AB Tax-Aware Fixed Income Opportunities Portfolio
January 31, 2025 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 105.6% |
| |||||||
| Long-Term Municipal Bonds – 100.2% |
| |||||||
| Alabama – 6.4% |
| |||||||
| Black Belt Energy Gas District (Athene Annuity & Life Co.) |
$ | 2,000 | $ | 2,126,595 | ||||
| Black Belt Energy Gas District (BP PLC) |
1,000 | 1,068,303 | ||||||
| Black Belt Energy Gas District (Goldman Sachs Group) |
2,000 | 2,111,127 | ||||||
| Series 2023-2 |
10,000 | 10,245,220 | ||||||
| Series 2023-A |
2,000 | 2,126,179 | ||||||
| Black Belt Energy Gas District (Nomura Holdings, Inc.) |
1,000 | 987,097 | ||||||
| Black Belt Energy Gas District (Pacific Mutual Holding) |
1,000 | 1,059,528 | ||||||
| County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) |
1,000 | 1,071,948 | ||||||
| Homewood Educational Building Authority (CHF - Horizons II LLC) |
250 | 261,758 | ||||||
| 5.50%, 10/01/2054 |
250 | 260,038 | ||||||
| Mobile County Industrial Development Authority (ArcelorMittal SA) |
1,000 | 980,729 | ||||||
| 5.00%, 06/01/2054 |
1,000 | 1,010,933 | ||||||
| Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority (Prerefunded - US Treasuries) |
2,000 | 2,111,732 | ||||||
| Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding) |
3,000 | 3,193,166 | ||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
1,315 | 1,379,583 | ||||||
| Southeast Energy Authority A Cooperative District (Deutsche Bank AG) |
1,000 | 1,048,510 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Energy Authority A Cooperative District (Morgan Stanley) |
$ | 2,000 | $ | 2,099,942 | ||||
| 5.50%, 01/01/2053 |
1,000 | 1,065,346 | ||||||
| Southeast Energy Authority A Cooperative District (Royal Bank of Canada) |
10,000 | 10,568,762 | ||||||
| Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) |
1,000 | 1,051,581 | ||||||
|
|
|
|||||||
| 45,828,077 | ||||||||
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|
|||||||
| Alaska – 1.0% |
||||||||
| Alaska Housing Finance Corp. (Prerefunded - Others) |
2,000 | 2,007,749 | ||||||
| Municipality of Anchorage AK (Municipality of Anchorage AK) |
1,000 | 944,598 | ||||||
| Municipality of Anchorage AK Solid Waste Services Revenue (Municipality of Anchorage AK Solid Waste Services Revenue) |
4,000 | 4,226,302 | ||||||
|
|
|
|||||||
| 7,178,649 | ||||||||
|
|
|
|||||||
| Arizona – 2.2% |
||||||||
| Arizona Industrial Development Authority (Arizona Industrial Development Authority) |
1,000 | 972,094 | ||||||
| Series 2024-B |
215 | 208,967 | ||||||
| Arizona Industrial Development Authority (AZIDA 2019-2) |
164 | 156,478 | ||||||
| Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) |
1,000 | 913,870 | ||||||
| Arizona Industrial Development Authority (Kipp NYC Public Charter Schools) |
1,000 | 857,607 | ||||||
| Arizona Industrial Development Authority (Legacy Cares, Inc.) |
1,000 | 30,000 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Chandler Industrial Development Authority (Intel Corp.) |
$ | 2,000 | $ | 2,048,501 | ||||
| Series 2024 |
2,000 | 1,998,217 | ||||||
| City of Glendale AZ (City of Glendale AZ COP) |
1,000 | 878,735 | ||||||
| City of Tempe AZ (City of Tempe AZ COP) |
1,000 | 776,529 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) |
100 | 99,994 | ||||||
| Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre Obligated Group) |
250 | 271,665 | ||||||
| 7.00%, 11/15/2057(b) |
250 | 270,064 | ||||||
| Maricopa County Industrial Development Authority (Commercial Metals Co.) |
600 | 527,474 | ||||||
| Maricopa County Industrial Development Authority (HonorHealth Obligated Group) |
1,000 | 1,082,135 | ||||||
| Salt Verde Financial Corp. (Citigroup, Inc.) |
2,000 | 2,144,007 | ||||||
| Sierra Vista Industrial Development Authority (American Leadership Academy) |
1,000 | 999,228 | ||||||
| Yuma Industrial Development Authority (Yuma Regional Medical Center Obligated Group) |
1,250 | 1,368,241 | ||||||
|
|
|
|||||||
| 15,603,806 | ||||||||
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| Arkansas – 0.2% |
||||||||
| Arkansas Development Finance Authority (Hybar LLC) |
1,300 | 1,441,082 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| Arkansas Development Finance Authority (United States Steel Corp.) |
$ | 200 | $ | 206,319 | ||||
|
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|
|||||||
| 1,647,401 | ||||||||
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| California – 13.0% |
||||||||
| Alameda Corridor Transportation Authority (Alameda Corridor Transportation Authority) |
1,000 | 570,605 | ||||||
| AGM Series 2024 |
1,000 | 248,516 | ||||||
| Align Affordable Housing Bond Fund LP (Park Landing LP) |
|
500 |
|
489,714 | ||||
| Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) |
|
1,000 |
|
898,411 | ||||
| ARC70 II Trust (ARC70 II TRUST) |
|
300 |
|
260,425 | ||||
| Series 2023 |
1,903 | 1,789,536 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
|
2,000 |
|
1,963,115 | ||||
| California Community Choice Financing Authority (American General Life Insurance) |
|
2,000 |
|
2,111,582 | ||||
| Series 2024 |
2,800 | 2,966,060 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
|
1,000 |
|
1,052,927 | ||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
|
3,170 |
|
3,325,500 | ||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
|
1,000 |
|
1,042,384 | ||||
| California Community Choice Financing Authority (Morgan Stanley) |
|
2,000 |
|
1,998,855 | ||||
| Series 2023-2 |
10,000 | 10,481,953 | ||||||
| Series 2024-E |
1,000 | 1,070,193 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Housing Agency (California Community Housing Agency Aster Apartments) |
$ | 1,000 | $ | 858,326 | ||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
250 | 212,595 | ||||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
1,000 | 716,792 | ||||||
| 4.00%, 08/01/2046(b) |
495 | 416,339 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
1,000 | 689,577 | ||||||
| California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) |
2,500 | 104,742 | ||||||
| 5.50%, 02/01/2040(b) |
1,000 | 906,548 | ||||||
| California Housing Finance Agency (CAHFA 2019-2) |
139 | 139,500 | ||||||
| California Housing Finance Agency (CAHFA 2021-2) |
955 | 943,251 | ||||||
| Series 2021-2, Class X |
955 | 40,420 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
238 | 222,286 | ||||||
| California Infrastructure & Economic Development Bank (PIH Health Obligated Group) |
1,000 | 1,046,698 | ||||||
| California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) |
985 | 77,511 | ||||||
| California Municipal Finance Authority (CHF-Riverside II LLC) |
250 | 259,526 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (Samuel Merritt University) |
$ | 1,000 | $ | 1,072,340 | ||||
| California Pollution Control Financing Authority (Poseidon Resources Channelside) |
250 | 250,052 | ||||||
| Series 2023 |
1,250 | 1,342,922 | ||||||
| California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) |
1,000 | 1,016,748 | ||||||
| California School Finance Authority (Classical Academy Obligated Group) |
1,000 | 992,083 | ||||||
| California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) |
1,000 | 1,063,450 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
1,000 | 1,043,209 | ||||||
| Series 2022 |
2,000 | 2,103,321 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) |
400 | 311,100 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) |
500 | 341,811 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) |
1,000 | 866,234 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
1,000 | 681,430 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
500 | 339,421 | ||||||
| 4.00%, 05/01/2057(b) |
350 | 244,932 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
$ | 500 | $ | 367,037 | ||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
1,000 | 855,796 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
200 | 156,000 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
1,000 | 685,770 | ||||||
| 4.00%, 07/01/2058(b) |
200 | 129,801 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
1,000 | 762,870 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) |
800 | 551,738 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
1,000 | 695,144 | ||||||
| 4.00%, 12/01/2056(b) |
400 | 305,346 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) |
1,000 | 821,444 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
1,000 | 796,712 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) |
1,000 | 686,801 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
1,000 | 691,248 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
$ | 735 | $ | 676,000 | ||||
| Series 2021-B |
19,320 | 2,260,067 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
2,245 | 2,471,633 | ||||||
| Series 2024-B |
1,000 | 1,098,873 | ||||||
| Series 2024-C |
1,300 | 1,402,646 | ||||||
| Series 2024-E |
1,000 | 1,103,526 | ||||||
| Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) |
1,335 | 1,422,931 | ||||||
| Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) |
4,865 | 5,082,401 | ||||||
| Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) |
3,000 | 3,374,959 | ||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
1,000 | 1,228,243 | ||||||
| Northern California Energy Authority (Pacific Mutual Holding) |
1,000 | 1,059,655 | ||||||
| River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 2) |
1,000 | 1,050,763 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
1,000 | 1,019,744 | ||||||
| Series 2023-E |
