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: 811-02687

 

Name of Registrant: Vanguard Municipal Bond Funds
Address of Registrant: P.O. Box 2600
  Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: October 31

 

Date of reporting period: November 1, 2020—April 30, 2021

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

Semiannual Report   |   April 30, 2021
Vanguard Municipal Money Market Fund

Contents
About Your Fund’s Expenses

1
Financial Statements

4
Trustees Approve Advisory Arrangements

44

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

Six Months Ended April 30, 2021      
Municipal Money Market Fund Beginning
Account Value
10/31/2020
Ending
Account Value
4/30/2021
Expenses
Paid During
Period
Based on Actual Fund Return $1,000.00 $1,000.10 $0.50
Based on Hypothetical 5% Yearly Return 1,000.00 1,024.30 0.50
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratio for that period is 0.10%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

Municipal Money Market Fund
Fund Allocation (% of investments)
As of April 30, 2021
New York 14.3%
Texas 12.9
Multiple States 8.4
Pennsylvania 6.5
Illinois 4.6
Florida 3.6
Michigan 3.6
Tennessee 3.5
Ohio 3.4
California 3.1
Colorado 3.0
Missouri 2.4
Washington 2.3
Georgia 2.2
Minnesota 2.1
Connecticut 2.0
District of Columbia 1.9
Wisconsin 1.8
Virginia 1.6
North Carolina 1.5
Oregon 1.3
West Virginia 1.2
New Jersey 1.1
Utah 1.1
Nebraska 1.1
Indiana 1.0
Nevada 1.0
Massachusetts 1.0
Other 6.5
3

Municipal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of April 30, 2021
The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
Tax-Exempt Municipal Bonds (92.1%)
Alabama (0.2%)
1,2 Alabama Federal Aid Highway Finance Authority Special Obligation Revenue TOB VRDO 0.080%   5/6/21     10,000     10,000
1,2 Homewood AL Educational Building Authority College & University Revenue TOB VRDO 0.100%   5/6/21      5,225      5,225
1,2,3 Huntsville AL Health Care Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/7/21      5,000      5,000
1,2 Mobile Downtown Redevelopment Authority Industrial Revenue VRDO 0.090%   5/6/21      7,295      7,295
1,2 UAB Medicine Finance Authority AL Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/6/21     12,485     12,485
                 40,005
Alaska (0.6%)
1,2 Alaska Housing Finance Corp. Home Mortgage Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      1,745      1,745
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue (State Capital Project) VRDO 0.060%   5/6/21      7,480      7,480
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21     19,000     19,000
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     44,115     44,115
  Alaska Housing Finance Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     34,000     34,000
                 106,340
Arizona (0.5%)
  Arizona State University College & University Revenue VRDO 0.060%   5/5/21     18,945     18,945
1,2 Maricopa County AZ IDA Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      5,730      5,730
1,2 Maricopa County AZ IDA Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     21,270     21,270
1,2 Maricopa County AZ IDA Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21      1,665      1,665
1,2 Maricopa County AZ IDA Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21     19,960     19,960
1,2 Phoenix AZ Civic Improvement Corp. Airport Port, Airport & Marina Revenue TOB VRDO 0.110%   5/6/21      9,415      9,415
1,2 Salt River Project Arizona Agricultural Improvement & Power District Electric Power & Light Revenue TOB VRDO 0.090%   5/6/21      5,650      5,650
4

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Tempe AZ Union High School District No. 213 GO TOB VRDO 0.090%   5/6/21      6,840      6,840
                 89,475
California (2.8%)
1,2 Bay Area CA Toll Authority Toll Bridge Highway Revenue TOB VRDO 0.080%   5/7/21      3,000      3,000
2 Bay Area Toll Authority Highway Revenue VRDO 0.030%   5/6/21      6,600      6,600
2 Big Bear Lake CA Industrial Revenue VRDO 0.100%   5/5/21      1,100      1,100
1,2 BlackRock MuniYield California Fund Inc. VRDO VRDP 0.130%   5/6/21     58,300     58,300
  California GO 0.110%   5/9/21     40,000     40,000
2 California GO VRDO 0.050%   5/5/21     28,525     28,525
2 California GO VRDO 0.050%   5/5/21     63,610     63,610
1,2 California Infrastructure & Economic Development Bank College & University Revenue TOB VRDO 0.080%   5/6/21     10,000     10,000
1 California Infrastructure & Economic Development Bank Economic Development Revenue PUT 0.450%   7/1/21     52,500     52,500
  California State Department Water Resources Water Revenue 0.100%  5/27/21     10,000     10,000
  Eastern Municipal Water District Water Revenue VRDO 0.030%   5/3/21      3,300      3,300
2 Irvine Ranch Water District VRDO 0.030%   5/3/21      8,850      8,850
1,2 Long Beach CA Unified School District GO TOB VRDO 0.080%   5/6/21     10,000     10,000
1,2 Los Angeles CA Department of Water & Power Electric Power & Light Revenue TOB VRDO 0.090%   5/6/21      3,400      3,400
1,2 Nuveen California Quality Municipal Income Fund VRDO VRDP 0.130%   5/6/21     20,000     20,000
1,2 Palmdale California Elementary School Valorem Property Tax District GO TOB VRDO 0.090%   5/6/21      7,125      7,125
1,2 Regents of the University of California College & University Revenue TOB VRDO 0.090%   5/6/21      8,550      8,550
2 Sacramento Transportation Authority Sales Tax Revenue VRDO 0.040%   5/6/21     16,800     16,800
2 Sacramento Transportation Authority Sales Tax Revenue VRDO 0.050%   5/6/21     30,330     30,330
2 San Francisco City & County Airport Comm-San Francisco International Airport Port, Airport & Marina Revenue VRDO 0.090%   5/5/21     13,500     13,500
2 San Francisco City & County Finance Corp. Lease (Abatement) Revenue VRDO 0.050%   5/6/21      7,520      7,520
2 Santa Clara County Financing Authority Lease (Abatement) Revenue (Multiple Facilities Projects) VRDO 0.060%   5/5/21     36,605     36,605
1,2 University of California College & University Revenue TOB VRDO 0.090%   5/6/21     10,000     10,000
  University of California College & University Revenue VRDO 0.020%   5/3/21     14,300     14,300
1,2 West Valley-Mission CA Community College District GO TOB VRDO 0.090%   5/6/21      8,300      8,300
                 472,215
Colorado (2.8%)
1,2 Adams County CO COP TOB VRDO 0.120%   5/6/21      6,825      6,825
1,2 Adams County CO School District GO TOB VRDO 0.090%   5/6/21      5,785      5,785
1,2 Board of Governors of the Colorado State University System Enterprise College & University Revenue TOB VRDO 0.120%   5/6/21      9,750      9,750
1,2 Boulder Larimer & Weld Counties CO St. Vrain Valley School District GO TOB VRDO 0.090%   5/6/21      5,000      5,000
5

