AB Tax-Aware Fixed Income Opportunities Portfolio
January 31, 2024 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS – 102.1% | ||||||||
Long-Term Municipal Bonds – 91.3% | ||||||||
Alabama – 6.2% | ||||||||
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) | $ | 2,000 | $ | 2,142,076 | ||||
Series 2023-D | 10,000 | 10,017,003 | ||||||
Series 2022-F | 2,000 | 2,128,636 | ||||||
Black Belt Energy Gas District (Nomura Holdings, Inc.) | 970,318 | |||||||
County of Jefferson AL Sewer Revenue | 2,000 | 2,213,440 | ||||||
Southeast Alabama Gas Supply District/The (Pacific Mutual Holding Co.) | 2,000 | 2,135,354 | ||||||
Southeast Energy Authority A Cooperative District (Morgan Stanley) | 1,000 | 1,084,105 | ||||||
5.984% (SOFR + 2.42%), 01/01/2053(a) | 2,000 | 2,064,139 | ||||||
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) | 10,000 | 10,614,415 | ||||||
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) | 1,000 | 1,066,611 | ||||||
|
| |||||||
34,436,097 | ||||||||
|
| |||||||
Alaska – 0.4% | ||||||||
Alaska Housing Finance Corp. (Pre-refunded - Others) | 2,000 | 2,017,521 | ||||||
|
| |||||||
American Samoa – 0.0% | ||||||||
American Samoa Economic Development Authority (Territory of American Samoa) | 135 | 148,321 | ||||||
|
| |||||||
Arizona – 1.6% | ||||||||
Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) | 1,000 | 862,517 |
1
Principal Amount (000) | U.S. $ Value | |||||||
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) | $ | 1,000 | $ | 845,355 | ||||
Arizona Industrial Development Authority (Legacy Cares, Inc.) | 1,000 | 60,000 | ||||||
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) | 100 | 77,483 | ||||||
Chandler Industrial Development Authority (Intel Corp.) | 2,000 | 2,069,366 | ||||||
City of Glendale AZ (City of Glendale AZ COP) | 1,000 | 870,149 | ||||||
City of Tempe AZ (City of Tempe AZ COP) | 1,000 | 776,213 | ||||||
Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) | 100 | 98,421 | ||||||
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) | 250 | 258,151 | ||||||
7.00%, 11/15/2057(c) | 250 | 257,560 | ||||||
Maricopa County Industrial Development Authority (Commercial Metals Co.) | 600 | 532,454 | ||||||
Salt Verde Financial Corp. (Citigroup, Inc.) | 2,000 | 2,138,333 | ||||||
|
| |||||||
8,846,002 | ||||||||
|
| |||||||
Arkansas – 0.3% | ||||||||
Arkansas Development Finance Authority (Hybar LLC) | 1,300 | 1,398,990 | ||||||
Arkansas Development Finance Authority (United States Steel Corp.) | 200 |
| 202,969 |
| ||||
|
| |||||||
1,601,959 | ||||||||
|
|
2
Principal Amount (000) | U.S. $ Value | |||||||
California – 11.0% | ||||||||
Alameda Corridor Transportation Authority | $ | 1,000 | $ | 538,618 | ||||
AGM Series 2024-C | 1,000 | 234,823 | ||||||
ARC70 II TRUST | 300 | 254,909 | ||||||
Series 2023 | 1,974 | 1,995,992 | ||||||
California Community Choice Financing Authority (American International Group, Inc.) | 2,000 | 2,139,432 | ||||||
California Community Choice Financing Authority (Deutsche Bank AG) | 4,445 | 4,699,157 | ||||||
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) | 1,000 | 1,056,254 | ||||||
California Community Choice Financing Authority (Morgan Stanley) | 10,000 | 10,593,005 | ||||||
5.194% (SOFR + 1.63%), 07/01/2053(a) | 2,000 | 1,989,261 | ||||||
California Community Housing Agency (California Community Housing Agency Aster Apartments) | 1,000 | 848,224 | ||||||
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) | 250 | 206,841 | ||||||
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) | 500 | 343,852 | ||||||
4.00%, 08/01/2046(c) | 500 | 426,293 | ||||||
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) | 1,000 | 662,845 | ||||||
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) | 2,500 | 144,442 | ||||||
5.50%, 02/01/2040(c) | 1,000 | 931,524 |
3
Principal Amount (000) | U.S. $ Value | |||||||
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) | $ | 2,550 | $ | 2,550,219 | ||||
California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) | 995 | 50,146 | ||||||
California Municipal Finance Authority (CHF-Riverside II LLC) | 250 | 262,181 | ||||||
California Municipal Finance Authority (Samuel Merritt University) | 1,000 | 1,083,069 | ||||||
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) | 250 | 250,090 | ||||||
Series 2023 | 1,250 | 1,348,231 | ||||||
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) | 1,000 | 1,017,814 | ||||||
California School Finance Authority (Classical Academy Obligated Group) | 1,000 | 973,943 | ||||||