1,315 | 1,460,676 | ||||||
| Series 2024 |
3,400 | 3,639,161 | ||||||
| Southern California Public Power Authority (American General Life Insurance) |
1,400 | 1,472,043 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
$ | 1,000 | $ | 1,046,996 | ||||
| 5.25%, 07/01/2053 |
2,975 | 3,147,787 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
2,000 | 339,904 | ||||||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization) |
1,000 | 252,684 | ||||||
| Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) |
2,000 | 2,047,207 | ||||||
|
|
|
|||||||
| 92,736,546 | ||||||||
|
|
|
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| Colorado – 1.7% |
||||||||
| Aurora Highlands Community Authority Board (Aurora Highlands Community Authority Board) |
500 | 473,172 | ||||||
| Centerra Metropolitan District No. 1 (Centerra Metropolitan District No. 1) |
500 | 513,637 | ||||||
| City & County of Denver CO (United Airlines, Inc.) |
615 | 615,202 | ||||||
| City & County of Denver CO Airport System Revenue (Denver Intl Airport) |
1,000 | 1,049,029 | ||||||
| Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) |
1,000 | 977,595 | ||||||
| Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) |
1,000 | 782,055 | ||||||
| Colorado Health Facilities Authority (Aberdeen Ridge Obligated Group) |
100 | 71,920 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) |
$ | 1,000 | $ | 899,856 | ||||
| Colorado Health Facilities Authority (Frasier Meadows Manor Obligated Group) |
100 | 92,672 | ||||||
| Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) |
2,000 | 2,094,668 | ||||||
| Douglas County Housing Partnership (Bridgewater Castle Rock ALF) |
250 | 187,500 | ||||||
| E-470 Public Highway Authority (E-470 Public Highway Authority) |
2,000 | 2,002,473 | ||||||
| Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District) |
544 | 490,130 | ||||||
| Platte River Metropolitan District (Platte River Metropolitan District) |
201 | 207,467 | ||||||
| St. Vrain Lakes Metropolitan District No. 4 (St. Vrain Lakes Metropolitan District No. 4) |
1,000 | 725,991 | ||||||
| Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) |
500 | 531,089 | ||||||
| Vauxmont Metropolitan District (Vauxmont Metropolitan District) |
380 | 391,740 | ||||||
| AGM Series 2020 |
100 | 102,282 | ||||||
|
|
|
|||||||
| 12,208,478 | ||||||||
|
|
|
|||||||
| Connecticut – 0.4% |
||||||||
| City of New Haven CT (City of New Haven CT) |
615 | 642,960 | ||||||
| Connecticut State Health & Educational Facilities Authority (Yale University) |
2,200 | 2,191,454 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Town of Hamden CT (Whitney Center Obligated Group) |
$ | 100 | $ | 108,102 | ||||
|
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|
|||||||
| 2,942,516 | ||||||||
|
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|
|||||||
| Delaware – 0.1% |
||||||||
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust (Affordable Housing Tax-Exempt Bond Pass-Thru Trust) |
487 | 503,381 | ||||||
|
|
|
|||||||
| District of Columbia – 0.9% |
||||||||
| District of Columbia Tobacco Settlement Financing Corp. (District of Columbia Tobacco Settlement Financing) |
2,500 | 255,457 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Metropolitan Washington Airports Authority Dulles Toll Road Revenue) |
10,000 | 5,921,796 | ||||||
|
|
|
|||||||
| 6,177,253 | ||||||||
|
|
|
|||||||
| Florida – 6.7% |
||||||||
| Bexley Community Development District (Bexley Community Development District) |
100 | 96,158 | ||||||
| Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) |
535 | 545,244 | ||||||
| Capital Projects Finance Authority/FL (PRG - UnionWest Properties) |
4,710 | 668,072 | ||||||
| 5.00%, 06/01/2049(b) |
1,360 | 1,343,497 | ||||||
| 5.00%, 06/01/2058(b) |
1,135 | 1,097,932 | ||||||
| Capital Trust Agency, Inc. (Educational Growth Fund) |
2,000 | 134,152 | ||||||
| 5.00%, 07/01/2056(b) |
1,090 | 1,034,233 | ||||||
| City of Palmetto FL (Renaissance Arts & Education) |
1,000 | 1,015,179 | ||||||
| City of Tampa FL (State of Florida Cigarette Tax Revenue) |
1,000 | 241,437 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Lake FL (Waterman Communities) |
$ | 200 | $ | 198,685 | ||||
| County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) |
1,000 | 1,043,435 | ||||||
| County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) |
780 | 784,195 | ||||||
| County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) |
265 | 266,576 | ||||||
| Series 2024-A |
5,400 | 5,883,708 | ||||||
| County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) |
230 | 140,439 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties II) |
100 | 99,533 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties) |
1,000 | 996,841 | ||||||
| 6.125%, 06/01/2054 |
1,000 | 987,553 | ||||||
| County of Palm Beach FL (Provident Group-PBAU Properties) |
1,000 | 924,879 | ||||||
| County of Palm Beach FL Airport System Revenue (County of Palm Beach FL Airport System Revenue) |
1,000 | 1,076,685 | ||||||
| 5.25%, 10/01/2044 |
1,100 | 1,180,743 | ||||||
| County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) |
3,000 | 3,248,314 | ||||||
| Escambia County Housing Finance Authority (4900 S. Rio Grande Ave) |
100 | 108,482 | ||||||
| Series 2023-B |
275 | 280,774 | ||||||
| Florida Development Finance Corp. (Assistance Unlimited) |
350 | 345,065 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. (Brightline Trains Florida) |
$ | 2,500 | $ | 2,609,085 | ||||
| Florida Development Finance Corp. (Cornerstone Charter Academy Obligated Group) |
1,000 | 1,000,756 | ||||||
| Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding) |
100 | 85,163 | ||||||
| Florida Development Finance Corp. (GFL Solid Waste Southeast) |
1,000 | 1,007,319 | ||||||
| Florida Development Finance Corp. (Seaside School Consortium) |
1,000 | 1,036,673 | ||||||
| Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) |
1,015 | 1,111,918 | ||||||
| Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) |
1,000 | 1,080,437 | ||||||
| Hillsborough County Industrial Development Authority (BayCare Obligated Group) |
2,000 | 1,878,489 | ||||||
| Jacksonville Transportation Authority (Jacksonville Transportation Authority Fuel Tax) |
1,000 | 1,040,325 | ||||||
| Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) |
500 | 458,699 | ||||||
| Miami-Dade County Educational Facilities Authority (University of Miami) |
1,000 | 1,121,403 | ||||||
| Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) |
1,000 | 1,011,464 | ||||||
| North Broward Hospital District (North Broward Hospital District) |
100 | 102,837 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Orange County Health Facilities Authority (Orlando Health Obligated Group) |
$ | 1,250 | $ | 1,325,742 | ||||
| Orange County Health Facilities Authority (Presbyterian Retirement Communities Obligated Group) |
1,000 | 934,598 | ||||||
| Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) |
1,000 | 896,540 | ||||||
| Palm Beach County Health Facilities Authority (Federation CCRC Operations Obligated Group) |
200 | 167,367 | ||||||
| Palm Beach County Health Facilities Authority (Green Cay Life Plan Village) |
100 | 130,456 | ||||||
| Palm Beach County School District (Palm Beach County School District COP) |
1,000 | 1,103,401 | ||||||
| Pinellas County Industrial Development Authority (Pinellas County Industrial Development Authority) |
1,000 | 1,005,166 | ||||||
| School Board of Miami-Dade County (The) (Miami-Dade County School Board Foundation COP) |
4,000 | 4,101,715 | ||||||
| Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) |
600 | 544,770 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Assmnt) |
100 | 102,340 | ||||||
|
|
|
|||||||
| 47,598,474 | ||||||||
|
|
|
|||||||
| Georgia – 4.1% |
||||||||
| Atlanta Development Authority (The) (City of Atlanta GA Westside Tax Allocation District Gulch Area) |
1,000 | 858,848 | ||||||
| Series 2024-A |
1,000 | 1,024,558 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Augusta Development Authority (WellStar Health System Obligated Group) |
$ | 145 | $ | 146,040 | ||||
| 5.00%, 07/01/2031 |
1,065 | 1,124,006 | ||||||
| Fayette County Development Authority (United States Soccer Federation) |
1,000 | 1,052,307 | ||||||
| Gainesville & Hall County Hospital Authority (Northeast Georgia Health System Obligated Group) |
1,000 | 1,138,407 | ||||||
| Gainesville & Hall County Hospital Authority (Prerefunded - US Treasuries) |
1,200 | 1,201,079 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
3,215 | 3,223,154 | ||||||
| Series 2023-A |
3,000 | 3,126,618 | ||||||
| Main Street Natural Gas, Inc. (Royal Bank of Canada) |
2,000 | 2,063,750 | ||||||
| Series 2023-B |
1,000 | 1,055,610 | ||||||
| Main Street Natural Gas, Inc. (Toronto-Dominion Bank) |
1,000 | 1,061,366 | ||||||
| Monroe County School District/GA (Monroe County School District/GA) |
1,500 | 1,500,000 | ||||||
| Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) |
100 | 104,019 | ||||||
| 5.00%, 01/01/2049 |
2,000 | 2,037,449 | ||||||
| Series 2022 |
1,500 | 1,588,770 | ||||||
| AGM Series 2023 |
1,000 | 1,038,355 | ||||||
| Private Colleges & Universities Authority (Emory University) |
5,000 | 5,594,350 | ||||||
|
|
|
|||||||
| 28,938,686 | ||||||||
|
|
|
|||||||
| Guam – 0.2% |
||||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
1,300 | 1,355,323 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Territory of Guam (Guam Section 30 Income Tax) |
$ | 200 | $ | 201,611 | ||||
| Territory of Guam (Territory of Guam) |
