# EDGAR Filing Document

**Accession Number:** 0000746458
**File Stem:** 0000746458-23-000003
**Filing Date:** 2023-1
**Character Count:** 439030
**Document Hash:** 9187bac7dc185a36a678d1892d97fbd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000746458-23-000003.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000746458-23-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000746458
- **IRS NUMBER:** 776009794
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04025
- **FILM NUMBER:** 23556989

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19940202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM NATIONAL TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### HIGH-YIELD MUNICIPAL FUND (Series ID: S000006471)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017685 | INVESTOR CLASS | ABHYX           |
| C000017686 | A CLASS        | AYMAX           |
| C000017688 | C CLASS        | AYMCX           |
| C000088012 | I CLASS        | AYMIX           |
| C000189766 | Y CLASS        | AYMYX           |

### INTERMEDIATE-TERM TAX-FREE BOND FUND (Series ID: S000006472)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017689 | INVESTOR CLASS | TWTIX           |
| C000017691 | I CLASS        | AXBIX           |
| C000088013 | A CLASS        | TWWOX           |
| C000088014 | C CLASS        | TWTCX           |
| C000189767 | Y CLASS        | ATBYX           |

### TAX-FREE MONEY MARKET FUND (Series ID: S000006473)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000017692 | INVESTOR CLASS | BNTXX           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | **811-04025** | **811-04025** | **811-04025** |
| **AMERICAN CENTURY MUNICIPAL TRUST** | **AMERICAN CENTURY MUNICIPAL TRUST** | **AMERICAN CENTURY MUNICIPAL TRUST** | **AMERICAN CENTURY MUNICIPAL TRUST** | **AMERICAN CENTURY MUNICIPAL TRUST** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **05-31** | **05-31** | **05-31** | **05-31** |
| Date of reporting period: | **11-30-2022** | **11-30-2022** | **11-30-2022** | **11-30-2022** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

&nbsp;&nbsp;&nbsp;&nbsp;

![acihorizblkd53.jpg](acihorizblkd53.jpg)

---

| |
|:---|
| Semiannual Report |
| November 30, 2022 |
| High-Yield Municipal Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ABHYX) |
| &nbsp;&nbsp;&nbsp;I Class (AYMIX) |
| &nbsp;&nbsp;&nbsp;Y Class (AYMYX) |
| &nbsp;&nbsp;&nbsp;A Class (AYMAX) |
| &nbsp;&nbsp;&nbsp;C Class (AYMCX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i3606c00f42084271ab83c7573eb92648_16) |
| Fund Characteristics | [3](#i3606c00f42084271ab83c7573eb92648_25) |
| Shareholder Fee Example | [4](#i3606c00f42084271ab83c7573eb92648_28) |
| Schedule of Investments | [6](#i3606c00f42084271ab83c7573eb92648_31) |
| Statement of Assets and Liabilities | [21](#i3606c00f42084271ab83c7573eb92648_37) |
| Statement of Operations | [22](#i3606c00f42084271ab83c7573eb92648_40) |
| Statement of Changes in Net Assets | [23](#i3606c00f42084271ab83c7573eb92648_43) |
| Notes to Financial Statements | [24](#i3606c00f42084271ab83c7573eb92648_46) |
| Financial Highlights | [30](#i3606c00f42084271ab83c7573eb92648_49) |
| Approval of Management Agreement | [33](#i3606c00f42084271ab83c7573eb92648_58) |
| Additional Information | [37](#i3606c00f42084271ab83c7573eb92648_67) |

---

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

------

President's Letter

![image10.jpg](image10.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending November 30, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Rising Rates, Heightened Volatility Weighed on Municipal Bonds** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25 basis points (bps) rate hike, increased its interest rate target an additional 350 bps through November. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before retreating to 7.1% by November. Policymakers indicated taming inflation remained their priority, even as the economy contracted in 2022's first half and recession risks mounted.

In addition to fueling recession fears, the combination of elevated inflation and a hawkish Fed pushed municipal bond (muni) yields higher and muni returns lower. This backdrop also contributed to the longest and largest muni fund outflow cycle on record. However, a late-period rally, triggered by expectations for the Fed to slow its rate-hike pace, helped recover some previous losses. Municipal bonds declined for the six-month period but fared much better than Treasuries. Investment-grade municipal bonds outperformed high-yield munis for the period.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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

Sincerely,

![image7.jpg](image7.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Municipal Securities | 97.9% |
| Affiliated Funds | 1.2% |
| Other Assets and Liabilities | 0.9% |
| **Top Five States and Territories** | **% of net assets** |
| New York | 10.4% |
| Texas | 8.7% |
| Illinois | 7.4% |
| Florida | 6.4% |
| Arizona | 6.2% |
| **Top Five Sectors** | **% of fund investments** |
| Special Tax | 16% |
| Hospital | 10% |
| General Obligation (GO) - Local | 10% |
| Retirement Community | 10% |
| Charter School | 9% |

---

------

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning** <br>**Account Value** <br>**6/1/22** | **Ending** <br>**Account Value** <br>**11/30/22** | **Expenses Paid** <br>**During Period**<sup>(1)</sup> <br>**6/1/22 - 11/30/22** | **Annualized** <br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $952.50 | $2.94 | 0.60% |
| I Class | $1000 | $952.30 | $1.96 | 0.40% |
| Y Class | $1000 | $952.50 | $1.81 | 0.37% |
| A Class | $1000 | $950.20 | $4.16 | 0.85% |
| C Class | $1000 | $946.60 | $7.81 | 1.60% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.06 | $3.04 | 0.60% |
| I Class | $1000 | $1023.06 | $2.03 | 0.40% |
| Y Class | $1000 | $1023.21 | $1.88 | 0.37% |
| A Class | $1000 | $1020.81 | $4.31 | 0.85% |
| C Class | $1000 | $1017.05 | $8.09 | 1.60% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 97.9%** | **Principal<br>Amount/Shares** | **Value** |
| **Alabama — 1.0%** | | |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 10/1/52 (GA: Goldman Sachs Group, Inc.) | $770000 | $762559 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | 3075000 | 3017193 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1049445 |
| Jefferson County Sewer Rev., 6.50%, 10/1/53 | 2000000 | 2144940 |
|  |  | 6974137 |
| **Alaska — 0.1%** |  |  |
| Northern Tobacco Securitization Corp. Rev., 4.00%, 6/1/50 | 500000 | 494566 |
| **Arizona — 6.2%** |  |  |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51<sup>(1)</sup> | 2840000 | 2587080 |
| Arizona Industrial Development Authority Rev., (Doral Academy of Nevada), 5.00%, 7/15/49<sup>(1)</sup> | 1675000 | 1496366 |
| Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47<sup>(1)</sup> | 2000000 | 2014672 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50<sup>(1)</sup> | 7000000 | 4900000 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51<sup>(1)</sup> | 1400000 | 980000 |
| Arizona Industrial Development Authority Rev., (Odyssey Preparatory Academy, Inc.), 5.50%, 7/1/52<sup>(1)</sup> | 5000000 | 4850626 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | 1600000 | 1215972 |
| Florence Town, Inc. Industrial Development Authority Rev., (Legacy Traditional School Series 2013 Obligated Group), 6.00%, 7/1/23, Prerefunded at 100% of Par<sup>(1)(2)</sup> | 1000000 | 1019246 |
| Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/56 | 5000000 | 4405388 |
| Industrial Development Authority of the City of Phoenix Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 840000 | 837273 |
| Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45<sup>(1)</sup> | 1500000 | 1398116 |
| Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46<sup>(1)</sup> | 1500000 | 1390306 |
| Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 6.75%, 7/1/44<sup>(1)</sup> | 2000000 | 2047867 |
| Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46<sup>(1)</sup> | 500000 | 460971 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45<sup>(1)</sup> | 2000000 | 1963633 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(1)</sup> | 1000000 | 691403 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(1)</sup> | 1860000 | 1286010 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 2450000 | 2232125 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/56<sup>(1)</sup> | 1220000 | 878683 |
| Sundance Community Facilities District Rev., 7.125%, 7/1/27<sup>(1)</sup> | 97000 | 95420 |
| Sundance Community Facilities District Special Assessment, 6.50%, 7/1/29 | 91000 | 88265 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 5.35%, 10/1/25<sup>(1)</sup> | $1000000 | $972609 |
| Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37<sup>(1)</sup> | 800000 | 731638 |
| Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47<sup>(1)</sup> | 4650000 | 4113996 |
|  |  | 42657665 |
| **Arkansas — 0.3%** |  |  |
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.45%, 9/1/52 <sup>(1)</sup> | 2000000 | 1988153 |
| **California — 3.7%** |  |  |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/49 | 380000 | 327555 |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49 | 195000 | 195072 |
| California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50<sup>(3)</sup> | 8000000 | 1492835 |
| California County Tobacco Securitization Agency Rev., Capital Appreciation, 0.00%, 6/1/55<sup>(3)</sup> | 1000000 | 182208 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | 665000 | 702575 |
| California Municipal Finance Authority Rev., (United Airlines, Inc.), 4.00%, 7/15/29 | 2500000 | 2426493 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36<sup>(1)</sup> | 500000 | 501110 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/41<sup>(1)</sup> | 500000 | 500117 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/46<sup>(1)</sup> | 1000000 | 981098 |
| CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57<sup>(1)</sup> | 3640000 | 2449370 |
| CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56<sup>(1)</sup> | 2500000 | 1839030 |
| CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59<sup>(1)</sup> | 3500000 | 2167469 |
| CSCDA Community Improvement Authority Rev., (Orange Portfolio), 4.00%, 3/1/57<sup>(1)</sup> | 1765000 | 1197511 |
| CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 9/1/46<sup>(1)</sup> | 825000 | 627084 |
| CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 1670000 | 1115020 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, VRN, 0.00%, 1/15/42 | 500000 | 535329 |
| Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66<sup>(3)</sup> | 9750000 | 1049709 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 2665000 | 2194653 |
| Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, 0.00%, 7/1/61<sup>(1)</sup> | 7660000 | 2640594 |
| San Francisco City & County Redevelopment Agency Successor Agency Special Tax, (Facilities District No. 6), Capital Appreciation, 0.00%, 8/1/43<sup>(3)</sup> | 3500000 | 1048721 |
| Sunnyvale Special Tax, 7.75%, 8/1/32 | 1410000 | 1414366 |
|  |  | 25587919 |
| **Colorado — 3.8%** |  |  |
| Brighton Crossing Metropolitan District No. 4 GO, 4.00%, 12/1/27 | 431000 | 414078 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/37 | $525000 | $509900 |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/47 | 1220000 | 1128626 |
| Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/50 | 1000000 | 840431 |
| Central Platte Valley Metropolitan District GO, 5.00%, 12/1/23, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1020126 |
| City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750000 | 830902 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/53 | 1000000 | 1022369 |
| Clear Creek Station Metropolitan District No. 2 GO, 5.00%, 12/1/47 | 1000000 | 916457 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 2500000 | 2634871 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 400000 | 427784 |
| Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), 5.00%, 5/15/32 | 1000000 | 1159641 |
| Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 447000 | 437964 |
| Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/48 | 2290000 | 2243082 |
| Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39<sup>(1)</sup> | 1800000 | 1811588 |
| Fiddlers Business Improvement District GO, 5.55%, 12/1/47<sup>(1)</sup> | 1000000 | 1001696 |
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 1455000 | 1092936 |
| One Horse Business Improvement District Rev., 6.00%, 6/1/24 | 440000 | 440252 |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | 500000 | 484680 |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1000000 | 918536 |
| State of Colorado COP, 6.00%, 12/15/38 | 810000 | 970228 |
| State of Colorado COP, 6.00%, 12/15/40 | 1345000 | 1604820 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/50 (AGM) | 1500000 | 1536026 |
| Village Metropolitan District GO, 5.00%, 12/1/49 | 2400000 | 2203864 |
| Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40 | 300000 | 290501 |
|  |  | 25941358 |
| **Connecticut — 0.9%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/50<sup>(1)</sup> | 3750000 | 3407192 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27<sup>(1)</sup> | 1000000 | 978260 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/55<sup>(1)</sup> | 2000000 | 1819297 |
|  |  | 6204749 |
| **Delaware — 0.4%** |  |  |
| Town of Millsboro Special Tax, 5.25%, 7/1/48 <sup>(1)</sup> | 3000000 | 2834825 |
| **District of Columbia — 0.8%** |  |  |
| District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46<sup>(3)</sup> | 15000000 | 2730910 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/44 | 3000000 | 2692406 |
|  |  | 5423316 |
| **Florida — 6.4%** |  |  |
| Babcock Ranch Community Independent Special District Special Assessment, 5.25%, 11/1/46 | 250000 | 245673 |
| Brevard County Health Facilities Authority Rev., (Health First, Inc. Obligated Group), 5.00%, 4/1/52 | 3000000 | 3065909 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 1000000 | 969559 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Celebration Pointe Community Development District Special Assessment, 5.00%, 5/1/48<sup>(1)</sup> | $1905000 | $1780281 |
| Celebration Pointe Community Development District Special Assessment, (2014 Assessment Area), 5.125%, 5/1/45 | 720000 | 698137 |
| Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 4860000 | 4239956 |
| Florida Development Finance Corp. Rev., (Lakeland Regional Health Systems Obligated Group), 4.00%, 11/15/35 | 1850000 | 1843706 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/50<sup>(1)</sup> | 2200000 | 1896129 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/49<sup>(1)</sup> | 800000 | 714388 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/54<sup>(1)</sup> | 850000 | 746970 |
| Miami Beach Redevelopment Agency Tax Allocation, 5.00%, 2/1/27 | 1000000 | 1024820 |
| Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 5.00%, 4/1/30 | 1250000 | 1295960 |
| Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy, Inc.), 5.25%, 9/15/44 | 950000 | 964314 |
| Northern Palm Beach County Improvement District Special Assessment, 5.00%, 8/1/46 | 2000000 | 1923207 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 2555000 | 2592522 |
| Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 4650000 | 4294834 |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/24 | 1225000 | 1265448 |
| Tomoka Community Development District Special Assessment, 5.50%, 5/1/35 | 2500000 | 2531001 |
| Village Community Development District No. 10 Special Assessment, 6.00%, 5/1/44 | 370000 | 371967 |
| Village Community Development District No. 12 Special Assessment, 3.625%, 5/1/31 | 1855000 | 1731573 |
| Village Community Development District No. 12 Special Assessment, 4.375%, 5/1/50<sup>(1)</sup> | 2515000 | 2164552 |
| Village Community Development District No. 13 Special Assessment, 3.70%, 5/1/50 | 1925000 | 1363924 |
| Village Community Development District No. 13 Special Assessment, 3.25%, 5/1/52 | 2205000 | 1361205 |
| Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 | 3000000 | 3025264 |
| Winter Garden Village at Fowler Groves Community Development District Special Assessment, 4.125%, 5/1/37 | 1995000 | 1829227 |
|  |  | 43940526 |
| **Georgia — 3.6%** |  |  |
| Atlanta Department of Aviation Rev., 5.00%, 7/1/47 | 2000000 | 2061619 |
| Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.00%, 10/1/29 | 1150000 | 1088077 |
| Development Authority of White County Rev., (Truett-Mcconnell University, Inc. Obligated Group), 5.25%, 10/1/49 | 4000000 | 3320380 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/54 | 1250000 | 1017441 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/54<sup>(1)</sup> | 4020000 | 3346171 |
| Georgia Ports Authority Rev., 5.25%, 7/1/52 | 1875000 | 2087498 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 4300000 | 4249018 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) | $4555000 | $4701365 |
| Marietta Development Authority Rev., (Life University, Inc.), 5.00%, 11/1/37<sup>(1)</sup> | 1500000 | 1455444 |
| Rockdale County Development Authority Rev., (Pratt Paper LLC), 4.00%, 1/1/38 (GA: Pratt Industries, Inc.)<sup>(1)</sup> | 1500000 | 1358697 |
|  |  | 24685710 |
| **Idaho — 0.7%** |  |  |
| Idaho Health Facilities Authority Rev., (Partners In Healthcare, Inc.), 5.50%, 11/1/45 | 3250000 | 3033709 |
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 | 2000000 | 1824723 |
|  |  | 4858432 |
| **Illinois — 7.4%** |  |  |
| Chicago GO, 5.00%, 1/1/27 | 1265000 | 1289385 |
| Chicago GO, 5.00%, 1/1/28 | 2000000 | 2043838 |
| Chicago GO, 5.00%, 1/1/29 | 2000000 | 2044640 |
| Chicago GO, 5.625%, 1/1/29 | 2500000 | 2582101 |
| Chicago GO, 5.50%, 1/1/39 | 2000000 | 2014330 |
| Chicago Board of Education GO, 5.00%, 12/1/42 | 3815000 | 3646158 |
| Chicago Board of Education GO, 5.00%, 12/1/46 | 2500000 | 2359952 |
| Chicago Board of Education GO, 6.50%, 12/1/46 | 1000000 | 1057765 |
| Chicago Midway International Airport Rev., 5.00%, 1/1/26 | 2200000 | 2203233 |
| Chicago O'Hare International Airport Rev., 5.50%, 1/1/53 (AGM) | 1000000 | 1051480 |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/28 (BAM) | 2385000 | 2490558 |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 2400000 | 2409296 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3500000 | 3534133 |
| Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45<sup>(1)</sup> | 2000000 | 2056709 |
| Illinois Finance Authority Rev., (Plymouth Place, Inc.), 5.25%, 5/15/25, Prerefunded at 100% of Par<sup>(2)</sup> | 2000000 | 2117839 |
| Illinois Finance Authority Rev., (Rush Obligated Group), 4.00%, 11/15/39 | 3000000 | 2720858 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/45 | 1790000 | 1891022 |
| State of Illinois GO, 5.125%, 12/1/29 | 3000000 | 3146405 |
| State of Illinois GO, 5.00%, 10/1/33 | 900000 | 936384 |
| State of Illinois GO, 5.50%, 7/1/38 | 1000000 | 1005381 |
| State of Illinois GO, 5.00%, 2/1/39 | 3000000 | 3011238 |
| State of Illinois GO, 5.50%, 5/1/39 | 985000 | 1039746 |
| State of Illinois GO, 5.75%, 5/1/45 | 2400000 | 2530597 |
| Western Illinois Economic Development Authority Rev., (Memorial Hospital Association), 4.00%, 6/1/36 | 2000000 | 1661912 |
|  |  | 50844960 |
| **Iowa — 0.8%** |  |  |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 4720000 | 4020761 |
| Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 | 1720000 | 1710532 |
|  |  | 5731293 |
| **Kansas — 0.3%** |  |  |
| Kansas Development Finance Authority Rev., (Village Shalom Obligated Group), 4.00%, 11/15/25 | 1360000 | 1266141 |
| Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 870000 | 689271 |
|  |  | 1955412 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Kentucky — 1.9%** | | |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | $1335000 | $1359685 |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 7500000 | 7455943 |
| Kentucky State University COP, 4.00%, 11/1/56 (BAM) | 500000 | 451683 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 3500000 | 3784471 |
|  |  | 13051782 |
| **Louisiana — 0.6%** |  |  |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 1650000 | 1652724 |
| St. James Parish Rev., (NuStar Logistics LP), VRN, 6.10%, 12/1/40<sup>(1)</sup> | 1250000 | 1335093 |
| St. James Parish Rev., (NuStar Logistics LP), VRN, 5.85%, 8/1/41<sup>(1)</sup> | 1000000 | 1026326 |
|  |  | 4014143 |
| **Maryland — 1.8%** |  |  |
| Baltimore Rev., 5.00%, 6/1/51 | 1200000 | 1130747 |
| Baltimore Rev., (Harbor Point Special Taxing District), 5.125%, 6/1/43 | 1500000 | 1478163 |
| Brunswick Special Tax, 5.00%, 7/1/36 | 1448000 | 1457039 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/25 | 1000000 | 1031438 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/27 | 1000000 | 1050533 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 | 3370000 | 2670779 |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.25%, 4/1/37 | 1500000 | 1384595 |
| Prince George's County Tax Allocation, (Westphalia Town Center Development District), 5.25%, 7/1/48<sup>(1)</sup> | 2000000 | 1932483 |
|  |  | 12135777 |
| **Massachusetts — 1.2%** |  |  |
| Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/50 | 3500000 | 3803967 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/46<sup>(1)</sup> | 1000000 | 958759 |
| Massachusetts Port Authority Rev., 5.00%, 7/1/37 | 2000000 | 2157370 |
| Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 1200000 | 1270902 |
|  |  | 8190998 |
| **Michigan — 3.3%** |  |  |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2500000 | 2445462 |
| Detroit GO, 5.50%, 4/1/45 | 1540000 | 1581940 |
| Detroit GO, 5.00%, 4/1/46 | 2000000 | 1962604 |
| Detroit GO, 5.00%, 4/1/50 | 2250000 | 2183072 |
| Detroit GO, 5.50%, 4/1/50 | 1820000 | 1858934 |
| Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/41 | 2500000 | 2159386 |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.875%, 5/15/26 | 2000000 | 1873351 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 | 1580000 | 1484516 |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/49 | 405000 | 404468 |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65<sup>(3)</sup> | 1500000 | 127267 |

