AB Tax-Aware Fixed Income Opportunities Portfolio
Portfolio of Investments
July 31, 2025 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 102.8% |
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| Long-Term Municipal Bonds – 99.6% |
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| Alabama – 5.5% |
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| Black Belt Energy Gas District (Athene Annuity & Life Co.) |
$ | 2,000 | $ | 2,110,510 | ||||
| Black Belt Energy Gas District (BP PLC) |
3,765 | 3,960,209 | ||||||
| Black Belt Energy Gas District (Goldman Sachs Group) |
2,000 | 2,099,537 | ||||||
| Series 2023-2 |
10,000 | 10,212,237 | ||||||
| Series 2023-A |
2,000 | 2,116,255 | ||||||
| Black Belt Energy Gas District (Morgan Stanley) |
1,000 | 1,049,053 | ||||||
| Black Belt Energy Gas District (Nomura Holdings, Inc.) |
1,000 | 987,098 | ||||||
| Black Belt Energy Gas District (Pacific Mutual Holding) |
1,000 | 1,054,162 | ||||||
| County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) |
1,000 | 1,003,546 | ||||||
| Homewood Educational Building Authority (CHF - Horizons II LLC) |
250 | 246,289 | ||||||
| Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding) |
3,820 | 4,035,749 | ||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
1,315 | 1,326,772 | ||||||
| Southeast Energy Authority A Cooperative District (BP PLC) |
2,600 | 2,793,075 | ||||||
| Southeast Energy Authority A Cooperative District (Deutsche Bank AG) |
1,000 | 1,030,765 | ||||||
| Southeast Energy Authority A Cooperative District (Morgan Stanley) |
2,000 | 2,098,407 | ||||||
| 5.50%, 01/01/2053 |
1,000 | 1,063,776 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Energy Authority A Cooperative District (Royal Bank of Canada) |
$ | 10,000 | $ | 10,554,238 | ||||
| Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) |
1,000 | 1,051,002 | ||||||
|
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| 48,792,680 | ||||||||
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| Alaska – 0.6% |
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| Municipality of Anchorage AK (Municipality of Anchorage AK) |
1,000 | 854,634 | ||||||
| Municipality of Anchorage AK Solid Waste Services Revenue (Municipality of Anchorage AK Solid Waste Services Revenue) |
4,000 | 4,063,790 | ||||||
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|
|
|||||||
| 4,918,424 | ||||||||
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| Arizona – 2.5% |
||||||||
| Arizona Industrial Development Authority (AZIDA 2019-2) |
162 | 156,004 | ||||||
| Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) |
1,550 | 1,503,397 | ||||||
| Arizona Industrial Development Authority (ISF Ativo Portfolio Obligated Group) |
1,200 | 1,159,589 | ||||||
| Arizona Industrial Development Authority (Kipp NYC Public Charter Schools) |
1,000 | 764,329 | ||||||
| Arizona Industrial Development Authority (Legacy Cares, Inc.) |
1,000 | 30,600 | ||||||
| Arizona Industrial Development Authority (San Tan Valley AH I LLLP) |
1,000 | 916,941 | ||||||
| Series 2024-B |
215 | 197,070 | ||||||
| Chandler Industrial Development Authority (Intel Corp.) |
2,000 | 2,034,135 | ||||||
| 5.00%, 09/01/2052 |
1,500 | 1,525,767 | ||||||
| Series 2024 |
2,000 | 1,988,860 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Glendale AZ (City of Glendale AZ COP) |
$ | 1,000 | $ | 902,019 | ||||
| City of Tempe AZ (City of Tempe AZ COP) |
1,000 | 788,656 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (Brooks West Rehabilitation Services I) |
3,000 | 3,037,603 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) |
100 | 96,454 | ||||||
| Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre Obligated Group) |
250 | 261,302 | ||||||
| 7.00%, 11/15/2057(b) |
250 | 258,094 | ||||||
| Maricopa County Industrial Development Authority (HonorHealth Obligated Group) |
1,000 | 1,011,769 | ||||||
| Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) |
2,000 | 2,071,469 | ||||||
| Salt Verde Financial Corp. (Citigroup, Inc.) |
2,000 | 2,135,130 | ||||||
| Yuma Industrial Development Authority (Yuma Regional Medical Center Obligated Group) |
1,250 | 1,287,618 | ||||||
|
|
|
|||||||
| 22,126,806 | ||||||||
|
|
|
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| Arkansas – 0.2% |
||||||||
| Arkansas Development Finance Authority (Hybar LLC) |
1,300 | 1,399,255 | ||||||
| Arkansas Development Finance Authority (United States Steel Corp.) |
200 | 195,185 | ||||||
|
|
|
|||||||
| 1,594,440 | ||||||||
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3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California – 12.3% |
||||||||
| Alameda Corridor Transportation Authority (Alameda Corridor Transportation Authority) |
$ | 1,000 | $ | 551,992 | ||||
| AG Series 2024 |
1,000 | 234,206 | ||||||
| Align Affordable Housing Bond Fund LP (Park Landing LP) |
500 | 450,217 | ||||||
| Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) |
1,000 | 870,488 | ||||||
| Align Capital Series Trust 2025-1 (Align Capital Series Trust 2025-1) |
1,000 | 988,818 | ||||||
| ARC70 II Trust (ARC70 II TRUST) |
300 | 245,868 | ||||||
| Series 2023 |
2,222 | 2,087,662 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
2,000 | 1,791,133 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
2,000 | 2,111,924 | ||||||
| Series 2024 |
2,800 | 2,961,484 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
1,000 | 1,037,434 | ||||||
| Series 2025-A |
560 | 576,362 | ||||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
2,315 | 2,415,540 | ||||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
1,000 | 1,042,067 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority (Morgan Stanley) |
$ | 2,000 | $ | 2,009,438 | ||||
| Series 2023-2 |
10,000 | 10,459,138 | ||||||
| Series 2024-E |
1,000 | 1,060,905 | ||||||
| California Community Choice Financing Authority (Pacific Mutual Holding) |
1,315 | 1,395,415 | ||||||
| California Community Housing Agency (California Community Housing Agency Aster Apartments) |
1,000 | 792,610 | ||||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
250 | 194,134 | ||||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
1,000 | 636,056 | ||||||
| 4.00%, 08/01/2046(b) |
495 | 400,848 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
1,000 | 638,145 | ||||||
| California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) |
2,500 | 88,028 | ||||||
| 5.50%, 02/01/2040(b) |
1,000 | 873,019 | ||||||
| California Housing Finance Agency (CAHFA 2019-2) |
138 | 138,913 | ||||||
| California Housing Finance Agency (CAHFA 2021-2) |
947 | 939,453 | ||||||
| Series 2021-2, Class X |
947 | 38,257 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
235 | 219,359 | ||||||
| California Infrastructure & Economic Development Bank (Desertxpress Enterprises) |
4,705 | 4,195,189 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Infrastructure & Economic Development Bank (PIH Health Obligated Group) |
$ | 1,000 | $ | 960,912 | ||||
| California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) |
975 | 66,818 | ||||||
| California Municipal Finance Authority (CHF-Riverside II LLC) |
250 | 251,779 | ||||||
| California Municipal Finance Authority (Samuel Merritt University) |
1,000 | 1,023,723 | ||||||
| California Pollution Control Financing Authority (Channelside Water Resources) |
1,000 | 933,537 | ||||||
| Series 2019 |
1,000 | 975,728 | ||||||
| Series 2023 |
1,250 | 1,307,099 | ||||||
| California Public Finance Authority (ISF Ativo Portfolio Obligated Group) |
1,105 | 1,077,391 | ||||||
| California School Finance Authority (Classical Academy Obligated Group) |
1,000 | 912,915 | ||||||
| California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) |
1,000 | 1,006,866 | ||||||
| City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) |
6,225 | 6,309,641 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
1,000 | 1,014,007 | ||||||
| Series 2022 |
2,000 | 2,013,893 | ||||||
| Series 2025 |
1,190 | 1,232,403 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) |
400 | 285,911 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) |
$ | 210 | $ | 129,910 | ||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) |
1,000 | 810,523 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
1,000 | 634,980 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
1,000 | 644,036 | ||||||
| 4.00%, 05/01/2057(b) |
350 | 233,589 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
500 | 343,283 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
1,000 | 775,836 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
200 | 145,351 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
1,000 | 624,888 | ||||||
| 4.00%, 07/01/2058(b) |
1,000 | 559,133 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
1,000 | 704,255 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) |
800 | 516,344 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
1,000 | 665,786 | ||||||
| 4.00%, 12/01/2056(b) |
400 | 289,167 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) |
$ | 1,000 | $ | 764,918 | ||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
1,000 | 743,356 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) |
1,000 | 662,613 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
1,000 | 641,070 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
1,650 | 1,484,256 | ||||||
| Series 2021-B |
19,320 | 1,848,723 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
2,245 | 2,366,344 | ||||||
| Series 2024-B |
2,000 | 2,087,302 | ||||||
| Series 2024-C |
1,300 | 1,338,674 | ||||||
| Series 2024-E |
1,000 | 1,045,779 | ||||||
| BAM Series 2025-A |
1,000 | 1,033,958 | ||||||
| Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) |
1,335 | 1,367,719 | ||||||
| Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) |
4,865 | 4,859,712 | ||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
1,000 | 1,186,975 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Northern California Energy Authority (Pacific Mutual Holding) |
$ | 1,000 | $ | 1,057,488 | ||||
| River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 2) |
1,000 | 1,014,536 | ||||||
| San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) |
1,000 | 1,020,334 | ||||||
| 5.50%, 07/01/2055 |