155 | 157,527 | ||||||
|
|
|
|||||||
| 1,714,461 | ||||||||
|
|
|
|||||||
| Hawaii – 0.4% |
||||||||
| City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) |
1,000 | 668,753 | ||||||
| Series 2025 |
2,000 | 2,295,979 | ||||||
|
|
|
|||||||
| 2,964,732 | ||||||||
|
|
|
|||||||
| Idaho – 0.2% |
||||||||
| Idaho Health Facilities Authority (North Canyon Medical Center) |
1,000 | 1,078,906 | ||||||
|
|
|
|||||||
| Illinois – 5.9% |
||||||||
| Chicago Board of Education (Chicago Board of Education) |
240 | 238,110 | ||||||
| Series 2012-B |
1,000 | 1,000,246 | ||||||
| Series 2017-A |
1,000 | 1,056,055 | ||||||
| Series 2019-A |
100 | 103,141 | ||||||
| 5.00%, 12/01/2030 |
100 | 102,669 | ||||||
| Series 2019-B |
100 | 101,871 | ||||||
| Series 2021-A |
1,000 | 1,027,790 | ||||||
| Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) |
3,000 | 3,197,402 | ||||||
| Series 2024-C |
2,000 | 2,155,111 | ||||||
| Series 2024-E |
1,000 | 1,050,765 | ||||||
| County of Cook IL (County of Cook IL) |
1,000 | 1,007,986 | ||||||
| Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) |
1,000 | 985,632 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Illinois Finance Authority (DePaul College Prep) |
$ | 1,000 | $ | 1,051,541 | ||||
| Illinois Finance Authority (Illinois Institute of Technology) |
100 | 89,965 | ||||||
| Illinois Finance Authority (Lake Forest College) |
1,000 | 1,025,386 | ||||||
| Illinois Finance Authority (Park Place of Elmhurst Obligated Group) |
76 | 40,518 | ||||||
| Illinois Finance Authority (Silver Cross Hospital Obligated Group) |
250 | 251,427 | ||||||
| Illinois Housing Development Authority (Drexel Court & Lake Park East) |
100 | 102,882 | ||||||
| Series 2024 |
955 | 942,276 | ||||||
| Illinois Housing Development Authority (Illinois Housing Development Authority) |
10,000 | 9,620,018 | ||||||
| Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) |
1,000 | 1,039,218 | ||||||
| Series 2019-A |
1,500 | 1,529,647 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
600 | 602,545 | ||||||
| Series 2017 |
1,000 | 735,795 | ||||||
| Series 2022 |
1,000 | 958,127 | ||||||
| Metropolitan Pier & Exposition Authority (State of Illinois McCormick Place Expansion Project Fund Lease) |
640 | 668,754 | ||||||
| State of Illinois (State of Illinois) |
196 | 209,940 | ||||||
| Series 2017-D |
930 | 958,935 | ||||||
| Series 2018-A |
1,000 | 1,045,062 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2022-A |
$ | 1,000 | $ | 1,077,996 | ||||
| Series 2022-C |
1,000 | 1,088,361 | ||||||
| Series 2024 |
1,000 | 1,018,402 | ||||||
| 5.00%, 02/01/2031 |
1,345 | 1,466,705 | ||||||
| Series 2024-B |
1,000 | 949,836 | ||||||
| 5.00%, 05/01/2038 |
1,000 | 1,098,682 | ||||||
| 5.25%, 05/01/2043 |
1,000 | 1,090,304 | ||||||
| State of Illinois Sales Tax Revenue (State of Illinois Sales Tax Revenue) |
1,000 | 1,004,794 | ||||||
|
|
|
|||||||
| 41,693,894 | ||||||||
|
|
|
|||||||
| Indiana – 2.7% |
||||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
33 | 3 | ||||||
| City of Valparaiso IN (Green Oaks of Valparaiso) |
150 | 132,942 | ||||||
| City of Whiting IN (BP PLC) |
1,000 | 1,024,072 | ||||||
| Indiana Finance Authority (Brightmark Plastics Renewal Indiana) |
1,070 | 171,935 | ||||||
| Indiana Finance Authority (Good Samaritan Hospital Obligated Group) |
100 | 104,388 | ||||||
| Indiana Finance Authority (Greencroft Goshen Obligated Group) |
1,000 | 891,838 | ||||||
| Series 2023-2 |
100 | 95,847 | ||||||
| Indiana Finance Authority (Marquette Manor) |
190 | 190,061 | ||||||
| Indiana Finance Authority (Ohio Valley Electric) |
165 | 151,511 | ||||||
| Indiana Finance Authority (Parkview Health System Obligated Group) |
9,825 | 9,869,925 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| Indiana Finance Authority (SFP-PUFW I LLC) |
$ | 1,000 | $ | 1,005,678 | ||||
| Indiana Finance Authority (University of Evansville) |
1,000 | 986,903 | ||||||
| Indiana Housing & Community Development Authority (Vita of Marion LLC) |
1,000 | 879,183 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) |
330 | 352,807 | ||||||
| 6.00%, 03/01/2053 |
250 | 266,500 | ||||||
| Series 2023-F |
250 | 280,034 | ||||||
| BAM Series 2023 |
3,000 | 3,171,757 | ||||||
|
|
|
|||||||
| 19,575,384 | ||||||||
|
|
|
|||||||
| Iowa – 0.9% |
||||||||
| Iowa Finance Authority (Iowa Finance Authority) |
5,000 | 5,000,881 | ||||||
| Iowa Finance Authority (Wesley Retirement Services Obligated Group) |
100 | 94,718 | ||||||
| 4.00%, 12/01/2041 |
170 | 142,795 | ||||||
| 4.00%, 12/01/2046 |
115 | 91,780 | ||||||
| 4.00%, 12/01/2051 |
205 | 158,174 | ||||||
| PEFA, Inc. (Goldman Sachs Group) |
1,000 | 1,018,770 | ||||||
|
|
|
|||||||
| 6,507,118 | ||||||||
|
|
|
|||||||
| Kansas – 0.2% |
||||||||
| City of Colby KS (Citizens Medical Center) |
1,000 | 1,003,439 | ||||||
| City of Overland Park KS Sales Tax Revenue (City of Overland Park KS Sales Tax Revenue) |
100 | 102,934 | ||||||
| 6.50%, 11/15/2042(b) |
300 | 306,702 | ||||||
|
|
|
|||||||
| 1,413,075 | ||||||||
|
|
|
|||||||
| Kentucky – 0.8% |
||||||||
| City of Ashland KY (Royal Blue Health Obligated Group) |
385 | 374,997 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Henderson KY (Pratt Paper KY LLC) |
$ | 265 | $ | 261,451 | ||||
| Kenton County Airport Board (Kenton County Airport Board) |
2,000 | 2,093,594 | ||||||
| Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) |
175 | 179,673 | ||||||
| Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) |
1,000 | 1,000,187 | ||||||
| Kentucky Economic Development Finance Authority (CommonSpirit Health) |
160 | 155,706 | ||||||
| Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky Obligated Group) |
65 | 54,482 | ||||||
| Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) |
425 | 432,241 | ||||||
| Kentucky Housing Corp. (Churchill Park LLLP) |
130 | 130,010 | ||||||
| 5.75%, 11/01/2040(b) |
600 | 609,412 | ||||||
| Series 2022-B |
100 | 101,501 | ||||||
| Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) |
225 | 230,124 | ||||||
|
|
|
|||||||
| 5,623,378 | ||||||||
|
|
|
|||||||
| Louisiana – 1.9% |
||||||||
| City of New Orleans LA Water System Revenue (City of New Orleans LA Water System Revenue) |
1,000 | 734,731 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration ELL System Restoration Revenue) |
$ | 1,000 | $ | 994,509 | ||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) |
675 | 692,645 | ||||||
| Louisiana Public Facilities Authority (Calcasieu Bridge Partners) |
1,000 | 1,012,904 | ||||||
| 5.75%, 09/01/2064 |
2,000 | 2,163,650 | ||||||
| Louisiana Public Facilities Authority (ElementUS Minerals LLC) |
2,000 | 2,016,019 | ||||||
| Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) |
1,025 | 1,054,344 | ||||||
| Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) |
250 | 3 | ||||||
| Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) |
1,335 | 1,342,303 | ||||||
| New Orleans Aviation Board (New Orleans Aviation Board) |
215 | 216,578 | ||||||
| Series 2024 |
1,000 | 1,078,839 | ||||||
| Parish of St. John the Baptist LA (Marathon Oil Corp.) |
1,000 | 1,000,885 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (State of Louisiana Gasoline & Fuels Tax Revenue) |
980 | 977,434 | ||||||
|
|
|
|||||||
| 13,284,844 | ||||||||
|
|
|
|||||||
| Maryland – 1.4% |
||||||||
| Maryland Economic Development Corp. (Air Cargo Obligated Group) |
600 | 538,800 | ||||||
| Maryland Economic Development Corp. (Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg) |
1,000 | 1,089,678 | ||||||
| Maryland Economic Development Corp. (Purple Line Transit Partners) |
1,000 | 1,014,179 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) |
$ | 500 | $ | 520,642 | ||||
| Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) |
2,200 | 2,406,548 | ||||||
| Maryland Stadium Authority (State of Maryland Built to Learn Revenue State Lease) |
2,000 | 2,234,633 | ||||||
| State of Maryland Department of Transportation (Maryland Aviation Administration) |
1,000 | 1,072,921 | ||||||
| State of Maryland Department of Transportation (State of Maryland Dept. of Transportation) |
1,315 | 1,321,989 | ||||||
|
|
|
|||||||
| 10,199,390 | ||||||||
|
|
|
|||||||
| Massachusetts – 1.9% |
||||||||
| City of Quincy MA (City of Quincy MA) |
2,000 | 2,019,878 | ||||||
| Commonwealth of Massachusetts (Commonwealth of Massachusetts) |
10,000 | 10,588,098 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) |
1,000 | 1,087,568 | ||||||
|
|
|
|||||||
| 13,695,544 | ||||||||
|
|
|
|||||||
| Michigan – 1.2% |
||||||||
| City of Detroit MI (City of Detroit MI) |
245 | 190,474 | ||||||
| Series 2018 |
75 | 76,891 | ||||||
| Series 2021-A |
2,000 | 2,041,488 | ||||||
| Series 2021-B |
200 | 171,998 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) |
$ | 1,000 | $ | 988,034 | ||||
| Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue) |
1,000 | 1,009,318 | ||||||
| Michigan Finance Authority (Corewell Health Obligated Group) |
1,000 | 1,007,445 | ||||||
| Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) |
1,000 | 922,100 | ||||||
| Series 2020-B |
1,000 | 112,132 | ||||||
| Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) |
1,610 | 1,592,064 | ||||||
| Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp/MI) |
7,750 | 260,059 | ||||||
|
|
|
|||||||
| 8,372,003 | ||||||||
|
|
|
|||||||
| Minnesota – 1.4% |
||||||||
| City of Bloomington MN (City of Bloomington MN) |
1,000 | 990,801 | ||||||
| City of Brooklyn Park MN (Brooklyn Park AH I LLLP) |
1,000 | 1,028,926 | ||||||
