
| Maryland — 1.2% | ||||||||
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.25%, 6/1/26 | 500,000 | 499,481 | ||||||
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.75%, 6/1/31 | 1,500,000 | 1,501,086 | ||||||
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.875%, 6/1/42 | 1,375,000 | 1,338,169 | ||||||
| Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 625,000 | 623,478 | ||||||
| Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 3,480,000 | 3,480,246 | ||||||
| Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 1,600,000 | 1,580,300 | ||||||
| Maryland Community Development Administration Rev., (Fairfield Marley Station LP), 4.35%, 2/1/44 (FNMA) | 6,500,000 | 6,241,548 | ||||||
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland Baltimore County Proj), 4.00%, 7/1/25 (AGM) | 330,000 | 330,163 | ||||||
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland Baltimore County Proj), 4.00%, 7/1/26 (AGM) | 375,000 | 378,270 | ||||||
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland College Park), 5.00%, 6/1/35 (AGM) | 1,230,000 | 1,240,167 | ||||||
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500,000 | 513,525 | ||||||
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2,000,000 | 2,036,998 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/27 | 465,000 | 477,445 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/28 | 565,000 | 586,462 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/30 | 1,015,000 | 1,069,224 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/32 | 1,785,000 | 1,894,943 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/34 | 1,200,000 | 1,270,358 | ||||||
Principal Amount/ Shares | Value | |||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/35 | $ | 1,075,000 | $ | 1,128,600 | ||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/36 | 1,080,000 | 1,123,278 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/37 | 1,120,000 | 1,155,136 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/38 | 450,000 | 458,717 | ||||||
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/39 | 435,000 | 439,319 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200,000 | 200,139 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175,000 | 177,048 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | 120,000 | 122,728 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130,000 | 132,812 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175,000 | 178,462 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250,000 | 254,486 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300,000 | 304,896 | ||||||
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325,000 | 329,596 | ||||||
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/40 | 4,005,000 | 3,577,869 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3,585,000 | 3,591,259 | ||||||
| Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4,700,000 | 4,240,596 | ||||||
| 42,476,804 | ||||||||
| Massachusetts — 2.3% | ||||||||
| Massachusetts GO, 5.00%, 10/1/34 | 10,000,000 | 11,193,969 | ||||||
| Massachusetts GO, 5.00%, 1/1/35 | 10,000,000 | 10,513,658 | ||||||
| Massachusetts GO, 5.00%, 10/1/37 | 10,000,000 | 10,786,473 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Rev., 5.00%, 7/1/39 | 5,130,000 | 5,598,421 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/34 | 375,000 | 413,332 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/35 | 750,000 | 821,912 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/35 | 1,000,000 | 1,095,882 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/36 | 1,000,000 | 1,089,166 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/36 | 1,250,000 | 1,361,457 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/37 | 1,145,000 | 1,239,032 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/38 | 1,000,000 | 1,073,516 | ||||||
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/38 | 1,585,000 | 1,701,522 | ||||||
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/26 | 2,280,000 | 2,313,150 | ||||||
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/34 | 1,000,000 | 1,121,499 | ||||||
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/35 | 550,000 | 612,827 | ||||||
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48 | 2,425,000 | 2,402,122 | ||||||
Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 5.00%, 7/1/44(2) | 1,000,000 | 954,410 | ||||||
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4,120,000 | 4,243,438 | ||||||
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5,005,000 | 5,148,152 | ||||||
Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29(2) | 2,000,000 | 2,001,765 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/25(1) | 125,000 | 125,254 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/26(1) | 160,000 | 163,455 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/27(1) | 160,000 | 166,683 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/28(1) | 170,000 | 180,174 | ||||||
Principal Amount/ Shares | Value | |||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/29(1) | $ | 300,000 | $ | 322,621 | ||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 245,000 | 266,875 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 275,000 | 299,554 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 300,000 | 326,786 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 315,000 | 343,125 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30(1) | 325,000 | 354,018 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 350,000 | 381,250 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 400,000 | 435,714 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par(1) | 465,000 | 506,518 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37(2) | 1,850,000 | 1,861,390 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/47(2) | 1,000,000 | 928,235 | ||||||
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 4.00%, 2/15/36 | 4,500,000 | 4,541,707 | ||||||
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), VRN, 5.00%, 5/15/55 | 4,000,000 | 4,388,074 | ||||||
| 81,277,136 | ||||||||
| Michigan — 2.7% | ||||||||
| Birmingham City School District GO, 5.00%, 5/1/29 | 1,550,000 | 1,667,350 | ||||||
| Birmingham City School District GO, 5.00%, 5/1/30 | 1,875,000 | 2,045,063 | ||||||
| Birmingham City School District GO, 5.00%, 5/1/31 | 2,250,000 | 2,481,814 | ||||||
| Birmingham City School District GO, 5.00%, 5/1/32 | 1,900,000 | 2,112,292 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1,575,000 | 1,582,472 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1,655,000 | 1,677,211 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1,825,000 | 1,843,712 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1,970,000 | 1,979,758 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | 1,830,000 | 1,836,281 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2,445,000 | 2,450,160 | ||||||
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2,565,000 | 2,566,352 | ||||||
| Detroit GO, 5.00%, 4/1/32 | 1,275,000 | 1,360,597 | ||||||
| Detroit GO, 5.00%, 4/1/36 | 3,215,000 | 3,362,745 | ||||||
| Detroit GO, 5.00%, 4/1/37 | 1,750,000 | 1,776,171 | ||||||
| Detroit GO, 5.00%, 4/1/38 | 1,950,000 | 2,012,901 | ||||||
| Detroit GO, 4.00%, 4/1/41 | 1,100,000 | 978,517 | ||||||
| Detroit GO, 4.00%, 4/1/42 | 525,000 | 457,284 | ||||||
| Detroit GO, 6.00%, 5/1/43 | 250,000 | 270,112 | ||||||
| Detroit GO, 5.00%, 4/1/46 | 1,745,000 | 1,733,511 | ||||||
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/38 | 1,300,000 | 1,382,712 | ||||||
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/39 | 500,000 | 526,023 | ||||||
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/40 | 1,360,000 | 1,424,000 | ||||||
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/41 | 1,500,000 | 1,558,566 | ||||||
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/42 | 2,265,000 | 2,336,213 | ||||||
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/28 | 1,200,000 | 1,271,915 | ||||||
Principal Amount/ Shares | Value | |||||||
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/29 | $ | 1,700,000 | $ | 1,823,207 | ||||
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/26 | 3,500,000 | 3,578,653 | ||||||
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/29 | 4,000,000 | 4,308,536 | ||||||
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/43 | 1,125,000 | 1,032,410 | ||||||
| Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM), (Q-SBLF) | 1,480,000 | 1,503,129 | ||||||
| Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM), (Q-SBLF) | 1,630,000 | 1,655,030 | ||||||
| Livonia Public Schools GO, 5.00%, 5/1/33 (AGM) | 400,000 | 446,747 | ||||||
| Livonia Public Schools GO, 5.00%, 5/1/35 (AGM) | 505,000 | 553,458 | ||||||
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 5.00%, 4/15/27 | 3,370,000 | 3,475,465 | ||||||
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 5.00%, 4/15/28 | 2,000,000 | 2,102,495 | ||||||
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 3,950,000 | 3,659,529 | ||||||
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 11/1/46 | 5,000,000 | 4,195,499 | ||||||
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement), 4.00%, 6/1/34 | 2,000,000 | 1,957,081 | ||||||
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement), 4.00%, 6/1/36 | 1,200,000 | 1,155,192 | ||||||
| Michigan State Hospital Finance Authority Rev., (Corewell Health Obligated Group), VRN, 5.00%, 8/15/55 | 5,455,000 | 5,849,492 | ||||||
| Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1,080,000 | 1,084,936 | ||||||
| Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2,005,000 | 2,011,278 | ||||||
| State of Michigan Trunk Line Rev., 5.00%, 11/15/32 | 1,500,000 | 1,690,905 | ||||||
| State of Michigan Trunk Line Rev., 5.00%, 11/15/33 | 1,500,000 | 1,697,413 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/30 | 1,000,000 | 1,000,353 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 650,000 | 650,228 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/32 | 1,175,000 | 1,175,397 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34 | 1,150,000 | 1,150,340 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/37 (AGM) | 1,750,000 | 1,892,434 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/38 (AGM) | 600,000 | 658,438 | ||||||
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/39 (AGM) | 1,250,000 | 1,362,144 | ||||||
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2,455,000 | 2,499,599 | ||||||
| 96,863,120 | ||||||||
| Minnesota — 0.2% | ||||||||
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1,000,000 | 1,027,948 | ||||||
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | 1,000,000 | 1,015,541 | ||||||
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/26 (SD CRED PROG) | 395,000 | 400,115 | ||||||
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/27 (SD CRED PROG) | 370,000 | 381,695 | ||||||
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/28 (SD CRED PROG) | 350,000 | 366,650 | ||||||
| State of Minnesota GO, 4.00%, 8/1/44 | 5,000,000 | 4,762,716 | ||||||
| 7,954,665 | ||||||||
| Mississippi — 0.3% | ||||||||
Hinds County COP, 4.625%, 9/1/54 (BAM)(2) | 3,840,000 | 3,312,849 | ||||||
| Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System), 6.875%, 12/1/40 (AGM) | 4,250,000 | 4,317,817 | ||||||
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 4,700,000 | 4,621,623 | ||||||
| 12,252,289 | ||||||||
| Missouri — 1.1% | ||||||||
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/26 | 805,000 | 815,583 | ||||||
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/27 | 1,100,000 | 1,135,826 | ||||||
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/30 | 1,355,000 | 1,387,985 | ||||||
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/31 | 1,255,000 | 1,283,143 | ||||||
| Eureka COP, 5.00%, 4/1/34 (BAM) | 1,000,000 | 1,075,919 | ||||||
| Eureka COP, 5.00%, 4/1/35 (BAM) | 1,000,000 | 1,073,662 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (BJC Healthcare Obligated Group), VRN, 4.00%, 5/1/51 | 6,000,000 | 6,035,265 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (BJC Healthcare Obligated Group), VRN, 5.00%, 4/1/59 | 2,080,000 | 2,302,660 | ||||||
Principal Amount/ Shares | Value | |||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.00%, 2/1/26 | $ | 480,000 | $ | 483,405 | ||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/44 | 700,000 | 703,423 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/48 | 1,000,000 | 991,687 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.00%, 6/1/29 | 4,500,000 | 4,757,946 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/40 | 1,100,000 | 1,177,029 | ||||||
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/41 | 2,100,000 | 2,228,306 | ||||||
| Jackson County School District No. R-IV Blue Springs GO, 5.50%, 3/1/40 | 825,000 | 913,571 | ||||||
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540,000 | 546,573 | ||||||
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250,000 | 263,649 | ||||||
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500,000 | 525,754 | ||||||
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525,000 | 549,739 | ||||||
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475,000 | 495,124 | ||||||
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 3,500,000 | 3,447,891 | ||||||
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500,000 | 505,263 | ||||||
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965,000 | 984,814 | ||||||
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630,000 | 647,785 | ||||||
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3,000,000 | 3,010,200 | ||||||
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1,000,000 | 931,776 | ||||||
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/46 | 1,105,000 | 992,259 | ||||||
| 39,266,237 | ||||||||
| Nebraska — 2.0% | ||||||||
| Central Plains Energy Project Rev., 5.00%, 9/1/29 (GA: Goldman Sachs Group, Inc.) | 4,390,000 | 4,584,348 | ||||||
| Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 10,000,000 | 10,002,835 | ||||||
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 14,000,000 | 14,443,853 | ||||||
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/54 (GA: Bank of Montreal) | 35,150,000 | 36,233,112 | ||||||
| Nebraska Public Power District Rev., 5.00%, 7/1/28 | 2,750,000 | 2,886,474 | ||||||
| Omaha Public Power District Rev., 5.00%, 2/1/40 | 1,885,000 | 1,997,821 | ||||||
| 70,148,443 | ||||||||
| Nevada — 1.2% | ||||||||
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32 | 735,000 | 747,299 | ||||||
