# EDGAR Filing Document

**Accession Number:** 0000746458
**File Stem:** 0000746458-25-000006
**Filing Date:** 2025-7
**Character Count:** 438307
**Document Hash:** 86e32b13bc7116c533a34d0dd8a2d2f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000746458-25-000006.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000746458-25-000006

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000746458

**ORGANIZATION NAME:**
- **EIN:** 776009794
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04025
- **FILM NUMBER:** 251165034

**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           |

?xml version='1.0' encoding='ASCII'? ck0000746458-20250531

**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: | **05-31-2025** | **05-31-2025** | **05-31-2025** | **05-31-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) ------

**ANNUAL SHAREHOLDER REPORT**

High-Yield Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (ABHYX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about High-Yield Municipal Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $60 | 0.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| High-Yield Municipal Fund Investor Class returned 2.05% for the reporting period ended May 31, 2025. | High-Yield Municipal Fund Investor Class returned 2.05% for the reporting period ended May 31, 2025. |
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![7146825580555](ck0000746458-20250531_g2.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 2.05% | 2.06% | 2.89% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Municipal Bond 50% Investment Grade/50% High Yield | 2.98% | 2.05% | 3.18% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $569685692 |
| Management Fees (dollars paid during the reporting period) | $2827951 |
| Portfolio Turnover Rate | 47% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.3% |
| Other Assets and Liabilities | 0.7% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934804

------

**ANNUAL SHAREHOLDER REPORT**

High-Yield Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AYMIX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about High-Yield Municipal Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $39 | 0.39% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| High-Yield Municipal Fund I Class returned 2.25% for the reporting period ended May 31, 2025. | High-Yield Municipal Fund I Class returned 2.25% for the reporting period ended May 31, 2025. |
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![10](ck0000746458-20250531_g4.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 2.25% | 2.27% | 3.10% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Municipal Bond 50% Investment Grade/50% High Yield | 2.98% | 2.05% | 3.18% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $569685692 |
| Management Fees (dollars paid during the reporting period) | $2827951 |
| Portfolio Turnover Rate | 47% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.3% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934663

------

**ANNUAL SHAREHOLDER REPORT**

High-Yield Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (AYMYX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about High-Yield Municipal Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $36 | 0.36% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| High-Yield Municipal Fund Y Class returned 2.16% for the reporting period ended May 31, 2025. | High-Yield Municipal Fund Y Class returned 2.16% for the reporting period ended May 31, 2025. |
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through May 31, 2025* |

---

![10](ck0000746458-20250531_g5.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 2.16% | 2.28% | 2.88% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 1.90% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;S&P Municipal Bond 50% Investment Grade/50% High Yield | 2.98% | 2.05% | 2.88% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $569685692 |
| Management Fees (dollars paid during the reporting period) | $2827951 |
| Portfolio Turnover Rate | 47% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.3% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934622

------

**ANNUAL SHAREHOLDER REPORT**

High-Yield Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (AYMAX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about High-Yield Municipal Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $85 | 0.84% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| High-Yield Municipal Fund A Class returned 1.80% for the reporting period ended May 31, 2025. | High-Yield Municipal Fund A Class returned 1.80% for the reporting period ended May 31, 2025. |
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000746458-20250531_g6.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 1.80% | 1.81% | 2.64% |
| **A Class - with sales charge** | -2.79% | 0.88% | 2.16% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Municipal Bond 50% Investment Grade/50% High Yield | 2.98% | 2.05% | 3.18% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $569685692 |
| Management Fees (dollars paid during the reporting period) | $2827951 |
| Portfolio Turnover Rate | 47% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.3% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934861

------

**ANNUAL SHAREHOLDER REPORT**

High-Yield Municipal Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (AYMCX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about High-Yield Municipal Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $160 | 1.59% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| High-Yield Municipal Fund C Class returned 0.92% for the reporting period ended May 31, 2025. | High-Yield Municipal Fund C Class returned 0.92% for the reporting period ended May 31, 2025. |
| The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. | The fund seeks high current income that is exempt from federal income tax. The fund also seeks capital appreciation as a secondary objective. The commentary below refers to the fund's performance compared to the S&P Municipal Bond 50% Investment Grade/50% High Yield Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Selections in the multifamily housing, special tax and private university sectors were among the largest detractors. Negative results in these sectors and others overwhelmed solid selection effects in the hospital and charter school sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects also detracted from performance, largely due to our positioning along the curve, which favored the longer end of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive, led by an overweight position versus the index in retirement community securities. Overweights in the other tax-supported and other revenue sectors also aided results. These allocations more than offset negative results from overweights in charter schools and student housing and an underweight in single-family housing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | High-yield municipal bonds generally outperformed their investment-grade peers during the period. Compared with the index, which invests equally in investment-grade and high-yield municipal bonds, the portfolio ended the period with an overweight to high-yield securities, which boosted results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![10](ck0000746458-20250531_g7.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 0.92% | 1.03% | 1.87% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Municipal Bond 50% Investment Grade/50% High Yield | 2.98% | 2.05% | 3.18% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $569685692 |
| Management Fees (dollars paid during the reporting period) | $2827951 |
| Portfolio Turnover Rate | 47% |
| Total Number of Portfolio Holdings | 395 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.3% |
| Other Assets and Liabilities | 0.7% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934879

------

**ANNUAL SHAREHOLDER REPORT**

Intermediate-Term Tax-Free Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (TWTIX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Intermediate-Term Tax-Free Bond Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $47 | 0.46% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Intermediate-Term Tax-Free Bond Fund Investor Class returned 2.27% for the reporting period ended May 31, 2025. | Intermediate-Term Tax-Free Bond Fund Investor Class returned 2.27% for the reporting period ended May 31, 2025. |
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![10](ck0000746458-20250531_g8.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **Investor Class** | 2.27% | 1.04% | 1.92% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Intermediate Term National AMT-Free Municipal Bond | 2.63% | 0.86% | 2.04% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3575071433 |
| Management Fees (dollars paid during the reporting period) | $10058314 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 1551 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.5% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.0% |
| Other Assets and Liabilities | 0.0% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934507

------

**ANNUAL SHAREHOLDER REPORT**

Intermediate-Term Tax-Free Bond Fund &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **I Class (AXBIX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Intermediate-Term Tax-Free Bond Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| I Class | $26 | 0.26% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Intermediate-Term Tax-Free Bond Fund I Class returned 2.57% for the reporting period ended May 31, 2025. | Intermediate-Term Tax-Free Bond Fund I Class returned 2.57% for the reporting period ended May 31, 2025. |
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![10](ck0000746458-20250531_g9.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **I Class** | 2.57% | 1.24% | 2.12% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Intermediate Term National AMT-Free Municipal Bond | 2.63% | 0.86% | 2.04% |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3575071433 |
| Management Fees (dollars paid during the reporting period) | $10058314 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 1551 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.5% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.0% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934846

------

**ANNUAL SHAREHOLDER REPORT**

Intermediate-Term Tax-Free Bond Fund &nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Y Class (ATBYX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Intermediate-Term Tax-Free Bond Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Y Class | $23 | 0.23% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Intermediate-Term Tax-Free Bond Fund Y Class returned 2.60% for the reporting period ended May 31, 2025. | Intermediate-Term Tax-Free Bond Fund Y Class returned 2.60% for the reporting period ended May 31, 2025. |
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *April 10, 2017 through May 31, 2025* |

---

![10](ck0000746458-20250531_g10.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Y Class** | 2.60% | 1.27% | 2.12% | 4/10/17 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 1.90% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;S&P Intermediate Term National AMT-Free Municipal Bond | 2.63% | 0.86% | 1.94% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3575071433 |
| Management Fees (dollars paid during the reporting period) | $10058314 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 1551 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.5% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.0% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934614

------

**ANNUAL SHAREHOLDER REPORT**

Intermediate-Term Tax-Free Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **A Class (TWWOX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Intermediate-Term Tax-Free Bond Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| A Class | $72 | 0.71% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Intermediate-Term Tax-Free Bond Fund A Class returned 2.11% for the reporting period ended May 31, 2025. | Intermediate-Term Tax-Free Bond Fund A Class returned 2.11% for the reporting period ended May 31, 2025. |
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |
| *The initial investment is adjusted to reflect the maximum initial sales charge.* |

---

![10](ck0000746458-20250531_g11.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **A Class** | 2.11% | 0.81% | 1.67% |
| **A Class - with sales charge** | -2.49% | -0.12% | 1.20% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Intermediate Term National AMT-Free Municipal Bond | 2.63% | 0.86% | 2.04% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum contingent deferred sales charge of 1.00%. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3575071433 |
| Management Fees (dollars paid during the reporting period) | $10058314 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 1551 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.5% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.0% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934648

------

**ANNUAL SHAREHOLDER REPORT**

Intermediate-Term Tax-Free Bond Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **C Class (TWTCX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Intermediate-Term Tax-Free Bond Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021.

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| C Class | $147 | 1.46% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Intermediate-Term Tax-Free Bond Fund C Class returned 1.35% for the reporting period ended May 31, 2025. | Intermediate-Term Tax-Free Bond Fund C Class returned 1.35% for the reporting period ended May 31, 2025. |
| The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. | The fund seeks safety of principal and high current income that is exempt from federal income tax. The comments below refer to the fund's performance compared to the S&P Intermediate Term National AMT-Free Municipal Bond Index during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Interest rate volatility, trade wars and federal tax policy uncertainty were key challenges for the municipal bond market during the reporting period. Against this backdrop, security selection was the primary detractor to portfolio performance. Our choices in the student housing, water and sewer, and state and local general obligation (GO) sectors were among the weakest. Meanwhile, the portfolio logged positive selection results in the charter school and private university sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve effects slightly detracted from performance, largely due to our positioning along the curve, which favored the intermediate and long portions of the municipal curve. Positive results from duration, which we managed using U.S. Treasury futures, and yield curve roll-down helped offset some of the negative positioning effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our sector allocation decisions were broadly positive. Out-of-index positions in the hospital, industry development revenue/pollution control revenue, retirement community and multifamily housing sectors were top contributors. An underweight position versus in the index in the special tax sector also aided performance. Underweights in state GO and pre-refunded securities were the main detractors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *May 31, 2015 through May 31, 2025* |

---

![10](ck0000746458-20250531_g12.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | 10 Year |
| **C Class** | 1.35% | 0.05% | 0.91% |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | 1.64% | 0.53% | 2.08% |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Intermediate Term National AMT-Free Municipal Bond | 2.63% | 0.86% | 2.04% |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $3575071433 |
| Management Fees (dollars paid during the reporting period) | $10058314 |
| Portfolio Turnover Rate | 45% |
| Total Number of Portfolio Holdings | 1551 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.5% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.0% |
| Other Assets and Liabilities | 0.0% |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934630

------

**ANNUAL SHAREHOLDER REPORT**

Tax-Free Money Market Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

---

| | |
|:---|:---|
| **Investor Class (BNTXX)**  | **May 31, 2025** |

---

This annual shareholder report contains important information about Tax-Free Money Market Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information about the fund at americancentury.com/docs. You can also request this information by contacting us at 1-800-345-2021. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* |
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $50 | 0.49% |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $164137506 |
| Management Fees (dollars paid during the reporting period) | $783140 |
| Total Number of Portfolio Holdings | 88 |
| 7-Day Current Yield - Investor Class | 1.90% |
| 7-Day Effective Yield - Investor Class | 1.92% |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.2% |
| Other Assets and Liabilities | 0.8% |

---

---

| |
|:---|
| **Fund Changes** |
| Beginning October 2024, the total eligible investments required to qualify for a waiver of the annual account maintenance fee changed from $10,000 to $25,000. Such fee will also be waived for any accounts for which the shareholder has elected to receive electronic delivery of all fund/account documents. |

---

*For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/docs.*

![QR ACI Docs.jpg](ck0000746458-20250531_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0000746458-20250531_g1.jpg)

A-24934408

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

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

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

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

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

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

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

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

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

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal

accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

---

| | |
|:---|:---|
| FY 2024: | $70870 |
| FY 2025: | $68500 |

---

(b) Audit-Related Fees.

------

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

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(c) Tax Fees.

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

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(d) All Other Fees.

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

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

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

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant's audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's audit committee also pre-approves its accountant's engagements for non-audit services with the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant's audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X.

------

Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

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

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

---

| | |
|:---|:---|
| FY 2024: | $343325 |
| FY 2025: | $98325 |

---

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

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the financial statements and other information filed under Item 7 of this Form.

(b) Not applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) ------

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

![acihorizblkd52.jpg](ck0000746458-20250531_g13.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| May 31, 2025 |
| High-Yield Municipal Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ABHYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AYMIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (AYMYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (AYMAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (AYMCX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i98bfee2b32594d82a122f85cbeaab18f_31) |
| Statement of Assets and Liabilities | [14](#i98bfee2b32594d82a122f85cbeaab18f_37) |
| Statement of Operations | [15](#i98bfee2b32594d82a122f85cbeaab18f_40) |
| Statement of Changes in Net Assets | [16](#i98bfee2b32594d82a122f85cbeaab18f_43) |
| Notes to Financial Statements | [17](#i98bfee2b32594d82a122f85cbeaab18f_46) |
| Financial Highlights | [22](#i98bfee2b32594d82a122f85cbeaab18f_49) |
| Report of Independent Registered Public Accounting Firm | [24](#i98bfee2b32594d82a122f85cbeaab18f_52) |
| Other Tax Information | [25](#i98bfee2b32594d82a122f85cbeaab18f_3204) |