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     13,635     13,635
1,2 Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      6,750      6,750
1,2 Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     12,690     12,690
1,2 Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      6,775      6,775
1,2 Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21      7,175      7,175
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/6/21     39,540     39,540
  Colorado Health Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/6/21     12,890     12,890
1,2 Colorado Housing and Finance Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      6,165      6,165
  Colorado Housing and Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21      2,120      2,120
  Colorado Housing and Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     12,335     12,335
  Colorado Housing and Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21      2,870      2,870
2 Colorado Housing and Finance Authority Local or Guaranteed Housing Revenue VRDO 0.070%   5/5/21     15,530     15,530
2 Colorado Housing and Finance Authority Local or Guranteed Housing Revenue VRDO 0.120%   5/6/21      8,000      8,000
1,2 Colorado Springs CO Utilities System Multiple Utility Revenue TOB VRDO 0.100%   5/6/21      9,810      9,810
  Colorado Springs CO Utilities System Multiple Utility Revenue VRDO 0.060%   5/6/21      4,275      4,275
1,2 Denver CO Airport System Port, Airport & Marina Revenue TOB VRDO 0.140%   5/7/21      4,380      4,380
1,2 Denver CO Airport System Port, Airport & Marina Revenue TOB VRDO 0.140%   5/7/21      1,840      1,840
1,2 Denver CO City & County Airport System Port, Airport & Marina Revenue TOB VRDO 0.140%   5/7/21      7,945      7,945
1,2 Denver CO City & County Airport System Port, Airport & Marina Revenue TOB VRDO 0.140%   5/7/21      5,815      5,815
1,2 Denver CO City & County COP TOB VRDO 0.150%   5/7/21      3,615      3,615
1,2 Denver CO Wastewater Management Division Department of Public Works Sewer Revenue TOB VRDO 0.050%   5/3/21     36,135     36,135
1,2 University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.080%   5/6/21    144,470    144,470
  University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     11,300     11,300
  University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     45,915     45,915
  University of Colorado Hospital Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     19,650     19,650
                 468,985
Connecticut (1.9%)
1,2 Connecticut GO TOB VRDO 0.090%   5/6/21      5,000      5,000
1,2 Connecticut GO TOB VRDO 0.090%   5/6/21      5,000      5,000
1,2 Connecticut Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      8,000      8,000
6

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  Connecticut Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/5/21     11,445     11,445
1,2 Connecticut Housing Finance Authority Housing Mortgage Finance Program Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      5,750      5,750
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.040%   5/6/21     10,000     10,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21     19,000     19,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21      5,000      5,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     14,275     14,275
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     10,900     10,900
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     28,235     28,235
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21      4,295      4,295
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     41,090     41,090
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21      7,180      7,180
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.070%   5/6/21     50,000     50,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.070%   5/6/21     50,000     50,000
  Connecticut Housing Finance Authority Local or Guaranteed Housing Revenue VRDO 0.100%   5/6/21     13,310     13,310
1,2,4 Connecticut Special Tax Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.180% 0.240%  10/1/21      8,000      8,000
  Connecticut State Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/5/21     16,160     16,160
                 312,640
Delaware (0.1%)
  New Castle County DE Port, Airport & Marina Revenue (FlightSafety International Inc. Project) VRDO 0.110%   5/6/21     10,500     10,500
District of Columbia (1.7%)
2 District of Columbia College & University Revenue VRDO 0.060%   5/6/21      4,495      4,495
1,2 District of Columbia GO TOB VRDO 0.050%   5/3/21      8,360      8,360
1,2 District of Columbia GO TOB VRDO 0.090%   5/6/21     40,600     40,600
1,2 District of Columbia GO TOB VRDO 0.090%   5/6/21      7,500      7,500
1,2 District of Columbia GO TOB VRDO 0.110%   5/6/21      4,000      4,000
1,2,5 District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      6,845      6,845
2 District of Columbia Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.070%   5/6/21     40,595     40,595
2 District of Columbia Miscellaneous Revenue VRDO 0.070%   5/6/21     31,580     31,580
1,2 District of Columbia Water & Sewer Authority Public Utility Water Revenue TOB VRDO 0.050%   5/3/21      9,670      9,670
1,2 District of Columbia Water & Sewer Authority Public Utility Water Revenue TOB VRDO 0.080%   5/6/21      3,075      3,075
1,2,3 District of Columbia Water & Sewer Authority Public Utility Water Revenue TOB VRDO 0.090%   5/6/21      7,495      7,495
7

