NPORT-EX 2 acxp_divermunibondetf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
American Century® Diversified Municipal Bond ETF (TAXF)
May 31, 2023


Diversified Municipal Bond ETF - Schedule of Investments
MAY 31, 2023 (UNAUDITED)
Principal
Amount ($)/ Shares		Value ($)
MUNICIPAL SECURITIES — 98.0%
Alabama — 1.0%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.)
535,000 534,840 
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada)
415,000 413,392 
Black Belt Energy Gas District Rev., VRN, 3.76%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.)
500,000 485,971 
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank)
500,000 522,932 
Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.)
330,000 349,928 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.)
455,000 454,392 
2,761,455 
Arizona — 4.2%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36
250,000 286,010 
Arizona Board of Regents Rev., (Arizona State University), 5.50%, 7/1/48
750,000 862,654 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29
160,000 162,815 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.66%, (MUNIPSA plus 0.25%), 1/1/46
155,000 151,891 
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1)
250,000 223,062 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)(2)(3)
100,000 55,000 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)
200,000 164,853 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM)
400,000 424,158 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)
750,000 596,430 
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27
1,000,000 1,082,579 
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)
205,000 201,069 
Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32
155,000 160,615 
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)
620,000 505,514 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28
75,000 76,948 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1)
500,000 435,697 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)
200,000 188,186 
Pima County Sewer System Rev., 5.00%, 7/1/30
600,000 657,875 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30
910,000 995,867 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35
250,000 272,095 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38
755,000 809,488 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47
1,750,000 1,933,792 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets)
175,000 177,956 
Scottsdale GO, 4.00%, 7/1/31
500,000 540,671 
State of Arizona COP, 5.00%, 9/1/25
240,000 249,466 
State of Arizona COP, 5.00%, 9/1/25(4)
580,000 602,109 
11,816,800 
Arkansas — 0.1%
Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53
330,000 331,649 
California — 8.6%
Bay Area Toll Authority Rev., 4.00%, 4/1/29
275,000 285,587 
Bay Area Toll Authority Rev., VRN, 3.86%, (MUNIPSA plus 0.45%), 4/1/56
250,000 247,162 
California Community Choice Financing Authority Rev., VRN, 3.86%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)
1,755,000 1,654,977 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30
500,000 524,590 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(5)
100,000 19,239 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50
100,000 100,852 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48
850,000 874,181 
California Housing Finance Rev., 4.25%, 1/15/35
471,647 468,240 


California Housing Finance Rev., 3.50%, 11/20/35
387,715 360,254 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 3.76%, (MUNIPSA plus 0.35%), 8/1/47
250,000 246,913 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.11%, (MUNIPSA plus 0.70%), 12/1/50
1,000,000 971,715 
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM)
165,000 175,499 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)
50,000 51,815 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)
110,000 114,535 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)
175,000 177,259 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(1)
110,000 98,123 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)
265,000 252,856 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1)
260,000 256,661 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1)
405,000 398,902 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(1)
320,000 322,477 
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(1)
200,000 206,493 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34
185,000 190,512 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48
625,000 608,311 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24
250,000 251,937 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)
240,000 242,632 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29
250,000 267,865 
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40
245,000 224,755 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1)
500,000 415,172 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1)
350,000 241,153 
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(1)
100,000 73,575 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1)
750,000 461,289 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(1)
300,000 224,315 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1)
290,000 199,044 
Eastern Municipal Water District Rev., VRN, 3.51%, (MUNIPSA plus 0.10%), 7/1/46
750,000 745,436 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39
500,000 513,556 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25
155,000 148,101 
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(5)
500,000 50,792 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1)
1,070,000 918,927 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)
215,000 221,652 
Los Angeles Department of Airports Rev., 5.00%, 5/15/45
500,000 545,918 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47
905,000 921,252 
Metropolitan Water District of Southern California Rev., VRN, 3.55%, (MUNIPSA plus 0.14%), 7/1/37
200,000 199,387 
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)
100,000 98,543 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35
1,000,000 1,073,139 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45
415,000 421,095 
Orange County Transportation Authority Rev., 4.00%, 10/15/24(4)
1,715,000 1,735,096 
Palomar Health GO, 5.00%, 8/1/27
545,000 572,837 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31
315,000 310,389 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24
1,000,000 1,010,391 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38
400,000 419,810 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35
600,000 632,830 
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)
630,000 676,348 
State of California GO, 5.00%, 8/1/34
245,000 259,516 
State of California GO, 5.00%, 4/1/35
1,045,000 1,152,869 
State of California GO, 5.00%, 9/1/42
290,000 310,833 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39
280,000 286,248 
24,433,855 


