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        <name>Commonwealth of Massachusetts</name>
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        <valUSD>2168912.16000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584YH281"/>
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        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Antonio B Won Pat International Airport Authority</name>
        <lei>N/A</lei>
        <title>GUAM INTERNATIONAL ARPT AUTH</title>
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          <isin value="US40064RFE45"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584Y6Z74"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Miami-Dade FL Aviation Revenue</name>
        <lei>N/A</lei>
        <title>MIAMI-DADE CNTY FL AVIATION REVENUE</title>
        <cusip>59333PH43</cusip>
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          <isin value="US59333PH438"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3011712.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA ST FIN AUTH EXEMPT FAC REVENUE</title>
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        <balance>250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS2C596   IRS USD R F  3.46600 IS2C596 CCPINFLATIONZERO / Short: SS2C596   IRS USD P V 12MUSCPI IS2C5A7 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
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        <valUSD>-75201.80000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Limited</counterpartyName>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584XVS79"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584Y3U15"/>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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          <isin value="US74529JRH04"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS2CPI5   IRS USD R F  3.33100 IS2CPI5 CCPINFLATIONZERO / Short: SS2CPI5   IRS USD P V 12MUSCPI IS2CPJ6 CCPINFLATIONZERO</title>
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              <counterpartyName>LCH Limited</counterpartyName>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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        <name>City of Boston MA</name>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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      <invstOrSec>
        <name>Town of Nantucket MA</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <lei>549300UZSVMFXJK08K70</lei>
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          <isin value="US57584YQG79"/>
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          <couponKind>Fixed</couponKind>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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          <isin value="US745160SH56"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516097.85000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JPX7</cusip>
        <identifiers>
          <isin value="US74529JPX71"/>
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        <balance>815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819073.37000000</valUSD>
        <pctVal>0.345591400070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Philadelphia PA</name>
        <lei>549300IVFOPB4AG7UL47</lei>
        <title>PHILADELPHIA PA</title>
        <cusip>717813VS5</cusip>
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          <isin value="US717813VS58"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1058251.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
        <cusip>57584XD32</cusip>
        <identifiers>
          <isin value="US57584XD324"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755499.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584YL648"/>
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        <valUSD>847927.50000000</valUSD>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
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      <invstOrSec>
        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS2AU39   IRS USD R V 12MUSCPI IS2AU40 CCPINFLATIONZERO / Short: BS2AU39   IRS USD P F  2.68000 IS2AU39 CCPINFLATIONZERO</title>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS2KSJ1   IRS USD R V 00MSOFR IS2KSK2 CCPOIS / Short: BS2KSJ1   IRS USD P F  3.10050 IS2KSJ1 CCPOIS</title>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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      <invstOrSec>
        <name>American Samoa Economic Development Authority</name>
        <lei>N/A</lei>
        <title>AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE</title>
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          <isin value="US02936TAG67"/>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
        <cusip>57583UK23</cusip>
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          <isin value="US57583UK236"/>
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        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
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        <name>University of Massachusetts Building Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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          <couponKind>Fixed</couponKind>
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          <isin value="US57604TKE54"/>
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        <name>Massachusetts Bay Transportation Authority Assessment Revenue</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts Clean Water Trust/The</name>
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        <name>Massachusetts Port Authority</name>
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        <name>University of Massachusetts Building Authority</name>
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        <name>LCH Limited</name>
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        <name>HTA TRRB Custodial Trust</name>
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        <name>Massachusetts Development Finance Agency</name>
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          <couponKind>Fixed</couponKind>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Port Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <name>Massachusetts Clean Water Trust/The</name>
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        <name>LCH Limited</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Chicago Board of Education</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>LCH Limited</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <lei>549300UZSVMFXJK08K70</lei>
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        <cusip>57584YX53</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <cusip>57584YYF0</cusip>
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          <isin value="US57584YYF05"/>
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          <couponKind>Fixed</couponKind>
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        <name>North Carolina Turnpike Authority</name>
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        <curCd>USD</curCd>
        <valUSD>1043117.80000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Quincy MA</name>
        <lei>N/A</lei>
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          <isin value="US748508E388"/>
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        <balance>3060000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3660390.05000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Clean Water Trust/The</name>
        <lei>549300SYPEROLSQU0261</lei>
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        <cusip>575829MS2</cusip>
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          <isin value="US575829MS20"/>
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        <curCd>USD</curCd>
        <valUSD>1699499.25000000</valUSD>
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        <name>Palm Beach County Health Facilities Authority</name>
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        <name>Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue</name>
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        <name>LCH Limited</name>
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        <name>Village of Bolingbrook IL Sales Tax Revenue</name>
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        <name>Massachusetts Port Authority</name>
        <lei>254900JRR8IDSSKWCL90</lei>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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      </invstOrSec>
      <invstOrSec>
        <name>LCH Limited</name>
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        <name>Massachusetts Health &amp; Educational Facilities Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <lei>549300UZSVMFXJK08K70</lei>
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        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Alliance Bernstein</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Massachusetts School Building Authority</name>