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 District of Columbia Water & Sewer Authority Public Utility Water Revenue TOB VRDO 0.090%   5/6/21     29,310     29,310
  District of Columbia Water & Sewer Authority Water Revenue VRDO 0.060%   5/6/21     10,000     10,000
1,2,3 District of Columbia Water & Sewer Authority Water Revenue VRDO 0.080%   5/6/21      6,190      6,190
2 Metropolitan Washington Airports Authority Airport Port, Airport & Marina Revenue VRDO 0.090%   5/6/21     12,720     12,720
1,2 Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Highway Revenue TOB VRDO 0.100%   5/6/21     46,930     46,930
1,2 Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Highway Revenue TOB VRDO 0.110%   5/7/21     20,700     20,700
                 290,065
Florida (3.3%)
1,2 Broward County FL Airport System Port, Airport & Marina Revenue TOB VRDO 0.100%   5/6/21      2,815      2,815
1,2 Broward County FL Port Facilities Port, Airport & Marina Revenue TOB VRDO 0.120%   5/6/21      5,625      5,625
1,2,4 Broward County FL Port Facilities Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.250% 0.310%   9/1/21      5,000      5,000
1,2,3 Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/7/21     13,930     13,930
1,2 Escambia County FL Health Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/7/21      3,205      3,205
1,2 Florida Board of Education Public Education Capital Outlay GO TOB VRDO 0.050%   5/3/21        600        600
1,2 Florida Department of Transportation GO TOB VRDO 0.090%   5/6/21     21,710     21,710
1,2 Florida Department of Transportation GO TOB VRDO 0.100%   5/6/21      4,075      4,075
1,2 Florida Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      4,150      4,150
1,2 Florida Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      3,880      3,880
1,2 Florida Housing Finance Corp. Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      4,420      4,420
1,2 Florida Turnpike Authority Highway Revenue TOB VRDO 0.050%   5/3/21     29,710     29,710
1,2 Fort Lauderdale FL Parks & Recreation Project GO TOB VRDO 0.090%   5/6/21      8,600      8,600
1,2 Gainesville FL Utilities System Electric Power & Light Revenue TOB VRDO 0.070%   5/3/21     31,365     31,365
1,2,4 Greater Orlando Aviation Authority Florida Airport Facilities Port, Airport & Marina Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.250% 0.310%  10/1/21     10,000     10,000
1,2 Greater Orlando Aviation Authority Florida Airport Facilities Port, Airport & Marina Revenue TOB VRDO 0.110%   5/6/21      3,330      3,330
1,2 Greater Orlando Aviation Authority Florida Airport Facilities Port, Airport & Marina Revenue TOB VRDO 0.110%   5/6/21     11,400     11,400
1,2 Greater Orlando Aviation Authority Florida Airport Facilities Port, Airport & Marina Revenue TOB VRDO 0.110%   5/6/21      6,470      6,470
1,2 Greater Orlando Aviation Authority Florida Airport Facilities Port, Airport & Marina Revenue TOB VRDO 0.160%   5/6/21     12,000     12,000
1,2 Greater Orlando FL Aviation Authority Airport Facilities Port, Airport & Marina Revenue TOB VRDO 0.110%   5/6/21      6,595      6,595
2 Halifax Hospital Medical Center Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/6/21      1,900      1,900
1,2 Hillsborough County FL Aviation Authority Port, Airport & Marina Revenue TOB VRDO 0.100%   5/6/21     10,000     10,000
8

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2,4 Hillsborough FL Solid Waste & Resource Recovery Revenue PUT, SIFMA Municipal Swap Index Yield + 0.200% 0.260%   9/1/21      5,000      5,000
1,2 Lee Memorial Health System Florida Hospital Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/7/21      5,250      5,250
1,2 Miami Beach FL Resort Tax Miscellaneous Taxes Revenue TOB VRDO 0.150%   5/6/21     11,250     11,250
1,2 Miami Beach FL Resort Tax Miscellaneous Taxes Revenue TOB VRDO 0.200%   5/6/21     26,160     26,160
1,2 Miami Beach FL Resort Tax Sewer Revenue TOB VRDO 0.090%   5/6/21      6,665      6,665
1,2 Miami Beach FL Water & Sewer Water Revenue TOB VRDO 0.090%   5/6/21      3,640      3,640
1,2 Miami-County FL Transit Sales Surtax Sales Tax Revenue TOB VRDO 0.090%   5/6/21      8,250      8,250
1,2 Miami-County FL Transit Sales Surtax Sales Tax Revenue TOB VRDO 0.100%   5/6/21      7,600      7,600
1,2 Miami-Dade County FL Educational Facilities Authority College & University Revenue TOB VRDO 0.100%   5/6/21      4,000      4,000
1,2 Miami-Dade County FL Public Health Trust GO TOB VRDO 0.130%   5/6/21      7,000      7,000
2 Miami-Dade County FL Recreational Revenue VRDO 0.070%   5/6/21     80,815     80,815
1,2 Miami-Dade County FL Transit Sales Tax Revenue TOB VRDO 0.100%   5/6/21      6,810      6,810
1,2 Miami-Dade County FL Transit Sales Tax Revenue TOB VRDO 0.100%   5/7/21      4,000      4,000
1,2 Miami-Dade County FL Transit Sales Tax Revenue TOB VRDO 0.100%   5/7/21      2,500      2,500
1,2 Miami-Dade County FL Water & Sewer Water Revenue TOB VRDO 0.100%   5/7/21      2,000      2,000
1,2 Miami-Dade County FL Water & Sewer Water Revenue TOB VRDO 0.100%   5/7/21      3,480      3,480
2 Miami-Dade County Seaport Department Port, Airport & Marina Revenue VRDO 0.060%   5/6/21     63,385     63,385
1,2 Orange County FL Sales Tax Revenue TOB VRDO 0.090%   5/6/21     10,230     10,230
1,2 Orange County FL Tourist Development Miscellaneous Taxes Revenue TOB VRDO 0.110%   5/6/21     16,665     16,665
  Orlando Utilities Commission Electric Power & Light Revenue VRDO 0.060%   5/5/21     20,825     20,825
  Orlando Utilities Commission Multiple Utility Revenue VRDO 0.060%   5/5/21     15,740     15,740
2 Palm Beach County FL Industrial Revenue VRDO 0.110%   5/6/21      4,300      4,300
1,2 Reedy Creek FL Improvement District GO TOB VRDO 0.090%   5/6/21      7,600      7,600
2 Sarasota County Public Hospital District Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/5/21      6,175      6,175
1,2,6 Tampa Bay FL Water Utility System Water Revenue TOB VRDO 0.090%   5/6/21     10,080     10,080
1,2 Tampa FL Health System Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      4,800      4,800
4 Tampa FL Health, Hospital, Nursing Home Revenue PUT, SIFMA Municipal Swap Index Yield + 0.300% 0.360% 11/26/21     13,500     13,500
                 558,500
Georgia (2.1%)
1,2 Atlanta GA GO TOB VRDO 0.090%   5/6/21     10,000     10,000
1,2 Atlanta GA Water & Wastewater Water Revenue TOB VRDO 0.090%   5/6/21     63,520     63,520
1,2 Atlanta GA Water & Wastewater Water Revenue TOB VRDO 0.090%   5/6/21      6,670      6,670
9