---

------

Schedule of Investments

**MAY 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.3%** | **Principal Amount** | **Value** |
| **Alabama — 1.9%** | | |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | $3075000 | $3067390 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1042861 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 1250000 | 1310849 |
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 600000 | 635251 |
| Jefferson Sewer County Rev., 5.25%, 10/1/49 | 2000000 | 2020886 |
| Mobile County Industrial Development Authority Rev., (AM/NS Calvert LLC), 4.75%, 12/1/54 (GA: Arcelormittal SA) | 330000 | 298176 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 2400000 | 2502124 |
|  |  | 10877537 |
| **Arizona — 5.2%** |  |  |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51<sup>(1)</sup> | 2065000 | 1896861 |
| Arizona Industrial Development Authority Rev., (Doral Academy of Nevada Fire Mesa/Red Rock/Pebble Obligated Group), 5.00%, 7/15/49 | 1675000 | 1481210 |
| Arizona Industrial Development Authority Rev., (Kaizen Education Foundation), 5.70%, 7/1/47<sup>(1)</sup> | 2000000 | 2005313 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50<sup>(1)(2)(3)</sup> | 7000000 | 210000 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51<sup>(1)(2)(3)</sup> | 1400000 | 42000 |
| Arizona Industrial Development Authority Rev., (Mirabella at ASU, Inc.), VRN, 5.35%, 10/1/28<sup>(1)</sup> | 840000 | 787369 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/50<sup>(1)</sup> | 1600000 | 1268891 |
| Glendale Industrial Development Authority Rev., (People of Faith, Inc. Obligated Group), 5.00%, 5/15/56 | 3500000 | 2923393 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (AZ GFF Tiyan LLC), 5.375%, 2/1/41 | 840000 | 738888 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/45<sup>(1)</sup> | 1500000 | 1421756 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/46<sup>(1)</sup> | 1500000 | 1415387 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/46<sup>(1)</sup> | 500000 | 466054 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 5.625%, 6/15/45<sup>(1)</sup> | 2000000 | 1994682 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(1)</sup> | 1000000 | 733216 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(1)</sup> | 1860000 | 1363782 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.25%, 7/1/44 | 1165000 | 1001603 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 2450000 | 2273530 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/56<sup>(1)</sup> | 1220000 | 924788 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.25%, 7/1/47 | 1000000 | 1043517 |
| Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/54<sup>(1)</sup> | 2000000 | 1817445 |
| Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.00%, 10/1/37<sup>(1)</sup> | 800000 | 593109 |
| Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 6.125%, 10/1/47<sup>(1)</sup> | 4650000 | 3039431 |
|  |  | 29442225 |
| **Arkansas — 0.5%** |  |  |
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.45%, 9/1/52 | 2000000 | 1990920 |
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 | 670000 | 677680 |
|  |  | 2668600 |
| **California — 4.4%** |  |  |
| California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50<sup>(4)</sup> | 8000000 | 1755364 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), Capital Appreciation, 0.00%, 6/1/55<sup>(4)</sup> | 1000000 | 182000 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | $665000 | $671117 |
| City & County of San Francisco Special Tax, (City & County of San Francisco CA Dist No. 2020-1 Development), 5.75%, 9/1/50<sup>(1)</sup> | 850000 | 879232 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 3.25%, 4/1/57<sup>(1)</sup> | 3000000 | 2082472 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57<sup>(1)</sup> | 2140000 | 1481771 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Altana Apartments), 4.00%, 10/1/56<sup>(1)</sup> | 2500000 | 1849502 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Escondido Portfolio), 4.00%, 12/1/59<sup>(1)</sup> | 3500000 | 1818591 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 2000000 | 1265331 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 4.00%, 3/1/57<sup>(1)</sup> | 1765000 | 1235516 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Parallel-Anaheim), 4.00%, 8/1/56<sup>(1)</sup> | 2450000 | 2063858 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Waterscape Apartments), 4.00%, 9/1/46<sup>(1)</sup> | 825000 | 656965 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 1670000 | 497078 |
| Foothill-Eastern Transportation Corridor Agency Rev., Capital Appreciation, 6.85%, 1/15/42 | 500000 | 568561 |
| Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66<sup>(4)</sup> | 9750000 | 1050092 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 2665000 | 2285998 |
| Hastings Campus Housing Finance Authority Rev., Capital Appreciation, VRN, 0.00%, 7/1/61<sup>(1)</sup> | 7660000 | 3361853 |
| Sunnyvale Special Tax, (City of Sunnyvale CA Community Facilities District No. 1), 7.75%, 8/1/32 | 1205000 | 1208654 |
|  |  | 24913955 |
| **Colorado — 4.0%** |  |  |
| Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/50 | 1000000 | 909241 |
| City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750000 | 794437 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/53 | 1000000 | 984989 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 400000 | 412575 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.25%, 12/1/54 | 570000 | 574357 |
| Cornerstar Metropolitan District GO, 4.50%, 12/1/27 | 243000 | 241613 |
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 615000 | 614786 |
| Denver International Business Center Metropolitan District No. 1 GO, 6.00%, 12/1/48 | 2286000 | 2292565 |
| Denver Urban Renewal Authority Tax Allocation, (Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39<sup>(1)</sup> | 1685000 | 1624622 |
| Fiddlers Business Improvement District GO, 5.55%, 12/1/47<sup>(1)</sup> | 1000000 | 995061 |
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 1455000 | 1105552 |
| Parterre Metropolitan District No. 5 GO, 6.125%, 12/1/55 | 1500000 | 1542095 |
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 500000 | 514691 |
| Red Barn Metropolitan District GO, 5.50%, 12/1/55 | 940000 | 909870 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35<sup>(1)</sup> | 2000000 | 2108536 |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/37 | 500000 | 488110 |
| Southlands Metropolitan District No. 1 GO, 5.00%, 12/1/47 | 1000000 | 923924 |
| State of Colorado COP, 6.00%, 12/15/38 | 810000 | 925999 |
| State of Colorado COP, 6.00%, 12/15/40 | 1345000 | 1521667 |
| Sterling Ranch Community Authority Board Special Assessment, (Sterling Ranch Metropolitan District No. 1), 5.625%, 12/1/43 | 511000 | 511231 |
| Village Metropolitan District GO, 5.00%, 12/1/49 | 2400000 | 2277397 |
| Water Valley Metropolitan District No. 1 GO, 5.25%, 12/1/40 | 300000 | 293185 |
|  |  | 22566503 |
| **Connecticut — 1.2%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/50<sup>(1)</sup> | 3750000 | 3365031 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/55<sup>(1)</sup> | $2000000 | $1590675 |
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 900000 | 901803 |
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.75%, 10/1/32 | 1000000 | 1003167 |
|  |  | 6860676 |
| **Delaware — 0.6%** |  |  |
| Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.625%, 7/1/53<sup>(1)</sup> | 750000 | 752114 |
| Town of Millsboro Special Tax, (Town of Millsboro DE Plantation Lakes Special Development District), 5.25%, 7/1/48<sup>(1)</sup> | 2994000 | 2781070 |
|  |  | 3533184 |
| **District of Columbia — 0.7%** |  |  |
| District of Columbia Rev., (Rocketship DC Obligated Group), 5.75%, 6/1/54 | 750000 | 743499 |
| District of Columbia Tobacco Settlement Financing Corp. Rev., Capital Appreciation, 0.00%, 6/15/46<sup>(4)</sup> | 15000000 | 3213356 |
|  |  | 3956855 |
| **Florida — 7.5%** |  |  |
| Babcock Ranch Community Independent Special District Special Assessment, (Babcock Ranch Community Independent Special District Assessment Area 1), 5.25%, 11/1/46 | 250000 | 246346 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 1000000 | 904476 |
| Capital Projects Finance Authority Rev., (Navigator Academy of Leadership, Inc. Obligated Group), 5.00%, 6/15/64<sup>(1)</sup> | 1000000 | 874998 |
| Capital Projects Finance Authority Rev., (PRG - UnionWest Properties LLC), 5.00%, 6/1/54<sup>(1)</sup> | 250000 | 236809 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/58 | 1200000 | 1071282 |
| Escambia County Health Facilities Authority Rev., (Baptist Hospital, Inc. Obligated Group), 4.00%, 8/15/45 | 4860000 | 4138618 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 5.00%, 9/15/50<sup>(1)</sup> | 2200000 | 1877229 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 6.75%, 6/15/53<sup>(1)</sup> | 1500000 | 1566883 |
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/54 | 2500000 | 2409173 |
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/53 | 1250000 | 1325218 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.50%, 11/15/54 | 2000000 | 2106555 |
| JEA Water & Sewer System Rev., 5.50%, 10/1/54 | 1000000 | 1054134 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/49<sup>(1)</sup> | 800000 | 700872 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/54<sup>(1)</sup> | 850000 | 726381 |
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 650000 | 650397 |
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 2000000 | 1938943 |
| Miami-Dade County Industrial Development Authority Rev., (Pinecrest Academy Obligated Group), 5.25%, 9/15/44 | 950000 | 882426 |
| Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 | 700000 | 695607 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/46 | 2000000 | 1937379 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.75%, 9/1/54 (AGM) | 960000 | 1012314 |
| Tomoka Community Development District Special Assessment, (Tomoka Community Development District Series 2017), 5.50%, 5/1/35 | 2500000 | 2536291 |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.625%, 1/1/30<sup>(1)</sup> | 750000 | 748509 |
| Village Community Development District No. 12 Special Assessment (Village Community Development District No. 12 Series 2016), 3.625%, 5/1/31 | 1805000 | 1766075 |
| Village Community Development District No. 12 Special Assessment (Village Community Development District No. 12 Series 2018 Phase II), 4.375%, 5/1/50 | 2425000 | 2111228 |
| Village Community Development District No. 13 Special Assessment (Village Community Development District No. 13 Phase I Series 2019), 3.70%, 5/1/50 | 1885000 | 1453588 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.25%, 5/1/52 | 2130000 | 1463708 |
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.50%, 5/1/53 | 2850000 | 2870629 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 5.25%, 5/1/54<sup>(1)</sup> | 985000 | 961876 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.80%, 5/1/55<sup>(1)</sup> | $500000 | $458996 |
| Winter Garden Village at Fowler Groves Community Development District Special Assessment, (Winter Garden Village at Fowler Groves Cmnty Development Dist 2016), 4.125%, 5/1/37 | 1995000 | 1914030 |
|  |  | 42640970 |
| **Georgia — 3.5%** |  |  |
| Atlanta Department of Aviation Rev., 5.00%, 7/1/52 | 2100000 | 2069666 |
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 775000 | 782806 |
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 2500000 | 2495162 |
| Development Authority of White County Rev., (Truett-McConnell University, Inc. Obligated Group), 5.25%, 10/1/49 | 4000000 | 3209370 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/54 | 1250000 | 1022038 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/54<sup>(1)</sup> | 2020000 | 1814471 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 1050000 | 1097474 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | 3645000 | 3787538 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 500000 | 521251 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 3000000 | 3156574 |
|  |  | 19956350 |
| **Idaho — 1.1%** |  |  |
| Idaho Health Facilities Authority Rev., (North Canyon Medical Center, Inc.), 5.50%, 11/1/45 | 3250000 | 2944917 |
| Idaho Health Facilities Authority Rev., (North Canyon Medical Center, Inc.), 7.125%, 11/1/57 | 1000000 | 1050279 |
| Idaho Health Facilities Authority Rev., (St. Luke's Health System Ltd. Obligated Group ID), 4.00%, 3/1/46 (BAM-TCRS) | 2000000 | 1784173 |
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 370000 | 403526 |
|  |  | 6182895 |
| **Illinois — 6.9%** |  |  |
| Chicago GO, 5.00%, 1/1/28 | 2000000 | 2058772 |
| Chicago GO, 5.00%, 1/1/29 | 2000000 | 2076054 |
| Chicago GO, 5.625%, 1/1/29 | 2500000 | 2560689 |
| Chicago Board of Education GO, 5.00%, 12/1/42 | 3815000 | 3461528 |
| Chicago Board of Education GO, 5.00%, 12/1/46 | 2500000 | 2276539 |
| Chicago Board of Education GO, 6.50%, 12/1/46 | 1000000 | 1010921 |
| Chicago Midway International Airport Rev., 5.75%, 1/1/48 (BAM) | 715000 | 752551 |
| Chicago O'Hare International Airport Rev., 5.50%, 1/1/53 (AGM) | 1000000 | 1022559 |
| Chicago O'Hare International Airport Rev., (TrIPs Obligated Group), 5.50%, 7/1/36<sup>(5)</sup> | 1415000 | 1525659 |
| Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.125%, 12/1/50 (GA: Centerpoint Properties TR)<sup>(1)</sup> | 1500000 | 1447514 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/47 | 3500000 | 3386886 |
| Illinois Finance Authority Rev., (Intrinsic Schools), 6.00%, 12/1/45<sup>(1)</sup> | 2000000 | 2002190 |
| Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/49<sup>(1)</sup> | 1840000 | 1692135 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine and Science), 5.25%, 8/1/35<sup>(1)</sup> | 1090000 | 1092783 |
| Illinois Municipal Electric Agency Rev., 4.00%, 2/1/35 | 2500000 | 2464358 |
| Springfield Electric Rev., 5.00%, 3/1/39 (BAM) | 1250000 | 1319910 |
| State of Illinois GO, 5.125%, 12/1/29 | 3000000 | 3107450 |
| State of Illinois GO, 5.00%, 10/1/33 | 900000 | 929286 |
| State of Illinois GO, 5.50%, 5/1/39 | 985000 | 1031177 |
| State of Illinois GO, 5.75%, 5/1/45 | 2400000 | 2494289 |
| Western Illinois Economic Development Authority Rev., (Memorial Hospital Association IL), 4.00%, 6/1/36 | 2000000 | 1746682 |
|  |  | 39459932 |
| **Indiana — 0.7%** |  |  |
| Carmel Waterworks Rev., 5.25%, 5/1/51 (BAM) | 1150000 | 1173595 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.125%, 6/1/58 | 250000 | 241575 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/39 | 250000 | 260254 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/44 | 250000 | 253604 |
| Indiana Finance Authority Rev., (Retirement Living, Inc. Obligated Group), 5.25%, 3/1/50<sup>(5)</sup> | 880000 | 852246 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.75%, 7/1/64 | $1255000 | $1132831 |
| Valparaiso Rev., (Pratt Paper IN LLC), 4.50%, 1/1/34<sup>(1)</sup> | 195000 | 195336 |
| Valparaiso Rev., (Pratt Paper IN LLC), 5.00%, 1/1/54<sup>(1)</sup> | 100000 | 92734 |
|  |  | 4202175 |
| **Iowa — 0.8%** |  |  |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 3720000 | 3492826 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 7.50%, 5/15/53 | 1000000 | 1103520 |
|  |  | 4596346 |
| **Kansas — 0.1%** |  |  |
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 870000 | 799642 |
| **Kentucky — 0.7%** |  |  |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 1335000 | 1334974 |
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 6/1/55 (GA: Morgan Stanley Finance) | 2500000 | 2622906 |
|  |  | 3957880 |
| **Louisiana — 0.5%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Christwood Obligated Group), 5.25%, 11/15/53<sup>(1)</sup> | 500000 | 457625 |
| St. James Parish Rev., (NuStar Logistics LP), VRN, 6.10%, 12/1/40<sup>(1)</sup> | 1250000 | 1330038 |
| St. James Parish Rev., (NuStar Logistics LP), VRN, 5.85%, 8/1/41<sup>(1)</sup> | 1000000 | 1000000 |
|  |  | 2787663 |
| **Maryland — 1.2%** |  |  |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.125%, 6/1/43 | 1500000 | 1447246 |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.00%, 6/1/51 | 1200000 | 1134016 |
| Brunswick Special Tax, (City of Brunswick MD Brunswick Crossing District), 5.00%, 7/1/36 | 1447000 | 1451402 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/50 | 3370000 | 2712154 |
|  |  | 6744818 |
| **Massachusetts — 0.6%** |  |  |
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/52 | 2070000 | 2020614 |
| Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 5.00%, 7/1/60<sup>(1)</sup> | 1000000 | 904938 |
| Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29<sup>(1)</sup> | 400000 | 400353 |
|  |  | 3325905 |
| **Michigan — 3.1%** |  |  |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/47 | 2500000 | 2247149 |
| Detroit GO, 5.50%, 4/1/45 | 1540000 | 1572850 |
| Detroit GO, 5.00%, 4/1/46 | 3000000 | 2980249 |
| Detroit GO, 5.00%, 4/1/50 | 1250000 | 1222803 |
| Detroit GO, 5.50%, 4/1/50 | 1820000 | 1846342 |
| Flint Hospital Building Authority Rev., (Hurley Medical Center), 4.00%, 7/1/41 | 2500000 | 2256312 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 1580000 | 1463812 |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 0.00%, 6/1/65<sup>(4)</sup> | 1500000 | 151785 |
| Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44<sup>(1)</sup> | 1335000 | 1312441 |
| State of Michigan Trunk Line Rev., 5.00%, 11/15/46 | 2000000 | 2072270 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/36 (AGM) | 750000 | 809538 |
|  |  | 17935551 |
| **Minnesota — 0.3%** |  |  |
| Crookston Rev., (Riverview Healthcare Association), 5.00%, 5/1/51 | 3100000 | 1642676 |
| **Mississippi — 0.5%** |  |  |
| Hinds County COP, 4.625%, 9/1/54 (BAM)<sup>(1)</sup> | 960000 | 828212 |
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 1900000 | 1868316 |
|  |  | 2696528 |
| **Missouri — 2.4%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/54 | 1250000 | 1205386 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/48 | $945000 | $976510 |
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 2500000 | 2119933 |
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 750000 | 738834 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 5000000 | 4676633 |
| St. Louis County Industrial Development Authority Rev., (Nazareth Living Center), 5.125%, 8/15/45 | 3600000 | 3095628 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/46 | 1000000 | 897972 |
|  |  | 13710896 |
| **Nebraska — 0.9%** |  |  |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 5000000 | 5158519 |
| **Nevada — 3.2%** |  |  |
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/30 | 1145000 | 1146741 |
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/32 | 295000 | 295389 |
| Clark County Special Assessment, (County of Clark NV Special Improvement District No. 159), 5.00%, 8/1/35 | 545000 | 545570 |
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.50%, 12/1/53 | 300000 | 292987 |
| Las Vegas Special Improvement District No. 812 Special Assessment, 5.00%, 12/1/35 | 840000 | 843004 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 775000 | 619778 |
| Las Vegas Special Improvement District No. 817 Special Assessment, 6.00%, 6/1/53 | 500000 | 514034 |
| Nevada Department of Business & Industry Rev., (Desertxpress Enterprises LLC), VRN, 9.50%, 1/1/65<sup>(1)</sup> | 2500000 | 2385636 |
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada Cactus/Saddle Obligated Group), 5.00%, 7/15/37 | 1000000 | 989237 |
| Nevada Department of Business & Industry Rev., (Doral Academy of Nevada Cactus/Saddle Obligated Group), 5.00%, 7/15/47 | 1400000 | 1252286 |
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.25%, 6/1/34 | 535000 | 511804 |
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.50%, 6/1/39 | 640000 | 599324 |
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/43 | 530000 | 481174 |
| North Las Vegas Special Assessment, (City of North Las Vegas NV Special Improvement District No. 64 Valley Vista), 4.625%, 6/1/49 | 870000 | 765519 |
| Reno Rev., (County of Washoe NV Sales Tax), Capital Appreciation, 0.00%, 7/1/58<sup>(1)(4)</sup> | 5500000 | 814806 |
| Reno Rev., (County of Washoe NV Sales Tax), Capital Appreciation, 0.00%, 7/1/58<sup>(1)(4)</sup> | 13000000 | 1487702 |
| Reno Special Assessment, (City of Reno NV 2024 District No. 1), 5.125%, 6/1/47<sup>(1)</sup> | 675000 | 632590 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/39 | 240000 | 240129 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/44 | 230000 | 221524 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.125%, 6/1/54 | 285000 | 266001 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 2850000 | 2765740 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 500000 | 471706 |
|  |  | 18142681 |
| **New Jersey — 2.9%** |  |  |
| New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/49<sup>(1)</sup> | 1105000 | 1033695 |
| New Jersey Economic Development Authority Rev., (Beloved Community Charter School, Inc.), 5.00%, 6/15/54<sup>(1)</sup> | 725000 | 669496 |
| New Jersey Economic Development Authority Rev., (Port Newark Container Terminal LLC), 5.00%, 10/1/47 | 5000000 | 4763939 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/52 | 2300000 | 2313905 |
| New Jersey Economic Development Authority Rev., (United Airlines, Inc.), 5.625%, 11/15/30 | 455000 | 455237 |
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 530000 | 527224 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/44 | 5000000 | 4988144 |
| New Jersey Turnpike Authority Rev., 5.25%, 1/1/55<sup>(5)</sup> | 1500000 | 1551667 |
|  |  | 16303307 |
| **New Mexico — 1.0%** |  |  |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/33 | 500000 | 486643 |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/38 | 450000 | 431246 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Lower Petroglyphs Public Improvement District Special Tax, 5.00%, 10/1/48 | $1200000 | $1111306 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.00%, 5/1/33<sup>(1)</sup> | 1000000 | 947922 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.25%, 5/1/40<sup>(1)</sup> | 2750000 | 2466282 |
|  |  | 5443399 |
| **New York — 11.1%** |  |  |
| Buffalo & Erie County Industrial Land Development Corp. Rev., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | 1500000 | 1501086 |
| Build NYC Resource Corp. Rev., (TrIPs Obligated Group), 5.50%, 7/1/45<sup>(5)</sup> | 1000000 | 1029997 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 4500000 | 4174879 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 3805000 | 3220117 |
| Metropolitan Transportation Authority Rev., 5.25%, 11/15/55 | 5000000 | 5075255 |
| New York City GO, 5.25%, 5/1/42 | 1000000 | 1051832 |
| New York City GO, 5.00%, 4/1/43 | 7040000 | 7112837 |
| New York City GO, 5.25%, 5/1/43 | 1000000 | 1043282 |
| New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/28 | 700000 | 703652 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/50 | 10000000 | 10119757 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.50%, 5/1/53 | 1500000 | 1592896 |
| New York Counties Tobacco Trust Rev., 5.00%, 6/1/45 | 1000000 | 873928 |
| New York Counties Tobacco Trust Rev., 4.00%, 6/1/51 | 1500000 | 1067527 |
| New York State Dormitory Authority Rev., (Cornell University), 5.50%, 7/1/54 | 1000000 | 1062174 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/41 | 1235000 | 1267446 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/44 | 750000 | 760894 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 2500000 | 2232883 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.25%, 3/15/52 | 670000 | 695932 |
| New York State Thruway Authority Rev., 5.25%, 1/1/54 | 1000000 | 1038329 |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.625%, 4/1/40 | 1630000 | 1671740 |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 2000000 | 1773607 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 3800000 | 3495276 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 2535000 | 2550488 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), 5.25%, 12/31/54 (AGC) | 1750000 | 1756177 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), VRN, 0.00%, 12/31/54 (AGC) | 750000 | 460973 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/49 (AGM) | 1000000 | 989572 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/54 (AGM) | 1250000 | 1225138 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.50%, 6/30/54 | 555000 | 559937 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/54 | 1095000 | 1148685 |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.75%, 11/1/48 (AGM) | 500000 | 536435 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 320000 | 315186 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/49 | 640000 | 590472 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/54 | 465000 | 420267 |
|  |  | 63118656 |
| **North Carolina — 1.1%** |  |  |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/35 | 1000000 | 970499 |
| North Carolina Medical Care Commission Rev., (Moravian Home Obligated Group), 5.00%, 10/1/48 | 3000000 | 2507352 |
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.50%, 9/1/29 | 315000 | 313196 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/49 | 1500000 | 1365621 |
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/58 (AGM) | 1000000 | 989891 |
|  |  | 6146559 |
| **Ohio — 4.7%** |  |  |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/33 | 935000 | 1019723 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/35 | 1030000 | 1123796 |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 12380000 | 10728367 |
| Buckeye Tobacco Settlement Financing Authority Rev., Capital Appreciation, 0.00%, 6/1/57<sup>(4)</sup> | 15000000 | 1444239 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.50%, 12/1/53 | 2500000 | 2410776 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | $525000 | $517529 |
| Columbus-Franklin County Finance Authority Rev., (Ohio Dominican University), 6.50%, 3/1/48 | 5670000 | 3695246 |
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 935000 | 925215 |
| Muskingum County Rev., (Genesis Healthcare System Obligated Group), 5.00%, 2/15/44 | 2500000 | 2360425 |
| Ohio Air Quality Development Authority Rev., (Pratt Paper OH LLC), 4.25%, 1/15/38 (GA: Pratt Industries, Inc.)<sup>(1)</sup> | 1000000 | 945432 |
| Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 1900000 | 1657941 |
|  |  | 26828689 |
| **Oklahoma — 0.4%** |  |  |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41<sup>(5)</sup> | 300000 | 314643 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42<sup>(5)</sup> | 345000 | 358926 |
| Oklahoma Water Resources Board Rev., 4.125%, 10/1/53 | 1300000 | 1142093 |
| Tulsa Airports Improvement Trust Rev., (American Airlines, Inc.), 6.25%, 12/1/35 | 555000 | 607276 |
|  |  | 2422938 |
| **Oregon — 0.4%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250000 | 243513 |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.25%, 11/15/50 | 1000000 | 916541 |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.375%, 11/15/55 | 1500000 | 1374710 |
|  |  | 2534764 |
| **Pennsylvania — 3.1%** |  |  |
| Allegheny County Airport Authority Rev., 5.00%, 1/1/35 (AGM) | 1000000 | 1060678 |
| Berks County Municipal Authority Rev., (Alvernia University), 5.00%, 10/1/49 | 1225000 | 1006524 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 6/30/39 | 2100000 | 1945672 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 0.00%, 6/30/44 | 1049000 | 755333 |
| Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.00%, 3/1/38<sup>(1)</sup> | 358000 | 344812 |
| Chester County Industrial Development Authority Special Assessment, (Woodlands at Greystone Neighborhood Improvement District), 5.125%, 3/1/48<sup>(1)</sup> | 748000 | 678022 |
| Crawford County Hospital Authority Rev., (Meadville Medical Center Obligated Group), 6.00%, 6/1/46 | 1500000 | 1505594 |
| Franklin County Industrial Development Authority Rev., (Menno-Haven, Inc. Obligated Group), 5.00%, 12/1/48 | 1170000 | 1003506 |
| Lancaster County Hospital Authority Rev., (Brethren Village Obligated Group), 5.125%, 7/1/37 | 1000000 | 976270 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 1750000 | 1753893 |
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.75%, 6/30/48 | 1600000 | 1628296 |
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.00%, 12/31/57 (AGM) | 1600000 | 1541829 |
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 700000 | 704717 |
| Philadelphia Authority for Industrial Development Rev., (KIPP Philadelphia Charter School), 4.00%, 4/1/26 | 75000 | 74342 |
| Philadelphia Authority for Industrial Development Rev., (Philadelphia Performing Arts Charter School), 5.00%, 6/15/50<sup>(1)</sup> | 1000000 | 908293 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/36 | 1000000 | 911709 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 1050000 | 867799 |
|  |  | 17667289 |
| **Puerto Rico — 2.5%** |  |  |
| Puerto Rico GO, 5.375%, 7/1/25 | 705243 | 705744 |
| Puerto Rico GO, 5.625%, 7/1/29 | 402071 | 421473 |
| Puerto Rico GO, 5.75%, 7/1/31 | 390528 | 418114 |
| Puerto Rico GO, 4.00%, 7/1/33 | 370323 | 356294 |
| Puerto Rico GO, 4.00%, 7/1/35 | 332871 | 314448 |
| Puerto Rico GO, 4.00%, 7/1/37 | 285691 | 264063 |
| Puerto Rico GO, 4.00%, 7/1/41 | 388431 | 333047 |
| Puerto Rico GO, 4.00%, 7/1/46 | 403963 | 332254 |
| Puerto Rico GO, Capital Appreciation, 0.00%, 7/1/33<sup>(4)</sup> | 476571 | 323026 |
| Puerto Rico GO, VRN, 0.00%, 11/1/43 | 1532082 | 921164 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | $1245911 | $643201 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 2500000 | 2332016 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.75%, 7/1/53 | 3000000 | 2747385 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/46<sup>(4)</sup> | 5000000 | 1605171 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(4)</sup> | 10000000 | 2360755 |
|  |  | 14078155 |
| **Rhode Island — 0.2%** |  |  |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/50 | 1000000 | 992943 |
| **South Carolina — 2.1%** |  |  |
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.375%, 11/1/49 | 1500000 | 1261302 |
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 1500000 | 1579872 |
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.75%, 11/15/54 | 400000 | 403406 |
| South Carolina Jobs-Economic Development Authority Rev., (Greenville Renewable Energy Education Charter School Obligated Group), 4.00%, 6/1/56<sup>(1)</sup> | 1530000 | 1011696 |
| South Carolina Jobs-Economic Development Authority Rev., (Kiawah Life Plan Village, Inc.), 5.25%, 11/15/28 | 5000000 | 5003167 |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/42 | 585000 | 551188 |
| South Carolina Jobs-Economic Development Authority Rev., (Upstate Senior Living, Inc. Obligated Group), 5.00%, 11/15/54 | 1000000 | 877799 |
| South Carolina Public Service Authority Rev., 5.25%, 12/1/49 | 500000 | 511438 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/54 (AGM) | 1000000 | 999656 |
|  |  | 12199524 |
| **Tennessee — 0.7%** |  |  |
| Hamilton County & Chattanooga Sports Authority Rev., 6.00%, 12/1/55 | 1000000 | 1109719 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.125%, 7/1/64 (BAM) | 635000 | 617391 |
| Nashville Metropolitan Development & Housing Agency Tax Allocation, (Nashville Metropolitan Development & Housing Agency Fifth + Broadway Redev Area), 5.125%, 6/1/36<sup>(1)</sup> | 500000 | 502761 |
| Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.25%, 6/1/56<sup>(1)</sup> | 1200000 | 1139649 |
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 750000 | 780327 |
|  |  | 4149847 |
| **Texas — 7.1%** |  |  |
| Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 5.00%, 11/1/44<sup>(1)</sup> | 450000 | 420636 |
| Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 5.25%, 11/1/53<sup>(1)</sup> | 500000 | 463515 |
| Austin Airport System Rev., 5.00%, 11/15/37 | 2000000 | 2070277 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/49 (BAM) | 1500000 | 1525723 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/40 | 1000000 | 944695 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital Rev., 5.00%, 12/1/45 | 2000000 | 1851425 |
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 615000 | 647383 |
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 6.125%, 8/15/48 | 9950000 | 9960654 |
| Galveston Wharves & Terminal Rev., 5.50%, 8/1/40 | 1155000 | 1199810 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1750000 | 1756302 |
| Houston Airport System Rev., 5.25%, 7/1/48 (AGM) | 2500000 | 2539176 |
| Houston Airport System Rev., (United Airlines, Inc.), 5.50%, 7/15/38 | 570000 | 586422 |
| Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 | 1740000 | 1508746 |
| Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.25%, 5/15/54 (AGM) | 1000000 | 1026631 |
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 1400000 | 1358637 |
| Mission Economic Development Corp. Rev., (Graphic Packaging International LLC), VRN, 5.00%, 12/1/64 | 1500000 | 1533000 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | $375000 | $373531 |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.125%, 9/1/45<sup>(1)</sup> | 386000 | 357777 |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.375%, 9/1/55<sup>(1)</sup> | 750000 | 698332 |
| Pottsboro Higher Education Finance Corp. Rev., (Imagine International Academy of North Texas LLC), 5.00%, 8/15/46 | 1000000 | 899910 |
| San Antonio Electric & Gas Systems Rev., 5.50%, 2/1/49 | 500000 | 532336 |
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/54 | 1000000 | 1033454 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (MRC Senior Living Fort Worth Obligated Group), 4.00%, 11/15/27 | 1335000 | 1293721 |
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 2050000 | 2159399 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.50%, 12/31/58 | 2625000 | 2690990 |
| Viridian Municipal Management District GO, 4.00%, 12/1/35 (BAM) | 920000 | 921120 |
|  |  | 40353602 |
| **Utah — 0.6%** |  |  |
| UIPA Crossroads Public Infrastructure District Tax Allocation, (UIPA Crossroads Public Infrastructure District AJL Project Area), 4.375%, 6/1/52<sup>(1)</sup> | 4250000 | 3646153 |
| **Virginia — 1.9%** |  |  |
| Cherry Hill Community Development Authority Special Assessment, 5.40%, 3/1/45<sup>(1)</sup> | 995000 | 995330 |
| Danville Industrial Development Authority Rev., (Averett University Obligated Group), 5.00%, 10/1/47 | 3240000 | 1947600 |
| Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45<sup>(1)</sup> | 1905000 | 1756225 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(1)</sup> | 2000000 | 2001468 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45<sup>(1)</sup> | 2250000 | 2090451 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/47 | 1000000 | 864501 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 1190000 | 1199837 |
|  |  | 10855412 |
| **Washington — 1.1%** |  |  |
| Grays Harbor County Public Hospital District No. 1 Rev., 6.875%, 12/1/53 | 1000000 | 1085251 |
| Jefferson County Public Hospital District No. 2 Rev., 6.875%, 12/1/53 | 2000000 | 2017198 |
| Tacoma Electric System Rev., 5.00%, 1/1/54 | 1000000 | 1011978 |
| Washington State Housing Finance Commission Rev., (Bayview Manor Homes Obligated Group), 4.00%, 7/1/26<sup>(1)</sup> | 300000 | 298379 |
| Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/38<sup>(1)</sup> | 830000 | 667621 |
| Washington State Housing Finance Commission Rev., (Lutheran Retirement Home of Greater Seattle Obligated Group), 5.00%, 7/1/48<sup>(1)</sup> | 1900000 | 1304945 |
|  |  | 6385372 |
| **West Virginia — 1.0%** |  |  |
| Monongalia County Tax Allocation, (Monongalia County Building Commission Development District No. 4), 5.75%, 6/1/43<sup>(1)</sup> | 440000 | 452086 |
| Monongalia County Tax Allocation, (Monongalia County Building Commission Development District No. 4), 6.00%, 6/1/53<sup>(1)</sup> | 875000 | 900128 |
| Ohio County Tax Allocation, (Ohio WV Fort Henry Centre Tax Increment Financing District No. 1), 5.25%, 6/1/53 | 600000 | 576185 |
| West Virginia Economic Development Authority Rev., (Commercial Metals Co.), VRN, 4.625%, 4/15/55 | 600000 | 596921 |
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.50%, 9/1/48 (AGM) | 3250000 | 3423286 |
|  |  | 5948606 |
| **Wisconsin — 4.9%** |  |  |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/54 | 8000000 | 7363042 |
| Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48<sup>(1)</sup> | 1000000 | 920675 |
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.50%, 6/1/55 | 600000 | 591037 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.75%, 7/1/53<sup>(1)</sup> | 1330000 | 1306230 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 6.75%, 7/1/63<sup>(1)</sup> | 2000000 | 1982686 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value** |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.25%, 6/15/55 | $1000000 | $994975 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.50%, 6/15/55 | 500000 | 499009 |
| Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/49<sup>(1)</sup> | 520000 | 471010 |
| Public Finance Authority Rev., (North Carolina Leadership Charter Academy, Inc.), 5.00%, 6/15/54<sup>(1)</sup> | 455000 | 402271 |
| Public Finance Authority Rev., (Pinecrest Academy of Nevada), 4.50%, 7/15/53<sup>(1)</sup> | 1000000 | 844848 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.50%, 7/1/44 | 1000000 | 1024728 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.75%, 7/1/49 | 855000 | 878848 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30, Prerefunded at 100% of Par<sup>(1)(6)</sup> | 50000 | 54031 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/50<sup>(1)</sup> | 950000 | 860307 |
| Public Finance Authority Rev., (Southminster, Inc. Obligated Group), 5.00%, 10/1/53<sup>(1)</sup> | 2750000 | 2426725 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61<sup>(1)</sup> | 1125000 | 817101 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61<sup>(1)</sup> | 1085000 | 881389 |
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/51 | 1100000 | 798482 |
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/56 | 1500000 | 1056399 |
| Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/51<sup>(1)</sup> | 1500000 | 1206626 |
| Public Finance Authority Tax Allocation, (Southeast Overtown Park West Community Redevelopment Agency), 5.00%, 6/1/41<sup>(1)</sup> | 1500000 | 1477158 |
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 200000 | 193227 |
| Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52 | 800000 | 830602 |
|  |  | 27881406 |
| **TOTAL INVESTMENT SECURITIES — 99.3%**<br>(Cost $610,538,555) |  | **565717583** |
| **OTHER ASSETS AND LIABILITIES — 0.7%** |  | **3968109** |
| **TOTAL NET ASSETS — 100.0%** |  | $**569685692** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized Appreciation <br>(Depreciation)^** |
| U.S. Treasury 2-Year Notes | 128 | September 2025 | $26552000 | $22750 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized <br>Appreciation <br>(Depreciation)^** |
| U.S. Treasury 10-Year Ultra Notes | 67 | September 2025 | $7540641 | $(21592) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AGC | – | Assured Guaranty Corp. |
| AGM | – | Assured Guaranty Municipal Corp. |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| COP | – | Certificates of Participation |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| LIQ FAC | – | Liquidity Facilities |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(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 $123,345,110, which represented 21.7% of total net assets.

(2)Security is in default.

(3)Non-income producing.

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

(5)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.

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025** | |
| **Assets** | |
| Investment securities, at value (cost of $610,538,555) | $565717583 |
| Deposits with broker for futures contracts | 193250 |
| Receivable for investments sold | 2915724 |
| Receivable for capital shares sold | 363413 |
| Receivable for variation margin on futures contracts | 6813 |
| Interest and dividends receivable | 9276137 |
|  | 578472920 |
| **Liabilities** |  |
| Disbursements in excess of demand deposit cash | 489800 |
| Payable for investments purchased | 5671929 |
| Payable for capital shares redeemed | 2182082 |
| Accrued management fees | 231923 |
| Distribution and service fees payable | 7502 |
| Dividends payable | 203992 |
|  | 8787228 |
| **Net Assets** | $569685692 |
| **Net Assets Consist of:** |  |
| Capital paid in | $667624488 |
| Distributable earnings (loss) | (97938796) |
|  | $569685692 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class | $225998065 | 26535057 | $8.52 |
| I Class | $258198194 | 30318887 | $8.52 |
| Y Class | $56798653 | 6671607 | $8.51 |
| A Class | $26587173 | 3122120 | $8.52 |
| C Class | $2103607 | 247096 | $8.51 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $8.92 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED MAY 31, 2025** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $29046149 |
| Dividends | 170497 |
|  | 29216646 |
| **Expenses:** |  |
| Management fees | 2828175 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 70322 |
| &nbsp;&nbsp;&nbsp;C Class | 21972 |
| Trustees' fees and expenses | 36708 |
| Other expenses | 4716 |
|  | 2961893 |
| Fees waived<sup>(1)</sup> | (224) |
|  | 2961669 |
| **Net investment income (loss)** | 26254977 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions (including $16,590 from affiliated funds) | (2398516) |
| Futures contract transactions | 73466 |
|  | (2325050) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (11441907) |
| Futures contracts | 1158 |
|  | (11440749) |
| **Net realized and unrealized gain (loss)** | (13765799) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $12489178 |

---

(1)Amount consists of $89, $101, $22, $11 and $1 for Investor Class, I Class, Y Class, A Class and C Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **May 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $26254977 | $27070405 |
| Net realized gain (loss) | (2325050) | (10598990) |
| Change in net unrealized appreciation (depreciation) | (11440749) | 13530415 |
| Net increase (decrease) in net assets resulting from operations | 12489178 | 30001830 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (10039847) | (9946190) |
| &nbsp;&nbsp;&nbsp;I Class | (11933226) | (13138667) |
| &nbsp;&nbsp;&nbsp;Y Class | (2631454) | (2387870) |
| &nbsp;&nbsp;&nbsp;A Class | (1121111) | (1194715) |
| &nbsp;&nbsp;&nbsp;C Class | (71115) | (88202) |
| Decrease in net assets from distributions | (25796753) | (26755644) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 5053244 | (93795685) |
| **Net increase (decrease) in net assets** | (8254331) | (90549499) |
| **Net Assets** |  |  |
| Beginning of period | 577940023 | 668489522 |
| End of period | $569685692 | $577940023 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025**

**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 represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the fund serves as the chief operating decision maker (CODM). The fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

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.