1,000 | 1,032,088 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
1,000 | 991,784 | ||||||
| Series 2023-E |
1,315 | 1,395,503 | ||||||
| Series 2024 |
3,400 | 3,576,865 | ||||||
| San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) |
1,000 | 1,099,966 | ||||||
| Southern California Public Power Authority (American General Life Insurance) |
1,400 | 1,464,760 | ||||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
1,000 | 1,005,973 | ||||||
| 5.25%, 07/01/2053 |
2,975 | 3,024,864 | ||||||
| Series 2024 |
1,000 | 1,025,742 | ||||||
| Southern California Public Power Authority (Southern California Public Power Authority) |
1,000 | 1,026,934 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
2,000 | 287,082 | ||||||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization) |
1,000 | 229,553 | ||||||
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| 108,578,677 | ||||||||
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9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado – 2.2% |
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| Aurora Highlands Community Authority Board (Aurora Highlands Community Authority Board) |
$ | 500 | $ | 454,138 | ||||
| Centerra Metropolitan District No. 1 (Centerra Metropolitan District No. 1) |
500 | 515,669 | ||||||
| City & County of Denver CO (United Airlines, Inc.) |
615 | 614,958 | ||||||
| City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) |
2,000 | 2,136,925 | ||||||
| City & County of Denver CO Airport System Revenue (Denver Intl Airport) |
1,000 | 1,052,540 | ||||||
| Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) |
1,000 | 889,085 | ||||||
| Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) |
1,000 | 714,491 | ||||||
| Colorado Health Facilities Authority (Aberdeen Ridge Obligated Group) |
100 | 70,508 | ||||||
| Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) |
1,000 | 834,695 | ||||||
| Colorado Health Facilities Authority (Frasier Meadows Manor Obligated Group) |
100 | 86,961 | ||||||
| Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) |
2,000 | 1,963,393 | ||||||
| Colorado High Performance Transportation Enterprise (Colorado High Performance Transportation Enterprise C-470 Express Lanes System) |
1,000 | 922,301 | ||||||
| Colorado Housing & Finance Authority (Albion Apartments LLLP) |
1,000 | 1,008,143 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Douglas County Housing Partnership (Bridgewater Castle Rock ALF) |
$ | 250 | $ | 187,500 | ||||
| E-470 Public Highway Authority (E-470 Public Highway Authority) |
2,000 | 1,997,786 | ||||||
| Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District) |
544 | 450,788 | ||||||
| Platte River Metropolitan District (Platte River Metropolitan District) |
201 | 198,900 | ||||||
| Redtail Ridge Metropolitan District (Redtail Ridge Metropolitan District) |
1,000 | 596,419 | ||||||
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado) |
2,000 | 2,109,504 | ||||||
| St. Vrain Lakes Metropolitan District No. 4 (St. Vrain Lakes Metropolitan District No. 4) |
1,000 | 674,475 | ||||||
| Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) |
500 | 516,529 | ||||||
| Town of Vail CO (Town of Vail CO COP) |
1,000 | 1,031,815 | ||||||
| Vauxmont Metropolitan District (Vauxmont Metropolitan District) |
380 | 391,785 | ||||||
| AG Series 2020 |
100 | 94,847 | ||||||
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| 19,514,155 | ||||||||
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| Connecticut – 0.3% |
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| City of New Haven CT (City of New Haven CT) |
615 | 633,771 | ||||||
| Connecticut State Health & Educational Facilities Authority (Yale University) |
2,200 | 2,191,948 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Town of Hamden CT (Whitney Center Obligated Group) |
$ | 100 | $ | 103,228 | ||||
|
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| 2,928,947 | ||||||||
|
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| Delaware – 0.1% |
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| Affordable Housing Tax-Exempt Bond Pass-Thru Trust (Affordable Housing Tax-Exempt Bond Pass-Thru Trust) |
484 | 474,868 | ||||||
|
|
|
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| District of Columbia – 5.0% |
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| District of Columbia (Catholic University of America) |
2,000 | 2,047,223 | ||||||
| District of Columbia (Plenary Infrastructure DC State Lease) |
1,000 | 1,047,449 | ||||||
| District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue) |
6,545 | 6,628,694 | ||||||
| District of Columbia Tobacco Settlement Financing Corp. (District of Columbia Tobacco Settlement Financing) |
2,500 | 219,960 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) |
10,000 | 10,242,175 | ||||||
| Series 2025-A |
3,410 | 3,697,650 | ||||||
| 5.00%, 10/01/2036 |
1,000 | 1,070,579 | ||||||
| 5.00%, 10/01/2050 |
1,000 | 988,188 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (Metropolitan Washington Airports Authority Dulles Toll Road Revenue) |
10,000 | 5,784,463 | ||||||
| Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) |
10,000 | 10,194,530 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) |
1,000 | 1,026,983 | ||||||
| 5.50%, 07/15/2060 |
1,430 | 1,493,043 | ||||||
|
|
|
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| 44,440,937 | ||||||||
|
|
|
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12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida – 6.0% |
||||||||
| Bexley Community Development District (Bexley Community Development District) |
$ | 100 | $ | 90,624 | ||||
| Capital Projects Finance Authority/FL (Imagine School At North Port) |
1,000 | 987,621 | ||||||
| Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) |
535 | 538,670 | ||||||
| Capital Projects Finance Authority/FL (PRG - UnionWest Properties) |
4,710 | 639,746 | ||||||
| 5.00%, 06/01/2049(b) |
1,360 | 1,257,051 | ||||||
| 5.00%, 06/01/2054(b) |
1,000 | 906,617 | ||||||
| 5.00%, 06/01/2058(b) |
1,135 | 1,023,208 | ||||||
| Capital Trust Agency, Inc. (Educational Growth Fund) |
2,000 | 145,400 | ||||||
| 5.00%, 07/01/2056(b) |
1,090 | 909,179 | ||||||
| City of Palmetto FL (Renaissance Arts & Education) |
1,000 | 966,108 | ||||||
| City of Tampa FL (State of Florida Cigarette Tax Revenue) |
1,000 | 205,726 | ||||||
| County of Lake FL (Waterman Communities) |
200 | 179,229 | ||||||
| County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) |
1,000 | 1,003,384 | ||||||
| County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) |
5,400 | 5,817,962 | ||||||
| Series 2025-A |
1,345 | 1,367,799 | ||||||
| County of Miami-Dade Seaport Department (County of Miami-Dade Seaport Dept.) |
1,000 | 1,061,242 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) |
$ | 230 | $ | 134,810 | ||||
| County of Palm Beach FL (Palm Beach Atlantic University) |
1,000 | 1,002,489 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties II) |
100 | 101,079 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties) |
1,000 | 946,660 | ||||||
| 6.125%, 06/01/2054 |
1,000 | 926,881 | ||||||
| County of Palm Beach FL (Provident Group-PBAU Properties) |
1,000 | 893,558 | ||||||
| County of Palm Beach FL Airport System Revenue (County of Palm Beach FL Airport System Revenue) |
1,000 | 1,020,827 | ||||||
| 5.25%, 10/01/2044 |
1,100 | 1,116,893 | ||||||
| County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) |
3,000 | 3,254,734 | ||||||
| Escambia County Housing Finance Authority (4900 S. Rio Grande Ave) |
100 | 102,746 | ||||||
| Florida Development Finance Corp. (Assistance Unlimited) |
350 | 312,673 | ||||||
| Florida Development Finance Corp. (Brightline Trains Florida) |
2,500 | 2,390,495 | ||||||
| Florida Development Finance Corp. (Cornerstone Charter Academy Obligated Group) |
1,000 | 927,994 | ||||||
| Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding) |
100 | 76,509 | ||||||
| Florida Development Finance Corp. (GFL Solid Waste Southeast) |
1,000 | 992,942 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. (Seaside School Consortium) |
$ | 1,000 | $ | 1,003,359 | ||||
| Florida Housing Finance Corp. (Bayside Breeze Redevelopment LLLP) |
1,000 | 1,002,060 | ||||||
| Florida Local Government Finance Commission (BridgePrep Academy Series 2025 Obligated Group) |
1,000 | 999,636 | ||||||
| Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) |
1,280 | 1,264,719 | ||||||
| Series 2024 |
1,015 | 1,104,949 | ||||||
| Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) |
1,000 | 1,034,006 | ||||||
| Hillsborough County Industrial Development Authority (BayCare Obligated Group) |
2,000 | 1,714,914 | ||||||
| 5.50%, 11/15/2054 |
1,000 | 1,036,552 | ||||||
| Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) |
500 | 423,998 | ||||||
| Miami-Dade County Educational Facilities Authority (University of Miami) |
1,000 | 1,063,046 | ||||||
| Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) |
1,000 | 876,034 | ||||||
| North Broward Hospital District (North Broward Hospital District) |
100 | 100,673 | ||||||
| Orange County Convention Center/Orlando (Orange County Convention Center/Orlando) |
2,000 | 2,004,436 | ||||||
| Orange County Health Facilities Authority (Orlando Health Obligated Group) |
1,100 | 1,102,302 | ||||||
| 5.25%, 10/01/2056 |
1,000 | 996,361 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Orange County Health Facilities Authority (Presbyterian Retirement Communities Obligated Group) |
$ | 1,000 | $ | 862,122 | ||||
| Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) |
1,000 | 851,134 | ||||||
| Palm Beach County Health Facilities Authority (Federation CCRC Operations Obligated Group) |
200 | 155,135 | ||||||
| Palm Beach County Health Facilities Authority (Green Cay Life Plan Village) |
100 | 138,331 | ||||||
| Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) |
1,500 | 1,517,321 | ||||||
| Palm Beach County School District (Palm Beach County School District COP) |
1,000 | 1,062,827 | ||||||
| Pinellas County Industrial Development Authority (Pinellas County Industrial Development Authority) |
1,000 | 958,810 | ||||||
| Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) |