| City of Brooklyn Park MN (Brooklyn Park AH II LLLP) |
1,000 | 996,906 | ||||||
| City of Center City MN (Hazelden Betty Ford Foundation) |
1,000 | 1,062,221 | ||||||
| 5.00%, 11/01/2047 |
1,000 | 1,049,978 | ||||||
| City of Columbus MN (Adalyn Avenue LLLP) |
1,000 | 1,014,272 | ||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of St. Cloud MN (CentraCare Health System Obligated Group) |
$ | 1,000 | $ | 1,081,637 | ||||
| Dakota County Community Development Agency (Rosemont AH I LLLP) |
215 | 214,704 | ||||||
| 5.66%, 07/01/2041(b) |
585 | 576,370 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) |
100 | 64,485 | ||||||
| 4.00%, 06/01/2056(f) |
100 | 62,013 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) |
1,000 | 1,050,378 | ||||||
| Minnesota Municipal Gas Agency (Royal Bank of Canada) |
1,000 | 1,012,567 | ||||||
|
|
|
|||||||
| 10,205,258 | ||||||||
|
|
|
|||||||
| Mississippi – 0.4% |
||||||||
| City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) |
1,000 | 1,090,894 | ||||||
| Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi) |
500 | 368,110 | ||||||
| Mississippi Development Bank (Magnolia Regional Health Center) |
1,800 | 1,606,054 | ||||||
|
|
|
|||||||
| 3,065,058 | ||||||||
|
|
|
|||||||
| Missouri – 0.1% |
||||||||
| Kansas City Industrial Development Authority (Platte Purchase Project) |
160 | 147,137 | ||||||
| Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) |
300 | 274,061 | ||||||
| Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) |
100 | 100,045 | ||||||
|
|
|
|||||||
| 521,243 | ||||||||
|
|
|
|||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nebraska – 0.1% |
||||||||
| Central Plains Energy Project (Bank of Montreal) |
$ | 1,000 | $ | 1,047,136 | ||||
|
|
|
|||||||
| Nevada – 0.8% |
||||||||
| City of Reno NV (County of Washoe NV Sales Tax Revenue) |
2,000 | 292,687 | ||||||
| City of Sparks NV (City of Sparks NV Sales Tax) |
270 | 263,735 | ||||||
| Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) |
1,300 | 1,398,765 | ||||||
| 5.25%, 07/01/2054 |
2,000 | 2,082,029 | ||||||
| State of Nevada Department of Business & Industry (Desertxpress Enterprises) |
1,500 | 1,545,742 | ||||||
|
|
|
|||||||
| 5,582,958 | ||||||||
|
|
|
|||||||
| New Hampshire – 1.5% |
||||||||
| National Finance Authority (NFA 2024-3) |
1,994 | 1,890,299 | ||||||
| New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) |
1,000 | 999,956 | ||||||
| New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) |
2,000 | 1,956,319 | ||||||
| New Hampshire Business Finance Authority (NFA 2020-1) |
198 | 197,659 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-1) |
1,933 | 1,927,006 | ||||||
| Series 2022-1, Class X |
966 | 19,472 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-2) |
969 | 938,579 | ||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (NFA 2024-1) |
$ | 654 | $ | 638,874 | ||||
| Series 2024-1, Class X |
844 | 31,528 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-2) |
1,992 | 1,868,506 | ||||||
| Series 2024-2, Class X |
1,992 | 80,141 | ||||||
|
|
|
|||||||
| 10,548,339 | ||||||||
|
|
|
|||||||
| New Jersey – 3.9% |
||||||||
| New Jersey Economic Development Authority (New Jersey-American Water) |
1,000 | 999,032 | ||||||
| New Jersey Economic Development Authority (State of New Jersey Lease) |
1,000 | 1,013,037 | ||||||
| New Jersey Economic Development Authority (State of New Jersey) |
1,000 | 1,143,628 | ||||||
| New Jersey Economic Development Authority (United Airlines, Inc.) |
180 | 180,198 | ||||||
| New Jersey Educational Facilities Authority (Stevens Institute of Technology Intl) |
100 | 103,026 | ||||||
| New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) |
280 | 288,301 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
550 | 562,833 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) |
2,000 | 1,450,664 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
1,250 | 1,377,105 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey) |
3,530 | 3,453,948 | ||||||
| 5.00%, 06/15/2037 |
3,750 | 4,246,736 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Jersey Turnpike Authority (New Jersey Turnpike Authority) |
$ | 540 | $ | 569,530 | ||||
| Series 2024-A |
1,500 | 1,598,607 | ||||||
| 5.00%, 01/01/2027 |
1,000 | 1,041,478 | ||||||
| 5.00%, 01/01/2032 |
1,395 | 1,565,785 | ||||||
| 5.00%, 01/01/2033 |
1,000 | 1,134,011 | ||||||
| Series 2024-C |
1,000 | 1,089,943 | ||||||
| 5.00%, 01/01/2044 |
1,000 | 1,085,213 | ||||||
| State of New Jersey (State of New Jersey) |
2,000 | 2,014,823 | ||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
3,045 | 3,054,011 | ||||||
|
|
|
|||||||
| 27,971,909 | ||||||||
|
|
|
|||||||
| New Mexico – 0.3% |
||||||||
| New Mexico Finance Authority (Enchantment Water LLC) |
1,000 | 1,007,482 | ||||||
| New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) |
1,000 | 935,000 | ||||||
|
|
|
|||||||
| 1,942,482 | ||||||||
|
|
|
|||||||
| New York – 6.0% |
||||||||
| Build NYC Resource Corp. (Kipp NYC Public Charter Schools) |
1,000 | 1,021,804 | ||||||
| City of New York NY (City of New York NY) |
1,000 | 972,864 | ||||||
| Hempstead Town Local Development Corp. (Evergreen Charter School) |
2,000 | 2,052,188 | ||||||
| Long Island Power Authority (Long Island Power Authority) |
1,000 | 1,058,034 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
1,000 | 1,065,647 | ||||||
| Series 2020-C |
1,000 | 1,023,035 | ||||||
| 5.25%, 11/15/2055 |
1,000 | 1,040,465 | ||||||
| Series 2020-E |
1,155 | 1,177,579 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) |
$ | 1,000 | $ | 1,024,541 | ||||
| Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) |
550 | 519,776 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) |
865 | 914,266 | ||||||
| New York Counties Tobacco Trust V (New York Counties Tobacco Trust V) |
350 | 55,045 | ||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
1,215 | 1,215,841 | ||||||
| 5.375%, 11/15/2040(b) |
115 | 115,108 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
2,000 | 2,116,453 | ||||||
| New York State Dormitory Authority (Cornell University) |
2,000 | 2,226,098 | ||||||
| New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) |
1,000 | 982,334 | ||||||
| New York State Dormitory Authority (Northwell Health Obligated Group) |
2,190 | 2,287,635 | ||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
1,000 | 1,062,492 | ||||||
| AGC Series 2024 |
1,000 | 623,401 | ||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
1,000 | 1,024,643 | ||||||
| 5.125%, 06/30/2060 |
2,000 | 2,049,857 | ||||||
| AGM Series 2024 |
4,800 | 4,948,796 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
$ | 150 | $ | 150,000 | ||||
| Suffolk Regional Off-Track Betting Co. (Suffolk Regional Off-Track Betting) |
1,000 | 1,034,229 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
500 | 374,923 | ||||||
| Series 2022-2 |
10,000 | 9,996,904 | ||||||
| TSASC, Inc./NY (TSASC, Inc./NY) |
300 | 280,662 | ||||||
| 5.00%, 06/01/2048 |
180 | 167,996 | ||||||
| Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
120 | 107,726 | ||||||
| Western Regional Off-Track Betting Corp. (Western Regional Off-Track Betting) |
100 | 90,813 | ||||||
|
|
|
|||||||
| 42,781,155 | ||||||||
|
|
|
|||||||
| North Carolina – 1.3% |
||||||||
| City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) |
1,060 | 1,068,558 | ||||||
| Series 2023 |
2,800 | 2,897,298 | ||||||
| Fayetteville State University (Fayetteville State University) |
1,045 | 1,124,996 | ||||||
| Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) |
2,500 | 2,626,662 | ||||||
| North Carolina Turnpike Authority (North Carolina Turnpike Authority) |
500 | 513,419 | ||||||
| AGM Series 2024 |
1,000 | 255,513 | ||||||
| State of North Carolina (State of North Carolina Fed Hwy Grant) |
1,000 | 1,001,634 | ||||||
|
|
|
|||||||
| 9,488,080 | ||||||||
|
|
|
|||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| North Dakota – 0.3% |
||||||||
| City of Grand Forks ND (Altru Health System Obligated Group) |
$ | 1,000 | $ | 1,028,394 | ||||
| 5.00%, 12/01/2053 |
1,250 | 1,274,735 | ||||||
| County of Grand Forks ND (Red River Biorefinery LLC) |
100 | 0 | ||||||
|
|
|
|||||||
| 2,303,129 | ||||||||
|
|
|
|||||||
| Ohio – 3.1% |
||||||||
| Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) |
2,000 | 211,654 | ||||||
| 5.00%, 06/01/2055 |
1,750 | 1,574,010 | ||||||
| City of Chillicothe OH (Adena Health System Obligated Group) |
175 | 176,399 | ||||||
| Cleveland-Cuyahoga County Port Authority (Cleveland-Cuyahoga County Port Authority Flats East Bank TIF District) |
470 | 384,005 | ||||||
| Columbus Regional Airport Authority (Columbus Regional Airport Authority) |
1,050 | 1,116,400 | ||||||
| County of Cuyahoga OH (MetroHealth System/The) |
205 | 206,858 | ||||||
| County of Cuyahoga OH (Prerefunded - US Treasuries) |
365 | 365,085 | ||||||
| County of Hamilton OH (Christ Hospital Obligated Group) |
1,000 | 1,037,819 | ||||||
| County of Marion OH (United Church Homes Obligated Group) |
100 | 82,037 | ||||||
| County of Montgomery OH (Trousdale Foundation Obligated Group) |
80 | 5,623 | ||||||
| County of Washington OH (Marietta Area Health Care Obligated Group) |
1,000 | 1,095,568 | ||||||
| 6.75%, 12/01/2052 |
250 | 273,208 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) |
$ | 1,000 | $ | 761,836 | ||||
| Ohio Housing Finance Agency (Ohio Housing Finance Agency) |
1,000 | 1,235,683 | ||||||
| Ohio Water Development Authority (Ohio Water Development Authority State Lease) |
1,000 | 1,007,643 | ||||||