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

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**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.

**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. ACIM serves as the investment advisor for the affiliated funds.

**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 May 31, 2025.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended May 31, 2025 are as follows:

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

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**Distribution and Service Fees —** The Board of Trustees has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class and C Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The fees are computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended May 31, 2025 are detailed in the Statement of Operations.

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**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.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**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 $15,995,000 and $27,280,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2025 were $287,753,487 and $279,097,744, respectively.

**5. Capital Share Transactions** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**May 31, 2025** | **Year ended**<br>**May 31, 2025** | **Year ended**<br>**May 31, 2024** | **Year ended**<br>**May 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class** | | | | |
| Sold | 5624754 | $50002112 | 5952824 | $50937157 |
| Issued in reinvestment of distributions | 969988 | 8587050 | 991787 | 8531796 |
| Redeemed | (6413930) | (56758982) | (8513243) | (72939642) |
|  | 180812 | 1830180 | (1568632) | (13470689) |
| **I Class** |  |  |  |  |
| Sold | 10668225 | 94264312 | 12945767 | 109811962 |
| Issued in reinvestment of distributions | 1262858 | 11179662 | 1441103 | 12376379 |
| Redeemed | (11772150) | (103848117) | (23600301) | (199937348) |
|  | 158933 | 1595857 | (9213431) | (77749007) |
| **Y Class** |  |  |  |  |
| Sold | 1302298 | 11547128 | 1743997 | 14999371 |
| Issued in reinvestment of distributions | 297349 | 2631343 | 277446 | 2386187 |
| Redeemed | (1277660) | (11220972) | (1857784) | (15907207) |
|  | 321987 | 2957499 | 163659 | 1478351 |
| **A Class** |  |  |  |  |
| Sold | 425669 | 3789227 | 131357 | 1112119 |
| Issued in reinvestment of distributions | 109315 | 967733 | 117975 | 1014393 |
| Redeemed | (644264) | (5714717) | (659934) | (5601465) |
|  | (109280) | (957757) | (410602) | (3474953) |
| **C Class** |  |  |  |  |
| Sold | 43350 | 388144 | 52534 | 455281 |
| Issued in reinvestment of distributions | 7405 | 65534 | 9152 | 78760 |
| Redeemed | (92996) | (826213) | (131027) | (1113428) |
|  | (42241) | (372535) | (69341) | (579387) |
| Net increase (decrease) | 510211 | $5053244 | (11098347) | $(93795685) |

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**6. Affiliated Fund Transactions**

A summary of transactions for each affiliated fund for the period ended May 31, 2025 follows (amounts in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| American Century Diversified Municipal Bond ETF |  | $1480 | $1480 |  |  |  | $17 |  |

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(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.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Municipal Securities |  | $565717583 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $22750 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $21592 |  |  |

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**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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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

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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 $20,455,535 futures contracts purchased and $5,265,455 futures contracts sold.

The value of interest rate risk derivative instruments as of May 31, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $6,813 in receivable for variation margin on futures contracts.\* For the year ended May 31, 2025, the effect of interest rate risk derivative instruments on the Statement of Operations was $73,466 in net realized gain (loss) on futures contract transactions and $1,158 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 value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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 tax character of distributions paid during the years ended May 31, 2025 and May 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Distributions Paid From** |  |  |
| Exempt income | $25796753 | $26755644 |
| Taxable ordinary income |  |  |
| Long-term capital gains |  |  |

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

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

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| | |
|:---|:---|
| Federal tax cost of investments | $610543432 |
| Gross tax appreciation of investments | $6334216 |
| Gross tax depreciation of investments | (51160065) |
| Net tax appreciation (depreciation) of investments | (44825849) |
| Net tax appreciation (depreciation) on derivatives |  |
| Net tax appreciation (depreciation) | $(44825849) |
| Other book-to-tax adjustments | $(14009) |
| Undistributed exempt income |  |
| Accumulated short-term capital losses | $(26695422) |
| Accumulated long-term capital losses | $(26403516) |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to income from defaulted securities.

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

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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)** | **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** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **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<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 (in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2025 | $8.71 | 0.38 | (0.19) | 0.19 | (0.38) |  | (0.38) | $8.52 | 2.05% | 0.59% | 4.31% | 4.31% | 47% | $225998 |
| 2024 | $8.63 | 0.37 | 0.08 | 0.45 | (0.37) |  | (0.37) | $8.71 | 5.30% | 0.60% | 4.32% | 4.32% | 37% | $229456 |
| 2023 | $9.31 | 0.34 | (0.68) | (0.34) | (0.34) |  | (0.34) | $8.63 | (3.61)% | 0.60% | 3.86% | 3.86% | 50% | $240924 |
| 2022 | $10.36 | 0.29 | (0.97) | (0.68) | (0.29) | (0.08) | (0.37) | $9.31 | (6.72)% | 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% | 0.60% | 3.30% | 3.29% | 53% | $323276 |
| **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8.71 | 0.40 | (0.20) | 0.20 | (0.39) |  | (0.39) | $8.52 | 2.25% | 0.39% | 4.51% | 4.51% | 47% | $258198 |
| 2024 | $8.63 | 0.40 | 0.06 | 0.46 | (0.38) |  | (0.38) | $8.71 | 5.51% | 0.40% | 4.52% | 4.52% | 37% | $262572 |
| 2023 | $9.31 | 0.36 | (0.68) | (0.32) | (0.36) |  | (0.36) | $8.63 | (3.42)% | 0.40% | 4.06% | 4.06% | 50% | $339700 |
| 2022 | $10.36 | 0.31 | (0.97) | (0.66) | (0.31) | (0.08) | (0.39) | $9.31 | (6.53)% | 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% | 0.40% | 3.50% | 3.49% | 53% | $432620 |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8.70 | 0.40 | (0.19) | 0.21 | (0.40) |  | (0.40) | $8.51 | 2.16% | 0.36% | 4.54% | 4.54% | 47% | $56799 |
| 2024 | $8.62 | 0.39 | 0.07 | 0.46 | (0.38) |  | (0.38) | $8.70 | 5.66% | 0.37% | 4.55% | 4.55% | 37% | $55261 |
| 2023 | $9.31 | 0.36 | (0.69) | (0.33) | (0.36) |  | (0.36) | $8.62 | (3.50)% | 0.37% | 4.09% | 4.09% | 50% | $53353 |
| 2022 | $10.36 | 0.32 | (0.97) | (0.65) | (0.32) | (0.08) | (0.40) | $9.31 | (6.50)% | 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% | 0.37% | 3.53% | 3.52% | 53% | $64919 |
| **A Class** | **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8.71 | 0.36 | (0.20) | 0.16 | (0.35) |  | (0.35) | $8.52 | 1.80% | 0.84% | 4.06% | 4.06% | 47% | $26587 |
| 2024 | $8.63 | 0.35 | 0.07 | 0.42 | (0.34) |  | (0.34) | $8.71 | 5.03% | 0.85% | 4.07% | 4.07% | 37% | $28132 |
| 2023 | $9.31 | 0.32 | (0.68) | (0.36) | (0.32) |  | (0.32) | $8.63 | (3.85)% | 0.85% | 3.61% | 3.61% | 50% | $31420 |
| 2022 | $10.36 | 0.27 | (0.97) | (0.70) | (0.27) | (0.08) | (0.35) | $9.31 | (6.95)% | 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% | 0.85% | 3.05% | 3.04% | 53% | $35772 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8.70 | 0.29 | (0.19) | 0.10 | (0.29) |  | (0.29) | $8.51 | 0.92% | 1.59% | 3.31% | 3.31% | 47% | $2104 |
| 2024 | $8.63 | 0.29 | 0.06 | 0.35 | (0.28) |  | (0.28) | $8.70 | 4.25% | 1.60% | 3.32% | 3.32% | 37% | $2518 |
| 2023 | $9.31 | 0.25 | (0.68) | (0.43) | (0.25) |  | (0.25) | $8.63 | (4.57)% | 1.60% | 2.86% | 2.86% | 50% | $3094 |
| 2022 | $10.36 | 0.19 | (0.97) | (0.78) | (0.19) | (0.08) | (0.27) | $9.31 | (7.65)% | 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% | 1.60% | 2.30% | 2.29% | 53% | $4869 |

---

------

**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.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of High-Yield Municipal Fund (the "Fund"), one of the funds constituting the American Century Municipal Trust, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended May 31, 2021, were audited by other auditors, whose report, dated July 21, 2021, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

July 17, 2025

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

------

**Other Tax Information**

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

The fund designates $25,799,248 as exempt interest dividends for the fiscal year ended May 31, 2025.

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92644 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92644 2507** |

---

------

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

![Image5.jpg](ck0000746458-20250531_g13.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| May 31, 2025 |
| Intermediate-Term Tax-Free Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (TWTIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class (AXBIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class (ATBYX) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class (TWWOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class (TWTCX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i98bfee2b32594d82a122f85cbeaab18f_97) |
| Statement of Assets and Liabilities | [39](#i98bfee2b32594d82a122f85cbeaab18f_103) |
| Statement of Operations | [40](#i98bfee2b32594d82a122f85cbeaab18f_106) |
| Statement of Changes in Net Assets | [41](#i98bfee2b32594d82a122f85cbeaab18f_109) |
| Notes to Financial Statements | [42](#i98bfee2b32594d82a122f85cbeaab18f_112) |
| Financial Highlights | [47](#i98bfee2b32594d82a122f85cbeaab18f_115) |
| Report of Independent Registered Public Accounting Firm | [49](#i98bfee2b32594d82a122f85cbeaab18f_118) |
| Other Tax Information | [50](#i98bfee2b32594d82a122f85cbeaab18f_3212) |

---

------

Schedule of Investments

**MAY 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.5%** | **Principal Amount/**<br>**Shares**<br> | **Value**<br> |
| **Alabama — 3.4%** | | |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.) | $10000000 | $10471304 |
| Black Belt Energy Gas District Rev., VRN, 5.25%, 2/1/53 (GA: Morgan Stanley) | 15000000 | 15616746 |
| Black Belt Energy Gas District Rev., VRN, 4.00%, 4/1/53 (GA: Goldman Sachs Group, Inc.) | 6925000 | 6907863 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 1630000 | 1681169 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 16170000 | 16863062 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 10/1/54 (GA: Goldman Sachs Group, Inc.) | 1500000 | 1594663 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 13845000 | 14518961 |
| Energy Southeast A Cooperative District Rev., VRN, 5.75%, 4/1/54 (GA: Morgan Stanley) | 3750000 | 4064323 |
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 4800000 | 5082011 |
| Jefferson County Rev., 5.00%, 9/15/35 | 1000000 | 1009328 |
| Jefferson County Sewer Rev., 5.00%, 10/1/27 | 1250000 | 1300382 |
| Jefferson County Sewer Rev., 5.00%, 10/1/28 | 2000000 | 2109464 |
| Jefferson County Sewer Rev., 5.00%, 10/1/32 | 2250000 | 2448629 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 6/1/49 (GA: Morgan Stanley) | 8890000 | 9297080 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 8/1/54 (GA: Pacific Life Insurance Co.) | 2000000 | 2082933 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.50%, 1/1/53 (GA: Morgan Stanley) | 5000000 | 5276154 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 11715000 | 12213492 |
| Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 5/1/55 (GA: Royal Bank of Canada) | 7000000 | 7335570 |
|  |  | 119873134 |
| **Arizona — 4.2%** |  |  |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 2.22%, (MUNIPSA plus 0.25%), 11/4/25, Prerefunded at 100% of Par<sup>(1)</sup> | 605000 | 603959 |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.75%, (S&P Municipal Bond 7-Day High Grade Index plus 0.81%), 1/1/37 | 7445000 | 7204299 |
| Arizona Health Facilities Authority Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 11/4/25, Prerefunded at 100% of Par<sup>(1)</sup> | 125000 | 124602 |
| Arizona Health Facilities Authority Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 1/1/46 | 3115000 | 3085978 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/26<sup>(2)</sup> | 215000 | 215809 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/27<sup>(2)</sup> | 275000 | 273653 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/37<sup>(2)</sup> | 600000 | 601803 |
| Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/47<sup>(2)</sup> | 855000 | 803965 |
| Arizona Industrial Development Authority Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 4320000 | 4550298 |
| Arizona Industrial Development Authority Rev., (Ironwood Ranch Apartments LP), VRN, 5.00%, 2/1/58 | 4725000 | 4823424 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.75%, 7/1/30<sup>(2)(3)(4)</sup> | 5000000 | 150000 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/30<sup>(2)</sup> | 1025000 | 1011174 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40<sup>(2)</sup> | 725000 | 639375 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/29 (BAM) | 250000 | 266444 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/31 (BAM) | 625000 | 664130 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/32 (BAM) | 300000 | 316963 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/33 (BAM) | 300000 | 315771 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/34 (BAM) | 250000 | 250279 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 4.00%, 6/1/39 (BAM) | 500000 | 475475 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 3.00%, 12/15/31<sup>(2)</sup> | 420000 | 384388 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41<sup>(2)</sup> | 250000 | 211503 |
| Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/51<sup>(2)</sup> | 700000 | 530948 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/28 | 2090000 | 2227777 |

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------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/29 | $2500000 | $2706392 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/34 | 2105000 | 2331094 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/35 | 5000000 | 5502363 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25<sup>(2)</sup> | 1400000 | 1399166 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/26 | 200000 | 201875 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/27 | 300000 | 305616 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/28 | 215000 | 220441 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/30 | 700000 | 713978 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 700000 | 710329 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/33 | 300000 | 303445 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/37 | 1000000 | 993380 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/42 | 1250000 | 1199666 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/41 | 1200000 | 1158591 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (GreatHearts Arizona Obligated Group), 5.00%, 7/1/46 | 1300000 | 1225603 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/31<sup>(2)</sup> | 10965000 | 11038911 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41<sup>(2)</sup> | 3380000 | 2823097 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51<sup>(2)</sup> | 1140000 | 865230 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/51<sup>(2)</sup> | 6500000 | 4933329 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/57<sup>(2)</sup> | 3140000 | 2302298 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/28 | 800000 | 812897 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/30 | 1625000 | 1647984 |
| Industrial Development Authority of the County of Yavapai Rev., (Yavapai Community Hospital Association Obligated Group), 5.00%, 8/1/31 | 1500000 | 1519668 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 180000 | 182487 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 2805000 | 2763542 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/41 | 430000 | 360254 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/46 | 345000 | 275656 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/48 | 2750000 | 2492977 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 4.00%, 2/15/51 | 580000 | 438471 |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 1750000 | 1774960 |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 5200000 | 5593180 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/29<sup>(2)</sup> | 955000 | 948661 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/39 | 7500000 | 6705233 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39<sup>(2)</sup> | 1855000 | 1857560 |

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------

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/49<sup>(2)</sup> | $3500000 | $3247901 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.00%, 7/1/51<sup>(2)</sup> | 1650000 | 1287168 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/30 | 1000000 | 1096057 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/31 | 1000000 | 1107388 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/33 | 500000 | 562693 |
| Pima County Unified School District No. 1 Tucson GO, 5.00%, 7/1/42 (AGM) | 1725000 | 1806796 |
| Pima County Unified School District No. 1 Tucson GO, 5.00%, 7/1/43 (AGM) | 1000000 | 1040385 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/33 | 8000000 | 9032587 |
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/38 | 6910000 | 6819783 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/41 | 2500000 | 2685971 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 | 7500000 | 7686423 |
| Salt Verde Financial Corp. Rev., 5.00%, 12/1/32 (GA: Citigroup, Inc.) | 11855000 | 12475346 |
| Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/34<sup>(2)</sup> | 1875000 | 1913593 |
| Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/44<sup>(2)</sup> | 2000000 | 1904931 |
|  |  | 150707373 |
| **Arkansas — 0.1%** |  |  |
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/38 | 2000000 | 1871785 |
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/39 | 2000000 | 1842845 |
| Searcy Sales & Use Tax Rev., 4.00%, 11/1/41 | 1000000 | 900543 |
|  |  | 4615173 |
| **California — 2.7%** |  |  |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/36 | 7065000 | 7142174 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | 1665000 | 1680316 |
| California Municipal Finance Authority Rev., (California Baptist University), 4.00%, 11/1/26<sup>(2)</sup> | 785000 | 780021 |
| California Municipal Finance Authority Special Tax, (City Of Chula Vista Community Facilities District No. 2021-11), 5.00%, 9/1/52 | 5000000 | 4949189 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/27 | 1000000 | 1012769 |
| California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/26<sup>(2)</sup> | 485000 | 482673 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/31<sup>(2)</sup> | 1350000 | 1362099 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.00%, 12/1/36<sup>(2)</sup> | 6255000 | 6256637 |
| Clovis Unified School District GO, Capital Appreciation, 0.00%, 8/1/29 (NPFG)<sup>(5)</sup> | 2530000 | 2211687 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57<sup>(2)</sup> | 1800000 | 1246349 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(2)</sup> | 1400000 | 885732 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(2)</sup> | 1455000 | 433083 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(2)</sup> | 19815000 | 18102768 |
| Inland Valley Development Agency Tax Allocation, 5.25%, 9/1/37 | 2225000 | 2241216 |
| Irvine Special Tax, (City of Irvine CA Community Facilities District No. 2013-3 Area No. 4), 4.00%, 9/1/27 | 1455000 | 1465255 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.10%, 6/2/25 (SBBPA: Bank of America N.A.) | 5025000 | 5025000 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.11%, 6/2/25 (SBBPA: Royal Bank of Canada) | 1500000 | 1500000 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), VRDN, 3.15%, 6/2/25 (SBBPA: Bank of America N.A.) | 8295000 | 8295000 |
| Morongo Band of Mission Indians Rev., 5.00%, 10/1/42<sup>(2)</sup> | 3150000 | 3142638 |
| Mountain View School District School Facilities Improvement District No. 2 GO, Capital Appreciation, 0.00%, 7/1/29<sup>(5)</sup> | 1670000 | 1430293 |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par<sup>(1)</sup> | 800000 | 802835 |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/25, Prerefunded at 100% of Par<sup>(1)</sup> | 1000000 | 1003543 |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/26 | 1025000 | 1028150 |

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------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 | $1295000 | $1297738 |
| Oakland Unified School District/Alameda County GO, 5.00%, 8/1/28 | 1000000 | 1002084 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/42 | 2000000 | 2037081 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2021-1), 5.00%, 8/15/47 | 1700000 | 1713538 |
| Orange County Community Facilities District No. 2023-1 Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.00%, 8/15/38 | 1230000 | 1288593 |
| Orange County Community Facilities District No. 2023-1 Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.25%, 8/15/43 | 1350000 | 1397771 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/26 | 2000000 | 2013620 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/30 | 3325000 | 3160371 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/31 | 2125000 | 1990845 |
| Poway Unified School District GO, (Poway Unified School District Facilities Improvement District No. 2007-1), Capital Appreciation, 0.00%, 8/1/41<sup>(5)</sup> | 5110000 | 2480527 |
| State of California GO, 4.00%, 9/1/32 | 5000000 | 5000583 |
|  |  | 95862178 |
| **Colorado — 4.4%** |  |  |
| Adams County COP, 4.00%, 12/1/27 | 1310000 | 1315834 |
| Arapahoe County School District No. 6 Littleton GO, 5.50%, 12/1/43 (ST AID WITHHLDG) | 3000000 | 3125914 |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/38 (AGC) | 425000 | 446888 |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/39 (AGC) | 1000000 | 1046208 |
| Brighton Crossing Metropolitan District No. 4 GO, 5.00%, 12/1/42 (AGC) | 765000 | 782816 |
| Bromley Park Metropolitan District No. 3 GO, 4.00%, 12/1/44 (AGC) | 5000000 | 4423112 |
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/38 (BAM) | 720000 | 758223 |
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/40 (BAM) | 300000 | 313631 |
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/42 (BAM) | 740000 | 755527 |
| Canyons Metropolitan District No. 5 GO, 5.00%, 12/1/44 (BAM) | 630000 | 637239 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/34 | 270000 | 298069 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/35 | 500000 | 548294 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/36 | 400000 | 434740 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 320000 | 343411 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/37 | 600000 | 643896 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 875000 | 931554 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/38 | 1080000 | 1149804 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/39 | 1300000 | 1400324 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/40 | 1100000 | 1159663 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/40 | 670000 | 719205 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/41 | 1500000 | 1571031 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/41 | 570000 | 607887 |
| City & County of Denver Airport System Rev., 5.00%, 11/15/42 | 1125000 | 1170915 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/42 | 500000 | 529922 |
| City & County of Denver Airport System Rev., 5.25%, 11/15/47 | 3350000 | 3482485 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), 4.00%, 11/15/43 | 10000000 | 9021955 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 7400000 | 7443579 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/59 | 1740000 | 1858448 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/29 | 3300000 | 3516468 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 1400000 | 1444013 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 7795000 | 7857963 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/34 | 2000000 | 2169132 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1000000 | 1076750 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1250000 | 1250000 |

---

------

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | $2000000 | $1827265 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/50 | 3000000 | 2415074 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/26 | 390000 | 391507 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.00%, 5/15/27 | 400000 | 404283 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/28 | 250000 | 254132 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/29 | 2160000 | 2197284 |
| Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc. Obligated Group), 5.25%, 5/15/32 | 600000 | 610116 |
| Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | 8500000 | 8669317 |
| Colorado Health Facilities Authority Rev., (Valley View Hospital Association), 5.00%, 5/15/32 | 495000 | 506356 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/37 (BAM) | 250000 | 261407 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/38 (BAM) | 250000 | 259931 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/39 (BAM) | 500000 | 516579 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 5.00%, 12/1/44 (BAM) | 1000000 | 1014506 |
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 2360000 | 2359177 |
| Denver City & County School District No. 1 GO, 5.50%, 12/1/44 (ST AID WITHHLDG) | 5000000 | 5427158 |
| Hunters Overlook Metropolitan District No. 5 GO, 5.00%, 12/1/44 (AGC) | 500000 | 515241 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 500000 | 513660 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 1000000 | 1044590 |
| Interlocken Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 750000 | 794802 |
| Lanterns Metropolitan District No. 1 GO, 4.00%, 12/1/44 (AGC) | 4000000 | 3520178 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/36 (BAM) | 400000 | 424541 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/37 (BAM) | 425000 | 446506 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/38 (BAM) | 525000 | 548280 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/39 (BAM) | 500000 | 518181 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/40 (BAM) | 635000 | 653364 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/41 (BAM) | 500000 | 512167 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/42 (BAM) | 575000 | 585496 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/43 (BAM) | 625000 | 631274 |
| Meridian Village Metropolitan District No. 1 GO, 5.25%, 12/1/45 (BAM) | 1000000 | 1020777 |
| Mesa County Valley School District No. 51 Grand Junction GO, 5.25%, 12/1/43 (ST AID WITHHLDG) | 4500000 | 4821915 |
| Mesa County Valley School District No. 51 Grand Junction GO, 5.25%, 12/1/44 (ST AID WITHHLDG) | 3000000 | 3198559 |
| Morgan Hill Metropolitan District No. 3 GO, 4.00%, 12/1/51 | 2040000 | 1550052 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/26 (AGM) | 600000 | 614445 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/28 (AGM) | 670000 | 708430 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/29 (AGM) | 400000 | 427960 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/29 (AGM) | 735000 | 786377 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/30 (AGM) | 300000 | 324350 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/30 (AGM) | 755000 | 816281 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 (AGM) | 300000 | 326246 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 (AGM) | 935000 | 1016801 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/31 | 1235000 | 1287475 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/32 (AGM) | 500000 | 546677 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/33 (AGM) | 425000 | 460925 |