595 | 514,646 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Assmnt) |
100 | 96,412 | ||||||
|
|
|
|||||||
| 53,184,639 | ||||||||
|
|
|
|||||||
| Georgia – 3.2% |
||||||||
| Atlanta Development Authority (The) (City of Atlanta GA Westside Tax Allocation District Gulch Area) |
1,000 | 849,639 | ||||||
| Series 2024-A 5.50%, 04/01/2039(b) |
1,000 | 997,488 | ||||||
| Augusta Development Authority (WellStar Health System Obligated Group) |
1,065 | 1,119,466 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Fayette County Development Authority (United States Soccer Federation) |
$ | 1,000 | $ | 1,001,216 | ||||
| Gainesville & Hall County Hospital Authority (Northeast Georgia Health System Obligated Group) |
1,000 | 1,108,017 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
3,215 | 3,222,230 | ||||||
| Series 2023-A |
3,000 | 3,154,950 | ||||||
| Series 2025-B |
1,255 | 1,309,033 | ||||||
| Main Street Natural Gas, Inc. (Royal Bank of Canada) |
2,000 | 2,012,631 | ||||||
| Series 2023-B |
1,000 | 1,055,444 | ||||||
| Main Street Natural Gas, Inc. (Toronto-Dominion Bank) |
2,500 | 2,651,187 | ||||||
| Municipal Electric Authority of Georgia (JEA Electric System Revenue) |
2,000 | 1,951,049 | ||||||
| AG Series 2023 |
1,000 | 979,231 | ||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
1,500 | 1,520,279 | ||||||
| Private Colleges & Universities Authority (Emory University) |
5,000 | 5,576,283 | ||||||
|
|
|
|||||||
| 28,508,143 | ||||||||
|
|
|
|||||||
| Guam – 0.5% |
||||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
1,300 | 1,359,196 | ||||||
| Guam Government Waterworks Authority (Guam Govt Waterworks Authority) |
1,000 | 1,033,813 | ||||||
| Territory of Guam (Territory of Guam) |
1,500 | 1,615,319 | ||||||
|
|
|
|||||||
| 4,008,328 | ||||||||
|
|
|
|||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Hawaii – 0.2% |
||||||||
| City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) |
$ | 1,000 | $ | 676,496 | ||||
| State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) |
1,000 | 989,141 | ||||||
|
|
|
|||||||
| 1,665,637 | ||||||||
|
|
|
|||||||
| Idaho – 0.1% |
||||||||
| Idaho Health Facilities Authority (North Canyon Medical Center) |
1,000 | 1,040,151 | ||||||
|
|
|
|||||||
| Illinois – 5.2% |
||||||||
| Chicago Board of Education (Chicago Board of Education) |
1,040 | 966,132 | ||||||
| Series 2012-B |
1,000 | 1,000,000 | ||||||
| Series 2017-A |
2,000 | 2,055,015 | ||||||
| Series 2017-B |
1,000 | 1,033,715 | ||||||
| Series 2019-A |
100 | 104,233 | ||||||
| 5.00%, 12/01/2030 |
100 | 102,387 | ||||||
| Series 2019-B |
100 | 100,621 | ||||||
| Series 2021-A |
1,000 | 1,021,148 | ||||||
| Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) |
3,245 | 3,308,213 | ||||||
| Series 2024-C |
1,980 | 2,048,349 | ||||||
| 5.25%, 01/01/2042 |
2,000 | 2,050,151 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) |
1,370 | 1,330,053 | ||||||
| City of Chicago IL (City of Chicago IL) |
1,000 | 1,021,755 | ||||||
| Series 2025-B |
1,000 | 1,053,179 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Cook IL (County of Cook IL) |
$ | 1,000 | $ | 1,003,332 | ||||
| Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) |
1,000 | 957,843 | ||||||
| Series 2025 |
1,000 | 998,910 | ||||||
| Illinois Finance Authority (DePaul College Prep) |
1,000 | 1,002,175 | ||||||
| Illinois Finance Authority (Lake Forest College) |
1,000 | 979,985 | ||||||
| Illinois Finance Authority (OSF Healthcare System Obligated Group) |
1,515 | 1,621,913 | ||||||
| Illinois Finance Authority (Park Place of Elmhurst Obligated Group) |
140 | 99,741 | ||||||
| Illinois Finance Authority (Prerefunded - Others) |
250 | 250,230 | ||||||
| Illinois Housing Development Authority (Circle Park Preservation) |
10,000 | 8,773,425 | ||||||
| Illinois Housing Development Authority (Drexel Court & Lake Park East) |
100 | 100,128 | ||||||
| Series 2024 |
955 | 903,404 | ||||||
| Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) |
1,000 | 1,064,877 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
600 | 588,912 | ||||||
| Series 2017 |
1,000 | 696,161 | ||||||
| Series 2020 5.00%, 06/15/2042 |
640 | 645,553 | ||||||
| Series 2022 |
1,000 | 874,862 | ||||||
| State of Illinois (State of Illinois) |
179 | 193,177 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2017-D |
$ | 930 | $ | 954,837 | ||||
| Series 2022-A |
1,000 | 1,016,047 | ||||||
| Series 2022-C |
1,000 | 1,020,556 | ||||||
| Series 2024 |
1,345 | 1,456,453 | ||||||
| Series 2024-B |
1,000 | 867,978 | ||||||
| 5.00%, 05/01/2038 |
1,000 | 1,044,647 | ||||||
| 5.25%, 05/01/2043 |
1,000 | 1,018,474 | ||||||
|
|
|
|||||||
| 45,328,571 | ||||||||
|
|
|
|||||||
| Indiana – 2.2% |
||||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
33 | 3 | ||||||
| City of Valparaiso IN (Green Oaks of Valparaiso) |
150 | 128,496 | ||||||
| City of Whiting IN (BP PLC) |
1,000 | 1,018,271 | ||||||
| Series 2025 |
1,000 | 992,119 | ||||||
| Indiana Finance Authority (Brightmark Plastics Renewal Indiana) |
1,070 | 53,500 | ||||||
| Indiana Finance Authority (Good Samaritan Hospital Obligated Group) |
100 | 105,055 | ||||||
| Indiana Finance Authority (Greencroft Goshen Obligated Group) |
1,000 | 813,400 | ||||||
| Series 2023-2 |
100 | 91,112 | ||||||
| Indiana Finance Authority (Ohio Valley Electric) |
165 | 154,957 | ||||||
| Indiana Finance Authority (Parkview Health System Obligated Group) |
9,825 | 9,809,156 | ||||||
| Indiana Finance Authority (SFP-PUFW I LLC) |
1,000 | 935,916 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| Indiana Finance Authority (University of Evansville) |
$ | 1,000 | $ | 894,501 | ||||
| Indiana Housing & Community Development Authority (Vita of Marion LLC) |
1,000 | 824,605 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) |
330 | 338,906 | ||||||
| 6.00%, 03/01/2053 |
250 | 254,929 | ||||||
| Series 2023-F |
250 | 269,955 | ||||||
| BAM Series 2023 |
3,000 | 3,025,353 | ||||||
|
|
|
|||||||
| 19,710,234 | ||||||||
|
|
|
|||||||
| Iowa – 0.2% |
||||||||
| Iowa Finance Authority (Wesley Retirement Services Obligated Group) |
100 | 94,983 | ||||||
| 4.00%, 12/01/2041 |
170 | 132,721 | ||||||
| 4.00%, 12/01/2046 |
115 | 81,648 | ||||||
| 4.00%, 12/01/2051 |
205 | 137,484 | ||||||
| Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) |
2,365 | 328,187 | ||||||
| PEFA, Inc. (Goldman Sachs Group) |
1,000 | 1,010,451 | ||||||
|
|
|
|||||||
| 1,785,474 | ||||||||
|
|
|
|||||||
| Kansas – 0.2% |
||||||||
| City of Colby KS (Citizens Medical Center) |
1,000 | 1,002,626 | ||||||
| City of Overland Park KS Sales Tax Revenue (City of Overland Park KS Sales Tax Revenue) |
100 | 104,205 | ||||||
| 6.50%, 11/15/2042(b) |
300 | 310,452 | ||||||
|
|
|
|||||||
| 1,417,283 | ||||||||
|
|
|
|||||||
| Kentucky – 0.7% |
||||||||
| City of Ashland KY (Royal Blue Health Obligated Group) |
385 | 370,875 | ||||||
| City of Henderson KY (Pratt Paper KY LLC) |
250 | 245,718 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Kenton County Airport Board (Kenton County Airport Board) |
$ | 3,000 | $ | 3,001,614 | ||||
| Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) |
175 | 177,184 | ||||||
| Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) |
1,000 | 1,000,244 | ||||||
| Kentucky Economic Development Finance Authority (CommonSpirit Health Obligated Group) |
160 | 147,760 | ||||||
| Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky Obligated Group) |
65 | 52,738 | ||||||
| Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) |
425 | 425,940 | ||||||
| Kentucky Housing Corp. (Churchill Park LLLP) |
600 | 582,918 | ||||||
| Series 2022-B |
100 | 97,326 | ||||||
| Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) |
225 | 227,590 | ||||||
|
|
|
|||||||
| 6,329,907 | ||||||||
|
|
|
|||||||
| Louisiana – 1.5% |
||||||||
| City of New Orleans LA Water System Revenue (City of New Orleans LA Water System Revenue) |
1,000 | 736,089 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration ELL System Restoration Revenue) |
1,000 | 1,020,512 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) |
675 | 682,100 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| Louisiana Public Facilities Authority (Calcasieu Bridge Partners) |
$ | 1,000 | $ | 910,798 | ||||
| 5.75%, 09/01/2064 |
2,000 | 2,030,492 | ||||||
| Louisiana Public Facilities Authority (ElementUS Minerals LLC) |
2,000 | 2,006,134 | ||||||
| Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) |
1,025 | 1,000,968 | ||||||
| Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) |
250 | 3 | ||||||
| Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) |
1,335 | 1,283,677 | ||||||
| New Orleans Aviation Board (New Orleans Aviation Board) |
215 | 210,261 | ||||||
| Series 2024 |
1,000 | 1,065,106 | ||||||
| Parish of St. John the Baptist LA (Marathon Oil Corp.) |
1,000 | 1,005,312 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (State of Louisiana Gasoline & Fuels Tax Revenue) |
965 | 962,726 | ||||||
|
|
|
|||||||
| 12,914,178 | ||||||||
|
|
|
|||||||
| Maryland – 1.3% |
||||||||
| Maryland Economic Development Corp. (Air Cargo Obligated Group) |
600 | 500,709 | ||||||
| Maryland Economic Development Corp. (Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg) |
1,000 | 1,039,255 | ||||||
| Maryland Economic Development Corp. (Purple Line Transit Partners) |
2,090 | 2,008,936 | ||||||
| 5.25%, 06/30/2052 |
1,000 | 943,831 | ||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) |
$ | 500 | $ | 512,649 | ||||
| Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) |
2,200 | 2,246,066 | ||||||
| Maryland Stadium Authority Sports Entertainment Facilities Revenue (Maryland Stadium Authority Sports Entertainment Facilities Revenue State Lease) |
1,600 | 1,782,967 | ||||||
| State of Maryland Department of Transportation (Maryland Aviation Administration) |
1,000 | 1,034,252 | ||||||
| State of Maryland Department of Transportation (State of Maryland Dept. of Transportation) |
1,315 | 1,316,683 | ||||||
|
|
|
|||||||
| 11,385,348 | ||||||||
|
|
|
|||||||
| Massachusetts – 2.7% |
||||||||
| City of Quincy MA (City of Quincy MA) |
1,000 | 1,023,851 | ||||||
| Commonwealth of Massachusetts (Commonwealth of Massachusetts) |
10,000 | 10,071,969 | ||||||