Colorado — 3.8%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23
1,000,000 1,008,265 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44
1,220,000 1,178,241 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40
1,030,000 932,813 
City & County of Denver Airport System Rev., 5.50%, 11/15/42
750,000 828,521 
City & County of Denver Airport System Rev., 5.75%, 11/15/45
750,000 841,255 
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48
100,000 103,485 
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47
200,000 213,488 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40
500,000 426,756 
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62
1,530,000 1,609,960 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39
530,000 483,938 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38
210,000 209,093 
Denver City & County School District No. 1 GO, 5.00%, 12/1/24
1,500,000 1,540,027 
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1)
100,000 100,793 
State of Colorado COP, 6.00%, 12/15/38
230,000 276,706 
State of Colorado COP, 6.00%, 12/15/40
385,000 458,870 
Village Metropolitan District GO, 5.00%, 12/1/49
500,000 464,754 
10,676,965 
Connecticut — 2.1%
City of Hartford Rev., (State of Connecticut), 5.00%, 4/1/25
500,000 515,324 
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45
1,000,000 1,017,002 
Connecticut State Health & Educational Facilities Authority Rev., VRN, 2.80%, 7/1/57
470,000 459,778 
State of Connecticut GO, 5.00%, 6/15/34
680,000 689,552 
State of Connecticut GO, 4.00%, 1/15/35
1,000,000 1,046,989 
State of Connecticut GO, 4.00%, 6/1/36
1,000,000 1,033,613 
State of Connecticut Special Tax Rev., 5.00%, 5/1/29
1,145,000 1,277,516 
6,039,774 
Delaware — 0.3%
Delaware Transportation Authority Rev., 5.00%, 7/1/24
750,000 763,998 
District of Columbia — 2.1%
District of Columbia GO, 5.00%, 6/1/25
160,000 165,425 
District of Columbia GO, 5.00%, 1/1/41
1,000,000 1,118,709 
District of Columbia GO, 5.00%, 2/1/41
520,000 571,697 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47
750,000 821,060 
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25
1,000,000 1,011,005 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39
1,535,000 1,588,596 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38
270,000 265,451 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/26
500,000 529,260 
6,071,203 
Florida — 6.1%
Broward County Port Facilities Rev., 5.00%, 9/1/40
1,000,000 1,061,168 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40
925,000 1,008,380 
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47
880,000 861,399 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28
300,000 311,775 
Duval County Public Schools COP, 5.00%, 7/1/35 (AGM)
295,000 325,701 
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1)
260,000 231,370 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23(1)
115,000 115,000 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24(1)
105,000 103,581 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25(1)
110,000 107,000 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26(1)
110,000 105,468 
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM)
1,050,000 1,166,006 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33
180,000 189,277 
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27
375,000 394,647 


Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)
550,000 520,839 
Miami-Dade County Aviation Rev., 5.00%, 10/1/38
500,000 504,459 
Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52
300,000 316,362 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35
175,000 177,692 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44
1,000,000 975,094 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44
850,000 893,916 
Orange County Health Facilities Authority Rev., (Orlando Health Obligated Group), 5.00%, 10/1/53
500,000 522,938 
Pasco County Rev., (State of Florida Cigarette Tax Rev.), 5.75%, 9/1/54 (AGM)
290,000 318,836 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29
105,000 107,409 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39
375,000 376,545 
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27
750,000 660,075 
South Florida Water Management District COP, 5.00%, 10/1/36
560,000 579,401 
State of Florida GO, 5.00%, 6/1/23
1,700,000 1,700,000 
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23
625,000 625,759 
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41
1,000,000 1,124,533 
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53
1,000,000 998,635 
Wildwood Utility Dependent District Rev., 5.50%, 10/1/48 (AGM)
750,000 838,665 
17,221,930 
Georgia — 4.4%
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40
1,000,000 961,091 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37
1,345,000 1,356,833 
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52
1,000,000 911,208 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)
475,000 418,777 
Georgia Ports Authority Rev., 5.25%, 7/1/52
500,000 550,942 
Main Street Natural Gas Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada)
1,000,000 995,855 
Main Street Natural Gas Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada)
1,000,000 1,055,002 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets)
500,000 498,225 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets)
1,200,000 1,190,881 
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.)
1,190,000 1,242,187 
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44
575,000 551,767 
State of Georgia GO, 5.00%, 8/1/23
1,000,000 1,002,426 
State of Georgia GO, 5.00%, 7/1/29
1,465,000 1,656,162 
12,391,356 
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32
250,000 254,067 
City & County of Honolulu GO, 5.00%, 3/1/29
700,000 782,377 
City & County of Honolulu GO, 5.25%, 7/1/44
760,000 852,927 
1,889,371 
Idaho — 0.3%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46
365,000 327,010 
Idaho Housing & Finance Association Rev., (State of Idaho Department of Transportation Transportation Expansion & Congestion), 5.25%, 8/15/48
500,000 558,091 
885,101 
Illinois — 6.5%
Chicago GO, 5.00%, 1/1/26
275,000 283,919 
Chicago GO, 5.25%, 1/1/38
1,000,000 1,066,792 
Chicago GO, 6.00%, 1/1/38
20,000 21,210 
Chicago GO, 5.50%, 1/1/49
100,000 103,634 
Chicago Board of Education GO, 5.00%, 12/1/34
280,000 286,624 
Chicago Board of Education GO, 5.00%, 12/1/42
1,060,000 1,019,145 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26
1,000,000 1,025,603 
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE)
130,000 142,903 
Chicago Wastewater Transmission Rev., 5.25%, 1/1/53 (AGM)
750,000 810,384 
Chicago Waterworks Rev., 5.25%, 11/1/53 (AGM)
250,000 269,859 


Cook County Sales Tax Rev., 5.25%, 11/15/45
725,000 776,951 
Illinois Finance Authority Rev., (Plymouth Place Obligated Group), 4.75%, 11/15/27
500,000 497,217 
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 4.11%, (MUNIPSA plus 0.70%), 5/1/42
250,000 243,691 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33
1,000,000 1,056,224 
Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52
250,000 265,083 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37
400,000 415,140 
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42
1,000,000 976,500 
Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43
330,000 365,950 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46
1,150,000 1,233,276 
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24
345,000 346,413 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM)
200,000 210,058 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28
605,000 641,018 
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM)
325,000 346,078 
Peoria City School District No. 150 GO, 4.00%, 1/1/26 (AGM)
840,000 850,354 
State of Illinois GO, 5.00%, 10/1/25
175,000 180,435 
State of Illinois GO, 5.00%, 11/1/29
280,000 297,939 
State of Illinois GO, 5.00%, 10/1/30
625,000 672,300 
State of Illinois GO, 5.00%, 10/1/33
200,000 212,292 
State of Illinois GO, 5.00%, 2/1/39
750,000 752,495 
State of Illinois GO, 5.50%, 5/1/39
220,000 240,263 
State of Illinois GO, 5.50%, 10/1/39
1,000,000 1,119,681 
State of Illinois GO, 5.50%, 3/1/42
1,250,000 1,369,806 
State of Illinois GO, 5.75%, 5/1/45
225,000 244,441 
18,343,678 
Indiana — 0.7%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26
500,000 518,246 
Indianapolis Local Public Improvement Bond Bank Rev., 4.00%, 2/1/47
750,000 724,398 
Purdue University Rev., 5.00%, 7/1/40
750,000 847,276 
2,089,920 
Iowa — 0.8%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44
500,000 541,367 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 4.09%, (SOFR plus 0.55%), 5/15/56
500,000 452,485 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39
850,000 820,758 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49
555,000 543,479 
2,358,089 
Kansas — 0.3%
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54
700,000 783,612 
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36
130,000 104,543 
888,155 
Kentucky — 1.0%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30
370,000 396,603 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41
100,000 102,098 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley)
300,000 299,620 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.)
440,000 439,657 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)
250,000 249,337 
Kentucky Public Energy Authority Rev., VRN, 4.59%, (SOFR plus 0.12%), 8/1/52 (GA: Morgan Stanley)
1,000,000 947,180 
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38
500,000 494,502 
2,928,997 
Louisiana — 0.7%
Louisiana Public Facilities Authority Rev., (Tulane University), 5.00%, 10/15/48
750,000 802,596 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23
100,000 100,084 
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM)
250,000 259,924 
St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 4.05%, 6/1/37
900,000 894,315 
2,056,919 