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34 | 765,000 | 773,703 | ||||||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/28, Prerefunded at 100% of Par(1) | 1,270,000 | 1,329,189 | ||||||
Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/28, Prerefunded at 100% of Par(1) | 1,840,000 | 1,939,340 | ||||||
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.00%, 10/1/31 (BAM) | 1,245,000 | 1,352,322 | ||||||
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.00%, 10/1/33 (BAM) | 1,000,000 | 1,091,822 | ||||||
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/35 (BAM) | 1,000,000 | 1,097,050 | ||||||
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/37 (BAM) | 1,000,000 | 1,079,063 | ||||||
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/38 (BAM) | 1,000,000 | 1,070,480 | ||||||
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/34 | 650,000 | 715,691 | ||||||
Principal Amount/ Shares | Value | |||||||
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/35 | $ | 700,000 | $ | 763,289 | ||||
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/36 | 1,000,000 | 1,082,425 | ||||||
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/37 | 795,000 | 857,798 | ||||||
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/38 | 800,000 | 854,671 | ||||||
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40 | 430,000 | 367,204 | ||||||
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/50 | 955,000 | 766,704 | ||||||
| Las Vegas Special Improvement District No. 612 Skye Hills Special Assessment, 3.75%, 6/1/42 | 915,000 | 744,659 | ||||||
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.00%, 12/1/39 | 375,000 | 369,510 | ||||||
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.25%, 12/1/47 | 925,000 | 886,288 | ||||||
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39 | 460,000 | 417,439 | ||||||
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44 | 500,000 | 417,982 | ||||||
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/40 | 945,000 | 901,168 | ||||||
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.00%, 6/1/41 | 645,000 | 475,915 | ||||||
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/46 | 3,360,000 | 2,340,643 | ||||||
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/51 | 1,410,000 | 928,492 | ||||||
| Las Vegas Special Improvement District No. 817 Special Assessment, 5.50%, 6/1/38 | 375,000 | 390,415 | ||||||
| Las Vegas Special Improvement District No. 817 Special Assessment, 5.75%, 6/1/43 | 500,000 | 516,033 | ||||||
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/29 | 1,485,000 | 1,572,137 | ||||||
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/34 | 1,010,000 | 1,055,386 | ||||||
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/36 | 1,000,000 | 1,037,472 | ||||||
| Reno Rev., (County of Washoe NV Sales Tax), 4.00%, 6/1/43 | 1,000,000 | 922,473 | ||||||
| State of Nevada GO, 5.00%, 5/1/37 | 6,960,000 | 7,619,285 | ||||||
| Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/27 | 1,560,000 | 1,573,706 | ||||||
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/32 | 3,035,000 | 3,195,803 | ||||||
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 3,000,000 | 2,911,305 | ||||||
| 44,164,161 | ||||||||
| New Hampshire — 0.6% | ||||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.00%, 12/1/37 (BAM) | 860,000 | 914,010 | ||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.00%, 12/1/38 (BAM) | 665,000 | 701,156 | ||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/39 (BAM) | 790,000 | 840,639 | ||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/41 (BAM) | 1,325,000 | 1,395,002 | ||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/42 (BAM) | 1,070,000 | 1,124,998 | ||||||
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 4.125%, 12/1/43 (BAM) | 1,500,000 | 1,396,655 | ||||||
| New Hampshire Business Finance Authority Rev., SEQ, 4.125%, 1/20/34 | 13,474,000 | 13,240,372 | ||||||
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/38 | 1,145,000 | 1,147,675 | ||||||
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/40 | 2,000,000 | 2,004,673 | ||||||
| 22,765,180 | ||||||||
| New Jersey — 4.0% | ||||||||
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | 1,000,000 | 1,017,753 | ||||||
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1,100,000 | 1,136,952 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/27 (BAM) | 3,000,000 | 3,091,104 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/28 (BAM) | 6,000,000 | 6,180,112 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/33 | 1,000,000 | 1,005,504 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/25 | 5,000,000 | 5,002,410 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.50%, 6/15/27 | 5,000,000 | 5,143,675 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 3/1/28 | 5,810,000 | 6,111,799 | ||||||
Principal Amount/ Shares | Value | |||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/30 | $ | 5,150,000 | $ | 5,426,001 | ||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/31 | 4,790,000 | 5,116,257 | ||||||
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/37 | 2,500,000 | 2,624,558 | ||||||
| New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 9,375,000 | 10,455,674 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26(1) | 1,500,000 | 1,531,293 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26, Prerefunded at 100% of Par(1) | 1,500,000 | 1,531,293 | ||||||
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 1,515,000 | 1,507,064 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2,000,000 | 2,036,580 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2,000,000 | 2,026,611 | ||||||
New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/28, Prerefunded at 100% of Par(1) | 3,500,000 | 3,757,296 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/29 | 2,770,000 | 2,935,944 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/31 | 6,000,000 | 6,389,373 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/35 | 4,000,000 | 4,112,133 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/35 | 17,500,000 | 17,952,935 | ||||||
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/37 | 1,000,000 | 1,057,976 | ||||||
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 1,855,000 | 1,857,918 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/43(6) | 2,000,000 | 2,092,697 | ||||||
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/44 | 1,000,000 | 1,036,183 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/44(6) | 1,640,000 | 1,707,000 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/45(6) | 1,500,000 | 1,554,589 | ||||||
| South Jersey Port Corp. Rev., 5.00%, 1/1/27 | 1,030,000 | 1,038,823 | ||||||
| South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2,360,000 | 2,380,242 | ||||||
| South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1,670,000 | 1,682,612 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/27 | 1,025,000 | 1,047,253 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/28 | 5,775,000 | 5,949,756 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 3,000,000 | 3,086,506 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 4,650,000 | 4,766,904 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/32 | 5,500,000 | 5,622,648 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/35 | 4,000,000 | 4,061,092 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/36 | 7,000,000 | 7,087,323 | ||||||
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/37 | 1,000,000 | 1,009,964 | ||||||
| 143,131,807 | ||||||||
| New Mexico — 0.0% | ||||||||
| Aspire Public Improvement District Special Tax, 4.45%, 10/1/33 | 375,000 | 368,376 | ||||||
| Aspire Public Improvement District Special Tax, 5.05%, 10/1/44 | 415,000 | 375,438 | ||||||
| New Mexico Finance Authority Rev., 5.00%, 6/1/28 | 310,000 | 310,404 | ||||||
| New Mexico Finance Authority Rev., 5.00%, 6/1/33 | 800,000 | 800,722 | ||||||
| 1,854,940 | ||||||||
| New York — 9.8% | ||||||||
| Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/45 | 2,000,000 | 1,732,514 | ||||||
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/36 | 5,855,000 | 5,830,639 | ||||||
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 10,000,000 | 9,277,509 | ||||||
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/43 | 10,000,000 | 10,421,280 | ||||||
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1,825,000 | 1,872,932 | ||||||
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900,000 | 917,205 | ||||||
| Long Island Power Authority Rev., 5.00%, 9/1/33 | 4,000,000 | 4,545,990 | ||||||
| Long Island Power Authority Rev., VRN, 3.00%, 9/1/49 | 4,500,000 | 4,327,540 | ||||||
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 6,830,000 | 7,066,332 | ||||||
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 9,710,000 | 9,737,565 | ||||||
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 8,195,000 | 6,935,310 | ||||||
Principal Amount/ Shares | Value | |||||||
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/49 | $ | 5,000,000 | $ | 4,201,901 | ||||
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/50 | 3,000,000 | 2,978,615 | ||||||
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 5,000,000 | 5,210,072 | ||||||
| Monroe County Industrial Development Corp. Rev., (St. John Fisher University), 5.00%, 6/1/38 | 770,000 | 811,446 | ||||||
| Monroe County Industrial Development Corp. Rev., (St. John Fisher University), 5.00%, 6/1/39 | 1,100,000 | 1,150,061 | ||||||
| New York City GO, 5.00%, 8/1/33 | 1,000,000 | 1,118,295 | ||||||
| New York City GO, 5.00%, 8/1/34 | 1,000,000 | 1,110,335 | ||||||
| New York City GO, 5.00%, 8/1/35 | 5,900,000 | 6,499,976 | ||||||
| New York City GO, 5.00%, 8/1/37 | 5,520,000 | 5,970,375 | ||||||
| New York City GO, 5.25%, 10/1/39 | 2,000,000 | 2,142,004 | ||||||
| New York City GO, 5.00%, 2/1/40 | 3,400,000 | 3,629,861 | ||||||
| New York City GO, 5.25%, 10/1/40 | 3,000,000 | 3,201,447 | ||||||
| New York City GO, 4.00%, 9/1/46 | 4,960,000 | 4,398,809 | ||||||
| New York City GO, 4.00%, 3/1/47 | 5,000,000 | 4,389,426 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/28 | 1,000,000 | 1,031,839 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/37 | 9,760,000 | 9,633,967 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.50%, 6/15/39 | 3,000,000 | 3,388,329 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/40 | 7,530,000 | 7,241,250 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/42 | 4,835,000 | 4,464,611 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/43 | 6,895,000 | 6,319,985 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/45 | 7,750,000 | 6,985,083 | ||||||
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/47 | 3,500,000 | 3,564,354 | ||||||
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/27 | 1,000,000 | 1,050,790 | ||||||
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/29 | 6,155,000 | 6,679,070 | ||||||
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 5/1/36 | 1,740,000 | 1,905,457 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10,000,000 | 10,031,771 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/35 | 3,295,000 | 3,585,304 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/35 | 7,485,000 | 8,266,406 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/36 | 350,000 | 378,009 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/37 | 7,500,000 | 7,381,653 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/37 | 3,750,000 | 4,079,561 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/39 | 2,000,000 | 2,106,391 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/39 | 6,640,000 | 7,112,393 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | 10,000,000 | 10,662,344 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 4,840,000 | 4,456,315 | ||||||
| New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 (GA: Goldman Sachs Group, Inc.) | 9,795,000 | 10,935,114 | ||||||
| New York Power Authority Rev., 5.00%, 11/15/43 | 1,250,000 | 1,320,980 | ||||||
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/36 (AGM) | 1,000,000 | 1,105,656 | ||||||
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/37 (AGM) | 400,000 | 438,054 | ||||||
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/38 (AGM) | 475,000 | 514,849 | ||||||
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.25%, 11/15/40 (AGM) | 700,000 | 765,643 | ||||||
| New York State Dormitory Authority Rev., 5.00%, 10/1/27 (BAM) | 3,600,000 | 3,771,843 | ||||||
| New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) | 3,105,000 | 3,309,332 | ||||||
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 5,000,000 | 4,465,766 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 5,000,000 | 5,552,478 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/33 | 5,000,000 | 5,591,195 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/38 | 13,490,000 | 13,786,943 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/39 | 2,135,000 | 2,030,734 | ||||||
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/46 | 5,040,000 | 4,433,548 | ||||||
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.25%, 6/15/44 | 500,000 | 536,400 | ||||||
Principal Amount/ Shares | Value | |||||||
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.25%, 6/15/45 | $ | 1,000,000 | $ | 1,070,135 | ||||
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.30%, 12/15/54 | 3,270,000 | 3,245,931 | ||||||
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.35%, 12/15/54 | 1,365,000 | 1,353,593 | ||||||
| New York State Thruway Authority Rev., 4.00%, 1/1/37 | 4,980,000 | 4,937,950 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/30 | 5,135,000 | 5,522,440 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/37 | 1,280,000 | 1,331,265 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/39 | 6,500,000 | 6,035,624 | ||||||
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | 3,850,000 | 3,484,725 | ||||||
| State of New York GO, 5.00%, 3/15/40 | 1,675,000 | 1,800,555 | ||||||
| State of New York GO, 5.00%, 3/15/41 | 1,750,000 | 1,869,634 | ||||||
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730,000 | 730,564 | ||||||
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1,000,000 | 1,000,662 | ||||||
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1,010,000 | 1,009,937 | ||||||
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700,000 | 700,903 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/37 | 550,000 | 597,485 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/38 | 750,000 | 807,570 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/40 | 1,500,000 | 1,585,712 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/41 | 2,200,000 | 2,309,086 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/42 | 3,520,000 | 3,666,965 | ||||||