| Port of Greater Cincinnati Development Authority (IDEA Greater Cincinnati) |
100 | 98,687 | ||||||
| Reynoldsburg City School District (Reynoldsburg City School District) |
905 | 935,433 | ||||||
| State of Ohio (State of Ohio) |
2,000 | 2,011,372 | ||||||
| University of Toledo (University of Toledo) |
9,765 | 9,546,426 | ||||||
|
|
|
|||||||
| 22,125,746 | ||||||||
|
|
|
|||||||
| Oklahoma – 1.0% |
||||||||
| Oklahoma Development Finance Authority (OU Medicine Obligated Group) |
1,000 | 1,019,677 | ||||||
| Series 2022-A |
1,000 | 1,015,548 | ||||||
| Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) |
||||||||
| Series 2025-A |
1,430 | 1,581,395 | ||||||
| Series 2025-B |
1,150 | 1,275,201 | ||||||
| AGC Series 2025-A |
2,000 | 1,960,215 | ||||||
|
|
|
|||||||
| 6,852,036 | ||||||||
|
|
|
|||||||
| Oregon – 0.1% |
||||||||
| Clackamas County Hospital Facility Authority (Rose Villa Obligated Group) |
1,000 | 999,763 | ||||||
|
|
|
|||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other – 0.6% |
||||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML22) |
$ | 996 | $ | 990,471 | ||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML23) |
999 | 996,819 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) |
2,000 | 2,056,689 | ||||||
|
|
|
|||||||
| 4,043,979 | ||||||||
|
|
|
|||||||
| Pennsylvania – 5.7% |
||||||||
| Allegheny County Hospital Development Authority (UPMC Obligated Group) |
2,000 | 1,983,511 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) |
480 | 481,648 | ||||||
| Berks County Municipal Authority (The) (Tower Health Obligated Group) |
497 | 336,349 | ||||||
| 5.00%, 06/30/2039 |
700 | 696,578 | ||||||
| 7.00%, 06/30/2039 |
280 | 253,290 | ||||||
| 8.00%, 06/30/2034 |
110 | 111,958 | ||||||
| Series 2024-A |
100 | 108,639 | ||||||
| Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) |
1,000 | 849,837 | ||||||
| 5.00%, 07/01/2054 |
250 | 251,204 | ||||||
| Chester County Industrial Development Authority (Collegium Charter School) |
250 | 258,251 | ||||||
| Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) |
1,000 | 912,195 | ||||||
| Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) |
2,000 | 2,052,443 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| Moon Industrial Development Authority (Baptist Homes Society Obligated Group) |
$ | 1,000 | $ | 677,811 | ||||
| Moon Industrial Development Authority (Baptist Homes Society) |
100 | 79,709 | ||||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) |
1,000 | 1,030,931 | ||||||
| AGM Series 2022 |
1,000 | 1,078,962 | ||||||
| Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) |
760 | 757,194 | ||||||
| Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) |
100 | 101,090 | ||||||
| Pennsylvania Economic Development Financing Authority (Reworld Holding Corp.) |
510 | 418,002 | ||||||
| Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) |
3,000 | 2,979,864 | ||||||
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) |
1,000 | 941,016 | ||||||
| Pennsylvania Turnpike Commission (Pennsylvania Turnpike Commission) |
1,000 | 1,006,851 | ||||||
| Series 2024 |
1,000 | 1,118,942 | ||||||
| Pennsylvania Turnpike Commission Registration Fee Revenue (Pennsylvania Turnpike Commission Registration Fee Revenue) |
10,000 | 9,983,819 | ||||||
| Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) |
1,000 | 1,006,274 | ||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) |
$ | 10,000 | $ | 9,756,760 | ||||
| School District of Philadelphia (The) (School District of Philadelphia/The) |
1,350 | 1,396,025 | ||||||
|
|
|
|||||||
| 40,629,153 | ||||||||
|
|
|
|||||||
| Puerto Rico – 2.6% |
||||||||
| Children’s Trust Fund (Children’s Trust Fund) |
5,000 | 297,912 | ||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
8,368 | 2,642,225 | ||||||
| 5.069%, 11/01/2051 |
2,429 | 1,547,528 | ||||||
| Series 2022-C |
7,479 | 4,689,529 | ||||||
| GDB Debt Recovery Authority of Puerto Rico (GDB Debt Recovery Authority of Puerto Rico) |
82 | 79,881 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
500 | 520,104 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
85 | 46,750 | ||||||
| 5.00%, 07/01/2037(d) (e) |
600 | 330,000 | ||||||
| Series 2008-W |
245 | 134,750 | ||||||
| Series 2008WW |
125 | 68,750 | ||||||
| Series 2010-A |
100 | 55,000 | ||||||
| 5.25%, 07/01/2030(d) (e) |
15 | 8,250 | ||||||
| Series 2010-C |
25 | 13,750 | ||||||
| 5.25%, 07/01/2027(d) (e) |
150 | 82,500 | ||||||
| 5.25%, 07/01/2028(d) (e) |
305 | 167,750 | ||||||
| Series 2010-X |
820 | 451,000 | ||||||
| 5.75%, 07/01/2036(d) (e) |
625 | 343,750 | ||||||
| Series 2010DDD |
15 | 8,250 | ||||||
| Series 2010ZZ |
150 | 82,500 | ||||||
| 5.25%, 07/01/2024(d) (k) |
40 | 22,000 | ||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2012-A |
$ | 50 | $ | 27,500 | ||||
| 5.00%, 07/01/2042(d) (e) |
100 | 55,000 | ||||||
| 5.05%, 07/01/2042(d) (e) |
110 | 60,500 | ||||||
| Series 2013-A |
100 | 55,000 | ||||||
| 7.00%, 07/01/2040(d) (e) |
100 | 55,000 | ||||||
| AGM Series 2007-V |
1,000 | 1,002,106 | ||||||
| 5.25%, 07/01/2031 |
375 | 376,147 | ||||||
| Puerto Rico Housing Finance Authority (El Mirador LLC) |
2,000 | 2,037,322 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
32 | 31,310 | ||||||
| 6.625%, 01/01/2028 |
242 | 238,011 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,000 | 1,183,159 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
17 | 15,625 | ||||||
| 0.00%, 07/01/2046 |
2,111 | 690,013 | ||||||
| Series 2019-A |
867 | 866,736 | ||||||
|
|
|
|||||||
| 18,285,608 | ||||||||
|
|
|
|||||||
| South Carolina – 1.6% |
||||||||
| Charleston County Airport District (Charleston County Airport District) |
1,600 | 1,717,575 | ||||||
| Columbia Housing Authority/SC (Garden Lakes Apartments) |
100 | 98,482 | ||||||
| 5.41%, 11/01/2039 |
310 | 301,055 | ||||||
| 6.28%, 11/01/2039 |
100 | 97,266 | ||||||
| Greenville Housing Authority/SC (Victor Verdae Apartments) |
1,000 | 941,412 | ||||||
| Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group) |
1,000 | 1,068,171 | ||||||
35
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) |
$ | 565 | $ | 588,547 | ||||
| Series 2023-B |
210 | 212,130 | ||||||
| South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) |
100 | 15,000 | ||||||
| 6.50%, 06/01/2051(d) (e) (f) |
300 | 45,000 | ||||||
| South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) |
1,000 | 984,080 | ||||||
| 5.25%, 11/01/2044 |
2,000 | 2,179,486 | ||||||
| South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments) |
410 | 303,035 | ||||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
265 | 268,911 | ||||||
| Series 2024-A 5.00%, 12/01/2038 |
1,100 | 1,212,527 | ||||||
| Series 2024-B 5.00%, 12/01/2041 |
1,100 | 1,191,376 | ||||||
|
|
|
|||||||
| 11,224,053 | ||||||||
|
|
|
|||||||
| South Dakota – 0.0% |
||||||||
| South Dakota Housing Development Authority (Schuett Spearfish LP) |
150 | 154,511 | ||||||
|
|
|
|||||||
| Tennessee – 1.0% |
||||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
370 | 357,075 | ||||||
| 5.125%, 12/01/2042(b) |
1,000 | 954,378 | ||||||
| Series 2016-B |
150 | 103,845 | ||||||
| Knox County Industrial Development Board (Tompaul Knoxville LLC) |
200 | 203,839 | ||||||
| 9.50%, 11/01/2052(b) |
400 | 407,624 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) |
215 | 219,259 | ||||||
| Series 2024 |
1,000 | 1,123,305 | ||||||
36
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Trousdale Foundation Obligated Group) |
$ | 108 | $ | 7,592 | ||||
| Metropolitan Government Nashville & Davidson County Sports Authority (Metropolitan Govt of Nashville & Davidson County TN) |
1,000 | 1,069,270 | ||||||
| Metropolitan Government of Nashville & Davidson County Industrial Development Board (Nashville & Davidson County TN South Nashville Central Business Improvement Dist) |
1,000 | 412,533 | ||||||
| Tennergy Corp./TN (Nomura Holdings, Inc.) |
1,000 | 1,062,775 | ||||||
| Tennessee Energy Acquisition Corp. (Goldman Sachs Group) |
1,000 | 1,034,347 | ||||||
| Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) |
200 | 157,371 | ||||||
|
|
|
|||||||
| 7,113,213 | ||||||||
|
|
|
|||||||
| Texas – 5.9% |
||||||||
| Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) |
250 | 196,664 | ||||||
| Series 2021-B |
500 | 421,571 | ||||||
| Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) |
500 | 500,027 | ||||||
| Arlington Higher Education Finance Corp. (Magellan School/The) |
200 | 206,089 | ||||||
| 6.375%, 06/01/2062(b) |
250 | 257,952 | ||||||
| Austin Convention Enterprises, Inc. (Austin Convention Enterprises) |
500 | 499,264 | ||||||
37
| Principal Amount (000) |
U.S. $ Value | |||||||
| Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax) |
$ | 400 | $ | 311,430 | ||||
| Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) |
1,000 | 1,011,935 | ||||||
| Brazoria County Industrial Development Corp. (Aleon Renewable Metals) |
500 | 425,000 | ||||||
| Central Texas Turnpike System (Central Texas Turnpike System) |
1,300 | 1,451,633 | ||||||
| City of Abilene TX (Prerefunded - US Treasuries) |
1,245 | 1,245,893 | ||||||
| City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments) |
4,760 | 315,666 | ||||||
| 6.00%, 12/01/2062 |
555 | 532,583 | ||||||
| City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments) |
270 | 254,653 | ||||||
| 6.25%, 12/01/2054(b) |
100 | 89,510 | ||||||
| City of Fort Worth TX (City of Fort Worth TX) |
2,000 | 2,003,308 | ||||||
| City of Houston TX (City of Houston TX Hotel Occupancy Tax) |