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Brookhaven Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/7/21      2,460      2,460
  Brookhaven Development Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     37,660     37,660
1,2 Burke County GA Development Authority Pollution Control Electric Power & Light Revenue TOB VRDO 0.120%   5/6/21     12,335     12,335
1,2 Burke County GA Development Authority Pollution Control Revenue TOB VRDO 0.120%   5/6/21     32,000     32,000
1,2 Dalton Whitfield County Joint Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21     18,805     18,805
1,2 Dalton Whitfield County Joint Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21     12,765     12,765
1,2 Dalton Whitfield County Joint Development Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21      4,325      4,325
1,2,3 DeKalb County GA Water & Sewer Water Revenue TOB VRDO 0.090%   5/6/21     11,990     11,990
1,2,3 DeKalb County GA Water & Sewer Water Revenue TOB VRDO 0.090%   5/6/21      4,800      4,800
2 Fulton County Development Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%   5/5/21     48,300     48,300
1,2 Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      5,145      5,145
1,2 Georgia Housing & Finance Authority Local or Guaranteed Housing Revenue TOB VRDO 0.100%   5/6/21      3,050      3,050
2 Georgia Municipal Electric Authority Electric Power & Light Revenue (Various Projects 1) VRDO 0.070%   5/5/21     34,940     34,940
1,2 Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue TOB VRDO 0.050%   5/3/21     35,950     35,950
                 344,715
Hawaii (0.4%)
4 Hawaii Department of Budget & Finance Health, Hospital, Nursing Home Revenue PUT, SIFMA Municipal Swap Index Yield + 0.450% 0.510% 11/26/21     17,745     17,745
4 Hawaii Department of Budget & Finance Health, Hospital, Nursing Home Revenue PUT, SIFMA Municipal Swap Index Yield + 0.450% 0.510% 11/26/21     33,900     33,900
1,2 Honolulu HI City & County GO TOB VRDO 0.090%   5/6/21      7,350      7,350
                 58,995
Idaho (0.0%)
1,2 Idaho Building Authority Lease Renewal Revenue TOB VRDO 0.100%   5/6/21      4,310      4,310
Illinois (4.2%)
2 Channahon IL Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21      5,980      5,980
1,2 Chicago IL Metropolitan Water Reclamation District GO TOB VRDO 0.140%   5/6/21     12,000     12,000
1,2 Chicago IL O'Hare International Airport Port, Airport & Marina Revenue TOB VRDO 0.090%   5/6/21     25,130     25,130
1,2,7 Chicago IL O'Hare International Airport Port, Airport & Marina Revenue TOB VRDO 0.140%   5/6/21     13,780     13,780
1,2 Chicago IL O'Hare International Airport Port, Airport & Marina Revenue TOB VRDO 0.140%   5/7/21      4,695      4,695
2 Chicago Midway International Airport Port, Airport & Marina Revenue VRDO 0.100%   5/6/21     52,285     52,285
10

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
2 Illinois Development Finance Authority College & University Revenue VRDO 0.070%   5/6/21      8,700      8,700
1,2 Illinois Educational Facilities Authority College & University Revenue TOB VRDO 0.090%   5/6/21      5,850      5,850
  Illinois Educational Facilities Authority Revenue 0.120%   8/4/21     14,500     14,500
2 Illinois Finance Authority College & University Revenue (Evangelical Project) VRDO 0.070%   5/6/21      7,185      7,185
1,2 Illinois Finance Authority College & University Revenue TOB VRDO 0.090%   5/6/21      6,665      6,665
  Illinois Finance Authority College & University Revenue VRDO 0.060%   5/5/21     63,960     63,960
  Illinois Finance Authority College & University Revenue VRDO 0.050%   5/6/21     10,676     10,676
2 Illinois Finance Authority College & University Revenue VRDO 0.070%   5/6/21     20,720     20,720
2 Illinois Finance Authority College & University Revenue VRDO 0.120%   5/6/21     10,000     10,000
4 Illinois Finance Authority Health, Hospital, Nursing Home Revenue PUT, SIFMA Municipal Swap Index Yield + 0.300% 0.360% 11/26/21      6,450      6,450
1,2 Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     10,000     10,000
1,2 Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     58,415     58,415
1,2 Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      9,000      9,000
1,2 Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     11,760     11,760
1,2 Illinois Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     12,185     12,185
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/5/21     46,015     46,015
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.080%   5/5/21     26,595     26,595
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     15,700     15,700
  Illinois Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21      5,500      5,500
1,2 Illinois Finance Authority Lease Revenue TOB VRDO 0.090%   5/6/21      2,250      2,250
1,2 Illinois Finance Authority Lease Revenue TOB VRDO 0.090%   5/6/21      7,805      7,805
2 Illinois Finance Authority Miscellaneous Revenue VRDO 0.060%   5/6/21     21,675     21,675
2 Illinois Finance Authority Recreational Revenue (Chicago Horticulture Project) VRDO 0.060%   5/5/21      9,800      9,800
2 Illinois Finance Authority Recreational Revenue VRDO 0.080%   5/5/21     16,950     16,950
2 Illinois Finance Authority Recreational Revenue VRDO 0.070%   5/6/21     43,015     43,015
2 Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     40,000     40,000
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.070%   5/5/21     30,000     30,000
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21     18,285     18,285
  Illinois Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.080%   5/6/21      9,850      9,850
1,2 Illinois Toll Highway Authority Highway Revenue TOB VRDO 0.150%   5/6/21      3,100      3,100
11