Maryland — 2.2%
Baltimore Rev., 5.00%, 6/1/51
400,000 377,641 
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27
200,000 196,763 
Brunswick Special Tax, 5.00%, 7/1/36
100,000 100,920 
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42
400,000 372,530 
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50
1,000,000 813,320 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51
500,000 416,694 
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25
500,000 515,485 
State of Maryland GO, 4.00%, 8/1/23
1,635,000 1,636,846 
State of Maryland GO, 5.00%, 6/1/31
1,640,000 1,912,601 
6,342,800 
Massachusetts — 2.9%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43
1,190,000 1,308,326 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51
1,000,000 1,072,981 
Massachusetts GO, 5.00%, 10/1/37
1,000,000 1,140,218 
Massachusetts Bay Transportation Authority Sales Tax Rev., 5.00%, 7/1/33
500,000 600,470 
Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48
750,000 785,810 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)
100,000 90,384 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37(1)
150,000 143,191 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44
890,000 862,334 
Massachusetts Port Authority Rev., 5.00%, 7/1/41
800,000 851,074 
Massachusetts School Building Authority Rev., 5.00%, 8/15/45
730,000 787,646 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32
460,000 508,772 
Massachusetts Water Resources Authority Rev., 5.25%, 8/1/48
100,000 113,110 
8,264,316 
Michigan — 1.5%
Detroit GO, 5.00%, 4/1/25
50,000 50,336 
Detroit GO, 5.00%, 4/1/36
550,000 561,346 
Detroit GO, 5.00%, 4/1/37
250,000 253,157 
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM)
350,000 350,339 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27
1,335,000 1,416,957 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42
395,000 376,359 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(1)(4)
100,000 102,944 
Michigan State Building Authority Rev., 4.00%, 10/15/49
820,000 799,425 
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24
355,000 363,635 
4,274,498 
Minnesota — 0.5%
State of Minnesota GO, 5.00%, 9/1/23
1,350,000 1,355,356 
Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27
200,000 212,233 
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28
150,000 161,858 
Kansas City GO, 5.00%, 2/1/24
625,000 631,940 
Kansas City Industrial Development Authority Rev., 5.00%, 3/1/44
1,000,000 1,029,849 
Liberty Public School District No. 53 GO, 5.00%, 3/1/24
295,000 298,690 
St. Louis Airport Rev., 5.00%, 7/1/52
750,000 809,367 
3,143,937 
Nebraska — 0.6%
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada)
600,000 600,842 
Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company)
1,000,000 1,041,254 
1,642,096 