160 | 160,223 | ||||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
2,345 | 2,518,123 | ||||||
| Conroe Local Government Corp. (Conroe Local Govt Conroe Convention Center Hotel) |
1,000 | 910,450 | ||||||
| County of Harris TX Toll Road Revenue (County of Harris TX Toll Road Revenue) |
1,000 | 921,290 | ||||||
38
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Travis TX (County of Travis TX) |
$ | 1,250 | $ | 1,330,861 | ||||
| Crowley Independent School District (Prerefunded - US Govt Agencies) |
2,145 | 2,157,749 | ||||||
| Cypress-Fairbanks Independent School District (Cypress-Fairbanks Independent School District) |
3,280 | 3,282,321 | ||||||
| Dallas County Flood Control District No. 1 (Dallas County Flood Control District No. 1) |
100 | 99,638 | ||||||
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) |
1,000 | 1,000,102 | ||||||
| Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) |
1,000 | 251,196 | ||||||
| Series 2022-B |
1,400 | 539,719 | ||||||
| Love Field Airport Modernization Corp. (Dallas Love Field) |
500 | 503,853 | ||||||
| Lower Colorado River Authority (LCRA Transmission Services) |
1,000 | 1,005,984 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
450 | 449,401 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) |
835 | 836,623 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park Obligated Group) |
300 | 223,114 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) |
100 | 79,707 | ||||||
| Series 2022 |
100 | 71,407 | ||||||
| 5.00%, 01/01/2057 |
200 | 158,137 | ||||||
39
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) |
$ | 1,000 | $ | 1,009,873 | ||||
| Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
1,000 | 1,020,657 | ||||||
| Port of Beaumont Navigation District (Jefferson Railport Terminal II) |
300 | 270,521 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) |
329 | 297,302 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Tarrant County Cultural Education Facilities Finance) |
552 | 0 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) |
2,410 | 2,422,094 | ||||||
| Series 2012-C |
2,395 | 2,398,604 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) |
1,000 | 1,049,072 | ||||||
| 5.00%, 12/15/2031 |
1,000 | 1,058,914 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) |
600 | 637,206 | ||||||
| Series 2023-B |
3,000 | 3,288,691 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) |
2,000 | 2,124,027 | ||||||
|
|
|
|||||||
| 41,800,037 | ||||||||
|
|
|
|||||||
40
| Principal Amount (000) |
U.S. $ Value | |||||||
| Utah – 0.8% |
||||||||
| City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) |
$ | 2,000 | $ | 2,025,672 | ||||
| Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) |
1,000 | 952,799 | ||||||
| Military Installation Development Authority (Military Installation Development Auth Military Recreation Fac Project Area) |
500 | 424,547 | ||||||
| Utah Housing Corp. (Utah Housing Corp.) |
440 | 379,907 | ||||||
| Utah Infrastructure Agency (Utah Infrastructure Agency) |
1,000 | 1,008,512 | ||||||
| Series 2024 |
465 | 479,392 | ||||||
| Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) |
200 | 201,515 | ||||||
|
|
|
|||||||
| 5,472,344 | ||||||||
|
|
|
|||||||
| Vermont – 0.1% |
| |||||||
| Vermont Economic Development Authority (Casella Waste Systems) |
500 | 509,654 | ||||||
|
|
|
|||||||
| Virginia – 1.6% |
| |||||||
| Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) |
615 | 587,168 | ||||||
| Federal Home Loan Mortgage Corp. VA FEDMFH (FMMV M052) |
375 | 323,614 | ||||||
| US Bank Trust Co. NA (Park Landing LP) |
420 | 373,380 | ||||||
| Virginia College Building Authority (Commonwealth of Virginia State Lease) |
1,500 | 1,500,000 | ||||||
| Virginia College Building Authority (Marymount University) |
1,000 | 809,451 | ||||||
41
| Principal Amount (000) |
U.S. $ Value | |||||||
| Virginia College Building Authority (Washington & Lee University) |
$ | 2,000 | $ | 1,563,448 | ||||
| Virginia Port Authority (Prerefunded - US Treasuries) |
1,000 | 1,007,120 | ||||||
| Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo) |
2,000 | 2,003,715 | ||||||
| Virginia Small Business Financing Authority (P3 VB Holdings LLC) |
430 | 427,030 | ||||||
| Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) |
2,000 | 2,002,408 | ||||||
| Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake) |
615 | 540,598 | ||||||
| 8.706% (SOFR + 5.50%), 06/01/2029(c) (d) (e) (f) |
530 | 451,417 | ||||||
|
|
|
|||||||
| 11,589,349 | ||||||||
|
|
|
|||||||
| Washington – 1.3% |
| |||||||
| Energy Northwest (Bonneville Power Administration) |
1,000 | 1,008,992 | ||||||
| Grays Harbor County Public Hospital District No. 1 (Grays Harbor County Public Hospital District No. 1) |
100 | 110,148 | ||||||
| King County School District No. 411 Issaquah (King County School District No. 411 Issaquah) |
1,000 | 1,006,506 | ||||||
| Pend Oreille County Public Utility District No. 1 Box Canyon (Pend Oreille County Public Utility District No. 1 Box Canyon) |
280 | 284,494 | ||||||
| Port of Seattle WA (Port of Seattle WA) |
510 | 510,385 | ||||||
| State of Washington (State of Washington) |
1,000 | 1,008,993 | ||||||
42
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2022-R |
$ | 1,000 | $ | 1,008,993 | ||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
1,000 | 902,450 | ||||||
| Series 2019-A |
1,000 | 903,179 | ||||||
| Washington State Housing Finance Commission (WSHFC 2021-1) |
269 | 251,446 | ||||||
| Series 2021-1, Class X |
945 | 38,345 | ||||||
| Washington State Housing Finance Commission (WSHFC 2024-1) |
1,996 | 1,933,129 | ||||||
|
|
|
|||||||
| 8,967,060 | ||||||||
|
|
|
|||||||
| West Virginia – 0.3% |
| |||||||
| City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) |
250 | 205,921 | ||||||
| County of Monongalia WV (Monongalia County Building Commission Development District No. 4) |
880 | 937,579 | ||||||
| Monongalia County Commission Excise Tax District (Monongalia County Commission Excise Tax District) |
530 | 116,709 | ||||||
| 7.00%, 06/01/2043(b) |
100 | 106,249 | ||||||
| West Virginia Economic Development Authority (Wyoming County Coal LLC) |
1,000 | 1,028,225 | ||||||
|
|
|
|||||||
| 2,394,683 | ||||||||
|
|
|
|||||||
| Wisconsin – 4.0% |
| |||||||
| KDC Agribusiness LLC (KDC Agribusiness LLC) |
284 | 0 | ||||||
| St. Croix Chippewa Indians of Wisconsin (St. Croix Chippewa Indians of Wisconsin) |
200 | 180,956 | ||||||
43
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of Wisconsin (State of Wisconsin) |
$ | 1,000 | $ | 1,150,935 | ||||
| Series 2025-2 |
1,000 | 1,026,925 | ||||||
| Wisconsin Center District (Wisconsin Center District Ded Tax) |
200 | 200,291 | ||||||
| Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) |
1,000 | 1,012,842 | ||||||
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Health System Obligated Group) |
2,500 | 2,639,729 | ||||||
| Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) |
100 | 85,748 | ||||||
| 4.00%, 01/01/2057 |
1,000 | 805,323 | ||||||
| Wisconsin Health & Educational Facilities Authority (St. John’s Communities Obligated Group) |
775 | 747,119 | ||||||
| 4.00%, 09/15/2041 |
765 | 704,016 | ||||||
| 4.00%, 09/15/2045 |
650 | 574,127 | ||||||
| Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner) |
100 | 88,779 | ||||||
| Series 2022-A |
460 | 405,974 | ||||||
| Wisconsin Public Finance Authority (21st Century Public Academy) |
350 | 326,454 | ||||||
| Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) |
1,000 | 437,630 | ||||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
1,000 | 891,000 | ||||||
| Wisconsin Public Finance Authority (Celanese US Holdings LLC) |
100 | 100,074 | ||||||
44
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (CFC-SA LLC) |
$ | 1,000 | $ | 1,044,584 | ||||
| Wisconsin Public Finance Authority (Crossroads Health Project) |
1,000 | 1,032,232 | ||||||
| Wisconsin Public Finance Authority (FAH Tree House LLC) |
500 | 490,468 | ||||||
| 6.625%, 02/01/2046(b) |
375 | 339,841 | ||||||
| Wisconsin Public Finance Authority (Gannon University) |
1,315 | 1,306,662 | ||||||
| Wisconsin Public Finance Authority (Lackland Project) |
849 | 558,588 | ||||||
| Wisconsin Public Finance Authority (Lehigh Valley Health Network) |
265 | 272,078 | ||||||
| 7.50%, 12/01/2052(b) |
160 | 165,690 | ||||||
| Wisconsin Public Finance Authority (McLemore Resort Manager) |
295 | 231,745 | ||||||
| Wisconsin Public Finance Authority (Montgomery County Municipal Utility District Nos 123 & 153) |
1,000 | 555,630 | ||||||
| Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) |
148 | 106,967 | ||||||
| Wisconsin Public Finance Authority (Prerefunded - US Treasuries) |
25 | 27,225 | ||||||
| Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) |
1,000 | 1,061,789 | ||||||
| Wisconsin Public Finance Authority (QCF Behavioral Hospitals I Obligated Group) |
1,000 | 1,125,248 | ||||||
| Wisconsin Public Finance Authority (Queens University of Charlotte) |
1,000 | 1,015,609 | ||||||
45
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (RBS Evolution LLC) |
$ | 1,000 | $ | 1,146,683 | ||||
| Wisconsin Public Finance Authority (Roseman University of Health Sciences) |
475 | 475,747 | ||||||
| Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) |
500 | 398,191 | ||||||
| Series 2022 |
100 | 83,222 | ||||||
| Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) |
1,000 | 1,027,617 | ||||||
| Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) |
1,300 | 1,185,727 | ||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
100 | 100,453 | ||||||