| Series 2025-A |
2,000 | 2,071,575 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) |
5,195 | 5,372,348 | ||||||
| Series 2024-A |
1,000 | 1,035,333 | ||||||
| Series 2025-B |
1,500 | 1,551,097 | ||||||
| Massachusetts Development Finance Agency (Care Communities Obligated Group) |
1,000 | 970,304 | ||||||
| Massachusetts Development Finance Agency (Lifespan Obligated Group) |
1,000 | 1,001,011 | ||||||
| Massachusetts Development Finance Agency (PRG Medford Properties) |
1,000 | 1,001,949 | ||||||
|
|
|
|||||||
| 24,099,437 | ||||||||
|
|
|
|||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| Michigan – 1.4% |
||||||||
| City of Detroit MI (City of Detroit MI) |
$ | 649 | $ | 681,298 | ||||
| Series 2014-B |
244 | 189,467 | ||||||
| Series 2018 |
75 | 75,736 | ||||||
| Series 2021-A |
2,000 | 1,948,059 | ||||||
| Series 2021-B |
200 | 180,283 | ||||||
| City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) |
1,000 | 990,759 | ||||||
| Great Lakes Water Authority Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue) |
1,000 | 1,025,786 | ||||||
| Michigan Finance Authority (Corewell Health Obligated Group) |
2,305 | 2,253,203 | ||||||
| Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) |
865 | 806,982 | ||||||
| Series 2020-B |
1,000 | 91,305 | ||||||
| Michigan State Hospital Finance Authority (Corewell Health Obligated Group) |
2,000 | 2,027,147 | ||||||
| Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) |
1,610 | 1,594,149 | ||||||
| Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp/MI) |
10,000 | 261,410 | ||||||
|
|
|
|||||||
| 12,125,584 | ||||||||
|
|
|
|||||||
| Minnesota – 1.2% |
||||||||
| City of Bloomington MN (City of Bloomington MN) |
1,000 | 938,485 | ||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Brooklyn Park MN (Brooklyn Park AH I LLLP) |
$ | 1,000 | $ | 1,000,651 | ||||
| City of Brooklyn Park MN (Brooklyn Park AH II LLLP) |
1,000 | 944,330 | ||||||
| City of Center City MN (Hazelden Betty Ford Foundation) |
1,000 | 1,000,332 | ||||||
| 5.00%, 11/01/2047 |
1,000 | 979,275 | ||||||
| City of Columbus MN (Adalyn Avenue LLLP) |
1,000 | 963,140 | ||||||
| City of St. Cloud MN (CentraCare Health System Obligated Group) |
1,000 | 1,016,728 | ||||||
| Dakota County Community Development Agency (Rosemont AH I LLLP) |
585 | 544,975 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) |
225 | 105,750 | ||||||
| 4.00%, 06/01/2056(f) |
100 | 47,000 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) |
1,000 | 1,009,557 | ||||||
| Minnesota Municipal Gas Agency (Royal Bank of Canada) |
1,000 | 1,012,000 | ||||||
| Washington County Community Development Agency (Raymie Johnson Estates) |
1,000 | 991,313 | ||||||
|
|
|
|||||||
| 10,553,536 | ||||||||
|
|
|
|||||||
| Mississippi – 0.3% |
||||||||
| City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) |
1,000 | 1,076,516 | ||||||
| Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi) |
500 | 340,000 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Mississippi Development Bank (Magnolia Regional Health Center) |
$ | 1,800 | $ | 1,584,628 | ||||
|
|
|
|||||||
| 3,001,144 | ||||||||
|
|
|
|||||||
| Missouri – 0.1% |
||||||||
| Kansas City Industrial Development Authority (Platte Purchase Project) |
150 | 140,754 | ||||||
| Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) |
295 | 239,451 | ||||||
| Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) |
100 | 94,322 | ||||||
|
|
|
|||||||
| 474,527 | ||||||||
|
|
|
|||||||
| Montana – 0.1% |
||||||||
| County of Gallatin MT (Bozeman Fiber, Inc.) |
1,000 | 746,149 | ||||||
|
|
|
|||||||
| Nebraska – 0.3% |
||||||||
| Central Plains Energy Project (Bank of Montreal) |
1,000 | 1,049,702 | ||||||
| Central Plains Energy Project (Royal Bank of Canada) |
1,410 | 1,496,761 | ||||||
|
|
|
|||||||
| 2,546,463 | ||||||||
|
|
|
|||||||
| Nevada – 0.5% |
||||||||
| City of Reno NV (County of Washoe NV Sales Tax Revenue) |
1,500 | 220,756 | ||||||
| City of Sparks NV (City of Sparks NV Sales Tax) |
145 | 142,255 | ||||||
| Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) |
1,300 | 1,391,627 | ||||||
| 5.25%, 07/01/2054 |
2,000 | 1,984,586 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of Nevada Department of Business & Industry (Desertxpress Enterprises) |
$ | 1,175 | $ | 1,019,521 | ||||
|
|
|
|||||||
| 4,758,745 | ||||||||
|
|
|
|||||||
| New Hampshire – 2.0% |
||||||||
| National Finance Authority (NFA 2024-3) |
1,988 | 1,815,278 | ||||||
| New Hampshire Business Finance Authority (ARC70 2025-1) |
1,999 | 1,994,574 | ||||||
| New Hampshire Business Finance Authority (ARC70 II TRUST) |
1,998 | 1,878,725 | ||||||
| New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) |
1,000 | 1,001,266 | ||||||
| New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) |
1,000 | 965,217 | ||||||
| Series 2025-A |
1,000 | 548,012 | ||||||
| New Hampshire Business Finance Authority (NFA 2020-1) |
196 | 194,368 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-1) |
1,919 | 1,853,385 | ||||||
| Series 2022-1, Class X |
961 | 18,731 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-2) |
962 | 903,591 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-1) |
650 | 616,785 | ||||||
| Series 2024-1, Class X |
839 | 30,608 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-2) |
1,985 | 1,806,976 | ||||||
| Series 2024-2, Class X |
1,985 | 78,286 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (NFA 2025-1) |
$ | 2,000 | $ | 2,005,919 | ||||
| Series 2025-1, Class A1 |
998 | 941,912 | ||||||
| New Hampshire Business Finance Authority (Novant Health Obligated Group) |
1,375 | 1,382,698 | ||||||
|
|
|
|||||||
| 18,036,331 | ||||||||
|
|
|
|||||||
| New Jersey – 2.6% |
||||||||
| New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) |
1,000 | 1,016,652 | ||||||
| New Jersey Economic Development Authority (New Jersey-American Water) |
1,000 | 998,239 | ||||||
| New Jersey Economic Development Authority (State of New Jersey Lease) |
1,000 | 1,026,323 | ||||||
| Series 2024-S |
1,000 | 1,097,426 | ||||||
| New Jersey Economic Development Authority (United Airlines, Inc.) |
180 | 180,186 | ||||||
| New Jersey Educational Facilities Authority (Stevens Institute of Technology Intl) |
100 | 99,770 | ||||||
| New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) |
280 | 283,987 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
550 | 560,607 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) |
2,000 | 1,475,388 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
1,250 | 1,294,704 | ||||||
| Series 2024-A |
3,530 | 3,159,150 | ||||||
| 5.00%, 06/15/2037 |
3,750 | 4,011,379 | ||||||
| New Jersey Turnpike Authority (New Jersey Turnpike Authority) |
1,500 | 1,547,596 | ||||||
| 5.00%, 01/01/2033 |
1,000 | 1,121,201 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2024-C |
$ | 1,000 | $ | 1,026,225 | ||||
| Series 2025-C |
1,000 | 1,107,119 | ||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
2,870 | 2,766,124 | ||||||
|
|
|
|||||||
| 22,772,076 | ||||||||
|
|
|
|||||||
| New Mexico – 0.2% |
||||||||
| New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) |
1,000 | 842,554 | ||||||
| New Mexico Municipal Energy Acquisition Authority (Royal Bank of Canada) |
1,000 | 1,061,248 | ||||||
|
|
|
|||||||
| 1,903,802 | ||||||||
|
|
|
|||||||
| New York – 7.8% |
||||||||
| Build NYC Resource Corp. (Kipp NYC Public Charter Schools) |
1,000 | 934,714 | ||||||
| City of New York NY (City of New York NY) |
1,000 | 885,145 | ||||||
| Hempstead Town Local Development Corp. (Evergreen Charter School) |
2,000 | 1,912,172 | ||||||
| Long Island Power Authority (Long Island Power Authority) |
1,000 | 1,004,671 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
1,000 | 1,050,335 | ||||||
| Series 2020-C |
1,000 | 967,288 | ||||||
| 5.25%, 11/15/2055 |
1,000 | 999,335 | ||||||
| Series 2020-E |
1,155 | 1,175,523 | ||||||
| Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) |
1,000 | 955,802 | ||||||
| Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) |
550 | 505,879 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) |
$ | 1,370 | $ | 1,393,795 | ||||
| Series 2025-H |
1,000 | 1,027,294 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) |
865 | 914,979 | ||||||
| New York Counties Tobacco Trust V (New York Counties Tobacco Trust V) |
350 | 48,973 | ||||||
| NEW York Energy Finance Development Corp. (Athene Annuity & Life Co.) |
2,000 | 2,084,446 | ||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
1,215 | 1,163,061 | ||||||
| 5.375%, 11/15/2040(b) |
115 | 113,331 | ||||||
| New York Liberty Development Corp. (7 World Trade Center II) |
2,000 | 1,512,756 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
2,000 | 2,010,512 | ||||||
| New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) |
1,000 | 973,080 | ||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
10,000 | 10,009,569 | ||||||
| Series 2025-A |
1,610 | 1,646,250 | ||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
1,000 | 966,201 | ||||||
| AG Series 2024 |
2,000 | 1,205,143 | ||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
2,000 | 1,929,248 | ||||||
| Series 2025 |
6,330 | 6,486,047 | ||||||
| AG Series 2023 |
1,000 | 952,871 | ||||||
| 5.125%, 06/30/2060 |
2,000 | 1,897,866 | ||||||
| AG Series 2024 |
4,800 | 4,568,087 | ||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
$ | 150 | $ | 149,994 | ||||
| Onondaga Civic Development Corp. (Syracuse University) |
1,000 | 1,053,213 | ||||||
| Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) |
3,000 | 3,276,300 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
1,000 | 1,017,176 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
500 | 385,436 | ||||||
| Series 2022-2 |
10,000 | 9,999,395 | ||||||
| TSASC, Inc./NY (TSASC, Inc./NY) |
300 | 257,982 | ||||||
| 5.00%, 06/01/2048 |
1,000 | 850,052 | ||||||
| Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
120 | 106,730 | ||||||
| Western Regional Off-Track Betting Corp. (Western Regional Off-Track Betting) |
100 | 84,751 | ||||||
|
|
|
|||||||
| 68,475,402 | ||||||||
|
|
|
|||||||
| North Carolina – 1.3% |
||||||||
| City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) |
2,800 | 2,741,027 | ||||||