---

------

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par<sup>(1)(2)</sup> | $2105000 | $2217831 |
| Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44<sup>(1)</sup> | 4395000 | 4407022 |
|  |  | 22705853 |
| **Minnesota — 0.6%** |  |  |
| Crookston Rev., (Riverview Healthcare Association), 5.00%, 5/1/51 | 4100000 | 3611894 |
| Minneapolis MN/St. Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), VRDN, 1.00%, 12/1/22 (LOC: JPMorgan Chase Bank N.A.) | 550000 | 550000 |
|  |  | 4161894 |
| **Missouri — 1.7%** |  |  |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/41 | 1000000 | 867357 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 4.00%, 3/1/46 | 1000000 | 842569 |
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2500000 | 1863609 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 5000000 | 4332238 |
| St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 3600000 | 3144929 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/46 | 1000000 | 971699 |
|  |  | 12022401 |
| **Nebraska — 1.3%** |  |  |
| Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) | 4000000 | 4015854 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company) | 5000000 | 5128897 |
|  |  | 9144751 |
| **Nevada — 2.5%** |  |  |
| Clark County Special Assessment, (Special Improvement District No. 159), 5.00%, 8/1/30 | 1255000 | 1268860 |
| Clark County Special Assessment, (Special Improvement District No. 159), 5.00%, 8/1/32 | 325000 | 327881 |
| Clark County Special Assessment, (Special Improvement District No. 159), 5.00%, 8/1/35 | 595000 | 598903 |
| Henderson Local Improvement Districts Special Assessment, 6.10%, 3/1/24 | 280000 | 281278 |
| Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 920000 | 923689 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 820000 | 678465 |
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/27<sup>(1)</sup> | 335000 | 337843 |
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/37<sup>(1)</sup> | 1000000 | 983658 |
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada), 5.00%, 7/15/47<sup>(1)</sup> | 1400000 | 1290174 |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.25%, 6/1/34 | 575000 | 543993 |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39 | 705000 | 663045 |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43 | 575000 | 535183 |
| North Las Vegas Special Assessment, (North Las Vegas Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49 | 950000 | 861553 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58<sup>(1)(3)</sup> | $7500000 | $886601 |
| Reno Rev., (Washoe County Sales Tax Rev.), Capital Appreciation, 0.00%, 7/1/58<sup>(1)(3)</sup> | 13000000 | 1256087 |
| Sparks Rev., 2.75%, 6/15/28<sup>(1)</sup> | 3000000 | 2660833 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 2850000 | 2830958 |
|  |  | 16929004 |
| **New Jersey — 3.9%** |  |  |
| New Jersey Economic Development Authority Rev., 5.00%, 11/1/24 | 5000000 | 5184989 |
| New Jersey Economic Development Authority Rev., 5.00%, 6/15/40 | 1625000 | 1639055 |
| New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/49<sup>(1)</sup> | 1105000 | 1008244 |
| New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/54<sup>(1)</sup> | 725000 | 652051 |
| New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/52 | 2300000 | 2354913 |
| New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5000000 | 4915856 |
| New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.625%, 11/15/30 | 455000 | 457875 |
| New Jersey Educational Facilities Authority Rev., (College of Saint Elizabeth), 5.00%, 7/1/46 | 2500000 | 2235760 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5000000 | 5109587 |
| New Jersey Transportation Trust Fund Authority Rev., 5.50%, 6/15/50<sup>(4)</sup> | 1000000 | 1073694 |
| Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | 2000000 | 2015174 |
|  |  | 26647198 |
| **New Mexico — 0.7%** |  |  |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500000 | 480947 |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450000 | 419510 |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | 1200000 | 1077240 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.00%, 5/1/33<sup>(1)</sup> | 1000000 | 868231 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.25%, 5/1/40<sup>(1)</sup> | 2750000 | 2257545 |
|  |  | 5103473 |
| **New York — 10.4%** |  |  |
| Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1500000 | 1513470 |
| Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/32<sup>(1)</sup> | 625000 | 621733 |
| Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/37<sup>(1)</sup> | 500000 | 482504 |
| Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/47<sup>(1)</sup> | 1000000 | 910639 |
| Build NYC Resource Corp. Rev., (Metropolitan Lighthouse Charter School), 5.00%, 6/1/52<sup>(1)</sup> | 1000000 | 896667 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 3805000 | 3206410 |
| Metropolitan Transportation Authority Rev., 5.25%, 11/15/55 | 5000000 | 5050071 |
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 5000000 | 5293079 |
| New York City GO, 5.25%, 5/1/42 | 1000000 | 1115564 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| New York City GO, 5.00%, 4/1/43 | $7040000 | $7401187 |
| New York City GO, 5.25%, 5/1/43 | 1000000 | 1112744 |
| New York City GO, 4.00%, 9/1/46 | 1240000 | 1188115 |
| New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 1000000 | 1000431 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/50 | 10000000 | 10670905 |
| New York City Municipal Water Finance Authority Rev., VRDN, 3.90%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 2150000 | 2150000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/35 | 1500000 | 1755140 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/36 | 1500000 | 1695900 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.91%, 12/1/22 (SBBPA: Mizuho Bank Ltd.) | 400000 | 400000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.98%, 12/1/22 (SBBPA: Bank of America N.A.) | 700000 | 700000 |
| New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1500000 | 1154969 |
| New York Counties Tobacco Trust Rev., 5.00%, 6/1/51 | 1000000 | 924408 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 2500000 | 2348272 |
| New York State Dormitory Authority Rev., (Orange Regional Medical Center Obligated Group), 5.00%, 12/1/27<sup>(1)</sup> | 1000000 | 1022526 |
| New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41 | 4500000 | 4378635 |
| New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 1870000 | 1672927 |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 4500000 | 4113665 |
| New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46 | 500000 | 430183 |
| New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53 | 1500000 | 1219486 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 2000000 | 1810808 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 2535000 | 2506636 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/42 | 1800000 | 1590918 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 320000 | 296561 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49 | 640000 | 570676 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/54 | 465000 | 408765 |
|  |  | 71613994 |
| **North Carolina — 1.1%** |  |  |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 595000 | 559705 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/35 | 1000000 | 982290 |
| North Carolina Medical Care Commission Rev., (Moravian Home, Inc.), 5.00%, 10/1/48 | 3000000 | 2658520 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/49 | 1500000 | 1378178 |
| North Carolina Medical Care Commission Rev., (Southminster, Inc.), 5.00%, 10/1/37 | 1500000 | 1414345 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| North Carolina Medical Care Commission Rev., (United Church Homes & Services Obligated Group), 5.00%, 9/1/23, Prerefunded at 103% of Par<sup>(2)</sup> | $280000 | $293270 |
|  |  | 7286308 |
| **Ohio — 4.8%** |  |  |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 17600000 | 16150239 |
| Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/57<sup>(3)</sup> | 15000000 | 1759287 |
| Centerville Rev., (Graceworks Lutheran Services), 5.00%, 11/1/25 | 1420000 | 1422224 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2500000 | 2520293 |
| Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/48 | 5945000 | 4731551 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1250000 | 1309902 |
| Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2500000 | 2368434 |
| Ohio Air Quality Development Authority Rev., (Pratt Paper, Inc.), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)<sup>(1)</sup> | 1000000 | 932118 |
| Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 1900000 | 1807953 |
|  |  | 33002001 |
| **Oregon — 0.4%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250000 | 229753 |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/50 | 1000000 | 887821 |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/55 | 1500000 | 1338533 |
|  |  | 2456107 |
| **Pennsylvania — 3.3%** |  |  |
| Allegheny County Airport Authority Rev., 5.00%, 1/1/28 | 1980000 | 2107294 |
| Berks County Industrial Development Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/47 | 3000000 | 2039782 |
| Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/49 | 1225000 | 1059609 |
| Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38<sup>(1)</sup> | 483000 | 468426 |
| Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48<sup>(1)</sup> | 915000 | 861260 |
| Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1500000 | 1527953 |
| Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1170000 | 962544 |
| Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/37 | 1000000 | 936939 |
| Montgomery County Industrial Development Authority Rev., (Albert Einstein Healthcare Network Obligated Group), 5.25%, 1/15/25, Prerefunded at 100% of Par<sup>(2)</sup> | 1250000 | 1311485 |
| Pennsylvania Economic Development Financing Authority Rev., (Covanta Holding Corp.), 3.25%, 8/1/39<sup>(1)</sup> | 1000000 | 759228 |
| Philadelphia GO, 5.00%, 1/15/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1500000 | 1540420 |
| Philadelphia Authority for Industrial Development Rev., (First Philadelphia Preparatory Charter School), 7.25%, 6/15/43 | 1500000 | 1562113 |
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 285000 | 278815 |

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------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 5.00%, 4/1/46 | $2000000 | $1808480 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia Performing Arts Charter School), 5.00%, 6/15/50<sup>(1)</sup> | 1000000 | 884249 |
| School District of Philadelphia GO, 5.00%, 9/1/25 | 2500000 | 2628963 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1000000 | 952788 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1050000 | 940487 |
|  |  | 22630835 |
| **Puerto Rico — 2.0%** |  |  |
| Puerto Rico GO, 5.25%, 7/1/23 | 206792 | 207698 |
| Puerto Rico GO, 5.375%, 7/1/25 | 412437 | 418391 |
| Puerto Rico GO, 5.625%, 7/1/27 | 3658702 | 3747361 |
| Puerto Rico GO, 5.625%, 7/1/29 | 402071 | 412147 |
| Puerto Rico GO, 5.75%, 7/1/31 | 390528 | 401145 |
| Puerto Rico GO, 4.00%, 7/1/33 | 370323 | 322677 |
| Puerto Rico GO, 4.00%, 7/1/35 | 332871 | 283876 |
| Puerto Rico GO, 4.00%, 7/1/37 | 285691 | 238773 |
| Puerto Rico GO, 4.00%, 7/1/41 | 388431 | 312192 |
| Puerto Rico GO, 4.00%, 7/1/46 | 403963 | 312000 |
| Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/24<sup>(3)</sup> | 123821 | 113785 |
| Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/33<sup>(3)</sup> | 476571 | 261600 |
| Puerto Rico GO, VRN, 0.00%, 11/1/43 | 1753388 | 799983 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 2500000 | 2264801 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.75%, 7/1/53 | 3000000 | 2741113 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/46<sup>(3)</sup> | 5000000 | 1260126 |
|  |  | 14097668 |
| **Rhode Island — 0.4%** |  |  |
| Rhode Island Health & Educational Building Corp. Rev., (Care New England Health System Obligated Group), 5.00%, 9/1/36 | 2125000 | 1946777 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1000000 | 1001671 |
|  |  | 2948448 |
| **South Carolina — 0.9%** |  |  |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.375%, 11/1/49 | 1500000 | 1194448 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/52 | 2500000 | 2795278 |
| South Carolina Jobs-Economic Development Authority Rev., (Greenville Renewable Energy Education Charter School Obligated Group), 4.00%, 6/1/56<sup>(1)</sup> | 1530000 | 1052489 |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/42 | 585000 | 537855 |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/54 | 1000000 | 863558 |
|  |  | 6443628 |
| **Tennessee — 0.4%** |  |  |
| Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), 4.00%, 6/1/51<sup>(1)</sup> | 1600000 | 1247273 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28<sup>(4)</sup> | 900000 | 965772 |
| Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36<sup>(1)</sup> | 500000 | 504884 |
|  |  | 2717929 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Texas — 8.7%** | | |
| Austin Airport System Rev., 5.00%, 11/15/35 | $1500000 | $1611443 |
| Austin Airport System Rev., 5.00%, 11/15/36 | 2000000 | 2139462 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1000000 | 985970 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2000000 | 1944184 |
| Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 9950000 | 10123196 |
| El Paso Water & Sewer Rev., 4.00%, 3/1/39 | 3000000 | 3035109 |
| Fort Bend Independent School District GO, 4.00%, 8/15/36 (PSF-GTD) | 2000000 | 2085728 |
| Fort Bend Independent School District GO, 4.00%, 8/15/37 (PSF-GTD) | 1750000 | 1810619 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1750000 | 1600686 |
| Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 | 1740000 | 1462345 |
| Mission Economic Development Corp. Rev., (Natgasoline LLC), 4.625%, 10/1/31<sup>(1)</sup> | 2500000 | 2423159 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par<sup>(2)</sup> | 1615000 | 1725920 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Corpus Christi II LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par<sup>(2)</sup> | 1850000 | 1977060 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/25<sup>(2)</sup> | 1505000 | 1579253 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/26<sup>(2)</sup> | 1000000 | 1068681 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 570000 | 619413 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 1120000 | 1217093 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27<sup>(2)</sup> | 1260000 | 1369230 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 2750000 | 2988398 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/25<sup>(2)</sup> | 290000 | 303973 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26<sup>(2)</sup> | 390000 | 416145 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1067039 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing San Antonio I LLC), 5.00%, 4/1/26, Prerefunded at 100% of Par<sup>(2)</sup> | 1300000 | 1387151 |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/31 | 1805000 | 1829324 |
| Port Freeport Rev., 4.00%, 6/1/46 | 1000000 | 890403 |
| Port Freeport Rev., 4.00%, 6/1/51 | 1000000 | 849141 |
| Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas LLC), 5.00%, 8/15/46 | 1000000 | 904705 |
| State of Texas GO, 5.00%, 8/1/41 | 2300000 | 2390774 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47 | 1000000 | 947382 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 4.00%, 11/15/27 | $5000000 | $4742940 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners Segments 3 LLC), 5.00%, 6/30/58 | 2000000 | 1986746 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/27 | 420000 | 462453 |
|  |  | 59945125 |
| **Utah — 0.5%** |  |  |
| UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52 <sup>(1)</sup> | 4250000 | 3481552 |
| **Virginia — 2.4%** |  |  |
| Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45<sup>(1)</sup> | 1000000 | 983385 |
| Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 2500000 | 2045987 |
| Dullles Town Center Community Development Authority Special Assessment, 4.25%, 3/1/26 | 1750000 | 1690663 |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 | 3330000 | 3312459 |
| Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45<sup>(1)</sup> | 980000 | 911531 |
| Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/55 | 500000 | 438518 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(1)</sup> | 2000000 | 1865406 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45<sup>(1)</sup> | 2250000 | 2029762 |
| Prince William County Industrial Development Authority Rev., (Westminster Presbyterian Retirement Community, Inc.), 5.00%, 1/1/26 | 1165000 | 1147029 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1000000 | 933154 |
| Virginia Small Business Financing Authority Rev., (Covanta Holding Corp.), VRN, 5.00%, 1/1/48<sup>(1)</sup> | 1000000 | 960210 |
|  |  | 16318104 |
| **Washington — 4.3%** |  |  |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 2500000 | 2943544 |
| Port of Seattle Rev., 5.00%, 8/1/47 | 3530000 | 3639426 |
| Port of Seattle Rev., 5.50%, 8/1/47 | 2370000 | 2552331 |
| State of Washington GO, 5.00%, 2/1/42 | 5000000 | 5275076 |
| State of Washington GO, 5.00%, 6/1/45 | 4000000 | 4376297 |
| Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26<sup>(1)</sup> | 550000 | 523495 |
| Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38<sup>(1)</sup> | 830000 | 684975 |
| Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48<sup>(1)</sup> | 1900000 | 1430457 |
| Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.375%, 7/1/28<sup>(1)</sup> | 7200000 | 6233941 |
| Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 7.50%, 1/1/49<sup>(1)</sup> | 2000000 | 2007799 |
|  |  | 29667341 |
| **Wisconsin — 2.4%** |  |  |
| Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/51 | 1100000 | 872990 |
| Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/56 | 1500000 | 1167317 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.00%, 6/1/24<sup>(1)</sup> | $1575000 | $1572306 |
| Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48<sup>(1)</sup> | 1000000 | 913183 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/50 (AGM) | 700000 | 601294 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/55 (AGM) | 1000000 | 846594 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/59 (AGM) | 1350000 | 1127922 |
| Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 | 1260000 | 1260461 |
| Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/49<sup>(1)</sup> | 520000 | 466581 |
| Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/54<sup>(1)</sup> | 455000 | 401977 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/50<sup>(1)</sup> | 1000000 | 891912 |
| Public Finance Authority Rev., (Southminster, Inc. Obligated Group), 5.00%, 10/1/53<sup>(1)</sup> | 2750000 | 2266133 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61<sup>(1)</sup> | 1125000 | 775787 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61<sup>(1)</sup> | 1085000 | 803717 |
| Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/51 | 1500000 | 1185057 |
| Wisconsin Health & Educational Facilities Authority Rev., (State Camillus Health System Obligated Group), 5.00%, 11/1/54 | 2000000 | 1632523 |
|  |  | 16785754 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $721,048,133) |  | **673625089** |
| **AFFILIATED FUNDS**<sup>(5)</sup> **— 1.2%** |  |  |
| American Century Diversified Municipal Bond ETF<br>(Cost $8,730,427) | 169300 | 8374932 |
| **TOTAL INVESTMENT SECURITIES—99.1%**<br>(Cost $729,778,560) |  | **682000021** |
| **OTHER ASSETS AND LIABILITIES — 0.9%** |  | **6199831** |
| **TOTAL NET ASSETS — 100.0%** |  | $**688199852** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 10-Year Notes | 258 | March 2023 | $29283000 | $22577 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AGM | - | Assured Guaranty Municipal Corporation |
| BAM | - | Build America Mutual Assurance Company |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LIQ FAC | - | Liquidity Facilities |
| LOC | - | Letter of Credit |
| PSF-GTD | - | Permanent School Fund Guaranteed |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $149,250,192, which represented 21.7% of total net assets.

(2)Escrowed to maturity in U.S. government securities or state and local government securities.

(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(5)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022 (UNAUDITED)** | |
| **Assets** | |
| Investment securities - unaffiliated, at value (cost of $721,048,133) | $673625089 |
| Investment securities - affiliated, at value (cost of $8,730,427) | 8374932 |
| Total investment securities, at value (cost of $729,778,560) | 682000021 |
| Cash | 207339 |
| Deposits with broker for futures contracts | 567600 |
| Receivable for investments sold | 3220295 |
| Receivable for capital shares sold | 593176 |
| Interest and dividends receivable | 10620256 |
|  | 697208687 |
| **Liabilities** |  |
| Payable for investments purchased | 5063563 |
| Payable for capital shares redeemed | 3475519 |
| Payable for variation margin on futures contracts | 17020 |
| Accrued management fees | 257745 |
| Distribution and service fees payable | 7300 |
| Dividends payable | 187688 |
|  | 9008835 |
| **Net Assets** | $688199852 |
| **Net Assets Consist of:** |  |
| Capital paid in | $771017088 |
| Distributable earnings | (82817236) |
|  | $688199852 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class | $249800685 | 28729159 | $8.70 |
| I Class | $357497986 | 41117681 | $8.69 |
| Y Class | $53135090 | 6113407 | $8.69 |
| A Class | $24747430 | 2846715 | $8.69 |
| C Class | $3018661 | 347288 | $8.69 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.10 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $16289125 |
| Dividends (including $88,612 from affiliated funds) | 88612 |
|  | 16377737 |
| **Expenses:** |  |
| Management fees | 1751170 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 34300 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 16724 |
| Trustees' fees and expenses | 26302 |
| Other expenses | 7464 |
|  | 1835960 |
| Fees waived<sup>(1)</sup> | (12135) |
|  | 1823825 |
| **Net investment income (loss)** | 14553912 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (22928996) |
| Futures contract transactions | 133509 |
|  | (22795487) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments (including $(225525) from affiliated funds) | (31674426) |
| Futures contracts | 21501 |
|  | (31652925) |
| **Net realized and unrealized gain (loss)** | (54448412) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(39894500) |

---

(1)Amount consists of $4,291, $6,414, $933, $443 and $54 for Investor Class, I Class, Y Class, A Class and C Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **May 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $14553912 | $27095561 |
| Net realized gain (loss) | (22795487) | (10525332) |
| Change in net unrealized appreciation (depreciation) | (31652925) | (77566585) |
| Net increase (decrease) in net assets resulting from operations | (39894500) | (60996356) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5000933) | (11870626) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (7870622) | (18550031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (1154853) | (2789719) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (481710) | (1168543) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (46102) | (119307) |
| Decrease in net assets from distributions | (14554220) | (34498226) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (83295533) | 59982303 |
| **Net increase (decrease) in net assets** | (137744253) | (35512279) |
| **Net Assets** |  |  |
| Beginning of period | 825944105 | 861456384 |
| End of period | $688199852 | $825944105 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022 (UNAUDITED)**

**1. Organization**

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

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

**2. Significant Accounting Policies**

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

**Investment Valuations —** The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

------

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the fund's NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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

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

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

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

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

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

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

**3. Fees and Transactions with Related Parties**

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

------

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. The investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to other American Century Investments funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees. The impact of this waiver to the ratio of operating expenses to average net assets was less than 0.005% for each class for the period ended November 30, 2022.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended November 30, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment Category Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.2925% <br>to 0.4100% | 0.2500% to 0.3100% | 0.59% |
| I Class | 0.2925% <br>to 0.4100% | 0.0500% to 0.1100% | 0.39% |
| Y Class | 0.2925% <br>to 0.4100% | 0.0200% to 0.0800% | 0.36% |
| A Class | 0.2925% <br>to 0.4100% | 0.2500% to 0.3100% | 0.59% |
| C Class | 0.2925% <br>to 0.4100% | 0.2500% to 0.3100% | 0.59% |

---

**Distribution and Service Fees —** The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $26,725,000 and $42,460,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $273,819,166 and $352,233,674, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**November 30, 2022** | **Six months ended**<br>**November 30, 2022** | **Year ended<br>May 31, 2022** | **Year ended<br>May 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class** | | | | |
| Sold | 4319373 | $38252839 | 8163776 | $81285951 |
| Issued in reinvestment of distributions | 491787 | 4322059 | 1026415 | 10361422 |
| Redeemed | (6533097) | (57843817) | (9937021) | (98702683) |
|  | (1721937) | (15268919) | (746830) | (7055310) |
| **I Class** |  |  |  |  |
| Sold | 14944542 | 131388159 | 25013977 | 247907208 |
| Issued in reinvestment of distributions | 848889 | 7465233 | 1763970 | 17764394 |
| Redeemed | (22564452) | (197901699) | (20641080) | (201041560) |
|  | (6771021) | (59048307) | 6136867 | 64630042 |
| **Y Class** |  |  |  |  |
| Sold | 852480 | 7605754 | 2564983 | 25981628 |
| Issued in reinvestment of distributions | 131288 | 1153506 | 276971 | 2789239 |
| Redeemed | (1582748) | (13862398) | (2397091) | (23484428) |
|  | (598980) | (5103138) | 444863 | 5286439 |
| **A Class** |  |  |  |  |
| Sold | 222770 | 1937683 | 313039 | 3177456 |
| Issued in reinvestment of distributions | 44696 | 392656 | 96172 | 970644 |
| Redeemed | (666181) | (5808083) | (616497) | (6263350) |
|  | (398715) | (3477744) | (207286) | (2115250) |
| **C Class** |  |  |  |  |
| Sold | 81774 | 728243 | 53744 | 537105 |
| Issued in reinvestment of distributions | 4636 | 40700 | 10505 | 106058 |
| Redeemed | (133109) | (1166368) | (140360) | (1406781) |
|  | (46699) | (397425) | (76111) | (763618) |
| Net increase (decrease) | (9537352) | $(83295533) | 5551503 | $59982303 |

---

**6. Affiliated Fund Transactions**

A summary of transactions for each affiliated fund for the period ended November 30, 2022 follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales Cost** | **Change in Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| American Century Diversified Municipal Bond ETF | $8600 |  |  | $(225) | $8375 | 169 |  | $89 |

---

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

------

**7. Investments in Affiliated Funds**

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

**8. Fair Value Measurements**

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $673625089 |  |
| Affiliated Funds | $8374932 |  |  |
|  | $8374932 | $673625089 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $22577 |  |  |

---

**9. Derivative Instruments**

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $16,240,286 futures contracts purchased and $9,513,281 futures contracts sold.

------

The value of interest rate risk derivative instruments as of November 30, 2022, is disclosed on the Statement of Assets and Liabilities as a liability of $17,020 in payable for variation margin on futures contracts.\* For the six months ended November 30, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $133,509 in net realized gain (loss) on futures contract transactions and $21,501 in change in net unrealized appreciation (depreciation) on futures contracts.

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

**10. Risk Factors**

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

The fund invests in lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

**11. Federal Tax Information**

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

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $729778560 |
| Gross tax appreciation of investments | $9921025 |
| Gross tax depreciation of investments | (57699564) |
| Net tax appreciation (depreciation) of investments | $(47778539) |

---

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

As of May 31, 2022, the fund had post-October capital loss deferrals of $(12,102,580), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

------

Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $9.31 | 0.17 | (0.61) | (0.44) | (0.17) |  | (0.17) | $8.70 | (4.75)% | 0.60%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 3.76%<sup>(4)</sup> | 3.76%<sup>(4)</sup> | 37% | $249801 |
| 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% | $283598 |
| 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% | $323276 |
| 2020 | $9.86 | 0.34 | (0.49) | (0.15) | (0.34) | (0.03) | (0.37) | $9.34 | (1.64)% | 0.60% | 0.60% | 3.45% | 3.45% | 75% | $268023 |
| 2019 | $9.66 | 0.36 | 0.21 | 0.57 | (0.37) |  | (0.37) | $9.86 | 6.03% | 0.60% | 0.60% | 3.80% | 3.80% | 57% | $289403 |
| 2018 | $9.56 | 0.36 | 0.10 | 0.46 | (0.36) |  | (0.36) | $9.66 | 4.87% | 0.60% | 0.60% | 3.74% | 3.74% | 49% | $336797 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $9.31 | 0.18 | (0.62) | (0.44) | (0.18) |  | (0.18) | $8.69 | (4.77)% | 0.40%<sup>(4)</sup> | 0.40%<sup>(4)</sup> | 3.96%<sup>(4)</sup> | 3.96%<sup>(4)</sup> | 37% | $357498 |
| 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% | $445970 |
| 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% | $432620 |
| 2020 | $9.86 | 0.36 | (0.49) | (0.13) | (0.36) | (0.03) | (0.39) | $9.34 | (1.45)% | 0.40% | 0.40% | 3.65% | 3.65% | 75% | $320785 |
| 2019 | $9.66 | 0.38 | 0.20 | 0.58 | (0.38) |  | (0.38) | $9.86 | 6.24% | 0.40% | 0.40% | 4.00% | 4.00% | 57% | $344454 |
| 2018 | $9.56 | 0.38 | 0.10 | 0.48 | (0.38) |  | (0.38) | $9.66 | 5.08% | 0.40% | 0.40% | 3.94% | 3.94% | 49% | $195453 |

---

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $9.31 | 0.18 | (0.62) | (0.44) | (0.18) |  | (0.18) | $8.69 | (4.75)% | 0.37%<sup>(4)</sup> | 0.37%<sup>(4)</sup> | 3.99%<sup>(4)</sup> | 3.99%<sup>(4)</sup> | 37% | $53135 |
| 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% | $62488 |
| 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% | $64919 |
| 2020 | $9.86 | 0.36 | (0.49) | (0.13) | (0.36) | (0.03) | (0.39) | $9.34 | (1.42)% | 0.37% | 0.37% | 3.68% | 3.68% | 75% | $36453 |
| 2019 | $9.65 | 0.39 | 0.21 | 0.60 | (0.39) |  | (0.39) | $9.86 | 6.38% | 0.37% | 0.37% | 4.03% | 4.03% | 57% | $31979 |
| 2018 | $9.56 | 0.38 | 0.09 | 0.47 | (0.38) |  | (0.38) | $9.65 | 5.00% | 0.37% | 0.37% | 3.97% | 3.97% | 49% | $16750 |
| **A Class** | **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $9.31 | 0.16 | (0.62) | (0.46) | (0.16) |  | (0.16) | $8.69 | (4.98)% | 0.85%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 3.51%<sup>(4)</sup> | 3.51%<sup>(4)</sup> | 37% | $24747 |
| 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% | $30220 |
| 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% | $35772 |
| 2020 | $9.86 | 0.31 | (0.49) | (0.18) | (0.31) | (0.03) | (0.34) | $9.34 | (1.89)% | 0.85% | 0.85% | 3.20% | 3.20% | 75% | $33838 |
| 2019 | $9.66 | 0.34 | 0.20 | 0.54 | (0.34) |  | (0.34) | $9.86 | 5.77% | 0.85% | 0.85% | 3.55% | 3.55% | 57% | $36807 |
| 2018 | $9.56 | 0.34 | 0.09 | 0.43 | (0.33) |  | (0.33) | $9.66 | 4.61% | 0.85% | 0.85% | 3.49% | 3.49% | 49% | $32130 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment <br>Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net Realized Gains** | **Total Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **C Class** | **C Class** | **C Class** | **C Class** | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $9.31 | 0.12 | (0.62) | (0.50) | (0.12) |  | (0.12) | $8.69 | (5.34)% | 1.60%<sup>(4)</sup> | 1.60%<sup>(4)</sup> | 2.76%<sup>(4)</sup> | 2.76%<sup>(4)</sup> | 37% | $3019 |
| 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% | $3668 |
| 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% | $4869 |
| 2020 | $9.86 | 0.24 | (0.49) | (0.25) | (0.24) | (0.03) | (0.27) | $9.34 | (2.62)% | 1.60% | 1.60% | 2.45% | 2.45% | 75% | $10800 |
| 2019 | $9.65 | 0.27 | 0.21 | 0.48 | (0.27) |  | (0.27) | $9.86 | 5.09% | 1.60% | 1.60% | 2.80% | 2.80% | 57% | $12822 |
| 2018 | $9.56 | 0.26 | 0.09 | 0.35 | (0.26) |  | (0.26) | $9.65 | 3.72% | 1.60% | 1.60% | 2.74% | 2.74% | 49% | $14817 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended November 30, 2022 (unaudited).