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/33 | 1,250,000 | 1,318,689 | ||||||
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | 1,000,000 | 1,044,203 | ||||||
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/36 | 1,350,000 | 1,402,968 | ||||||
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37 | 1,375,000 | 1,420,905 | ||||||
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/39 | 1,500,000 | 1,536,998 | ||||||
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 6,125,000 | 6,556,007 | ||||||
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 | 6,140,000 | 6,176,449 | ||||||
| Westchester County Local Development Corp. Rev., (New York Blood Center, Inc.), 5.00%, 7/1/35 | 3,750,000 | 4,013,522 | ||||||
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/32 (AGM) | 2,000,000 | 2,211,363 | ||||||
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/33 (AGM) | 2,000,000 | 2,221,440 | ||||||
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/34 (AGM) | 1,500,000 | 1,650,338 | ||||||
| 350,974,474 | ||||||||
| North Carolina — 1.8% | ||||||||
| Charlotte Airport Rev., 5.00%, 7/1/33 | 2,000,000 | 2,216,456 | ||||||
| Charlotte Airport Rev., 5.00%, 7/1/35 | 2,165,000 | 2,370,710 | ||||||
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/28 | 1,000,000 | 1,050,444 | ||||||
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/29 | 1,500,000 | 1,599,508 | ||||||
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/30 | 1,340,000 | 1,427,698 | ||||||
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 3.25%, 1/15/50 | 3,500,000 | 3,489,038 | ||||||
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group),VRN, 3.625%, 1/15/48 | 1,000,000 | 1,004,183 | ||||||
Greenville Utilities Commission Rev., 5.00%, 9/1/43(6) | 2,170,000 | 2,288,427 | ||||||
Greenville Utilities Commission Rev., 5.00%, 9/1/44(6) | 3,230,000 | 3,388,100 | ||||||
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 2.30%, 9/1/25 | 1,250,000 | 1,242,545 | ||||||
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/40 | 3,050,000 | 2,613,418 | ||||||
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/40 | 1,050,000 | 1,000,367 | ||||||
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/45 | 1,000,000 | 915,921 | ||||||
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.25%, 9/1/28 | 1,090,000 | 1,085,002 | ||||||
| North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/34 | 1,000,000 | 1,020,633 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26 | 590,000 | 581,028 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/28 | 1,815,000 | 1,797,805 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/30 | 1,035,000 | 1,016,659 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/31 | 1,075,000 | 1,095,917 | ||||||
Principal Amount/ Shares | Value | |||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/32 | $ | 1,115,000 | $ | 1,133,809 | ||||
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/34 | 1,230,000 | 1,243,512 | ||||||
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group NC), 4.00%, 10/1/45 | 1,000,000 | 836,636 | ||||||
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 3.75%, 10/1/28 | 525,000 | 524,469 | ||||||
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/35 | 5,000,000 | 5,051,278 | ||||||
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/33 (AGM) | 2,570,000 | 2,702,353 | ||||||
| State of North Carolina Rev., 5.00%, 3/1/34 | 15,000,000 | 15,838,609 | ||||||
| State of North Carolina Rev., 5.00%, 3/1/40 | 2,250,000 | 2,410,067 | ||||||
| State of North Carolina Rev., (State of North Carolina Highway Trust Fund), 5.00%, 5/1/27 | 3,250,000 | 3,386,252 | ||||||
| 64,330,844 | ||||||||
| Ohio — 2.3% | ||||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/34 | 980,000 | 1,071,462 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/36 | 1,080,000 | 1,167,639 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/37 | 1,135,000 | 1,217,236 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/38 | 1,190,000 | 1,261,333 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/40 | 1,315,000 | 1,364,448 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/41 | 1,380,000 | 1,420,365 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/42 | 1,450,000 | 1,478,666 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/43 | 1,520,000 | 1,538,129 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/44 | 1,595,000 | 1,603,385 | ||||||
| American Municipal Power, Inc. Rev., 5.00%, 2/15/45 | 1,550,000 | 1,548,987 | ||||||
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/35 | 6,200,000 | 6,393,296 | ||||||
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/36 | 6,505,000 | 6,675,445 | ||||||
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/38 | 5,375,000 | 5,032,098 | ||||||
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 5,000,000 | 4,619,747 | ||||||
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 620,000 | 630,393 | ||||||
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1,625,000 | 1,651,095 | ||||||
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | 2,025,000 | 1,996,183 | ||||||
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2,000,000 | 2,015,986 | ||||||
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1,600,000 | 1,636,019 | ||||||
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1,750,000 | 1,772,546 | ||||||
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 3,600,000 | 3,562,324 | ||||||
| Hamilton Sewer System Rev., 5.00%, 12/1/25 | 2,250,000 | 2,271,671 | ||||||
| Hamilton Sewer System Rev., 5.00%, 12/1/26 | 2,000,000 | 2,061,458 | ||||||
| Hamilton Sewer System Rev., 5.00%, 12/1/27 | 1,125,000 | 1,185,414 | ||||||
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/41 | 500,000 | 520,334 | ||||||
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/42 | 1,000,000 | 1,035,288 | ||||||
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/43 | 1,000,000 | 1,031,436 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/32 | 350,000 | 393,587 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/32 | 400,000 | 451,644 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/33 | 700,000 | 785,040 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/34 | 650,000 | 724,672 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/35 | 1,100,000 | 1,218,291 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/36 | 750,000 | 820,900 | ||||||
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/38 | 1,450,000 | 1,561,342 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/33 | 4,000,000 | 4,515,424 | ||||||
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/38 | 2,905,000 | 3,140,818 | ||||||
Principal Amount/ Shares | Value | |||||||
| State of Ohio Rev., (Children's Hospital Medical Center of Akron Obligated Group), VRN, 5.00%, 8/15/54 | $ | 3,040,000 | $ | 3,300,725 | ||||
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/33 | 700,000 | 758,516 | ||||||
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/34 | 1,000,000 | 1,077,369 | ||||||
| Toledo GO, 5.00%, 12/1/37 (BAM) | 395,000 | 422,186 | ||||||
| Toledo GO, 5.00%, 12/1/38 (BAM) | 350,000 | 371,103 | ||||||
| Toledo GO, 5.00%, 12/1/39 (BAM) | 440,000 | 463,125 | ||||||
| Worthington City School District GO, 5.00%, 12/1/41 | 1,400,000 | 1,474,399 | ||||||
| Worthington City School District GO, 5.00%, 12/1/42 | 1,800,000 | 1,882,578 | ||||||
| 81,124,102 | ||||||||
| Oklahoma — 0.2% | ||||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41(6) | 1,210,000 | 1,269,059 | ||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42(6) | 1,380,000 | 1,435,706 | ||||||
| Oklahoma Water Resources Board Rev., 4.00%, 10/1/48 | 5,385,000 | 4,830,709 | ||||||
| Oklahoma Water Resources Board Rev., (State of Oklahoma Drinking Water State Revolving Fund), 4.00%, 4/1/48 | 1,000,000 | 900,681 | ||||||
| 8,436,155 | ||||||||
| Oregon — 1.0% | ||||||||
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/32 | 500,000 | 504,457 | ||||||
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/37 | 500,000 | 497,000 | ||||||
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/47 | 3,900,000 | 3,576,017 | ||||||
Clackamas County School District No. 12 North Clackamas GO, Capital Appreciation, 0.00%, 6/15/35 (SCH BD GTY)(5) | 10,000,000 | 6,404,367 | ||||||
| Forest Grove Rev., (Pacific University), 4.00%, 5/1/40 | 2,570,000 | 2,205,493 | ||||||
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265,000 | 268,730 | ||||||
Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/32 (SCH BD GTY)(5) | 1,000,000 | 785,736 | ||||||
Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/33 (SCH BD GTY)(5) | 1,000,000 | 751,863 | ||||||
Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/34 (SCH BD GTY)(5) | 1,000,000 | 717,703 | ||||||
| Oregon State Lottery Rev., 5.00%, 4/1/40 | 750,000 | 810,667 | ||||||
| Oregon State Lottery Rev., 5.00%, 4/1/41 | 500,000 | 536,013 | ||||||
| Oregon State Lottery Rev., 5.25%, 4/1/42 | 500,000 | 541,792 | ||||||
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/30 | 1,250,000 | 1,380,296 | ||||||
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/33 | 630,000 | 704,500 | ||||||
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/35 | 3,710,000 | 4,109,675 | ||||||
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/36 | 2,900,000 | 3,186,476 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/32(2) | 500,000 | 530,275 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/33(2) | 500,000 | 528,321 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/34(2) | 500,000 | 526,589 | ||||||
Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/39(2) | 800,000 | 826,688 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton GO, Capital Appreciation, 0.00%, 6/15/41 (SCH BD GTY)(5) | 6,500,000 | 3,016,704 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton GO, Capital Appreciation, 0.00%, 6/15/42 (SCH BD GTY)(5) | 5,000,000 | 2,187,892 | ||||||
| 34,597,254 | ||||||||
| Pennsylvania — 4.9% | ||||||||
| Adams County General Authority Rev., (Brethren Home Community Obligated Group), 3.60%, 6/1/29 | 1,045,000 | 1,026,567 | ||||||
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1,230,000 | 1,234,556 | ||||||
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2,000,000 | 2,006,491 | ||||||
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600,000 | 601,680 | ||||||
| Allegheny County Industrial Development Authority Rev., (United States Steel Corp.), 5.125%, 5/1/30 | 4,000,000 | 4,166,705 | ||||||
| Bucks County Water & Sewer Authority Rev., 4.00%, 12/1/42 (AGM) | 2,750,000 | 2,575,766 | ||||||
| Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2,500,000 | 2,598,915 | ||||||
| Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 6,325,000 | 6,544,859 | ||||||
| Commonwealth Financing Authority Rev., 5.00%, 6/1/33 | 3,205,000 | 3,305,941 | ||||||
| Commonwealth Financing Authority Rev., 5.00%, 6/1/34 | 2,765,000 | 2,842,340 | ||||||
| Commonwealth Financing Authority Rev., 4.00%, 6/1/39 (AGM) | 5,600,000 | 5,156,621 | ||||||
Principal Amount/ Shares | Value | |||||||
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | $ | 1,040,000 | $ | 1,055,190 | ||||
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1,095,000 | 1,110,493 | ||||||
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1,150,000 | 1,164,551 | ||||||
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1,205,000 | 1,218,379 | ||||||
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1,265,000 | 1,277,658 | ||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2,000,000 | 2,030,777 | ||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/31 | 5,450,000 | 5,516,175 | ||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1,300,000 | 1,310,295 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/29(6) | 1,355,000 | 1,438,052 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/30(6) | 1,060,000 | 1,136,361 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/31(6) | 1,110,000 | 1,199,109 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/32(6) | 1,545,000 | 1,671,864 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/33(6) | 1,610,000 | 1,748,481 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/34(6) | 1,265,000 | 1,371,231 | ||||||
Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/35(6) | 465,000 | 503,008 | ||||||
| Luzerne County Industrial Development Authority Rev., (County of Luzerne PA), 5.00%, 12/15/27 (AGM) | 1,000,000 | 1,008,376 | ||||||
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 8,000,000 | 8,017,795 | ||||||
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | 600,000 | 524,656 | ||||||
| Pennsylvania COP, 5.00%, 7/1/29 | 600,000 | 626,399 | ||||||
| Pennsylvania COP, 5.00%, 7/1/30 | 750,000 | 781,466 | ||||||
| Pennsylvania COP, 5.00%, 7/1/31 | 850,000 | 882,941 | ||||||
| Pennsylvania COP, 5.00%, 7/1/35 | 450,000 | 463,809 | ||||||
| Pennsylvania GO, 5.00%, 8/15/25 | 12,000,000 | 12,047,231 | ||||||
| Pennsylvania GO, 4.00%, 2/1/32 | 6,200,000 | 6,223,981 | ||||||
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 2,275,000 | 2,290,329 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 3,900,000 | 3,938,527 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 7,210,000 | 8,053,854 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/34 | 2,000,000 | 2,220,537 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/36 | 500,000 | 544,690 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/37 | 525,000 | 567,474 | ||||||
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/39 | 1,000,000 | 1,062,597 | ||||||
| Pennsylvania Turnpike Commission Rev., Capital Appreciation, 4.90%, 12/1/44 | 2,000,000 | 2,008,509 | ||||||
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/27 (AGM) | 1,000,000 | 1,040,074 | ||||||
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/29 (AGM) | 1,465,000 | 1,520,979 | ||||||
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/30 (AGM) | 2,960,000 | 3,073,623 | ||||||
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/31 (AGM) | 1,610,000 | 1,668,841 | ||||||
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/32 (AGM) | 1,800,000 | 1,862,034 | ||||||
| Philadelphia Energy Authority Rev., (City of Philadelphia PA), 5.00%, 11/1/34 | 1,000,000 | 1,097,594 | ||||||
| Philadelphia Energy Authority Rev., (City of Philadelphia PA), 5.00%, 11/1/35 | 1,000,000 | 1,089,838 | ||||||