| 5.25%, 07/01/2053 |
1,575 | 1,584,002 | ||||||
| Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal) |
1,000 | 1,000,192 | ||||||
| Fayetteville State University (Fayetteville State University) |
1,045 | 1,086,731 | ||||||
| Greater Asheville Regional Airport Authority (Greater Asheville Regional Airport Authority) |
2,500 | 2,490,836 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nash Health Care Systems (Nash Health Care Systems) |
$ | 1,000 | $ | 977,492 | ||||
| North Carolina Turnpike Authority (North Carolina Turnpike Authority) |
500 | 510,513 | ||||||
| AG Series 2024 |
1,000 | 237,652 | ||||||
| University of North Carolina at Charlotte (The) (University of North Carolina at Charlotte/The) |
1,000 | 672,894 | ||||||
|
|
|
|||||||
| 11,301,339 | ||||||||
|
|
|
|||||||
| North Dakota – 0.3% |
||||||||
| City of Grand Forks ND (Altru Health System Obligated Group) |
1,000 | 986,539 | ||||||
| 5.00%, 12/01/2053 |
1,250 | 1,216,344 | ||||||
|
|
|
|||||||
| 2,202,883 | ||||||||
|
|
|
|||||||
| Ohio – 3.4% |
||||||||
| Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) |
2,000 | 174,894 | ||||||
| 5.00%, 06/01/2055 |
3,000 | 2,436,912 | ||||||
| City of Chillicothe OH (Adena Health System Obligated Group) |
175 | 170,521 | ||||||
| Columbus Regional Airport Authority (Columbus Regional Airport Authority) |
10,000 | 10,142,170 | ||||||
| 5.25%, 01/01/2045 |
1,050 | 1,060,284 | ||||||
| County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health) |
1,120 | 1,111,922 | ||||||
| County of Cuyahoga OH (MetroHealth System/The) |
205 | 194,063 | ||||||
| County of Hamilton OH (Christ Hospital Obligated Group) |
1,000 | 981,525 | ||||||
| County of Marion OH (United Church Homes Obligated Group) |
100 | 71,616 | ||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Montgomery OH (Trousdale Foundation Obligated Group) |
$ | 80 | $ | 1,004 | ||||
| County of Washington OH (Marietta Area Health Care Obligated Group) |
1,000 | 1,028,375 | ||||||
| 6.75%, 12/01/2052 |
250 | 257,062 | ||||||
| Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) |
1,000 | 717,458 | ||||||
| Ohio Housing Finance Agency (Ohio Housing Finance Agency) |
1,000 | 1,179,475 | ||||||
| Port of Greater Cincinnati Development Authority (IDEA Greater Cincinnati) |
100 | 98,580 | ||||||
| Reynoldsburg City School District (Reynoldsburg City School District) |
905 | 932,891 | ||||||
| University of Toledo (University of Toledo) |
9,520 | 9,401,204 | ||||||
|
|
|
|||||||
| 29,959,956 | ||||||||
|
|
|
|||||||
| Oklahoma – 1.0% |
||||||||
| Oklahoma Development Finance Authority (OU Medicine Obligated Group) |
1,000 | 948,840 | ||||||
| Series 2022-A |
1,000 | 961,305 | ||||||
| Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) |
1,780 | 1,915,225 | ||||||
| AG Series 2025-A |
2,000 | 1,794,646 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) |
2,500 | 2,760,221 | ||||||
|
|
|
|||||||
| 8,380,237 | ||||||||
|
|
|
|||||||
| Oregon – 0.1% |
||||||||
| Clackamas County Hospital Facility Authority (Rose Villa Obligated Group) |
1,000 | 888,489 | ||||||
|
|
|
|||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other – 0.6% |
||||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML22) |
$ | 991 | $ | 998,526 | ||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML23) |
998 | 984,738 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLM) |
1,993 | 1,987,772 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) |
1,297 | 1,264,428 | ||||||
|
|
|
|||||||
| 5,235,464 | ||||||||
|
|
|
|||||||
| Pennsylvania – 4.8% |
||||||||
| Allegheny County Hospital Development Authority (UPMC Obligated Group) |
2,000 | 1,978,499 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Revenue) |
465 | 461,779 | ||||||
| Berks County Municipal Authority (The) (Tower Health Obligated Group) |
497 | 335,073 | ||||||
| 5.00%, 06/30/2039 |
1,000 | 905,622 | ||||||
| 7.00%, 06/30/2039 |
280 | 245,001 | ||||||
| 8.00%, 06/30/2034 |
110 | 111,732 | ||||||
| Series 2024-A |
100 | 104,432 | ||||||
| Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) |
1,000 | 761,508 | ||||||
| 5.00%, 07/01/2054 |
250 | 225,217 | ||||||
| Chester County Industrial Development Authority (Collegium Charter School) |
250 | 237,826 | ||||||
| Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) |
1,000 | 885,739 | ||||||
35
| Principal Amount |
U.S. $ Value | |||||||
| Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) |
$ | 2,000 | $ | 1,915,135 | ||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) |
1,000 | 941,372 | ||||||
| 5.75%, 06/30/2048 |
2,270 | 2,290,658 | ||||||
| AG Series 2022 |
1,000 | 1,021,501 | ||||||
| Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) |
760 | 760,158 | ||||||
| Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) |
100 | 99,195 | ||||||
| Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) |
3,000 | 2,981,886 | ||||||
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) |
1,000 | 887,623 | ||||||
| AG Series 2024 |
2,500 | 2,534,371 | ||||||
| Pennsylvania State University (The) (Pennsylvania State University) |
1,450 | 1,508,463 | ||||||
| Pennsylvania Turnpike Commission Registration Fee Revenue (Pennsylvania Turnpike Commission Registration Fee Revenue) |
10,000 | 9,983,327 | ||||||
| Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) |
1,000 | 946,021 | ||||||
| Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) |
10,000 | 9,921,189 | ||||||
|
|
|
|||||||
| 42,043,327 | ||||||||
|
|
|
|||||||
36
| Principal Amount |
U.S. $ Value | |||||||
| Puerto Rico – 2.2% |
||||||||
| Children’s Trust Fund (Children’s Trust Fund) |
$ | 5,000 | $ | 135,047 | ||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
768 | 420,386 | ||||||
| 0.00%, 11/01/2051 |
7,600 | 2,218,500 | ||||||
| 5.069%, 11/01/2051 |
2,429 | 1,530,522 | ||||||
| Series 2022-C |
7,479 | 4,646,523 | ||||||
| GDB Debt Recovery Authority of Puerto Rico (GDB Debt Recovery Authority of Puerto Rico) |
81 | 78,070 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
2,000 | 1,939,906 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
85 | 46,431 | ||||||
| 5.00%, 07/01/2037(d) (e) |
600 | 327,750 | ||||||
| Series 2008-W |
245 | 133,831 | ||||||
| Series 2008WW |
125 | 68,281 | ||||||
| Series 2010-A |
100 | 54,625 | ||||||
| 5.25%, 07/01/2030(d) (e) |
15 | 8,194 | ||||||
| Series 2010-C |
25 | 13,656 | ||||||
| 5.25%, 07/01/2027(d) (e) |
150 | 81,937 | ||||||
| 5.25%, 07/01/2028(d) (e) |
305 | 166,606 | ||||||
| Series 2010-X |
820 | 447,925 | ||||||
| 5.75%, 07/01/2036(d) (e) |
625 | 341,406 | ||||||
| Series 2010DDD |
15 | 8,194 | ||||||
| Series 2010ZZ |
150 | 81,938 | ||||||
| 5.25%, 07/01/2024(d) (j) |
40 | 21,850 | ||||||
| Series 2012-A |
50 | 27,313 | ||||||
| 5.00%, 07/01/2042(d) (e) |
100 | 54,625 | ||||||
| 5.05%, 07/01/2042(d) (e) |
110 | 60,088 | ||||||
37
| Principal Amount |
U.S. $ Value | |||||||
| Series 2013-A |
$ | 100 | $ | 54,625 | ||||
| 7.00%, 07/01/2040(d) (e) |
100 | 54,625 | ||||||
| AG Series 2007-V |
1,000 | 1,005,842 | ||||||
| 5.25%, 07/01/2031 |
375 | 376,026 | ||||||
| Puerto Rico Housing Finance Authority (El Mirador LLC) |
2,000 | 2,022,057 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
32 | 31,540 | ||||||
| 6.625%, 01/01/2028 |
242 | 240,415 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,000 | 1,102,473 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
12 | 11,240 | ||||||
| Zero Coupon, 07/01/2046 |
2,111 | 652,926 | ||||||
| Series 2019-A |
867 | 792,364 | ||||||
|
|
|
|||||||
| 19,257,737 | ||||||||
|
|
|
|||||||
| South Carolina – 1.7% |
||||||||
| Charleston County Airport District (Charleston County Airport District) |
1,600 | 1,632,640 | ||||||
| Columbia Housing Authority/SC (Garden Lakes Apartments) |
100 | 98,099 | ||||||
| 5.41%, 11/01/2039 |
310 | 287,118 | ||||||
| 6.28%, 11/01/2039 |
100 | 92,995 | ||||||
| Greenville Housing Authority/SC (Victor Verdae Apartments) |
1,000 | 865,030 | ||||||
| Last Step Recycling LLC (Last Step Recycling LLC) |
153 | 153,162 | ||||||
| Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group) |
1,000 | 1,057,160 | ||||||
38
| Principal Amount |
U.S. $ Value | |||||||
| South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health) |
$ | 3,000 | $ | 3,087,175 | ||||
| South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) |
565 | 566,213 | ||||||
| Series 2023-B |
210 | 200,923 | ||||||
| South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) |
100 | 11,000 | ||||||
| 6.50%, 06/01/2051(d) (e) (f) |
300 | 33,000 | ||||||
| South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) |
1,000 | 897,703 | ||||||
| 5.25%, 11/01/2044 |
2,000 | 2,044,134 | ||||||
| 5.50%, 11/01/2050 |
1,000 | 1,030,431 | ||||||
| South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments) |
410 | 282,500 | ||||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
265 | 265,229 | ||||||
| Series 2025-B |
2,000 | 2,004,948 | ||||||
|
|
|
|||||||
| 14,609,460 | ||||||||
|
|
|
|||||||
| South Dakota – 0.0% |
||||||||
| South Dakota Housing Development Authority (Schuett Spearfish LP) |
150 | 149,503 | ||||||
|
|
|
|||||||
| Tennessee – 1.7% |
||||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
1,070 | 1,010,432 | ||||||
| 5.125%, 12/01/2042(b) |
1,000 | 923,653 | ||||||
| Series 2016-B |
150 | 105,276 | ||||||
| Knox County Industrial Development Board (Tompaul Knoxville LLC) |
200 | 195,065 | ||||||
| 9.50%, 11/01/2052(f) |
415 | 396,180 | ||||||
39
| Principal Amount |
U.S. $ Value | |||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (EC Burning Tree LLC) |
$ | 1,000 | $ | 1,039,092 | ||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) |
215 | 216,205 | ||||||
| Series 2024 |
1,000 | 1,092,389 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Trousdale Foundation Obligated Group) |
108 | 1,356 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority (Metropolitan Govt of Nashville & Davidson County TN) |
1,000 | 1,013,502 | ||||||
| Metropolitan Government of Nashville & Davidson County Industrial Development Board (Nashville & Davidson County TN South Nashville Central Business Improvement Dist) |
955 | 368,159 | ||||||
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue (Metropolitan Govt of Nashville & Davidson County TN Water & Sewer Revenue) |