---

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/34 (AGM) | $325000 | $349846 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/34 | 1465000 | 1514652 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/35 (AGM) | 350000 | 373534 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/35 | 1540000 | 1587015 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/36 (AGM) | 250000 | 265430 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/37 (AGM) | 275000 | 290437 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/37 | 1700000 | 1740361 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/38 (AGM) | 300000 | 315245 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/38 | 1785000 | 1819202 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/40 (AGM) | 1100000 | 1141817 |
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 1100000 | 1132319 |
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/39 (BAM) | 1000000 | 1032514 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35<sup>(2)</sup> | 15000000 | 15814018 |
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/36 (AGC) | 115000 | 121185 |
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/37 (AGC) | 350000 | 365970 |
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/38 (AGC) | 265000 | 275527 |
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/39 (AGC) | 250000 | 258129 |
| St. Vrain Lakes Metropolitan District No. 2 GO, 5.00%, 12/1/40 (AGC) | 280000 | 288121 |
| State of Colorado COP, 6.00%, 12/15/38 | 1960000 | 2240688 |
| State of Colorado COP, 6.00%, 12/15/40 | 3270000 | 3699517 |
| Trails at Crowfoot Metropolitan District No. 3 GO, 5.00%, 12/1/39 (AGC) | 500000 | 523434 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/25 (AGM) | 180000 | 181511 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/26 (AGM) | 195000 | 200126 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 135000 | 138673 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/27 (AGM) | 200000 | 208527 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/27 (AGM) | 130000 | 133992 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/28 (AGM) | 210000 | 221690 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/28 (AGM) | 125000 | 128837 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/29 (AGM) | 215000 | 229565 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/29 (AGM) | 125000 | 128837 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/30 (AGM) | 215000 | 229185 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/30 (AGM) | 125000 | 128834 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/31 (AGM) | 230000 | 244648 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/31 (AGM) | 135000 | 139140 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/32 (AGM) | 500000 | 529789 |
| Vauxmont Metropolitan District GO, 5.00%, 12/15/32 (AGM) | 160000 | 164891 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/33 (AGM) | 505000 | 532856 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/34 (AGM) | 285000 | 299343 |
| Vauxmont Metropolitan District GO, 5.00%, 12/1/35 (AGM) | 100000 | 104561 |
|  |  | 159058508 |
| **Connecticut — 2.3%** |  |  |
| Bridgeport GO, 5.00%, 7/15/28 (BAM) | 600000 | 636047 |
| Bridgeport GO, 5.00%, 8/15/30 (BAM) | 1500000 | 1585699 |
| Bridgeport GO, 5.00%, 2/1/31 (BAM) | 500000 | 532017 |
| Bridgeport GO, 5.00%, 7/15/31 (BAM) | 1280000 | 1346845 |
| Bridgeport GO, 5.00%, 2/1/33 (BAM) | 1000000 | 1055974 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Bridgeport GO, 5.00%, 7/15/35 (BAM) | $1000000 | $1037931 |
| Bridgeport GO, 5.00%, 7/15/36 (BAM) | 645000 | 667512 |
| Bridgeport GO, 5.00%, 7/15/37 (BAM) | 1730000 | 1783148 |
| Bridgeport GO, 5.00%, 2/1/38 (BAM) | 1000000 | 1031793 |
| Bridgeport GO, 5.00%, 2/1/39 (BAM) | 1470000 | 1508495 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/30 | 1000000 | 1020873 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/32 | 1030000 | 1046501 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/33 | 1000000 | 1012349 |
| Connecticut State Health & Educational Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 1000000 | 1006374 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/28<sup>(2)</sup> | 990000 | 1007598 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/30<sup>(2)</sup> | 285000 | 290251 |
| Connecticut State Health & Educational Facilities Authority Rev., (Griffin Health Obligated Group), 5.00%, 7/1/31<sup>(2)</sup> | 1065000 | 1082579 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/30<sup>(2)</sup> | 410000 | 405482 |
| Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 5.00%, 1/1/45<sup>(2)</sup> | 1500000 | 1278958 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/30 | 600000 | 618166 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/31 | 500000 | 514290 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/32 | 1100000 | 1129651 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/34 | 350000 | 358098 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/35 | 400000 | 408417 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 3.20%, 7/1/37 | 6500000 | 6461629 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 2.80%, 7/1/57 | 6530000 | 6480378 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 5.00%, 7/1/64 | 5000000 | 5512577 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale-New Haven Health Obligated Group), VRN, 5.00%, 7/1/49 | 2925000 | 3089511 |
| Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/39<sup>(2)</sup> | 6000000 | 6011791 |
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 4350000 | 4358713 |
| State of Connecticut GO, 5.00%, 4/15/32 | 5000000 | 5333993 |
| State of Connecticut GO, 4.00%, 1/15/35 | 5500000 | 5556879 |
| State of Connecticut GO, 4.00%, 1/15/36 | 12560000 | 12630215 |
| State of Connecticut GO, 5.00%, 11/15/36 | 1000000 | 1086536 |
| State of Connecticut GO, 5.00%, 11/15/37 | 1000000 | 1076153 |
| State of Connecticut, Special Tax Rev., 5.00%, 8/1/28 | 2000000 | 2004899 |
|  |  | 81968322 |
| **Delaware — 0.1%** |  |  |
| Delaware River & Bay Authority Rev., 5.00%, 1/1/34 | 400000 | 452316 |
| Delaware River & Bay Authority Rev., 5.00%, 1/1/36 | 550000 | 608754 |
| Delaware River & Bay Authority Rev., 5.00%, 1/1/37 | 700000 | 769160 |
| Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.25%, 7/1/44<sup>(2)</sup> | 875000 | 867652 |
|  |  | 2697882 |
| **District of Columbia — 0.7%** |  |  |
| District of Columbia GO, 5.00%, 8/1/42 | 2500000 | 2623035 |
| District of Columbia Rev., 5.00%, 10/1/33 | 14600000 | 15525786 |
| District of Columbia Rev., 4.00%, 3/1/45 | 7890000 | 7165824 |
|  |  | 25314645 |
| **Florida — 6.3%** |  |  |
| Broward County Airport System Rev., 5.00%, 10/1/25 | 1000000 | 1000897 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 2900000 | 2622980 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/25 | 500000 | 501752 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/26 | $500000 | $508136 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 255000 | 264627 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/29 | 1000000 | 1044863 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/30 | 500000 | 525430 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/31 | 500000 | 523257 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/32 | 500000 | 520739 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 500000 | 517740 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/37 | 940000 | 941603 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/38 | 680000 | 675086 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/39 | 765000 | 746115 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/40 | 855000 | 825885 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/41 | 945000 | 902998 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/42 | 1045000 | 988839 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/43 | 1145000 | 1074952 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/48 | 2500000 | 2308242 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/41 (AGC) | 1250000 | 1317893 |
| Duval County Public Schools COP, 5.00%, 7/1/35 (AGM) | 2955000 | 3133448 |
| Escambia County Health Facilities Authority Rev., (Baptist Hospital, Inc. Obligated Group), 4.00%, 8/15/45 | 5000000 | 4257837 |
| Florida Development Finance Corp. Rev., 4.00%, 7/1/51<sup>(2)</sup> | 1850000 | 1459986 |
| Florida Development Finance Corp. Rev., (Florida Health Sciences Center, Inc. Obligated Group), VRN, 5.00%, 8/1/56 | 5725000 | 6121112 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/31<sup>(2)</sup> | 300000 | 304896 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 5.00%, 6/1/35<sup>(2)</sup> | 225000 | 225287 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 4.00%, 9/15/30<sup>(2)</sup> | 470000 | 447561 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc. Series 2020C/D Obligated Group), 5.00%, 9/15/40<sup>(2)</sup> | 1050000 | 961218 |
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/39 | 2790000 | 2861909 |
| Florida Housing Finance Corp. Rev., (SP Palms LLC), 4.90%, 11/1/42 (FHLMC) | 1125000 | 1131792 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/26 | 300000 | 308179 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/26 | 550000 | 564995 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/27 | 400000 | 419694 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/27 | 600000 | 629541 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/28 | 400000 | 427296 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/28 | 650000 | 694357 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/40 | 800000 | 854357 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/40 | 1000000 | 1067946 |
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/48 | 3500000 | 3739359 |
| Fort Myers Rev., 4.00%, 12/1/29 | 170000 | 170850 |
| Fort Myers Rev., 4.00%, 12/1/30 | 150000 | 150698 |
| Fort Myers Rev., 4.00%, 12/1/31 | 650000 | 652580 |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 5.00%, 6/1/30 | 1750000 | 1773688 |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), 3.375%, 6/1/31 | 1500000 | 1473611 |
| Hillsborough County Housing Finance Authority Rev., 4.55%, 2/1/42 (FNMA) | 8500000 | 8273226 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.00%, 11/15/34 | 5000000 | 5582744 |
| Lakeland Department of Electric Utilities Rev., 5.00%, 10/1/32 | 1100000 | 1215999 |
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 3915000 | 3917393 |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/33 | 500000 | 550806 |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/34 | 525000 | 579490 |
| Lee County Transportation Facilities Rev., 5.00%, 10/1/35 | 400000 | 441339 |
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 5500000 | 5332094 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/32 | 3500000 | 3922188 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/37 | 5000000 | 5165490 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/38 | 5000000 | 5135934 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/25 | $1065000 | $1069224 |
| Myrtle Creek Improvement District Special Assessment, 4.00%, 5/1/27 (BAM) | 345000 | 348717 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/34 (BAM) | 460000 | 499840 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/35 (BAM) | 940000 | 1014220 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/36 (BAM) | 680000 | 728800 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/38 (BAM) | 1460000 | 1537821 |
| Northern Palm Beach County Improvement District Special Assessment, (Northern Palm Beach County Improvement District Unit of Development No. 2C), 5.00%, 8/1/39 (BAM) | 700000 | 731366 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/40 | 760000 | 816440 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/41 | 565000 | 602187 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/42 | 500000 | 528904 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/42 | 3200000 | 3383649 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/43 | 250000 | 262857 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/43 | 6800000 | 7120569 |
| Osceola County Transportation Rev., 5.00%, 10/1/37 | 1025000 | 1043623 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/35<sup>(5)</sup> | 1200000 | 779384 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/36<sup>(5)</sup> | 3000000 | 1847779 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/38<sup>(5)</sup> | 1500000 | 821693 |
| Osceola County Transportation Rev., Capital Appreciation, 0.00%, 10/1/39<sup>(5)</sup> | 1800000 | 927974 |
| Palm Beach County Health Facilities Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/41 | 1250000 | 1128802 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/33 | 1000000 | 1011604 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/34 | 2170000 | 2190990 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/35 | 4665000 | 4704543 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/36 | 1535000 | 1544899 |
| Palm Beach County Health Facilities Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/37 | 1000000 | 1005227 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/27 (AGM) | 500000 | 523088 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/28 (AGM) | 600000 | 638268 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/29 (AGM) | 500000 | 538969 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/30 (AGM) | 550000 | 599379 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.25%, 9/1/32 (AGM) | 1075000 | 1191089 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 720000 | 727175 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 15415000 | 14925625 |
| Port State Lucie Utility System Rev., 4.00%, 9/1/36 | 5000000 | 4989177 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/37 | 1350000 | 1351199 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/42 | 1000000 | 958972 |
| Sarasota County Health Facilities Authority Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 5.00%, 1/1/47 | 2000000 | 1836309 |
| South Florida Water Management District COP, 5.00%, 10/1/28 | 3000000 | 3042113 |
| South Florida Water Management District COP, 5.00%, 10/1/30 | 3305000 | 3343789 |
| State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/36 | 5555000 | 6017227 |
| Tampa Rev., (BayCare Obligated Group), 4.00%, 11/15/46 | 10000000 | 8560908 |
| Tampa Bay Water Rev., 5.00%, 10/1/43 | 1000000 | 1045954 |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/34 | 1110000 | 1141219 |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/35 | 2355000 | 2413433 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Town of Davie Rev., (Nova Southeastern University, Inc.), 5.00%, 4/1/36 | $3995000 | $4079261 |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.25%, 1/1/30<sup>(2)</sup> | 900000 | 898014 |
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/30 (AGM) | 890000 | 946027 |
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/33 (AGM) | 815000 | 879606 |
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/34 (AGM) | 485000 | 520242 |
| Village Community Development District No. 10 Special Assessment, (Village Community Development District No. 10 Series 2014 Phase II Assessment), 5.00%, 5/1/37 (AGM) | 1140000 | 1196831 |
| Village Community Development District No. 12 Special Assessment, (Village Community Development District No. 12 Series 2018 Phase II), 3.80%, 5/1/28 | 1245000 | 1246065 |
| Village Community Development District No. 12 Special Assessment, (Village Community Development District No. 12 Series 2018 Phase II), 4.00%, 5/1/33 | 1780000 | 1748177 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 2.625%, 5/1/30<sup>(2)</sup> | 1685000 | 1569147 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 3.00%, 5/1/35<sup>(2)</sup> | 2235000 | 1964986 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase II Series 2020), 3.25%, 5/1/40<sup>(2)</sup> | 2400000 | 1960730 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 1.80%, 5/1/26 | 135000 | 132490 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 2.55%, 5/1/31 | 980000 | 893277 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 2.85%, 5/1/36 | 975000 | 816797 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.00%, 5/1/41 | 1460000 | 1121611 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development Dist No. 13 Phase III Series 2020), 3.25%, 5/1/52 | 4350000 | 2989263 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.00%, 5/1/29 | 765000 | 736377 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.375%, 5/1/34 | 3065000 | 2847832 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.55%, 5/1/39 | 1235000 | 1069046 |
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.125%, 5/1/37 | 5220000 | 5355202 |
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.375%, 5/1/42 | 3795000 | 3850610 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 4.375%, 5/1/33<sup>(2)</sup> | 990000 | 1000088 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 4.85%, 5/1/38<sup>(2)</sup> | 745000 | 749546 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2023 Phase I), 5.00%, 5/1/43<sup>(2)</sup> | 495000 | 487097 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.20%, 5/1/39<sup>(2)</sup> | 1000000 | 935465 |
| Village Community Development District No. 15 Special Assessment, (Village Community Development District No. 15 Series 2024), 4.55%, 5/1/44<sup>(2)</sup> | 750000 | 701599 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/28 | 1000000 | 1040549 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/29 | 1200000 | 1247475 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/34 | 1045000 | 1070799 |
| Volusia County Educational Facility Authority Rev., (Embry-Riddle Aeronautical University, Inc.), 5.00%, 10/15/35 | 1095000 | 1119226 |
|  |  | 226429374 |
| **Georgia — 3.5%** |  |  |
| Atlanta Airport Passenger Facility Charge Rev., 5.00%, 7/1/37 | 7000000 | 7537917 |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/43 (BAM) | 1050000 | 979277 |
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 2585000 | 2611039 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.70%, 10/1/32 | 5225000 | 5263328 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | $6500000 | $6387653 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.375%, 11/1/53 | 1820000 | 1808731 |
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 12500000 | 12475810 |
| Development Authority of Monroe County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | 5000000 | 4913580 |
| George L Smith II Congress Center Authority Rev., 2.375%, 1/1/31 | 2000000 | 1834907 |
| George L Smith II Congress Center Authority Rev., 4.00%, 1/1/36 | 1100000 | 1092023 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31<sup>(2)</sup> | 2460000 | 2332389 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36<sup>(2)</sup> | 4355000 | 4360114 |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/29 | 1100000 | 1152169 |
| Georgia Municipal Association, Inc. COP, 5.00%, 12/1/34 | 1000000 | 1036474 |
| Main Street Natural Gas, Inc. Rev., 5.00%, 5/15/37 (GA: Macquarie Group Ltd.) | 4500000 | 4657386 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 20200000 | 20245396 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 1585000 | 1584629 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) | 3215000 | 3346865 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 6900000 | 7211972 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Royal Bank of Canada) | 3635000 | 3819167 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | 10400000 | 10806692 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 2500000 | 2606257 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 1000000 | 1052191 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 4.00%, 7/1/35 | 5095000 | 5098471 |
| Municipal Electric Authority of Georgia Rev., 5.25%, 1/1/41 (BAM) | 1150000 | 1234351 |
| Municipal Electric Authority of Georgia Rev., 5.00%, 1/1/42 | 2100000 | 2173601 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/38 | 1400000 | 1358062 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/39 | 2750000 | 2607982 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 2125000 | 1906175 |
|  |  | 123494608 |
| **Hawaii — 0.2%** |  |  |
| City & County Honolulu Wastewater System Rev., 5.00%, 7/1/38 | 980000 | 1075853 |
| Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/41<sup>(6)</sup> | 2500000 | 2608017 |
| Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/42<sup>(6)</sup> | 1000000 | 1035751 |
| Hawaii Department of Budget & Finance Rev., (Queen's Health Systems Obligated Grou), 5.00%, 7/1/43<sup>(6)</sup> | 1000000 | 1024310 |
|  |  | 5743931 |
| **Idaho — 0.1%** |  |  |
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 2760000 | 3010087 |
| **Illinois — 8.2%** |  |  |
| Adams County School District No. 172 GO, 5.00%, 2/1/26 (BAM) | 1000000 | 1012025 |
| Adams County School District No. 172 GO, 5.00%, 2/1/28 (AGM) | 1670000 | 1693079 |
| Adams County School District No. 172 GO, 4.00%, 2/1/30 (AGM) | 1000000 | 1004055 |
| Brown County Community Unit School District No. 1 GO, 5.00%, 12/1/39 (BAM) | 1340000 | 1386927 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/31 (BAM) | 910000 | 985141 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/33 (BAM) | 500000 | 545802 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/35 (BAM) | 1150000 | 1241697 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/36 (BAM) | 830000 | 888213 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/37 (BAM) | 1000000 | 1063169 |
| Chicago GO, 5.00%, 1/1/30 | 6600000 | 6872733 |
| Chicago GO, 4.00%, 1/1/35 | 3000000 | 2844926 |
| Chicago GO, 5.25%, 1/1/38 | 5000000 | 5118225 |
| Chicago GO, 6.00%, 1/1/38 | 5000000 | 5089620 |
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 6705000 | 6981434 |
| Chicago Board of Education GO, 5.00%, 12/1/28 (AGM) | 8295000 | 8636987 |
| Chicago Board of Education GO, 5.00%, 12/1/31 (AGM) | 1250000 | 1291504 |
| Chicago Board of Education GO, 5.00%, 12/1/31 (AGM) | 2250000 | 2315820 |
| Chicago Board of Education GO, 5.00%, 12/1/32 (AGM) | 1000000 | 1025777 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Chicago Midway International Airport Rev., 5.00%, 1/1/34 (BAM) | $2000000 | $2212014 |
| Chicago Midway International Airport Rev., 5.00%, 1/1/35 (BAM) | 3000000 | 3301158 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 2250000 | 2348800 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 3000000 | 3115057 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 3250000 | 3350780 |
| Chicago O'Hare International Airport Rev., 4.00%, 1/1/42 | 2500000 | 2293841 |
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/39 (BAM) | 1190000 | 1274269 |
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/40 (BAM) | 1700000 | 1803901 |
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/41 (BAM) | 1950000 | 2055581 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/29 | 3245000 | 3328383 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/30 | 3420000 | 3499245 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/33 (AGM) | 6000000 | 6548423 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/42 (BAM) | 1750000 | 1812817 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/43 (BAM) | 2000000 | 2058973 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/44 (BAM) | 2000000 | 2045186 |
| Chicago Waterworks Rev., 5.00%, 11/1/26 | 2000000 | 2050872 |
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 2250000 | 2297558 |
| Chicago Waterworks Rev., 5.00%, 11/1/31 (AGM) | 1650000 | 1813193 |
| Chicago Waterworks Rev., 5.00%, 11/1/32 (AGM) | 1570000 | 1616811 |
| Chicago Waterworks Rev., 5.00%, 11/1/41 | 1000000 | 1024975 |
| Chicago Waterworks Rev., 5.00%, 11/1/42 | 845000 | 860388 |
| Cook County GO, 5.00%, 11/15/29 | 3270000 | 3339702 |
| Cook County GO, 5.00%, 11/15/34 | 2000000 | 2029572 |
| Cook County GO, 5.00%, 11/15/35 | 1800000 | 1825344 |
| Cook County High School District No. 209 Proviso Township GO, 5.00%, 12/1/26 (BAM) | 1150000 | 1180569 |
| Cook County Sales Tax Rev., 5.00%, 11/15/42 (BAM-TCRS) | 3000000 | 3100684 |
| Cook County Sales Tax Rev., 5.00%, 11/15/43 (BAM-TCRS) | 2000000 | 2050767 |
| Cook County Sales Tax Rev., 5.25%, 11/15/45 (BAM-TCRS) | 7275000 | 7544945 |
| Decatur GO, 5.00%, 3/1/26 (AGM) | 1000000 | 1012924 |
| Decatur GO, 5.00%, 3/1/27 (AGM) | 1080000 | 1096368 |
| Decatur GO, 5.00%, 3/1/28 (AGM) | 1205000 | 1222106 |
| Decatur GO, 5.00%, 3/1/30 (AGM) | 1330000 | 1346511 |
| Decatur GO, 5.00%, 3/1/31 (AGM) | 1395000 | 1412111 |
| Decatur GO, 5.00%, 3/1/33 (AGM) | 1545000 | 1563722 |
| Governors State University COP, 5.00%, 7/1/25 (BAM) | 400000 | 400514 |
| Governors State University COP, 5.00%, 7/1/26 (BAM) | 350000 | 356739 |
| Governors State University COP, 5.00%, 7/1/27 (BAM) | 395000 | 409992 |
| Governors State University COP, 5.00%, 7/1/28 (BAM) | 750000 | 779148 |
| Illinois Finance Authority Rev., (Ascension Health Credit Group), 4.00%, 2/15/36 | 7600000 | 7373992 |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/37 | 1000000 | 987354 |
| Illinois Finance Authority Rev., (CHF-Chicago LLC), 5.00%, 2/15/47 | 2000000 | 1860621 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/26 | 1085000 | 1105708 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/27 | 500000 | 517424 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/29 | 315000 | 324727 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/30 | 500000 | 514285 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/31 | 570000 | 585005 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/32 | 965000 | 987723 |
| Illinois Finance Authority Rev., (Chicago Charter School Foundation), 5.00%, 12/1/37 | 1500000 | 1513402 |
| Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.25%, 10/1/39<sup>(2)</sup> | 1350000 | 1361412 |
| Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/44<sup>(2)</sup> | 800000 | 749302 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group IL), VRN, 2.67%, (MUNIPSA plus 0.70%), 5/1/42 | $2000000 | $1985687 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/29 | 325000 | 333194 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/31 | 690000 | 704738 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine & Science), 5.00%, 8/1/42 | 750000 | 736181 |
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | 5000000 | 5002616 |
| Illinois Finance Authority Rev., (Rush Obligated Group), 5.00%, 11/15/29 | 5475000 | 5477865 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/30<sup>(6)</sup> | 1000000 | 1086689 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/31<sup>(6)</sup> | 2000000 | 2186812 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/32<sup>(6)</sup> | 1000000 | 1105096 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 1/1/33<sup>(6)</sup> | 1000000 | 1114161 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/34 | 10000000 | 10796272 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/35<sup>(6)</sup> | 1500000 | 1688882 |
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 | 4750000 | 4905756 |
| Illinois Municipal Electric Agency Rev., 4.00%, 2/1/35 | 9000000 | 8871687 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 1000000 | 1044948 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 1000000 | 1043582 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 11410000 | 11463490 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/38 | 4080000 | 4388067 |
| Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43 | 1670000 | 1760464 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 5.00%, 6/15/29 | 2670000 | 2757484 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), Capital Appreciation, 0.00%, 12/15/36 (NPFG)<sup>(5)</sup> | 4000000 | 2346512 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), Capital Appreciation, 0.00%, 12/15/41 (AGM-CR)<sup>(5)</sup> | 1245000 | 554496 |
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/34 (BAM) | 2210000 | 2431221 |
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/35 (BAM) | 1865000 | 2018536 |
| Monroe & St. Clair Counties Community Unit School District No. 4 Columbia GO, 5.00%, 1/1/36 (BAM) | 2525000 | 2713472 |
| Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/26, Prerefunded at 100% of Par<sup>(1)</sup> | 3000000 | 3062161 |
| Springfield Electric Rev., 5.00%, 3/1/40 (BAM) | 2500000 | 2617385 |
| State of Illinois GO, 5.00%, 11/1/27 | 15000000 | 15609189 |
| State of Illinois GO, 5.125%, 12/1/29 | 17000000 | 17608882 |
| State of Illinois GO, 5.50%, 5/1/30 | 2500000 | 2634337 |
| State of Illinois GO, 5.00%, 10/1/33 | 2100000 | 2168333 |
| State of Illinois GO, 5.50%, 5/1/39 | 1475000 | 1544149 |
| State of Illinois GO, 5.00%, 12/1/39 | 5000000 | 5052686 |
| State of Illinois GO, 5.25%, 5/1/42 | 2000000 | 2072515 |
| University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.50%, 10/1/40 | 1220000 | 1298523 |
| University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.50%, 10/1/41 | 1665000 | 1766963 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/30 | 1275000 | 1315382 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/31 | 1560000 | 1603587 |
| Upper Illinois River Valley Development Authority Rev., (Morris Hospital Obligated Group), 5.00%, 12/1/32 | 1110000 | 1137886 |
| Village of Romeoville Rev., (Lewis University), 4.125%, 10/1/46 | 2250000 | 1796682 |
| Village of Westchester GO, 5.00%, 12/15/41 (BAM) | 500000 | 515820 |
| Village of Westchester GO, 5.00%, 12/15/42 (BAM) | 1000000 | 1023094 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, 5.00%, 1/1/26, Prerefunded at 100% of Par (AGM)<sup>(1)</sup> | 55000 | 55654 |
| Will County Community Unit School District No. 201-U Crete-Monee GO, Capital Appreciation, 5.00%, 1/1/27 (AGM) | 2760000 | 2787139 |
|  |  | 293450307 |
| **Indiana — 1.1%** |  |  |
| Indiana Finance Authority Rev., 5.00%, 2/1/27 | 1120000 | 1123328 |
| Indiana Finance Authority Rev., 5.00%, 2/1/28 | 2005000 | 2010317 |
| Indiana Finance Authority Rev., 5.00%, 2/1/29 | 2500000 | 2505923 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/32 | $325000 | $343797 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/33 | 415000 | 437736 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/38 | 800000 | 816214 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/43 | 860000 | 852592 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/28 | 1880000 | 1899367 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/29 | 1000000 | 1009850 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/30 | 1030000 | 1039617 |
| Indiana Finance Authority Rev., (Good Samaritan Hospital Obligated Group), 5.50%, 4/1/31 | 1050000 | 1059365 |
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/32 | 700000 | 753721 |
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/33 | 945000 | 1020218 |
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/42 | 1300000 | 1308365 |
| Indiana Finance Authority Rev., (Hendricks County Hospital Obligated Group), 5.00%, 3/1/43 | 1200000 | 1201703 |
| Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/34 | 1210000 | 1370761 |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/62 | 3635000 | 3820422 |
| Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/27 | 2000000 | 2006750 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.00%, 9/15/25 | 1165000 | 1168144 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.00%, 9/15/28 | 1480000 | 1527891 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/39 | 1560000 | 1623983 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/44 | 1560000 | 1582489 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/35 | 1120000 | 1177163 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/36 | 1345000 | 1400308 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.00%, 7/1/37 | 1415000 | 1340274 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.00%, 7/1/38 | 1250000 | 1162706 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.125%, 7/1/39 | 1300000 | 1206971 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 4.25%, 7/1/44 | 2000000 | 1776138 |
|  |  | 38546113 |
| **Iowa — 0.4%** |  |  |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/34 | 6750000 | 7670030 |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/35 | 1275000 | 1421872 |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/36 | 1275000 | 1408409 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.58%, (SOFR plus 0.55%), 5/15/56 | 5000000 | 4838226 |
|  |  | 15338537 |
| **Kansas — 0.2%** |  |  |
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/41 (AGM) | 1415000 | 1449065 |
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/42 (AGM) | 1485000 | 1515012 |
| Douglas County Unified School District No. 348 Baldwin City GO, 5.00%, 9/1/43 (AGM) | 1180000 | 1201859 |
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 2.875%, 4/1/30 | 130000 | 127215 |
| Sedgwick County Unified School District No. 262 Valley Center GO, 4.50%, 9/1/43 (AGM) | 875000 | 876668 |
| Sedgwick County Unified School District No. 262 Valley Center GO, 4.50%, 9/1/44 (AGM) | 525000 | 524282 |
|  |  | 5694101 |
| **Kentucky — 1.5%** |  |  |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/29 | 265000 | 275934 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/32 | 900000 | 917297 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/33 | 580000 | 562256 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/34 | 500000 | 478532 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/35 | 465000 | 439339 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/36 | 380000 | 354642 |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 4.00%, 2/1/38 | 745000 | 680328 |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.00%, 2/1/26 | 395000 | 398087 |
| Christian County Rev., (Jennie Stuart Medical Center Obligated Group), 5.50%, 2/1/44 | 3665000 | 3664930 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.00%, 6/1/25 | 1350000 | 1350000 |
| Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 14750000 | 14750000 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 4/1/54 (GA: Morgan Stanley) | $12000000 | $12702623 |
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 6/1/55 (GA: Morgan Stanley Finance) | 5000000 | 5245812 |
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 5.00%, 5/1/31 (BAM) | 2000000 | 2101345 |
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 5.00%, 5/1/33 (BAM) | 1750000 | 1831058 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/26 (AGM) | 1100000 | 1124371 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/27 (AGM) | 2000000 | 2050185 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/28 (AGM) | 2245000 | 2301037 |
| Paducah Electric Plant Board Rev., 5.00%, 10/1/30 (AGM) | 1500000 | 1532707 |
|  |  | 52760483 |
| **Louisiana — 1.2%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Calcasieu Parish School Board), 5.00%, 12/1/39 (BAM) | 500000 | 524491 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Calcasieu Parish School Board), 4.00%, 12/1/44 (BAM) | 3000000 | 2612030 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/39 (BAM) | 1500000 | 1600992 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/40 (BAM) | 1250000 | 1320422 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (East Baton Rouge Sewerage Commission), 5.00%, 2/1/41 (BAM) | 1000000 | 1050011 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (University of Louisiana at Lafayette), 5.00%, 10/1/43 (AGM) | 2010000 | 2018476 |
| Louisiana Public Facilities Authority Rev., (Lafayette General Health System, Inc. Obligated Group), 5.00%, 11/1/25, Prerefunded at 100% of Par<sup>(1)</sup> | 6000000 | 6046173 |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/39 | 1625000 | 1714162 |
| Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/40 | 1750000 | 1830956 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/26 (AGM) | 500000 | 512591 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/29 (AGM) | 800000 | 844588 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/30 (AGM) | 350000 | 368657 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/31 (AGM) | 1100000 | 1153372 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/32 (AGM) | 1200000 | 1252326 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/34 (AGM) | 1200000 | 1244133 |
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 3.30%, 6/1/37 | 4950000 | 4852920 |
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 4.05%, 6/1/37 (GA: Conocophillips) | 12600000 | 12602186 |
|  |  | 41548486 |
| **Maryland — 1.2%** |  |  |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.25%, 6/1/26 | 500000 | 499481 |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.75%, 6/1/31 | 1500000 | 1501086 |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 4.875%, 6/1/42 | 1375000 | 1338169 |
| Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 625000 | 623478 |
| Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 3480000 | 3480246 |
| Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 1600000 | 1580300 |
| Maryland Community Development Administration Rev., (Fairfield Marley Station LP), 4.35%, 2/1/44 (FNMA) | 6500000 | 6241548 |
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland Baltimore County Proj), 4.00%, 7/1/25 (AGM) | 330000 | 330163 |
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland Baltimore County Proj), 4.00%, 7/1/26 (AGM) | 375000 | 378270 |
| Maryland Economic Development Corp. Rev., (Maryland Economic Development Corp. University of Maryland College Park), 5.00%, 6/1/35 (AGM) | 1230000 | 1240167 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/32 | 500000 | 513525 |
| Maryland Economic Development Corp. Rev., (Ports America Chesapeake LLC), 5.00%, 6/1/35 | 2000000 | 2036998 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/27 | 465000 | 477445 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/28 | 565000 | 586462 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/30 | 1015000 | 1069224 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/32 | 1785000 | 1894943 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/34 | 1200000 | 1270358 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/35 | $1075000 | $1128600 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/36 | 1080000 | 1123278 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/37 | 1120000 | 1155136 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/38 | 450000 | 458717 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/39 | 435000 | 439319 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/25 | 200000 | 200139 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/26 | 175000 | 177048 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/27 | 120000 | 122728 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/28 | 130000 | 132812 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/29 | 175000 | 178462 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/30 | 250000 | 254486 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/31 | 300000 | 304896 |
| Maryland Economic Development Corp. Rev., (West Village & Millennium Hall Student Housing at Towson University), 5.00%, 7/1/32 | 325000 | 329596 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/40 | 4005000 | 3577869 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 5.50%, 1/1/46 | 3585000 | 3591259 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Mercy Medical Center Obligated Group), 4.00%, 7/1/42 | 4700000 | 4240596 |
|  |  | 42476804 |
| **Massachusetts — 2.3%** |  |  |
| Massachusetts GO, 5.00%, 10/1/34 | 10000000 | 11193969 |
| Massachusetts GO, 5.00%, 1/1/35 | 10000000 | 10513658 |
| Massachusetts GO, 5.00%, 10/1/37 | 10000000 | 10786473 |
| Massachusetts Bay Transportation Authority Sales Tax Rev., 5.00%, 7/1/39 | 5130000 | 5598421 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/34 | 375000 | 413332 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/35 | 750000 | 821912 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/35 | 1000000 | 1095882 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/36 | 1000000 | 1089166 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/36 | 1250000 | 1361457 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/37 | 1145000 | 1239032 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/38 | 1000000 | 1073516 |
| Massachusetts Clean Water Trust Rev., 5.00%, 2/1/38 | 1585000 | 1701522 |
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/26 | 2280000 | 2313150 |
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/34 | 1000000 | 1121499 |
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/35 | 550000 | 612827 |
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48 | 2425000 | 2402122 |
| Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 5.00%, 7/1/44<sup>(2)</sup> | 1000000 | 954410 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/30 | 4120000 | 4243438 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/31 | 5005000 | 5148152 |
| Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29<sup>(2)</sup> | 2000000 | 2001765 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/25<sup>(1)</sup> | 125000 | 125254 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/26<sup>(1)</sup> | 160000 | 163455 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/27<sup>(1)</sup> | 160000 | 166683 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/28<sup>(1)</sup> | 170000 | 180174 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/29<sup>(1)</sup> | $300000 | $322621 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 245000 | 266875 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 275000 | 299554 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 300000 | 326786 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 315000 | 343125 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30<sup>(1)</sup> | 325000 | 354018 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 350000 | 381250 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 400000 | 435714 |
| Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/30, Prerefunded at 100% of Par<sup>(1)</sup> | 465000 | 506518 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37<sup>(2)</sup> | 1850000 | 1861390 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/47<sup>(2)</sup> | 1000000 | 928235 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 4.00%, 2/15/36 | 4500000 | 4541707 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), VRN, 5.00%, 5/15/55 | 4000000 | 4388074 |
|  |  | 81277136 |
| **Michigan — 2.7%** |  |  |
| Birmingham City School District GO, 5.00%, 5/1/29 | 1550000 | 1667350 |
| Birmingham City School District GO, 5.00%, 5/1/30 | 1875000 | 2045063 |
| Birmingham City School District GO, 5.00%, 5/1/31 | 2250000 | 2481814 |
| Birmingham City School District GO, 5.00%, 5/1/32 | 1900000 | 2112292 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/26 | 1575000 | 1582472 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/27 | 1655000 | 1677211 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/29 | 1825000 | 1843712 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/33 | 1970000 | 1979758 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/34 | 1830000 | 1836281 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/35 | 2445000 | 2450160 |
| Calhoun County Hospital Finance Authority Rev., (Ella EM Brown Charitable Circle), 5.00%, 2/15/36 | 2565000 | 2566352 |
| Detroit GO, 5.00%, 4/1/32 | 1275000 | 1360597 |
| Detroit GO, 5.00%, 4/1/36 | 3215000 | 3362745 |
| Detroit GO, 5.00%, 4/1/37 | 1750000 | 1776171 |
| Detroit GO, 5.00%, 4/1/38 | 1950000 | 2012901 |
| Detroit GO, 4.00%, 4/1/41 | 1100000 | 978517 |
| Detroit GO, 4.00%, 4/1/42 | 525000 | 457284 |
| Detroit GO, 6.00%, 5/1/43 | 250000 | 270112 |
| Detroit GO, 5.00%, 4/1/46 | 1745000 | 1733511 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/38 | 1300000 | 1382712 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/39 | 500000 | 526023 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/40 | 1360000 | 1424000 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/41 | 1500000 | 1558566 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/42 | 2265000 | 2336213 |
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/28 | 1200000 | 1271915 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/29 | $1700000 | $1823207 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/26 | 3500000 | 3578653 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/29 | 4000000 | 4308536 |
| Kalamazoo Economic Development Corp. Rev., (Heritage Community of Kalamazoo Obligated Group), 5.00%, 5/15/43 | 1125000 | 1032410 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/33 (AGM), (Q-SBLF) | 1480000 | 1503129 |
| Lincoln Consolidated School District GO, 5.00%, 5/1/34 (AGM), (Q-SBLF) | 1630000 | 1655030 |
| Livonia Public Schools GO, 5.00%, 5/1/33 (AGM) | 400000 | 446747 |
| Livonia Public Schools GO, 5.00%, 5/1/35 (AGM) | 505000 | 553458 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 5.00%, 4/15/27 | 3370000 | 3475465 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 5.00%, 4/15/28 | 2000000 | 2102495 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 3950000 | 3659529 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 11/1/46 | 5000000 | 4195499 |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement), 4.00%, 6/1/34 | 2000000 | 1957081 |
| Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement), 4.00%, 6/1/36 | 1200000 | 1155192 |
| Michigan State Hospital Finance Authority Rev., (Corewell Health Obligated Group), VRN, 5.00%, 8/15/55 | 5455000 | 5849492 |
| Port Huron Area School District GO, 4.00%, 5/1/30 (AGM) | 1080000 | 1084936 |
| Port Huron Area School District GO, 4.00%, 5/1/31 (AGM) | 2005000 | 2011278 |
| State of Michigan Trunk Line Rev., 5.00%, 11/15/32 | 1500000 | 1690905 |
| State of Michigan Trunk Line Rev., 5.00%, 11/15/33 | 1500000 | 1697413 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/30 | 1000000 | 1000353 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31 | 650000 | 650228 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/32 | 1175000 | 1175397 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34 | 1150000 | 1150340 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/37 (AGM) | 1750000 | 1892434 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/38 (AGM) | 600000 | 658438 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.25%, 12/1/39 (AGM) | 1250000 | 1362144 |
| Ypsilanti School District GO, (Ypsilanti Community Schools), 5.00%, 5/1/28 (Q-SBLF) | 2455000 | 2499599 |
|  |  | 96863120 |
| **Minnesota — 0.2%** |  |  |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/33 | 1000000 | 1027948 |
| Duluth Economic Development Authority Rev., (Essentia Health Obligated Group), 5.00%, 2/15/37 | 1000000 | 1015541 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/26 (SD CRED PROG) | 395000 | 400115 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/27 (SD CRED PROG) | 370000 | 381695 |
| Duluth Independent School District No. 709 COP, 5.00%, 2/1/28 (SD CRED PROG) | 350000 | 366650 |
| State of Minnesota GO, 4.00%, 8/1/44 | 5000000 | 4762716 |
|  |  | 7954665 |
| **Mississippi — 0.3%** |  |  |
| Hinds County COP, 4.625%, 9/1/54 (BAM)<sup>(2)</sup> | 3840000 | 3312849 |
| Mississippi Development Bank Rev., (City of Jackson MS Water & Sewer System), 6.875%, 12/1/40 (AGM) | 4250000 | 4317817 |
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 4700000 | 4621623 |
|  |  | 12252289 |
| **Missouri — 1.1%** |  |  |
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/26 | 805000 | 815583 |
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/27 | 1100000 | 1135826 |
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/30 | 1355000 | 1387985 |
| Cape Girardeau County Industrial Development Authority Rev., (Mercy Health MO), 5.00%, 3/1/31 | 1255000 | 1283143 |
| Eureka COP, 5.00%, 4/1/34 (BAM) | 1000000 | 1075919 |
| Eureka COP, 5.00%, 4/1/35 (BAM) | 1000000 | 1073662 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (BJC Healthcare Obligated Group), VRN, 4.00%, 5/1/51 | 6000000 | 6035265 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (BJC Healthcare Obligated Group), VRN, 5.00%, 4/1/59 | 2080000 | 2302660 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.00%, 2/1/26 | $480000 | $483405 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/44 | 700000 | 703423 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/48 | 1000000 | 991687 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.00%, 6/1/29 | 4500000 | 4757946 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/40 | 1100000 | 1177029 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/41 | 2100000 | 2228306 |
| Jackson County School District No. R-IV Blue Springs GO, 5.50%, 3/1/40 | 825000 | 913571 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 540000 | 546573 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/28 | 250000 | 263649 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/29 | 500000 | 525754 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/31 | 525000 | 549739 |
| Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/33 | 475000 | 495124 |
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 3500000 | 3447891 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/26 | 500000 | 505263 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27 | 965000 | 984814 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/28 | 630000 | 647785 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38 | 3000000 | 3010200 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Speciality Hospital), 5.00%, 11/15/41 | 1000000 | 931776 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/46 | 1105000 | 992259 |
|  |  | 39266237 |
| **Nebraska — 2.0%** |  |  |
| Central Plains Energy Project Rev., 5.00%, 9/1/29 (GA: Goldman Sachs Group, Inc.) | 4390000 | 4584348 |
| Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (GA: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada) | 10000000 | 10002835 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 14000000 | 14443853 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/54 (GA: Bank of Montreal) | 35150000 | 36233112 |
| Nebraska Public Power District Rev., 5.00%, 7/1/28 | 2750000 | 2886474 |
| Omaha Public Power District Rev., 5.00%, 2/1/40 | 1885000 | 1997821 |
|  |  | 70148443 |
| **Nevada — 1.2%** |  |  |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/32 | 735000 | 747299 |
| Carson City Rev., (Carson Tahoe Regional Healthcare Obligated Group), 5.00%, 9/1/34 | 765000 | 773703 |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/28, Prerefunded at 100% of Par<sup>(1)</sup> | 1270000 | 1329189 |
| Henderson Public Improvement Trust Rev., (Touro College and University System Obligated Group), 5.25%, 1/1/28, Prerefunded at 100% of Par<sup>(1)</sup> | 1840000 | 1939340 |
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.00%, 10/1/31 (BAM) | 1245000 | 1352322 |
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.00%, 10/1/33 (BAM) | 1000000 | 1091822 |
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/35 (BAM) | 1000000 | 1097050 |
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/37 (BAM) | 1000000 | 1079063 |
| Henderson Redevelopment Agency Tax Allocation, (Henderson Redevelopment Agency Downtown Redevelopment Area), 5.25%, 10/1/38 (BAM) | 1000000 | 1070480 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/34 | 650000 | 715691 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/35 | $700000 | $763289 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/36 | 1000000 | 1082425 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/37 | 795000 | 857798 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/38 | 800000 | 854671 |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.00%, 6/1/40 | 430000 | 367204 |
| Las Vegas Special Improvement District No. 611 Special Assessment, 4.125%, 6/1/50 | 955000 | 766704 |
| Las Vegas Special Improvement District No. 612 Skye Hills Special Assessment, 3.75%, 6/1/42 | 915000 | 744659 |
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.00%, 12/1/39 | 375000 | 369510 |
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.25%, 12/1/47 | 925000 | 886288 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/39 | 460000 | 417439 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/44 | 500000 | 417982 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.75%, 12/1/40 | 945000 | 901168 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.00%, 6/1/41 | 645000 | 475915 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/46 | 3360000 | 2340643 |
| Las Vegas Special Improvement District No. 816 Special Assessment, 3.125%, 6/1/51 | 1410000 | 928492 |
| Las Vegas Special Improvement District No. 817 Special Assessment, 5.50%, 6/1/38 | 375000 | 390415 |
| Las Vegas Special Improvement District No. 817 Special Assessment, 5.75%, 6/1/43 | 500000 | 516033 |
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/29 | 1485000 | 1572137 |
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/34 | 1010000 | 1055386 |
| Reno Rev., (County of Washoe NV Sales Tax), 5.00%, 6/1/36 | 1000000 | 1037472 |
| Reno Rev., (County of Washoe NV Sales Tax), 4.00%, 6/1/43 | 1000000 | 922473 |
| State of Nevada GO, 5.00%, 5/1/37 | 6960000 | 7619285 |
| Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/27 | 1560000 | 1573706 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/32 | 3035000 | 3195803 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/45 | 3000000 | 2911305 |
|  |  | 44164161 |
| **New Hampshire — 0.6%** |  |  |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.00%, 12/1/37 (BAM) | 860000 | 914010 |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.00%, 12/1/38 (BAM) | 665000 | 701156 |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/39 (BAM) | 790000 | 840639 |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/41 (BAM) | 1325000 | 1395002 |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 12/1/42 (BAM) | 1070000 | 1124998 |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 4.125%, 12/1/43 (BAM) | 1500000 | 1396655 |
| New Hampshire Business Finance Authority Rev., SEQ, 4.125%, 1/20/34 | 13474000 | 13240372 |
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/38 | 1145000 | 1147675 |
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/40 | 2000000 | 2004673 |
|  |  | 22765180 |
| **New Jersey — 4.0%** |  |  |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/26 (AGM) | 1000000 | 1017753 |
| New Jersey Economic Development Authority Rev., (Provident Group-Montclair Properties LLC), 5.00%, 6/1/27 (AGM) | 1100000 | 1136952 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/27 (BAM) | 3000000 | 3091104 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/28 (BAM) | 6000000 | 6180112 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Motor Vehicle Surcharge), 5.00%, 7/1/33 | 1000000 | 1005504 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/25 | 5000000 | 5002410 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.50%, 6/15/27 | 5000000 | 5143675 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 3/1/28 | 5810000 | 6111799 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/30 | $5150000 | $5426001 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/31 | 4790000 | 5116257 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/37 | 2500000 | 2624558 |
| New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 9375000 | 10455674 |
| New Jersey Health Care Facilities Financing Authority Rev., (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/26<sup>(1)</sup> | 1500000 | 1531293 |
| 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>(1)</sup> | 1500000 | 1531293 |
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 1515000 | 1507064 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 2000000 | 2036580 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 2000000 | 2026611 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/28, Prerefunded at 100% of Par<sup>(1)</sup> | 3500000 | 3757296 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/29 | 2770000 | 2935944 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/31 | 6000000 | 6389373 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/35 | 4000000 | 4112133 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/35 | 17500000 | 17952935 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/37 | 1000000 | 1057976 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 1855000 | 1857918 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/43<sup>(6)</sup> | 2000000 | 2092697 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/44 | 1000000 | 1036183 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/44<sup>(6)</sup> | 1640000 | 1707000 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/45<sup>(6)</sup> | 1500000 | 1554589 |
| South Jersey Port Corp. Rev., 5.00%, 1/1/27 | 1030000 | 1038823 |
| South Jersey Port Corp. Rev., 5.00%, 1/1/30 | 2360000 | 2380242 |
| South Jersey Port Corp. Rev., 5.00%, 1/1/31 | 1670000 | 1682612 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/27 | 1025000 | 1047253 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/28 | 5775000 | 5949756 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 3000000 | 3086506 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/31 | 4650000 | 4766904 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/32 | 5500000 | 5622648 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/35 | 4000000 | 4061092 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/36 | 7000000 | 7087323 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/37 | 1000000 | 1009964 |
|  |  | 143131807 |
| **New Mexico — 0.0%** |  |  |
| Aspire Public Improvement District Special Tax, 4.45%, 10/1/33 | 375000 | 368376 |
| Aspire Public Improvement District Special Tax, 5.05%, 10/1/44 | 415000 | 375438 |
| New Mexico Finance Authority Rev., 5.00%, 6/1/28 | 310000 | 310404 |
| New Mexico Finance Authority Rev., 5.00%, 6/1/33 | 800000 | 800722 |
|  |  | 1854940 |
| **New York — 9.8%** |  |  |
| Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 4.00%, 11/1/45 | 2000000 | 1732514 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/36 | 5855000 | 5830639 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 10000000 | 9277509 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/43 | 10000000 | 10421280 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/28 | 1825000 | 1872932 |
| Hempstead Town Local Development Corp. Rev., (Molloy College), 5.00%, 7/1/31 | 900000 | 917205 |
| Long Island Power Authority Rev., 5.00%, 9/1/33 | 4000000 | 4545990 |
| Long Island Power Authority Rev., VRN, 3.00%, 9/1/49 | 4500000 | 4327540 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 6830000 | 7066332 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/31 | 9710000 | 9737565 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/47 | 8195000 | 6935310 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/49 | $5000000 | $4201901 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/50 | 3000000 | 2978615 |
| Metropolitan Transportation Authority Rev., VRN, 5.00%, 11/15/45 | 5000000 | 5210072 |
| Monroe County Industrial Development Corp. Rev., (St. John Fisher University), 5.00%, 6/1/38 | 770000 | 811446 |
| Monroe County Industrial Development Corp. Rev., (St. John Fisher University), 5.00%, 6/1/39 | 1100000 | 1150061 |
| New York City GO, 5.00%, 8/1/33 | 1000000 | 1118295 |
| New York City GO, 5.00%, 8/1/34 | 1000000 | 1110335 |
| New York City GO, 5.00%, 8/1/35 | 5900000 | 6499976 |
| New York City GO, 5.00%, 8/1/37 | 5520000 | 5970375 |
| New York City GO, 5.25%, 10/1/39 | 2000000 | 2142004 |
| New York City GO, 5.00%, 2/1/40 | 3400000 | 3629861 |
| New York City GO, 5.25%, 10/1/40 | 3000000 | 3201447 |
| New York City GO, 4.00%, 9/1/46 | 4960000 | 4398809 |
| New York City GO, 4.00%, 3/1/47 | 5000000 | 4389426 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/28 | 1000000 | 1031839 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/37 | 9760000 | 9633967 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.50%, 6/15/39 | 3000000 | 3388329 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/40 | 7530000 | 7241250 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/42 | 4835000 | 4464611 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/43 | 6895000 | 6319985 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 4.00%, 6/15/45 | 7750000 | 6985083 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/47 | 3500000 | 3564354 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/27 | 1000000 | 1050790 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/29 | 6155000 | 6679070 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 5/1/36 | 1740000 | 1905457 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/29 | 10000000 | 10031771 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 8/1/35 | 3295000 | 3585304 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/35 | 7485000 | 8266406 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/36 | 350000 | 378009 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/37 | 7500000 | 7381653 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/37 | 3750000 | 4079561 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/39 | 2000000 | 2106391 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/39 | 6640000 | 7112393 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | 10000000 | 10662344 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 4840000 | 4456315 |
| New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 (GA: Goldman Sachs Group, Inc.) | 9795000 | 10935114 |
| New York Power Authority Rev., 5.00%, 11/15/43 | 1250000 | 1320980 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/36 (AGM) | 1000000 | 1105656 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/37 (AGM) | 400000 | 438054 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.00%, 11/15/38 (AGM) | 475000 | 514849 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.25%, 11/15/40 (AGM) | 700000 | 765643 |
| New York State Dormitory Authority Rev., 5.00%, 10/1/27 (BAM) | 3600000 | 3771843 |
| New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) | 3105000 | 3309332 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 5000000 | 4465766 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 5000000 | 5552478 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/33 | 5000000 | 5591195 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/38 | 13490000 | 13786943 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/39 | 2135000 | 2030734 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/46 | 5040000 | 4433548 |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.25%, 6/15/44 | 500000 | 536400 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.25%, 6/15/45 | $1000000 | $1070135 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.30%, 12/15/54 | 3270000 | 3245931 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.35%, 12/15/54 | 1365000 | 1353593 |
| New York State Thruway Authority Rev., 4.00%, 1/1/37 | 4980000 | 4937950 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/30 | 5135000 | 5522440 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/37 | 1280000 | 1331265 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/39 | 6500000 | 6035624 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | 3850000 | 3484725 |
| State of New York GO, 5.00%, 3/15/40 | 1675000 | 1800555 |
| State of New York GO, 5.00%, 3/15/41 | 1750000 | 1869634 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/29 | 730000 | 730564 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/34 | 1000000 | 1000662 |
| Tompkins County Development Corp. Rev., (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | 1010000 | 1009937 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 700000 | 700903 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/37 | 550000 | 597485 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/38 | 750000 | 807570 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/40 | 1500000 | 1585712 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/41 | 2200000 | 2309086 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/42 | 3520000 | 3666965 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/33 | 1250000 | 1318689 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/35 | 1000000 | 1044203 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/36 | 1350000 | 1402968 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37 | 1375000 | 1420905 |
| Troy Capital Resource Corp. Rev., (Rensselaer Polytechnic Institute), 5.00%, 9/1/39 | 1500000 | 1536998 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 6125000 | 6556007 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 | 6140000 | 6176449 |
| Westchester County Local Development Corp. Rev., (New York Blood Center, Inc.), 5.00%, 7/1/35 | 3750000 | 4013522 |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/32 (AGM) | 2000000 | 2211363 |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/33 (AGM) | 2000000 | 2221440 |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.25%, 11/1/34 (AGM) | 1500000 | 1650338 |
|  |  | 350974474 |
| **North Carolina — 1.8%** |  |  |
| Charlotte Airport Rev., 5.00%, 7/1/33 | 2000000 | 2216456 |
| Charlotte Airport Rev., 5.00%, 7/1/35 | 2165000 | 2370710 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/28 | 1000000 | 1050444 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/29 | 1500000 | 1599508 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), 5.00%, 1/15/30 | 1340000 | 1427698 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 3.25%, 1/15/50 | 3500000 | 3489038 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group),VRN, 3.625%, 1/15/48 | 1000000 | 1004183 |
| Greenville Utilities Commission Rev., 5.00%, 9/1/43<sup>(6)</sup> | 2170000 | 2288427 |
| Greenville Utilities Commission Rev., 5.00%, 9/1/44<sup>(6)</sup> | 3230000 | 3388100 |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 2.30%, 9/1/25 | 1250000 | 1242545 |
| North Carolina Medical Care Commission Rev., (Friends Homes Obligated Group), 4.00%, 9/1/40 | 3050000 | 2613418 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/40 | 1050000 | 1000367 |
| North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 5.00%, 10/1/45 | 1000000 | 915921 |
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.25%, 9/1/28 | 1090000 | 1085002 |
| North Carolina Medical Care Commission Rev., (Pines at Davidson, Inc. Obligated Group), 5.00%, 1/1/34 | 1000000 | 1020633 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 3.00%, 7/1/26 | 590000 | 581028 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/28 | 1815000 | 1797805 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 4.00%, 7/1/30 | 1035000 | 1016659 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/31 | 1075000 | 1095917 |