| 5.00%, 10/01/2027(b) |
130 | 132,192 | ||||||
| 5.00%, 10/01/2029(b) |
100 | 102,585 | ||||||
| Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) |
1,000 | 834,505 | ||||||
| Wisconsin Public Finance Authority (Waterstone Projects) |
1,000 | 1,001,992 | ||||||
| Wisconsin Public Finance Authority (Wisconsin Public Finance Authority) |
1,000 | 1,006,525 | ||||||
|
|
|
|||||||
| 28,207,717 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
713,311,649 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 5.4% |
| |||||||
| California – 0.4% |
| |||||||
| City of Los Angeles CA (City of Los Angeles CA) |
2,000 | 2,012,355 | ||||||
46
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) |
$ | 1,000 | $ | 1,000,000 | ||||
|
|
|
|||||||
| 3,012,355 | ||||||||
|
|
|
|||||||
| Colorado – 0.8% |
| |||||||
| Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J (Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J) |
1,500 | 1,529,828 | ||||||
| Colorado State Education Loan Program (Colorado State Education Loan Program) |
4,000 | 4,035,309 | ||||||
|
|
|
|||||||
| 5,565,137 | ||||||||
|
|
|
|||||||
| Florida – 0.1% |
| |||||||
| Florida Gulf Coast University Financing Corp. (Florida Gulf Coast University Financing) |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| Kentucky – 0.2% |
| |||||||
| Kentucky Economic Development Finance Authority (St. Elizabeth Community Health Support) |
1,030 | 1,030,000 | ||||||
|
|
|
|||||||
| Michigan – 0.2% |
| |||||||
| Michigan Finance Authority (Michigan Finance Authority) |
1,250 | 1,262,863 | ||||||
|
|
|
|||||||
| Nebraska – 0.4% |
| |||||||
| Omaha Public Power District (Omaha Public Power District) |
2,890 | 2,890,000 | ||||||
|
|
|
|||||||
| New Jersey – 0.2% |
| |||||||
| New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group) |
500 | 500,000 | ||||||
| Series 2009-C, Class F |
700 | 700,000 | ||||||
|
|
|
|||||||
| 1,200,000 | ||||||||
|
|
|
|||||||
47
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York – 0.2% |
| |||||||
| City of New York NY (City of New York NY) |
$ | 1,090 | $ | 1,102,152 | ||||
| New York City Health & Hospitals Corp. (New York City Health & Hospitals) |
235 | 235,000 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
250 | 250,000 | ||||||
|
|
|
|||||||
| 1,587,152 | ||||||||
|
|
|
|||||||
| Oregon – 1.1% |
| |||||||
| Oregon State Facilities Authority (PeaceHealth Obligated Group) |
4,750 | 4,750,000 | ||||||
| Oregon State Lottery (Oregon State Lottery) |
1,815 | 1,821,444 | ||||||
| Series 2024-D |
1,400 | 1,404,970 | ||||||
|
|
|
|||||||
| 7,976,414 | ||||||||
|
|
|
|||||||
| Other – 0.6% |
| |||||||
| Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) |
2,000 | 2,000,000 | ||||||
| Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) |
2,500 | 2,500,000 | ||||||
|
|
|
|||||||
| 4,500,000 | ||||||||
|
|
|
|||||||
| Pennsylvania – 0.1% |
| |||||||
| Delaware Valley Regional Finance Authority (Delaware Valley Regional Finance Authority) |
400 | 400,000 | ||||||
|
|
|
|||||||
| Rhode Island – 0.1% |
| |||||||
| Rhode Island Health & Educational Building Corp. (Bryant University) |
300 | 300,000 | ||||||
|
|
|
|||||||
48
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Carolina – 0.1% |
| |||||||
| Orangeburg County School District (Orangeburg County School District) |
$ | 1,000 | $ | 1,010,346 | ||||
|
|
|
|||||||
| Texas – 0.2% |
| |||||||
| McKinney Independent School District (McKinney Independent School District) |
1,170 | 1,170,900 | ||||||
|
|
|
|||||||
| Vermont – 0.3% |
| |||||||
| Vermont Educational & Health Buildings Financing Agency (Landmark College, Inc.) |
2,375 | 2,375,000 | ||||||
|
|
|
|||||||
| Washington – 0.4% |
| |||||||
| State of Washington (State of Washington) |
1,000 | 1,000,000 | ||||||
| Series 2024-R |
2,000 | 2,017,985 | ||||||
|
|
|
|||||||
| 3,017,985 | ||||||||
|
|
|
|||||||
| Wisconsin – 0.0% |
| |||||||
| Wisconsin Public Finance Authority (KDC Agribusiness LLC) |
600 | 0 | ||||||
| Series 2023 |
175 | 2 | ||||||
|
|
|
|||||||
| 2 | ||||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
38,298,154 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
751,609,803 | ||||||
|
|
|
|||||||
| CORPORATES - INVESTMENT GRADE – 0.8% |
| |||||||
| Industrial – 0.6% |
| |||||||
| Consumer Cyclical - Entertainment – 0.2% |
| |||||||
| Carnival Corp. |
400 | 381,420 | ||||||
| YMCA of Greater New York |
1,000 | 957,190 | ||||||
|
|
|
|||||||
| 1,338,610 | ||||||||
|
|
|
|||||||
| Other Industrial – 0.4% |
| |||||||
| Trustees of Columbia University in the City of New York (The) |
3,000 | 2,839,170 | ||||||
|
|
|
|||||||
| 4,177,780 | ||||||||
|
|
|
|||||||
49
| Principal Amount (000) |
U.S. $ Value | |||||||
| Financial Institutions – 0.2% |
| |||||||
| Banking – 0.2% |
| |||||||
| Bank of New York Mellon Corp. (The) |
$ | 100 | $ | 97,656 | ||||
| Citigroup, Inc. |
1,000 | 1,037,530 | ||||||
| Fifth Third Bancorp |
100 | 98,693 | ||||||
| Huntington Bancshares, Inc./OH |
100 | 98,242 | ||||||
| Truist Financial Corp. |
100 | 96,569 | ||||||
| Wells Fargo & Co. |
100 | 98,223 | ||||||
|
|
|
|||||||
| 1,526,913 | ||||||||
|
|
|
|||||||
| Total Corporates - Investment Grade |
|
5,704,693 | ||||||
|
|
|
|||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4% |
| |||||||
| Agency CMBS – 0.3% |
| |||||||
| California Housing Finance Agency |
950 | 44,585 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
1,156 | 75,435 | ||||||
| Series 2024-ML21, Class AUS |
1,287 | 1,291,328 | ||||||
| Series 2024-ML24, Class AUS |
996 | 958,322 | ||||||
|
|
|
|||||||
| 2,369,670 | ||||||||
|
|
|
|||||||
| Non-Agency Fixed Rate CMBS – 0.1% |
| |||||||
| New Hampshire Business Finance Authority |
969 | 42,477 | ||||||
| Washington State Housing Finance Commission |
1,979 | 199,308 | ||||||
|
|
|
|||||||
| 241,785 | ||||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities |
|
2,611,455 | ||||||
|
|
|
|||||||
50
| Principal Amount (000) |
U.S. $ Value | |||||||
| CORPORATES - NON-INVESTMENT GRADE – 0.2% |
| |||||||
| Financial Institutions – 0.0% |
| |||||||
| Banking – 0.0% |
| |||||||
| Comerica, Inc. |
$ | 100 | $ | 99,646 | ||||
|
|
|
|||||||
| 99,646 | ||||||||
|
|
|
|||||||
| REITs – 0.0% |
| |||||||
| Bridgewater Castle Rock ALF LLC |
60 | 61,144 | ||||||
|
|
|
|||||||
| 160,790 | ||||||||
|
|
|
|||||||
| Industrial – 0.2% |
| |||||||
| Communications - Media – 0.1% |
| |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
309 | 252,416 | ||||||
| DISH DBS Corp. |
240 | 221,774 | ||||||
| 5.75%, 12/01/2028(b) |
250 | 216,820 | ||||||
|
|
|
|||||||
| 691,010 | ||||||||
|
|
|
|||||||
| Consumer Cyclical - Entertainment – 0.1% |
| |||||||
| Wild Rivers Water Park |
1,225 | 749,389 | ||||||
|
|
|
|||||||
| Services – 0.0% |
| |||||||
| Trousdale Issuer LLC |
161 | 10,283 | ||||||
|
|
|
|||||||
| 1,450,682 | ||||||||
|
|
|
|||||||
| Utility – 0.0% |
| |||||||
| Electric – 0.0% |
| |||||||
| Vistra Corp. |
225 | 225,549 | ||||||
|
|
|
|||||||
| Total Corporates - Non-Investment Grade |
|
1,837,021 | ||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.2% |
| |||||||
| Autos - Fixed Rate – 0.2% |
| |||||||
| Lendbuzz Securitization Trust |
926 | 941,364 | ||||||
|
|
|
|||||||
| Other ABS - Fixed Rate – 0.0% |
| |||||||
| Domino’s Pizza Master Issuer LLC |
195 | 177,669 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
18 | 17,128 | ||||||
|
|
|
|||||||
| 194,797 | ||||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
|
1,136,161 | ||||||
|
|
|
|||||||
51
| Principal Amount (000) |
U.S. $ Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
| |||||||
| Risk Share Floating Rate – 0.0% |
| |||||||
| Federal National Mortgage Association Connecticut Avenue Securities |
$ | 38 | $ | 39,848 | ||||
| Series 2016-C02, Class 1M2 |
33 | 33,402 | ||||||
| Series 2017-C04, Class 2M2 |
128 | 131,149 | ||||||
| Series 2015-C02, Class 1M2 |
21 | 20,734 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations |
|
225,133 | ||||||
|
|
|
|||||||
| COLLATERALIZED LOAN OBLIGATIONS – 0.0% |
| |||||||
| CLO - Floating Rate – 0.0% |
| |||||||
| THL Credit Wind River CLO Ltd. |
46 | 45,690 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| PREFERRED STOCKS – 0.0% |
| |||||||
| Industrials – 0.0% |
| |||||||
| Energy – 0.0% |
| |||||||
| AES Guayama Holdings |
5,320 | 15,481 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 1.5% |
| |||||||
| Investment Companies – 1.5% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.27%(p) (q) (r) |
10,532,399 | 10,532,399 | ||||||
|
|
|
|||||||
| Total Investments – 108.7% |
|
773,717,836 | ||||||
| Other assets less liabilities – (8.7)% |
|
(62,011,655 | ) | |||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 711,706,181 | |||||
|
|
|
|||||||
52
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||
| USD | 21,340 | 10/15/2028 | CPI# | 2.565% | Maturity | $ | (8,139 | ) | $ | — | $ | (8,139 | ) | |||||||||||||||||
| USD | 19,750 | 10/15/2029 | 2.569% | CPI# | Maturity | (8,063 | ) | — | (8,063 | ) | ||||||||||||||||||||
| USD | 19,000 | 10/15/2029 | 2.485% | CPI# | Maturity | 64,980 | — | 64,980 | ||||||||||||||||||||||
| USD | 14,592 | 10/15/2029 | 2.516% | CPI# | Maturity | 29,261 | — | 29,261 | ||||||||||||||||||||||
| USD | 14,579 | 10/15/2029 | 2.451% | CPI# | Maturity | 72,286 | — | 72,286 | ||||||||||||||||||||||
| USD | 14,579 | 10/15/2029 | 2.499% | CPI# | Maturity | 40,548 | — | 40,548 | ||||||||||||||||||||||