2,500 | 2,536,871 | ||||||
| Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) |
3,500 | 3,568,620 | ||||||
| Tennergy Corp./TN (Nomura Holdings, Inc.) |
1,000 | 1,042,200 | ||||||
| Tennessee Energy Acquisition Corp. (Goldman Sachs Group) |
1,000 | 1,030,373 | ||||||
| Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) |
200 | 150,468 | ||||||
|
|
|
|||||||
| 14,689,841 | ||||||||
|
|
|
|||||||
40
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas – 4.9% |
||||||||
| Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) |
$ | 250 | $ | 183,519 | ||||
| Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) |
500 | 499,200 | ||||||
| Arlington Higher Education Finance Corp. (Magellan School/The) |
200 | 195,231 | ||||||
| 6.375%, 06/01/2062(b) |
250 | 244,122 | ||||||
| Austin Convention Enterprises, Inc. (Austin Convention Enterprises) |
500 | 501,083 | ||||||
| Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax) |
400 | 311,157 | ||||||
| Beaumont Housing Authority (Beaumont Housing Authority) |
1,000 | 945,657 | ||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Board of Managers Joint Guadalupe County-City of Seguin Hospital) |
1,000 | 937,301 | ||||||
| Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) |
2,915 | 3,030,961 | ||||||
| Brazoria County Industrial Development Corp. (Brazoria County Industrial Development) |
469 | 351,513 | ||||||
| City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments) |
4,760 | 261,653 | ||||||
| 6.00%, 12/01/2062 |
555 | 486,713 | ||||||
| City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments) |
270 | 233,616 | ||||||
| 6.25%, 12/01/2054(b) |
100 | 83,050 | ||||||
41
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Houston TX (City of Houston TX Hotel Occupancy Tax) |
$ | 160 | $ | 160,242 | ||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
4,645 | 4,795,312 | ||||||
| Conroe Local Government Corp. (Conroe Local Govt Conroe Convention Center Hotel) |
1,000 | 845,616 | ||||||
| County of Harris TX Toll Road Revenue (County of Harris TX Toll Road Revenue) |
1,000 | 828,858 | ||||||
| Dallas County Flood Control District No. 1 (Dallas County Flood Control District No. 1) |
100 | 100,014 | ||||||
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) |
2,070 | 2,070,831 | ||||||
| Harris County Industrial Development Corp. (Energy Transfer LP) |
2,575 | 2,540,325 | ||||||
| Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) |
1,000 | 242,988 | ||||||
| Series 2022-B |
1,400 | 531,755 | ||||||
| Love Field Airport Modernization Corp. (Dallas Love Field) |
500 | 500,577 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
450 | 450,063 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) |
795 | 795,724 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park Obligated Group) |
300 | 236,444 | ||||||
| Series 2025 |
220 | 216,485 | ||||||
| 7.125%, 07/01/2056 |
100 | 97,925 | ||||||
42
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) |
$ | 100 | $ | 78,829 | ||||
| Series 2022 |
100 | 71,097 | ||||||
| 5.00%, 01/01/2057 |
200 | 155,982 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) |
1,000 | 934,127 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (SLF CHP LLC) |
1,000 | 895,092 | ||||||
| Port of Beaumont Industrial Development Authority (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
1,875 | 1,657,179 | ||||||
| Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
1,000 | 1,004,375 | ||||||
| Port of Beaumont Navigation District (Jefferson Railport Terminal II) |
300 | 272,484 | ||||||
| San Antonio Water System (San Antonio Water System) |
2,000 | 2,031,954 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) |
329 | 267,841 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Tarrant County Cultural Education Facilities Finance) |
552 | 0 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group) |
1,000 | 1,059,264 | ||||||
43
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) |
$ | 2,410 | $ | 2,420,341 | ||||
| Series 2012-C |
2,395 | 2,398,883 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) |
1,000 | 1,055,920 | ||||||
| 5.00%, 12/15/2031 |
1,000 | 1,060,997 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) |
3,000 | 3,257,709 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V |
2,000 | 2,104,900 | ||||||
|
|
|
|||||||
| 43,404,909 | ||||||||
|
|
|
|||||||
| Utah – 1.2% |
||||||||
| City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) |
2,000 | 1,985,578 | ||||||
| Series 2025-A |
1,870 | 1,970,418 | ||||||
| Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) |
1,000 | 927,786 | ||||||
| Military Installation Development Authority (Military Installation Development Auth Military Recreation Fac Project Area) |
500 | 384,519 | ||||||
| Point Phase 1 Public Infrastructure District No. 1 (Point Phase 1 Public Infrastructure District No. 1) |
1,000 | 974,938 | ||||||
| Series 2025-A |
1,655 | 1,655,913 | ||||||
| Utah Housing Corp. (Utah Housing Corp.) |
438 | 360,951 | ||||||
| Utah Infrastructure Agency (Utah Infrastructure Agency) |
1,000 | 955,446 | ||||||
| Series 2024 |
465 | 480,582 | ||||||
44
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) |
$ | 200 | $ | 203,660 | ||||
| Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) |
1,000 | 976,063 | ||||||
|
|
|
|||||||
| 10,875,854 | ||||||||
|
|
|
|||||||
| Vermont – 0.1% |
||||||||
| Vermont Economic Development Authority (Casella Waste Systems) |
500 | 503,171 | ||||||
|
|
|
|||||||
| Virginia – 1.1% |
||||||||
| Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) |
615 | 557,254 | ||||||
| Federal Home Loan Mortgage Corp. VA FEDMFH (FMMV M052) |
375 | 324,441 | ||||||
| US Bank Trust Co. NA (Park Landing LP) |
420 | 368,087 | ||||||
| Virginia College Building Authority (Marymount University) |
1,000 | 765,594 | ||||||
| Virginia College Building Authority (Washington & Lee University) |
2,000 | 1,617,621 | ||||||
| Virginia Small Business Financing Authority (95 Express Lanes LLC) |
1,000 | 808,342 | ||||||
| Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo) |
2,000 | 1,973,536 | ||||||
| Virginia Small Business Financing Authority (P3 VB Holdings LLC) |
430 | 394,626 | ||||||
| Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) |
2,000 | 2,001,251 | ||||||
45
| Principal Amount (000) |
U.S. $ Value | |||||||
| Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake) |
$ | 615 | $ | 492,000 | ||||
| 8.531% (SOFR + 5.50%), 06/01/2029(c) (d) (e) (f) |
530 | 424,000 | ||||||
|
|
|
|||||||
| 9,726,752 | ||||||||
|
|
|
|||||||
| Washington – 1.0% |
| |||||||
| Grays Harbor County Public Hospital District No. 1 (Grays Harbor County Public Hospital District No. 1) |
100 | 107,399 | ||||||
| Pend Oreille County Public Utility District No. 1 Box Canyon (Pend Oreille County Public Utility District No. 1 Box Canyon) |
280 | 280,374 | ||||||
| Port of Seattle WA (Port of Seattle WA) |
1,500 | 1,529,825 | ||||||
| Vancouver Housing Authority (Vancouver Housing Authority) |
2,140 | 2,065,871 | ||||||
| Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) |
1,245 | 1,246,762 | ||||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
1,000 | 834,510 | ||||||
| Series 2019-A |
1,000 | 850,694 | ||||||
| Washington State Housing Finance Commission (WSHFC 2021-1) |
267 | 250,645 | ||||||
| Series 2021-1, Class X |
936 | 36,504 | ||||||
| Washington State Housing Finance Commission (WSHFC 2024-1) |
1,990 | 1,830,146 | ||||||
|
|
|
|||||||
| 9,032,730 | ||||||||
|
|
|
|||||||
46
| Principal Amount (000) |
U.S. $ Value | |||||||
| West Virginia – 0.5% |
| |||||||
| City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) |
$ | 250 | $ | 195,008 | ||||
| County of Monongalia WV (Monongalia County Building Commission Development District No. 4) |
880 | 900,585 | ||||||
| Monongalia County Commission Excise Tax District (Monongalia County Commission Excise Tax District) |
510 | 104,156 | ||||||
| 7.00%, 06/01/2043(b) |
100 | 102,182 | ||||||
| Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) |
3,000 | 2,446,398 | ||||||
| West Virginia Economic Development Authority (Wyoming County Coal LLC) |
1,000 | 900,000 | ||||||
|
|
|
|||||||
| 4,648,329 | ||||||||
|
|
|
|||||||
| Wisconsin – 4.5% |
| |||||||
| KDC Agribusiness LLC (KDC Agribusiness LLC) |
284 | 0 | ||||||
| St. Croix Chippewa Indians of Wisconsin (St. Croix Chippewa Indians of Wisconsin) |
200 | 171,542 | ||||||
| Wisconsin Center District (Wisconsin Center District Ded Tax) |
200 | 183,295 | ||||||
| Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) |
1,000 | 947,738 | ||||||
| Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) |
100 | 77,537 | ||||||
| 4.00%, 01/01/2057 |
1,000 | 709,514 | ||||||
| Wisconsin Health & Educational Facilities Authority (Sanford Obligated Group) BAM |
2,500 | 2,521,286 | ||||||
47
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Health & Educational Facilities Authority (St. John’s Communities Obligated Group) |
$ | 775 | $ | 716,304 | ||||
| 4.00%, 09/15/2041 |
765 | 655,255 | ||||||
| 4.00%, 09/15/2045 |
650 | 521,666 | ||||||
| Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner) |
100 | 84,645 | ||||||
| Series 2022-A |
460 | 386,631 | ||||||
| Wisconsin Public Finance Authority (21st Century Public Academy) |
340 | 320,333 | ||||||
| Wisconsin Public Finance Authority (Absolute Awakenings) |
1,000 | 1,026,637 | ||||||
| Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) |
1,000 | 448,059 | ||||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
1,000 | 898,770 | ||||||
| Wisconsin Public Finance Authority (CFC-SA LLC) |
1,000 | 922,606 | ||||||
| 6.00%, 02/01/2062(b) |
1,000 | 1,013,216 | ||||||
| Wisconsin Public Finance Authority (Crossroads Health Project) |
1,000 | 960,134 | ||||||
| Wisconsin Public Finance Authority (FAH Tree House LLC) |
500 | 460,314 | ||||||
| 6.625%, 02/01/2046(b) |
375 | 312,466 | ||||||
| Wisconsin Public Finance Authority (Gannon University) |
1,315 | 1,223,828 | ||||||
| Wisconsin Public Finance Authority (Inperium Obligated Group) |
1,000 | 1,015,682 | ||||||
| Wisconsin Public Finance Authority (KDC Agribusiness LLC) |
600 | 0 | ||||||
| Series 2023 |
175 | 2 | ||||||
48