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/32 | $1115000 | $1133809 |
| North Carolina Medical Care Commission Rev., (Presbyterian Home at Charlotte, Inc.), 5.00%, 7/1/34 | 1230000 | 1243512 |
| North Carolina Medical Care Commission Rev., (Presbyterian Homes Obligated Group NC), 4.00%, 10/1/45 | 1000000 | 836636 |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 3.75%, 10/1/28 | 525000 | 524469 |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 5.00%, 10/1/35 | 5000000 | 5051278 |
| North Carolina Turnpike Authority Rev., 5.00%, 1/1/33 (AGM) | 2570000 | 2702353 |
| State of North Carolina Rev., 5.00%, 3/1/34 | 15000000 | 15838609 |
| State of North Carolina Rev., 5.00%, 3/1/40 | 2250000 | 2410067 |
| State of North Carolina Rev., (State of North Carolina Highway Trust Fund), 5.00%, 5/1/27 | 3250000 | 3386252 |
|  |  | 64330844 |
| **Ohio — 2.3%** |  |  |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/34 | 980000 | 1071462 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/36 | 1080000 | 1167639 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/37 | 1135000 | 1217236 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/38 | 1190000 | 1261333 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/40 | 1315000 | 1364448 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/41 | 1380000 | 1420365 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/42 | 1450000 | 1478666 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/43 | 1520000 | 1538129 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/44 | 1595000 | 1603385 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/45 | 1550000 | 1548987 |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/35 | 6200000 | 6393296 |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/36 | 6505000 | 6675445 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/38 | 5375000 | 5032098 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 5000000 | 4619747 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/28 | 620000 | 630393 |
| Cleveland-Cuyahoga County Port Authority Rev., (Playhouse Square Foundation), 5.00%, 12/1/33 | 1625000 | 1651095 |
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | 2025000 | 1996183 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/26 | 2000000 | 2015986 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/27 | 1600000 | 1636019 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/28 | 1750000 | 1772546 |
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 3600000 | 3562324 |
| Hamilton Sewer System Rev., 5.00%, 12/1/25 | 2250000 | 2271671 |
| Hamilton Sewer System Rev., 5.00%, 12/1/26 | 2000000 | 2061458 |
| Hamilton Sewer System Rev., 5.00%, 12/1/27 | 1125000 | 1185414 |
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/41 | 500000 | 520334 |
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/42 | 1000000 | 1035288 |
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/43 | 1000000 | 1031436 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/32 | 350000 | 393587 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/32 | 400000 | 451644 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/33 | 700000 | 785040 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/34 | 650000 | 724672 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 6/1/35 | 1100000 | 1218291 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/36 | 750000 | 820900 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/38 | 1450000 | 1561342 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/33 | 4000000 | 4515424 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/38 | 2905000 | 3140818 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| State of Ohio Rev., (Children's Hospital Medical Center of Akron Obligated Group), VRN, 5.00%, 8/15/54 | $3040000 | $3300725 |
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/33 | 700000 | 758516 |
| State of Ohio Rev., (Department of Transportation), 5.00%, 12/15/34 | 1000000 | 1077369 |
| Toledo GO, 5.00%, 12/1/37 (BAM) | 395000 | 422186 |
| Toledo GO, 5.00%, 12/1/38 (BAM) | 350000 | 371103 |
| Toledo GO, 5.00%, 12/1/39 (BAM) | 440000 | 463125 |
| Worthington City School District GO, 5.00%, 12/1/41 | 1400000 | 1474399 |
| Worthington City School District GO, 5.00%, 12/1/42 | 1800000 | 1882578 |
|  |  | 81124102 |
| **Oklahoma — 0.2%** |  |  |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41<sup>(6)</sup> | 1210000 | 1269059 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42<sup>(6)</sup> | 1380000 | 1435706 |
| Oklahoma Water Resources Board Rev., 4.00%, 10/1/48 | 5385000 | 4830709 |
| Oklahoma Water Resources Board Rev., (State of Oklahoma Drinking Water State Revolving Fund), 4.00%, 4/1/48 | 1000000 | 900681 |
|  |  | 8436155 |
| **Oregon — 1.0%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/32 | 500000 | 504457 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/37 | 500000 | 497000 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/47 | 3900000 | 3576017 |
| Clackamas County School District No. 12 North Clackamas GO, Capital Appreciation, 0.00%, 6/15/35 (SCH BD GTY)<sup>(5)</sup> | 10000000 | 6404367 |
| Forest Grove Rev., (Pacific University), 4.00%, 5/1/40 | 2570000 | 2205493 |
| Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/28 | 265000 | 268730 |
| Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/32 (SCH BD GTY)<sup>(5)</sup> | 1000000 | 785736 |
| Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/33 (SCH BD GTY)<sup>(5)</sup> | 1000000 | 751863 |
| Oregon City School District No. 62 GO, Capital Appreciation, 0.00%, 6/15/34 (SCH BD GTY)<sup>(5)</sup> | 1000000 | 717703 |
| Oregon State Lottery Rev., 5.00%, 4/1/40 | 750000 | 810667 |
| Oregon State Lottery Rev., 5.00%, 4/1/41 | 500000 | 536013 |
| Oregon State Lottery Rev., 5.25%, 4/1/42 | 500000 | 541792 |
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/30 | 1250000 | 1380296 |
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/33 | 630000 | 704500 |
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/35 | 3710000 | 4109675 |
| State of Oregon Department of Transportation Rev., 5.00%, 11/15/36 | 2900000 | 3186476 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/32<sup>(2)</sup> | 500000 | 530275 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/33<sup>(2)</sup> | 500000 | 528321 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/34<sup>(2)</sup> | 500000 | 526589 |
| Warm Springs Reservation Confederated Tribe Rev., 5.00%, 11/1/39<sup>(2)</sup> | 800000 | 826688 |
| Washington & Multnomah Counties School District No. 48J Beaverton GO, Capital Appreciation, 0.00%, 6/15/41 (SCH BD GTY)<sup>(5)</sup> | 6500000 | 3016704 |
| Washington & Multnomah Counties School District No. 48J Beaverton GO, Capital Appreciation, 0.00%, 6/15/42 (SCH BD GTY)<sup>(5)</sup> | 5000000 | 2187892 |
|  |  | 34597254 |
| **Pennsylvania — 4.9%** |  |  |
| Adams County General Authority Rev., (Brethren Home Community Obligated Group), 3.60%, 6/1/29 | 1045000 | 1026567 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/30 | 1230000 | 1234556 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/31 | 2000000 | 2006491 |
| Allegheny County Higher Education Building Authority Rev., (Duquesne University of the Holy Spirit), 4.00%, 3/1/32 | 600000 | 601680 |
| Allegheny County Industrial Development Authority Rev., (United States Steel Corp.), 5.125%, 5/1/30 | 4000000 | 4166705 |
| Bucks County Water & Sewer Authority Rev., 4.00%, 12/1/42 (AGM) | 2750000 | 2575766 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/30 | 2500000 | 2598915 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/32 | 6325000 | 6544859 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/33 | 3205000 | 3305941 |
| Commonwealth Financing Authority Rev., 5.00%, 6/1/34 | 2765000 | 2842340 |
| Commonwealth Financing Authority Rev., 4.00%, 6/1/39 (AGM) | 5600000 | 5156621 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/27 | $1040000 | $1055190 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/28 | 1095000 | 1110493 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/29 | 1150000 | 1164551 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/30 | 1205000 | 1218379 |
| Erie Higher Education Building Authority Rev., (Gannon University), 5.00%, 5/1/31 | 1265000 | 1277658 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/29 | 2000000 | 2030777 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/31 | 5450000 | 5516175 |
| Hospitals & Higher Education Facilities Authority of Philadelphia Rev., (Temple University Health System Obligated Group), 5.00%, 7/1/33 | 1300000 | 1310295 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/29<sup>(6)</sup> | 1355000 | 1438052 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/30<sup>(6)</sup> | 1060000 | 1136361 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/31<sup>(6)</sup> | 1110000 | 1199109 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/32<sup>(6)</sup> | 1545000 | 1671864 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/33<sup>(6)</sup> | 1610000 | 1748481 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/34<sup>(6)</sup> | 1265000 | 1371231 |
| Lancaster County Hospital Authority Rev., (Masonic Villages of the Grand Lodge of Pennsylvania), 5.00%, 11/1/35<sup>(6)</sup> | 465000 | 503008 |
| Luzerne County Industrial Development Authority Rev., (County of Luzerne PA), 5.00%, 12/15/27 (AGM) | 1000000 | 1008376 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 8000000 | 8017795 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43 | 600000 | 524656 |
| Pennsylvania COP, 5.00%, 7/1/29 | 600000 | 626399 |
| Pennsylvania COP, 5.00%, 7/1/30 | 750000 | 781466 |
| Pennsylvania COP, 5.00%, 7/1/31 | 850000 | 882941 |
| Pennsylvania COP, 5.00%, 7/1/35 | 450000 | 463809 |
| Pennsylvania GO, 5.00%, 8/15/25 | 12000000 | 12047231 |
| Pennsylvania GO, 4.00%, 2/1/32 | 6200000 | 6223981 |
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 2275000 | 2290329 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/25 | 3900000 | 3938527 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 7210000 | 8053854 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/34 | 2000000 | 2220537 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/36 | 500000 | 544690 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/37 | 525000 | 567474 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/39 | 1000000 | 1062597 |
| Pennsylvania Turnpike Commission Rev., Capital Appreciation, 4.90%, 12/1/44 | 2000000 | 2008509 |
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/27 (AGM) | 1000000 | 1040074 |
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/29 (AGM) | 1465000 | 1520979 |
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/30 (AGM) | 2960000 | 3073623 |
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/31 (AGM) | 1610000 | 1668841 |
| Philadelphia Authority for Industrial Development Rev., (City of Philadelphia PA), 5.00%, 12/1/32 (AGM) | 1800000 | 1862034 |
| Philadelphia Energy Authority Rev., (City of Philadelphia PA), 5.00%, 11/1/34 | 1000000 | 1097594 |
| Philadelphia Energy Authority Rev., (City of Philadelphia PA), 5.00%, 11/1/35 | 1000000 | 1089838 |
| Philadelphia Municipal Authority Rev., (City of Philadelphia PA), 5.00%, 4/1/26 | 1750000 | 1776529 |
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/41 (AGC) | 2000000 | 2101537 |
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/42 (AGC) | 1000000 | 1041025 |
| Philadelphia Water & Wastewater Rev., 5.00%, 9/1/43 (AGC) | 1325000 | 1371747 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/33 (AGM) | 1280000 | 1439848 |