(4)Annualized.

See Notes to Financial Statements.

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Approval of Management Agreement

At a meeting held on June 21, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor's performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board's assessment of the Advisor's performance and its determination whether to renew the Fund's management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund.

In connection with its consideration of the renewal of the management agreement, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided by the Advisor and its affiliates to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and cyber security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any economies of scale associated with the Advisor's management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by the Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the Fund.

------

In keeping with its practice, the Board held two meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered** 

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of the Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

**Investment Management Services.** The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance. The Fund's performance was above its benchmark for the one-, three-, and

------

five-year periods and below its benchmark for the ten-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

**Costs of Services and Profitability.** The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**Ethics.** The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under this unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund's unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer universe. The Board concluded that the management fee paid by the

------

Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board also noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

**Existing Relationship.** The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

**Conclusion of the Trustees.** As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

------

Notes

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Notes

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Notes

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---

| | |
|:---|:---|
| ![acihorizblkd53.jpg](acihorizblkd53.jpg) | ![acihorizblkd53.jpg](acihorizblkd53.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Municipal Trust** | **American Century Municipal Trust** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91041 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91041 2301** |

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&nbsp;&nbsp;&nbsp;&nbsp;

![acihorizblkd53.jpg](acihorizblkd53.jpg)

---

| |
|:---|
| Semiannual Report |
| November 30, 2022 |
| Intermediate-Term Tax-Free Bond Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (TWTIX) |
| &nbsp;&nbsp;&nbsp;I Class (AXBIX) |
| &nbsp;&nbsp;&nbsp;Y Class (ATBYX) |
| &nbsp;&nbsp;&nbsp;A Class (TWWOX) |
| &nbsp;&nbsp;&nbsp;C Class (TWTCX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i3606c00f42084271ab83c7573eb92648_82) |
| Fund Characteristics | [3](#i3606c00f42084271ab83c7573eb92648_91) |
| Shareholder Fee Example | [4](#i3606c00f42084271ab83c7573eb92648_94) |
| Schedule of Investments | [6](#i3606c00f42084271ab83c7573eb92648_97) |
| Statement of Assets and Liabilities | [54](#i3606c00f42084271ab83c7573eb92648_103) |
| Statement of Operations | [55](#i3606c00f42084271ab83c7573eb92648_106) |
| Statement of Changes in Net Assets | [56](#i3606c00f42084271ab83c7573eb92648_109) |
| Notes to Financial Statements | [57](#i3606c00f42084271ab83c7573eb92648_112) |
| Financial Highlights | [63](#i3606c00f42084271ab83c7573eb92648_115) |
| Approval of Management Agreement | [66](#i3606c00f42084271ab83c7573eb92648_124) |
| Additional Information | [70](#i3606c00f42084271ab83c7573eb92648_133) |

---

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

------

President's Letter

![image10.jpg](image10.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending November 30, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Rising Rates, Heightened Volatility Weighed on Municipal Bonds** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25 basis points (bps) rate hike, increased its interest rate target an additional 350 bps through November. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before retreating to 7.1% by November. Policymakers indicated taming inflation remained their priority, even as the economy contracted in 2022's first half and recession risks mounted.

In addition to fueling recession fears, the combination of elevated inflation and a hawkish Fed pushed municipal bond (muni) yields higher and muni returns lower. This backdrop also contributed to the longest and largest muni fund outflow cycle on record. However, a late-period rally, triggered by expectations for the Fed to slow its rate-hike pace, helped recover some previous losses. Municipal bonds declined for the six-month period but fared much better than Treasuries. Investment-grade municipal bonds outperformed high-yield munis for the period.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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

Sincerely,

![image7.jpg](image7.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Types of Investments in Portfolio** | **% of net assets** |
| Municipal Securities | 99.1% |
| Other Assets and Liabilities | 0.9% |
| **Top Five States and Territories** | **% of net assets** |
| Texas | 12.6% |
| New York | 11.7% |
| Illinois | 10.3% |
| California | 6.6% |
| Pennsylvania | 5.8% |
| **Top Five Sectors** | **% of fund investments** |
| General Obligation (GO) - Local | 15% |
| Special Tax | 14% |
| Hospital | 12% |
| General Obligation (GO) - State | 8% |
| Water & Sewer | 8% |

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------

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>6/1/22** | **Ending<br>Account Value<br>11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual**  | | | | |
| Investor Class | $1000 | $986.90 | $2.34 | 0.47% |
| I Class | $1000 | $987.90 | $1.35 | 0.27% |
| Y Class | $1000 | $988.10 | $1.20 | 0.24% |
| A Class | $1000 | $985.70 | $3.58 | 0.72% |
| C Class | $1000 | $981.10 | $7.30 | 1.47% |
| **Hypothetical**  |  |  |  |  |
| Investor Class | $1000 | $1022.71 | $2.38 | 0.47% |
| I Class | $1000 | $1023.72 | $1.37 | 0.27% |
| Y Class | $1000 | $1023.87 | $1.22 | 0.24% |
| A Class | $1000 | $1021.46 | $3.65 | 0.72% |
| C Class | $1000 | $1017.70 | $7.44 | 1.47% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

------

Schedule of Investments

**NOVEMBER 30, 2022 (UNAUDITED)**

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| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.1%** | **Principal Amount** | **Value** |
| **Alabama — 2.4%** | | |
| Birmingham Airport Authority Rev., 5.00%, 7/1/30 (BAM) | $560000 | $619525 |
| Birmingham Airport Authority Rev., 5.00%, 7/1/31 (BAM) | 700000 | 772925 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | 10000000 | 10015886 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) | 1645000 | 1652028 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 10/1/52 (GA: Goldman Sachs Group, Inc.) | 1730000 | 1713281 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | 6925000 | 6794816 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 19500000 | 20340840 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 16170000 | 16969530 |
| Houston County Health Care Authority Rev., 5.00%, 10/1/25 | 1000000 | 1037601 |
| Houston County Health Care Authority Rev., 5.00%, 10/1/30 | 2000000 | 2038562 |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile Rev., (Infirmary Health System Obligated Group), 5.00%, 2/1/26 | 5925000 | 6192607 |
| Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) | 15000000 | 14976179 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.50%, 1/1/53 (GA: Morgan Stanley) | 5000000 | 5316828 |
|  |  | 88440608 |
| **Alaska — 0.1%** |  |  |
| State of Alaska International Airports System Rev., 5.00%, 10/1/32 | 3560000 | 3729154 |
| Valdez Rev., (Exxon Mobil Corp.), VRDN, 1.00%, 12/1/22 (GA: Exxon Mobil Corp.) | 1250000 | 1250000 |
|  |  | 4979154 |
| **Arizona — 4.2%** |  |  |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.32%, (3-month LIBOR plus 0.81%), 1/1/37 | 7500000 | 6893965 |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 2.15%, (MUNIPSA plus 0.25%), 1/1/46 | 3845000 | 3712988 |
| Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 6150966 | 5924247 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26<sup>(1)</sup> | 415000 | 417824 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27<sup>(1)</sup> | 400000 | 385852 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37<sup>(1)</sup> | 600000 | 591429 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47<sup>(1)</sup> | 855000 | 789063 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.75%, 7/1/30<sup>(1)</sup> | 5000000 | 3500000 |
| Arizona Industrial Development Authority Rev., (Phoenix Children's Hospital), VRDN, 1.00%, 12/1/22 (LOC: JPMorgan Chase Bank N.A.) | 860000 | 860000 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/30<sup>(1)</sup> | 600000 | 569275 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40<sup>(1)</sup> | 725000 | 607593 |

---

------

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/28 (BAM) | $300000 | $325604 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/29 (BAM) | 250000 | 274595 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/31 (BAM) | 625000 | 684243 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/32 (BAM) | 300000 | 327674 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/33 (BAM) | 300000 | 326679 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/34 (BAM) | 250000 | 254445 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/35 (BAM) | 525000 | 567540 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/36 (BAM) | 1655000 | 1782858 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/37 (BAM) | 1550000 | 1662406 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/39 (BAM) | 500000 | 493902 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 3.00%, 12/15/31<sup>(1)</sup> | 525000 | 457069 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41<sup>(1)</sup> | 250000 | 204802 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/51<sup>(1)</sup> | 700000 | 526426 |
| Arizona Sports & Tourism Authority Rev., 5.00%, 7/1/25 (BAM) | 2000000 | 2102993 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/28 | 2090000 | 2342242 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/29 | 2500000 | 2848513 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/34 | 2105000 | 2451917 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/35 | 5000000 | 5780484 |
| Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/41 | 1000000 | 942466 |
| Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25<sup>(1)</sup> | 4000000 | 3928764 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/23 | 100000 | 100639 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/24 | 500000 | 508028 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200000 | 206200 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300000 | 310781 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215000 | 223579 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700000 | 723356 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700000 | 718467 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | 300000 | 306576 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1000000 | 1008676 |
| Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1250000 | 1236105 |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/36 | 1875000 | 1898995 |

---

------

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/41 | $1200000 | $1208531 |
| Industrial Development Authority of the City of Phoenix Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/46 | 1300000 | 1305627 |
| Industrial Development Authority of the City of Phoenix Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31<sup>(1)</sup> | 10965000 | 11068225 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41<sup>(1)</sup> | 3380000 | 2681379 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51<sup>(1)</sup> | 1140000 | 822992 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51<sup>(1)</sup> | 6500000 | 4692498 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(1)</sup> | 3140000 | 2171006 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/27 | 900000 | 951106 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/28 | 800000 | 842219 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/29 | 650000 | 681691 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/30 | 1625000 | 1700196 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association), 5.00%, 8/1/31 | 1500000 | 1565590 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 370000 | 379973 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 780000 | 786326 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/41 | 430000 | 368240 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/46 | 345000 | 283975 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 2750000 | 2727987 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/51 | 580000 | 461670 |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 2.47%, (MUNIPSA plus 0.57%), 1/1/35 | 3655000 | 3639653 |
| Maricopa County Industrial Development Authority Rev., (HonorHealth Obligated Group), VRN, 2.70%, (MUNIPSA plus 0.80%), 9/1/48 | 7735000 | 7713269 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/29<sup>(1)</sup> | 1000000 | 967888 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39<sup>(1)</sup> | 1855000 | 1792041 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 3500000 | 3188750 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/51<sup>(1)</sup> | 1650000 | 1232235 |
| Maricopa County Unified School District No. 4 Mesa GO, 5.00%, 7/1/24 | 1450000 | 1503258 |
| Maricopa County Unified School District No. 4 Mesa GO, 5.00%, 7/1/25 | 1000000 | 1058915 |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/25 | 700000 | 738728 |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/26 | 600000 | 642730 |
| McAllister Academic Village LLC Rev., (Arizona State University), 5.00%, 7/1/27 | 1000000 | 1071311 |
| Phoenix GO, 5.00%, 7/1/24 | 1330000 | 1380530 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Phoenix GO, 5.00%, 7/1/25 | $3000000 | $3175974 |
| Phoenix GO, 5.00%, 7/1/26 | 2750000 | 2965282 |
| Phoenix GO, 5.00%, 7/1/27 | 3000000 | 3294197 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 10000000 | 11098709 |
| Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | 10030000 | 10381144 |
| Town of Gilbert GO, 5.00%, 7/15/23 | 4000000 | 4062378 |
|  |  | 154385483 |
| **Arkansas — 0.1%** |  |  |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/23 | 1000000 | 1011483 |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/24 | 1360000 | 1392860 |
| Baxter County Rev., (Baxter County Regional Hospital, Inc.), 5.00%, 9/1/25 | 1155000 | 1193902 |
|  |  | 3598245 |
| **California — 6.6%** |  |  |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 1000000 | 1030783 |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7065000 | 7239742 |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1725000 | 1785131 |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1750000 | 1811002 |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1800000 | 1862745 |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 2000000 | 2069717 |
| Anaheim Public Financing Authority Rev., 5.00%, 5/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 2000000 | 2069717 |
| Anaheim Public Financing Authority Rev., Capital Appreciation, 0.00%, 9/1/25 (AGM)<sup>(3)</sup> | 2000000 | 1832605 |
| Bay Area Toll Authority Rev., VRN, 3.00%, (MUNIPSA plus 1.10%), 4/1/45 | 3750000 | 3778539 |
| Bay Area Toll Authority Rev., VRN, 2.18%, (MUNIPSA plus 0.28%), 4/1/56 | 7000000 | 7006401 |
| California Community Choice Financing Authority Rev., VRN, 2.35%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 8770000 | 7789526 |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/31 | 550000 | 584553 |
| California County Tobacco Securitization Agency Rev., 5.00%, 6/1/33 | 450000 | 474207 |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/35 | 200000 | 192327 |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/37 | 275000 | 261156 |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/38 | 275000 | 258954 |
| California County Tobacco Securitization Agency Rev., 4.00%, 6/1/40 | 150000 | 138109 |
| California Health Facilities Financing Authority Rev., (Providence St. Joseph Health Obligated Group), 5.00%, 7/1/23, Prerefunded at 100% of Par<sup>(2)</sup> | 1810000 | 1836060 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | 1665000 | 1759078 |
| California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26<sup>(1)</sup> | 1375000 | 1360731 |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/23 | 600000 | 608004 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/24 | $1000000 | $1025730 |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/25 | 1000000 | 1031343 |
| California Municipal Finance Authority Rev., (Northbay Healthcare Group Obligated Group), 5.00%, 11/1/26 | 1000000 | 1039852 |
| California Municipal Finance Authority Special Tax, (Community Facilities District No. 2021-11), 5.00%, 9/1/52 | 5000000 | 5008990 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.125%, 11/15/27<sup>(1)</sup> | 5145000 | 4783512 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/25 | 1500000 | 1544939 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/26 | 1500000 | 1559181 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1000000 | 1038797 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26<sup>(1)</sup> | 1960000 | 1911294 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/31<sup>(1)</sup> | 1350000 | 1368309 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36<sup>(1)</sup> | 6255000 | 6268888 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 8000000 | 8057194 |
| City & County of San Francisco GO, 5.00%, 6/15/24 | 1250000 | 1298916 |
| City & County of San Francisco GO, 5.00%, 6/15/25 | 1560000 | 1656750 |
| City & County of San Francisco GO, 5.00%, 6/15/26 | 2000000 | 2168193 |
| City & County of San Francisco GO, 5.00%, 6/15/27 | 1875000 | 2074123 |
| Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NATL)<sup>(3)</sup> | 2530000 | 2015999 |
| CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57<sup>(1)</sup> | 3200000 | 2153292 |
| CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 1455000 | 971470 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par<sup>(2)</sup> | 1750000 | 1772668 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/24<sup>(2)</sup> | 2500000 | 2592115 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(1)</sup> | 16110000 | 14112818 |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2225000 | 2268637 |
| Inland Valley Development Agency Tax Allocation, 5.00%, 9/1/44 | 2555000 | 2587807 |
| Irvine Special Tax, (Irvine Community Facilities District No. 2013-3), 4.00%, 9/1/27 | 1455000 | 1464507 |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/26 | 1485000 | 1541861 |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/28 | 1250000 | 1297211 |
| Jurupa Public Financing Authority Special Tax, 5.00%, 9/1/29 | 1060000 | 1099299 |
| Metropolitan Water District of Southern California Rev., VRN, 2.04%, (MUNIPSA plus 0.14%), 7/1/37 | 5000000 | 4960351 |
| Morongo Band of Mission Indians Rev., 5.00%, 10/1/42<sup>(1)</sup> | 3150000 | 3159418 |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 800000 | 849609 |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1062011 |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 | 1025000 | 1084521 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/27 | $1295000 | $1369673 |
| Oakland Unified School District / Alameda County GO, 5.00%, 8/1/28 | 1000000 | 1057303 |
| Orange County Community Facilities District Special Tax, 5.00%, 8/15/42 | 2000000 | 2058876 |
| Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2021-1), 5.00%, 8/15/47 | 1700000 | 1730196 |
| Orange County Transportation Authority Rev., 4.00%, 10/15/24 | 7140000 | 7328835 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/25 | 2095000 | 2181787 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2000000 | 2103437 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/28 | 3500000 | 3655577 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3325000 | 3464985 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2125000 | 2209628 |
| Poway Unified School District GO, (Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/41<sup>(3)</sup> | 5110000 | 2258647 |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/23 | 1155000 | 1175827 |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/24 | 620000 | 643740 |
| Poway Unified School District Public Financing Authority Special Tax, 5.00%, 9/1/25 | 1035000 | 1095687 |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.00%, 1/15/25, Prerefunded at 100% of Par<sup>(2)</sup> | 6000000 | 6317713 |
| San Mateo County Transportation Authority Rev., VRDN, 0.55%, 12/1/22 (LOC: Bank of America N.A.) | 100000 | 100000 |
| State of California GO, 5.00%, 10/1/23 | 2725000 | 2784168 |
| State of California GO, 5.00%, 10/1/24 | 3500000 | 3662446 |
| State of California GO, 5.00%, 12/1/26 | 3955000 | 4053077 |
| State of California GO, 5.00%, 2/1/27 | 10000000 | 10043239 |
| State of California GO, 5.00%, 11/1/27 | 5000000 | 5113478 |
| State of California GO, 5.00%, 2/1/28 | 10000000 | 10043239 |
| State of California GO, 4.00%, 9/1/32 | 5000000 | 5201730 |
| State of California GO, 4.00%, 8/1/35 | 10000000 | 10269271 |
| State of California GO, 4.00%, 9/1/35 | 10815000 | 11107770 |
| State of California GO, 5.00%, 9/1/42 | 2605000 | 2797251 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/31 | 1000000 | 1088880 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/35 | 1330000 | 1406368 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/38 | 1000000 | 1046737 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Re), 5.00%, 10/1/40 | 1000000 | 1043542 |
|  |  | 240991799 |
| **Colorado — 3.6%** |  |  |
| Adams County COP, 5.00%, 12/1/25 | 2720000 | 2894646 |
| Adams County COP, 4.00%, 12/1/26 | 2250000 | 2327640 |
| Adams County COP, 4.00%, 12/1/27 | 1310000 | 1352047 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/43 | $3000000 | $3331832 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/34 | 270000 | 308915 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/35 | 500000 | 565538 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/36 | 400000 | 450488 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 320000 | 359108 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 600000 | 673327 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 875000 | 974345 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 1080000 | 1202620 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/39 | 1300000 | 1467340 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/40 | 1100000 | 1212335 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/40 | 670000 | 752222 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/41 | 1500000 | 1645040 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/41 | 570000 | 636820 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/42 | 1125000 | 1231181 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/42 | 500000 | 557446 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/43 | 7500000 | 7558591 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/47 | 3350000 | 3691464 |
| Colorado Educational & Cultural Facilities Authority Rev., (Alexander Dawson School at Rainbow Mountain LLC), 4.00%, 5/15/23 | 2085000 | 2095124 |
| Colorado Educational & Cultural Facilities Authority Rev., (Daughters of Israel, Inc.), VRDN, 1.05%, 12/1/22 (LOC: TD Bank N.A.) | 860000 | 860000 |
| Colorado Educational & Cultural Facilities Authority Rev., (Mandel Jewish Community Center of Cleveland), VRDN, 1.05%, 12/1/22 (LOC: JPMorgan Chase Bank N.A.) | 250000 | 250000 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), 4.00%, 11/15/43 | 10000000 | 9746261 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 7400000 | 7799218 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 1400000 | 1497246 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 1795000 | 1869510 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 5815000 | 5986088 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1250000 | 1265878 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 2000000 | 1747133 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/50 | 3000000 | 2455117 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 800000 | 801595 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/24 | 515000 | 517923 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/25 | 350000 | 351272 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/26 | 390000 | 391338 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/27 | 400000 | 400147 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/28 | 250000 | 251569 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/29 | 2160000 | 2166734 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.25%, 5/15/32 | 600000 | 596015 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | $8500000 | $9075030 |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 2000000 | 1925446 |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 5.00%, 11/1/44 | 4875000 | 4943066 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/28 | 690000 | 733802 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/30 | 710000 | 748274 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495000 | 519865 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/40 | 1000000 | 1007535 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/45 | 1000000 | 1005478 |
| Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 5000000 | 4830105 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500000 | 538304 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1000000 | 1091598 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750000 | 830543 |
| Jefferson County School District R-1 COP, 5.00%, 12/15/22 | 1000000 | 1000899 |
| Jefferson County School District R-1 COP, 5.00%, 12/15/23 | 200000 | 204855 |
| Leyden Rock Metropolitan District GO, 4.00%, 12/1/46 (AGM) | 1500000 | 1395196 |
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 2040000 | 1532364 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/31 | 1235000 | 1359262 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/34 | 1465000 | 1598309 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/35 | 1540000 | 1673813 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | 1000000 | 1041363 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/37 | 1700000 | 1832802 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/38 | 1785000 | 1919683 |
| Park Creek Metropolitan District Rev., 5.00%, 12/1/45 | 3875000 | 3978646 |
| South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/39 (AGM) | 700000 | 700923 |
| South Sloan's Lake Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 750000 | 721164 |
| State of Colorado COP, 6.00%, 12/15/38 | 1960000 | 2347711 |
| State of Colorado COP, 6.00%, 12/15/40 | 3270000 | 3901681 |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/38 (BAM) | 620000 | 624243 |
| Town of Firestone Water Enterprise Rev., 4.00%, 12/1/40 (BAM) | 325000 | 324258 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/22 (AGM) | 165000 | 165000 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/23 (AGM) | 190000 | 193880 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/23 (AGM) | 120000 | 122584 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/24 (AGM) | 200000 | 207901 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/24 (AGM) | 135000 | 140526 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/25 (AGM) | 180000 | 190387 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/25 (AGM) | 125000 | 132617 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 195000 | 209178 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 135000 | 144613 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 200000 | 217352 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/27 (AGM) | 130000 | 139369 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 210000 | 230739 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/28 (AGM) | 125000 | 134096 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/29 (AGM) | 215000 | 238498 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/29 (AGM) | 125000 | 134062 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/30 (AGM) | $215000 | $237651 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/30 (AGM) | 125000 | 134033 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/31 (AGM) | 230000 | 253559 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/31 (AGM) | 135000 | 144632 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/32 (AGM) | 500000 | 549939 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/32 (AGM) | 160000 | 171282 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/33 (AGM) | 505000 | 553131 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/34 (AGM) | 285000 | 310141 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/35 (AGM) | 100000 | 108355 |
|  |  | 132710856 |
| **Connecticut — 2.0%** |  |  |
| Bridgeport GO, 5.00%, 7/15/26 (BAM) | 500000 | 536305 |
| Bridgeport GO, 5.00%, 8/15/26 | 3000000 | 3220092 |
| Bridgeport GO, 5.00%, 8/15/27 | 4490000 | 4889269 |
| Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600000 | 664815 |
| Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1500000 | 1662043 |
| Bridgeport GO, 5.00%, 2/1/31 (BAM) | 500000 | 557697 |
| Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1280000 | 1414286 |
| Bridgeport GO, 5.00%, 2/1/33 (BAM) | 1000000 | 1106024 |
| Bridgeport GO, 5.00%, 7/15/35 (BAM) | 1000000 | 1080671 |
| Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645000 | 694966 |
| Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1730000 | 1858291 |
| Bridgeport GO, 5.00%, 2/1/38 (BAM) | 1000000 | 1077854 |
| Bridgeport GO, 5.00%, 2/1/39 (BAM) | 1470000 | 1579216 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/30 | 1000000 | 1046806 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/32 | 1030000 | 1072461 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/33 | 1000000 | 1036394 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Retirement Communities Obligated Group), 5.00%, 12/1/35 | 1000000 | 1028311 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/28<sup>(1)</sup> | 990000 | 1012610 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/30<sup>(1)</sup> | 285000 | 289663 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/31<sup>(1)</sup> | 1065000 | 1074620 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 2.75%, 1/1/26<sup>(1)</sup> | 115000 | 113061 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/30<sup>(1)</sup> | 500000 | 503304 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/45<sup>(1)</sup> | 1500000 | 1412025 |
| Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 5.00%, 7/1/28 | 5270000 | 5573468 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600000 | 643089 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500000 | 534151 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1100000 | 1173148 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350000 | 370226 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | $400000 | $420738 |
| Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39<sup>(1)</sup> | 5000000 | 4875993 |
| New Haven GO, 5.00%, 8/1/23 (AGM) | 8565000 | 8697155 |
| State of Connecticut GO, 4.00%, 1/15/35 | 5500000 | 5680825 |
| State of Connecticut GO, 4.00%, 1/15/36 | 12560000 | 12917044 |
| State of Connecticut GO, 4.00%, 6/1/39 | 500000 | 503482 |
| State of Connecticut Special Tax Rev., 5.00%, 8/1/28 | 2000000 | 2117249 |
|  |  | 72437352 |
| **District of Columbia — 1.1%** |  |  |
| District of Columbia GO, 5.00%, 10/15/35 | 15000000 | 16793820 |
| District of Columbia GO, 5.00%, 6/1/38 | 7995000 | 8199286 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/23<sup>(2)</sup> | 1000000 | 1008391 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/24<sup>(2)</sup> | 1000000 | 1031805 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/25 | 1750000 | 1834320 |
| District of Columbia Water & Sewer Authority Rev., VRN, 1.75%, 10/1/54 | 3785000 | 3676205 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/33 | 1250000 | 1323756 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 5.00%, 10/1/34 | 1250000 | 1315888 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/35 | 1250000 | 1211481 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/36 | 1250000 | 1202159 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/37 | 1500000 | 1431504 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 | 1000000 | 946992 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/39 | 250000 | 234431 |
|  |  | 40210038 |
| **Florida — 5.2%** |  |  |
| Broward County Airport System Rev., 5.00%, 10/1/24 | 2750000 | 2774396 |
| Broward County Airport System Rev., 5.00%, 10/1/25 | 1000000 | 1001746 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 2900000 | 2811720 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25 | 500000 | 510274 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26 | 500000 | 510440 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 255000 | 260672 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/29 | 1000000 | 1020218 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30 | 500000 | 509372 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31 | 500000 | 507735 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/32 | 500000 | 503186 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 500000 | 502217 |
| Duval County Public Schools COP, 5.00%, 7/1/35 (AGM)<sup>(4)</sup> | 2955000 | 3274869 |
| Escambia County Health Facilities Authority Rev., (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45 | 5000000 | 4362094 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | $750000 | $766959 |
| Florida Development Finance Corp. Rev., 5.00%, 6/15/40 | 1650000 | 1666608 |
| Florida Development Finance Corp. Rev., 4.00%, 7/1/51<sup>(1)</sup> | 1850000 | 1406746 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/31 | 300000 | 280824 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/35 | 225000 | 203026 |
| Florida Development Finance Corp. Rev., (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), 5.00%, 6/15/47 | 3200000 | 3201440 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 4.00%, 9/15/30<sup>(1)</sup> | 470000 | 431967 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 5.00%, 9/15/40<sup>(1)</sup> | 1050000 | 960734 |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/34 (AGM) | 1250000 | 1287376 |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/35 (AGM) | 1270000 | 1298295 |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/36 (AGM) | 1600000 | 1609101 |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/38 (AGM) | 1000000 | 990078 |
| Florida Governmental Utility Authority Rev., 4.00%, 10/1/40 (AGM) | 1000000 | 984661 |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/29 | 1000000 | 1047276 |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/30 | 750000 | 785166 |
| Florida Higher Educational Facilities Financial Authority Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/31 | 1250000 | 1307754 |
| Fort Myers Rev., 4.00%, 12/1/29 | 170000 | 176246 |
| Fort Myers Rev., 4.00%, 12/1/30 | 150000 | 155192 |
| Fort Myers Rev., 4.00%, 12/1/31 | 650000 | 671763 |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1750000 | 1819534 |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1500000 | 1464769 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), VRDN, 0.95%, 12/1/22 (LOC: TD Bank N.A.) | 1150000 | 1150000 |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/26 (AGM) | 2250000 | 2327787 |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/27 (AGM) | 2550000 | 2638158 |
| Manatee County School District COP, 5.00%, 7/1/24 (BAM) | 875000 | 903012 |
| Manatee County School District COP, 5.00%, 7/1/25 (BAM) | 1400000 | 1474594 |
| Manatee County School District COP, 5.00%, 7/1/26 (BAM) | 750000 | 801566 |
| Manatee County School District COP, 5.00%, 7/1/27 (BAM) | 1215000 | 1309254 |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/37 | 2500000 | 2557659 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/37 | 5000000 | 5386033 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/38 | 5000000 | 5373032 |
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | 1065000 | 1089761 |
| Monroe County School District Rev., 5.00%, 10/1/23 (AGM) | 500000 | 509028 |
| Monroe County School District Rev., 5.00%, 10/1/24 (AGM) | 500000 | 519189 |
| Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | 810000 | 831380 |
| Osceola County Transportation Rev., 5.00%, 10/1/32 | 400000 | 410249 |