| Philadelphia Municipal Authority Rev., (City of Philadelphia PA), 5.00%, 4/1/26 | 1,750,000 | 1,776,529 | ||||||
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/41 (AGC) | 2,000,000 | 2,101,537 | ||||||
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/42 (AGC) | 1,000,000 | 1,041,025 | ||||||
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/43 (AGC) | 1,325,000 | 1,371,747 | ||||||
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 1,280,000 | 1,439,848 | ||||||
Principal Amount/ Shares | Value | |||||||
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/34 (AGM) | $ | 1,500,000 | $ | 1,660,002 | ||||
| Reading GO, 5.00%, 11/1/26 (BAM) | 1,555,000 | 1,592,382 | ||||||
| Reading GO, 5.00%, 11/1/27 (BAM) | 1,630,000 | 1,703,465 | ||||||
| Reading GO, 5.00%, 11/1/28 (BAM) | 1,000,000 | 1,041,218 | ||||||
| Reading GO, 5.00%, 11/1/29 (BAM) | 1,795,000 | 1,865,734 | ||||||
| Reading School District GO, 5.00%, 3/1/28 (AGM), (ST AID WITHHLDG) | 1,025,000 | 1,058,975 | ||||||
| Reading School District GO, 5.00%, 3/1/35 (AGM), (ST AID WITHHLDG) | 2,000,000 | 2,039,611 | ||||||
| Reading School District GO, 5.00%, 3/1/37 (AGM), (ST AID WITHHLDG) | 1,500,000 | 1,523,542 | ||||||
| Reading School District GO, 5.00%, 3/1/38 (AGM), (ST AID WITHHLDG) | 1,500,000 | 1,519,660 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/26 (ST AID WITHHLDG) | 2,200,000 | 2,254,250 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/27 (ST AID WITHHLDG) | 500,000 | 519,733 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/28 (ST AID WITHHLDG) | 475,000 | 500,908 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/28 (ST AID WITHHLDG) | 5,000,000 | 5,090,318 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/29 (ST AID WITHHLDG) | 1,225,000 | 1,285,064 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/30 (ST AID WITHHLDG) | 3,000,000 | 3,142,415 | ||||||
| School District of Philadelphia GO, 5.00%, 9/1/33 (ST AID WITHHLDG) | 1,625,000 | 1,690,872 | ||||||
| Scranton GO, 5.00%, 11/15/28 (AGM) | 1,545,000 | 1,622,864 | ||||||
| Scranton GO, 5.00%, 11/15/29 (AGM) | 1,875,000 | 1,987,500 | ||||||
| Scranton GO, 5.00%, 11/15/30 (AGM) | 920,000 | 983,328 | ||||||
| Scranton GO, 5.00%, 11/15/31 (AGM) | 1,675,000 | 1,796,864 | ||||||
| Scranton GO, 5.00%, 11/15/32 (AGM) | 1,520,000 | 1,619,243 | ||||||
| Scranton School District GO, 5.00%, 12/1/32 (BAM), (ST AID WITHHLDG) | 1,000,000 | 1,036,909 | ||||||
| Scranton School District GO, 5.00%, 12/1/34 (BAM), (ST AID WITHHLDG) | 1,650,000 | 1,701,401 | ||||||
| Scranton School District GO, 5.00%, 12/1/35 (BAM), (ST AID WITHHLDG) | 750,000 | 771,702 | ||||||
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 4,200,000 | 3,471,195 | ||||||
| University of Pittsburgh-of the Commonwealth System of Higher Education Rev., 5.00%, 2/15/34 | 4,500,000 | 5,053,619 | ||||||
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/41 | 370,000 | 322,685 | ||||||
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/46 | 525,000 | 427,842 | ||||||
| 175,442,206 | ||||||||
| Puerto Rico — 0.1% | ||||||||
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 3,116,065 | 1,608,669 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51(5) | 15,000,000 | 3,541,132 | ||||||
| 5,149,801 | ||||||||
| Rhode Island — 0.4% | ||||||||
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/27 (AGM) | 1,635,000 | 1,701,309 | ||||||
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/29 (AGM) | 1,810,000 | 1,875,235 | ||||||
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/32 (AGM) | 2,000,000 | 2,055,804 | ||||||
| Providence Public Building Authority Rev., (City of Providence RI), 4.00%, 9/15/33 (AGM) | 5,620,000 | 5,613,505 | ||||||
| Providence Public Building Authority Rev., (City of Providence RI), 5.25%, 9/15/40 (AGC) | 1,100,000 | 1,178,968 | ||||||
| Providence Public Building Authority Rev., (City of Providence RI), 5.25%, 9/15/41 (AGC) | 1,000,000 | 1,062,254 | ||||||
| 13,487,075 | ||||||||
| South Carolina — 1.0% | ||||||||
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.00%, 11/1/30 | 330,000 | 318,469 | ||||||
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.25%, 11/1/40 | 1,000,000 | 882,701 | ||||||
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/38 | 1,050,000 | 1,137,734 | ||||||
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/39 | 1,000,000 | 1,075,717 | ||||||
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/40 | 1,400,000 | 1,492,992 | ||||||
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/41 | 1,560,000 | 1,651,214 | ||||||
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/42 | 1,000,000 | 1,053,378 | ||||||
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/42 | 500,000 | 470,541 | ||||||
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/43 | 515,000 | 479,189 | ||||||
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/44 | 500,000 | 462,423 | ||||||
Principal Amount/ Shares | Value | |||||||
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/45 | $ | 750,000 | $ | 682,188 | ||||
| Greenville County School District Rev., 5.00%, 12/1/25 | 2,500,000 | 2,522,966 | ||||||
| Greenville County School District Rev., 5.00%, 12/1/26 | 5,000,000 | 5,158,103 | ||||||
| Greenwood Fifty Schools Facilities, Inc. Rev., (Greenwood School District No. 50), 5.00%, 12/1/27 (BAM) | 5,000,000 | 5,089,625 | ||||||
| Myrtle Beach Tax Allocation, (City of Myrtle Beach SC Myrtle Beach Air Force Redevelopment Project Area), 5.00%, 10/1/26 | 450,000 | 459,675 | ||||||
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 8,250,000 | 8,689,293 | ||||||
Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.00%, 11/1/26(2) | 320,000 | 309,731 | ||||||
Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.625%, 11/1/31(2) | 1,000,000 | 874,009 | ||||||
Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.75%, 11/1/36(2) | 995,000 | 792,221 | ||||||
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.25%, 11/15/39 | 820,000 | 843,353 | ||||||
| 34,445,522 | ||||||||
| Tennessee — 1.1% | ||||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/39 | 550,000 | 617,687 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/40 | 825,000 | 922,940 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/41 | 1,000,000 | 1,109,914 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/42 | 700,000 | 772,251 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/43 | 550,000 | 604,459 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/44 | 775,000 | 848,773 | ||||||
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/45 | 725,000 | 791,975 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/35 (BAM) | 1,530,000 | 1,642,987 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/44 (BAM) | 1,820,000 | 1,839,185 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/33 (BAM) | 650,000 | 707,372 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/34 (BAM) | 550,000 | 594,776 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/35 (BAM) | 600,000 | 644,309 | ||||||
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/36 (BAM) | 875,000 | 932,753 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., (Vanderbilt University Medical Center Obligated Group), 5.00%, 7/1/28 | 2,250,000 | 2,362,076 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.00%, 7/1/38 (AGM) | 1,310,000 | 1,395,362 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.00%, 7/1/39 (AGM) | 4,505,000 | 4,765,221 | ||||||
| Metropolitan Government of Nashville & Davidson County GO, 4.00%, 1/1/43 | 5,000,000 | 4,696,312 | ||||||
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | 415,000 | 415,167 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375,000 | 375,145 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475,000 | 475,179 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475,000 | 475,174 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/37 | 280,000 | 300,616 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/38 | 230,000 | 244,763 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/39 | 350,000 | 370,255 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/40 | 350,000 | 368,162 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/41 | 500,000 | 522,655 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/42 | 500,000 | 519,528 | ||||||
| Metropolitan Nashville Airport Authority Rev., 5.25%, 7/1/47 | 500,000 | 516,794 | ||||||
Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.00%, 6/1/44(2) | 4,335,000 | 4,145,272 | ||||||
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 3,750,000 | 3,901,635 | ||||||
| 37,878,697 | ||||||||
Principal Amount/ Shares | Value | |||||||
| Texas — 13.9% | ||||||||
| Arlington Special Tax, 5.00%, 2/15/28 (BAM) | $ | 1,425,000 | $ | 1,497,859 | ||||
| Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1,000,000 | 1,043,519 | ||||||
| Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1,100,000 | 1,146,461 | ||||||
| Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1,000,000 | 1,039,697 | ||||||
| Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1,000,000 | 1,036,827 | ||||||
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/31 (PSF-GTD) | 2,175,000 | 2,379,819 | ||||||
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/32 (PSF-GTD) | 4,300,000 | 4,749,747 | ||||||
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/34 (PSF-GTD) | 1,300,000 | 1,416,350 | ||||||
| Arlington Higher Education Finance Corp. Rev., (Trinity Basin Preparatory, Inc.), 4.125%, 8/15/42 (PSF-GTD) | 2,915,000 | 2,745,034 | ||||||
Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/38 (PSF-GTD)(6) | 1,380,000 | 1,474,148 | ||||||
| Austin Electric Utility Rev., 5.00%, 11/15/36 | 7,155,000 | 7,798,858 | ||||||
| Austin Electric Utility Rev., 5.00%, 11/15/37 | 3,000,000 | 3,239,968 | ||||||
| Austin Independent School District GO, 4.00%, 8/1/36 (PSF-GTD) | 4,750,000 | 4,761,384 | ||||||
| Austin Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | 1,375,000 | 1,348,961 | ||||||
| Belton Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1,200,000 | 1,158,573 | ||||||
| Belton Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1,000,000 | 952,281 | ||||||
| Belton Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1,120,000 | 1,049,204 | ||||||
| Birdville Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 1,000,000 | 1,112,231 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 7/1/25, Prerefunded at 100% of Par(1) | 2,000,000 | 2,003,145 | ||||||
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 11,500,000 | 12,105,528 | ||||||
| Chambers County Justice Center Public Facilities Corp. Rev., (County of Chambers TX), 5.00%, 6/1/38 | 1,000,000 | 1,052,264 | ||||||
| Clear Creek Independent School District GO, 5.00%, 2/15/35 (PSF-GTD) | 3,500,000 | 3,878,525 | ||||||
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1,100,000 | 1,119,556 | ||||||
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500,000 | 508,654 | ||||||
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/31 (PSF-GTD) | 3,290,000 | 3,601,092 | ||||||
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/32 (PSF-GTD) | 1,800,000 | 1,984,688 | ||||||
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/33 (PSF-GTD) | 1,600,000 | 1,753,426 | ||||||
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.25%, 8/15/28 | 1,000,000 | 1,001,870 | ||||||
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/32 (PSF-GTD) | 1,655,000 | 1,811,520 | ||||||
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/33 (PSF-GTD) | 2,750,000 | 3,026,102 | ||||||
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/36 (PSF-GTD) | 1,000,000 | 1,082,475 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/26 (PSF-GTD) | 500,000 | 507,704 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/28 (PSF-GTD) | 910,000 | 953,528 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/30 (PSF-GTD) | 800,000 | 857,825 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/31 (PSF-GTD) | 565,000 | 611,912 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/33 (PSF-GTD) | 460,000 | 496,350 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/34 (PSF-GTD) | 1,320,000 | 1,417,563 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/35 (PSF-GTD) | 385,000 | 411,306 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/36 (PSF-GTD) | 560,000 | 594,681 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/38 (PSF-GTD) | 265,000 | 277,879 | ||||||
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 4.00%, 4/1/43 (PSF-GTD) | 1,650,000 | 1,527,621 | ||||||
| Corpus Christi Independent School District GO, 5.00%, 8/15/34 (PSF-GTD) | 1,000,000 | 1,121,108 | ||||||
| Corpus Christi Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) | 1,000,000 | 1,122,446 | ||||||
| Corpus Christi Independent School District GO, 5.00%, 8/15/36 (PSF-GTD) | 1,000,000 | 1,112,414 | ||||||
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/36 (PSF-GTD) | 1,000,000 | 1,089,692 | ||||||
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/37 (PSF-GTD) | 3,910,000 | 4,221,341 | ||||||
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/38 (PSF-GTD) | 1,000,000 | 1,069,831 | ||||||
| Cypress-Fairbanks Independent School District GO, 4.00%, 2/15/44 (PSF-GTD) | 3,500,000 | 3,268,041 | ||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/35 | 4,000,000 | 4,355,814 | ||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/36 | 6,965,000 | 7,531,748 | ||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/37 | 1,000,000 | 1,080,883 | ||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/38 | 1,000,000 | 1,071,222 | ||||||
Principal Amount/ Shares | Value | |||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/38 | $ | 4,000,000 | $ | 4,255,766 | ||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/39 | 1,500,000 | 1,595,661 | ||||||
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/40 | 1,375,000 | 1,462,376 | ||||||
| Del Valle Independent School District GO, 4.00%, 6/15/37 (PSF-GTD) | 2,250,000 | 2,255,103 | ||||||
| Del Valle Independent School District GO, 4.00%, 6/15/38 (PSF-GTD) | 2,105,000 | 2,082,457 | ||||||
| Del Valle Independent School District GO, 4.00%, 6/15/39 (PSF-GTD) | 2,500,000 | 2,445,707 | ||||||
| Del Valle Independent School District GO, 4.00%, 6/15/40 (PSF-GTD) | 4,860,000 | 4,694,244 | ||||||
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200,000 | 200,129 | ||||||
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/40 (PSF-GTD) | 2,300,000 | 2,194,691 | ||||||
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/41 (PSF-GTD) | 2,250,000 | 2,131,481 | ||||||
Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/40 (BAM)(5) | 2,840,000 | 1,373,436 | ||||||
Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/41 (BAM)(5) | 3,000,000 | 1,360,247 | ||||||
Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/42 (BAM)(5) | 7,400,000 | 3,157,617 | ||||||
| Fort Bend Independent School District GO, 5.00%, 8/15/39 (PSF-GTD) | 1,445,000 | 1,558,261 | ||||||
| Fort Bend Independent School District GO, 5.00%, 8/15/40 (PSF-GTD) | 2,775,000 | 2,969,917 | ||||||
| Fort Bend Independent School District GO, VRN, 4.00%, 8/1/54 (PSF-GTD) | 5,600,000 | 5,685,392 | ||||||
Fort Bend Toll Road Rev., 5.00%, 3/1/32 (AGC)(6) | 600,000 | 662,854 | ||||||
Fort Bend Toll Road Rev., 5.00%, 3/1/33 (AGC)(6) | 800,000 | 889,689 | ||||||
Fort Bend Toll Road Rev., 5.00%, 3/1/34 (AGC)(6) | 700,000 | 779,839 | ||||||
| Fort Bend Toll Road Rev., 5.00%, 3/1/34 (AGM) | 750,000 | 836,079 | ||||||
| Fort Bend Toll Road Rev., 5.00%, 3/1/35 (AGM) | 700,000 | 774,109 | ||||||
Fort Bend Toll Road Rev., 5.00%, 3/1/35 (AGC)(6) | 1,000,000 | 1,115,382 | ||||||
| Fort Bend Toll Road Rev., 5.00%, 3/1/36 (AGM) | 800,000 | 875,995 | ||||||
Fort Bend Toll Road Rev., 5.00%, 3/1/36 (AGC)(6) | 1,000,000 | 1,103,473 | ||||||
| Fort Bend Toll Road Rev., 5.00%, 3/1/37 (AGM) | 500,000 | 542,268 | ||||||
| Fort Bend Toll Road Rev., 5.00%, 3/1/38 (AGM) | 500,000 | 538,285 | ||||||
| Fort Worth Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1,500,000 | 1,477,998 | ||||||
| Fort Worth Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2,500,000 | 2,438,864 | ||||||
| Fort Worth Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1,500,000 | 1,449,803 | ||||||
| Fourth Ward Redevelopment Authority Tax Allocation, 4.00%, 9/1/38 (AGC) | 255,000 | 248,001 | ||||||
| Fourth Ward Redevelopment Authority Tax Allocation, 4.00%, 9/1/39 (AGC) | 330,000 | 317,355 | ||||||
| Fourth Ward Redevelopment Authority Tax Allocation, 4.25%, 9/1/41 (AGC) | 800,000 | 769,074 | ||||||
| Fourth Ward Redevelopment Authority Tax Allocation, 4.25%, 9/1/43 (AGC) | 1,000,000 | 942,822 | ||||||
| Frisco Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 8,365,000 | 8,202,897 | ||||||
| Galveston Independent School District GO, 4.00%, 2/1/41 (PSF-GTD) | 2,715,000 | 2,640,825 | ||||||
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/33 | 1,175,000 | 1,276,347 | ||||||
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/34 | 2,215,000 | 2,390,624 | ||||||
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/35 | 2,590,000 | 2,773,709 | ||||||
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/40 | 975,000 | 1,033,585 | ||||||
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/42 | 1,250,000 | 1,307,080 | ||||||
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/44 | 1,175,000 | 1,213,476 | ||||||
| Garland Electric Utility System Rev., 5.00%, 3/1/32 (AGM) | 800,000 | 882,989 | ||||||
| Garland Electric Utility System Rev., 5.00%, 3/1/34 (AGM) | 600,000 | 659,317 | ||||||
| Garland Electric Utility System Rev., 5.00%, 3/1/35 (AGM) | 960,000 | 1,042,236 | ||||||
| Garland Electric Utility System Rev., 5.00%, 3/1/37 (AGM) | 830,000 | 889,392 | ||||||
| Garland Electric Utility System Rev., 5.00%, 3/1/39 (AGM) | 525,000 | 553,649 | ||||||
| Georgetown Utility System Rev., 5.00%, 8/15/33 (BAM) | 1,025,000 | 1,128,088 | ||||||
| Georgetown Utility System Rev., 5.00%, 8/15/34 (BAM) | 2,130,000 | 2,326,913 | ||||||
| Georgetown Utility System Rev., 5.00%, 8/15/35 (BAM) | 700,000 | 757,967 | ||||||
| Georgetown Utility System Rev., 5.00%, 8/15/36 (BAM) | 560,000 | 601,577 | ||||||
| Gregory-Portland Independent School District GO, 5.00%, 2/15/31 (PSF-GTD) | 6,250,000 | 6,903,752 | ||||||
| Gregory-Portland Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 6,240,000 | 6,956,293 | ||||||
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/27 | 1,500,000 | 1,505,519 | ||||||
Principal Amount/ Shares | Value | |||||||
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/28 | $ | 1,000,000 | $ | 1,003,515 | ||||
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/29 | 1,000,000 | 1,003,310 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Baylor College of Medicine Obligated Group), 5.00%, 5/15/29 | 4,000,000 | 4,232,200 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/27 | 430,000 | 433,667 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 4.00%, 1/1/31 | 1,745,000 | 1,719,920 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1,000,000 | 1,003,601 | ||||||
| Harris County Cultural Education Facilities Finance Corp. Rev., (Memorial Hermann Health System Obligated Group), VRN, 5.00%, 7/1/54 | 2,250,000 | 2,386,963 | ||||||
| Harris Toll Road Rev., 5.00%, 8/15/33 | 4,000,000 | 4,455,752 | ||||||
| Harris Toll Road Rev., 5.00%, 8/15/34 | 2,670,000 | 2,948,879 | ||||||
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/30 (AGC) | 515,000 | 550,552 | ||||||
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/32 (AGC) | 285,000 | 307,807 | ||||||
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/35 (AGC) | 1,000,000 | 1,081,023 | ||||||
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/37 (AGC) | 1,200,000 | 1,282,215 | ||||||
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/39 (AGC) | 1,250,000 | 1,321,627 | ||||||
| Hays Consolidated Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 1,200,000 | 1,337,749 | ||||||
| Hays Consolidated Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1,000,000 | 1,005,458 | ||||||
| Hays Consolidated Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1,250,000 | 1,246,688 | ||||||
| Hays Consolidated Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2,000,000 | 1,976,256 | ||||||
| Hays Consolidated Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 2,180,000 | 2,134,963 | ||||||
| Houston GO, 5.25%, 3/1/39 | 2,000,000 | 2,152,922 | ||||||
| Houston GO, 5.25%, 3/1/40 | 1,145,000 | 1,223,693 | ||||||
| Houston GO, 5.25%, 3/1/42 | 2,750,000 | 2,902,766 | ||||||
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 3.375%, 10/1/37 | 500,000 | 429,545 | ||||||
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 1,200,000 | 948,856 | ||||||
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/27 | 2,050,000 | 2,052,662 | ||||||
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28 | 710,000 | 710,899 | ||||||
| Humble Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 3,285,000 | 3,182,033 | ||||||
| Humble Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 3,000,000 | 2,883,147 | ||||||
| Humble Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 2,250,000 | 2,120,593 | ||||||
| Irving Hospital Authority Rev., 5.00%, 10/15/25 | 250,000 | 251,067 | ||||||
| Jacksboro Independent School District GO, VRN, 4.00%, 2/15/48 (PSF-GTD) | 3,160,000 | 3,240,781 | ||||||
| Katy Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 600,000 | 587,948 | ||||||
| Katy Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1,000,000 | 971,846 | ||||||
| Katy Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1,000,000 | 963,257 | ||||||
| Katy Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1,000,000 | 944,636 | ||||||
| Klein Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | 6,120,000 | 6,036,298 | ||||||
Lewisville Independent School District GO, 5.00%, 8/15/38 (PSF-GTD)(6) | 3,000,000 | 3,260,318 | ||||||
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 5,700,000 | 5,531,594 | ||||||
| Midland Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 5,000,000 | 4,832,677 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | 1,810,000 | 1,802,908 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700,000 | 719,319 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460,000 | 471,187 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500,000 | 504,855 | ||||||
Principal Amount/ Shares | Value | |||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(1) | $ | 1,000,000 | $ | 1,031,498 | ||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(1) | 1,000,000 | 1,031,498 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(1) | 1,000,000 | 1,031,498 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(1) | 1,670,000 | 1,722,601 | ||||||
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 2,610,000 | 2,631,907 | ||||||
| North Texas Tollway Authority Rev., 5.00%, 1/1/41 | 2,145,000 | 2,248,327 | ||||||
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/27 | 7,825,000 | 8,090,211 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/38 (AGC)(5) | 14,000,000 | 8,167,537 | ||||||
| Northside Independent School District GO, 5.00%, 8/15/33 (PSF-GTD) | 1,035,000 | 1,162,380 | ||||||
| Northside Independent School District GO, 5.00%, 8/15/34 (PSF-GTD) | 1,000,000 | 1,127,834 | ||||||
| Northside Independent School District GO, 5.00%, 8/15/36 (PSF-GTD) | 1,000,000 | 1,108,912 | ||||||
| Northside Independent School District GO, 5.00%, 8/15/37 (PSF-GTD) | 1,225,000 | 1,345,947 | ||||||
| Northside Independent School District GO, VRN, 3.00%, 8/1/53 (PSF-GTD) | 6,965,000 | 6,917,249 | ||||||
| Northwest Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1,500,000 | 1,506,662 | ||||||
| Northwest Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 2,000,000 | 1,990,764 | ||||||
| Pasadena Economic Development Corp. Rev., (City of Pasadena TX Sales Tax), 5.25%, 8/15/39 (BAM) | 1,000,000 | 1,079,075 | ||||||
| Pasadena Economic Development Corp. Rev., (City of Pasadena TX Sales Tax), 5.25%, 8/15/42 (BAM) | 1,000,000 | 1,050,725 | ||||||
| Pasadena Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 1,450,000 | 1,420,450 | ||||||
| Pasadena Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1,500,000 | 1,452,983 | ||||||
| Pasadena Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 800,000 | 769,722 | ||||||
| Pasadena Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1,000,000 | 948,833 | ||||||
| Prosper Independent School District GO, VRN, 4.00%, 2/15/50 (PSF-GTD) | 4,695,000 | 4,723,265 | ||||||
| Richardson Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 1,000,000 | 1,014,195 | ||||||
| Richardson Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 750,000 | 777,454 | ||||||
| Richardson Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 500,000 | 528,231 | ||||||
| Richardson Independent School District GO, 5.00%, 2/15/29 (PSF-GTD) | 650,000 | 698,406 | ||||||
| Richardson Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 4,160,000 | 4,046,816 | ||||||
| Richardson Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 4,290,000 | 4,141,899 | ||||||
| Round Rock Independent School District GO, VRN, 5.00%, 8/1/44 (PSF-GTD) | 3,150,000 | 3,393,858 | ||||||
Royse City Independent School District GO, Capital Appreciation, 0.00%, 2/15/31 (PSF-GTD)(5) | 850,000 | 693,947 | ||||||
Royse City Independent School District GO, Capital Appreciation, 0.00%, 2/15/32 (PSF-GTD)(5) | 1,100,000 | 863,262 | ||||||
| San Antonio GO, 4.00%, 2/1/39 | 2,000,000 | 1,956,075 | ||||||
| San Antonio GO, 4.00%, 2/1/40 | 2,000,000 | 1,934,064 | ||||||
| San Antonio GO, 4.00%, 2/1/41 | 1,500,000 | 1,419,962 | ||||||
| San Antonio GO, 4.00%, 2/1/42 | 2,220,000 | 2,069,991 | ||||||
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/32 | 1,000,000 | 1,109,323 | ||||||
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/33 | 1,500,000 | 1,675,088 | ||||||
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/44 | 1,000,000 | 1,051,898 | ||||||
| Southeast Regional Management District GO, 4.00%, 4/1/38 (AGC) | 500,000 | 484,446 | ||||||
| Southeast Regional Management District GO, 4.00%, 4/1/39 (AGC) | 540,000 | 516,376 | ||||||
| Southeast Regional Management District GO, 4.00%, 4/1/41 (AGC) | 1,000,000 | 927,512 | ||||||
| Southeast Regional Management District GO, 4.00%, 4/1/43 (AGC) | 825,000 | 747,992 | ||||||
| State of Texas GO, 5.00%, 10/1/29 | 10,000,000 | 10,043,829 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 4,840,000 | 4,900,618 | ||||||
| Tarrant County Hospital District GO, 4.00%, 8/15/43 | 2,500,000 | 2,296,481 | ||||||
Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/33 (BAM)(6) | 1,510,000 | 1,634,430 | ||||||
Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/34 (BAM)(6) | 1,515,000 | 1,634,995 | ||||||
Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/35 (BAM)(6) | 1,605,000 | 1,732,918 | ||||||
| Texas A&M University Rev., 5.25%, 5/15/36 | 2,260,000 | 2,486,095 | ||||||
Principal Amount/ Shares | Value | |||||||
| Texas A&M University Rev., 5.25%, 5/15/37 | $ | 1,750,000 | $ | 1,912,032 | ||||
| Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 (GA: Merrill Lynch & Co., Inc.) | 1,795,000 | 1,839,002 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/28 (GA: Macquarie Group Ltd.) | 1,610,000 | 1,669,345 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 12,300,000 | 12,956,393 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/31 | 4,500,000 | 4,531,204 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/36 | 3,100,000 | 2,983,097 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/37 | 2,250,000 | 2,120,068 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 | 1,200,000 | 1,124,022 | ||||||
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.00%, 12/31/35 | 4,120,000 | 4,285,690 | ||||||
| Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1,500,000 | 1,506,616 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 4/15/31 | 7,000,000 | 7,423,316 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/34 | 6,000,000 | 6,717,359 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/35 | 4,820,000 | 5,356,690 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/41 | 1,300,000 | 1,225,209 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/42 | 15,000,000 | 15,142,737 | ||||||
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/44 | 5,825,000 | 5,239,757 | ||||||
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/33 | 1,320,000 | 1,459,637 | ||||||
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/34 | 1,200,000 | 1,318,751 | ||||||
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/35 | 1,025,000 | 1,119,367 | ||||||
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/40 (BAM) | 1,000,000 | 1,044,314 | ||||||
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/41 (BAM) | 1,030,000 | 1,067,354 | ||||||
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/42 (BAM) | 850,000 | 874,337 | ||||||
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/33 | 720,000 | 724,789 | ||||||
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/34 | 1,255,000 | 1,256,433 | ||||||
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/34 | 1,570,000 | 1,578,050 | ||||||