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------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/34 (AGM) | $1500000 | $1660002 |
| Reading GO, 5.00%, 11/1/26 (BAM) | 1555000 | 1592382 |
| Reading GO, 5.00%, 11/1/27 (BAM) | 1630000 | 1703465 |
| Reading GO, 5.00%, 11/1/28 (BAM) | 1000000 | 1041218 |
| Reading GO, 5.00%, 11/1/29 (BAM) | 1795000 | 1865734 |
| Reading School District GO, 5.00%, 3/1/28 (AGM), (ST AID WITHHLDG) | 1025000 | 1058975 |
| Reading School District GO, 5.00%, 3/1/35 (AGM), (ST AID WITHHLDG) | 2000000 | 2039611 |
| Reading School District GO, 5.00%, 3/1/37 (AGM), (ST AID WITHHLDG) | 1500000 | 1523542 |
| Reading School District GO, 5.00%, 3/1/38 (AGM), (ST AID WITHHLDG) | 1500000 | 1519660 |
| School District of Philadelphia GO, 5.00%, 9/1/26 (ST AID WITHHLDG) | 2200000 | 2254250 |
| School District of Philadelphia GO, 5.00%, 9/1/27 (ST AID WITHHLDG) | 500000 | 519733 |
| School District of Philadelphia GO, 5.00%, 9/1/28 (ST AID WITHHLDG) | 475000 | 500908 |
| School District of Philadelphia GO, 5.00%, 9/1/28 (ST AID WITHHLDG) | 5000000 | 5090318 |
| School District of Philadelphia GO, 5.00%, 9/1/29 (ST AID WITHHLDG) | 1225000 | 1285064 |
| School District of Philadelphia GO, 5.00%, 9/1/30 (ST AID WITHHLDG) | 3000000 | 3142415 |
| School District of Philadelphia GO, 5.00%, 9/1/33 (ST AID WITHHLDG) | 1625000 | 1690872 |
| Scranton GO, 5.00%, 11/15/28 (AGM) | 1545000 | 1622864 |
| Scranton GO, 5.00%, 11/15/29 (AGM) | 1875000 | 1987500 |
| Scranton GO, 5.00%, 11/15/30 (AGM) | 920000 | 983328 |
| Scranton GO, 5.00%, 11/15/31 (AGM) | 1675000 | 1796864 |
| Scranton GO, 5.00%, 11/15/32 (AGM) | 1520000 | 1619243 |
| Scranton School District GO, 5.00%, 12/1/32 (BAM), (ST AID WITHHLDG) | 1000000 | 1036909 |
| Scranton School District GO, 5.00%, 12/1/34 (BAM), (ST AID WITHHLDG) | 1650000 | 1701401 |
| Scranton School District GO, 5.00%, 12/1/35 (BAM), (ST AID WITHHLDG) | 750000 | 771702 |
| Scranton-Lackawanna Health & Welfare Authority Rev., (Marywood University), 5.00%, 6/1/46 | 4200000 | 3471195 |
| University of Pittsburgh-of the Commonwealth System of Higher Education Rev., 5.00%, 2/15/34 | 4500000 | 5053619 |
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/41 | 370000 | 322685 |
| West Cornwall Township Municipal Authority Rev., (Lebanon Valley Brethren Home Obligated Group), 4.00%, 11/15/46 | 525000 | 427842 |
|  |  | 175442206 |
| **Puerto Rico — 0.1%** |  |  |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 3116065 | 1608669 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(5)</sup> | 15000000 | 3541132 |
|  |  | 5149801 |
| **Rhode Island — 0.4%** |  |  |
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/27 (AGM) | 1635000 | 1701309 |
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/29 (AGM) | 1810000 | 1875235 |
| Providence Public Building Authority Rev., (City of Providence RI), 5.00%, 9/15/32 (AGM) | 2000000 | 2055804 |
| Providence Public Building Authority Rev., (City of Providence RI), 4.00%, 9/15/33 (AGM) | 5620000 | 5613505 |
| Providence Public Building Authority Rev., (City of Providence RI), 5.25%, 9/15/40 (AGC) | 1100000 | 1178968 |
| Providence Public Building Authority Rev., (City of Providence RI), 5.25%, 9/15/41 (AGC) | 1000000 | 1062254 |
|  |  | 13487075 |
| **South Carolina — 1.0%** |  |  |
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.00%, 11/1/30 | 330000 | 318469 |
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.25%, 11/1/40 | 1000000 | 882701 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/38 | 1050000 | 1137734 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/39 | 1000000 | 1075717 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/40 | 1400000 | 1492992 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/41 | 1560000 | 1651214 |
| Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/42 | 1000000 | 1053378 |
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/42 | 500000 | 470541 |
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/43 | 515000 | 479189 |
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/44 | 500000 | 462423 |