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---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Osceola County Transportation Rev., 5.00%, 10/1/33 | $695000 | $709703 |
| Osceola County Transportation Rev., 5.00%, 10/1/34 | 250000 | 254185 |
| Osceola County Transportation Rev., 5.00%, 10/1/37 | 740000 | 747279 |
| Osceola County Transportation Rev., 5.00%, 10/1/38 | 700000 | 705997 |
| Osceola County Transportation Rev., 5.00%, 10/1/39 | 1000000 | 1007410 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/35<sup>(3)</sup> | 1200000 | 606727 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/36<sup>(3)</sup> | 3000000 | 1428279 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/38<sup>(3)</sup> | 1500000 | 632379 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/39<sup>(3)</sup> | 1800000 | 712180 |
| Palm Beach County Health Facilities Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/41 | 1250000 | 1069189 |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/32 | 500000 | 542157 |
| Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/34 | 600000 | 644703 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1000000 | 945410 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2170000 | 2029576 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4665000 | 4333218 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1535000 | 1415945 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1000000 | 915988 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/38 | 2000000 | 1828555 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 970000 | 984245 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 14165000 | 13769240 |
| Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 | 1350000 | 1183266 |
| Port State Lucie Utility System Rev., 4.00%, 9/1/36 | 5000000 | 5066595 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1350000 | 1256811 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | 1000000 | 900883 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2000000 | 1744555 |
| South Florida Water Management District COP, 5.00%, 10/1/28 | 3000000 | 3197184 |
| South Florida Water Management District COP, 5.00%, 10/1/30 | 3305000 | 3511423 |
| State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/36<sup>(4)</sup> | 5555000 | 6389378 |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/36 | 800000 | 811993 |
| Tallahassee Rev., (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/41 | 1000000 | 1009892 |
| Tampa Rev., (BayCare Obligated Group), 4.00%, 11/15/46 | 12740000 | 11668863 |
| Tampa Water & Wastewater System Rev., 5.00%, 10/1/34 | 625000 | 728037 |
| Tampa Water & Wastewater System Rev., 5.00%, 10/1/37 | 1935000 | 2220957 |
| Tampa Water & Wastewater System Rev., 5.00%, 10/1/38 | 1000000 | 1143464 |
| Tampa Water & Wastewater System Rev., 5.00%, 10/1/39 | 5085000 | 5786034 |

---

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---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | $1110000 | $1181857 |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2355000 | 2492586 |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | 3995000 | 4205524 |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1000000 | 945766 |
| Village Community Development District No. 12 Special Assessment, 3.25%, 5/1/23<sup>(1)</sup> | 200000 | 199493 |
| Village Community Development District No. 12 Special Assessment, 3.80%, 5/1/28<sup>(1)</sup> | 2070000 | 2018176 |
| Village Community Development District No. 12 Special Assessment, 4.00%, 5/1/33<sup>(1)</sup> | 1845000 | 1742140 |
| Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/24 | 245000 | 237372 |
| Village Community Development District No. 13 Special Assessment, 1.875%, 5/1/25<sup>(1)</sup> | 745000 | 695069 |
| Village Community Development District No. 13 Special Assessment, 1.80%, 5/1/26 | 600000 | 543047 |
| Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/29 | 960000 | 838842 |
| Village Community Development District No. 13 Special Assessment, 2.625%, 5/1/30<sup>(1)</sup> | 1720000 | 1437731 |
| Village Community Development District No. 13 Special Assessment, 2.55%, 5/1/31 | 995000 | 806684 |
| Village Community Development District No. 13 Special Assessment, 3.375%, 5/1/34 | 3130000 | 2576266 |
| Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/35<sup>(1)</sup> | 2270000 | 1755852 |
| Village Community Development District No. 13 Special Assessment, 2.85%, 5/1/36 | 995000 | 723950 |
| Village Community Development District No. 13 Special Assessment, 3.25%, 5/1/40<sup>(1)</sup> | 2440000 | 1762816 |
| Village Community Development District No. 13 Special Assessment, 3.00%, 5/1/41 | 1500000 | 1008809 |
| Village Community Development District No. 13 Special Assessment, 3.25%, 5/1/52 | 4495000 | 2774883 |
| Village Community Development District No. 14 Special Assessment, 5.125%, 5/1/37 | 4500000 | 4545395 |
| Village Community Development District No. 14 Special Assessment, 5.375%, 5/1/42 | 4000000 | 4037518 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1000000 | 1070455 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1200000 | 1283784 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1045000 | 1107820 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1095000 | 1156968 |
| Wildwood Utility Dependent District Rev., 5.00%, 10/1/38 (BAM) | 500000 | 550130 |
| Wildwood Utility Dependent District Rev., 5.00%, 10/1/39 (BAM) | 500000 | 546100 |
|  |  | 192491889 |
| **Georgia — 3.0%** |  |  |
| Atlanta Tax Allocation, 5.00%, 12/1/23 | 2000000 | 2038867 |
| Atlanta Tax Allocation, 5.00%, 12/1/24 | 900000 | 935557 |
| Atlanta Airport Passenger Facility Charge Rev., 5.00%, 7/1/37 | 7000000 | 7828484 |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/35 | 1750000 | 1801021 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 2.375%, 1/1/31 | 1000000 | 875699 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31<sup>(1)</sup> | $2460000 | $2179233 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/36 | 1100000 | 1015084 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36<sup>(1)</sup> | 3355000 | 3139989 |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1100000 | 1214195 |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1000000 | 1089054 |
| Georgia Ports Authority Rev., 5.00%, 7/1/32 | 1975000 | 2316366 |
| Georgia Ports Authority Rev., 5.00%, 7/1/33 | 2000000 | 2335290 |
| Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/37 (GA: Macquarie Group Ltd.) | 4500000 | 4643854 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 4/1/48 (LIQ FAC: Royal Bank of Canada) | 7500000 | 7528419 |
| Main Street Natural Gas, Inc. Rev., VRN, 2.47%, (MUNIPSA plus 0.57%), 8/1/48 | 10000000 | 9898952 |
| Main Street Natural Gas, Inc. Rev., VRN, 3.35%, (1-month LIBOR plus 0.83%), 8/1/48 | 10000000 | 9928851 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 8/1/49 (GA: TD Bank N.A.) | 6000000 | 6040048 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 20200000 | 19960501 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) | 13000000 | 13417725 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 4.00%, 7/1/35 | 5095000 | 5232985 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 5.00%, 4/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1500000 | 1547707 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/38 | 1400000 | 1370019 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/39 | 2750000 | 2668726 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 2125000 | 2025067 |
|  |  | 111031693 |
| **Hawaii — 0.6%** |  |  |
| City & County of Honolulu GO, 4.00%, 7/1/42 | 4025000 | 4041063 |
| State of Hawaii GO, 5.00%, 1/1/35 | 8000000 | 8850090 |
| State of Hawaii GO, 5.00%, 1/1/36 | 7000000 | 7714923 |
|  |  | 20606076 |
| **Illinois — 10.3%** |  |  |
| Adams County School District No. 172 GO, 5.00%, 2/1/24 (BAM) | 1030000 | 1055564 |
| Adams County School District No. 172 GO, 5.00%, 2/1/24 (AGM) | 1175000 | 1204163 |
| Adams County School District No. 172 GO, 5.00%, 2/1/25 (BAM) | 1000000 | 1045787 |
| Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1000000 | 1065240 |
| Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1670000 | 1777908 |
| Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1000000 | 1029610 |
| Chicago GO, 5.00%, 1/1/30 | 6600000 | 6749745 |
| Chicago GO, 4.00%, 1/1/35 | 3000000 | 2737434 |
| Chicago GO, 6.00%, 1/1/38 | 5000000 | 5199043 |
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 6705000 | 7060002 |
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 8295000 | 8734186 |
| Chicago Board of Education GO, 5.00%, 12/1/33 (AGM) | 1250000 | 1295492 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/23 | 1500000 | 1503134 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/24 | $4000000 | $4103254 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/29 | 9200000 | 9562660 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 2250000 | 2397651 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 3000000 | 3181573 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 3250000 | 3438104 |
| Chicago O'Hare International Airport Rev., 4.00%, 1/1/42 | 2500000 | 2396914 |
| Chicago Transit Authority Rev., 5.00%, 6/1/23 | 4150000 | 4193449 |
| Chicago Transit Authority Rev., 5.00%, 6/1/24 | 1000000 | 1029397 |
| Chicago Transit Authority Rev., 5.00%, 6/1/25 | 2000000 | 2077893 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 1100000 | 1111839 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3245000 | 3374700 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3420000 | 3554994 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/31 | 1000000 | 1011337 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/32 | 1000000 | 1011612 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/34 | 755000 | 765323 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/35 | 755000 | 764628 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 1510000 | 1516965 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 | 2300000 | 2305597 |
| Chicago Waterworks Rev., 5.00%, 11/1/23 | 3750000 | 3822106 |
| Chicago Waterworks Rev., 5.00%, 11/1/24 | 10000000 | 10360528 |
| Chicago Waterworks Rev., 5.00%, 11/1/25 | 5000000 | 5211357 |
| Chicago Waterworks Rev., 5.00%, 11/1/26 | 2000000 | 2106427 |
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 2250000 | 2361357 |
| Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1570000 | 1673122 |
| Chicago Waterworks Rev., 5.00%, 11/1/39 | 2550000 | 2560849 |
| Cook County GO, 5.00%, 11/15/25 | 3600000 | 3802752 |
| Cook County GO, 5.00%, 11/15/27 | 2800000 | 3002616 |
| Cook County GO, 5.00%, 11/15/28 | 1000000 | 1069669 |
| Cook County GO, 5.00%, 11/15/29 | 3270000 | 3495305 |
| Cook County GO, 5.00%, 11/15/31 | 2350000 | 2504710 |
| Cook County GO, 5.00%, 11/15/34 | 2000000 | 2072953 |
| Cook County GO, 5.00%, 11/15/35 | 1800000 | 1862330 |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/23 (BAM) | 1000000 | 1020027 |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/25 (BAM) | 1800000 | 1885037 |
| Cook County Community High School District No. 212 Leyden Rev., 5.00%, 12/1/27 (BAM) | 1190000 | 1244087 |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/22 (BAM) | 2000000 | 2000000 |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/23 (BAM) | 3000000 | 3064246 |
| Cook County High School District No. 205 Thornton Township GO, 5.00%, 12/1/24 (BAM) | 4000000 | 4169896 |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/24 (BAM) | 2475000 | 2582576 |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/25 (BAM) | 1115000 | 1185930 |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | 1150000 | 1244868 |
| Cook County Sales Tax Rev., 5.25%, 11/15/45 | 7275000 | 7799441 |
| Decatur GO, 5.00%, 3/1/24 (AGM) | 1000000 | 1021818 |
| Decatur GO, 5.00%, 3/1/25 (AGM) | 1045000 | 1090167 |
| Decatur GO, 5.00%, 3/1/26 (AGM) | 1000000 | 1059772 |
| Decatur GO, 5.00%, 3/1/27 (AGM) | 1080000 | 1153872 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Decatur GO, 5.00%, 3/1/28 (AGM) | $1205000 | $1285489 |
| Decatur GO, 5.00%, 3/1/29 (AGM) | 1265000 | 1347876 |
| Decatur GO, 5.00%, 3/1/30 (AGM) | 1330000 | 1414583 |
| Decatur GO, 5.00%, 3/1/31 (AGM) | 1395000 | 1482826 |
| Decatur GO, 5.00%, 3/1/33 (AGM) | 1545000 | 1638823 |
| Governors State University COP, 5.00%, 7/1/23 (BAM) | 400000 | 404276 |
| Governors State University COP, 5.00%, 7/1/24 (BAM) | 400000 | 412617 |
| Governors State University COP, 5.00%, 7/1/25 (BAM) | 400000 | 421108 |
| Governors State University COP, 5.00%, 7/1/26 (BAM) | 350000 | 374926 |
| Governors State University COP, 5.00%, 7/1/27 (BAM) | 395000 | 428415 |
| Governors State University COP, 5.00%, 7/1/28 (BAM) | 750000 | 812014 |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7600000 | 7629437 |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 5.00%, 2/15/41 | 1500000 | 1543220 |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1000000 | 948242 |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2000000 | 1805114 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1085000 | 1128618 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500000 | 524017 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315000 | 329407 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500000 | 521492 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570000 | 592553 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 500000 | 518892 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1500000 | 1535745 |
| Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/31 | 750000 | 755576 |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/32 | 2370000 | 2538366 |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/33 | 2055000 | 2195092 |
| Illinois Finance Authority Rev., (Memorial Health Obligated Group), 5.00%, 4/1/34 | 4370000 | 4634242 |
| Illinois Finance Authority Rev., (Mercy Health Corp. Obligated Group), 4.00%, 12/1/30 | 5000000 | 5012723 |
| Illinois Finance Authority Rev., (Plymouth Place Obligated Group), 4.75%, 11/15/27 | 3500000 | 3514389 |
| Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 2.60%, (MUNIPSA plus 0.70%), 5/1/42 | 2000000 | 1941444 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/24 | 245000 | 251339 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/25 | 700000 | 724016 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325000 | 340840 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690000 | 720517 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750000 | 764649 |
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | 5000000 | 5194896 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | $5475000 | $5688411 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/34 | 10000000 | 11280960 |
| Illinois Finance Authority Rev., (Swedish Covenant Hospital Obligated Group), 5.00%, 8/15/23<sup>(2)</sup> | 1000000 | 1016324 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 1250000 | 1377915 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/29 | 1550000 | 1694318 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1000000 | 1091975 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 3000000 | 3410359 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1000000 | 1091351 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 2500000 | 2787201 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/33 | 1200000 | 1289980 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/34 | 2500000 | 2678610 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 5810000 | 5958253 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 11410000 | 11826781 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/39 | 2500000 | 2531323 |
| Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 | 3450000 | 3505020 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/30 (AGM) | 450000 | 476351 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/33 (AGM) | 250000 | 260394 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/34 (AGM) | 200000 | 205720 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/38 (AGM) | 580000 | 581972 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/39 (AGM) | 550000 | 552383 |
| Northern Illinois University Rev., 5.00%, 4/1/33 (BAM) | 1400000 | 1502075 |
| Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/27 | 3000000 | 3188779 |
| Springfield Electric Rev., 5.00%, 3/1/23 | 1245000 | 1252000 |
| Springfield Electric Rev., 5.00%, 3/1/24 | 2000000 | 2051057 |
| State of Illinois GO, 5.00%, 11/1/27 | 15000000 | 15668656 |
| State of Illinois GO, 5.125%, 12/1/29 | 17000000 | 17829631 |
| State of Illinois GO, 5.50%, 5/1/30 | 2500000 | 2729799 |
| State of Illinois GO, 5.00%, 10/1/33 | 2100000 | 2184895 |
| State of Illinois GO, 5.50%, 7/1/38 | 5000000 | 5026904 |
| State of Illinois GO, 5.00%, 2/1/39 | 3000000 | 3011238 |
| State of Illinois GO, 5.00%, 5/1/39 | 6080000 | 6107728 |
| State of Illinois GO, 5.50%, 5/1/39 | 1475000 | 1556980 |
| State of Illinois GO, 5.00%, 12/1/39 | 5000000 | 5075021 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/30 | 1275000 | 1353459 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/31 | 1560000 | 1648764 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/32 | 1110000 | 1164752 |
| Village of Bellwood GO, 5.00%, 12/1/22 (AGM) | 1050000 | 1050000 |
| Village of Bellwood GO, 5.00%, 12/1/23 (AGM) | 1000000 | 1021415 |
| Village of Bellwood GO, 5.00%, 12/1/24 (AGM) | 800000 | 833187 |
| Village of Bellwood GO, 5.00%, 12/1/25 (AGM) | 1500000 | 1590981 |
| Village of Bellwood GO, 5.00%, 12/1/26 (AGM) | 1000000 | 1078566 |
| Village of Bellwood GO, 5.00%, 12/1/28 (AGM) | 1000000 | 1083282 |
| Village of Crestwood GO, 4.00%, 12/15/22 (BAM) | 600000 | 600292 |
| Village of Crestwood GO, 5.00%, 12/15/24 (BAM) | 750000 | 765880 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Village of Crestwood GO, 5.00%, 12/15/26 (BAM) | $1000000 | $1020768 |
| Village of Crestwood GO, 5.00%, 12/15/28 (BAM) | 905000 | 921471 |
| Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/36 | 2075000 | 2114085 |
| Village of Romeoville Rev., (Lewis University), 5.00%, 10/1/39 | 2250000 | 2284318 |
| Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2250000 | 2066219 |
| Western Illinois University Rev., 4.00%, 4/1/32 (BAM) | 1000000 | 1027271 |
| Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/34 (AGM) | 650000 | 656487 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)<sup>(2)</sup> | 55000 | 58520 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)<sup>(2)</sup> | 285000 | 304542 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)<sup>(2)</sup> | 3180000 | 3398047 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/32 (AGM) | 1390000 | 1426310 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/35 (AGM) | 1000000 | 1018862 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 4.00%, 1/1/36 (AGM) | 1365000 | 1379949 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, Capital Appreciation, 5.00%, 1/1/27 (AGM) | 2760000 | 2941661 |
|  |  | 379670247 |
| **Indiana — 0.9%** |  |  |
| Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1120000 | 1183225 |
| Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2005000 | 2114485 |
| Indiana Finance Authority Rev., 5.00%, 2/1/29 | 2500000 | 2631255 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1880000 | 1982165 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | 1000000 | 1052249 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1030000 | 1083418 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1050000 | 1102062 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/23 | 1735000 | 1742040 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/24 | 2200000 | 2259199 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 | 3030000 | 3204248 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/27 | 2000000 | 2125651 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/24 | 1000000 | 1026926 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/25 | 1150000 | 1179391 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/27 | 1250000 | 1279069 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/29 | 1465000 | 1494519 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc.), 5.00%, 9/15/31 | 1250000 | 1273069 |
| Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRN, 2.45%, (MUNIPSA plus 0.55%), 11/1/39 | 4520000 | 4520943 |
|  |  | 31253914 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| **Iowa — 0.2%** | | |
| Iowa Finance Authority Rev., (Holy Family Catholic Schools), VRDN, 1.05%, 12/1/22 (LOC: U.S. Bank N.A.) | $600000 | $600000 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.21%, (SOFR plus 0.55%), 5/15/56 | 5000000 | 4698207 |
|  |  | 5298207 |
| **Kansas — 0.1%** |  |  |
| Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 2.875%, 4/1/30 | 750000 | 657675 |
| Wyandotte County-Kansas City Unified Government Utility System Rev., 5.00%, 9/1/23 | 895000 | 910135 |
|  |  | 1567810 |
| **Kentucky — 1.9%** |  |  |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/28 | 600000 | 636486 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/29 | 265000 | 282908 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/32 | 900000 | 949086 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/33 | 580000 | 569208 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/34 | 500000 | 479125 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/35 | 465000 | 441690 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/36 | 380000 | 352953 |
| Ashland Rev., (Ashland Hospital Corp. Obligated Group), 4.00%, 2/1/38 | 745000 | 680708 |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | 1475000 | 1512240 |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3665000 | 3732769 |
| Kenton County Airport Board Rev., (Cincinnati / Northern Kentucky International Airport), 5.00%, 1/1/26 | 1330000 | 1414704 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/23 | 1620000 | 1635437 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/24 | 2000000 | 2051398 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1350000 | 1401593 |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 10000000 | 9993651 |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 15000000 | 14960976 |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 14750000 | 14663354 |
| Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 5/1/31 (BAM) | 2000000 | 2197421 |
| Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 5/1/33 (BAM) | 1750000 | 1907756 |
| Kentucky State University COP, 4.00%, 11/1/34 (BAM) | 130000 | 135582 |
| Kentucky State University COP, 4.00%, 11/1/38 (BAM) | 325000 | 330182 |
| Kentucky State University COP, 4.00%, 11/1/46 (BAM) | 440000 | 418065 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/24 (AGM) | 1500000 | 1560023 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/25 (AGM) | 1500000 | 1594230 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1100000 | 1193159 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2000000 | 2168621 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2245000 | 2433424 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | $1500000 | $1621916 |
|  |  | 71318665 |
| **Louisiana — 1.1%** |  |  |
| Greater Ouachita Water Co. Rev., 5.00%, 9/1/29 (BAM) | 500000 | 564287 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/31 (BAM) | 500000 | 524398 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/32 (BAM) | 1000000 | 1046555 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/33 (BAM) | 500000 | 521372 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/34 (BAM) | 500000 | 519731 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/35 (BAM) | 500000 | 518051 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/36 (BAM) | 350000 | 359246 |
| Greater Ouachita Water Co. Rev., 4.00%, 9/1/37 (BAM) | 250000 | 253988 |
| Jefferson Sales Tax District Rev., 4.00%, 12/1/37 (AGM) | 5000000 | 5035561 |
| Jefferson Sales Tax District Rev., 4.00%, 12/1/38 (AGM) | 5000000 | 5022505 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2010000 | 2061595 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/48 (AGM) | 5765000 | 5879515 |
| Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 6000000 | 6373448 |
| Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/29 | 990000 | 1035772 |
| Louisiana Public Facilities Authority Rev., (Ochsner Clinic Foundation), 5.00%, 5/15/30 | 990000 | 1032121 |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 3250000 | 3255366 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500000 | 537809 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | 800000 | 886351 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350000 | 386589 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1100000 | 1209513 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1200000 | 1313453 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1200000 | 1298330 |
| New Orleans Sewerage Service Rev., 5.00%, 6/1/23 | 250000 | 252903 |
| New Orleans Sewerage Service Rev., 5.00%, 6/1/24 | 200000 | 206563 |
| Shreveport Water & Sewer Rev., 4.00%, 12/1/37 (AGM) | 790000 | 794485 |
|  |  | 40889507 |
| **Maryland — 1.5%** |  |  |
| Baltimore Rev., 4.875%, 6/1/42 | 1375000 | 1279215 |
| Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 625000 | 612343 |
| Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 1600000 | 1600990 |
| Baltimore Rev., (Harbor Point Special Taxing District), 4.25%, 6/1/26 | 1280000 | 1271219 |
| Baltimore Rev., (Harbor Point Special Taxing District), 4.75%, 6/1/31 | 1500000 | 1499912 |
| Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 1600000 | 1591261 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500000 | 526337 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2000000 | 2079742 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Maryland Economic Development Corp. Rev., (University of Maryland Baltimore County Project), 4.00%, 7/1/24 (AGM) | $300000 | $304725 |
| Maryland Economic Development Corp. Rev., (University of Maryland Baltimore County Project), 4.00%, 7/1/25 (AGM) | 330000 | 338849 |
| Maryland Economic Development Corp. Rev., (University of Maryland Baltimore County Project), 4.00%, 7/1/26 (AGM) | 375000 | 388522 |
| Maryland Economic Development Corp. Rev., (University of Maryland College Park), 5.00%, 6/1/35 (AGM) | 1230000 | 1271775 |
| Maryland Economic Development Corp. Rev., (University of Maryland College Park), 5.00%, 6/1/43 (AGM) | 1000000 | 1017537 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200000 | 202695 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175000 | 177857 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | 120000 | 122156 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130000 | 132014 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175000 | 176847 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250000 | 252024 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300000 | 301450 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325000 | 325250 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/40 | 2505000 | 2156589 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.00%, 1/1/36 | 2290000 | 2379474 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/38 | 865000 | 829500 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3585000 | 3643930 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4700000 | 4130541 |
| Maryland Stadium Authority Rev., (Baltimore City Public School Construction Financing Fund), 5.00%, 5/1/26 | 2550000 | 2723987 |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/23 | 2045000 | 2043043 |
| Prince George's County Rev., (Collington Episcopal Life Care Community, Inc.), 5.00%, 4/1/24 | 2150000 | 2140299 |
| State of Maryland GO, 4.00%, 3/15/30 | 10000000 | 10528970 |
| State of Maryland Department of Transportation Rev., 5.00%, 10/1/24 | 10000000 | 10438479 |
|  |  | 56487532 |
| **Massachusetts — 1.5%** |  |  |
| Massachusetts GO, 5.00%, 1/1/35 | 10000000 | 11074307 |
| Massachusetts GO, 5.00%, 10/1/37 | 10000000 | 11477814 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4120000 | 4357581 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5005000 | 5278761 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/23<sup>(1)</sup> | $125000 | $126139 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/24<sup>(1)</sup> | 130000 | 132642 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/25<sup>(1)</sup> | 125000 | 128594 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/26<sup>(1)</sup> | 160000 | 166031 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/27<sup>(1)</sup> | 160000 | 167444 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/28<sup>(1)</sup> | 170000 | 179329 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/29<sup>(1)</sup> | 300000 | 318778 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30<sup>(1)</sup> | 325000 | 347744 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/31<sup>(1)</sup> | 350000 | 361413 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/32<sup>(1)</sup> | 400000 | 409387 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/33<sup>(1)</sup> | 315000 | 320200 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/34<sup>(1)</sup> | 300000 | 304095 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/35<sup>(1)</sup> | 275000 | 277245 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/36<sup>(1)</sup> | 465000 | 467020 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/37<sup>(1)</sup> | 245000 | 245099 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles Inc Obligated Group), 5.00%, 10/1/37<sup>(1)</sup> | 1850000 | 1909910 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles Inc Obligated Group), 5.00%, 10/1/47<sup>(1)</sup> | 1000000 | 1018822 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/31 | 620000 | 661550 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/32 | 775000 | 823176 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/33 | 775000 | 818706 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/34 | 550000 | 577669 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/35 | 470000 | 491499 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/36 | 445000 | 464024 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 5.00%, 7/1/37 | 605000 | 628583 |
| Massachusetts Development Finance Agency Rev., (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/41 | 1850000 | 1877604 |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/32 | 1875000 | 1970240 |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/34 | 1330000 | 1379387 |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 | 1300000 | 1301977 |
| Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | 6670000 | 6098316 |
|  |  | 56161086 |
| **Michigan — 2.7%** |  |  |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/24 | 870000 | 884311 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/25 | $1470000 | $1505176 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1575000 | 1626126 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1655000 | 1720577 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1825000 | 1890483 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1970000 | 2022407 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | 1830000 | 1874551 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2445000 | 2492143 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2565000 | 2604807 |
| Detroit GO, 5.00%, 4/1/34 | 1000000 | 1037067 |
| Detroit GO, 5.00%, 4/1/35 | 1450000 | 1493867 |
| Detroit GO, 5.00%, 4/1/37 | 1630000 | 1659607 |
| Detroit GO, 5.00%, 4/1/38 | 700000 | 710419 |
| Detroit GO, 4.00%, 4/1/42 | 1100000 | 959139 |
| Detroit GO, 5.00%, 4/1/46 | 1745000 | 1712372 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/24 (AGM) | 850000 | 877611 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/25 (AGM) | 550000 | 568470 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/26 (AGM) | 600000 | 619020 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/27 (AGM) | 1250000 | 1289429 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/28 (AGM) | 1600000 | 1647716 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/30 (AGM) | 1255000 | 1291251 |
| Detroit Downtown Development Authority Tax Allocation, (Catalyst Development Area), 5.00%, 7/1/31 (AGM) | 1625000 | 1669911 |
| Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM) | 400000 | 405063 |
| Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/24 (AGM) | 750000 | 774363 |
| Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/25 (AGM) | 500000 | 516791 |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 2.625%, 5/15/25 | 1150000 | 1091734 |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/43 | 1125000 | 972019 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/23 (AGM Q-SBLF) | 1000000 | 1010353 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/24 (AGM Q-SBLF) | 1000000 | 1032316 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/25 (AGM Q-SBLF) | 1000000 | 1053644 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM Q-SBLF) | 1480000 | 1573048 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM Q-SBLF) | 1630000 | 1733568 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/25 | 5090000 | 5340309 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/26 | 5000000 | 5335426 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 | $3370000 | $3655924 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/28 | 2000000 | 2204448 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 | 3950000 | 3711289 |
| Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 11/1/46 | 5000000 | 4554280 |
| Michigan Finance Authority Rev., (Detroit Regional Convention Facility Authority), 5.00%, 10/1/27 | 3030000 | 3135849 |
| Michigan Finance Authority Rev., (Detroit Regional Convention Facility Authority), 5.00%, 10/1/28 | 3465000 | 3579158 |
| Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/33 | 2000000 | 2052161 |
| Michigan Finance Authority Rev., (Great Lakes Water Authority Water Supply System Rev.), 5.00%, 7/1/34 | 1500000 | 1537023 |
| Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1035649 |
| Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1250000 | 1294562 |
| Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1400000 | 1449909 |
| Michigan Finance Authority Rev., (MidMichigan Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 1565000 | 1620791 |
| Michigan State Building Authority Rev., 5.00%, 4/15/26 | 750000 | 805808 |
| Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1080000 | 1118722 |
| Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2005000 | 2077023 |
| Saginaw Water Supply System Rev., 4.00%, 7/1/24 (AGM) | 1380000 | 1403446 |
| Saginaw Water Supply System Rev., 4.00%, 7/1/26 (AGM) | 1530000 | 1580929 |
| Warren Consolidated Schools GO, 4.00%, 5/1/26 (AGM) | 1100000 | 1137728 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/30 | 1000000 | 1035511 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 650000 | 672515 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/32 | 1175000 | 1214801 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34 | 1150000 | 1183794 |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/23 (Q-SBLF) | 1070000 | 1080900 |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/24 (Q-SBLF) | 2000000 | 2065478 |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2455000 | 2631596 |
|  |  | 100834388 |
| **Minnesota — 0.4%** |  |  |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1000000 | 1055644 |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | 1000000 | 1036853 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/23 (SD CRED PROG) | 380000 | 381453 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/24 (SD CRED PROG) | 420000 | 430668 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/25 (SD CRED PROG) | 375000 | 390805 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/26 (SD CRED PROG) | 395000 | 418678 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/27 (SD CRED PROG) | 370000 | 397020 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/28 (SD CRED PROG) | $350000 | $380716 |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/23 | 500000 | 504367 |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/24 | 1200000 | 1231869 |
| Maple Grove Rev., (Maple Grove Hospital Corp.), 5.00%, 5/1/25 | 800000 | 829610 |
| Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), VRDN, 1.00%, 12/1/22 (LOC: JPMorgan Chase Bank N.A.) | 3200000 | 3200000 |
| Minneapolis MN/St. Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), VRDN, 1.00%, 12/1/22 (LOC: JPMorgan Chase Bank N.A.) | 2250000 | 2250000 |
| St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/28 | 2000000 | 2108291 |
| St. Cloud Rev., (CentraCare Health System Obligated Group), 5.00%, 5/1/30 | 1000000 | 1049958 |
|  |  | 15665932 |
| **Mississippi — 0.2%** |  |  |
| Jackson Water & Sewer System Rev., 4.00%, 9/1/23 (BAM) | 580000 | 583748 |
| Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 1.00%, 12/1/22 (GA: Chevron Corp.) | 200000 | 200000 |
| Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 1.00%, 12/1/22 (GA: Chevron Corp.) | 200000 | 200000 |
| Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 1.00%, 12/1/22 (GA: Chevron Corp.) | 700000 | 700000 |
| Mississippi Business Finance Corp. Rev., (Chevron USA, Inc.), VRDN, 1.00%, 12/1/22 (GA: Chevron Corp.) | 750000 | 750000 |
| Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System Rev.), 6.875%, 12/1/40 (AGM) | 4250000 | 4363240 |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/34 | 700000 | 740315 |
| Mississippi Hospital Equipment & Facilities Authority Rev., (North Mississippi Medical Center Obligated Group), 5.00%, 10/1/35 | 600000 | 629856 |
|  |  | 8167159 |
| **Missouri — 1.1%** |  |  |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/23 | 600000 | 602101 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/24 | 1000000 | 1016044 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/26 | 805000 | 833429 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/27 | 1100000 | 1148805 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/30 | 1355000 | 1402863 |
| Cape Girardeau County Industrial Development Authority Rev., (SoutheastHEALTH Obligated Group), 5.00%, 3/1/31 | 1255000 | 1295945 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (BJC Healthcare Obligated Group), VRN, 4.00%, 5/1/51 | 5000000 | 5153421 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health), 5.00%, 6/1/29 | 4500000 | 4934974 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mosaic Health System Obligated Group), 5.00%, 2/15/31 | 650000 | 701620 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mosaic Health System Obligated Group), 5.00%, 2/15/32 | 1000000 | 1075194 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mosaic Health System Obligated Group), 5.00%, 2/15/33 | 750000 | 804432 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mosaic Health System Obligated Group), 5.00%, 2/15/35 | 915000 | 974613 |