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Northwestern Memorial Healthcare Obligated Group Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     13,000     13,000
2 Quad Cities Regional Economic Development Authority College & University Revenue VRDO 0.080%   5/6/21      8,500      8,500
1,2 Will County IL GO TOB VRDO 0.080%   5/6/21     20,280     20,280
                 708,256
Indiana (0.9%)
1,2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21      2,500      2,500
1,2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.120%   5/6/21     12,000     12,000
2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/3/21      2,550      2,550
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/5/21      8,820      8,820
2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/5/21     27,915     27,915
  Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     48,525     48,525
2 Indiana Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.090%   5/6/21      7,290      7,290
  Indiana Finance Authority Lease Revenue VRDO 0.060%   5/6/21     19,815     19,815
  Indiana Health Facility Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/5/21      8,225      8,225
1,2 Indianapolis IN Local Public Improvement Bond Bank Income Tax Revenue TOB VRDO 0.150%   5/7/21      7,000      7,000
1,2 Indianapolis IN Local Public Improvement Bond Bank Miscellaneous Revenue TOB VRDO 0.180%   5/6/21     15,000     15,000
                 159,640
Iowa (0.4%)
2 Iowa Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/5/21      6,505      6,505
  Iowa Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     19,805     19,805
  Iowa Finance Authority Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) VRDO 0.040%   5/6/21     18,065     18,065
  Iowa Finance Authority Local or Guaranteed Housing Revenue (Mortgage-Backed Securities Program) VRDO 0.050%   5/6/21      6,000      6,000
  Iowa Finance Authority Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21     20,000     20,000
                 70,375
Kansas (0.3%)
1,2 Kansas Department of Transportation Highway Fuel Sales Tax Revenue TOB VRDO 0.090%   5/6/21      8,000      8,000
1,2 Kansas Development Finance Authority Hospital Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21        940        940
1,2 University of Kansas Hospital Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.080%   5/6/21      7,935      7,935
1,2 Wyandotte County KS Unified School District No. 500 GO TOB VRDO 0.090%   5/6/21      7,500      7,500
1,2 Wyandotte County KS Unified School District No. 500 GO TOB VRDO 0.090%   5/6/21     10,100     10,100
12

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Wyandotte County KS Unified School District No. 500 GO TOB VRDO 0.190%   5/6/21     12,400     12,400
                 46,875
Kentucky (0.3%)
2 Kentucky Economic Development Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     21,835     21,835
1,2 Kentucky Infrastructure Authority Wastewater & Drinking Water Miscellaneous Revenue TOB VRDO 0.090%   5/6/21      6,945      6,945
1,2 Kentucky Infrastructure Authority Wastewater & Drinking Water Revenue TOB VRDO 0.090%   5/6/21      7,190      7,190
1,2,4 Kentucky Property & Building Commission Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.200% 0.260%  11/1/21      6,000      6,000
1,2,3 University of Louisville College & University Revenue TOB VRDO 0.100%   5/6/21      2,800      2,800
                 44,770
Louisiana (0.3%)
1,2 Louisiana Gasoline & Fuel Tax Fuel Sales Tax Revenue TOB VRDO 0.090%   5/6/21      8,250      8,250
1,2 Louisiana GO TOB VRDO 0.090%   5/6/21     18,335     18,335
1,2 Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      7,110      7,110
2 Louisiana Public Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   5/5/21      2,300      2,300
1,2,3 Louisiana State Public Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      6,000      6,000
1,2 New Orleans LA Sewage Service Sewer Revenue TOB VRDO 0.100%   5/6/21      4,000      4,000
                 45,995
Maine (0.3%)
1,2 Maine Housing Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      7,500      7,500
  Maine State Housing Authority Local or Guaranteed Housing Revenue VRDO 0.100%   5/6/21     10,040     10,040
  Maine State Housing Authority Local or Guaranteed Housing Revenue VRDO 0.100%   5/6/21     28,000     28,000
                 45,540
Maryland (0.6%)
  Baltimore County MD BAN GO 4.000%  3/23/22     12,630     13,064
1,2 Baltimore MD Project Sewer Revenue TOB VRDO 0.090%   5/6/21      1,000      1,000
1,2 Baltimore MD Project Sewer Revenue TOB VRDO 0.090%   5/6/21      5,080      5,080
1,2 Maryland Community Development Administration Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      7,650      7,650
1,2 Maryland Community Development Administration Local or Guaranteed Housing Revenue TOB VRDO 0.110%   5/6/21      6,210      6,210
1,2 Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      6,665      6,665
1,2 Maryland Health & Higher Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/6/21      7,390      7,390
2 Maryland Health & Higher Educational Facilities Authority Miscellaneous Revenue (Pooled Loan Program) VRDO 0.120%   5/6/21      2,660      2,660
2 Maryland State Transportation Authority Port, Airport & Marina Revenue VRDO 0.100%   5/6/21     38,640     38,640
13