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/35 | 3,950,000 | 3,953,668 | ||||||
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/36 | 4,100,000 | 4,102,476 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/31 (BAM) | 500,000 | 513,119 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/32 (BAM) | 620,000 | 632,740 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/34 (BAM) | 585,000 | 589,649 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/36 (BAM) | 1,150,000 | 1,137,521 | ||||||
| Viridian Municipal Management District GO, 4.00%, 12/1/37 (BAM) | 1,150,000 | 1,120,632 | ||||||
| 495,834,650 | ||||||||
| Utah — 0.4% | ||||||||
| Intermountain Power Agency Rev., 5.00%, 7/1/26 | 3,000,000 | 3,034,786 | ||||||
| Intermountain Power Agency Rev., 5.00%, 7/1/27 | 2,000,000 | 2,071,814 | ||||||
| Intermountain Power Agency Rev., 5.00%, 7/1/37 | 2,000,000 | 2,105,485 | ||||||
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/29 (BAM) | 600,000 | 640,386 | ||||||
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/31 (BAM) | 600,000 | 654,195 | ||||||
| Utah Housing Corp. Rev., (Promontory Place LLC), 4.69%, 2/1/45 (FNMA) | 4,430,000 | 4,352,820 | ||||||
| Utah Transit Authority Rev., 5.00%, 6/15/30 | 1,000,000 | 1,097,844 | ||||||
| Utah Transit Authority Rev., 5.00%, 6/15/31 | 750,000 | 834,527 | ||||||
| Utah Transit Authority Rev., 5.00%, 6/15/32 | 1,000,000 | 1,122,186 | ||||||
| 15,914,043 | ||||||||
| Vermont — 0.1% | ||||||||
| Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 640,000 | 640,480 | ||||||
| Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4,000,000 | 4,044,627 | ||||||
| 4,685,107 | ||||||||
| Virginia — 1.1% | ||||||||
| Arlington County Industrial Development Authority Rev., (Virginia Hospital Center Arlington Health System Obligated Group), VRN, 5.00%, 7/1/53 | 4,000,000 | 4,280,842 | ||||||
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/32 | 6,800,000 | 7,544,362 | ||||||
Principal Amount/ Shares | Value | |||||||
| Lexington Industrial Development Authority Rev., (Lexington Retirement Community Obligated Group), 4.00%, 1/1/31 | $ | 675,000 | $ | 667,937 | ||||
Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45(2) | 3,775,000 | 3,480,183 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28(2) | 600,000 | 601,601 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37(2) | 1,500,000 | 1,501,101 | ||||||
| Prince William County Service Authority Rev., 5.00%, 7/15/37 | 750,000 | 836,365 | ||||||
| Prince William County Service Authority Rev., 5.00%, 7/15/38 | 500,000 | 551,527 | ||||||
| Prince William County Service Authority Rev., 5.00%, 7/15/40 | 390,000 | 423,660 | ||||||
| Prince William County Service Authority Rev., 5.00%, 7/15/41 | 400,000 | 430,875 | ||||||
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 5,960,000 | 6,009,268 | ||||||
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 5.00%, 2/1/28 | 2,500,000 | 2,639,927 | ||||||
| Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3,000,000 | 3,004,898 | ||||||
| Virginia Small Business Financing Authority Rev., (Mary Washington Healthcare Obligated Group), VRN, 5.00%, 6/15/60 | 2,975,000 | 3,165,810 | ||||||
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/37 | 2,250,000 | 2,154,693 | ||||||
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/40 | 4,000,000 | 3,644,979 | ||||||
| 40,938,028 | ||||||||
| Washington — 3.1% | ||||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 1,000,000 | 1,122,600 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 1,200,000 | 1,355,017 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 13,000,000 | 14,413,393 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/34 | 1,000,000 | 1,132,502 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/34 | 2,500,000 | 2,681,413 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 1,000,000 | 1,133,349 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 5,795,000 | 6,356,725 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 1,000,000 | 1,125,178 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 7,000,000 | 7,326,416 | ||||||
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 1,000,000 | 1,080,001 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/33 | 1,175,000 | 1,315,699 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/34 | 1,325,000 | 1,466,618 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/35 | 1,000,000 | 1,099,976 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/36 | 1,750,000 | 1,909,434 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/40 | 2,000,000 | 2,140,556 | ||||||
| Kitsap County Public Utility District No. 1 Rev., 4.00%, 12/1/44 (AGC) | 550,000 | 499,271 | ||||||
| Pierce County School District No. 320 Sumner GO, 5.00%, 12/1/41 (SCH BD GTY) | 1,605,000 | 1,706,032 | ||||||
| Pierce County School District No. 320 Sumner GO, 5.00%, 12/1/42 (SCH BD GTY) | 1,000,000 | 1,054,524 | ||||||
| Seattle Municipal Light & Power Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 5/1/45 | 4,800,000 | 4,745,223 | ||||||
| Seattle Water System Rev., 5.00%, 5/1/33 | 1,610,000 | 1,816,079 | ||||||
| State of Washington GO, 5.00%, 6/1/27 | 9,295,000 | 9,698,881 | ||||||
| State of Washington GO, 5.00%, 2/1/30 | 9,000,000 | 9,102,965 | ||||||
| State of Washington GO, 5.00%, 6/1/33 | 2,250,000 | 2,433,851 | ||||||
| State of Washington GO, 5.00%, 2/1/34 | 10,865,000 | 11,825,771 | ||||||
| State of Washington GO, 5.00%, 8/1/38 | 1,250,000 | 1,352,062 | ||||||
| State of Washington GO, 5.00%, 8/1/43 | 5,000,000 | 5,190,169 | ||||||
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 8/1/36 | 5,795,000 | 5,957,319 | ||||||
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 5,815,000 | 5,823,670 | ||||||
Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/33 (BAM)(2) | 635,000 | 680,514 | ||||||
Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/34 (BAM)(2) | 670,000 | 714,837 | ||||||
Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/35 (BAM)(2) | 1,000,000 | 1,063,960 | ||||||
Principal Amount/ Shares | Value | |||||||
Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/36 (BAM)(2) | $ | 1,000,000 | $ | 1,053,875 | ||||
Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/37 (BAM)(2) | 1,250,000 | 1,305,984 | ||||||
| 111,683,864 | ||||||||
| West Virginia — 0.2% | ||||||||
| Ohio County Tax Allocation, (Ohio WV Fort Henry Centre Tax Increment Financing District No. 1), 5.25%, 6/1/44 | 750,000 | 741,984 | ||||||
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.00%, 9/1/40 (AGM) | 1,500,000 | 1,548,361 | ||||||
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.125%, 9/1/42 (AGM) | 4,000,000 | 4,155,708 | ||||||
| 6,446,053 | ||||||||
| Wisconsin — 1.9% | ||||||||
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/37 | 600,000 | 574,650 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/31 | 560,000 | 597,108 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/32 | 585,000 | 623,584 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/33 | 1,235,000 | 1,319,716 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/34 | 1,300,000 | 1,381,108 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/35 | 1,370,000 | 1,446,009 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/36 | 1,440,000 | 1,509,374 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/37 | 1,515,000 | 1,575,648 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/38 | 1,595,000 | 1,650,115 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/39 | 1,680,000 | 1,727,500 | ||||||
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.50%, 12/1/44 | 2,155,000 | 2,156,955 | ||||||
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/31 (AGM) | 690,000 | 717,069 | ||||||
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/32 (AGM) | 740,000 | 767,295 | ||||||
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/33 (AGM) | 750,000 | 775,587 | ||||||
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.00%, 6/1/30 | 750,000 | 776,751 | ||||||
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.00%, 6/1/35 | 1,100,000 | 1,134,974 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/31(2) | 1,290,000 | 1,333,555 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/32(2) | 1,610,000 | 1,664,152 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/33(2) | 1,955,000 | 2,015,916 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.25%, 7/1/38(2) | 3,000,000 | 3,027,118 | ||||||
Public Finance Authority Rev., (CHF - Manoa LLC), 5.50%, 7/1/43(2) | 2,145,000 | 2,139,163 | ||||||
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 925,000 | 962,086 | ||||||
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/32 (AGM) | 2,540,000 | 2,634,373 | ||||||
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/33 (AGM) | 2,665,000 | 2,754,285 | ||||||
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/34 (AGM) | 2,800,000 | 2,885,973 | ||||||
| Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1,100,000 | 1,004,741 | ||||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/36 | 425,000 | 449,059 | ||||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/38 | 350,000 | 363,508 | ||||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/40 | 400,000 | 408,344 | ||||||
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.25%, 6/15/45 | 1,000,000 | 1,014,421 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30(1)(2) | 25,000 | 26,260 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30, Prerefunded at 100% of Par(1)(2) | 65,000 | 70,240 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30(2) | 475,000 | 483,797 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/32, Prerefunded at 100% of Par(1)(2) | 20,000 | 20,837 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/32, Prerefunded at 100% of Par(1)(2) | 35,000 | 36,465 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/40(2) | 1,675,000 | 1,617,728 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/42(2) | 980,000 | 826,190 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(2) | 1,215,000 | 938,766 | ||||||
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/46 | 1,100,000 | 846,393 | ||||||
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/51 | 2,185,000 | 1,739,436 | ||||||
Principal Amount/ Shares | Value | |||||||
Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/41(2) | $ | 1,500,000 | $ | 1,294,512 | ||||
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 1,250,000 | 1,207,671 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 5.00%, 8/15/54 | 8,100,000 | 8,578,615 | ||||||
| Wisconsin Health & Educational Facilities Authority Rev., (Fort Healthcare Inc. Obligated Group), VRN, 5.00%, 10/1/54 | 4,650,000 | 5,030,783 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40(2) | 3,580,000 | 3,406,364 | ||||||
| 67,514,194 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $3,611,289,871) | 3,557,150,093 | |||||||
| EXCHANGE-TRADED FUNDS — 0.5% | ||||||||
| iShares National Muni Bond ETF | 88,600 | 9,201,110 | ||||||
| VanEck High Yield Muni ETF | 178,900 | 8,936,055 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $18,123,313) | 18,137,165 | |||||||
| SHORT-TERM INVESTMENTS — 0.0% | ||||||||
| Money Market Funds — 0.0% | ||||||||
| BlackRock Liquidity Funds MuniCash (Cost $1,479,476) | 1,479,328 | 1,479,476 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $3,630,892,660) | 3,576,766,734 | |||||||
| OTHER ASSETS AND LIABILITIES — 0.0% | (1,695,301) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 3,575,071,433 | ||||||
| FUTURES CONTRACTS PURCHASED | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 2-Year Notes | 785 | September 2025 | $ | 162,838,438 | $ | 133,392 | ||||||||
| FUTURES CONTRACTS SOLD | ||||||||||||||
| Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
| U.S. Treasury 10-Year Ultra Notes | 404 | September 2025 | $ | 45,468,938 | $ | (130,194) | ||||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| AGC | – | Assured Guaranty Corp. | ||||||
| AGM | – | Assured Guaranty Municipal Corp. | ||||||
| AGM-CR | – | Assured Guaranty Municipal Corp. - Custodian Receipts | ||||||
| BAM | – | Build America Mutual Assurance Corp. | ||||||
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts | ||||||
| COP | – | Certificates of Participation | ||||||
| FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
| FNMA | – | Federal National Mortgage Association | ||||||
| GA | – | Guaranty Agreement | ||||||
| GO | – | General Obligation | ||||||
| HUD | – | Housing and Urban Development | ||||||
| LIQ FAC | – | Liquidity Facilities | ||||||
| MUNIPSA | – | SIFMA Municipal Swap Index | ||||||
| NPFG | – | National Public Finance Guarantee Corp. | ||||||
| PSF-GTD | – | Permanent School Fund | ||||||
| Q-SBLF | – | Qualified School Board Loan Fund | ||||||
| SBBPA | – | Standby Bond Purchase Agreement | ||||||
| SCH BD GTY | – | School Bond Guaranty | ||||||
| SD CRED PROG | – | School District Credit Enhancement Program | ||||||
| SEQ | – | Sequential Payer | ||||||
| SOFR | – | Secured Overnight Financing Rate | ||||||
| ST AID WITHHLDG | – | State Aid Withholding | ||||||
| VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. | ||||||
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. | ||||||
| Statement of Assets and Liabilities | ||
| MAY 31, 2025 | |||||
| Assets | |||||
| Investment securities, at value (cost of $3,630,892,660) | $ | 3,576,766,734 | |||
| Deposits with broker for futures contracts | 1,167,575 | ||||
| Receivable for investments sold | 1,142,250 | ||||
| Receivable for capital shares sold | 8,890,277 | ||||
| Receivable for variation margin on futures contracts | 42,213 | ||||
| Interest and dividends receivable | 47,642,171 | ||||
| 3,635,651,220 | |||||
| Liabilities | |||||
| Disbursements in excess of demand deposit cash | 1,402,907 | ||||
| Payable for investments purchased | 50,382,220 | ||||
| Payable for capital shares redeemed | 6,515,353 | ||||
| Accrued management fees | 835,629 | ||||
| Distribution and service fees payable | 6,838 | ||||
| Dividends payable | 1,436,840 | ||||
| 60,579,787 | |||||
| Net Assets | $ | 3,575,071,433 | |||
| Net Assets Consist of: | |||||
| Capital paid in | $ | 3,805,151,940 | |||
| Distributable earnings (loss) | (230,080,507) | ||||
| $ | 3,575,071,433 | ||||
| Net Assets | Shares Outstanding | Net Asset Value Per Share* | |||||||||
| Investor Class | $466,565,179 | 44,380,964 | $10.51 | ||||||||
| I Class | $1,642,928,782 | 156,227,805 | $10.52 | ||||||||
| Y Class | $1,437,780,359 | 136,798,691 | $10.51 | ||||||||
| A Class | $25,770,613 | 2,450,812 | $10.52 | ||||||||