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------

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mosaic Health System Obligated Group), 4.00%, 2/15/37 | $500000 | $493961 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/25 | 1000000 | 1047014 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27 | 1000000 | 1078407 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 | 2000000 | 2185415 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (St Louis University), VRDN, 1.10%, 12/1/22 (LOC: Barclays Bank PLC) | 1700000 | 1700000 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Washington University), VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 1700000 | 1700000 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/24 | 600000 | 615229 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540000 | 576037 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250000 | 276581 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500000 | 552758 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525000 | 579984 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475000 | 523195 |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 7/1/23 | 400000 | 405806 |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/24 | 690000 | 707960 |
| Missouri State Environmental Improvement & Energy Resources Authority Rev., 5.00%, 1/1/25 | 990000 | 1037581 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500000 | 498949 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965000 | 956496 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630000 | 620383 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3000000 | 2736761 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1000000 | 986410 |
|  |  | 39222368 |
| **Nebraska — 1.1%** |  |  |
| Central Plains Energy Project Rev., 5.00%, 9/1/31 (GA: Goldman Sachs Group, Inc.) | 2000000 | 2133375 |
| Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) | 10000000 | 10039635 |
| Central Plains Energy Project Rev., VRN, 5.00%, 3/1/50 (GA: Goldman Sachs Group, Inc.) | 10000000 | 10093346 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company) | 14000000 | 14360913 |
| Douglas County Hospital Authority No. 3 Rev., (Nebraska Methodist Health Obligated Group), 5.00%, 11/1/45 | 4100000 | 4137450 |
|  |  | 40764719 |
| **Nevada — 0.8%** |  |  |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/30 | 750000 | 789417 |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32 | 735000 | 771146 |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34 | 765000 | 800524 |
| Henderson Local Improvement Districts Special Assessment, (Henderson NV Local Improvement District No T-18), 4.00%, 9/1/24 | 1890000 | 1880986 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/3/28, Prerefunded at 100% of Par<sup>(2)</sup> | $1270000 | $1390656 |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/3/28, Prerefunded at 100% of Par<sup>(2)</sup> | 1840000 | 2037257 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax Revenue), 4.00%, 7/1/32 | 3810000 | 3909289 |
| Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/30 | 1375000 | 1432476 |
| Las Vegas Redevelopment Agency Tax Allocation, 5.00%, 6/15/31 | 1465000 | 1525318 |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40 | 450000 | 389554 |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/50 | 1000000 | 820274 |
| Las Vegas Special Improvement District No. 612 Skye Hills Special Assessment, 3.75%, 6/1/42 | 1000000 | 778140 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39 | 485000 | 430970 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44 | 525000 | 445180 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/40 | 1000000 | 954973 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.00%, 6/1/41 | 650000 | 469542 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/46 | 3100000 | 2098226 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/51 | 1425000 | 915590 |
| Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/29 | 1485000 | 1593350 |
| Reno Rev., (Washoe County Sales Tax Rev.), 5.00%, 6/1/34 | 1010000 | 1073913 |
| Reno Rev., (Washoe County Sales Tax Rev.), 4.00%, 6/1/43 | 1000000 | 931395 |
| Sparks Rev., 2.50%, 6/15/24<sup>(1)</sup> | 375000 | 362718 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 3000000 | 2979956 |
|  |  | 28780850 |
| **New Hampshire — 0.4%** |  |  |
| New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/41 | 2250000 | 1910035 |
| New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 14100690 | 13602406 |
|  |  | 15512441 |
| **New Jersey — 4.7%** |  |  |
| New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/37 | 2500000 | 2658086 |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/24 (AGM) | 1000000 | 1032368 |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/25 (AGM) | 1005000 | 1052743 |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | 1000000 | 1061194 |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1100000 | 1179563 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/23 | 2335000 | 2363324 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/24 | 4015000 | 4139540 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/25 | 5000000 | 5148063 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/26 | $5000000 | $5140621 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 6/15/27 | 5000000 | 5440378 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/31 | 4790000 | 5248533 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.25%, 6/15/40 | 3310000 | 3380725 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge Rev.), 5.00%, 7/1/23 (BAM) | 5125000 | 5187489 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge Rev.), 5.00%, 7/1/27 (BAM) | 3000000 | 3198189 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge Rev.), 5.00%, 7/1/28 (BAM) | 6000000 | 6392996 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge Rev.), 5.00%, 7/1/33 | 1000000 | 1042478 |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/25 (AGM)<sup>(2)</sup> | 2360000 | 2491172 |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/26 (AGM) | 1500000 | 1585867 |
| New Jersey Educational Facilities Authority Rev., (New Jersey City University), 5.00%, 7/1/27 (AGM) | 2575000 | 2718188 |
| New Jersey Educational Facilities Authority Rev., (St Elizabeth University), 5.00%, 7/1/26 | 1865000 | 1871318 |
| New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 9375000 | 11123968 |
| New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26<sup>(2)</sup> | 1500000 | 1609996 |
| New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26, Prerefunded at 100% of Par<sup>(2)</sup> | 1500000 | 1609996 |
| New Jersey Transportation Trust Fund Authority Rev., 5.25%, 12/15/23 (Ambac) | 2210000 | 2262634 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2000000 | 2114068 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 2770000 | 3023322 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/29 | 5500000 | 5548754 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2000000 | 2100605 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 3500000 | 3792200 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/31 | 6000000 | 6565753 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 | 4000000 | 4222744 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/35 | 17500000 | 18440579 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/37<sup>(4)</sup> | 1000000 | 1063805 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38 | 7000000 | 7075044 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/44 | 5000000 | 5010904 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 5200000 | 5376808 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 5215000 | 5378730 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| South Jersey Port Corp. Rev., 5.00%, 1/1/27 | $1030000 | $1080105 |
| South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2360000 | 2463695 |
| South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1670000 | 1742748 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/28 | 5775000 | 6037790 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 3000000 | 3133151 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 4650000 | 4844988 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/35 | 4000000 | 4110878 |
|  |  | 172066100 |
| **New Mexico — 0.1%** |  |  |
| New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 1425000 | 1410326 |
| New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/23 | 1625000 | 1650397 |
| New Mexico Hospital Equipment Loan Council Rev., (Presbyterian Healthcare Services Obligated Group), 5.00%, 8/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1055923 |
|  |  | 4116646 |
| **New York — 11.7%** |  |  |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28 | 400000 | 413277 |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30 | 350000 | 359928 |
| Albany Capital Resource Corp. Rev., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31 | 350000 | 359591 |
| Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/45 | 2000000 | 1683102 |
| Brookhaven Local Development Corp. Rev., (Long Island Community Hospital at NYU Langone Health Obligated Group), 4.00%, 10/1/45 | 2000000 | 1859135 |
| Brooklyn Arena Local Development Corp. Rev., (Brooklyn Events Center LLC), 4.00%, 7/15/29 (AGM) | 2000000 | 2059293 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/24 | 1500000 | 1533535 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/26 | 830000 | 865531 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1825000 | 1916105 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900000 | 936254 |
| Long Island Power Authority Rev., 5.00%, 9/1/34 | 11410000 | 11752174 |
| Long Island Power Authority Rev., 5.00%, 9/1/35 | 3500000 | 3601351 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 6830000 | 7052033 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 9710000 | 9889940 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 8195000 | 6905790 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/49 | 5000000 | 4170304 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/50 | 8000000 | 7849730 |
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 10000000 | 10586159 |
| New York City GO, 5.00%, 8/1/25 | 1700000 | 1779663 |
| New York City GO, 5.00%, 8/1/25 | 13605000 | 14430606 |
| New York City GO, 5.00%, 8/1/26 | 5370000 | 5618179 |
| New York City GO, 5.00%, 8/1/32 | 2000000 | 2219715 |
| New York City GO, 5.00%, 8/1/33 | 500000 | 552274 |
| New York City GO, 5.00%, 8/1/33 | 1000000 | 1104549 |
| New York City GO, 5.00%, 8/1/34 | 2215000 | 2427515 |
| New York City GO, 5.25%, 10/1/39 | 2000000 | 2270646 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| New York City GO, 5.25%, 10/1/40 | $3000000 | $3385358 |
| New York City GO, 4.00%, 9/1/46 | 4960000 | 4752462 |
| New York City GO, 4.00%, 3/1/47 | 5000000 | 4772210 |
| New York City GO, 4.00%, 3/1/50 | 3030000 | 2863826 |
| New York City GO, VRDN, 0.98%, 12/1/22 (LOC: Bank of America N.A.) | 300000 | 300000 |
| New York City GO, VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 650000 | 650000 |
| New York City GO, VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 1800000 | 1800000 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/28 | 1000000 | 1087751 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/37 | 9760000 | 9859143 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/40 | 7530000 | 7538958 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/42 | 4835000 | 4828931 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/43 | 6895000 | 6815972 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/47 | 3500000 | 3793477 |
| New York City Municipal Water Finance Authority Rev., VRDN, 0.90%, 12/1/22 (SBBPA: State Street Bank & Trust Co.) | 2500000 | 2500000 |
| New York City Municipal Water Finance Authority Rev., VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 7820000 | 7820000 |
| New York City Municipal Water Finance Authority Rev., VRDN, 3.90%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 1000000 | 1000000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 | 5000000 | 5270622 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 5/1/28 | 10000000 | 10095642 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10000000 | 10551327 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/35 | 3295000 | 3766066 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/35 | 12500000 | 13794374 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/35 | 7485000 | 8758150 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/36 | 350000 | 396293 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/37 | 3750000 | 4284583 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/39 | 6640000 | 7485978 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | 10000000 | 11205497 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 4840000 | 4710601 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.91%, 12/1/22 (SBBPA: Mizuho Bank Ltd.) | 400000 | 400000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 0.98%, 12/1/22 (SBBPA: Bank of America N.A.) | 1000000 | 1000000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 3100000 | 3100000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 3270000 | 3270000 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | $3350000 | $3350000 |
| New York City Transitional Finance Authority Future Tax Secured Rev., VRDN, 1.00%, 12/1/22 (SBBPA: JPMorgan Chase Bank N.A.) | 5000000 | 5000000 |
| New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 9795000 | 10760801 |
| New York Power Authority Rev., 5.00%, 11/15/24 (AGM) | 2425000 | 2534293 |
| New York Power Authority Rev., 5.00%, 11/15/25 (AGM) | 1450000 | 1549457 |
| New York Power Authority Rev., 5.00%, 11/15/26 (AGM) | 2075000 | 2259862 |
| New York State Dormitory Authority Rev., 5.00%, 10/1/27 (BAM) | 3600000 | 3968978 |
| New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) | 3105000 | 3481439 |
| New York State Dormitory Authority Rev., (Garnet Health Medical Center Obligated Group), 5.00%, 12/1/22<sup>(1)</sup> | 900000 | 900000 |
| New York State Dormitory Authority Rev., (Garnet Health Medical Center Obligated Group), 5.00%, 12/1/24<sup>(1)</sup> | 2600000 | 2645508 |
| New York State Dormitory Authority Rev., (Garnet Health Medical Center Obligated Group), 5.00%, 12/1/25<sup>(1)</sup> | 1300000 | 1328877 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 5000000 | 4696544 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/38 | 13490000 | 14299459 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/39 | 2135000 | 2139013 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/46 | 5040000 | 4827314 |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 | 2000000 | 2073349 |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/25 | 1700000 | 1805002 |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/26 | 1500000 | 1625615 |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/35 | 875000 | 1006374 |
| New York State Thruway Authority Rev., 5.00%, 1/1/28 | 5000000 | 5208284 |
| New York State Thruway Authority Rev., 5.00%, 1/1/29 | 10000000 | 10412454 |
| New York State Thruway Authority Rev., 4.00%, 1/1/37 | 4980000 | 4966518 |
| New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/36 | 5855000 | 5909223 |
| New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41 | 10000000 | 9730299 |
| New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/43 | 10000000 | 10867779 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/30 | 5135000 | 5464915 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/39 | 5500000 | 5039166 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | 3850000 | 3428010 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730000 | 736813 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1000000 | 1004782 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1010000 | 1000746 |
| Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) | 455000 | 482008 |
| Town of Oyster Bay GO, 5.00%, 8/1/26 (AGM) | 950000 | 1025227 |
| Town of Oyster Bay GO, 5.00%, 8/1/27 (AGM) | 1000000 | 1098316 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Town of Oyster Bay GO, 5.00%, 8/1/28 (AGM) | $1250000 | $1395643 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 3000000 | 3320543 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 | 2500000 | 2814555 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700000 | 737103 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 3030000 | 3060154 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/37 | 550000 | 616726 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/38 | 750000 | 837810 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/40 | 1500000 | 1658434 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/41 | 2200000 | 2420379 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/42 | 3520000 | 3864446 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/33 | 1250000 | 1347399 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | 1000000 | 1064024 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37 | 2875000 | 3034792 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/38 | 1300000 | 1368060 |
| TSASC, Inc. Rev., 5.00%, 6/1/23 | 2000000 | 2017024 |
| Westchester County Local Development Corp. Rev., (Pace University), 5.50%, 5/1/42 | 3345000 | 3360638 |
| Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26<sup>(1)</sup> | 4545000 | 4384057 |
| Westchester Tobacco Asset Securitization Rev., 5.00%, 6/1/23 | 2000000 | 2016551 |
|  |  | 431998363 |
| **North Carolina — 1.6%** |  |  |
| Charlotte Airport Rev., 5.00%, 7/1/33 | 2000000 | 2310032 |
| Charlotte Airport Rev., 5.00%, 7/1/35 | 2165000 | 2444902 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/28 | 1000000 | 1097019 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/29 | 1500000 | 1670083 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Carolinas Healthcare System Obligated Group), 5.00%, 1/15/30 | 1340000 | 1490921 |
| North Carolina Medical Care Commission Rev., (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37 | 1750000 | 1822244 |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 2.30%, 9/1/25 | 1250000 | 1170416 |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/40 | 3050000 | 2550815 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.50%, 10/1/24 | 745000 | 720595 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/40 | 1050000 | 1010361 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/45 | 1000000 | 931669 |
| North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/34 | 1000000 | 1014734 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26 | 590000 | 555983 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/28 | 1815000 | 1730051 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/30 | 1035000 | 962888 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/31 | $1075000 | $1069771 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/32 | 1115000 | 1104920 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/34 | 1230000 | 1208745 |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/40 | 600000 | 518201 |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 4.00%, 10/1/45 | 1000000 | 825497 |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group), 5.00%, 10/1/45 | 1800000 | 1756783 |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/35 | 5000000 | 5049957 |
| North Carolina Turnpike Authority Rev., 5.00%, 2/1/24 | 6595000 | 6751050 |
| State of North Carolina Rev., 5.00%, 3/1/34 | 15000000 | 16667580 |
| State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/27 | 3250000 | 3560808 |
|  |  | 59996025 |
| **Ohio — 1.3%** |  |  |
| Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), VRDN, 1.02%, 12/1/22 (LOC: Bank of Montreal) | 250000 | 250000 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/38 | 4875000 | 4595480 |
| Cleveland Rev., 5.00%, 5/15/23 | 1305000 | 1319525 |
| Cleveland Airport System Rev., 5.00%, 1/1/23 (AGM) | 1510000 | 1512931 |
| Cleveland Airport System Rev., 5.00%, 1/1/24 (AGM) | 1075000 | 1101242 |
| Cleveland Airport System Rev., 5.00%, 1/1/31 (AGM) | 750000 | 777633 |
| Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/34 | 500000 | 560323 |
| Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/36 | 600000 | 665355 |
| Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/38 | 525000 | 527148 |
| Cleveland-Cuyahoga County Port Authority Rev., (Euclid Avenue Development Corp.), 5.00%, 8/1/39 | 5000000 | 5070388 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 905000 | 924780 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1625000 | 1642604 |
| Columbus GO, 5.00%, 4/1/34 | 2625000 | 3039807 |
| Columbus GO, 5.00%, 4/1/35 | 2000000 | 2299026 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/23 | 1500000 | 1506219 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/24 | 1750000 | 1790009 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/25 | 1350000 | 1397328 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2000000 | 2098720 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1600000 | 1686840 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1750000 | 1833863 |
| Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/36 | 2000000 | 2044113 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 6/1/32<sup>(4)</sup> | 350000 | 414749 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 12/1/32<sup>(4)</sup> | 400000 | 476647 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 6/1/33<sup>(4)</sup> | 700000 | 831786 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 6/1/34<sup>(4)</sup> | 650000 | 766810 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 6/1/35<sup>(4)</sup> | $1100000 | $1288237 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 12/1/36<sup>(4)</sup> | 750000 | 868578 |
| Ohio Water Development Authority Rev., (Drinking Water Assistance Fund), 5.00%, 12/1/38<sup>(4)</sup> | 1450000 | 1665829 |
| State of Ohio Rev., 5.00%, 12/15/22 | 2500000 | 2502339 |
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/33<sup>(4)</sup> | 700000 | 801368 |
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/34<sup>(4)</sup> | 1000000 | 1136554 |
|  |  | 47396231 |
| **Oklahoma — 0.2%** |  |  |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/25 | 1500000 | 1570652 |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/26 | 1000000 | 1043696 |
| Oklahoma Development Finance Authority Rev., (INTEGRIS Health Obligated Group), 5.00%, 8/15/27 | 1000000 | 1042524 |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/23 | 250000 | 251518 |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/24 | 1665000 | 1683772 |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/26 | 500000 | 509130 |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/28 | 600000 | 610774 |
| Tulsa County Industrial Authority Rev., (Montereau, Inc.), 5.00%, 11/15/29 | 1000000 | 1014418 |
| Tulsa Industrial Authority Rev., (University of Tulsa), 5.00%, 10/1/24 | 1000000 | 1009302 |
|  |  | 8735786 |
| **Oregon — 0.4%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/32 | 500000 | 498436 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/37 | 500000 | 487652 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 3900000 | 3631900 |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/23 | 350000 | 351014 |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/24 | 250000 | 253027 |
| Forest Grove Rev., (Oak Tree Foundation, Inc.), 5.00%, 3/1/25 | 200000 | 203599 |
| Forest Grove Rev., (Pacific University), 4.00%, 5/1/37 | 635000 | 582399 |
| Forest Grove Rev., (Pacific University), 4.00%, 5/1/40 | 2570000 | 2278846 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/25 | 275000 | 278941 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 240000 | 244369 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/27 | 200000 | 209652 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265000 | 276897 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 235000 | 245432 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/30 | 200000 | 208447 |
| State of Oregon GO, 5.00%, 8/1/24 | 1000000 | 1040051 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/32<sup>(1)</sup> | 500000 | 550230 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/33<sup>(1)</sup> | $500000 | $548184 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/34<sup>(1)</sup> | 500000 | 546181 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/36<sup>(1)</sup> | 600000 | 650726 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/39<sup>(1)</sup> | 800000 | 861122 |
|  |  | 13947105 |
| **Pennsylvania — 5.8%** |  |  |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1230000 | 1239860 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2000000 | 2017345 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600000 | 604416 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/33 | 400000 | 402375 |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/32 | 1500000 | 1625393 |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/33 | 1800000 | 1944042 |
| Allegheny County Hospital Development Authority Rev., (UPMC Obligated Group), 5.00%, 7/15/34 | 1250000 | 1342817 |
| Capital Region Water Rev., 5.00%, 7/15/24 (BAM) | 750000 | 776975 |
| Capital Region Water Rev., 5.00%, 7/15/29 (BAM) | 400000 | 430328 |
| Coatesville School District GO, 5.00%, 8/1/24 (AGM) | 1000000 | 1036234 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2500000 | 2734890 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/31 | 2000000 | 2182930 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 2000000 | 2176437 |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/28 | 1370000 | 1433805 |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/29 | 1440000 | 1506823 |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/30 | 1510000 | 1579487 |
| Crawford County Industrial Development Authority Rev., (Allegheny College), 5.00%, 5/1/31 | 1465000 | 1531251 |
| Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/28 | 1000000 | 1062537 |
| Cumberland County Municipal Authority Rev., (Dickinson College), 5.00%, 5/1/29 | 1420000 | 1506434 |
| Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/25 | 750000 | 782870 |
| Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 650000 | 686464 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | 1040000 | 1074737 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1095000 | 1129116 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1150000 | 1183102 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1205000 | 1238293 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1265000 | 1297459 |
| General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), 5.00%, 6/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 5000000 | 5178246 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| General Authority of Southcentral Pennsylvania Rev., (WellSpan Health Obligated Group), VRN, 2.50%, (MUNIPSA plus 0.60%), 6/1/49 | $6750000 | $6726206 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2000000 | 2088329 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/31 | 5450000 | 5644166 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1300000 | 1338204 |
| Luzerne County GO, 5.00%, 12/15/24 (AGM) | 1100000 | 1145352 |
| Luzerne County GO, 5.00%, 12/15/25 (AGM) | 1000000 | 1059864 |
| Luzerne County GO, 5.00%, 12/15/27 (AGM) | 900000 | 978606 |
| Luzerne County Industrial Development Authority Rev., (County of Luzerne), 5.00%, 12/15/27 (AGM) | 1000000 | 1060462 |
| Monroe County Hospital Authority Rev., (Lehigh Valley Health Network Obligated Group), 5.00%, 7/1/24 | 530000 | 546801 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | 600000 | 502670 |
| Northampton County General Purpose Authority Rev., (St. Luke's Hospital Obligated Group), VRN, 3.68%, (1-month LIBOR plus 1.04%), 8/15/48 | 3000000 | 3001679 |
| Pennsylvania COP, 5.00%, 7/1/29 | 600000 | 657377 |
| Pennsylvania COP, 5.00%, 7/1/30 | 750000 | 823182 |
| Pennsylvania COP, 5.00%, 7/1/31 | 850000 | 933362 |
| Pennsylvania COP, 5.00%, 7/1/35 | 450000 | 487418 |
| Pennsylvania GO, 5.00%, 2/1/25 (AGM) | 6035000 | 6341206 |
| Pennsylvania GO, 5.00%, 3/15/25 | 12005000 | 12632974 |
| Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 5000000 | 5321947 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/26 | 675000 | 716537 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/27 | 750000 | 791887 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par<sup>(2)</sup> | 945000 | 985512 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/24 | 4000000 | 4182601 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 3900000 | 4159683 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/26 | 1850000 | 1932045 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/28 | 1000000 | 1043865 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 6505000 | 6743229 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/36<sup>(4)</sup> | 500000 | 561908 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/37<sup>(4)</sup> | 525000 | 584729 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/39<sup>(4)</sup> | 1000000 | 1096207 |
| Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 5000000 | 5108948 |
| Pennsylvania Turnpike Commission Rev., Capital Appreciation, 4.90%, 12/1/44 | 2000000 | 2045857 |
| Pennsylvania Turnpike Commission Rev., VRN, 2.50%, (MUNIPSA plus 0.60%), 12/1/23 | 5000000 | 5000079 |
| Pennsylvania Turnpike Commission Rev., VRN, 2.60%, (MUNIPSA plus 0.70%), 12/1/23 | 10000000 | 10000806 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/24 (AGM) | 1305000 | 1360428 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/27 (AGM) | 1000000 | 1084789 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/29 (AGM) | 1465000 | 1604740 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/30 (AGM) | $2960000 | $3239745 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/31 (AGM) | 1610000 | 1757564 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia), 5.00%, 12/1/32 (AGM) | 1800000 | 1962674 |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/23 | 1260000 | 1269229 |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/24 | 1500000 | 1538764 |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/25 | 1700000 | 1778385 |