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 University of Maryland Auxiliary Facility & Tuition College & University Revenue TOB VRDO 0.050%   5/3/21      6,595      6,595
                 94,954
Massachusetts (0.9%)
1,2 Commonwealth of Massachusetts GO TOB VRDO 0.090%   5/6/21     20,000     20,000
  Massachusetts Bay Transportation Authority Sales Tax Revenue VRDO 0.060%   5/5/21     19,725     19,725
1,2 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue TOB VRDO 0.070%   5/6/21      4,000      4,000
1,2 Massachusetts Development Finance Agency Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      7,430      7,430
1,2 Massachusetts GO TOB VRDO 0.090%   5/6/21     15,000     15,000
1,2 Massachusetts GO TOB VRDO 0.090%   5/6/21     10,000     10,000
1,2 Massachusetts GO TOB VRDO 0.100%   5/6/21      3,750      3,750
1,2 Massachusetts GO TOB VRDO 0.100%   5/6/21      3,335      3,335
2 Massachusetts Health & Educational Facilities Authority College & University Revenue VRDO 0.080%   5/6/21        935        935
  Massachusetts Health & Educational Facilities Authority Recreational Revenue VRDO 0.040%   5/3/21     27,100     27,100
  Massachusetts Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21      5,800      5,800
1,2 Massachusetts School Building Authority Dedicated Sales Tax Revenue TOB VRDO 0.070%   5/6/21      4,600      4,600
  Massachusetts Water Resources Authority Water Revenue VRDO 0.060%   5/6/21      7,810      7,810
1,2 University of Massachusetts Building Authority College & University Revenue TOB VRDO 0.070%   5/6/21      3,935      3,935
1,2 University of Massachusetts Building Authority College & University Revenue TOB VRDO 0.080%   5/6/21      8,000      8,000
1,2 University of Massachusetts Building Authority College & University Revenue TOB VRDO 0.090%   5/6/21      7,500      7,500
                 148,920
Michigan (3.3%)
1,2,8 Clarkston MI Community Schools GO TOB VRDO 0.090%   5/6/21      5,000      5,000
4 Kent Hospital Finance Authority Michigan Health, Hospital, Nursing Home Revenue PUT, SIFMA Municipal Swap Index Yield + 0.250% 0.310% 11/26/21     40,255     40,255
1,2 Michigan Building Authority Lease (Appropriation) Revenue TOB VRDO 0.090%   5/6/21      8,500      8,500
1,2 Michigan Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     42,545     42,545
1,2 Michigan Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      3,780      3,780
1,2 Michigan Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      3,000      3,000
1,2 Michigan Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      8,215      8,215
1,2 Michigan Finance Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     29,820     29,820
  Michigan Hospital Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/5/21     40,120     40,120
1,2 Michigan Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      5,000      5,000
1,2 Michigan State Building Authority Lease (Appropriation) Revenue TOB VRDO 0.130%   5/6/21      6,670      6,670
  Michigan State Building Authority Revenue 0.130%  6/10/21     90,000     90,000
14

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Michigan State Finance Authority Lease Revenue TOB VRDO 0.120%   5/6/21      4,000      4,000
1,2 Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      7,500      7,500
1,2 Michigan State Housing Development Authority Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      9,400      9,400
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.090%   5/5/21     10,390     10,390
2 Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.090%   5/5/21     53,800     53,800
2 Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.090%   5/5/21     26,530     26,530
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.090%   5/5/21     48,665     48,665
  Michigan State Housing Development Authority Local or Guaranteed Housing Revenue VRDO 0.100%   5/5/21     42,315     42,315
  Michigan State University Revenue 0.130%  6/17/21     17,300     17,300
1,2 Michigan Trunk Line Fuel Tax Revenue TOB VRDO 0.090%   5/6/21     11,795     11,795
2 Oakland University College & University Revenue VRDO 0.060%   5/5/21      5,800      5,800
1,2,8 Trenton MI Public Schools School District GO TOB VRDO 0.090%   5/6/21      5,780      5,780
1,2 University of Michigan College & University Revenue TOB VRDO 0.090%   5/6/21      2,892      2,892
1,2 University of Michigan College & University Revenue TOB VRDO 0.090%   5/6/21      2,700      2,700
  University of Michigan College & University Revenue VRDO 0.040%   5/6/21     23,985     23,985
                 555,757
Minnesota (1.9%)
1 Invesco Trust Putter TOB VRDO 0.240%   5/3/21    211,980    211,980
2 Minneapolis MN Health, Hospital, Nursing Home Revenue VRDO 0.080%   5/5/21     70,485     70,485
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.060%   5/6/21     13,670     13,670
  Minnesota Housing Finance Agency Local or Guaranteed Housing Revenue VRDO 0.100%   5/6/21     13,150     13,150
2 St. Paul MN Housing & Redevelopment Authority Local or Guaranteed Housing Revenue (Highland Ridge Project) VRDO 0.060%   5/6/21      5,250      5,250
1,2 Western Minnesota Municipal Power Agency Electric Power & Light Revenue TOB VRDO 0.090%   5/6/21      6,665      6,665
                 321,200
Mississippi (0.2%)
2 Mississippi Development Bank Miscellaneous Revenue VRDO 0.060%   5/6/21     38,250     38,250
Missouri (2.2%)
1,2 Missouri Health & Educational Facilities Authority College & University Revenue TOB VRDO 0.090%   5/6/21      8,900      8,900
2 Missouri Health & Educational Facilities Authority College & University Revenue VRDO 0.040%   5/3/21      1,180      1,180
1,2 Missouri Health & Educational Facilities Authority Health Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      7,500      7,500
1,2 Missouri Health & Educational Facilities Authority Health Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      7,000      7,000
15