Nevada — 1.7%
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49
705,000 573,893 
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31
250,000 235,828 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49
200,000 187,992 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23
150,000 150,000 
Las Vegas Valley Water District GO, 5.00%, 6/1/38
1,340,000 1,386,963 
Sparks Rev., 2.50%, 6/15/24(1)
60,000 59,978 
State of Nevada GO, 5.00%, 8/1/30
1,530,000 1,721,023 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33
375,000 388,337 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25
200,000 197,597 
4,901,611 
New Hampshire — 0.3%
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27
500,000 486,327 
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34
285,328 274,364 
760,691 
New Jersey — 3.3%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(4)
260,000 282,493 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/37
500,000 540,881 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac)
1,000,000 1,020,453 
New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 3/1/28
390,000 417,526 
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32
625,000 736,356 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27
715,000 746,717 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28
455,000 489,534 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28
375,000 406,721 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32
400,000 429,552 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33
260,000 278,807 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35
1,000,000 1,109,429 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38
620,000 608,358 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48
150,000 158,193 
Newark Board of Education GO, 5.00%, 7/15/33 (BAM)
900,000 1,007,464 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46
260,000 261,254 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46
750,000 780,468 
9,274,206 
New Mexico — 0.6%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24
1,000,000 1,017,538 
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23
70,000 69,822 
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada)
500,000 510,624 
1,597,984 
New York — 10.3%
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33
110,000 113,529 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33
560,000 577,964 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33
750,000 812,430 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38
255,000 268,101 
Metropolitan Transportation Authority Rev., VRN, 4.19%, (SOFR plus 0.80%), 11/1/32 (AGM)
250,000 243,820 
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35
500,000 539,759 
New York City GO, 5.25%, 5/1/41
150,000 168,864 
New York City GO, 5.00%, 4/1/43
500,000 528,934 
New York City GO, 4.00%, 8/1/44
1,000,000 978,648 
New York City GO, 4.00%, 9/1/46
250,000 242,651 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25
750,000 755,050 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39
415,000 426,492 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49
390,000 415,934 
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29
1,100,000 1,198,879 


New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26
1,000,000 1,065,529 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/34
500,000 587,884 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36
200,000 227,362 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40
1,000,000 1,132,068 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42
650,000 641,384 
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.)
175,000 197,571 
New York Power Authority Rev., 5.00%, 11/15/27 (AGM)
1,000,000 1,094,276 
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM)
670,000 735,562 
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45
1,000,000 944,303 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37
500,000 508,254 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40
750,000 747,756 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26(4)
1,100,000 1,160,438 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27(4)
815,000 875,315 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24
500,000 509,235 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39
850,000 957,422 
New York State Thruway Authority Rev., 4.00%, 1/1/38
700,000 703,782 
New York State Thruway Authority Rev., 4.00%, 1/1/45
945,000 910,762 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44
750,000 741,080 
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group)
130,000 112,980 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53
500,000 414,129 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/26
1,000,000 1,031,430 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40
200,000 191,149 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41
640,000 660,087 
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM)
685,000 669,792 
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM)
545,000 565,930 
Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/54
1,000,000 940,497 
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39
1,000,000 1,120,154 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30
1,000,000 1,009,127 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33
980,000 1,025,021 
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1)
455,000 432,067 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39
100,000 92,607 
29,276,008 
North Carolina — 1.5%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46
715,000 575,190 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26
45,000 42,032 
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24(4)
1,000,000 1,010,578 
State of North Carolina Rev., 5.00%, 3/1/34
345,000 383,309 
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25
1,000,000 1,034,522 
Wake County GO, 5.00%, 2/1/27
1,000,000 1,073,934 
4,119,565 
Ohio — 3.0%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47
1,000,000 931,166 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48
300,000 266,477 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55
1,250,000 1,158,134 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40
450,000 436,872 
Columbus GO, 5.00%, 8/15/25
1,000,000 1,040,065 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42
360,000 361,549 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37
170,000 171,890 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53
100,000 93,835 
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42
1,250,000 1,395,100 
State of Ohio GO, 5.00%, 5/1/40
660,000 732,507 
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39
700,000 662,161 