| Philadelphia Municipal Authority Rev., 5.00%, 4/1/26 | 1750000 | 1862732 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/30 (AGM) | 745000 | 837843 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/31 (AGM) | 1000000 | 1122286 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 550000 | 615464 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/32 (AGM) | 1000000 | 1162843 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 750000 | 833839 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 1000000 | 1164797 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/34 (AGM) | 1000000 | 1102213 |
| Reading GO, 5.00%, 11/1/23 (BAM) | 1345000 | 1370862 |
| Reading GO, 5.00%, 11/1/25 (BAM) | 1225000 | 1295604 |
| Reading GO, 5.00%, 11/1/25 (BAM) | 1760000 | 1861440 |
| Reading GO, 5.00%, 11/1/26 (BAM) | 1555000 | 1671892 |
| Reading GO, 5.00%, 11/1/27 (BAM) | 1630000 | 1769246 |
| Reading GO, 5.00%, 11/1/28 (BAM) | 1000000 | 1104820 |
| Reading GO, 5.00%, 11/1/29 (BAM) | 1795000 | 1981971 |
| Reading School District GO, 5.00%, 3/1/23 (AGM) | 670000 | 673633 |
| Reading School District GO, 5.00%, 3/1/28 (AGM) | 1025000 | 1097005 |
| Reading School District GO, 5.00%, 3/1/35 (AGM) | 2000000 | 2106638 |
| Reading School District GO, 5.00%, 3/1/37 (AGM) | 1500000 | 1566748 |
| Reading School District GO, 5.00%, 3/1/38 (AGM) | 1500000 | 1563901 |
| School District of Philadelphia GO, 5.00%, 9/1/26 | 2200000 | 2343784 |
| School District of Philadelphia GO, 5.00%, 9/1/27 | 500000 | 538184 |
| School District of Philadelphia GO, 5.00%, 9/1/28 | 475000 | 517865 |
| School District of Philadelphia GO, 5.00%, 9/1/29 | 1225000 | 1333264 |
| School District of Philadelphia GO, 5.00%, 9/1/30 | 3000000 | 3263403 |
| School District of Philadelphia GO, 5.00%, 9/1/33 | 1625000 | 1755443 |
| Scranton School District GO, 5.00%, 6/1/24 | 2235000 | 2302359 |
| Scranton School District GO, 5.00%, 12/1/32 (BAM) | 1000000 | 1087098 |
| Scranton School District GO, 5.00%, 12/1/34 (BAM) | 1650000 | 1779483 |
| Scranton School District GO, 5.00%, 12/1/35 (BAM) | 750000 | 806264 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 4200000 | 3761950 |
| State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/25 | 4000000 | 4180205 |
| University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRN, 2.26%, (MUNIPSA plus 0.36%), 2/15/24 | 10000000 | 9997709 |
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/36 | 365000 | 328642 |
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/41 | 370000 | 321321 |
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/46 | 525000 | 437369 |
| Westmoreland County Industrial Development Authority Rev., (Excela Health Obligated Group), 4.00%, 7/1/37 | 1400000 | 1271410 |
|  |  | 214336212 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| **Rhode Island — 0.8%** | | |
| Providence Public Building Authority Rev., 5.00%, 9/15/25 (AGM) | $2785000 | $2950447 |
| Providence Public Building Authority Rev., 5.00%, 9/15/26 (AGM) | 3480000 | 3753379 |
| Providence Public Building Authority Rev., 5.00%, 9/15/27 (AGM) | 1635000 | 1794221 |
| Providence Public Building Authority Rev., 5.00%, 9/15/27 (AGM) | 4185000 | 4592548 |
| Providence Public Building Authority Rev., 5.00%, 9/15/29 (AGM) | 1810000 | 1984678 |
| Providence Public Building Authority Rev., 5.00%, 9/15/32 (AGM) | 2000000 | 2184784 |
| Providence Public Building Authority Rev., 5.00%, 9/15/32 (AGM) | 2175000 | 2420891 |
| Providence Public Building Authority Rev., 4.00%, 9/15/33 (AGM) | 5620000 | 5828301 |
| Rhode Island Commerce Corp. Rev., 5.00%, 6/15/24 | 1000000 | 1030106 |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/27 | 450000 | 476270 |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/29 | 500000 | 525259 |
| Rhode Island Commerce Corp. Rev., (Rhode Island Airport Corp.), 5.00%, 7/1/31 | 500000 | 522837 |
|  |  | 28063721 |
| **South Carolina — 0.7%** |  |  |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.00%, 11/1/30 | 425000 | 392009 |
| Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 1000000 | 839016 |
| Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/24 | 1750000 | 1791107 |
| Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/25 | 2945000 | 3014913 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/38 | 1050000 | 1211390 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/39 | 1000000 | 1148159 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/40 | 1400000 | 1599007 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/41 | 1560000 | 1777293 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/42 | 1000000 | 1139587 |
| Greenwood Fifty Schools Facilities, Inc. Rev., (Greenwood School District No. 50), 5.00%, 12/1/27 (BAM) | 5000000 | 5344774 |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/23 | 250000 | 254493 |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/25 | 1145000 | 1206041 |
| Myrtle Beach Tax Allocation, 5.00%, 10/1/26 | 450000 | 481497 |
| Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.00%, 11/1/26<sup>(1)</sup> | 715000 | 649554 |
| Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.625%, 11/1/31<sup>(1)</sup> | 1000000 | 830487 |
| Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36<sup>(1)</sup> | 1000000 | 773770 |
| South Carolina Jobs-Economic Development Authority Rev., (Conway Hospital, Inc. Obligated Group), 5.25%, 7/1/47 | 3750000 | 3835902 |
|  |  | 26288999 |
| **Tennessee — 0.6%** |  |  |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46 | 2275000 | 2204625 |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 375000 | 385150 |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/26 | 650000 | 665829 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | $415000 | $424719 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375000 | 395283 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475000 | 500150 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475000 | 499531 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/37<sup>(4)</sup> | 280000 | 309508 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/38<sup>(4)</sup> | 230000 | 253309 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/39<sup>(4)</sup> | 350000 | 384225 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/40<sup>(4)</sup> | 350000 | 380189 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/41<sup>(4)</sup> | 500000 | 539714 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/42<sup>(4)</sup> | 500000 | 538616 |
| Metropolitan Nashville Airport Authority Rev., 5.25%, 7/1/47<sup>(4)</sup> | 500000 | 548085 |
| Tennergy Corp. Rev., VRN, 5.00%, 2/1/50 (LIQ FAC: Royal Bank of Canada) | 12000000 | 12252830 |
|  |  | 20281763 |
| **Texas — 12.6%** |  |  |
| Arlington Special Tax, 5.00%, 2/15/28 (BAM) | 1425000 | 1553011 |
| Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1000000 | 1088411 |
| Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1100000 | 1196309 |
| Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1000000 | 1082898 |
| Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1000000 | 1078150 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 200000 | 205092 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/33 (PSF-GTD) | 380000 | 387299 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/34 (PSF-GTD) | 330000 | 333691 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/35 (PSF-GTD) | 500000 | 503003 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/36 (PSF-GTD) | 375000 | 376080 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/37 (PSF-GTD) | 550000 | 546733 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/38 (PSF-GTD) | 900000 | 898519 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/39 (PSF-GTD) | 465000 | 463705 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/27 (PSF-GTD) | 350000 | 360180 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 4.00%, 8/15/33 (PSF-GTD) | 1300000 | 1324970 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation, Inc.), 4.00%, 8/15/35 (PSF-GTD) | 1685000 | 1695118 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation, Inc.), 4.00%, 8/15/36 (PSF-GTD) | 1250000 | 1253599 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation, Inc.), 4.00%, 8/15/37 (PSF-GTD) | 1500000 | 1497681 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation, Inc.), 4.00%, 8/15/38 (PSF-GTD) | 1875000 | 1871914 |
| Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation, Inc.), 4.00%, 8/15/39 (PSF-GTD) | 3250000 | 3240952 |
| Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/36 | 1315000 | 1341215 |
| Austin Independent School District GO, 4.00%, 8/1/34 (PSF-GTD) | 4875000 | 5093926 |
| Austin Independent School District GO, 4.00%, 8/1/35 (PSF-GTD) | 6000000 | 6236326 |
| Austin Independent School District GO, 4.00%, 8/1/36 (PSF-GTD) | 4750000 | 4917262 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Austin Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | $1375000 | $1406976 |
| Belton Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1200000 | 1223364 |
| Belton Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1000000 | 1014910 |
| Belton Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1120000 | 1134538 |
| Belton Independent School District GO, 4.00%, 2/15/47 (PSF-GTD) | 3100000 | 3099313 |
| Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23 | 2000000 | 2003800 |
| Central Texas Regional Mobility Authority Rev., 5.00%, 7/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 2000000 | 2118858 |
| Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 10540000 | 10666273 |
| Clear Creek Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1620000 | 1647382 |
| Clear Creek Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 3500000 | 3549201 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/26 | 1010000 | 1066628 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1100000 | 1162676 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500000 | 528776 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/39 (PSF-GTD) | 1500000 | 1542910 |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/32 | 12750000 | 14499615 |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 2500000 | 2831177 |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 5250000 | 5903216 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/35 | 4000000 | 4523604 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/39 | 10000000 | 10989780 |
| Del Valle Independent School District GO, 4.00%, 6/15/37 (PSF-GTD) | 2250000 | 2330118 |
| Del Valle Independent School District GO, 4.00%, 6/15/38 (PSF-GTD) | 2105000 | 2174316 |
| Del Valle Independent School District GO, 4.00%, 6/15/39 (PSF-GTD) | 2500000 | 2564039 |
| Del Valle Independent School District GO, 4.00%, 6/15/40 (PSF-GTD) | 4860000 | 4955839 |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/23 (BAM) | 400000 | 401047 |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/24 (BAM) | 480000 | 486660 |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/25 (BAM) | 240000 | 246109 |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200000 | 205156 |
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 3360000 | 3442705 |
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/40 (PSF-GTD) | 2300000 | 2339228 |
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/41 (PSF-GTD) | 2250000 | 2274921 |
| El Paso Water & Sewer Rev., 4.00%, 3/1/29 | 1160000 | 1199900 |
| El Paso Water & Sewer Rev., 4.00%, 3/1/30 | 500000 | 515436 |
| El Paso Water & Sewer Rev., 5.00%, 3/1/36 | 9190000 | 10260217 |
| Fort Bend Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) | 1400000 | 1454930 |
| Fort Bend Independent School District GO, 5.00%, 8/15/25 (PSF-GTD) | 2500000 | 2652428 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Fort Bend Independent School District GO, 5.00%, 8/15/26 (PSF-GTD) | $5000000 | $5407023 |
| Fort Bend Independent School District GO, 5.00%, 8/15/27 (PSF-GTD) | 2260000 | 2488084 |
| Fort Bend Independent School District GO, 4.00%, 2/15/34 (PSF-GTD) | 3000000 | 3116992 |
| Fort Bend Independent School District GO, VRN, 0.72%, 8/1/51 (PSF-GTD) | 4295000 | 3851421 |
| Fort Worth Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1500000 | 1531199 |
| Fort Worth Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2500000 | 2541821 |
| Fort Worth Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1500000 | 1517201 |
| Frisco Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 8365000 | 8496798 |
| Galveston Independent School District GO, 4.00%, 2/1/41 (PSF-GTD) | 2715000 | 2732561 |
| Galveston Independent School District GO, 4.00%, 2/1/42 (PSF-GTD) | 5750000 | 5779813 |
| Garland Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 7790000 | 8017568 |
| Grand Parkway Transportation Corp. Rev., 5.00%, 2/1/23<sup>(2)</sup> | 8000000 | 8033525 |
| Grand Parkway Transportation Corp. Rev., 5.125%, 10/1/43 | 2250000 | 2259866 |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/25 | 3170000 | 3357319 |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/26 | 1660000 | 1757201 |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/27 | 1500000 | 1587028 |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/28 | 1000000 | 1056680 |
| Harris County Rev., (Harris County Toll Road Authority), 5.00%, 8/15/29 | 1000000 | 1055877 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/27 | 1000000 | 979046 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 4.00%, 1/1/31 | 1745000 | 1551839 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1000000 | 914678 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/23 | 850000 | 862678 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/24 | 700000 | 720351 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/25 | 760000 | 781725 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/26 | 1000000 | 1028006 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/27 | 510000 | 524198 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/29 | 2300000 | 2362734 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/30 | 1000000 | 1027088 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/32 | 485000 | 497379 |
| Harris County-Houston Sports Authority Rev., 5.00%, 11/15/33 | 1000000 | 1024218 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1000000 | 1037547 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1250000 | 1290158 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2000000 | 2054932 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 2180000 | 2228632 |
| Houston Community College System Rev., 4.00%, 4/15/31 | 1000000 | 1032311 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 3.375%, 10/1/37 | $500000 | $419671 |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 1200000 | 979955 |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/25 | 1000000 | 1033265 |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/27 | 2050000 | 2107251 |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28 | 710000 | 728125 |
| Humble Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 3285000 | 3343086 |
| Humble Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 3000000 | 3038503 |
| Humble Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 2250000 | 2274236 |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/34 (PSF-GTD) | 2000000 | 2077584 |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1400000 | 1442677 |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/37 (PSF-GTD) | 1500000 | 1515676 |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/38 (PSF-GTD) | 1000000 | 1007884 |
| Hurst-Euless-Bedford Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 1500000 | 1508094 |
| Irving Hospital Authority Rev., 5.00%, 10/15/23 | 490000 | 498773 |
| Irving Hospital Authority Rev., 5.00%, 10/15/25 | 250000 | 262443 |
| Irving Hospital Authority Rev., VRN, 3.00%, (MUNIPSA plus 1.10%), 4/15/23<sup>(2)</sup> | 1495000 | 1495000 |
| Katy Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 600000 | 607835 |
| Katy Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1000000 | 1009701 |
| Katy Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1000000 | 1008835 |
| Katy Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1000000 | 1009070 |
| Klein Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | 6120000 | 6231642 |
| Memorial City Redevelopment Authority Tax Allocation, (Houston Reinvestment Zone No. 17), 5.00%, 9/1/27 (AGM) | 1050000 | 1137396 |
| Memorial City Redevelopment Authority Tax Allocation, (Houston Reinvestment Zone No. 17), 5.00%, 9/1/28 (AGM) | 1250000 | 1371042 |
| Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 2000000 | 2128528 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700000 | 744488 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460000 | 484428 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500000 | 511258 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1086690 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1086690 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 1000000 | 1086690 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(2)</sup> | 1670000 | 1814772 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | $2610000 | $2661852 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/24<sup>(2)</sup> | 1145000 | 1174185 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/24 | 2355000 | 2417063 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/27 | 1000000 | 1064032 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 1250000 | 1318768 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/31 | 1250000 | 1318667 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/31 | 11415000 | 11870673 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/32 | 3500000 | 3732334 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/40 | 2110000 | 2114356 |
| Northwest Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1500000 | 1540127 |
| Northwest Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 2000000 | 2044217 |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/34 (BAM) | 1400000 | 1459723 |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/35 (BAM) | 1070000 | 1109098 |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/36 (BAM) | 1130000 | 1160591 |
| Old Spanish Trail-Alemda Corridors Redevelopment Authority Tax Allocation, 4.00%, 9/1/37 (BAM) | 1325000 | 1356415 |
| Pasadena Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 1450000 | 1476848 |
| Pasadena Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1500000 | 1519342 |
| Pasadena Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 800000 | 804325 |
| Pasadena Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1000000 | 1002398 |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/33 (PSF-GTD) | 1325000 | 1381553 |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/34 (PSF-GTD) | 1250000 | 1301676 |
| Pharr San Juan Alamo Independent School District GO, 4.00%, 2/1/35 (PSF-GTD) | 1000000 | 1030947 |
| Richardson Independent School District GO, 5.00%, 2/15/25 (PSF-GTD) | 500000 | 524811 |
| Richardson Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 1000000 | 1069763 |
| Richardson Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 750000 | 816652 |
| Richardson Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 500000 | 554034 |
| Richardson Independent School District GO, 5.00%, 2/15/29 (PSF-GTD) | 650000 | 732018 |
| Richardson Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 4160000 | 4264467 |
| Richardson Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 4290000 | 4377034 |
| San Antonio GO, 4.00%, 2/1/39 | 2000000 | 2024059 |
| San Antonio GO, 4.00%, 2/1/40 | 2000000 | 2005977 |
| San Antonio GO, 4.00%, 2/1/41 | 1500000 | 1486052 |
| San Antonio GO, 4.00%, 2/1/42 | 2220000 | 2190855 |
| San Antonio Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) | 3240000 | 3733042 |
| San Antonio Independent School District GO, 4.00%, 8/15/36 (PSF-GTD) | 4000000 | 4068997 |
| State of Texas GO, 5.00%, 8/1/37 | 1000000 | 1046742 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| State of Texas GO, 5.00%, 8/1/40 | $5245000 | $5458795 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 4840000 | 5115387 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 3.00%, 11/15/26 | 1420000 | 1359010 |
| Texas A&M University Rev., 5.25%, 5/15/36 | 2260000 | 2617096 |
| Texas A&M University Rev., 5.25%, 5/15/37 | 1750000 | 2014000 |
| Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 (GA: Merrill Lynch & Co.) | 3310000 | 3459130 |
| Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) | 1850000 | 1904787 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/31 | 4500000 | 4406176 |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/25 (BAM) | 1520000 | 1577333 |
| Texas Public Finance Authority Rev., (Texas Southern University), 5.00%, 5/1/28 (BAM) | 1000000 | 1052164 |
| Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1500000 | 1525164 |
| Texas Water Development Board Rev., (State Revolving Fund), 5.00%, 8/1/34 | 11095000 | 12946216 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/30 | 7000000 | 7862121 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 2910000 | 3264563 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/41 | 10000000 | 10073634 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/42 | 15000000 | 15964693 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 1180000 | 1321428 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/30 | 2150000 | 2480854 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/33 | 1320000 | 1548282 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/34 | 1200000 | 1393663 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/35 | 1025000 | 1178874 |
| University of Houston Rev., 5.00%, 2/15/27 | 8100000 | 8641966 |
| University of North Texas System Rev., 5.00%, 4/15/27 | 5770000 | 6028096 |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/33 | 720000 | 737291 |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1255000 | 1275595 |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/34 | 1570000 | 1603356 |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/35 | 3950000 | 4005457 |
| Uptown Development Authority Tax Allocation, 5.00%, 9/1/36 | 4100000 | 4150367 |
|  |  | 465238066 |
| **Utah — 0.2%** |  |  |
| Intermountain Power Agency Rev., 5.00%, 7/1/26 | 3000000 | 3234853 |
| Intermountain Power Agency Rev., 5.00%, 7/1/27 | 2000000 | 2196132 |
| St. George Electric Rev., 5.00%, 6/1/24 (AGM) | 1000000 | 1033112 |
| St. George Electric Rev., 5.00%, 6/1/27 (AGM) | 1000000 | 1072506 |
|  |  | 7536603 |
| **Vermont — 0.3%** |  |  |
| Burlington Airport Rev., 5.00%, 7/1/24 (AGM) | 215000 | 220102 |
| Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 750000 | 767163 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/24 | $1400000 | $1426092 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/25 | 615000 | 629807 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/26 | 1000000 | 1028963 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/27 | 785000 | 806022 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/28 | 1000000 | 1025151 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/29 | 900000 | 921227 |
| Vermont Educational & Health Buildings Financing Agency Rev., (Champlain College, Inc.), 5.00%, 10/15/30 | 500000 | 511254 |
| Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4000000 | 4205861 |
|  |  | 11541642 |
| **Virginia — 0.8%** |  |  |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 | 1670000 | 1828088 |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 | 6000000 | 5968394 |
| Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/24 | 3000000 | 3103130 |
| Greater Richmond Convention Center Authority Rev., 5.00%, 6/15/25 | 1660000 | 1750375 |
| Lexington Industrial Development Authority Rev., (Lexington Retirement Community, Inc.), 4.00%, 1/1/31 | 675000 | 614993 |
| Peninsula Town Center Community Development Authority Special Assessment, 4.00%, 9/1/23<sup>(1)</sup> | 145000 | 143502 |
| Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28<sup>(1)</sup> | 725000 | 680443 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(1)</sup> | 1500000 | 1399054 |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/24 | 650000 | 668581 |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/28 | 1000000 | 1051144 |
| Stafford County Economic Development Authority Rev., (Mary Washington Healthcare Obligated Group), 5.00%, 6/15/30 | 700000 | 730440 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 500000 | 502285 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/26 | 450000 | 452713 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/28 | 750000 | 749201 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/29 | 1000000 | 994273 |
| Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3000000 | 3131152 |
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/37 | 2250000 | 2121705 |
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/40 | 4000000 | 3686740 |
|  |  | 29576213 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| **Washington — 3.4%** | | |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | $1000000 | $1177418 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 13000000 | 15120505 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 7000000 | 7712526 |
| Seattle Municipal Light & Power Rev., VRN, 2.15%, (MUNIPSA plus 0.25%), 5/1/45 | 4800000 | 4689552 |
| State of Washington GO, 5.00%, 7/1/24 | 12000000 | 12461599 |
| State of Washington GO, 4.00%, 7/1/26 | 10000000 | 10478586 |
| State of Washington GO, 5.00%, 7/1/27 | 10000000 | 10474392 |
| State of Washington GO, 5.00%, 8/1/29 | 18795000 | 19910652 |
| State of Washington GO, 5.00%, 6/1/33 | 2250000 | 2571238 |
| State of Washington GO, 5.00%, 2/1/34 | 10865000 | 12492864 |
| State of Washington GO, 4.00%, 7/1/39 | 3730000 | 3791604 |
| State of Washington GO, 5.00%, 8/1/43 | 5000000 | 5552657 |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 6000000 | 6249058 |
| Washington Health Care Facilities Authority Rev., (Fred Hutchinson Cancer Center), VRN, 2.95%, (MUNIPSA plus 1.05%), 1/3/23, Prerefunded at 100% of Par<sup>(2)</sup> | 2000000 | 2000017 |
| Washington Health Care Facilities Authority Rev., (Yakima Valley Memorial Hospital Association Obligated Group), 5.00%, 12/1/46 | 5000000 | 4825302 |
| Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27<sup>(1)</sup> | 6750000 | 5921961 |
|  |  | 125429931 |
| **Wisconsin — 0.8%** |  |  |
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/37 | 600000 | 534997 |
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | 2250000 | 2220119 |
| Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 4.00%, 7/1/46 | 1100000 | 919416 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/31 (AGM) | 690000 | 739241 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/32 (AGM) | 740000 | 787369 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/33 (AGM) | 330000 | 332858 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/33 (AGM) | 750000 | 791929 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/35 (AGM) | 300000 | 298330 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/37 (AGM) | 300000 | 290865 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 325000 | 304834 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 1000000 | 1017487 |
| Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/45 (AGM) | 600000 | 529551 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 925000 | 984270 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/32 (AGM) | 2540000 | 2697332 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/33 (AGM) | 2665000 | 2822216 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/34 (AGM) | $2800000 | $2951769 |
| Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1100000 | 1071463 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 3.00%, 4/1/25<sup>(1)</sup> | 270000 | 259106 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30<sup>(1)</sup> | 500000 | 501158 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/40<sup>(1)</sup> | 1175000 | 1106664 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/42<sup>(1)</sup> | 1000000 | 790384 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52<sup>(1)</sup> | 1250000 | 905476 |
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/46 | 685000 | 550968 |
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/51 | 2185000 | 1692756 |
| Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/31 | 700000 | 658407 |
| Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/41 | 1500000 | 1256540 |
| Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40<sup>(1)</sup> | 3580000 | 3372849 |
|  |  | 30388354 |
| **TOTAL INVESTMENT SECURITIES—99.1%**<br>(Cost $3,714,505,295) |  | **3650415778** |
| **OTHER ASSETS AND LIABILITIES — 0.9%** |  | **34267613** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3684683391** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)^** |
| U.S. Treasury 10-Year Notes | 799 | March 2023 | $90686500 | $53426 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AGM | - | Assured Guaranty Municipal Corporation |
| AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts |
| BAM | - | Build America Mutual Assurance Company |
| COP | - | Certificates of Participation |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LIBOR | - | London Interbank Offered Rate |
| LIQ FAC | - | Liquidity Facilities |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| NATL | - | National Public Finance Guarantee Corporation |
| PSF-GTD | - | Permanent School Fund Guaranteed |
| Q-SBLF | - | Qualified School Board Loan Fund |
| SBBPA | - | Standby Bond Purchase Agreement |
| SOFR | - | Secured Overnight Financing Rate |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $140,687,968, which represented 3.8% of total net assets.