| USD | 22,410 | 10/15/2030 | CPI# | 2.531% | Maturity | (20,695 | ) | — | (20,695 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 170,178 | $ | — | $ | 170,178 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||
| USD | 7,900 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $ | 4,681 | $ | — | $ | 4,681 | |||||||||||||||||||
| USD | 19,180 | 09/15/2031 | 1 Day SOFR | 3.527% | Annual | (676,277 | ) | (1,589 | ) | (674,688 | ) | |||||||||||||||||||
| USD | 16,300 | 12/03/2031 | 1 Day SOFR | 4.178% | Annual | 90,750 | — | 90,750 | ||||||||||||||||||||||
| USD | 9,140 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | (16,795 | ) | — | (16,795 | ) | ||||||||||||||||||||
| USD | 8,300 | 08/15/2034 | 3.264% | 1 Day SOFR | Annual | 600,351 | 241 | 600,110 | ||||||||||||||||||||||
| USD | 6,700 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 472,352 | — | 472,352 | ||||||||||||||||||||||
| USD | 6,120 | 08/15/2034 | 3.314% | 1 Day SOFR | Annual | 409,960 | — | 409,960 | ||||||||||||||||||||||
| USD | 6,000 | 08/15/2034 | 3.446% | 1 Day SOFR | Annual | 345,435 | — | 345,435 | ||||||||||||||||||||||
| USD | 3,000 | 08/15/2034 | 3.187% | 1 Day SOFR | Annual | 234,465 | — | 234,465 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 1,464,922 | $ | (1,348 | ) | $ | 1,466,270 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Bank of America NA | USD | 10,000 | 05/21/2025 | MMD 5 Year^ |
3.200% | Maturity | $ | 142,544 | $ | — | $ | 142,544 | ||||||||||||||||
| Citibank NA | USD | 2,220 | 10/09/2029 | 1.125% | 1 Week SIFMA* |
Quarterly | 189,568 | — | 189,568 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 3,000 | 03/27/2025 | MMD 5 Year^ |
2.920% | Maturity | 11,965 | — | 11,965 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 06/04/2025 | MMD 5 Year^ |
3.340% | Maturity | 101,079 | — | 101,079 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 06/27/2025 | MMD 5 Year^ |
3.200% | Maturity | 58,935 | — | 58,935 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 10,000 | 03/17/2025 | MMD 5 Year^ |
2.910% | Maturity | 39,934 | — | 39,934 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 10,000 | 03/26/2025 | MMD 5 Year^ |
2.880% | Maturity | 20,668 | — | 20,668 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 5,000 | 04/16/2025 | MMD 5 Year^ |
3.040% | Maturity | 43,247 | — | 43,247 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 3,000 | 04/21/2025 | MMD 10 Year^ |
3.220% | Maturity | 34,272 | — | 34,272 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 5,000 | 05/09/2025 | MMD 5 Year^ |
3.050% | Maturity | 38,226 | — | 38,226 | |||||||||||||||||||
53
| Rate Type | ||||||||||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 5,000 | 05/27/2025 | |
MMD 5 Year^ |
|
3.310% | Maturity | $ | 95,672 | $ | — | $ | 95,672 | ||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 08/29/2025 | |
MMD 10 Year^ |
|
3.040% | Maturity | (47,872 | ) | — | (47,872 | ) | |||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 10/23/2025 | |
MMD 10 Year^ |
|
3.240% | Maturity | (19,382 | ) | — | (19,382 | ) | |||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 12/19/2025 | |
MMD 10 Year^ |
|
3.300% | Maturity | (18,595 | ) | — | (18,595 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| $ | 690,261 | $ | — | $ | 690,261 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| ^ | Variable interest rate based on the Municipal Market Data AAA General Obligation Scale. |
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At January 31, 2025, the aggregate market value of these securities amounted to $182,312,589 or 25.6% of net assets. |
| (c) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2025. |
| (d) | Non-income producing security. |
| (e) | Defaulted. |
| (f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 2.27% of net assets as of January 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows: |
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| ARC70 II Trust |
07/18/2023 | $ | 1,902,673 | $ | 1,789,536 | 0.25% | ||||||
| Arizona Industrial Development Authority |
08/12/2020-07/20/2022 | 1,101,588 | 30,000 | 0.00% | ||||||||
| County of Grand Forks ND |
05/21/2021 | 100,000 | 0 | 0.00% | ||||||||
| County of Montgomery OH |
04/07/2020 | 41,774 | 5,623 | 0.00% | ||||||||
| Douglas County Housing Partnership |
01/14/2021 | 246,505 | 187,500 | 0.03% | ||||||||
54
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
07/14/2021 | $ | 102,024 | $ | 64,485 | 0.01% | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
07/14/2021 | 101,544 | 62,013 | 0.01% | ||||||||
| Illinois Housing Development Authority |
10/19/2022 | 955,000 | 942,276 | 0.13% | ||||||||
| Indiana Finance Authority |
06/24/2024 | 9,825,000 | 9,869,925 | 1.39% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs
Bd |
08/29/2018 | 107,716 | 7,592 | 0.00% | ||||||||
| Mississippi Business Finance Corp. |
12/13/2022 | 494,373 | 368,110 | 0.05% | ||||||||
| New Hope Cultural Education Facilities Finance Corp. |
02/03/2023 | 835,000 | 836,623 | 0.12% | ||||||||
| South Carolina Jobs-Economic Development Authority |
07/20/2022 | 84,555 | 15,000 | 0.00% | ||||||||
| South Carolina Jobs-Economic Development Authority |
06/16/2021-10/20/2022 | 269,304 | 45,000 | 0.01% | ||||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 615,000 | 540,598 | 0.08% | ||||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 530,000 | 451,417 | 0.06% | ||||||||
55
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| Wisconsin Public Finance Authority |
08/03/2021 | $ | 1,000,000 | $ | 891,000 | 0.13% | ||||||
| Wisconsin Public Finance Authority |
11/10/2022 | 600,000 | 0 | 0.00% | ||||||||
| Wisconsin Public Finance Authority |
03/16/2023 | 175,000 | 2 | 0.00% | ||||||||
| (g) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2025. |
| (h) | Inverse floater security. |
| (i) | IO - Interest Only. |
| (j) | When-Issued or delayed delivery security. |
| (k) | Defaulted matured security. |
| (l) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (m) | Fair valued by the Adviser. |
| (n) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| (o) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (p) | The rate shown represents the 7-day yield as of period end. |
| (q) | Affiliated investments. |
| (r) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (s) | As of January 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,847,253 and gross unrealized depreciation of investments was $(19,816,183), resulting in net unrealized depreciation of $(6,968,930). |
| As of January 31, 2025, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 6.9% and 0.0%, respectively. |
Glossary:
ABS – Asset-Backed Securities
AGC – Assured Guaranty Corporation
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
CCRC – Congregate Care Retirement Center
CHF – Collegiate Housing Foundation
CLO – Collateralized Loan Obligations
CMBS – Commercial Mortgage-Backed Securities
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
FHLMC – Federal Home Loan Mortgage Corporation
MMD – Municipal Market Data
MUNIPSA – SIFMA Municipal Swap Index.
REIT – Real Estate Investment Trust
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
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AB Tax-Aware Fixed Income Opportunities Portfolio
January 31, 2025 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
57
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2025:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 713,311,649 | $ | — | $ | 713,311,649 | ||||||||
| Short-Term Municipal Notes | — | 38,298,152 | 2 | (a) | 38,298,154 | |||||||||||
| Corporates - Investment Grade | — | 5,704,693 | — | 5,704,693 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 2,611,455 | — | 2,611,455 | ||||||||||||
| Corporates - Non-Investment Grade | — | 1,077,349 | 759,672 | 1,837,021 | ||||||||||||
| Asset-Backed Securities | — | 1,119,033 | 17,128 | 1,136,161 | ||||||||||||
| Collateralized Mortgage Obligations | — | 225,133 | — | 225,133 | ||||||||||||
| Collateralized Loan Obligations | — | 45,690 | — | 45,690 | ||||||||||||
| Preferred Stocks | — | — | 15,481 | 15,481 | ||||||||||||
| Short-Term Investments | 10,532,399 | — | — | 10,532,399 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 10,532,399 | 762,393,154 | 792,283 | (a) | 773,717,836 | |||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | 207,075 | — | 207,075 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 2,157,994 | — | 2,157,994 | ||||||||||||
| Interest Rate Swaps | — | 776,110 | — | 776,110 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (36,897 | ) | — | (36,897 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (693,072 | ) | — | (693,072 | ) | ||||||||||
| Interest Rate Swaps | — | (85,849 | ) | — | (85,849 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 10,532,399 | $ | 764,718,515 | $ | 792,283 | (a) | $ | 776,043,197 | |||||||
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|
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|
|
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| The Fund holds liabilities for floating rate notes obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2. |
| (a) | The Fund held securities with zero market value at period end. |
| (b) | Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
58
A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2025 is as follows:
| Fund | Market Value 10/31/2024 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 01/31/2025 (000) |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 1,670 | $ | 61,489 | $ | 52,627 | $ | 10,532 | $ | 105 | ||||||||||
59