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---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Dorchester County Waterworks & Sewer System Rev., 4.00%, 10/1/45 | $750000 | $682188 |
| Greenville County School District Rev., 5.00%, 12/1/25 | 2500000 | 2522966 |
| Greenville County School District Rev., 5.00%, 12/1/26 | 5000000 | 5158103 |
| Greenwood Fifty Schools Facilities, Inc. Rev., (Greenwood School District No. 50), 5.00%, 12/1/27 (BAM) | 5000000 | 5089625 |
| Myrtle Beach Tax Allocation, (City of Myrtle Beach SC Myrtle Beach Air Force Redevelopment Project Area), 5.00%, 10/1/26 | 450000 | 459675 |
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 8250000 | 8689293 |
| Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.00%, 11/1/26<sup>(2)</sup> | 320000 | 309731 |
| Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.625%, 11/1/31<sup>(2)</sup> | 1000000 | 874009 |
| Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.75%, 11/1/36<sup>(2)</sup> | 995000 | 792221 |
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.25%, 11/15/39 | 820000 | 843353 |
|  |  | 34445522 |
| **Tennessee — 1.1%** |  |  |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/39 | 550000 | 617687 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/40 | 825000 | 922940 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/41 | 1000000 | 1109914 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/42 | 700000 | 772251 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/43 | 550000 | 604459 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/44 | 775000 | 848773 |
| Hamilton County & Chattanooga Sports Authority Rev., 5.50%, 12/1/45 | 725000 | 791975 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/35 (BAM) | 1530000 | 1642987 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/44 (BAM) | 1820000 | 1839185 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/33 (BAM) | 650000 | 707372 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/34 (BAM) | 550000 | 594776 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/35 (BAM) | 600000 | 644309 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.00%, 7/1/36 (BAM) | 875000 | 932753 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., (Vanderbilt University Medical Center Obligated Group), 5.00%, 7/1/28 | 2250000 | 2362076 |
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.00%, 7/1/38 (AGM) | 1310000 | 1395362 |
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.00%, 7/1/39 (AGM) | 4505000 | 4765221 |
| Metropolitan Government of Nashville & Davidson County GO, 4.00%, 1/1/43 | 5000000 | 4696312 |
| Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/27 | 415000 | 415167 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/28 | 375000 | 375145 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/29 | 475000 | 475179 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/30 | 475000 | 475174 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/37 | 280000 | 300616 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/38 | 230000 | 244763 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/39 | 350000 | 370255 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/40 | 350000 | 368162 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/41 | 500000 | 522655 |
| Metropolitan Nashville Airport Authority Rev., 5.00%, 7/1/42 | 500000 | 519528 |
| Metropolitan Nashville Airport Authority Rev., 5.25%, 7/1/47 | 500000 | 516794 |
| Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.00%, 6/1/44<sup>(2)</sup> | 4335000 | 4145272 |
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 3750000 | 3901635 |
|  |  | 37878697 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| **Texas — 13.9%** | | |
| Arlington Special Tax, 5.00%, 2/15/28 (BAM) | $1425000 | $1497859 |
| Arlington Special Tax, 5.00%, 2/15/30 (BAM) | 1000000 | 1043519 |
| Arlington Special Tax, 5.00%, 2/15/31 (BAM) | 1100000 | 1146461 |
| Arlington Special Tax, 5.00%, 2/15/32 (BAM) | 1000000 | 1039697 |
| Arlington Special Tax, 5.00%, 2/15/33 (BAM) | 1000000 | 1036827 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/31 (PSF-GTD) | 2175000 | 2379819 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/32 (PSF-GTD) | 4300000 | 4749747 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/34 (PSF-GTD) | 1300000 | 1416350 |
| Arlington Higher Education Finance Corp. Rev., (Trinity Basin Preparatory, Inc.), 4.125%, 8/15/42 (PSF-GTD) | 2915000 | 2745034 |
| Arlington Higher Education Finance Corp. Rev., (Uplift Education), 5.00%, 12/1/38 (PSF-GTD)<sup>(6)</sup> | 1380000 | 1474148 |
| Austin Electric Utility Rev., 5.00%, 11/15/36 | 7155000 | 7798858 |
| Austin Electric Utility Rev., 5.00%, 11/15/37 | 3000000 | 3239968 |
| Austin Independent School District GO, 4.00%, 8/1/36 (PSF-GTD) | 4750000 | 4761384 |
| Austin Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | 1375000 | 1348961 |
| Belton Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1200000 | 1158573 |
| Belton Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1000000 | 952281 |
| Belton Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1120000 | 1049204 |
| Birdville Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 1000000 | 1112231 |
| Central Texas Regional Mobility Authority Rev., 5.00%, 7/1/25, Prerefunded at 100% of Par<sup>(1)</sup> | 2000000 | 2003145 |
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 11500000 | 12105528 |
| Chambers County Justice Center Public Facilities Corp. Rev., (County of Chambers TX), 5.00%, 6/1/38 | 1000000 | 1052264 |
| Clear Creek Independent School District GO, 5.00%, 2/15/35 (PSF-GTD) | 3500000 | 3878525 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/27 | 1100000 | 1119556 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/28 | 500000 | 508654 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/31 (PSF-GTD) | 3290000 | 3601092 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/32 (PSF-GTD) | 1800000 | 1984688 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/33 (PSF-GTD) | 1600000 | 1753426 |
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.25%, 8/15/28 | 1000000 | 1001870 |
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/32 (PSF-GTD) | 1655000 | 1811520 |
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/33 (PSF-GTD) | 2750000 | 3026102 |
| Clifton Higher Education Finance Corp. Rev., (International Leadership of Texas, Inc.), 5.00%, 8/15/36 (PSF-GTD) | 1000000 | 1082475 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/26 (PSF-GTD) | 500000 | 507704 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/28 (PSF-GTD) | 910000 | 953528 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/30 (PSF-GTD) | 800000 | 857825 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/31 (PSF-GTD) | 565000 | 611912 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/33 (PSF-GTD) | 460000 | 496350 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/34 (PSF-GTD) | 1320000 | 1417563 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/35 (PSF-GTD) | 385000 | 411306 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/36 (PSF-GTD) | 560000 | 594681 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/38 (PSF-GTD) | 265000 | 277879 |
| Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 4.00%, 4/1/43 (PSF-GTD) | 1650000 | 1527621 |
| Corpus Christi Independent School District GO, 5.00%, 8/15/34 (PSF-GTD) | 1000000 | 1121108 |
| Corpus Christi Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) | 1000000 | 1122446 |
| Corpus Christi Independent School District GO, 5.00%, 8/15/36 (PSF-GTD) | 1000000 | 1112414 |
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/36 (PSF-GTD) | 1000000 | 1089692 |
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/37 (PSF-GTD) | 3910000 | 4221341 |
| Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/38 (PSF-GTD) | 1000000 | 1069831 |
| Cypress-Fairbanks Independent School District GO, 4.00%, 2/15/44 (PSF-GTD) | 3500000 | 3268041 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/35 | 4000000 | 4355814 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/36 | 6965000 | 7531748 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/37 | 1000000 | 1080883 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/38 | 1000000 | 1071222 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/38 | $4000000 | $4255766 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/39 | 1500000 | 1595661 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/40 | 1375000 | 1462376 |
| Del Valle Independent School District GO, 4.00%, 6/15/37 (PSF-GTD) | 2250000 | 2255103 |
| Del Valle Independent School District GO, 4.00%, 6/15/38 (PSF-GTD) | 2105000 | 2082457 |
| Del Valle Independent School District GO, 4.00%, 6/15/39 (PSF-GTD) | 2500000 | 2445707 |
| Del Valle Independent School District GO, 4.00%, 6/15/40 (PSF-GTD) | 4860000 | 4694244 |
| Denton County Fresh Water Supply District No. 6 GO, 4.00%, 2/15/26 (BAM) | 200000 | 200129 |
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/40 (PSF-GTD) | 2300000 | 2194691 |
| Eagle Mountain & Saginaw Independent School District GO, 4.00%, 8/15/41 (PSF-GTD) | 2250000 | 2131481 |
| Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/40 (BAM)<sup>(5)</sup> | 2840000 | 1373436 |
| Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/41 (BAM)<sup>(5)</sup> | 3000000 | 1360247 |
| Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/42 (BAM)<sup>(5)</sup> | 7400000 | 3157617 |
| Fort Bend Independent School District GO, 5.00%, 8/15/39 (PSF-GTD) | 1445000 | 1558261 |
| Fort Bend Independent School District GO, 5.00%, 8/15/40 (PSF-GTD) | 2775000 | 2969917 |
| Fort Bend Independent School District GO, VRN, 4.00%, 8/1/54 (PSF-GTD) | 5600000 | 5685392 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/32 (AGC)<sup>(6)</sup> | 600000 | 662854 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/33 (AGC)<sup>(6)</sup> | 800000 | 889689 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/34 (AGC)<sup>(6)</sup> | 700000 | 779839 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/34 (AGM) | 750000 | 836079 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/35 (AGM) | 700000 | 774109 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/35 (AGC)<sup>(6)</sup> | 1000000 | 1115382 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/36 (AGM) | 800000 | 875995 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/36 (AGC)<sup>(6)</sup> | 1000000 | 1103473 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/37 (AGM) | 500000 | 542268 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/38 (AGM) | 500000 | 538285 |
| Fort Worth Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1500000 | 1477998 |
| Fort Worth Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2500000 | 2438864 |
| Fort Worth Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1500000 | 1449803 |
| Fourth Ward Redevelopment Authority Tax Allocation, 4.00%, 9/1/38 (AGC) | 255000 | 248001 |
| Fourth Ward Redevelopment Authority Tax Allocation, 4.00%, 9/1/39 (AGC) | 330000 | 317355 |
| Fourth Ward Redevelopment Authority Tax Allocation, 4.25%, 9/1/41 (AGC) | 800000 | 769074 |
| Fourth Ward Redevelopment Authority Tax Allocation, 4.25%, 9/1/43 (AGC) | 1000000 | 942822 |
| Frisco Independent School District GO, 4.00%, 8/15/39 (PSF-GTD) | 8365000 | 8202897 |
| Galveston Independent School District GO, 4.00%, 2/1/41 (PSF-GTD) | 2715000 | 2640825 |
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/33 | 1175000 | 1276347 |
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/34 | 2215000 | 2390624 |
| Galveston Wharves & Terminal Rev., 5.00%, 8/1/35 | 2590000 | 2773709 |
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/40 | 975000 | 1033585 |
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/42 | 1250000 | 1307080 |
| Galveston Wharves & Terminal Rev., 5.25%, 8/1/44 | 1175000 | 1213476 |
| Garland Electric Utility System Rev., 5.00%, 3/1/32 (AGM) | 800000 | 882989 |
| Garland Electric Utility System Rev., 5.00%, 3/1/34 (AGM) | 600000 | 659317 |
| Garland Electric Utility System Rev., 5.00%, 3/1/35 (AGM) | 960000 | 1042236 |
| Garland Electric Utility System Rev., 5.00%, 3/1/37 (AGM) | 830000 | 889392 |
| Garland Electric Utility System Rev., 5.00%, 3/1/39 (AGM) | 525000 | 553649 |
| Georgetown Utility System Rev., 5.00%, 8/15/33 (BAM) | 1025000 | 1128088 |
| Georgetown Utility System Rev., 5.00%, 8/15/34 (BAM) | 2130000 | 2326913 |
| Georgetown Utility System Rev., 5.00%, 8/15/35 (BAM) | 700000 | 757967 |
| Georgetown Utility System Rev., 5.00%, 8/15/36 (BAM) | 560000 | 601577 |
| Gregory-Portland Independent School District GO, 5.00%, 2/15/31 (PSF-GTD) | 6250000 | 6903752 |
| Gregory-Portland Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 6240000 | 6956293 |
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/27 | 1500000 | 1505519 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/28 | $1000000 | $1003515 |
| Harris County Rev., (County of Harris TX Toll Road), 5.00%, 8/15/29 | 1000000 | 1003310 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Baylor College of Medicine Obligated Group), 5.00%, 5/15/29 | 4000000 | 4232200 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/27 | 430000 | 433667 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 4.00%, 1/1/31 | 1745000 | 1719920 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Brazos Presbyterian Homes Obligated Group), 5.00%, 1/1/37 | 1000000 | 1003601 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Memorial Hermann Health System Obligated Group), VRN, 5.00%, 7/1/54 | 2250000 | 2386963 |
| Harris Toll Road Rev., 5.00%, 8/15/33 | 4000000 | 4455752 |
| Harris Toll Road Rev., 5.00%, 8/15/34 | 2670000 | 2948879 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/30 (AGC) | 515000 | 550552 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/32 (AGC) | 285000 | 307807 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/35 (AGC) | 1000000 | 1081023 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/37 (AGC) | 1200000 | 1282215 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/39 (AGC) | 1250000 | 1321627 |
| Hays Consolidated Independent School District GO, 5.00%, 2/15/32 (PSF-GTD) | 1200000 | 1337749 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1000000 | 1005458 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 1250000 | 1246688 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 2000000 | 1976256 |
| Hays Consolidated Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 2180000 | 2134963 |
| Houston GO, 5.25%, 3/1/39 | 2000000 | 2152922 |
| Houston GO, 5.25%, 3/1/40 | 1145000 | 1223693 |
| Houston GO, 5.25%, 3/1/42 | 2750000 | 2902766 |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 3.375%, 10/1/37 | 500000 | 429545 |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 1200000 | 948856 |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/27 | 2050000 | 2052662 |
| Houston Hotel Occupancy Tax & Special Rev., 5.00%, 9/1/28 | 710000 | 710899 |
| Humble Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 3285000 | 3182033 |
| Humble Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 3000000 | 2883147 |
| Humble Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 2250000 | 2120593 |
| Irving Hospital Authority Rev., 5.00%, 10/15/25 | 250000 | 251067 |
| Jacksboro Independent School District GO, VRN, 4.00%, 2/15/48 (PSF-GTD) | 3160000 | 3240781 |
| Katy Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 600000 | 587948 |
| Katy Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1000000 | 971846 |
| Katy Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 1000000 | 963257 |
| Katy Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1000000 | 944636 |
| Klein Independent School District GO, 4.00%, 8/1/39 (PSF-GTD) | 6120000 | 6036298 |
| Lewisville Independent School District GO, 5.00%, 8/15/38 (PSF-GTD)<sup>(6)</sup> | 3000000 | 3260318 |
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 5700000 | 5531594 |
| Midland Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 5000000 | 4832677 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | 1810000 | 1802908 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/29 (AGM) | 700000 | 719319 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/31 (AGM) | 460000 | 471187 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Denton LLC), 5.00%, 7/1/38 (AGM) | 500000 | 504855 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par<sup>(1)</sup> | $1000000 | $1031498 |
| 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>(1)</sup> | 1000000 | 1031498 |
| 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>(1)</sup> | 1000000 | 1031498 |
| 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>(1)</sup> | 1670000 | 1722601 |
| North East Texas Regional Mobility Authority Rev., 5.00%, 1/1/28 | 2610000 | 2631907 |
| North Texas Tollway Authority Rev., 5.00%, 1/1/41 | 2145000 | 2248327 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/27 | 7825000 | 8090211 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/38 (AGC)<sup>(5)</sup> | 14000000 | 8167537 |
| Northside Independent School District GO, 5.00%, 8/15/33 (PSF-GTD) | 1035000 | 1162380 |
| Northside Independent School District GO, 5.00%, 8/15/34 (PSF-GTD) | 1000000 | 1127834 |
| Northside Independent School District GO, 5.00%, 8/15/36 (PSF-GTD) | 1000000 | 1108912 |
| Northside Independent School District GO, 5.00%, 8/15/37 (PSF-GTD) | 1225000 | 1345947 |
| Northside Independent School District GO, VRN, 3.00%, 8/1/53 (PSF-GTD) | 6965000 | 6917249 |
| Northwest Independent School District GO, 4.00%, 2/15/37 (PSF-GTD) | 1500000 | 1506662 |
| Northwest Independent School District GO, 4.00%, 2/15/38 (PSF-GTD) | 2000000 | 1990764 |
| Pasadena Economic Development Corp. Rev., (City of Pasadena TX Sales Tax), 5.25%, 8/15/39 (BAM) | 1000000 | 1079075 |
| Pasadena Economic Development Corp. Rev., (City of Pasadena TX Sales Tax), 5.25%, 8/15/42 (BAM) | 1000000 | 1050725 |
| Pasadena Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 1450000 | 1420450 |
| Pasadena Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 1500000 | 1452983 |
| Pasadena Independent School District GO, 4.00%, 2/15/41 (PSF-GTD) | 800000 | 769722 |
| Pasadena Independent School District GO, 4.00%, 2/15/42 (PSF-GTD) | 1000000 | 948833 |
| Prosper Independent School District GO, VRN, 4.00%, 2/15/50 (PSF-GTD) | 4695000 | 4723265 |
| Richardson Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 1000000 | 1014195 |
| Richardson Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 750000 | 777454 |
| Richardson Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 500000 | 528231 |
| Richardson Independent School District GO, 5.00%, 2/15/29 (PSF-GTD) | 650000 | 698406 |
| Richardson Independent School District GO, 4.00%, 2/15/39 (PSF-GTD) | 4160000 | 4046816 |
| Richardson Independent School District GO, 4.00%, 2/15/40 (PSF-GTD) | 4290000 | 4141899 |
| Round Rock Independent School District GO, VRN, 5.00%, 8/1/44 (PSF-GTD) | 3150000 | 3393858 |
| Royse City Independent School District GO, Capital Appreciation, 0.00%, 2/15/31 (PSF-GTD)<sup>(5)</sup> | 850000 | 693947 |
| Royse City Independent School District GO, Capital Appreciation, 0.00%, 2/15/32 (PSF-GTD)<sup>(5)</sup> | 1100000 | 863262 |
| San Antonio GO, 4.00%, 2/1/39 | 2000000 | 1956075 |
| San Antonio GO, 4.00%, 2/1/40 | 2000000 | 1934064 |
| San Antonio GO, 4.00%, 2/1/41 | 1500000 | 1419962 |
| San Antonio GO, 4.00%, 2/1/42 | 2220000 | 2069991 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/32 | 1000000 | 1109323 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/33 | 1500000 | 1675088 |
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/44 | 1000000 | 1051898 |
| Southeast Regional Management District GO, 4.00%, 4/1/38 (AGC) | 500000 | 484446 |
| Southeast Regional Management District GO, 4.00%, 4/1/39 (AGC) | 540000 | 516376 |
| Southeast Regional Management District GO, 4.00%, 4/1/41 (AGC) | 1000000 | 927512 |
| Southeast Regional Management District GO, 4.00%, 4/1/43 (AGC) | 825000 | 747992 |
| State of Texas GO, 5.00%, 10/1/29 | 10000000 | 10043829 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 4840000 | 4900618 |
| Tarrant County Hospital District GO, 4.00%, 8/15/43 | 2500000 | 2296481 |
| Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/33 (BAM)<sup>(6)</sup> | 1510000 | 1634430 |
| Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/34 (BAM)<sup>(6)</sup> | 1515000 | 1634995 |
| Temple Tax Allocation, (City of Temple TX Reinvestment Zone No. 1), 5.00%, 8/1/35 (BAM)<sup>(6)</sup> | 1605000 | 1732918 |
| Texas A&M University Rev., 5.25%, 5/15/36 | 2260000 | 2486095 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Texas A&M University Rev., 5.25%, 5/15/37 | $1750000 | $1912032 |
| Texas Municipal Gas Acquisition & Supply Corp. I Rev., 6.25%, 12/15/26 (GA: Merrill Lynch & Co., Inc.) | 1795000 | 1839002 |
| Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/28 (GA: Macquarie Group Ltd.) | 1610000 | 1669345 |
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 12300000 | 12956393 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/31 | 4500000 | 4531204 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/36 | 3100000 | 2983097 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/37 | 2250000 | 2120068 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 | 1200000 | 1124022 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.00%, 12/31/35 | 4120000 | 4285690 |
| Texas Public Finance Authority Rev., (Texas Southern University), 4.00%, 5/1/29 (BAM) | 1500000 | 1506616 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 4/15/31 | 7000000 | 7423316 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/34 | 6000000 | 6717359 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/35 | 4820000 | 5356690 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/41 | 1300000 | 1225209 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/42 | 15000000 | 15142737 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/44 | 5825000 | 5239757 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/33 | 1320000 | 1459637 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/34 | 1200000 | 1318751 |
| Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/35 | 1025000 | 1119367 |
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/40 (BAM) | 1000000 | 1044314 |
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/41 (BAM) | 1030000 | 1067354 |
| Upper Trinity Regional Water District Rev., 5.00%, 8/1/42 (BAM) | 850000 | 874337 |
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/33 | 720000 | 724789 |
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/34 | 1255000 | 1256433 |
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/34 | 1570000 | 1578050 |
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/35 | 3950000 | 3953668 |
| Uptown Development Authority Tax Allocation, (City of Houston TX Reinvestment Zone No. 16), 5.00%, 9/1/36 | 4100000 | 4102476 |
| Viridian Municipal Management District GO, 4.00%, 12/1/31 (BAM) | 500000 | 513119 |
| Viridian Municipal Management District GO, 4.00%, 12/1/32 (BAM) | 620000 | 632740 |
| Viridian Municipal Management District GO, 4.00%, 12/1/34 (BAM) | 585000 | 589649 |
| Viridian Municipal Management District GO, 4.00%, 12/1/36 (BAM) | 1150000 | 1137521 |
| Viridian Municipal Management District GO, 4.00%, 12/1/37 (BAM) | 1150000 | 1120632 |
|  |  | 495834650 |
| **Utah — 0.4%** |  |  |
| Intermountain Power Agency Rev., 5.00%, 7/1/26 | 3000000 | 3034786 |
| Intermountain Power Agency Rev., 5.00%, 7/1/27 | 2000000 | 2071814 |
| Intermountain Power Agency Rev., 5.00%, 7/1/37 | 2000000 | 2105485 |
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/29 (BAM) | 600000 | 640386 |
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/31 (BAM) | 600000 | 654195 |
| Utah Housing Corp. Rev., (Promontory Place LLC), 4.69%, 2/1/45 (FNMA) | 4430000 | 4352820 |
| Utah Transit Authority Rev., 5.00%, 6/15/30 | 1000000 | 1097844 |
| Utah Transit Authority Rev., 5.00%, 6/15/31 | 750000 | 834527 |
| Utah Transit Authority Rev., 5.00%, 6/15/32 | 1000000 | 1122186 |
|  |  | 15914043 |
| **Vermont — 0.1%** |  |  |
| Burlington Airport Rev., 5.00%, 7/1/30 (AGM) | 640000 | 640480 |
| Vermont Educational & Health Buildings Financing Agency Rev., (University of Vermont Health Network Obligated Group), 5.00%, 12/1/31 | 4000000 | 4044627 |
|  |  | 4685107 |
| **Virginia — 1.1%** |  |  |
| Arlington County Industrial Development Authority Rev., (Virginia Hospital Center Arlington Health System Obligated Group), VRN, 5.00%, 7/1/53 | 4000000 | 4280842 |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/32 | 6800000 | 7544362 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Lexington Industrial Development Authority Rev., (Lexington Retirement Community Obligated Group), 4.00%, 1/1/31 | $675000 | $667937 |
| Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45<sup>(2)</sup> | 3775000 | 3480183 |
| Peninsula Town Center Community Development Authority Special Assessment, 4.50%, 9/1/28<sup>(2)</sup> | 600000 | 601601 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(2)</sup> | 1500000 | 1501101 |
| Prince William County Service Authority Rev., 5.00%, 7/15/37 | 750000 | 836365 |
| Prince William County Service Authority Rev., 5.00%, 7/15/38 | 500000 | 551527 |
| Prince William County Service Authority Rev., 5.00%, 7/15/40 | 390000 | 423660 |
| Prince William County Service Authority Rev., 5.00%, 7/15/41 | 400000 | 430875 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 5960000 | 6009268 |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 5.00%, 2/1/28 | 2500000 | 2639927 |
| Virginia Small Business Financing Authority Rev., (Hampton University), 5.25%, 10/1/29 | 3000000 | 3004898 |
| Virginia Small Business Financing Authority Rev., (Mary Washington Healthcare Obligated Group), VRN, 5.00%, 6/15/60 | 2975000 | 3165810 |
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/37 | 2250000 | 2154693 |
| Virginia Small Business Financing Authority Rev., (National Senior Communities, Inc. Obligated Group), 4.00%, 1/1/40 | 4000000 | 3644979 |
|  |  | 40938028 |
| **Washington — 3.1%** |  |  |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 1000000 | 1122600 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 1200000 | 1355017 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 13000000 | 14413393 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/34 | 1000000 | 1132502 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/34 | 2500000 | 2681413 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 1000000 | 1133349 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 5795000 | 6356725 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 1000000 | 1125178 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 7000000 | 7326416 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 1000000 | 1080001 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/33 | 1175000 | 1315699 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/34 | 1325000 | 1466618 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/35 | 1000000 | 1099976 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/36 | 1750000 | 1909434 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/40 | 2000000 | 2140556 |
| Kitsap County Public Utility District No. 1 Rev., 4.00%, 12/1/44 (AGC) | 550000 | 499271 |
| Pierce County School District No. 320 Sumner GO, 5.00%, 12/1/41 (SCH BD GTY) | 1605000 | 1706032 |
| Pierce County School District No. 320 Sumner GO, 5.00%, 12/1/42 (SCH BD GTY) | 1000000 | 1054524 |
| Seattle Municipal Light & Power Rev., VRN, 2.22%, (MUNIPSA plus 0.25%), 5/1/45 | 4800000 | 4745223 |
| Seattle Water System Rev., 5.00%, 5/1/33 | 1610000 | 1816079 |
| State of Washington GO, 5.00%, 6/1/27 | 9295000 | 9698881 |
| State of Washington GO, 5.00%, 2/1/30 | 9000000 | 9102965 |
| State of Washington GO, 5.00%, 6/1/33 | 2250000 | 2433851 |
| State of Washington GO, 5.00%, 2/1/34 | 10865000 | 11825771 |
| State of Washington GO, 5.00%, 8/1/38 | 1250000 | 1352062 |
| State of Washington GO, 5.00%, 8/1/43 | 5000000 | 5190169 |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 8/1/36 | 5795000 | 5957319 |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 5815000 | 5823670 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/33 (BAM)<sup>(2)</sup> | 635000 | 680514 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/34 (BAM)<sup>(2)</sup> | 670000 | 714837 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/35 (BAM)<sup>(2)</sup> | 1000000 | 1063960 |

---

------

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| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/36 (BAM)<sup>(2)</sup> | $1000000 | $1053875 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.00%, 7/1/37 (BAM)<sup>(2)</sup> | 1250000 | 1305984 |
|  |  | 111683864 |
| **West Virginia — 0.2%** |  |  |
| Ohio County Tax Allocation, (Ohio WV Fort Henry Centre Tax Increment Financing District No. 1), 5.25%, 6/1/44 | 750000 | 741984 |
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.00%, 9/1/40 (AGM) | 1500000 | 1548361 |
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.125%, 9/1/42 (AGM) | 4000000 | 4155708 |
|  |  | 6446053 |
| **Wisconsin — 1.9%** |  |  |
| Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/37 | 600000 | 574650 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/31 | 560000 | 597108 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/32 | 585000 | 623584 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/33 | 1235000 | 1319716 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/34 | 1300000 | 1381108 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/35 | 1370000 | 1446009 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/36 | 1440000 | 1509374 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/37 | 1515000 | 1575648 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/38 | 1595000 | 1650115 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.25%, 12/1/39 | 1680000 | 1727500 |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.50%, 12/1/44 | 2155000 | 2156955 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/31 (AGM) | 690000 | 717069 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/32 (AGM) | 740000 | 767295 |
| Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/33 (AGM) | 750000 | 775587 |
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.00%, 6/1/30 | 750000 | 776751 |
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.00%, 6/1/35 | 1100000 | 1134974 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/31<sup>(2)</sup> | 1290000 | 1333555 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/32<sup>(2)</sup> | 1610000 | 1664152 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.00%, 7/1/33<sup>(2)</sup> | 1955000 | 2015916 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.25%, 7/1/38<sup>(2)</sup> | 3000000 | 3027118 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.50%, 7/1/43<sup>(2)</sup> | 2145000 | 2139163 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 925000 | 962086 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/32 (AGM) | 2540000 | 2634373 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/33 (AGM) | 2665000 | 2754285 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/34 (AGM) | 2800000 | 2885973 |
| Public Finance Authority Rev., (Gannon University), 5.00%, 5/1/47 | 1100000 | 1004741 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/36 | 425000 | 449059 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/38 | 350000 | 363508 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/40 | 400000 | 408344 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.25%, 6/15/45 | 1000000 | 1014421 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30<sup>(1)(2)</sup> | 25000 | 26260 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30, Prerefunded at 100% of Par<sup>(1)(2)</sup> | 65000 | 70240 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/30<sup>(2)</sup> | 475000 | 483797 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/32, Prerefunded at 100% of Par<sup>(1)(2)</sup> | 20000 | 20837 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/32, Prerefunded at 100% of Par<sup>(1)(2)</sup> | 35000 | 36465 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 5.00%, 4/1/40<sup>(2)</sup> | 1675000 | 1617728 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/42<sup>(2)</sup> | 980000 | 826190 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52<sup>(2)</sup> | 1215000 | 938766 |
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 4.00%, 7/1/46 | 1100000 | 846393 |
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/51 | 2185000 | 1739436 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal Amount/**<br>**Shares** | **Value** |
| Public Finance Authority Rev., (Washoe Barton Medical Clinic), 4.00%, 12/1/41<sup>(2)</sup> | $1500000 | $1294512 |
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 1250000 | 1207671 |
| Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 5.00%, 8/15/54 | 8100000 | 8578615 |
| Wisconsin Health & Educational Facilities Authority Rev., (Fort Healthcare Inc. Obligated Group), VRN, 5.00%, 10/1/54 | 4650000 | 5030783 |
| Wisconsin Health & Educational Facilities Authority Rev., (Rocketship Education Obligated Group), 5.25%, 6/1/40<sup>(2)</sup> | 3580000 | 3406364 |
|  |  | 67514194 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $3,611,289,871) |  | **3557150093** |
| **EXCHANGE-TRADED FUNDS — 0.5%** |  |  |
| iShares National Muni Bond ETF | 88600 | 9201110 |
| VanEck High Yield Muni ETF | 178900 | 8936055 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $18,123,313) |  | **18137165** |
| **SHORT-TERM INVESTMENTS — 0.0%** |  |  |
| **Money Market Funds — 0.0%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $1,479,476) | 1479328 | **1479476** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $3,630,892,660) |  | **3576766734** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(1695301)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3575071433** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** | **FUTURES CONTRACTS PURCHASED** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized Appreciation <br>(Depreciation)^** |
| U.S. Treasury 2-Year Notes | 785 | September 2025 | $162838438 | $133392 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** | **FUTURES CONTRACTS SOLD** |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional <br>Amount** | **Unrealized <br>Appreciation <br>(Depreciation)^** |
| U.S. Treasury 10-Year Ultra Notes | 404 | September 2025 | $45468938 | $(130194) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| AGC | – | Assured Guaranty Corp. |
| AGM | – | Assured Guaranty Municipal Corp. |
| AGM-CR | – | Assured Guaranty Municipal Corp. - Custodian Receipts |
| BAM | – | Build America Mutual Assurance Corp. |
| BAM-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| COP | – | Certificates of Participation |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GA | – | Guaranty Agreement |
| GO | – | General Obligation |
| HUD | – | Housing and Urban Development |
| LIQ FAC | – | Liquidity Facilities |
| MUNIPSA | – | SIFMA Municipal Swap Index |
| NPFG | – | National Public Finance Guarantee Corp. |
| PSF-GTD | – | Permanent School Fund |
| Q-SBLF | – | Qualified School Board Loan Fund |
| SBBPA | – | Standby Bond Purchase Agreement |
| SCH BD GTY | – | School Bond Guaranty |
| SD CRED PROG | – | School District Credit Enhancement Program |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| ST AID WITHHLDG | – | State Aid Withholding |
| VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

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

(2)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 $168,158,502, which represented 4.7% of total net assets.

(3)Security is in default.

(4)Non-income producing.

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

(6)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

---

| | |
|:---|:---|
| **MAY 31, 2025** | |
| **Assets** | |
| Investment securities, at value (cost of $3,630,892,660) | $3576766734 |
| Deposits with broker for futures contracts | 1167575 |
| Receivable for investments sold | 1142250 |
| Receivable for capital shares sold | 8890277 |
| Receivable for variation margin on futures contracts | 42213 |
| Interest and dividends receivable | 47642171 |
|  | 3635651220 |
| **Liabilities** |  |
| Disbursements in excess of demand deposit cash | 1402907 |
| Payable for investments purchased | 50382220 |
| Payable for capital shares redeemed | 6515353 |
| Accrued management fees | 835629 |
| Distribution and service fees payable | 6838 |
| Dividends payable | 1436840 |
|  | 60579787 |
| **Net Assets** | $3575071433 |
| **Net Assets Consist of:** |  |
| Capital paid in | $3805151940 |
| Distributable earnings (loss) | (230080507) |
|  | $3575071433 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class | $466565179 | 44380964 | $10.51 |
| I Class | $1642928782 | 156227805 | $10.52 |
| Y Class | $1437780359 | 136798691 | $10.51 |
| A Class | $25770613 | 2450812 | $10.52 |
| C Class | $2026500 | 192846 | $10.51 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $11.02 (net asset value divided by 0.955). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED MAY 31, 2025** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $136851508 |
| Dividends | 242977 |
|  | 137094485 |
| **Expenses:** |  |
| Management fees | 10058314 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;A Class | 62854 |
| &nbsp;&nbsp;&nbsp;C Class | 23287 |
| Trustees' fees and expenses | 225184 |
| Other expenses | 5270 |
|  | 10374909 |
| **Net investment income (loss)** | 126719576 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (15575521) |
| Futures contract transactions | 437253 |
|  | (15138268) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (18629727) |
| Futures contracts | 3198 |
|  | (18626529) |
| **Net realized and unrealized gain (loss)** | (33764797) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $92954779 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **May 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $126719576 | $122801781 |
| Net realized gain (loss) | (15138268) | (31693564) |
| Change in net unrealized appreciation (depreciation) | (18626529) | 14625949 |
| Net increase (decrease) in net assets resulting from operations | 92954779 | 105734166 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (16568935) | (17966207) |
| &nbsp;&nbsp;&nbsp;I Class | (58715149) | (60198227) |
| &nbsp;&nbsp;&nbsp;Y Class | (50276074) | (44598577) |
| &nbsp;&nbsp;&nbsp;A Class | (763379) | (672937) |
| &nbsp;&nbsp;&nbsp;C Class | (53059) | (66678) |
| Decrease in net assets from distributions | (126376596) | (123502626) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (42292610) | (51215625) |
| **Net increase (decrease) in net assets** | (75714427) | (68984085) |
| **Net Assets** |  |  |
| Beginning of period | 3650785860 | 3719769945 |
| End of period | $3575071433 | $3650785860 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025**

**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 represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the fund serves as the chief operating decision maker (CODM). The fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

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.

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

**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 May 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment Category<br>Fee Range** | **Complex Fee Range** | **Effective Annual**<br>**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 May 31, 2025 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.

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**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**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 $41,000,000 and $15,465,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended May 31, 2025 were $1,652,659,877 and $1,672,443,613, respectively.

**5. Capital Share Transactions** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**May 31, 2025** | **Year ended**<br>**May 31, 2025** | **Year ended**<br>**May 31, 2024** | **Year ended**<br>**May 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class** | | | | |
| Sold | 4638280 | $49808892 | 4941597 | $52676698 |
| Issued in reinvestment of distributions | 1410479 | 15130419 | 1551487 | 16508952 |
| Redeemed | (11019203) | (117990606) | (19404728) | (205901039) |
|  | (4970444) | (53051295) | (12911644) | (136715389) |
| **I Class** |  |  |  |  |
| Sold | 56172002 | 599473099 | 85679719 | 902754339 |
| Issued in reinvestment of distributions | 5315922 | 57042368 | 5519175 | 58734009 |
| Redeemed | (65177013) | (695938624) | (109472015) | (1154979398) |
|  | (3689089) | (39423157) | (18273121) | (193491050) |
| **Y Class** |  |  |  |  |
| Sold | 41013791 | 437967577 | 58252476 | 617900321 |
| Issued in reinvestment of distributions | 3356288 | 35981244 | 2946866 | 31353824 |
| Redeemed | (39969989) | (427308978) | (34697154) | (367253134) |
|  | 4400090 | 46639843 | 26502188 | 282001011 |
| **A Class** |  |  |  |  |
| Sold | 826328 | 8857415 | 326651 | 3479614 |
| Issued in reinvestment of distributions | 69203 | 742491 | 61120 | 650764 |
| Redeemed | (494061) | (5275246) | (635351) | (6775301) |
|  | 401470 | 4324660 | (247580) | (2644923) |
| **C Class** |  |  |  |  |
| Sold | 45140 | 485255 | 34862 | 374664 |
| Issued in reinvestment of distributions | 4945 | 53034 | 6266 | 66643 |
| Redeemed | (123006) | (1320950) | (75696) | (806581) |
|  | (72921) | (782661) | (34568) | (365274) |
| Net increase (decrease) | (3930894) | $(42292610) | (4964725) | $(51215625) |

---

**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 |  | $3557150093 |  |
| Exchange-Traded Funds | $18137165 |  |  |
| Short-Term Investments | 1479476 |  |  |
|  | $19616641 | $3557150093 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $133392 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $130194 |  |  |

---

**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. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. 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 $125,270,849 futures contracts purchased and $31,894,807 futures contracts sold.