Worthington City School District GO, 5.50%, 12/1/54
1,000,000 1,130,313 
8,380,069 
Oklahoma — 0.3%
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38
850,000 833,183 
Oregon — 1.4%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40
250,000 237,141 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47
100,000 89,134 
State of Oregon GO, 4.00%, 8/1/31
1,000,000 1,018,876 
State of Oregon GO, 5.00%, 5/1/48
1,250,000 1,382,617 
State of Oregon Department of Transportation Rev., 5.25%, 11/15/47
1,000,000 1,127,917 
3,855,685 
Pennsylvania — 3.5%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28
150,000 85,707 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40
300,000 171,813 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/37 (AGM)
450,000 505,049 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/38 (AGM)
525,000 585,953 
Commonwealth Financing Authority Rev., 5.00%, 6/1/24
1,625,000 1,644,715 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25
290,000 297,344 
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31
1,200,000 1,231,388 
Pennsylvania GO, 5.00%, 1/1/24
690,000 696,584 
Pennsylvania GO, 5.00%, 10/1/24
1,000,000 1,023,128 
Pennsylvania GO, 5.00%, 7/15/29
845,000 949,347 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.75%, 6/30/48
400,000 436,273 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.00%, 12/31/57 (AGM)
400,000 409,264 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)
290,000 322,748 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32
460,000 523,359 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44
750,000 822,536 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46
300,000 307,335 
10,012,543 
South Carolina — 0.2%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40
100,000 85,701 
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37
325,000 374,284 
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1)
270,000 211,798 
671,783 
Tennessee — 1.0%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, Capital Appreciation, (South Nashville Central Business Improvement District), 0.00%, 6/1/43(1)(5)
4,000,000 1,362,150 
Metropolitan Nashville Airport Authority Rev., 5.50%, 7/1/52
100,000 107,878 
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)
225,000 227,716 
Tennessee Energy Acquisition Corp. Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.)
1,000,000 1,035,204 
2,732,948 
Texas — 9.0%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD)
425,000 437,066 
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD)
400,000 443,795 
Austin Airport System Rev., 5.00%, 11/15/41
1,000,000 1,057,979 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27
775,000 807,154 
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51
1,290,000 1,178,685 
Central Texas Turnpike System Rev., 5.00%, 8/15/42
1,250,000 1,255,272 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD)
520,000 529,378 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD)
465,000 451,936 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48
50,000 50,173 
El Paso Water & Sewer Rev., 4.00%, 3/1/40
1,000,000 997,012 
Fort Bend Independent School District GO, 5.00%, 8/15/24 (PSF-GTD)
440,000 447,971 
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD)
1,000,000 1,038,772 


Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD)
780,000 817,565 
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD)
1,000,000 1,107,645 
Houston GO, 5.00%, 3/1/29
340,000 377,721 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51
200,000 166,365 
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD)
350,000 382,221 
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26
1,755,000 1,854,212 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(4)
240,000 256,246 
North Texas Tollway Authority Rev., 4.00%, 1/1/35
670,000 673,170 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26
585,000 589,673 
Northside Independent School District GO, VRN, 3.00%, 8/1/53 (PSF-GTD)
500,000 490,880 
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/27
500,000 539,644 
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/40
1,000,000 1,125,170 
San Antonio Water System Rev., 4.00%, 5/15/34
275,000 284,935 
State of Texas GO, 5.00%, 8/1/40
815,000 838,028 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52
160,000 166,079 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42
665,000 644,101 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24
945,000 954,831 
Tarrant County Hospital District GO, 4.25%, 8/15/48
500,000 496,456 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.)
250,000 253,200 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38
1,300,000 1,221,314 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43
1,360,000 1,351,004 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41
1,000,000 1,112,655 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32
1,000,000 1,163,091 
25,561,399 
Utah — 1.2%
Intermountain Power Agency Rev., 5.00%, 7/1/27
500,000 541,046 
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1)
750,000 639,072 
University of Utah Rev., 5.00%, 8/1/46
855,000 933,013 
Utah State University Rev., 4.00%, 12/1/42 (AGM)
1,215,000 1,183,600 
3,296,731 
Virginia — 1.8%
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27
330,000 354,080 
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42
670,000 656,936 
Fairfax County Sewer Rev., 5.00%, 7/15/46
1,000,000 1,106,343 
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37
825,000 810,281 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)
200,000 185,305 
Virginia College Building Authority Rev., 5.00%, 2/1/26(6)
1,000,000 1,051,306 
Virginia Port Authority Commonwealth Port Fund Rev., 5.25%, 7/1/48
750,000 840,960 
5,005,211 
Washington — 4.5%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37
500,000 567,088 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39
525,000 577,586 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39
1,000,000 1,135,917 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40
875,000 969,630 
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY)
680,000 720,551 
Port of Seattle Rev., 5.00%, 4/1/36
1,365,000 1,440,280 
Port of Seattle Rev., 5.50%, 8/1/47
1,000,000 1,083,073 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42
1,125,000 1,246,092 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52
1,000,000 1,089,311 
Seattle Municipal Light & Power Rev., VRN, 3.66%, (MUNIPSA plus 0.25%), 5/1/45
200,000 194,980 
State of Washington GO, 5.00%, 6/1/41
770,000 838,712 
State of Washington GO, 5.00%, 2/1/42
625,000 652,591 


State of Washington GO, 5.00%, 6/1/45
1,000,000 1,090,124 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49
300,000 308,772 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33
650,000 650,147 
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)
200,000 175,974 
12,740,828 
Wisconsin — 1.9%
Public Finance Authority Rev., (Air Cargo Obligated Group), 5.50%, 7/1/43
375,000 387,579 
Public Finance Authority Rev., (Air Cargo Obligated Group), 5.25%, 7/1/53
375,000 366,726 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41
250,000 256,031 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)
75,000 65,595 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM)
150,000 145,725 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM)
600,000 613,602 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM)
75,000 80,270 
Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46
540,000 535,176 
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1)
250,000 189,598 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1)
225,000 161,755 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1)
215,000 164,016 
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41
505,000 406,136 
State of Wisconsin GO, 4.00%, 5/1/39
750,000 760,811 
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 3.59%, (MUNIPSA plus 0.18%), 8/15/54
1,000,000 969,267 
Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52
200,000 216,186 
5,318,473 
TOTAL MUNICIPAL SECURITIES
(Cost $285,745,038)
277,311,136 
SHORT-TERM INVESTMENTS — 1.2%
Money Market Funds — 1.2%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $3,359,533)
3,360,083 3,360,083 
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $289,104,571)
280,671,219 
OTHER ASSETS AND LIABILITIES — 0.8%
2,349,630 
TOTAL NET ASSETS — 100.0%
$283,020,849 



NOTES TO SCHEDULE OF INVESTMENTS
AGM–
Assured Guaranty Municipal Corporation
AGM-CR–
Assured Guaranty Municipal Corporation - Custodian Receipts
BAM–
Build America Mutual Assurance Company
COP–
Certificates of Participation
GA–
Guaranty Agreement
GO–
General Obligation
LIQ FAC
–
Liquidity Facilities
MUNIPSA–
SIFMA Municipal Swap Index
NATL-RE–
National Public Finance Guarantee Corporation - Reinsured
PSF-GTD–
Permanent School Fund Guaranteed
SCH BD GTY
–
School Bond Guaranty
SOFR–
Secured Overnight Financing Rate
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 $13,259,605, which represented 4.7% of total net assets. 
(2)Security is in default.
(3)Non-income producing.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.
(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.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. 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.

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

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.

2. Fair Value Measurements

The fund's investment 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
— $277,311,136 — 
Short-Term Investments
$3,360,083 — — 
$3,360,083 $277,311,136 — 
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.