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        <name>State of Connecticut</name>
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        <title>Long: BS23W54   IRS USD R V 12MUSCPI IS23W65 CCPINFLATIONZERO / Short: BS23W54   IRS USD P F  1.58700 IS23W54 CCPINFLATIONZERO</title>
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        <name>LCH Limited</name>
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        <name>HTA TRRB Custodial Trust</name>
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        <cusip>40445GAA1</cusip>
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          <isin value="US40445GAA13"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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          <isin value="US57584YNY13"/>
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        <valUSD>1985646.59000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
        <cusip>57584YL56</cusip>
        <identifiers>
          <isin value="US57584YL564"/>
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        <balance>1270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1115856.67000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JQG3</cusip>
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          <isin value="US74529JQG30"/>
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        <curCd>USD</curCd>
        <valUSD>324316.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584XD407"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS2BFX7   IRS USD R V 12MUSCPI IS2BFY8 CCPINFLATIONZERO / Short: BS2BFX7   IRS USD P F  2.78200 IS2BFX7 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
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        <valUSD>86265.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>LCH Limited</counterpartyName>
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      <invstOrSec>
        <name>City of Springfield MA</name>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Commonwealth of Massachusetts Transportation Fund Revenue</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Commonwealth of Massachusetts Transportation Fund Revenue</name>
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        <name>Bristol Industrial Development Board</name>
        <lei>N/A</lei>
        <title>BRISTOL TN INDL DEV BRD ST SALES TAX REVENUE</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Town of Weymouth MA</name>
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        <title>WEYMOUTH MASS</title>
        <cusip>962201GP8</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HTA TRRB Custodial Trust</name>
        <lei>N/A</lei>
        <title>HTA TRRB 2005L-745190UR7 ASSURED CUSTODIAL TRUST</title>
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          <isin value="US40444FAA49"/>
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        <curCd>USD</curCd>
        <valUSD>80221.84000000</valUSD>
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        <cusip>000000000</cusip>
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      <invstOrSec>
        <name>Massachusetts Port Authority</name>
        <lei>254900JRR8IDSSKWCL90</lei>
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        <name>University of Massachusetts Building Authority</name>
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          <couponKind>Fixed</couponKind>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS281O1   IRS USD R V 12MUSCPI IS281P2 CCPINFLATIONZERO / Short: BS281O1   IRS USD P F  2.56500 IS281O1 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="IS281O1"/>
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              <counterpartyName>LCH Limited</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>University of Massachusetts Building Authority</name>
        <lei>6ILE2573NPR1XO2TR556</lei>
        <title>UNIV OF MASSACHUSETTS MA BLDGAUTH PROJ REVENUE</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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          <couponKind>Fixed</couponKind>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS2Q4G8   IRS USD R F  4.20350 IS2Q4G8 CCPOIS / Short: SS2Q4G8   IRS USD P V 00MSOFR IS2Q4H9 CCPOIS</title>
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        <descOthUnits>Notional Amount</descOthUnits>
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      <invstOrSec>
        <name>Marthas Vineyard Land Bank</name>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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          <isin value="US57584YX874"/>
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      <invstOrSec>
        <name>Massachusetts Port Authority</name>
        <lei>254900JRR8IDSSKWCL90</lei>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
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          <isin value="US57584XNN74"/>
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        <balance>2500000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <payoffProfile>Long</payoffProfile>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Massachusetts School Building Authority</name>
        <lei>N/A</lei>
        <title>MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE</title>
        <cusip>576000QV8</cusip>
        <identifiers>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <lei>549300UZSVMFXJK08K70</lei>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS2PYG5   IRS USD R F  4.49200 IS2PYG5 CCPOIS / Short: SS2PYG5   IRS USD P V 00MSOFR IS2PYH6 CCPOIS</title>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Massachusetts Water Resources Authority</name>
        <lei>549300GBS2G3YGHOYO19</lei>
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        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS2KP34   IRS USD R V 00MSOFR IS2KP45 CCPOIS / Short: BS2KP34   IRS USD P F  3.25000 IS2KP34 CCPOIS</title>
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        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
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        <name>Bristol-Plymouth Regional Vocational Technical School District/MA</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS ST DEV FIN AGY REVENUE</title>
        <cusip>57584YM89</cusip>
        <identifiers>
          <isin value="US57584YM893"/>
        </identifiers>
        <balance>365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>354143.51000000</valUSD>
        <pctVal>0.149423673054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salt Verde Financial Corp</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
        </identifiers>
        <balance>660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>723954.73000000</valUSD>
        <pctVal>0.305458018648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Limited</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS2CZ96   IRS USD R V 12MUSCPI IS2CZA7 CCPINFLATIONZERO / Short: BS2CZ96   IRS USD P F  2.98850 IS2CZ96 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS2CZ96"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>45921.26000000</valUSD>
        <pctVal>0.019375544508</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Limited</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on US CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.98900000"/>
            <terminationDt>2031-01-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>45921.26000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS DEV FIN AGY NATIONAL CHRT SCH REVOLVING LOAN F</title>
        <cusip>57563UAA0</cusip>
        <identifiers>
          <isin value="US57563UAA07"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970935.20000000</valUSD>
        <pctVal>0.409666419926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="If the fund holds Capital Contingent Convertible Notes, conversion to an issuing bank's common stock occurs should its capital fall beneath a specified threshold. The conversion of debt to equity will rebalance the issuer's debt to equity ratio, but as this amount is not known until the contingent event's occurrence, question c.9.f.iv will be represented as 1." noteItem="C.9.f.iv"/>
      <explntrNote note="For the applicable funds using IBOR rates, IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate" noteItem="C.11.f.i.2"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="If the RIC is part of the securities lending authorization agreement and has engaged in securities lending, the cash collateral will be adjusted on the next business day to maintain the required collateral amount." noteItem="C.12.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-04-01</ncom:dateSigned>
      <ncom:nameOfApplicant>AB MUNICIPAL INCOME FUND II</ncom:nameOfApplicant>
      <ncom:signature>Joseph Mantineo</ncom:signature>
      <ncom:signerName>Joseph Mantineo</ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