(2)Escrowed to maturity in U.S. government securities or state and local government securities.

(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **NOVEMBER 30, 2022 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $3,714,505,295) | $3650415778 |
| Cash | 321773 |
| Deposits with broker for futures contracts | 1757800 |
| Receivable for investments sold | 12089519 |
| Receivable for capital shares sold | 20177137 |
| Interest receivable | 48431589 |
|  | 3733193596 |
| **Liabilities** |  |
| Payable for investments purchased | 34436258 |
| Payable for capital shares redeemed | 11639141 |
| Payable for variation margin on futures contracts | 406477 |
| Accrued management fees | 853124 |
| Distribution and service fees payable | 7835 |
| Dividends payable | 1167370 |
|  | 48510205 |
| **Net Assets** | $3684683391 |
| **Net Assets Consist of:** |  |
| Capital paid in | $3858909628 |
| Distributable earnings | (174226237) |
|  | $3684683391 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class | $703892071 | 65973664 | $10.67 |
| I Class | $1841928254 | 172584004 | $10.67 |
| Y Class | $1111937374 | 104244273 | $10.67 |
| A Class | $23293988 | 2182702 | $10.67 |
| C Class | $3631704 | 340536 | $10.66 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $11.17 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $59260091 |
| **Expenses:** |  |
| Management fees | 5404955 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 31167 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 18882 |
| Trustees' fees and expenses | 128065 |
| Other expenses | 15226 |
|  | 5598295 |
| **Net investment income (loss)** | 53661796 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (63443788) |
| Futures contract transactions | 417700 |
|  | (63026088) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (42705067) |
| Futures contracts | 51416 |
|  | (42653651) |
| **Net realized and unrealized gain (loss)** | (105679739) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(52017943) |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **May 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $53661796 | $97080046 |
| Net realized gain (loss) | (63026088) | (44298963) |
| Change in net unrealized appreciation (depreciation) | (42653651) | (302651646) |
| Net increase (decrease) in net assets resulting from operations | (52017943) | (249870563) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (9729866) | (17690255) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (26636261) | (41272135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (16951510) | (37416866) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (307085) | (645598) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (32259) | (55015) |
| Decrease in net assets from distributions | (53656981) | (97079869) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (53696752) | (19763367) |
| **Net increase (decrease) in net assets** | (159371676) | (366713799) |
| **Net Assets** |  |  |
| Beginning of period | 3844055067 | 4210768866 |
| End of period | $3684683391 | $3844055067 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**NOVEMBER 30, 2022 (UNAUDITED)** 

**1. Organization**

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

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

**2. Significant Accounting Policies**

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

**Investment Valuations —** The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

**Investment Income —** Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums.

------

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

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

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

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

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

**3. Fees and Transactions with Related Parties**

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

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

------

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended November 30, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment Category** <br>**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 | 0.1625% to 0.2800% | 0.0500% to 0.1100% | 0.26% |
| Y Class | 0.1625% to 0.2800% | 0.0200% to 0.0800% | 0.23% |
| A Class | 0.1625% to 0.2800% | 0.2500% to 0.3100% | 0.46% |
| C Class | 0.1625% to 0.2800% | 0.2500% to 0.3100% | 0.46% |

---

**Distribution and Service Fees —** The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended November 30, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $61,600,000 and $41,445,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended November 30, 2022 were $1,563,927,021 and $1,615,899,095, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**November 30, 2022** | **Six months ended**<br>**November 30, 2022** | **Year ended <br>May 31, 2022** | **Year ended <br>May 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class** | | | | |
| Sold | 10598515 | $113053134 | 12692367 | $146837330 |
| Issued in reinvestment of distributions | 851806 | 9066495 | 1423820 | 16505030 |
| Redeemed | (13304118) | (141795932) | (16247701) | (185834691) |
|  | (1853797) | (19676303) | (2131514) | (22492331) |
| **I Class** |  |  |  |  |
| Sold | 116408255 | 1240501932 | 111702726 | 1253401757 |
| Issued in reinvestment of distributions | 2411374 | 25679180 | 3434273 | 39742656 |
| Redeemed | (115778839) | (1230492602) | (88402429) | (989816855) |
|  | 3040790 | 35688510 | 26734570 | 303327558 |
| **Y Class** |  |  |  |  |
| Sold | 18872382 | 201490031 | 29775606 | 340769381 |
| Issued in reinvestment of distributions | 1112141 | 11840615 | 2600009 | 30224645 |
| Redeemed | (26405707) | (281379441) | (58490135) | (660976687) |
|  | (6421184) | (68048795) | (26114520) | (289982661) |
| **A Class** |  |  |  |  |
| Sold | 307231 | 3269807 | 217291 | 2544517 |
| Issued in reinvestment of distributions | 27368 | 291367 | 52815 | 614414 |
| Redeemed | (458477) | (4873994) | (1164225) | (13435420) |
|  | (123878) | (1312820) | (894119) | (10276489) |
| **C Class** |  |  |  |  |
| Sold | 17860 | 189772 | 99396 | 1160930 |
| Issued in reinvestment of distributions | 3032 | 32259 | 4753 | 55015 |
| Redeemed | (52806) | (569375) | (136026) | (1555389) |
|  | (31914) | (347344) | (31877) | (339444) |
| Net increase (decrease) | (5389983) | $(53696752) | (2437460) | $(19763367) |

---

**6. Fair Value Measurements**

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

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

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

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

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

------

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $3650415778 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $53426 |  |  |

---

**7. Derivative Instruments**

**Interest Rate Risk —** The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $51,333,245 futures contracts purchased and $31,097,063 futures contracts sold.

The value of interest rate risk derivative instruments as of November 30, 2022, is disclosed on the Statement of Assets and Liabilities as a liability of $406,477 in payable for variation margin on futures contracts.\* For the six months ended November 30, 2022, the effect of interest rate risk derivative instruments on the Statement of Operations was $417,700 in net realized gain (loss) on futures contract transactions and $51,416 in change in net unrealized appreciation (depreciation) on futures contracts.

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

**8. Risk Factors**

The novel coronavirus (COVID-19) pandemic has stressed the financial resources of many municipal issuers,

which may impair a municipal issuer's ability to meet its financial obligations when due and could adversely

impact the value of its bonds, which could negatively impact the performance of the fund.

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

**9. Federal Tax Information**

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

------

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $3715172960 |
| Gross tax appreciation of investments | $32590204 |
| Gross tax depreciation of investments | (97347386) |
| Net tax appreciation (depreciation) of investments | $(64757182) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of May 31, 2022, the fund had accumulated short-term capital losses of $(31,075,395) and accumulated long-term capital losses of $(15,053,755), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

------

Financial Highlights

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Distributions From Net <br>Investment <br>Income** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2022<sup>(3)</sup> | $10.96 | 0.15 | (0.29) | (0.14) | (0.15) | $10.67 | (1.31)% | 0.47%<sup>(4)</sup> | 2.71%<sup>(4)</sup> | 42% | $703892 |
| 2022 | $11.92 | 0.25 | (0.96) | (0.71) | (0.25) | $10.96 | (6.04)% | 0.46% | 2.16% | 50% | $743366 |
| 2021 | $11.45 | 0.27 | 0.47 | 0.74 | (0.27) | $11.92 | 6.50% | 0.47% | 2.27% | 28% | $834125 |
| 2020 | $11.49 | 0.28 | (0.04) | 0.24 | (0.28) | $11.45 | 2.09% | 0.47% | 2.43% | 49% | $1094742 |
| 2019 | $11.18 | 0.30 | 0.31 | 0.61 | (0.30) | $11.49 | 5.57% | 0.47% | 2.69% | 40% | $1208725 |
| 2018 | $11.37 | 0.30 | (0.19) | 0.11 | (0.30) | $11.18 | 0.95% | 0.47% | 2.63% | 36% | $1408019 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $10.96 | 0.16 | (0.29) | (0.13) | (0.16) | $10.67 | (1.21)% | 0.27%<sup>(4)</sup> | 2.91%<sup>(4)</sup> | 42% | $1841928 |
| 2022 | $11.93 | 0.28 | (0.97) | (0.69) | (0.28) | $10.96 | (5.93)% | 0.26% | 2.36% | 50% | $1858776 |
| 2021 | $11.46 | 0.29 | 0.47 | 0.76 | (0.29) | $11.93 | 6.71% | 0.27% | 2.47% | 28% | $1703281 |
| 2020 | $11.50 | 0.30 | (0.04) | 0.26 | (0.30) | $11.46 | 2.30% | 0.27% | 2.63% | 49% | $1102093 |
| 2019 | $11.18 | 0.32 | 0.32 | 0.64 | (0.32) | $11.50 | 5.87% | 0.27% | 2.89% | 40% | $1366170 |
| 2018 | $11.38 | 0.32 | (0.20) | 0.12 | (0.32) | $11.18 | 1.07% | 0.27% | 2.83% | 36% | $872018 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Distributions From Net <br>Investment <br>Income** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Y Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $10.96 | 0.16 | (0.29) | (0.13) | (0.16) | $10.67 | (1.19)% | 0.24%<sup>(4)</sup> | 2.94%<sup>(4)</sup> | 42% | $1111937 |
| 2022 | $11.92 | 0.28 | (0.96) | (0.68) | (0.28) | $10.96 | (5.82)% | 0.23% | 2.39% | 50% | $1212546 |
| 2021 | $11.45 | 0.30 | 0.46 | 0.76 | (0.29) | $11.92 | 6.74% | 0.24% | 2.50% | 28% | $1630371 |
| 2020 | $11.49 | 0.31 | (0.04) | 0.27 | (0.31) | $11.45 | 2.33% | 0.24% | 2.66% | 49% | $1768682 |
| 2019 | $11.18 | 0.33 | 0.31 | 0.64 | (0.33) | $11.49 | 5.81% | 0.24% | 2.92% | 40% | $1262340 |
| 2018 | $11.37 | 0.32 | (0.19) | 0.13 | (0.32) | $11.18 | 1.19% | 0.24% | 2.86% | 36% | $1126861 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $10.96 | 0.13 | (0.29) | (0.16) | (0.13) | $10.67 | (1.43)% | 0.72%<sup>(4)</sup> | 2.46%<sup>(4)</sup> | 42% | $23294 |
| 2022 | $11.93 | 0.22 | (0.97) | (0.75) | (0.22) | $10.96 | (6.35)% | 0.71% | 1.91% | 50% | $25287 |
| 2021 | $11.45 | 0.24 | 0.48 | 0.72 | (0.24) | $11.93 | 6.32% | 0.72% | 2.02% | 28% | $38172 |
| 2020 | $11.50 | 0.25 | (0.05) | 0.20 | (0.25) | $11.45 | 1.75% | 0.72% | 2.18% | 49% | $29854 |
| 2019 | $11.18 | 0.27 | 0.32 | 0.59 | (0.27) | $11.50 | 5.40% | 0.72% | 2.44% | 40% | $27415 |
| 2018 | $11.38 | 0.27 | (0.20) | 0.07 | (0.27) | $11.18 | 0.61% | 0.72% | 2.38% | 36% | $39379 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $10.96 | 0.09 | (0.30) | (0.21) | (0.09) | $10.66 | (1.89)% | 1.47%<sup>(4)</sup> | 1.71%<sup>(4)</sup> | 42% | $3632 |
| 2022 | $11.92 | 0.14 | (0.96) | (0.82) | (0.14) | $10.96 | (6.97)% | 1.46% | 1.16% | 50% | $4080 |
| 2021 | $11.44 | 0.15 | 0.48 | 0.63 | (0.15) | $11.92 | 5.53% | 1.47% | 1.27% | 28% | $4819 |
| 2020 | $11.49 | 0.16 | (0.05) | 0.11 | (0.16) | $11.44 | 0.99% | 1.47% | 1.43% | 49% | $8261 |
| 2019 | $11.17 | 0.19 | 0.32 | 0.51 | (0.19) | $11.49 | 4.61% | 1.47% | 1.69% | 40% | $9356 |
| 2018 | $11.37 | 0.18 | (0.20) | (0.02) | (0.18) | $11.17 | (0.14)% | 1.47% | 1.63% | 36% | $12437 |

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**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Six months ended November 30, 2022 (unaudited).

(4)Annualized.

See Notes to Financial Statements.

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Approval of Management Agreement

At a meeting held on June 21, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor's performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board's assessment of the Advisor's performance and its determination whether to renew the Fund's management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund.

In connection with its consideration of the renewal of the management agreement, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided by the Advisor and its affiliates to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and cyber security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any economies of scale associated with the Advisor's management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by the Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the Fund.

------

In keeping with its practice, the Board held two meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered** 

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of the Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

**Investment Management Services.** The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance. The Fund's performance was above its benchmark for the one-, three-, five-,

------

and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

**Costs of Services and Profitability.** The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**Ethics.** The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under this unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund's unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense

------

ratios of the Fund's peer group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board also noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

**Existing Relationship.** The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

**Conclusion of the Trustees.** As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

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Notes

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Notes

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| | |
|:---|:---|
| ![acihorizblkd53.jpg](acihorizblkd53.jpg) | ![acihorizblkd53.jpg](acihorizblkd53.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Municipal Trust** | **American Century Municipal Trust** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91042 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91042 2301** |

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![acihorizblkd53.jpg](acihorizblkd53.jpg)

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| |
|:---|
| Semiannual Report |
| November 30, 2022 |
| Tax-Free Money Market Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (BNTXX) |

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**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i3606c00f42084271ab83c7573eb92648_148) |
| Fund Characteristics | [3](#i3606c00f42084271ab83c7573eb92648_154) |
| Shareholder Fee Example | [4](#i3606c00f42084271ab83c7573eb92648_157) |
| Schedule of Investments | [6](#i3606c00f42084271ab83c7573eb92648_160) |
| Statement of Assets and Liabilities | [11](#i3606c00f42084271ab83c7573eb92648_166) |
| Statement of Operations | [12](#i3606c00f42084271ab83c7573eb92648_169) |
| Statement of Changes in Net Assets | [13](#i3606c00f42084271ab83c7573eb92648_172) |
| Notes to Financial Statements | [14](#i3606c00f42084271ab83c7573eb92648_175) |
| Financial Highlights | [17](#i3606c00f42084271ab83c7573eb92648_178) |
| Approval of Management Agreement | [18](#i3606c00f42084271ab83c7573eb92648_187) |
| Additional Information | [22](#i3606c00f42084271ab83c7573eb92648_196) |

---

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

------

President's Letter

![image10.jpg](image10.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending November 30, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Rising Rates, Heightened Volatility Weighed on Municipal Bonds** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating existing inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening in March with a 25 basis points (bps) rate hike, increased its interest rate target an additional 350 bps through November. Inflation was slow to respond, climbing to a 40-year-high 9.1% in June before retreating to 7.1% by November. Policymakers indicated taming inflation remained their priority, even as the economy contracted in 2022's first half and recession risks mounted.