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Missouri Health & Educational Facilities Authority Health Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     14,650     14,650
1,2 Missouri Health & Educational Facilities Authority Health Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/6/21     20,000     20,000
1,2 Missouri Health & Educational Facilities Authority Health Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.110%   5/7/21      7,530      7,530
1,2 Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21     10,685     10,685
1,2 Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      2,000      2,000
1,2 Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue TOB VRDO 0.090%   5/6/21      4,000      4,000
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/5/21     15,370     15,370
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     46,875     46,875
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21     21,550     21,550
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/5/21      8,800      8,800
  Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     22,935     22,935
2 Missouri Health & Educational Facilities Authority Health, Hospital, Nursing Home Revenue VRDO 0.060%   5/6/21     77,200     77,200
1,2 Missouri Health & Educational Facilities Authority Medical Research Facilities Health, Hospital, Nursing Home Revenue TOB VRDO 0.120%   5/6/21     50,000     50,000
1,2 Missouri State Public Utilities Commission Health, Hospital, Nursing Home Revenue TOB VRDO 0.100%   5/7/21      7,500      7,500
1,2 North Kansas City MO School District GO TOB VRDO 0.050%   5/3/21     19,900     19,900
1,2 St. Louis MO Sewer & Wastewater Sewer Revenue TOB VRDO 0.080%   5/6/21      8,010      8,010
1,2 St. Louis MO Sewer & Wastewater Sewer Revenue TOB VRDO 0.090%   5/6/21      5,000      5,000
                 366,585
Multiple States (7.8%)
1,2,4 BlackRock MuniYield Quality Fund III Inc. VRDO VRDP 0.150%   5/6/21    176,000    176,000
1,2,9 FHLMC Multifamily Certificates Local or Guaranteed Housing Revenue VRDO 0.090%   5/6/21     41,650     41,650
1,2,9 FHLMC Multifamily Housing Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      2,996      2,996
1,2 FHLMC Multifamily Housing Revenue TOB VRDO 0.080%   5/6/21     78,375     78,375
1,2 Invesco Trust Putter TOB VRDO 0.240%   5/3/21    125,000    125,000
1,2 Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 0.110%   5/6/21     55,500     55,500
1,2 Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 0.120%   5/6/21    143,900    143,900
1,2 Nuveen AMT-Free Municipal Credit Income Fund VRDO VRDP 0.120%   5/6/21    105,200    105,200
1,2 Nuveen Municipal Credit Income Fund TOB VRDO VRDP 0.240%   5/3/21    122,100    122,100
1,2 Nuveen Municipal Credit Income Fund VRDO VRDP 0.150%   5/6/21    196,000    196,000
16

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 Nuveen Municipal Credit Opportunities Fund TOB VRDO VRDP 0.240%   5/3/21      9,925      9,925
1,2 Nuveen Municipal Credit Opportunities Fund VRDO VRDP 0.170%   5/6/21     33,000     33,000
1,2 Western Asset Intermediate Muni Fund Inc. VRDO VRDP 0.150%   5/6/21     18,200     18,200
1,2 Western Asset Managed Municipals Fund Inc. VRDO VRDP 0.150%   5/6/21    144,575    144,575
1,2 Western Asset Municipal Partners Fund Inc. VRDO VRDP 0.150%   5/6/21     53,900     53,900
                 1,306,321
Nebraska (1.0%)
2 Douglas County Hospital Authority No. 2 Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/3/21      3,670      3,670
2 Lancaster County Hospital Authority No. 1 Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/3/21      5,155      5,155
  Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     15,000     15,000
  Nebraska Investment Finance Authority Local or Guaranteed Housing Revenue VRDO 0.090%   5/5/21     29,715     29,715
1,2,3,10 Nebraska Public Power Generation Agency GO TOB VRDO 0.080%   5/6/21     76,870     76,870
1,2,3,10 Nebraska Public Power Generation Agency Revenue TOB VRDO 0.080%   5/6/21     27,500     27,500
1,2 Omaha NE Public Power District Electric Power & Light Revenue TOB VRDO 0.090%   5/6/21      7,400      7,400
                 165,310
Nevada (0.9%)
1,2 Clark County NV GO TOB VRDO 0.050%   5/3/21     11,805     11,805
1,2 Clark County NV GO TOB VRDO 0.090%   5/6/21     11,000     11,000
1,2 Clark County NV GO TOB VRDO 0.100%   5/7/21      4,910      4,910
  Clark County NV GO VRDO 0.110%   5/5/21     33,005     33,005
1,2 Las Vegas NV Convention & Visitors Authority GO TOB VRDO 0.090%   5/6/21     12,280     12,280
1,2 Las Vegas Valley Water District Nevada GO TOB VRDO 0.090%   5/6/21     10,000     10,000
1,2 Las Vegas Valley Water District Nevada GO TOB VRDO 0.090%   5/6/21     22,475     22,475
1,2 Las Vegas Valley Water District Nevada GO TOB VRDO 0.090%   5/6/21     16,500     16,500
1,2 Las Vegas Valley Water District Nevada GO TOB VRDO 0.100%   5/6/21      7,185      7,185
1 Nevada Department of Business & Industry Economic Development Revenue PUT 0.500%   7/1/21     10,000     10,000
1,2 Nevada Highway Improvement Fuel Sales Tax Revenue TOB VRDO 0.050%   5/3/21     19,610     19,610
                 158,770
New Jersey (1.0%)
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue VRDO 0.040%   5/5/21      7,000      7,000
  Hudson County Improvement Authority Lease (Appropriation) Revenue 1.500%  4/28/22      3,000      3,039
2 New Jersey Economic Development Authority Industrial Revenue VRDO 0.090%   5/6/21      8,000      8,000
1,2 New Jersey Economic Development Authority Natural Gas Revenue TOB VRDO 0.100%   5/6/21      4,460      4,460
1,2 New Jersey Economic Development Authority Natural Gas Revenue TOB VRDO 0.120%   5/7/21     13,575     13,575
1,2 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 0.090%   5/6/21      3,330      3,330
17