| C Class | $2,026,500 | 192,846 | $10.51 | ||||||||
| Statement of Operations | ||
| YEAR ENDED MAY 31, 2025 | |||||
| Investment Income (Loss) | |||||
| Income: | |||||
| Interest | $ | 136,851,508 | |||
| Dividends | 242,977 | ||||
| 137,094,485 | |||||
| Expenses: | |||||
| Management fees | 10,058,314 | ||||
| Distribution and service fees: | |||||
| A Class | 62,854 | ||||
| C Class | 23,287 | ||||
| Trustees' fees and expenses | 225,184 | ||||
| Other expenses | 5,270 | ||||
| 10,374,909 | |||||
| Net investment income (loss) | 126,719,576 | ||||
| Realized and Unrealized Gain (Loss) | |||||
| Net realized gain (loss) on: | |||||
| Investment transactions | (15,575,521) | ||||
| Futures contract transactions | 437,253 | ||||
| (15,138,268) | |||||
| Change in net unrealized appreciation (depreciation) on: | |||||
| Investments | (18,629,727) | ||||
| Futures contracts | 3,198 | ||||
| (18,626,529) | |||||
| Net realized and unrealized gain (loss) | (33,764,797) | ||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 92,954,779 | |||
| Statement of Changes in Net Assets | ||
| YEARS ENDED MAY 31, 2025 AND MAY 31, 2024 | ||||||||
| Increase (Decrease) in Net Assets | May 31, 2025 | May 31, 2024 | ||||||
| Operations | ||||||||
| Net investment income (loss) | $ | 126,719,576 | $ | 122,801,781 | ||||
| Net realized gain (loss) | (15,138,268) | (31,693,564) | ||||||
| Change in net unrealized appreciation (depreciation) | (18,626,529) | 14,625,949 | ||||||
| Net increase (decrease) in net assets resulting from operations | 92,954,779 | 105,734,166 | ||||||
| Distributions to Shareholders | ||||||||
| From earnings: | ||||||||
| Investor Class | (16,568,935) | (17,966,207) | ||||||
| I Class | (58,715,149) | (60,198,227) | ||||||
| Y Class | (50,276,074) | (44,598,577) | ||||||
| A Class | (763,379) | (672,937) | ||||||
| C Class | (53,059) | (66,678) | ||||||
| Decrease in net assets from distributions | (126,376,596) | (123,502,626) | ||||||
| Capital Share Transactions | ||||||||
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (42,292,610) | (51,215,625) | ||||||
| Net increase (decrease) in net assets | (75,714,427) | (68,984,085) | ||||||
| Net Assets | ||||||||
| Beginning of period | 3,650,785,860 | 3,719,769,945 | ||||||
| End of period | $ | 3,575,071,433 | $ | 3,650,785,860 | ||||
| Notes to Financial Statements | ||
| Investment Category Fee Range | Complex Fee Range | Effective Annual Management Fee | |||||||||
| Investor Class | 0.1625% to 0.2800% | 0.2500% to 0.3100% | 0.46% | ||||||||
| I Class | 0.0500% to 0.1100% | 0.26% | |||||||||
| Y Class | 0.0200% to 0.0800% | 0.23% | |||||||||
| A Class | 0.2500% to 0.3100% | 0.46% | |||||||||
| C Class | 0.2500% to 0.3100% | 0.46% | |||||||||
Year ended May 31, 2025 | Year ended May 31, 2024 | |||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||
| Investor Class | ||||||||||||||
| Sold | 4,638,280 | $ | 49,808,892 | 4,941,597 | $ | 52,676,698 | ||||||||
| Issued in reinvestment of distributions | 1,410,479 | 15,130,419 | 1,551,487 | 16,508,952 | ||||||||||
| Redeemed | (11,019,203) | (117,990,606) | (19,404,728) | (205,901,039) | ||||||||||
| (4,970,444) | (53,051,295) | (12,911,644) | (136,715,389) | |||||||||||
| I Class | ||||||||||||||
| Sold | 56,172,002 | 599,473,099 | 85,679,719 | 902,754,339 | ||||||||||
| Issued in reinvestment of distributions | 5,315,922 | 57,042,368 | 5,519,175 | 58,734,009 | ||||||||||
| Redeemed | (65,177,013) | (695,938,624) | (109,472,015) | (1,154,979,398) | ||||||||||
| (3,689,089) | (39,423,157) | (18,273,121) | (193,491,050) | |||||||||||
| Y Class | ||||||||||||||
| Sold | 41,013,791 | 437,967,577 | 58,252,476 | 617,900,321 | ||||||||||
| Issued in reinvestment of distributions | 3,356,288 | 35,981,244 | 2,946,866 | 31,353,824 | ||||||||||
| Redeemed | (39,969,989) | (427,308,978) | (34,697,154) | (367,253,134) | ||||||||||
| 4,400,090 | 46,639,843 | 26,502,188 | 282,001,011 | |||||||||||
| A Class | ||||||||||||||
| Sold | 826,328 | 8,857,415 | 326,651 | 3,479,614 | ||||||||||
| Issued in reinvestment of distributions | 69,203 | 742,491 | 61,120 | 650,764 | ||||||||||
| Redeemed | (494,061) | (5,275,246) | (635,351) | (6,775,301) | ||||||||||
| 401,470 | 4,324,660 | (247,580) | (2,644,923) | |||||||||||
| C Class | ||||||||||||||
| Sold | 45,140 | 485,255 | 34,862 | 374,664 | ||||||||||
| Issued in reinvestment of distributions | 4,945 | 53,034 | 6,266 | 66,643 | ||||||||||
| Redeemed | (123,006) | (1,320,950) | (75,696) | (806,581) | ||||||||||
| (72,921) | (782,661) | (34,568) | (365,274) | |||||||||||
| Net increase (decrease) | (3,930,894) | $ | (42,292,610) | (4,964,725) | $ | (51,215,625) | ||||||||
| Level 1 | Level 2 | Level 3 | |||||||||
| Assets | |||||||||||
| Investment Securities | |||||||||||
| Municipal Securities | — | $ | 3,557,150,093 | — | |||||||
| Exchange-Traded Funds | $ | 18,137,165 | — | — | |||||||
| Short-Term Investments | 1,479,476 | — | — | ||||||||
| $ | 19,616,641 | $ | 3,557,150,093 | — | |||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 133,392 | — | — | |||||||
| Liabilities | |||||||||||
| Other Financial Instruments | |||||||||||
| Futures Contracts | $ | 130,194 | — | — | |||||||
| 2025 | 2024 | |||||||
| Distributions Paid From | ||||||||
| Exempt income | $ | 126,376,596 | $ | 123,502,626 | ||||
| Ordinary income | — | — | ||||||
| Long-term capital gains | — | — | ||||||
| Federal tax cost of investments | $ | 3,631,651,863 | |||
| Gross tax appreciation of investments | $ | 27,267,913 | |||
| Gross tax depreciation of investments | (82,153,042) | ||||
| Net tax appreciation (depreciation) of investments | (54,885,129) | ||||
| Net tax appreciation (depreciation) on derivatives | — | ||||
| Net tax appreciation (depreciation) | $ | (54,885,129) | |||
| Other book-to-tax adjustments | $ | (274,869) | |||
| Undistributed exempt income | — | ||||
| Accumulated short-term capital losses | $ | (74,374,318) | |||
| Accumulated long-term capital losses | $ | (100,546,191) | |||
| Financial Highlights | ||
| For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | |||||||||||||||||||||||||||||||||||
| Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
| Income From Investment Operations*: | Ratio to Average Net Assets of†: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
| Investor Class | |||||||||||||||||||||||||||||||||||
| 2025 | $10.61 | 0.35 | (0.10) | 0.25 | (0.35) | $10.51 | 2.27% | 0.46% | 3.29% | 45% | $466,565 | ||||||||||||||||||||||||
| 2024 | $10.66 | 0.34 | (0.05) | 0.29 | (0.34) | $10.61 | 2.81% | 0.47% | 3.15% | 46% | $523,750 | ||||||||||||||||||||||||
| 2023 | $10.96 | 0.30 | (0.29) | 0.01 | (0.31) | $10.66 | 0.08% | 0.47% | 2.84% | 65% | $663,668 | ||||||||||||||||||||||||
| 2022 | $11.92 | 0.25 | (0.96) | (0.71) | (0.25) | $10.96 | (6.04)% | 0.46% | 2.16% | 50% | $743,366 | ||||||||||||||||||||||||
| 2021 | $11.45 | 0.27 | 0.47 | 0.74 | (0.27) | $11.92 | 6.50% | 0.47% | 2.27% | 28% | $834,125 | ||||||||||||||||||||||||
| I Class | |||||||||||||||||||||||||||||||||||
| 2025 | $10.62 | 0.37 | (0.10) | 0.27 | (0.37) | $10.52 | 2.57% | 0.26% | 3.49% | 45% | $1,642,929 | ||||||||||||||||||||||||
| 2024 | $10.66 | 0.36 | (0.04) | 0.32 | (0.36) | $10.62 | 3.02% | 0.27% | 3.35% | 46% | $1,697,701 | ||||||||||||||||||||||||
| 2023 | $10.96 | 0.33 | (0.30) | 0.03 | (0.33) | $10.66 | 0.28% | 0.27% | 3.04% | 65% | $1,899,929 | ||||||||||||||||||||||||
| 2022 | $11.93 | 0.28 | (0.97) | (0.69) | (0.28) | $10.96 | (5.93)% | 0.26% | 2.36% | 50% | $1,858,776 | ||||||||||||||||||||||||
| 2021 | $11.46 | 0.29 | 0.47 | 0.76 | (0.29) | $11.93 | 6.71% | 0.27% | 2.47% | 28% | $1,703,281 | ||||||||||||||||||||||||
| Y Class | |||||||||||||||||||||||||||||||||||
| 2025 | $10.61 | 0.38 | (0.10) | 0.28 | (0.38) | $10.51 | 2.60% | 0.23% | 3.52% | 45% | $1,437,780 | ||||||||||||||||||||||||
| 2024 | $10.66 | 0.36 | (0.05) | 0.31 | (0.36) | $10.61 | 2.95% | 0.24% | 3.38% | 46% | $1,404,762 | ||||||||||||||||||||||||
| 2023 | $10.96 | 0.33 | (0.30) | 0.03 | (0.33) | $10.66 | 0.31% | 0.24% | 3.07% | 65% | $1,128,484 | ||||||||||||||||||||||||
| 2022 | $11.92 | 0.28 | (0.96) | (0.68) | (0.28) | $10.96 | (5.82)% | 0.23% | 2.39% | 50% | $1,212,546 | ||||||||||||||||||||||||
| 2021 | $11.45 | 0.30 | 0.46 | 0.76 | (0.29) | $11.92 | 6.74% | 0.24% | 2.50% | 28% | $1,630,371 | ||||||||||||||||||||||||
| A Class | |||||||||||||||||||||||||||||||||||
| 2025 | $10.61 | 0.33 | (0.09) | 0.24 | (0.33) | $10.52 | 2.11% | 0.71% | 3.04% | 45% | $25,771 | ||||||||||||||||||||||||
| 2024 | $10.66 | 0.31 | (0.05) | 0.26 | (0.31) | $10.61 | 2.56% | 0.72% | 2.90% | 46% | $21,754 | ||||||||||||||||||||||||
| 2023 | $10.96 | 0.28 | (0.30) | (0.02) | (0.28) | $10.66 | (0.17)% | 0.72% | 2.59% | 65% | $24,489 | ||||||||||||||||||||||||
| 2022 | $11.93 | 0.22 | (0.97) | (0.75) | (0.22) | $10.96 | (6.35)% | 0.71% | 1.91% | 50% | $25,287 | ||||||||||||||||||||||||
| 2021 | $11.45 | 0.24 | 0.48 | 0.72 | (0.24) | $11.93 | 6.32% | 0.72% | 2.02% | 28% | $38,172 | ||||||||||||||||||||||||
| C Class | |||||||||||||||||||||||||||||||||||
| 2025 | $10.61 | 0.25 | (0.10) | 0.15 | (0.25) | $10.51 | 1.35% | 1.46% | 2.29% | 45% | $2,027 | ||||||||||||||||||||||||
| 2024 | $10.65 | 0.23 | (0.04) | 0.19 | (0.23) | $10.61 | 1.79% | 1.47% | 2.15% | 46% | $2,819 | ||||||||||||||||||||||||
| 2023 | $10.96 | 0.20 | (0.31) | (0.11) | (0.20) | $10.65 | (1.01)% | 1.47% | 1.84% | 65% | $3,200 | ||||||||||||||||||||||||
| 2022 | $11.92 | 0.14 | (0.96) | (0.82) | (0.14) | $10.96 | (6.97)% | 1.46% | 1.16% | 50% | $4,080 | ||||||||||||||||||||||||
| 2021 | $11.44 | 0.15 | 0.48 | 0.63 | (0.15) | $11.92 | 5.53% | 1.47% | 1.27% | 28% | $4,819 | ||||||||||||||||||||||||
| Notes to Financial Highlights | ||
| Report of Independent Registered Public Accounting Firm | ||
| Contact Us | americancentury.com | |||||||
| Automated Information Line | 1-800-345-8765 | |||||||
| Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
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| This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
| ©2025 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92645 2507 | ||||||||
| Annual Financial Statements and Other Information | |||||
| May 31, 2025 | |||||
| Tax-Free Money Market Fund | |||||
| Investor Class (BNTXX) | |||||
| Table of Contents | ||
| 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 | |||||
| Other Tax Information | |||||
| Schedule of Investments | ||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 99.2% | ||||||||
Alabama — 2.4% | ||||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.25%, 6/6/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(1) | $ | 4,005,000 | $ | 4,005,000 | ||||
Alaska — 1.1% | ||||||||
Alaska Housing Finance Corp. Rev., VRDN, 1.92%, 6/6/25 (SBBPA: FHLB) | 1,755,000 | 1,755,000 | ||||||
Arizona — 0.2% | ||||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group) , VRDN, 3.00%, 6/2/25 (LOC: Bank of America N.A.) | 365,000 | 365,000 | ||||||
Arkansas — 0.4% | ||||||||
Lowell Rev., VRDN, 2.15%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) (Acquired 5/20/25, Cost $675,000)(2) | 675,000 | 675,000 | ||||||
California — 10.6% | ||||||||
Bay Area Toll Authority Rev., VRDN, 2.55%, 6/2/25 (LOC: Bank of America N.A.) | 580,000 | 580,000 | ||||||
Los Angeles COP, (Kadima Hebrew Academy), VRDN, 2.92%, 6/6/25 (LOC: California Bank & Trust and U.S. Bank N.A.) | 4,200,000 | 4,200,000 | ||||||
Los Angeles Industrial Development Authority Rev., (Anderson Industrial Property LLC), VRDN, 2.02%, 6/6/25 (LOC: FHLB and East West Bank) | 1,930,000 | 1,930,000 | ||||||
Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)(1) | 340,000 | 340,000 | ||||||
Municipal Improvement Corp. of Los Angeles, 3.00%, 6/3/25 (LOC: U.S. Bank N.A.) | 1,500,000 | 1,500,000 | ||||||
Riverside County Industrial Development Authority Rev., (UFP Western Division, Inc.), VRDN, 1.92%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 300,000 | 300,000 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Rev., 1.00%, 10/1/25 (LOC: U.S. Treasury)(3) | 2,500,000 | 2,476,411 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.02%, 6/6/25 (LIQ FAC: Royal Bank of Canada)(1) | 2,600,000 | 2,600,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.99%, 7/4/25 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)(1) | 785,000 | 785,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Tax Allocation, VRDN, 2.05%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1) | 1,925,000 | 1,925,000 | ||||||
University of California, 3.00%, 9/10/25 | 750,000 | 750,000 | ||||||
| 17,386,411 | ||||||||
Colorado — 0.8% | ||||||||
Holland Creek Metropolitan District Rev., VRDN, 2.54%, 6/6/25 (LOC: Bank of America N.A.) | 1,000,000 | 1,000,000 | ||||||
Jefferson County Rev., (Rocky Mountain Butterfly Consortium), VRDN, 2.35%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 345,000 | 345,000 | ||||||
| 1,345,000 | ||||||||
District of Columbia — 4.8% | ||||||||
Deutsche Bank Spears/Lifers Trust Rev., VRDN, 2.37%, 6/6/25 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)(1) | 7,925,000 | 7,925,000 | ||||||
Florida — 5.9% | ||||||||
Florida Housing Finance Corp. Rev., (Lamson Avenue Apartments GP LLC), VRDN, 2.00%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 500,000 | 500,000 | ||||||
Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), VRDN, 1.95%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 1,820,000 | 1,820,000 | ||||||
Hillsborough County, 3.00%, 9/4/25 | 1,000,000 | 1,000,000 | ||||||
Hillsborough County Industrial Development Authority Rev., (Corbett Preparatory School of IDS, Inc.), VRDN, 2.04%, 6/6/25 (LOC: Bank of America N.A.) | 700,000 | 700,000 | ||||||
JEA Water & Sewer System Rev., VRDN, 2.16%, 6/6/25 (SBBPA: Bank of America N.A.) | 1,500,000 | 1,500,000 | ||||||
Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(1) | 2,511,386 | 2,511,386 | ||||||
Palm Beach County Rev., (Henry Morrison Flagler Museum), VRDN, 1.98%, 6/6/25 (LOC: Northern Trust Company) | 1,000,000 | 1,000,000 | ||||||
Pinellas County Housing Finance Authority Rev., (Booker Creek Apartments Ltd.), VRDN, 2.00%, 6/6/25 (LOC: FHLMC) | 600,000 | 600,000 | ||||||
| 9,631,386 | ||||||||
Illinois — 14.1% | ||||||||
Illinois Development Finance Authority Rev., (Jewish Council for Youth Services), VRDN, 1.97%, 6/6/25 (LOC: BMO Bank N.A.) | 500,000 | 500,000 | ||||||
Principal Amount | Value | |||||||
Illinois Development Finance Authority Rev., (Wheaton Academy), VRDN, 2.30%, 6/6/25 (LOC: BMO Bank N.A.) | $ | 5,650,000 | $ | 5,650,000 | ||||
Illinois Educational Facilities Authority Rev., (Augustana College), VRDN, 2.00%, 6/6/25 (LOC: BMO Bank N.A.) | 1,000,000 | 1,000,000 | ||||||