The value of interest rate risk derivative instruments as of May 31, 2025, is disclosed on the Statement of Assets and Liabilities as an asset of $42,213 in receivable for variation margin on futures contracts.\* For the year ended May 31, 2025, the effect of interest rate risk derivative instruments on the Statement of Operations was $437,253 in net realized gain (loss) on futures contract transactions and $3,198 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 value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**9. Federal Tax Information**

The tax character of distributions paid during the years ended May 31, 2025 and May 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Distributions Paid From** |  |  |
| Exempt income | $126376596 | $123502626 |
| Ordinary income |  |  |
| Long-term capital gains |  |  |

---

------

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

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

---

| | |
|:---|:---|
| Federal tax cost of investments | $3631651863 |
| Gross tax appreciation of investments | $27267913 |
| Gross tax depreciation of investments | (82153042) |
| Net tax appreciation (depreciation) of investments | (54885129) |
| Net tax appreciation (depreciation) on derivatives |  |
| Net tax appreciation (depreciation) | $(54885129) |
| Other book-to-tax adjustments | $(274869) |
| Undistributed exempt income |  |
| Accumulated short-term capital losses | $(74374318) |
| Accumulated long-term capital losses | $(100546191) |

---

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

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

------

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)** | | | | | |
| **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**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net Realized**<br>**and Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Distributions <br>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 Assets,** <br>**End of** <br>**Period** <br>**(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2025 | $10.61 | 0.35 | (0.10) | 0.25 | (0.35) | $10.51 | 2.27% | 0.46% | 3.29% | 45% | $466565 |
| 2024 | $10.66 | 0.34 | (0.05) | 0.29 | (0.34) | $10.61 | 2.81% | 0.47% | 3.15% | 46% | $523750 |
| 2023 | $10.96 | 0.30 | (0.29) | 0.01 | (0.31) | $10.66 | 0.08% | 0.47% | 2.84% | 65% | $663668 |
| 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 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10.62 | 0.37 | (0.10) | 0.27 | (0.37) | $10.52 | 2.57% | 0.26% | 3.49% | 45% | $1642929 |
| 2024 | $10.66 | 0.36 | (0.04) | 0.32 | (0.36) | $10.62 | 3.02% | 0.27% | 3.35% | 46% | $1697701 |
| 2023 | $10.96 | 0.33 | (0.30) | 0.03 | (0.33) | $10.66 | 0.28% | 0.27% | 3.04% | 65% | $1899929 |
| 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 |
| **Y Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10.61 | 0.38 | (0.10) | 0.28 | (0.38) | $10.51 | 2.60% | 0.23% | 3.52% | 45% | $1437780 |
| 2024 | $10.66 | 0.36 | (0.05) | 0.31 | (0.36) | $10.61 | 2.95% | 0.24% | 3.38% | 46% | $1404762 |
| 2023 | $10.96 | 0.33 | (0.30) | 0.03 | (0.33) | $10.66 | 0.31% | 0.24% | 3.07% | 65% | $1128484 |
| 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 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10.61 | 0.33 | (0.09) | 0.24 | (0.33) | $10.52 | 2.11% | 0.71% | 3.04% | 45% | $25771 |
| 2024 | $10.66 | 0.31 | (0.05) | 0.26 | (0.31) | $10.61 | 2.56% | 0.72% | 2.90% | 46% | $21754 |
| 2023 | $10.96 | 0.28 | (0.30) | (0.02) | (0.28) | $10.66 | (0.17)% | 0.72% | 2.59% | 65% | $24489 |
| 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 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10.61 | 0.25 | (0.10) | 0.15 | (0.25) | $10.51 | 1.35% | 1.46% | 2.29% | 45% | $2027 |
| 2024 | $10.65 | 0.23 | (0.04) | 0.19 | (0.23) | $10.61 | 1.79% | 1.47% | 2.15% | 46% | $2819 |
| 2023 | $10.96 | 0.20 | (0.31) | (0.11) | (0.20) | $10.65 | (1.01)% | 1.47% | 1.84% | 65% | $3200 |
| 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 |

---

------

**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.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Intermediate-Term Tax-Free Bond Fund (the "Fund"), one of the funds constituting the American Century Municipal Trust, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended May 31, 2021, were audited by other auditors, whose report, dated July 21, 2021, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

July 17, 2025

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

------

**Other Tax Information**

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

The fund designates $126,512,623 as exempt interest dividends for the fiscal year ended May 31, 2025.

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92645 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92645 2507** |

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------

![Image9.jpg](ck0000746458-20250531_g13.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| May 31, 2025 |
| Tax-Free Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (BNTXX) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments | [2](#i98bfee2b32594d82a122f85cbeaab18f_160) |
| Statement of Assets and Liabilities | [6](#i98bfee2b32594d82a122f85cbeaab18f_166) |
| Statement of Operations | [7](#i98bfee2b32594d82a122f85cbeaab18f_169) |
| Statement of Changes in Net Assets | [8](#i98bfee2b32594d82a122f85cbeaab18f_172) |
| Notes to Financial Statements | [9](#i98bfee2b32594d82a122f85cbeaab18f_175) |
| Financial Highlights | [11](#i98bfee2b32594d82a122f85cbeaab18f_178) |
| Report of Independent Registered Public Accounting Firm | [12](#i98bfee2b32594d82a122f85cbeaab18f_181) |
| Other Tax Information | [13](#i98bfee2b32594d82a122f85cbeaab18f_3220) |

---

------

Schedule of Investments

**MAY 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**MUNICIPAL SECURITIES — 99.2%** | **Principal Amount**<br> | **Value**<br> |
| **Alabama — 2.4%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.25%, 6/6/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | $4005000 | $4005000 |
| **Alaska — 1.1%** |  |  |
| Alaska Housing Finance Corp. Rev., VRDN, 1.92%, 6/6/25 (SBBPA: FHLB) | 1755000 | 1755000 |
| **Arizona — 0.2%** |  |  |
| Arizona Health Facilities Authority Rev., (Banner Health Obligated Group) , VRDN, 3.00%, 6/2/25 (LOC: Bank of America N.A.) | 365000 | 365000 |
| **Arkansas — 0.4%** |  |  |
| Lowell Rev., VRDN, 2.15%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) (Acquired 5/20/25, Cost $675,000)<sup>(2)</sup> | 675000 | 675000 |
| **California — 10.6%** |  |  |
| Bay Area Toll Authority Rev., VRDN, 2.55%, 6/2/25 (LOC: Bank of America N.A.) | 580000 | 580000 |
| Los Angeles COP, (Kadima Hebrew Academy), VRDN, 2.92%, 6/6/25 (LOC: California Bank & Trust and U.S. Bank N.A.) | 4200000 | 4200000 |
| Los Angeles Industrial Development Authority Rev., (Anderson Industrial Property LLC), VRDN, 2.02%, 6/6/25 (LOC: FHLB and East West Bank) | 1930000 | 1930000 |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 340000 | 340000 |
| Municipal Improvement Corp. of Los Angeles, 3.00%, 6/3/25 (LOC: U.S. Bank N.A.) | 1500000 | 1500000 |
| Riverside County Industrial Development Authority Rev., (UFP Western Division, Inc.), VRDN, 1.92%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 300000 | 300000 |
| San Francisco City & County Public Utilities Commission Wastewater Rev., 1.00%, 10/1/25 (LOC: U.S. Treasury)<sup>(3)</sup> | 2500000 | 2476411 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.02%, 6/6/25 (LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 2600000 | 2600000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 1.99%, 7/4/25 (LOC: Bank of America N.A.)(LIQ FAC: Bank of America N.A.)<sup>(1)</sup> | 785000 | 785000 |
| Tender Option Bond Trust Receipts/Certificates Tax Allocation, VRDN, 2.05%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 1925000 | 1925000 |
| University of California, 3.00%, 9/10/25 | 750000 | 750000 |
|  |  | 17386411 |
| **Colorado — 0.8%** |  |  |
| Holland Creek Metropolitan District Rev., VRDN, 2.54%, 6/6/25 (LOC: Bank of America N.A.) | 1000000 | 1000000 |
| Jefferson County Rev., (Rocky Mountain Butterfly Consortium), VRDN, 2.35%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 345000 | 345000 |
|  |  | 1345000 |
| **District of Columbia — 4.8%** |  |  |
| Deutsche Bank Spears/Lifers Trust Rev., VRDN, 2.37%, 6/6/25 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)<sup>(1)</sup> | 7925000 | 7925000 |
| **Florida — 5.9%** |  |  |
| Florida Housing Finance Corp. Rev., (Lamson Avenue Apartments GP LLC), VRDN, 2.00%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 500000 | 500000 |
| Halifax Hospital Medical Center Rev., (Halifax Hospital Medical Center Obligated Group), VRDN, 1.95%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 1820000 | 1820000 |
| Hillsborough County, 3.00%, 9/4/25 | 1000000 | 1000000 |
| Hillsborough County Industrial Development Authority Rev., (Corbett Preparatory School of IDS, Inc.), VRDN, 2.04%, 6/6/25 (LOC: Bank of America N.A.) | 700000 | 700000 |
| JEA Water & Sewer System Rev., VRDN, 2.16%, 6/6/25 (SBBPA: Bank of America N.A.) | 1500000 | 1500000 |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 2511386 | 2511386 |
| Palm Beach County Rev., (Henry Morrison Flagler Museum), VRDN, 1.98%, 6/6/25 (LOC: Northern Trust Company) | 1000000 | 1000000 |
| Pinellas County Housing Finance Authority Rev., (Booker Creek Apartments Ltd.), VRDN, 2.00%, 6/6/25 (LOC: FHLMC) | 600000 | 600000 |
|  |  | 9631386 |
| **Illinois — 14.1%** |  |  |
| Illinois Development Finance Authority Rev., (Jewish Council for Youth Services), VRDN, 1.97%, 6/6/25 (LOC: BMO Bank N.A.) | 500000 | 500000 |

---

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| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Illinois Development Finance Authority Rev., (Wheaton Academy), VRDN, 2.30%, 6/6/25 (LOC: BMO Bank N.A.) | $5650000 | $5650000 |
| Illinois Educational Facilities Authority Rev., (Augustana College), VRDN, 2.00%, 6/6/25 (LOC: BMO Bank N.A.) | 1000000 | 1000000 |
| Illinois Finance Authority Rev., (Chicago Public Media, Inc.), VRDN, 1.95%, 6/6/25 (LOC: BMO Bank N.A.) | 400000 | 400000 |
| Illinois Finance Authority Rev., (Illinois Wesleyan University), VRDN, 2.05%, 6/6/25 (LOC: PNC Bank N.A.) | 500000 | 500000 |
| Illinois Finance Authority Rev., (Steppenwolf Theatre Co.), VRDN, 2.05%, 6/6/25 (LOC: Northern Trust Company) | 750000 | 750000 |
| Illinois Finance Authority Rev., (YMCA of Chicago), VRDN, 1.80%, 6/6/25 (LOC: BMO Bank N.A.) | 3180000 | 3180000 |
| Illinois Housing Development Authority Rev., (Steadfast Foxview LP), VRDN, 2.12%, 6/6/25 (LOC: FHLMC)(LIQ FAC: FHLMC) | 1200000 | 1200000 |
| Illinois Housing Development Authority Rev., (Woodlawn Six LP), VRDN, 2.05%, 6/6/25 (LOC: FHLMC) | 4155000 | 4155000 |
| Illinois Housing Development Authority Rev., VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 2445000 | 2445000 |
| Southwestern Illinois Development Authority Rev., (Waste Management, Inc.), VRDN, 2.10%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 1400000 | 1400000 |
| Village of Palatine Rev., (Little City for Community Development), VRDN, 2.29%, 6/6/25 (LOC: FHLB) | 2000000 | 2000000 |
|  |  | 23180000 |
| **Indiana — 2.1%** |  |  |
| Elkhart County Rev., (Pedcor Investments-2007-CIII LP), VRDN, 2.05%, 6/6/25 (LOC: FHLB) | 755000 | 755000 |
| Gary Chicago International Airport Authority Rev., (GJC, Inc.), VRDN, 2.01%, 6/6/25 (LOC: BMO Bank N.A.) | 1400000 | 1400000 |
| Huntington Rev., (Huntington University, Inc.), VRDN, 2.05%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1300000 | 1300000 |
|  |  | 3455000 |
| **Iowa — 2.8%** |  |  |
| Iowa Finance Authority Rev., (Chrisbro III, Inc.), VRDN, 2.17%, 6/6/25 (LOC: Farmers State Bank and U.S. Bank N.A.) | 3370000 | 3370000 |
| Iowa Finance Authority Rev., (Conveyor Eng & Manufacturing Co.), VRDN, 1.97%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1240000 | 1240000 |
|  |  | 4610000 |
| **Louisiana — 5.2%** |  |  |
| Louisiana Housing Corp. Rev., (Reserve at Jefferson Crossing LLC), VRDN, 2.05%, 6/6/25 (LOC: FHLMC) | 3930000 | 3930000 |
| Louisiana Offshore Terminal Authority Rev., (Loop LLC), VRDN, 1.85%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 2000000 | 2000000 |
| Louisiana Public Facilities Authority Rev., (Linlake Ventures), VRDN, 2.11%, 6/6/25 (LIQ FAC: FHLMC) | 2630000 | 2630000 |
|  |  | 8560000 |
| **Massachusetts — 1.5%** |  |  |
| Massachusetts Development Finance Agency , 3.05%, 8/5/25 (LOC: Royal Bank of Canada) | 2500000 | 2500000 |
| **Minnesota — 6.4%** |  |  |
| Minneapolis Rev., (Seven Corners Community Housing Corp.), VRDN, 2.02%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1255000 | 1255000 |
| Minnesota Higher Education Facilities Authority Rev., (Macalester College), VRDN, 2.10%, 6/6/25 | 3950000 | 3950000 |
| St. Paul Port Authority Rev., (Bigos-Sibley Tower LLC), VRDN, 2.22%, 6/6/25 (LIQ FAC: FHLMC) | 5335000 | 5334976 |
|  |  | 10539976 |
| **Missouri — 1.2%** |  |  |
| Bridgeton Industrial Development Authority Rev., (Stolze Printing Obligated Group), VRDN, 2.12%, 6/6/25 (LOC: Carrollton Bank and FHLB) | 885000 | 885000 |
| Springfield Industrial Development Authority Rev., (ABEC, Inc.), VRDN, 2.47%, 6/6/25 (LOC: Guaranty Bank and FHLB) | 710000 | 710000 |
| Wright City Rev., (MB Realty LLC), VRDN, 2.12%, 6/6/25 (LOC: Bank of America N.A.) | 345000 | 345000 |
|  |  | 1940000 |
| **Nebraska — 1.0%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.07%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 1600000 | 1600000 |
| **Nevada — 1.1%** |  |  |
| Nevada Housing Division Rev., (HELP Owens Associates LP), VRDN, 1.85%, 6/6/25 (LOC: Citibank N.A.) | 1765000 | 1765000 |
| **New York — 4.1%** |  |  |
| Deutsche Bank Spears/Lifers Trust Rev., VRDN, 2.62%, 6/6/25 (LOC: Deutsche Bank AG)(LIQ FAC: Deutsche Bank AG)<sup>(1)</sup> | 2430000 | 2430000 |
| Port Authority of New York & New Jersey Rev., 5.00%, 1/15/26 | 400000 | 404911 |
| RBC Municipal Products, Inc. Trust Rev., VRDN, 2.07%, 6/6/25 (LOC: Royal Bank of Canada)(LIQ FAC: Royal Bank of Canada)<sup>(1)</sup> | 800000 | 800000 |
| Rib Floater Trust Various States Rev., VRDN, 2.22%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | 1055000 | 1055000 |

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------

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| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Rib Floater Trust Various States Rev., VRDN, 2.22%, 6/6/25 (LOC: Barclays Bank PLC)(LIQ FAC: Barclays Bank PLC)<sup>(1)</sup> | $2000000 | $2000000 |
|  |  | 6689911 |
| **North Carolina — 2.1%** |  |  |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRDN, 2.05%, 6/6/25 | 2850000 | 2850000 |
| Lower Cape Fear Water & Sewer Authority Rev., VRDN, 2.06%, 6/6/25 (LOC: Cooperatieve Rabobank UA) | 600000 | 600000 |
|  |  | 3450000 |
| **North Dakota — 1.4%** |  |  |
| North Dakota Housing Finance Agency Rev., VRDN, 1.95%, 6/6/25 (SBBPA: Royal Bank of Canada) | 2260000 | 2260000 |
| **Ohio — 1.1%** |  |  |
| Allen County Ohio Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), VRDN, 1.95%, 6/6/25 (LOC: PNC Bank N.A.) | 1750000 | 1750000 |
| **Oklahoma — 0.5%** |  |  |
| Mizuho Floater/Residual Trust Rev., VRDN, 2.25%, 7/4/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | 886510 | 886510 |
| **Pennsylvania — 3.2%** |  |  |
| Fayette County Hospital Authority Rev., (Fayette Regional Health System Obligated Group), VRDN, 1.95%, 6/6/25 (LOC: PNC Bank N.A.) | 1900000 | 1900000 |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.02%, 6/6/25 (LIQ FAC: Morgan Stanley Bank N.A.)<sup>(1)</sup> | 3330000 | 3330000 |
|  |  | 5230000 |
| **South Carolina — 5.1%** |  |  |
| South Carolina Jobs-Economic Development Authority Rev., (Port Royal I LLC), VRDN, 1.97%, 6/6/25 (LOC: United Fidelity Bank FSB and FHLB) | 600000 | 600000 |
| South Carolina Jobs-Economic Development Authority Rev., (YMCA of Coastal Carolina), VRDN, 2.00%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 1200000 | 1200000 |
| South Carolina Public Service Authority Rev., VRDN, 2.22%, 6/6/25 (LOC: Bank of America N.A.) | 2095000 | 2095000 |
| South Carolina State Housing Finance & Development Authority Rev., (Broad River Village LP), VRDN, 1.97%, 6/6/25 (LOC: FHLB) | 4500000 | 4500000 |
|  |  | 8395000 |
| **Tennessee — 2.4%** |  |  |
| Clarksville Public Building Authority Rev., VRDN, 2.15%, 6/6/25 (LOC: Bank of America N.A.) | 1700000 | 1700000 |
| Covington Industrial Development Board Rev., (Tootsie Roll Industries, Inc.), VRDN, 1.95%, 6/6/25 (LOC: Bank of America N.A.) | 1500000 | 1500000 |
| Metropolitan Government Nashville & Davidson County Industrial Development Board Rev., (Starwood Properties Four LLC), VRDN, 2.00%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 750000 | 750000 |
|  |  | 3950000 |
| **Texas — 7.6%** |  |  |
| Harris County, 2.91%, 7/2/25 | 3000000 | 3000000 |
| Harris County Hospital District Rev., VRDN, 2.02%, 6/6/25 (LOC: JPMorgan Chase Bank N.A.) | 2500000 | 2500000 |
| Mission Economic Development Corp. Rev., VRDN, 2.12%, 6/6/25 (LOC: Wells Fargo Bank N.A.) | 2075000 | 2075000 |
| San Antonio Housing Trust Finance Corp. Rev., (VCCPHC-San Antonio I LP), VRDN, 2.10%, 6/6/25 (LOC: United Fidelity Bank FSB and FHLB) | 600000 | 600000 |
| State of Texas GO, VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 5000 | 5000 |
| State of Texas GO, VRDN, 1.80%, 6/6/25 (SBBPA: FHLB) | 3100000 | 3100000 |
| State of Texas GO, VRDN, 2.25%, 6/6/25 (SBBPA: State Street Bank & Trust Co.) | 335000 | 335000 |
| Tarrant County Housing Finance Corp. Rev., (One Oaklake VIII LLC), VRDN, 2.05%, 6/6/25 (LOC: FNMA)(LIQ FAC: FNMA) | 790000 | 790000 |
|  |  | 12405000 |
| **Virginia — 4.2%** |  |  |
| Lynchburg Industrial Development Authority Rev., (Aerofin Corp.), VRDN, 2.60%, 6/6/25 (LOC: PNC Bank N.A.) (Acquired 5/27/25, Cost $850,000)<sup>(2)</sup> | 850000 | 850000 |
| Roanoke Economic Development Authority Rev., (Carilion Clinic Obligated Group), VRDN, 1.95%, 6/6/25 (SBBPA: PNC Bank N.A.) | 6000000 | 6000000 |
|  |  | 6850000 |
| **Washington — 2.2%** |  |  |
| King County Housing Authority Rev., (Overlake TOD Housing LP), VRDN, 1.95%, 6/6/25 (LOC: Bank of America N.A.) | 1950000 | 1950000 |
| State of Washington GO, 5.00%, 2/1/26 | 1550000 | 1570994 |
|  |  | 3520994 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Wisconsin — 3.7%** |  |  |
| Tender Option Bond Trust Receipts/Certificates Rev., VRDN, 2.25%, 6/6/25 (LOC: Mizuho Capital Markets LLC)(LIQ FAC: Mizuho Capital Markets LLC)<sup>(1)</sup> | $4232000 | $4232000 |
| Wisconsin Housing & Economic Development Authority Home Ownership Rev., VRDN, 1.85%, 6/6/25 (SBBPA: FHLB) | 1890000 | 1890000 |
|  |  | 6122000 |
| **TOTAL INVESTMENT SECURITIES — 99.2%** |  | **162747188** |
| **OTHER ASSETS AND LIABILITIES — 0.8%** |  | **1390318** |
| **TOTAL NET ASSETS — 100.0%** |  | $**164137506** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| COP | – | Certificates of Participation |
| FHLB | – | Federal Home Loan Bank |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| GO | – | General Obligation |
| LIQ FAC | – | Liquidity Facilities |
| LOC | – | Letter of Credit |
| SBBPA | – | Standby Bond Purchase Agreement |
| VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The date of the demand feature is disclosed. |

---

(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 $36,424,896, which represented 22.2% of total net assets.

(2)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,525,000, which represented 0.9% of total net assets.

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **MAY 31, 2025** | |
| **Assets** | |
| Investment securities, at value (amortized cost and cost for federal income tax purposes) | $162747188 |
| Cash | 2938 |
| Receivable for investments sold | 900000 |
| Receivable for capital shares sold  | 28683 |
| Interest receivable | 600386 |
|  | 164279195 |
| **Liabilities** |  |
| Payable for capital shares redeemed  | 73089 |
| Accrued management fees  | 68600 |
|  | 141689 |
| **Net Assets** | $164137506 |
| **Investor Class Capital Shares** |  |
| Shares outstanding (unlimited number of shares authorized) | 164156805 |
| **Net Asset Value Per Share** | $1.00 |
| **Net Assets Consist of:** |  |
| Capital paid in | $164136974 |
| Distributable earnings (loss) | 532 |
|  | $164137506 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED MAY 31, 2025** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $5210011 |
| **Expenses:** |  |
| Management fees | 783140 |
| Trustees' fees and expenses | 9884 |
| Other expenses | 696 |
|  | 793720 |
| **Net investment income (loss)** | 4416291 |
| **Net realized gain (loss) on investment transactions**  | 539 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4416830 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** | **YEARS ENDED MAY 31, 2025 AND MAY 31, 2024** |
| **Increase (Decrease) in Net Assets** | **May 31, 2025** | **May 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $4416291 | $5213935 |
| Net realized gain (loss) | 539 | 16 |
| Net increase (decrease) in net assets resulting from operations | 4416830 | 5213951 |
| **Distributions to Shareholders** |  |  |
| From earnings | (4416291) | (5213935) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold  | 114365777 | 135292123 |
| Proceeds from reinvestment of distributions | 4326509 | 5180673 |
| Payments for shares redeemed  | (119673074) | (148624802) |
| Net increase (decrease) in net assets from capital share transactions | (980788) | (8152006) |
| **Net increase (decrease) in net assets** | (980249) | (8151990) |
| **Net Assets** |  |  |
| Beginning of period | 165117755 | 173269745 |
| End of period | $164137506 | $165117755 |
| **Transactions in Shares of the Fund** |  |  |
| Sold | 114365777 | 135292123 |
| Issued in reinvestment of distributions | 4326509 | 5180673 |
| Redeemed | (119673074) | (148624802) |
| Net increase (decrease) in shares of the fund | (980788) | (8152006) |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**MAY 31, 2025**

**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.

The fund represents a single operating segment as its operating results are monitored as a whole and the long-term asset allocation is determined in accordance with its prospectus, based on defined investment objectives executed by the fund's portfolio management team. The President of the fund serves as the chief operating decision maker (CODM). The fund's income, expenses, assets, and performance are regularly monitored and assessed by the CODM, using the information consistent with that presented in the financial statements and financial highlights.

**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.

**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. The rates for the Investment Category Fee range from 0.1570% to 0.2700% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended May 31, 2025 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.

**Other Expenses —** A fund's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

**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 $400,000 and $400,000, respectively. The interfund transactions had no effect on the Statement of Operations in net realized gain (loss) on investment transactions.

**4. Fair Value Measurements**

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

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

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

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

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

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

**5. Federal Tax Information**

The tax character of distributions paid during the years ended May 31, 2025 and May 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Distributions Paid From** |  |  |
| Exempt income | $4415759 | $5213935 |
| Long-term capital gains | $532 |  |

---

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 May 31, 2025, the fund had undistributed exempt income for federal income tax purposes of $532.

------

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)** | **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** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | |
| | **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** | **Distributions<br>From<br>Net<br>Investment<br>Income** | **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** | **Investor Class** | | | | | | | | | | |
| 2025 | $1.00 | 0.03 | —<sup>(2)</sup> | 0.03 | (0.03) | $1.00 | 2.78% | 0.49% | 0.49% | 2.75% | 2.75% | $164138 |
| 2024 | $1.00 | 0.03 | —<sup>(2)</sup> | 0.03 | (0.03) | $1.00 | 3.22% | 0.50% | 0.50% | 3.18% | 3.18% | $165118 |
| 2023 | $1.00 | 0.02 | —<sup>(2)</sup> | 0.02 | (0.02) | $1.00 | 1.91% | 0.50% | 0.50% | 1.90% | 1.90% | $173270 |
| 2022 | $1.00 | —<sup>(2)</sup> |  | —<sup>(2)</sup> | —<sup>(2)</sup> | $1.00 | 0.04% | 0.21% | 0.50% | 0.03% | (0.26)% | $155662 |
| 2021 | $1.00 | —<sup>(2)</sup> |  | —<sup>(2)</sup> | —<sup>(2)</sup> | $1.00 | 0.01% | 0.19% | 0.50% | 0.01% | (0.30)% | $154314 |

---

**Notes to Financial Highlights**

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

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

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Tax-Free Money Market Fund (the "Fund"), one of the funds constituting the American Century Municipal Trust, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended May 31, 2021, were audited by other auditors, whose report, dated July 21, 2021, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

July 17, 2025

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

------

**Other Tax Information**

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

The fund hereby designates $532, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended May 31, 2025.

The fund designates $4,415,759 as exempt interest dividends for the fiscal year ended May 31, 2025.

------

---

| | |
|:---|:---|
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 |
| *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92646 2507** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-92646 2507** |

---

------

(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

None.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

The remuneration paid to directors, officers and others is included as part of the financial statements and other information filed under Item 7 of this Form.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

None. <br>

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. 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 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

(a) Not applicable.

(b) Not applicable.

**ITEM 19. EXHIBITS.** 

(a)(1) <u>[Registrant's Code of Ethics](https://www.sec.gov/Archives/edgar/data/1293210/000129321005000017/ex-coe.htm)</u> for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.'s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2) Not applicable.

(a)(3) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acmtn-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)(4) Not applicable.

(a)(5) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acmtn-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: | July 30, 2025 | July 30, 2025 |

---

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: | July 30, 2025 | July 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | July 30, 2025 | July 30, 2025 |

---

## 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: | July 30, 2025 |
| /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: | July 30, 2025 |
| /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>**

In connection with the shareholder report of American Century Municipal Trust (the "Registrant") on Form N-CSR for the period ending May 31, 2025 (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: | July 30, 2025 |  |  |
|  |  | 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>