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (Lackland Project) |
$ | 849 | $ | 577,954 | ||||
| Wisconsin Public Finance Authority (Lehigh Valley Health Network) |
265 | 264,444 | ||||||
| 7.50%, 12/01/2052(b) |
160 | 161,138 | ||||||
| Wisconsin Public Finance Authority (McLemore Resort Manager) |
295 | 215,350 | ||||||
| Wisconsin Public Finance Authority (Montgomery County Municipal Utility District Nos 123 & 153) |
1,000 | 569,444 | ||||||
| Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) |
148 | 110,385 | ||||||
| Wisconsin Public Finance Authority (Prerefunded - US Treasuries) |
25 | 27,315 | ||||||
| Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) |
1,000 | 1,005,526 | ||||||
| Wisconsin Public Finance Authority (QCF Behavioral Hospitals I Obligated Group) |
1,000 | 1,091,054 | ||||||
| Wisconsin Public Finance Authority (Queens University of Charlotte) |
1,000 | 968,271 | ||||||
| Wisconsin Public Finance Authority (RBS Evolution LLC) |
1,000 | 1,125,620 | ||||||
| Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) |
500 | 330,348 | ||||||
| Series 2022 |
100 | 69,550 | ||||||
| Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) |
1,000 | 972,393 | ||||||
49
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) |
$ | 1,300 | $ | 1,179,154 | ||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
3,620 | 3,486,341 | ||||||
| 5.75%, 12/31/2065(i) |
4,595 | 4,380,703 | ||||||
| 6.50%, 06/30/2060(i) |
2,000 | 2,102,669 | ||||||
| 6.50%, 12/31/2065(i) |
2,000 | 2,087,362 | ||||||
| Wisconsin Public Finance Authority (Triad Math & Science Academy) |
1,000 | 969,453 | ||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
100 | 100,164 | ||||||
| 5.00%, 10/01/2027(b) |
130 | 133,021 | ||||||
| 5.00%, 10/01/2029(b) |
100 | 103,877 | ||||||
| Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) |
1,000 | 767,618 | ||||||
| Wisconsin Public Finance Authority (Waterstone Projects) |
1,000 | 984,498 | ||||||
|
|
|
|||||||
| 39,361,112 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
876,412,116 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 3.2% |
| |||||||
| California – 0.4% |
| |||||||
| City of Los Angeles CA (City of Los Angeles CA) |
2,000 | 2,048,028 | ||||||
| Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| 3,048,028 | ||||||||
|
|
|
|||||||
| Colorado – 0.1% |
| |||||||
| Colorado Educational & Cultural Facilities Authority (Jewish Federation of South Palm Beach County) |
690 | 690,000 | ||||||
|
|
|
|||||||
50
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida – 0.1% |
| |||||||
| Florida Gulf Coast University Financing Corp. (Florida Gulf Coast University Financing) |
$ | 1,000 | $ | 1,000,000 | ||||
|
|
|
|||||||
| Idaho – 0.1% |
| |||||||
| Idaho Health Facilities Authority (St. Luke’s Health System Obligated Group/ID) |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| Kentucky – 0.1% |
| |||||||
| Kentucky Economic Development Finance Authority (St. Elizabeth Community Health Support) |
935 | 935,000 | ||||||
|
|
|
|||||||
| Maryland – 0.1% |
| |||||||
| Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) |
1,060 | 1,060,000 | ||||||
|
|
|
|||||||
| Michigan – 0.2% |
| |||||||
| Grand Traverse County Hospital Finance Authority (Munson Healthcare Obligated Group) |
2,000 | 2,000,000 | ||||||
|
|
|
|||||||
| New Jersey – 0.2% |
| |||||||
| Essex County Improvement Authority (County of Essex NJ) |
2,000 | 2,029,427 | ||||||
|
|
|
|||||||
| New York – 0.4% |
| |||||||
| 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 | ||||||
| Series 2025 |
2,600 | 2,600,000 | ||||||
|
|
|
|||||||
| 3,085,000 | ||||||||
|
|
|
|||||||
| North Carolina – 0.1% |
| |||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health Obligated Group) |
1,100 | 1,100,000 | ||||||
|
|
|
|||||||
51
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other – 0.6% |
| |||||||
| Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) |
$ | 2,200 | $ | 2,200,000 | ||||
| Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) |
2,700 | 2,700,000 | ||||||
|
|
|
|||||||
| 4,900,000 | ||||||||
|
|
|
|||||||
| Pennsylvania – 0.0% |
| |||||||
| Delaware Valley Regional Finance Authority (Delaware Valley Regional Finance Authority) |
400 | 400,000 | ||||||
|
|
|
|||||||
| Rhode Island – 0.0% |
| |||||||
| Rhode Island Health & Educational Building Corp. (Bryant University) |
300 | 300,000 | ||||||
|
|
|
|||||||
| South Carolina – 0.2% |
| |||||||
| Orangeburg County School District (Orangeburg County School District) |
1,500 | 1,534,992 | ||||||
|
|
|
|||||||
| Virginia – 0.2% |
| |||||||
| Hampton Roads Sanitation District (Hampton Roads Sanitation District) |
2,000 | 2,043,012 | ||||||
|
|
|
|||||||
| Wisconsin – 0.4% |
| |||||||
| Public Finance Authority (Kaiser Obligated Group) |
3,255 | 3,255,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
28,380,459 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
904,792,575 | ||||||
|
|
|
|||||||
| CORPORATES - INVESTMENT GRADE – 0.7% |
| |||||||
| Industrial – 0.5% |
| |||||||
| Consumer Cyclical - Entertainment – 0.2% |
| |||||||
| Carnival Corp. |
400 | 388,548 | ||||||
| YMCA of Greater New York |
1,000 | 973,140 | ||||||
|
|
|
|||||||
| 1,361,688 | ||||||||
|
|
|
|||||||
52
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other Industrial – 0.3% |
| |||||||
| Trustees of Columbia University in the City of New York (The) |
$ | 3,000 | $ | 2,859,090 | ||||
|
|
|
|||||||
| 4,220,778 | ||||||||
|
|
|
|||||||
| Financial Institutions – 0.2% |
| |||||||
| Banking – 0.2% |
| |||||||
| Bank of New York Mellon Corp. (The) |
100 | 98,755 | ||||||
| Citigroup, Inc. |
1,000 | 1,039,400 | ||||||
| Fifth Third Bancorp |
100 | 99,739 | ||||||
| Huntington Bancshares, Inc./OH |
100 | 102,100 | ||||||
| Truist Financial Corp. |
100 | 98,578 | ||||||
| Wells Fargo & Co. |
100 | 98,969 | ||||||
|
|
|
|||||||
| 1,537,541 | ||||||||
|
|
|
|||||||
| Total Corporates - Investment Grade |
|
5,758,319 | ||||||
|
|
|
|||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3% |
| |||||||
| Agency CMBS – 0.3% |
| |||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
1,145 | 75,957 | ||||||
| Series 2024-ML21, Class AUS |
1,284 | 1,298,422 | ||||||
| Series 2024-ML24, Class AUS |
991 | 935,643 | ||||||
|
|
|
|||||||
| 2,310,022 | ||||||||
|
|
|
|||||||
| Non-Agency Fixed Rate CMBS – 0.0% |
| |||||||
| California Housing Finance Agency |
942 | 42,635 | ||||||
| New Hampshire Business Finance Authority |
962 | 40,930 | ||||||
53
| Principal Amount (000) |
U.S. $ Value | |||||||
| Washington State Housing Finance Commission |
$ | 1,968 | $ | 193,124 | ||||
|
|
|
|||||||
| 276,689 | ||||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities |
|
2,586,711 | ||||||
|
|
|
|||||||
| CORPORATES - NON-INVESTMENT GRADE – 0.2% |
| |||||||
| Financial Institutions – 0.0% |
| |||||||
| REITs – 0.0% |
| |||||||
| Bridgewater Castle Rock ALF LLC |
60 | 60,000 | ||||||
|
|
|
|||||||
| Industrial – 0.2% |
| |||||||
| Communications - Media – 0.1% |
| |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
309 | 266,580 | ||||||
| DISH DBS Corp. |
240 | 225,737 | ||||||
| 5.75%, 12/01/2028(b) |
250 | 223,125 | ||||||
|
|
|
|||||||
| 715,442 | ||||||||
|
|
|
|||||||
| Consumer Cyclical - Entertainment – 0.1% |
| |||||||
| Wild Rivers Water Park |
1,225 | 750,004 | ||||||
|
|
|
|||||||
| Services – 0.0% |
| |||||||
| Trousdale Issuer LLC |
161 | 1,919 | ||||||
|
|
|
|||||||
| 1,467,365 | ||||||||
|
|
|
|||||||
| Utility – 0.0% |
| |||||||
| Electric – 0.0% |
| |||||||
| Vistra Corp. |
225 | 227,101 | ||||||
|
|
|
|||||||
| Total Corporates - Non-Investment Grade |
|
1,754,466 | ||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.1% |
| |||||||
| Autos - Fixed Rate – 0.1% |
| |||||||
| Lendbuzz Securitization Trust |
656 | 664,618 | ||||||
|
|
|
|||||||
| Other ABS - Fixed Rate – 0.0% |
| |||||||
| Domino’s Pizza Master Issuer LLC |
195 | 181,383 | ||||||
|
|
|
|||||||
54
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other ABS - Floating Rate – 0.0% |
| |||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
$ | 4 | $ | 4,092 | ||||
|
|
|
|||||||
| Total Asset-Backed Securities |
|
850,093 | ||||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
| |||||||
| Risk Share Floating Rate – 0.0% |
| |||||||
| Federal National Mortgage Association Connecticut Avenue Securities |
28 | 28,900 | ||||||
| Series 2016-C02, Class 1M2 |
19 | 19,288 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations |
|
48,188 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| PREFERRED STOCKS – 0.0% |
| |||||||
| Industrials – 0.0% |
| |||||||
| Energy – 0.0% |
| |||||||
| AES Guayama
Holdings |
5,320 | 15,481 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 2.8% |
| |||||||
| Investment Companies – 2.8% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(p) (q) (r) |
24,716,032 | 24,716,032 | ||||||
|
|
|
|||||||
| Total Investments – 106.9% |
|
940,521,865 | ||||||
| Other assets less liabilities – (6.9)% |
|
(60,508,739 | ) | |||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 880,013,126 | |||||
|
|
|
|||||||
55
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at July 31, 2025 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 44, 5 Year Index, 06/20/2030* |
(5.00 | )% | Quarterly | 3.22% | USD | 11,300 | $ | (882,602 | ) | $ | (550,318 | ) | $ | (332,284 | ) | |||||||||||||
| * | Termination date |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional |
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 | $ | (144,726 | ) | $ | — | $ | (144,726 | ) | |||||||||||
| USD | 19,750 | 10/15/2029 | 2.569% | CPI# | Maturity | 105,390 | — | 105,390 | ||||||||||||||||
| USD | 19,000 | 10/15/2029 | 2.485% | CPI# | Maturity | 177,101 | — | 177,101 | ||||||||||||||||
| USD | 14,592 | 10/15/2029 | 2.516% | CPI# | Maturity | 114,525 | — | 114,525 | ||||||||||||||||
| USD | 14,579 | 10/15/2029 | 2.451% | CPI# | Maturity | 159,237 | — | 159,237 | ||||||||||||||||
| USD | 14,579 | 10/15/2029 | 2.499% | CPI# | Maturity | 126,200 | — | 126,200 | ||||||||||||||||
| USD | 22,410 | 10/15/2030 | CPI# | 2.531% | Maturity | (140,030 | ) | — | (140,030 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 397,697 | $ | — | $ | 397,697 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | 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 |