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
1,2 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 0.090%   5/6/21      6,000      6,000
1,2 New Jersey Educational Facilities Authority College & University Revenue TOB VRDO 0.090%   5/6/21      4,000      4,000
2 New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   5/6/21      3,900      3,900
2 New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.110%   5/6/21        600        600
1,2 New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO 0.130%   5/6/21      2,500      2,500
1,2 New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO 0.120%   5/7/21     10,630     10,630
1,2 New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      5,180      5,180
2 New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21      4,000      4,000
2 New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue VRDO 0.100%   5/6/21     30,875     30,875
1,2 New Jersey State Transportation Trust Fund Authority Transit Fuel Sales Tax Revenue TOB VRDO 0.090%   5/6/21      4,250      4,250
1,2 Pennsylvania State Turnpike Commission Turnpike Highway Revenue TOB VRDO 0.100%   5/7/21      5,000      5,000
1,2 Rutgers State University New Jersey College & University Revenue TOB VRDO 0.090%   5/7/21      5,735      5,735
  Union County NJ BAN GO 4.000%  6/18/21     40,000     40,187
1,2 Union County NJ Utilities Authority Lease (Non-Terminable) Revenue TOB VRDO 0.140%   5/6/21      8,815      8,815
                 171,076
New Mexico (0.5%)
1,2 New Mexico Educational Assistance Foundation Student Loan Revenue TOB VRDO 0.140%   5/6/21     37,425     37,425
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue VRDO 0.020%   5/3/21      3,800      3,800
  New Mexico Hospital Equipment Loan Council Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/6/21     35,755     35,755
                 76,980
New York (13.1%)
1,2,4 BlackRock MuniYield New York Quality Fund Inc. VRDO VRDP 0.140%   5/6/21     87,300     87,300
  Levittown Union Free School District GO 1.500%  6/25/21     35,000     35,064
2 Monroe County Industrial Development Corp. College & University Revenue VRDO 0.080%   5/5/21      6,130      6,130
2 Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/6/21     20,665     20,665
2 Nassau Health Care Corp. Health, Hospital, Nursing Home Revenue VRDO 0.070%   5/6/21     16,985     16,985
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.050%   5/5/21     26,950     26,950
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     26,975     26,975
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     25,000     25,000
2 New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.060%   5/5/21     35,000     35,000
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.050%   5/6/21     28,030     28,030
18

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  New York City Housing Development Corp. Local or Guaranteed Housing Revenue VRDO 0.070%   5/6/21     25,450     25,450
1,2 New York City Housing Development Corp. Local Or Guranteed Housing Revenue TOB VRDO 0.090%   5/6/21      3,000      3,000
1,2 New York City NY GO TOB VRDO 0.060%   5/3/21     44,215     44,215
1,2 New York City NY Housing Development Corp. Multi-Family Housing Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      4,380      4,380
1,2 New York City NY Housing Development Corp. Multi-Family Housing Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      6,730      6,730
1,2 New York City NY Housing Development Corp. Multi-Family Housing Local or Guaranteed Housing Revenue TOB VRDO 0.090%   5/6/21      4,455      4,455
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.060%   5/3/21     25,400     25,400
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.080%   5/6/21     11,000     11,000
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.090%   5/6/21     20,000     20,000
1 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.120%   5/6/21     16,940     16,940
1,2 New York City NY Municipal Water Finance Authority Water & Sewer System Water Revenue TOB VRDO 0.090%   5/7/21     16,800     16,800
2 New York City NY Municipal Water Finance Authority Water Revenue VRDO 0.040%   5/3/21     31,775     31,775
1,2 New York City NY Transitional Finance Authority Income Tax Revenue TOB VRDO 0.090%   5/6/21      9,920      9,920
1,2 New York City Transitional Finance Authority Building Aid Appropriations Revenue TOB VRDO 0.090%   5/6/21      2,510      2,510
1,2 New York City Transitional Finance Authority Building Aid Appropriations Revenue TOB VRDO 0.090%   5/6/21      4,000      4,000
1,2 New York City Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.080%   5/6/21     11,000     11,000
1,2 New York City Transitional Finance Authority Future Tax Income Tax Revenue TOB VRDO 0.090%   5/6/21      1,500      1,500
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.080%   5/6/21      3,085      3,085
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.090%   5/6/21      4,600      4,600
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.090%   5/6/21      8,405      8,405
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.090%   5/6/21      8,700      8,700
1,2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue TOB VRDO 0.100%   5/6/21      6,965      6,965
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.020%   5/3/21     27,900     27,900
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.020%   5/3/21     62,485     62,485
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.060%   5/6/21     59,605     59,605
2 New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.070%   5/6/21     29,000     29,000
  New York City Transitional Finance Authority Future Tax Secured Income Tax Revenue VRDO 0.080%   5/6/21     20,295     20,295
1,2 New York City Transitional Finance Authority Future Tax Secured Sales Tax Revenue TOB VRDO 0.060%   5/3/21     21,700     21,700
19

Municipal Money Market Fund
    Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  New York City Water & Sewer System Sewer Revenue VRDO 0.040%   5/3/21      2,500      2,500
1,2 New York City Water & Sewer System Water Revenue TOB VRDO 0.080%   5/6/21      4,800      4,800
  New York City Water & Sewer System Water Revenue VRDO 0.020%   5/3/21     27,310     27,310
  New York City Water & Sewer System Water Revenue VRDO 0.030%   5/3/21      1,300      1,300
  New York City Water & Sewer System Water Revenue VRDO 0.030%   5/3/21      4,600      4,600
  New York City Water & Sewer System Water Revenue VRDO 0.030%   5/3/21      1,805      1,805
  New York City Water & Sewer System Water Revenue VRDO 0.040%   5/3/21     35,135     35,135
  New York City Water & Sewer System Water Revenue VRDO 0.040%   5/3/21     31,435     31,435
2 New York City Water & Sewer System Water Revenue VRDO 0.040%   5/3/21     19,050     19,050
  New York City Water & Sewer System Water Revenue VRDO 0.050%   5/6/21     10,040     10,040
  New York City Water & Sewer System Water Revenue VRDO 0.060%   5/6/21     34,260     34,260
  New York City Water & Sewer System Water Revenue VRDO 0.060%   5/6/21     61,240     61,240
  New York City Water & Sewer System Water Revenue VRDO 0.060%   5/6/21     34,775     34,775
  New York City Water & Sewer System Water Revenue VRDO 0.070%   5/6/21     18,405     18,405
  New York City Water & Sewer System Water Revenue VRDO 0.070%