Illinois Finance Authority Rev., (Chicago Public Media, Inc.), VRDN, 1.95%, 6/6/25 (LOC: BMO Bank N.A.) | 400,000 | 400,000 | ||||||
Illinois Finance Authority Rev., (Illinois Wesleyan University), VRDN, 2.05%, 6/6/25 (LOC: PNC Bank N.A.) | 500,000 | 500,000 | ||||||
Illinois Finance Authority Rev., (Steppenwolf Theatre Co.), VRDN, 2.05%, 6/6/25 (LOC: Northern Trust Company) | 750,000 | 750,000 | ||||||
Illinois Finance Authority Rev., (YMCA of Chicago), VRDN, 1.80%, 6/6/25 (LOC: BMO Bank N.A.) | 3,180,000 | 3,180,000 | ||||||
Illinois Housing Development Authority Rev., (Steadfast Foxview LP), VRDN, 2.12%, 6/6/25 (LOC: FHLMC)(LIQ FAC: FHLMC) | 1,200,000 | 1,200,000 | ||||||
Illinois Housing Development Authority Rev., (Woodlawn Six LP), VRDN, 2.05%, 6/6/25 (LOC: FHLMC) | 4,155,000 | 4,155,000 | ||||||
Illinois Housing Development Authority Rev., VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 2,445,000 | 2,445,000 | ||||||
Southwestern Illinois Development Authority Rev., (Waste Management, Inc.), VRDN, 2.10%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 1,400,000 | 1,400,000 | ||||||
Village of Palatine Rev., (Little City for Community Development), VRDN, 2.29%, 6/6/25 (LOC: FHLB) | 2,000,000 | 2,000,000 | ||||||
| 23,180,000 | ||||||||
Indiana — 2.1% | ||||||||
Elkhart County Rev., (Pedcor Investments-2007-CIII LP), VRDN, 2.05%, 6/6/25 (LOC: FHLB) | 755,000 | 755,000 | ||||||
Gary Chicago International Airport Authority Rev., (GJC, Inc.), VRDN, 2.01%, 6/6/25 (LOC: BMO Bank N.A.) | 1,400,000 | 1,400,000 | ||||||
Huntington Rev., (Huntington University, Inc.), VRDN, 2.05%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1,300,000 | 1,300,000 | ||||||
| 3,455,000 | ||||||||
Iowa — 2.8% | ||||||||
Iowa Finance Authority Rev., (Chrisbro III, Inc.), VRDN, 2.17%, 6/6/25 (LOC: Farmers State Bank and U.S. Bank N.A.) | 3,370,000 | 3,370,000 | ||||||
Iowa Finance Authority Rev., (Conveyor Eng & Manufacturing Co.), VRDN, 1.97%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1,240,000 | 1,240,000 | ||||||
| 4,610,000 | ||||||||
Louisiana — 5.2% | ||||||||
Louisiana Housing Corp. Rev., (Reserve at Jefferson Crossing LLC), VRDN, 2.05%, 6/6/25 (LOC: FHLMC) | 3,930,000 | 3,930,000 | ||||||
Louisiana Offshore Terminal Authority Rev., (Loop LLC), VRDN, 1.85%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 2,000,000 | 2,000,000 | ||||||
Louisiana Public Facilities Authority Rev., (Linlake Ventures), VRDN, 2.11%, 6/6/25 (LIQ FAC: FHLMC) | 2,630,000 | 2,630,000 | ||||||
| 8,560,000 | ||||||||
Massachusetts — 1.5% | ||||||||
Massachusetts Development Finance Agency , 3.05%, 8/5/25 (LOC: Royal Bank of Canada) | 2,500,000 | 2,500,000 | ||||||
Minnesota — 6.4% | ||||||||
Minneapolis Rev., (Seven Corners Community Housing Corp.), VRDN, 2.02%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1,255,000 | 1,255,000 | ||||||
Minnesota Higher Education Facilities Authority Rev., (Macalester College), VRDN, 2.10%, 6/6/25 | 3,950,000 | 3,950,000 | ||||||
St. Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 2.22%, 6/6/25 (LIQ FAC: FHLMC) | 5,335,000 | 5,334,976 | ||||||
| 10,539,976 | ||||||||
Missouri — 1.2% | ||||||||
Bridgeton Industrial Development Authority Rev., (Stolze Printing Obligated Group), VRDN, 2.12%, 6/6/25 (LOC: Carrollton Bank and FHLB) | 885,000 | 885,000 | ||||||
Springfield Industrial Development Authority Rev., (ABEC, Inc.), VRDN, 2.47%, 6/6/25 (LOC: Guaranty Bank and FHLB) | 710,000 | 710,000 | ||||||
Wright City Rev., (MB Realty LLC), VRDN, 2.12%, 6/6/25 (LOC: Bank of America N.A.) | 345,000 | 345,000 | ||||||
| 1,940,000 | ||||||||
Nebraska — 1.0% | ||||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.07%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1) | 1,600,000 | 1,600,000 | ||||||
Nevada — 1.1% | ||||||||
Nevada Housing Division Rev., (HELP Owens Associates LP), VRDN, 1.85%, 6/6/25 (LOC: Citibank N.A.) | 1,765,000 | 1,765,000 | ||||||
New York — 4.1% | ||||||||
Deutsche Bank Spears/Lifers Trust Rev., VRDN, 2.62%, 6/6/25 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)(1) | 2,430,000 | 2,430,000 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 1/15/26 | 400,000 | 404,911 | ||||||
RBC Municipal Products, Inc. Trust Rev., VRDN, 2.07%, 6/6/25 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)(1) | 800,000 | 800,000 | ||||||
Rib Floater Trust Various States Rev., VRDN, 2.22%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1) | 1,055,000 | 1,055,000 | ||||||
Principal Amount | Value | |||||||
Rib Floater Trust Various States Rev., VRDN, 2.22%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)(1) | $ | 2,000,000 | $ | 2,000,000 | ||||
| 6,689,911 | ||||||||
North Carolina — 2.1% | ||||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRDN, 2.05%, 6/6/25 | 2,850,000 | 2,850,000 | ||||||
Lower Cape Fear Water & Sewer Authority Rev., VRDN, 2.06%, 6/6/25 (LOC: Cooperatieve Rabobank UA) | 600,000 | 600,000 | ||||||
| 3,450,000 | ||||||||
North Dakota — 1.4% | ||||||||
North Dakota Housing Finance Agency Rev., VRDN, 1.95%, 6/6/25 (SBBPA: Royal Bank of Canada) | 2,260,000 | 2,260,000 | ||||||
Ohio — 1.1% | ||||||||
Allen County Ohio Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), VRDN, 1.95%, 6/6/25 (LOC: PNC Bank N.A.) | 1,750,000 | 1,750,000 | ||||||
Oklahoma — 0.5% | ||||||||
Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(1) | 886,510 | 886,510 | ||||||
Pennsylvania — 3.2% | ||||||||
Fayette County Hospital Authority Rev., (Fayette Regional Health System Obligated Group), VRDN, 1.95%, 6/6/25 (LOC: PNC Bank N.A.) | 1,900,000 | 1,900,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.02%, 6/6/25 (LIQ FAC: Morgan Stanley Bank N.A.)(1) | 3,330,000 | 3,330,000 | ||||||
| 5,230,000 | ||||||||
South Carolina — 5.1% | ||||||||
South Carolina Jobs-Economic Development Authority Rev., (Port Royal I LLC), VRDN, 1.97%, 6/6/25 (LOC: United Fidelity Bank FSB and FHLB) | 600,000 | 600,000 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (YMCA of Coastal Carolina), VRDN, 2.00%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1,200,000 | 1,200,000 | ||||||
South Carolina Public Service Authority Rev., VRDN, 2.22%, 6/6/25 (LOC: Bank of America N.A.) | 2,095,000 | 2,095,000 | ||||||
South Carolina State Housing Finance & Development Authority Rev., (Broad River Village LP), VRDN, 1.97%, 6/6/25 (LOC: FHLB) | 4,500,000 | 4,500,000 | ||||||
| 8,395,000 | ||||||||
Tennessee — 2.4% | ||||||||
Clarksville Public Building Authority Rev., VRDN, 2.15%, 6/6/25 (LOC: Bank of America N.A.) | 1,700,000 | 1,700,000 | ||||||
Covington Industrial Development Board Rev., (Tootsie Roll Industries, Inc.), VRDN, 1.95%, 6/6/25 (LOC: Bank of America N.A.) | 1,500,000 | 1,500,000 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board Rev., (Starwood Properties Four LLC), VRDN, 2.00%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 750,000 | 750,000 | ||||||
| 3,950,000 | ||||||||
Texas — 7.6% | ||||||||
Harris County, 2.91%, 7/2/25 | 3,000,000 | 3,000,000 | ||||||
Harris County Hospital District Rev., VRDN, 2.02%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 2,500,000 | 2,500,000 | ||||||
Mission Economic Development Corp. Rev., VRDN, 2.12%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 2,075,000 | 2,075,000 | ||||||
San Antonio Housing Trust Finance Corp. Rev., (VCCPHC-San Antonio I LP), VRDN, 2.10%, 6/6/25 (LOC: United Fidelity Bank FSB and FHLB) | 600,000 | 600,000 | ||||||
State of Texas GO, VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 5,000 | 5,000 | ||||||
State of Texas GO, VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 3,100,000 | 3,100,000 | ||||||
State of Texas GO, VRDN, 2.25%, 6/6/25 (SBBPA: State Street Bank & Trust Co.) | 335,000 | 335,000 | ||||||
Tarrant County Housing Finance Corp. Rev., (One Oaklake VIII LLC), VRDN, 2.05%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 790,000 | 790,000 | ||||||
| 12,405,000 | ||||||||
Virginia — 4.2% | ||||||||
Lynchburg Industrial Development Authority Rev., (Aerofin Corp.), VRDN, 2.60%, 6/6/25 (LOC: PNC Bank N.A.) (Acquired 5/27/25, Cost $850,000)(2) | 850,000 | 850,000 | ||||||
Roanoke Economic Development Authority Rev., (Carilion Clinic Obligated Group), VRDN, 1.95%, 6/6/25 (SBBPA: PNC Bank N.A.) | 6,000,000 | 6,000,000 | ||||||
| 6,850,000 | ||||||||
Washington — 2.2% | ||||||||
King County Housing Authority Rev., (Overlake TOD Housing LP), VRDN, 1.95%, 6/6/25 (LOC: Bank of America N.A.) | 1,950,000 | 1,950,000 | ||||||
State of Washington GO, 5.00%, 2/1/26 | 1,550,000 | 1,570,994 | ||||||
| 3,520,994 | ||||||||
Principal Amount | Value | |||||||
Wisconsin — 3.7% | ||||||||
Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.25%, 6/6/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)(1) | $ | 4,232,000 | $ | 4,232,000 | ||||
Wisconsin Housing & Economic Development Authority Home Ownership Rev., VRDN, 1.85%, 6/6/25 (SBBPA: FHLB) | 1,890,000 | 1,890,000 | ||||||
| 6,122,000 | ||||||||
TOTAL INVESTMENT SECURITIES — 99.2% | 162,747,188 | |||||||
OTHER ASSETS AND LIABILITIES — 0.8% | 1,390,318 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 164,137,506 | ||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
COP | – | Certificates of Participation | ||||||
FHLB | – | Federal Home Loan Bank | ||||||
FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
GO | – | General Obligation | ||||||
LIQ FAC | – | Liquidity Facilities | ||||||
LOC | – | Letter of Credit | ||||||
SBBPA | – | Standby Bond Purchase Agreement | ||||||
VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. | ||||||
| Statement of Assets and Liabilities | ||
| MAY 31, 2025 | |||||
| Assets | |||||
Investment securities, at value (amortized cost and cost for federal income tax purposes) | $ | 162,747,188 | |||
Cash | 2,938 | ||||
Receivable for investments sold | 900,000 | ||||
Receivable for capital shares sold | 28,683 | ||||
Interest receivable | 600,386 | ||||
| 164,279,195 | |||||
| Liabilities | |||||
Payable for capital shares redeemed | 73,089 | ||||
Accrued management fees | 68,600 | ||||
| 141,689 | |||||
| Net Assets | $ | 164,137,506 | |||
| Investor Class Capital Shares | |||||
| Shares outstanding (unlimited number of shares authorized) | 164,156,805 | ||||
| Net Asset Value Per Share | $ | 1.00 | |||
| Net Assets Consist of: | |||||
| Capital paid in | $ | 164,136,974 | |||
| Distributable earnings (loss) | 532 | ||||
| $ | 164,137,506 | ||||
| Statement of Operations | ||
| YEAR ENDED MAY 31, 2025 | |||||
| Investment Income (Loss) | |||||
| Income: | |||||
| Interest | $ | 5,210,011 | |||
| Expenses: | |||||
| Management fees | 783,140 | ||||
| Trustees' fees and expenses | 9,884 | ||||
| Other expenses | 696 | ||||
| 793,720 | |||||
| Net investment income (loss) | 4,416,291 | ||||
Net realized gain (loss) on investment transactions | 539 | ||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,416,830 | |||
| Statement of Changes in Net Assets | ||
| YEARS ENDED MAY 31, 2025 AND MAY 31, 2024 | ||||||||
| Increase (Decrease) in Net Assets | May 31, 2025 | May 31, 2024 | ||||||
| Operations | ||||||||
Net investment income (loss) | $ | 4,416,291 | $ | 5,213,935 | ||||
Net realized gain (loss) | 539 | 16 | ||||||
Net increase (decrease) in net assets resulting from operations | 4,416,830 | 5,213,951 | ||||||
| Distributions to Shareholders | ||||||||
| From earnings | (4,416,291) | (5,213,935) | ||||||
| Capital Share Transactions | ||||||||
Proceeds from shares sold | 114,365,777 | 135,292,123 | ||||||
Proceeds from reinvestment of distributions | 4,326,509 | 5,180,673 | ||||||
Payments for shares redeemed | (119,673,074) | (148,624,802) | ||||||
| Net increase (decrease) in net assets from capital share transactions | (980,788) | (8,152,006) | ||||||
Net increase (decrease) in net assets | (980,249) | (8,151,990) | ||||||
| Net Assets | ||||||||
| Beginning of period | 165,117,755 | 173,269,745 | ||||||
| End of period | $ | 164,137,506 | $ | 165,117,755 | ||||
| Transactions in Shares of the Fund | ||||||||
| Sold | 114,365,777 | 135,292,123 | ||||||
| Issued in reinvestment of distributions | 4,326,509 | 5,180,673 | ||||||
| Redeemed | (119,673,074) | (148,624,802) | ||||||
| Net increase (decrease) in shares of the fund | (980,788) | (8,152,006) | ||||||
| Notes to Financial Statements | ||
2025 | 2024 | |||||||
Distributions Paid From | ||||||||
Exempt income | $ | 4,415,759 | $ | 5,213,935 | ||||
Long-term capital gains | $ | 532 | — | |||||
| Financial Highlights | ||
| For a Share Outstanding Throughout the Years Ended May 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
| Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
| Income From Investment Operations*: | Ratio to Average Net Assets of†: | |||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | ||||||||||||||||||||||||||||||||||||||
2025 | $1.00 | 0.03 | —(2) | 0.03 | (0.03) | $1.00 | 2.78% | 0.49% | 0.49% | 2.75% | 2.75% | $164,138 | ||||||||||||||||||||||||||
2024 | $1.00 | 0.03 | —(2) | 0.03 | (0.03) | $1.00 | 3.22% | 0.50% | 0.50% | 3.18% | 3.18% | $165,118 | ||||||||||||||||||||||||||
2023 | $1.00 | 0.02 | —(2) | 0.02 | (0.02) | $1.00 | 1.91% | 0.50% | 0.50% | 1.90% | 1.90% | $173,270 | ||||||||||||||||||||||||||
2022 | $1.00 | —(2) | — | —(2) | —(2) | $1.00 | 0.04% | 0.21% | 0.50% | 0.03% | (0.26)% | $155,662 | ||||||||||||||||||||||||||
2021 | $1.00 | —(2) | — | —(2) | —(2) | $1.00 | 0.01% | 0.19% | 0.50% | 0.01% | (0.30)% | $154,314 | ||||||||||||||||||||||||||
| Notes to Financial Highlights | ||
| Report of Independent Registered Public Accounting Firm | ||
| Contact Us | americancentury.com | |||||||
| Automated Information Line | 1-800-345-8765 | |||||||
| Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |||||||
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |||||||
| 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. | ||||||||
| ©2025 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92646 2507 | ||||||||
None. | ||
| Registrant: | American Century Municipal Trust | |||||||||||||
| By: | /s/ Patrick Bannigan | |||||||||||||
| Name: | Patrick Bannigan | |||||||||||||
| Title: | President | |||||||||||||
| Date: | July 30, 2025 | |||||||||||||
| By: | /s/ Patrick Bannigan | ||||||||||
| Name: | Patrick Bannigan | ||||||||||
| Title: | President | ||||||||||
| (principal executive officer) | |||||||||||
| Date: | July 30, 2025 | ||||||||||
| By: | /s/ R. Wes Campbell | |||||||
| Name: | R. Wes Campbell | |||||||
| Title: | Treasurer and | |||||||
| Chief Financial Officer | ||||||||
| (principal financial officer) | ||||||||
| Date: | July 30, 2025 | |||||||