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 | $ | 168,011 | $ | — | $ | 168,011 | |||||||||||||
| USD | 16,300 | 12/03/2031 | 1 Day SOFR | 4.178% | Annual | 458,726 | — | 458,726 | ||||||||||||||||
| USD | 9,140 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | 187,628 | — | 187,628 | ||||||||||||||||
| USD | 14,900 | 03/12/2032 | 1 Day SOFR | 3.772% | Annual | 73,368 | — | 73,368 | ||||||||||||||||
| USD | 9,400 | 03/12/2032 | 1 Day SOFR | 3.789% | Annual | 55,608 | — | 55,608 | ||||||||||||||||
| USD | 8,300 | 08/15/2034 | 3.264% | 1 Day SOFR |
Annual | 429,135 | 228 | 428,907 | ||||||||||||||||
| USD | 6,700 | 08/15/2034 | 3.304% | 1 Day SOFR |
Annual | 333,020 | — | 333,020 | ||||||||||||||||
| USD | 6,120 | 08/15/2034 | 3.314% | 1 Day SOFR |
Annual | 283,066 | — | 283,066 | ||||||||||||||||
| USD | 6,000 | 08/15/2034 | 3.446% | 1 Day SOFR |
Annual | 218,327 | — | 218,327 | ||||||||||||||||
| USD | 3,000 | 08/15/2034 | 3.187% | 1 Day SOFR |
Annual | 173,324 | — | 173,324 | ||||||||||||||||
| USD | 21,500 | 02/15/2035 | 3.838% | 1 Day SOFR |
Annual | (10,817 | ) | (6,016 | ) | (4,801 | ) | |||||||||||||
| USD | 12,300 | 02/15/2035 | 3.747% | 1 Day SOFR |
Annual | 85,393 | (2,984 | ) | 88,377 | |||||||||||||||
| USD | 12,110 | 02/15/2035 | 3.923% | 1 Day SOFR |
Annual | (89,283 | ) | — | (89,283 | ) | ||||||||||||||
| USD | 10,500 | 02/15/2035 | 3.771% | 1 Day SOFR |
Annual | 50,710 | — | 50,710 | ||||||||||||||||
| USD | 3,800 | 02/15/2035 | 3.603% | 1 Day SOFR |
Annual | 71,348 | (284 | ) | 71,632 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 2,487,564 | $ | (9,056 | ) | $ | 2,496,620 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
56
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional |
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 | 1,500 | 03/12/2026 | MMD 10 Year^ |
3.350% | Maturity | $ | (28,912 | ) | $ | — | $ | (28,912 | ) | ||||||||||||||
| Bank of America NA | USD | 1,500 | 05/06/2026 | MMD 10 Year^ |
3.660% | Maturity | 9,559 | — | 9,559 | |||||||||||||||||||
| Bank of America NA | USD | 2,000 | 06/25/2026 | MMD 10 Year^ |
3.570% | Maturity | (12,781 | ) | — | (12,781 | ) | |||||||||||||||||
| Citibank NA | USD | 2,220 | 10/09/2029 | 1.125% | 1 Week SIFMA* |
Quarterly | 140,747 | — | 140,747 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 2,000 | 03/16/2026 | MMD 10 Year^ |
3.460% | Maturity | (18,119 | ) | — | (18,119 | ) | |||||||||||||||||
| JPMorgan Chase Bank NA | USD | 1,500 | 04/23/2026 | MMD 10 Year^ |
3.840% | Maturity | 37,344 | — | 37,344 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 1,000 | 06/04/2026 | MMD 10 Year^ |
3.690% | Maturity | 6,890 | — | 6,890 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 08/29/2025 | MMD 10 Year^ |
3.040% | Maturity | (57,891 | ) | — | (57,891 | ) | |||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 10/23/2025 | MMD 10 Year^ |
3.240% | Maturity | (25,787 | ) | — | (25,787 | ) | |||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 2,000 | 12/19/2025 | MMD 10 Year^ |
3.300% | Maturity | (29,285 | ) | — | (29,285 | ) | |||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 1,500 | 03/12/2026 | MMD 10 Year^ |
3.350% | Maturity | (28,912 | ) | — | (28,912 | ) | |||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 3,000 | 03/26/2026 | MMD 10 Year^ |
3.640% | Maturity | 23,441 | — | 23,441 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 5,000 | 04/13/2026 | MMD 10 Year^ |
3.890% | Maturity | 152,139 | — | 152,139 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 1,500 | 05/29/2026 | MMD 10 Year^ |
3.660% | Maturity | 6,726 | — | 6,726 | |||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 1,500 | 07/13/2026 | MMD 5 Year^ |
2.930% | Maturity | 2,365 | — | 2,365 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $ | 177,524 | $ | — | $ | 177,524 | |||||||||||||||||||||||
|
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|
|
|
|
|
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| ^ | 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 July 31, 2025, the aggregate market value of these securities amounted to $194,405,527 or 22.1% of net assets. |
| (c) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2025. |
| (d) | Non-income producing security. |
| (e) | Defaulted. |
57
| (f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 2.18% of net assets as of July 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 |
07/18/2023-07/01/2025 | $ | 2,222,189 | $ | 2,087,662 | 0.24% | ||||||
| Arizona Industrial Development Authority |
08/12/2020-07/20/2022 | 1,101,588 | 30,600 | 0.00% | ||||||||
| Brazoria County Industrial Development Corp. |
06/08/2022 | 459,336 | 351,513 | 0.04% | ||||||||
| County of Montgomery OH |
04/07/2020 | 41,774 | 1,004 | 0.00% | ||||||||
| Douglas County Housing Partnership |
01/14/2021 | 246,505 | 187,500 | 0.02% | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
07/14/2021-03/07/2025 | 154,741 | 105,750 | 0.01% | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
07/14/2021 | 101,532 | 47,000 | 0.01% | ||||||||
| Illinois Housing Development Authority |
10/19/2022 | 955,000 | 903,404 | 0.10% | ||||||||
| Indiana Finance Authority |
03/29/2019-06/09/2022 | 941,757 | 53,500 | 0.01% | ||||||||
| Indiana Finance Authority |
06/24/2024 | 9,825,000 | 9,809,156 | 1.11% | ||||||||
| Knox County Industrial Development Board |
11/25/2022 | 200,000 | 195,065 | 0.02% | ||||||||
| Knox County Industrial Development Board |
11/25/2022-06/13/2025 | 414,625 | 396,180 | 0.05% | ||||||||
| Last Step Recycling LLC |
03/26/2025-06/23/2025 | 153,162 | 153,162 | 0.02% | ||||||||
58
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs
Bd |
08/29/2018 | $ | 107,716 | $ | 1,356 | 0.00% | ||||||
| Mississippi Business Finance Corp. |
12/13/2022 | 494,687 | 340,000 | 0.04% | ||||||||
| New Hope Cultural Education Facilities Finance Corp. |
02/03/2023 | 795,000 | 795,724 | 0.09% | ||||||||
| South Carolina Jobs-Economic Development Authority |
07/20/2022 | 84,555 | 11,000 | 0.00% | ||||||||
| South Carolina Jobs-Economic Development Authority |
06/16/2021-10/20/2022 | 269,304 | 33,000 | 0.00% | ||||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 615,000 | 492,000 | 0.06% | ||||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 530,000 | 424,000 | 0.05% | ||||||||
| West Virginia Economic Development Authority |
05/31/2023 | 1,000,000 | 900,000 | 0.10% | ||||||||
| Wisconsin Public Finance Authority |
08/03/2021 | 1,000,000 | 898,770 | 0.10% | ||||||||
| Wisconsin Public Finance Authority |
07/10/2023 | 1,000,000 | 960,134 | 0.11% | ||||||||
| Wisconsin Public Finance Authority |
11/10/2022 | 600,000 | 0 | 0.00% | ||||||||
| Wisconsin Public Finance Authority |
03/16/2023 | 175,000 | 2 | 0.00% | ||||||||
59
| (g) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2025. |
| (h) | IO - Interest Only. |
| (i) | When-Issued or delayed delivery security. |
| (j) | Defaulted matured security. |
| (k) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (l) | Fair valued by the Adviser. |
| (m) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at July 31, 2025. |
| (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 July 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,479,592 and gross unrealized depreciation of investments was $(36,385,422), resulting in net unrealized depreciation of $(26,905,830). |
| As of July 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 6.3% and 0.0%, respectively. |
Glossary:
ABS – Asset-Backed Securities
AG – Assured Guaranty Inc.
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CCRC – Congregate Care Retirement Center
CDX-NAHY – North American High Yield Credit Default Swap Index
CHF – Collegiate Housing Foundation
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
OSF – Order of St. Francis
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
60
AB Tax-Aware Fixed Income Opportunities Portfolio
July 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.
61
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 July 31, 2025:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
| |||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 876,256,592 | $ | 155,524 | (a) | $ | 876,412,116 | |||||||
| Short-Term Municipal Notes | — | 28,380,459 | — | 28,380,459 | ||||||||||||
| Corporates - Investment Grade | — | 5,758,319 | — | 5,758,319 | ||||||||||||
| Commercial Mortgage-Backed Securities | — | 2,586,711 | — | 2,586,711 | ||||||||||||
| Corporates - Non-Investment Grade | — | 1,002,543 | 751,923 | 1,754,466 | ||||||||||||
| Asset-Backed Securities | — | 846,001 | 4,092 | 850,093 | ||||||||||||
| Collateralized Mortgage Obligations | — | 48,188 | — | 48,188 | ||||||||||||
| Preferred Stocks | — | — | 15,481 | 15,481 | ||||||||||||
| Short-Term Investments | 24,716,032 | — | — | 24,716,032 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 24,716,032 | 914,878,813 | 927,020 | (a) | 940,521,865 | |||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Assets: |
| |||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | 682,453 | — | 682,453 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 2,587,664 | — | 2,587,664 | ||||||||||||
| Interest Rate Swaps | — | 379,211 | — | 379,211 | ||||||||||||
| Liabilities: |
| |||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (882,602 | ) | — | (882,602 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (284,756 | ) | — | (284,756 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (100,100 | ) | — | (100,100 | ) | ||||||||||
| Interest Rate Swaps | — | (201,687 | ) | — | (201,687 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 24,716,032 | $ | 917,058,996 | $ | 927,020 | (a) | $ | 942,702,048 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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. |
62
A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2025 is as follows:
| Fund | Market Value 10/31/2024 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 07/31/2025 (000) |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 1,670 | $ | 275,528 | $ | 252,482 | $ | 24,716 | $ | 386 | ||||||||||
63