In addition to fueling recession fears, the combination of elevated inflation and a hawkish Fed pushed municipal bond (muni) yields higher and muni returns lower. This backdrop also contributed to the longest and largest muni fund outflow cycle on record. However, a late-period rally, triggered by expectations for the Fed to slow its rate-hike pace, helped recover some previous losses. Municipal bonds declined for the six-month period but fared much better than Treasuries. Investment-grade municipal bonds outperformed high-yield munis for the period.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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

Sincerely,

![image7.jpg](image7.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Fund Characteristics

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| | |
|:---|:---|
| **NOVEMBER 30, 2022** | |
| **Yields** | |
| 7-Day Current Yield | 1.55% |
| 7-Day Effective Yield | 1.57% |
| **Portfolio at a Glance**  |  |
| Weighted Average Maturity | 12 days |
| Weighted Average Life | 16 days |
| **Portfolio Composition by Maturity**  | **% of fund investments** |
| 1-30 days | 93% |
| 31-90 days | 4% |
| 91-180 days | 3% |
| More than 180 days |  |

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Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**6/1/22** | **Ending**<br>**Account Value**<br>**11/30/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**6/1/22 - 11/30/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $1005.80 | $2.51 | 0.50% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.56 | $2.54 | 0.50% |

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(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 183, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

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Schedule of Investments

**NOVEMBER 30, 2022 (UNAUDITED)** 

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| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.5%** | **Principal Amount** | **Value** |
| **Alabama — 4.9%** | | |
| Oxford GO, VRDN, 3.00%, 12/7/22 | $4445000 | $4445000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.10%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 3250000 | 3250000 |
|  |  | 7695000 |
| **Arizona — 2.1%** |  |  |
| Pinal County Industrial Development Authority Rev., (Milky Way Dairy LLC), VRDN, 1.96%, 12/7/22 (LOC: Wells Fargo Bank N.A.) | 960000 | 960000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.10%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 2335000 | 2335000 |
|  |  | 3295000 |
| **Arkansas — 2.4%** |  |  |
| Lowell Rev., (Arkansas Democrat Gazett Project), VRDN,, 2.03%, 12/7/22 (LOC: JPMorgan Chase Bank N.A.) | 3830000 | 3830000 |
| **California — 4.4%** |  |  |
| Irvine Ranch Water District Special Assessment, VRN, 1.96%, (MUNIPSA plus 0.06%), 10/1/37 | 5235000 | 5233048 |
| Municipal Improvement Corp. of Los Angeles , 2.50%, 12/13/22 (LOC: U.S. Bank N.A.) | 1800000 | 1800000 |
|  |  | 7033048 |
| **Colorado — 0.7%** |  |  |
| Colorado Housing and Finance Authority Rev., VRDN, 1.85%, 12/7/22 (SBBPA: FHLB) | 495000 | 495000 |
| Jefferson County Rev., (Rocky Mountain Butterfly Consortium), VRDN, 2.00%, 1/3/23 (LOC: Wells Fargo Bank N.A.) | 645000 | 645000 |
|  |  | 1140000 |
| **Connecticut — 1.9%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 5.00%, 7/1/57 | 3000000 | 3012491 |
| **Delaware — 0.2%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.10%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 380000 | 380000 |
| **District of Columbia — 0.5%** |  |  |
| District of Columbia Rev., (Progressive Life Center, Inc.), VRDN, 2.00%, 12/7/22 (LOC: Truist Bank) | 820000 | 820000 |
| **Florida — 5.4%** |  |  |
| Florida Housing Finance Corp. Rev., (Lamson Avenue Apartments GP LLC), VRDN, 1.90%, 12/7/22 (LOC: FNMA) | 400000 | 400000 |
| Hillsborough County Housing Finance Authority Rev., (Brandywine Housing Ltd.), VRDN, 1.93%, 12/7/22 (LOC: Citibank N.A.) | 495000 | 495000 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), VRDN, 1.80%, 12/7/22 (LOC: TD Bank N.A.) | 550000 | 550000 |
| Hillsborough County Industrial Development Authority Rev., (Corbett Preparatory School of IDS, Inc.), VRDN, 2.01%, 12/7/22 (LOC: Bank of America N.A.) | 1000000 | 1000000 |
| JEA Water & Sewer System Rev., VRDN, 1.96%, 12/7/22 (SBBPA: State Street Bank & Trust Co.) | 890000 | 890000 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.15%, 1/4/23 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | $2990000 | $2990000 |
| Pinellas County Health Facilities Authority Rev., (Hospice of the Florida Suncoast, Inc.), VRDN, 1.95%, 12/7/22 (LOC: Wells Fargo Bank N.A.) | 320000 | 320000 |
| Pinellas County Housing Finance Authority Rev., (Booker Creek Apartments Ltd.), VRDN, 1.90%, 12/7/22 (LOC: FHLMC) | 250000 | 250000 |
| RBC Municipal Products, Inc. Trust GO, VRDN, 1.97%, 12/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 1700000 | 1700000 |
|  |  | 8595000 |
| **Illinois — 22.0%** |  |  |
| Chicago Rev., (Community Housing Partners XI LP), VRDN, 1.96%, 12/7/22 (LOC: Bank of America N.A.) | 1605000 | 1605000 |
| Illinois Development Finance Authority Rev., (Lyric Opera of Chicago), VRDN, 1.80%, 12/7/22 (LOC: Northern Trust Company and BMO Harris Bank N.A.) | 1500000 | 1500000 |
| Illinois Development Finance Authority Rev., (North Shore Country Day School), VRDN, 2.01%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 2700000 | 2700000 |
| Illinois Development Finance Authority Rev., (State Ignatius College Prep), VRDN, 1.85%, 12/7/22 (LOC: PNC Bank N.A.) | 1000000 | 1000000 |
| Illinois Development Finance Authority Rev., (Wheaton Academy), VRDN, 2.00%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 6500000 | 6500000 |
| Illinois Development Finance Authority Rev., (YMCA of Metropolitan Chicago LLC), VRDN, 1.80%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 300000 | 300000 |
| Illinois Educational Facilities Authority Rev., (Columbia College Chicago), VRDN, 1.95%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 652000 | 652000 |
| Illinois Finance Authority Rev., (Chicago Public Media, Inc.), VRDN, 1.90%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 380000 | 380000 |
| Illinois Finance Authority Rev., (Illinois Wesleyan University), VRDN, 1.95%, 12/7/22 (LOC: PNC Bank N.A.) | 500000 | 500000 |
| Illinois Finance Authority Rev., (Steppenwolf Theatre Co.), VRDN, 1.94%, 12/7/22 (LOC: Northern Trust Company) | 545000 | 545000 |
| Illinois Finance Authority Rev., (Uniform Law Foundation), VRDN, 1.94%, 12/7/22 (LOC: PNC Bank N.A.) | 2740000 | 2740000 |
| Illinois Finance Authority Rev., (YMCA of Chicago), VRDN, 1.80%, 12/7/22 (LOC: BMO Harris Bank N.A.) | 500000 | 500000 |
| Illinois Housing Development Authority Rev., (Rome Meadows Associates III LP), VRDN, 2.29%, 12/7/22 (LOC: First National Bank and FHLB) | 1355000 | 1355000 |
| Illinois Housing Development Authority Rev., (Woodlawn Six LP), VRDN, 1.93%, 12/7/22 (LOC: FHLMC) | 3725000 | 3725000 |
| Illinois Housing Development Authority Rev., VRDN, 1.85%, 12/7/22 (SBBPA: FHLB) | 2865000 | 2865000 |
| Illinois Housing Development Authority Rev., VRDN, 1.95%, 12/7/22 (LOC: U.S. Bank N.A.) | 1500000 | 1500000 |
| Phoenix Realty Special Account-U LP Rev., VRDN, 2.20%, 12/7/22 (LOC: Northern Trust Company) (Acquired 6/27/22 - 7/12/22, Cost $6,500,000)<sup>(2)</sup> | 6500000 | 6500000 |
|  |  | 34867000 |
| **Indiana — 2.5%** |  |  |
| Indiana Development Finance Authority Rev., (TTP, Inc.), VRDN, 2.09%, 12/7/22 (LOC: U.S. Bank N.A.)<sup>(1)</sup> | 735000 | 735000 |
| Indiana Finance Authority Rev., (Fulcrum Centerpoint LLC), VRN, 4.50%, 12/15/46 (LOC: U.S. Treasury) | 2500000 | 2500000 |
| Indiana Finance Authority Rev., (Parkview Health System Obligated Group), VRDN, 1.05%, 12/1/22 (LOC: Wells Fargo Bank N.A.) | 700000 | 700000 |
|  |  | 3935000 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| **Iowa — 2.9%** | | |
| Iowa Finance Authority Rev., (Chrisbro III, Inc.), VRDN, 1.93%, 12/7/22 (LOC: Farmers State Bank and U.S. Bank N.A.) | $4570000 | $4570000 |
| **Louisiana — 3.2%** |  |  |
| Calcasieu Parish Industrial Development Board, Inc. Rev., (Hydroserve Westlake LLC), VRDN, 2.10%, 12/7/22 (LOC: JPMorgan Chase Bank N.A.) | 1200000 | 1200000 |
| Louisiana Housing Corp. Rev., (Reserve at Jefferson Crossing LLC), VRDN, 1.94%, 12/7/22 (LOC: FHLMC) | 3930000 | 3930000 |
|  |  | 5130000 |
| **Minnesota — 7.1%** |  |  |
| Minneapolis Rev., (Children's Theatre Co.), VRDN, 2.00%, 12/7/22 (LOC: Wells Fargo Bank N.A.) | 800000 | 800000 |
| Minneapolis Rev., (One Ten Grant LP), VRDN, 1.90%, 12/7/22 (LOC: FNMA) | 1085000 | 1085000 |
| Minnesota Higher Education Facilities Authority Rev., (Macalester College), VRDN, 2.01%, 12/7/22 | 3950000 | 3950000 |
| St. Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 2.02%, 12/7/22 (LIQ FAC: FHLMC) | 5335000 | 5334969 |
|  |  | 11169969 |
| **Missouri — 0.5%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Rev., (St. Louis University), VRDN, 1.05%, 12/1/22 (LOC: Wells Fargo Bank N.A.) | 400000 | 400000 |
| Wright City Rev., (MB Realty LLC), VRDN, 2.05%, 12/7/22 (LOC: Bank of America N.A.) | 460000 | 460000 |
|  |  | 860000 |
| **Nebraska — 1.3%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.00%, 12/7/22 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 2000000 | 2000000 |
| **Nevada — 2.7%** |  |  |
| Clark Department of Aviation County Rev., VRDN, 1.85%, 12/7/22 (LOC: Wells Fargo Bank N.A.) | 200000 | 200000 |
| Nevada Housing Division Rev., (Vintage at Laughlin LLC), VRDN, 1.95%, 12/7/22 (LOC: East West Bank)(SBBPA: FHLB) | 4150000 | 4150000 |
|  |  | 4350000 |
| **New Jersey — 1.3%** |  |  |
| Burlington County Bridge Commission Rev., (Burlington County), 3.00%, 4/14/23 | 2000000 | 2008648 |
| **New York — 6.8%** |  |  |
| New York City GO, VRDN, 1.91%, 12/7/22 (LOC: Bank of America N.A.) | 1233000 | 1233000 |
| New York City Housing Development Corp. Rev., (Ogden Avenue LP), VRDN, 1.95%, 12/7/22 (LOC: FNMA) | 1000000 | 1000000 |
| North Amityville Fire Co., Inc. Rev., VRDN, 2.01%, 12/7/22 (LOC: Citibank N.A.) | 200000 | 200000 |
| RBC Municipal Products, Inc. Trust Rev., VRDN, 2.00%, 12/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 3500000 | 3500000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.94%, 12/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 2750000 | 2750000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.02%, 12/7/22 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 2015000 | 2015000 |
|  |  | 10698000 |
| **Ohio — 5.9%** |  |  |
| Akron Bath Copley Joint Township Hospital District Rev., (Concordia Lutheran Ministries Obligated Group), VRDN, 1.94%, 12/7/22 (LOC: Truist Bank) | 2355000 | 2355000 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| RBC Municipal Products, Inc. Trust Rev., VRDN, 1.94%, 12/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | $2900000 | $2900000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.95%, 12/7/22 (LIQ FAC: Citibank N.A.)<sup>(1)</sup> | 4000000 | 4000000 |
|  |  | 9255000 |
| **Pennsylvania — 3.7%** |  |  |
| Allegheny County Hospital Development Authority Rev., (Concordia Lutheran Ministries Obligated Group), VRDN, 1.94%, 12/7/22 (LOC: Truist Bank) | 1895000 | 1895000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.93%, 12/7/22 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 835000 | 835000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.04%, 12/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)(GA: JPMorgan Chase Bank N.A.)<sup>(1)</sup> | 3075000 | 3075000 |
|  |  | 5805000 |
| **South Carolina — 0.8%** |  |  |
| South Carolina Jobs-Economic Development Authority Rev., (Port Royal I LLC), VRDN, 1.90%, 12/7/22 (LOC: United Fidelity Bank FSB and FHLB) | 600000 | 600000 |
| South Carolina Public Service Authority Rev., VRDN, 1.88%, 12/7/22 (LOC: Bank of America N.A.) | 700000 | 700000 |
|  |  | 1300000 |
| **Tennessee — 5.3%** |  |  |
| Clarksville Public Building Authority Rev., VRDN, 1.97%, 12/7/22 (LOC: Bank of America N.A.) (Acquired 1/3/22 - 8/16/22, Cost $835,000)<sup>(2)</sup> | 835000 | 835000 |
| Montgomery County Public Building Authority Rev., VRDN, 1.97%, 12/7/22 (LOC: Bank of America N.A.) (Acquired 4/6/21 - 5/25/21, Cost $1,600,000)<sup>(2)</sup> | 1600000 | 1600000 |
| Public Building Authority of Blount County Tennessee Rev., VRDN, 1.92%, 12/7/22 (CNTY GTD) (LOC: Truist Bank) | 900000 | 900000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.04%, 12/7/22 (LIQ FAC: JPMorgan Chase Bank N.A.)<sup>(1)</sup> | 5000000 | 5000000 |
|  |  | 8335000 |
| **Texas — 3.1%** |  |  |
| Mission Economic Development Corp. Rev., VRDN, 2.05%, 12/7/22 (LOC: Wells Fargo Bank N.A.) | 2065000 | 2065000 |
| San Antonio Housing Trust Finance Corp. Rev., (VCCPHC-San Antonio I LP), VRDN, 1.89%, 12/7/22 (LOC: United Fidelity Bank FSB and FHLB) | 200000 | 200000 |
| State of Texas GO, VRDN, 1.80%, 12/7/22 (SBBPA: FHLB) | 1475000 | 1475000 |
| State of Texas GO, VRDN, 1.95%, 12/7/22 (SBBPA: State Street Bank & Trust Co.) | 140000 | 140000 |
| State of Texas GO, VRDN, 1.95%, 12/7/22 | 250000 | 250000 |
| State of Texas GO, VRDN, 1.96%, 12/7/22 (SBBPA: State Street Bank & Trust Co.) | 805000 | 805000 |
|  |  | 4935000 |
| **Washington — 0.2%** |  |  |
| Washington State Housing Finance Commission Rev., (Artspace Everett LP), VRDN, 1.94%, 12/7/22 (LOC: FHLMC) | 250000 | 250000 |
| **West Virginia — 0.8%** |  |  |
| West Virginia Hospital Finance Authority Rev., (Cabell Huntington Hospital, Inc.), VRDN, 2.00%, 12/7/22 (LOC: Truist Bank) | 1190000 | 1190000 |
| **Wisconsin — 6.9%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.10%, 12/7/22 (LIQ FAC: Mizuho Capital Markets LLC)(GA: Mizuho Capital Markets LLC)<sup>(1)</sup> | 2830000 | 2830000 |

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| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.12%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | $500000 | $500000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.12%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 2265000 | 2265000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.12%, 12/7/22 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 4280000 | 4280000 |
| Wisconsin Housing & Economic Development Authority Housing Rev., VRDN, 1.90%, 12/7/22 (SBBPA: FHLB) | 1065000 | 1065000 |
|  |  | 10940000 |
| **TOTAL INVESTMENT SECURITIES—99.5%** |  | **157399156** |
| **OTHER ASSETS AND LIABILITIES — 0.5%** |  | **728740** |
| **TOTAL NET ASSETS — 100.0%** |  | $**158127896** |

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| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CNTY GTD | - | County Guaranteed |
| FHLB | - | Federal Home Loan Bank |
| FHLMC | - | Federal Home Loan Mortgage Corporation |
| FNMA | - | Federal National Mortgage Association |
| GA | - | Guaranty Agreement |
| GO | - | General Obligation |
| LIQ FAC | - | Liquidity Facilities |
| LOC | - | Letter of Credit |
| MUNIPSA | - | SIFMA Municipal Swap Index |
| SBBPA | - | Standby Bond Purchase Agreement |
| VRDN | - | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

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(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $47,340,000, which represented 29.9% of total net assets.

(2)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $8,935,000, which represented 5.6% of total net assets.

See Notes to Financial Statements.

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Statement of Assets and Liabilities

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| | |
|:---|:---|
| **NOVEMBER 30, 2022 (UNAUDITED)** | **NOVEMBER 30, 2022 (UNAUDITED)** |
| **Assets** | |
| Investment securities, at value (amortized cost and cost for federal income tax purposes) | $157399156 |
| Cash | 9920 |
| Receivable for investments sold | 450000 |
| Receivable for capital shares sold | 14342 |
| Interest receivable | 554064 |
|  | 158427482 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 233048 |
| Accrued management fees | 64949 |
| Dividends payable | 1589 |
|  | 299586 |
| **Net Assets** | $158127896 |
| **Investor Class Capital Shares** |  |
| Shares outstanding (unlimited number of shares authorized) | 158147727 |
| **Net Asset Value Per Share** | $1.00 |
| **Net Assets Consist of:** |  |
| Capital paid in | $158127896 |

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See Notes to Financial Statements.

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Statement of Operations

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| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $1341143 |
| **Expenses:** |  |
| Management fees | 396374 |
| Trustees' fees and expenses | 5493 |
| Other expenses | 143 |
|  | 402010 |
| **Net investment income (loss)** | 939133 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $939133 |

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See Notes to Financial Statements.

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Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** | **SIX MONTHS ENDED NOVEMBER 30, 2022 (UNAUDITED) AND YEAR ENDED MAY 31, 2022** |
| **Increase (Decrease) in Net Assets** | **November 30, 2022** | **May 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $939133 | $55992 |
| **Distributions to Shareholders** |  |  |
| From earnings | (939133) | (55992) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 84041001 | 131363802 |
| Proceeds from reinvestment of distributions | 930602 | 55331 |
| Payments for shares redeemed | (82505849) | (130071385) |
| Net increase (decrease) in net assets from capital share transactions | 2465754 | 1347748 |
| **Net increase (decrease) in net assets** | 2465754 | 1347748 |
| **Net Assets** |  |  |
| Beginning of period | 155662142 | 154314394 |
| End of period | $158127896 | $155662142 |
| **Transactions in Shares of the Fund** |  |  |
| Sold | 84041001 | 131363802 |
| Issued in reinvestment of distributions | 930602 | 55331 |
| Redeemed | (82505849) | (130071385) |
| Net increase (decrease) in shares of the fund | 2465754 | 1347748 |

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See Notes to Financial Statements.

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Notes to Financial Statements

**NOVEMBER 30, 2022 (UNAUDITED)** 

**1. Organization**

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

**2. Significant Accounting Policies**

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

**Investment Valuations —** The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. Investments are generally valued at amortized cost, which approximates fair value. If the valuation designee determines that the valuation methods do not reflect an investment's fair value, such investment is valued as determined in good faith by the valuation designee.

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

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

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

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

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

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**3. Fees and Transactions with Related Parties**

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

**Management Fees —** The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent trustees (including legal counsel fees), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. In order to maintain a positive yield, ACIM may voluntarily waive a portion of the management fee on a daily basis. The fee waiver may be revised or terminated at any time by the investment advisor without notice. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended November 30, 2022 was 0.49%.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $6,545,000 and $17,175,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Fair Value Measurements**

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

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

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

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

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

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

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**5. Risk Factors**

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

**6. Federal Tax Information**

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

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Financial Highlights

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended May 31 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions<br>From:** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(1)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2022<sup>(2)</sup> | $1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | $1.00 | 0.58% | 0.50%<sup>(3)</sup> | 0.50%<sup>(3)</sup> | 1.17%<sup>(3)</sup> | 1.17%<sup>(3)</sup> | $158128 |
| 2022 | $1.00 | —<sup>(4)</sup> |  | —<sup>(4)</sup> | —<sup>(4)</sup> |  | —<sup>(4)</sup> | $1.00 | 0.04% | 0.21% | 0.50% | 0.03% | (0.26)% | $155662 |
| 2021 | $1.00 | —<sup>(4)</sup> |  | —<sup>(4)</sup> | —<sup>(4)</sup> |  | —<sup>(4)</sup> | $1.00 | 0.01% | 0.19% | 0.50% | 0.01% | (0.30)% | $154314 |
| 2020 | $1.00 | 0.01 |  | 0.01 | (0.01) |  | (0.01) | $1.00 | 0.91% | 0.47% | 0.50% | 0.90% | 0.87% | $159691 |
| 2019 | $1.00 | 0.01 |  | 0.01 | (0.01) | —<sup>(4)</sup> | (0.01) | $1.00 | 1.12% | 0.50% | 0.50% | 1.11% | 1.11% | $129159 |
| 2018 | $1.00 | 0.01 | —<sup>(4)</sup> | 0.01 | (0.01) |  | (0.01) | $1.00 | 0.69% | 0.50% | 0.50% | 0.69% | 0.69% | $138247 |

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**Notes to Financial Highlights**

(1)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(2)Six months ended November 30, 2022 (unaudited).

(3)Annualized.

(4)Per-share amount was less than $0.005.

See Notes to Financial Statements.

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Approval of Management Agreement

At a meeting held on June 21, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Trustees have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Trustees noted that their assessment of the Advisor's performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board's assessment of the Advisor's performance and its determination whether to renew the Fund's management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund.

In connection with its consideration of the renewal of the management agreement, the Board's review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided by the Advisor and its affiliates to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance, including data comparing the Fund's performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial data showing the cost of services provided by the Advisor and its affiliates to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and cyber security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any economies of scale associated with the Advisor's management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by the Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Fund on behalf of their clients and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the Fund.

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In keeping with its practice, the Board held two meetings and the independent Trustees met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered** 

The Trustees considered all of the information provided by the Advisor, the independent data providers, and the independent Trustees' independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

**Nature, Extent and Quality of Services — Generally.** Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of the Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

**Investment Management Services.** The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance. The Fund's performance was at the top of its peer group for the one-, three-,

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five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

**Shareholder and Other Services.** Under the management agreement, the Advisor, either directly or through affiliates or third parties, provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

**Costs of Services and Profitability.** The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund, its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor's financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor's profits were reasonable in light of the services provided to the Fund.

**Ethics.** The Board generally considers the Advisor's commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor's practices generally meet or exceed industry best practices.

**Economies of Scale.** The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded services.

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's independent Trustees (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under this unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund's unified fee to the total expense ratio of peer funds. Given the broad proliferation of fee waivers to support positive money market fund yields and the wide variance of expenses waived, the Board recognized that net fee comparisons may not be a reliable analysis of fund expenses. With that in mind, the Board reviewed peer data both on a gross

------

basis and net of applicable waivers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

**Payments to Intermediaries.** The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided by intermediaries. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided with respect to the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**Collateral or "Fall-Out" Benefits Derived by the Advisor.** The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. The Board noted that the Advisor's primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board also noted that the assets of those other accounts are, where applicable, included with the assets of the Fund to determine breakpoints in the management fee schedule.

**Existing Relationship.** The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor's industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

**Conclusion of the Trustees.** As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) each month on Form N-MFP. The fund's Form N-MFP reports are available on

its website at americancentury.com and on the SEC's website at sec.gov. The fund also makes its

complete schedule of portfolio holdings for the most recent first and third quarters of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

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Notes

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Notes

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| | |
|:---|:---|
| ![acihorizblkd53.jpg](acihorizblkd53.jpg) | ![acihorizblkd53.jpg](acihorizblkd53.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Municipal Trust** | **American Century Municipal Trust** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91043 2301** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91043 2301** |

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(b) None.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

------

**ITEM 11. CONTROLS AND PROCEDURES.**

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

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

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

Not applicable.

**ITEM 13. EXHIBITS.**

(a)(1) Not applicable for semiannual report filings.

(a)(2) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acmt113022n-csrexx99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acmt113022n-csrexx99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Municipal Trust | American Century Municipal Trust |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | January 26, 2023 | January 26, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | January 26, 2023 | January 26, 2023 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | January 26, 2023 | January 26, 2023 |

---

## Ex-99

EX-99.CERT

**CERTIFICATIONS**

I, Patrick Bannigan, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | January 26, 2023 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | January 26, 2023 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the shareholder report of American Century Municipal Trust (the "Registrant") on Form N-CSR for the period ending November 30, 2022 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

---

| | | | |
|:---|:---|:---|:---|
| Date: | January 26, 2023 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

<br>