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) | 1,000 | 1,107,248 | ||||||
California Statewide Communities Development Authority (Loma Linda University Medical Center) | 1,000 | 1,006,316 | ||||||
City of Los Angeles Department of Airports | 1,000 | 1,076,408 | ||||||
Series 2022 | 2,000 | 2,166,086 | ||||||
CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) | 400 | 305,189 | ||||||
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) | 500 | 340,725 |
4
Principal Amount (000) | U.S. $ Value | |||||||
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) | $ | 1,000 | $ | 850,109 | ||||
CMFA Special Finance Agency VIII Elan Huntington Beach | 1,000 | 661,330 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) | 500 | 338,215 | ||||||
4.00%, 05/01/2057(c) | 350 | 244,320 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) | 500 | 347,538 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) | 400 | 335,919 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) | 200 | 149,143 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) | 500 | 413,561 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) | 500 | 338,596 | ||||||
4.00%, 07/01/2058(c) | 200 | 133,772 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) | 200 | 148,023 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) | 300 | 200,601 |
5
Principal Amount (000) | U.S. $ Value | |||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) | $ | 1,000 | $ | 685,132 | ||||
4.00%, 12/01/2056(c) | 400 | 289,352 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) | 1,000 | 730,229 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) | 1,000 | 671,706 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) | 1,000 | 686,527 | ||||||
Golden State Tobacco Securitization Corp. | 895 | 824,492 | ||||||
Series 2021-B | 2,500 | 289,308 | ||||||
Hastings Campus Housing Finance Authority | 1,000 | 854,144 | ||||||
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No. 2003-1) | 1,000 | 1,023,393 | ||||||
San Diego Unified School District/CA | 1,000 | 1,002,668 | ||||||
San Francisco Intl Airport | 1,000 | 1,041,310 | ||||||
Series 2023-E | 1,315 | 1,498,209 | ||||||
State of California | 5,000 | 5,785,004 | ||||||
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) | 200 | 34,088 | ||||||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.) | 1,000 | 212,845 | ||||||
|
| |||||||
60,392,671 | ||||||||
|
|
6
Principal Amount (000) | U.S. $ Value | |||||||
Colorado – 1.4% | ||||||||
Aurora Highlands Community Authority Board | $ | 500 | $ | 463,486 | ||||
Centerra Metropolitan District No. 1 | 500 | 510,892 | ||||||
City & County of Denver CO (United Airlines, Inc.) | 615 | 614,968 | ||||||
Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) | 1,000 | 1,002,283 | ||||||
Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) | 1,000 | 773,377 | ||||||
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) | 100 | 65,013 | ||||||
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) | 250 | 212,953 | ||||||
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) | 100 | 87,876 | ||||||
Colorado Health Facilities Authority (Parkview Medical Center, Inc. Obligated Group) | 200 | 206,389 | ||||||
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) | 250 | 188,020 | ||||||
E-470 Public Highway Authority | 1,000 | 997,690 | ||||||
Four Corners Business Improvement District | 500 | 470,421 | ||||||
Johnstown Plaza Metropolitan District | 564 | 468,492 | ||||||
Platte River Metropolitan District | 250 | 257,439 |
7
Principal Amount (000) | U.S. $ Value | |||||||
Pueblo Urban Renewal Authority | $ | 260 | $ | 209,885 | ||||
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) | 500 | 518,518 | ||||||
Vauxmont Metropolitan District | 380 | 397,342 | ||||||
AGM Series | 100 | 104,929 | ||||||
|
| |||||||
7,549,973 | ||||||||
|
| |||||||
Connecticut – 0.5% | ||||||||
City of New Haven CT | 615 | 660,691 | ||||||
Connecticut State Health & Educational Facilities Authority (Yale University) | 2,200 | 2,189,477 | ||||||
Town of Hamden CT (Whitney Center, Inc. Obligated Group) | 100 | 103,609 | ||||||
|
| |||||||
2,953,777 | ||||||||
|
| |||||||
District of Columbia – 1.2% | ||||||||
District of Columbia Income Tax Revenue | 3,500 | 4,151,185 | ||||||
District of Columbia Tobacco Settlement Financing Corp. | 2,500 | 262,930 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue | 2,000 | 2,002,308 | ||||||
|
| |||||||
6,416,423 | ||||||||
|
| |||||||
Florida – 4.4% | ||||||||
Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) | 1,000 | 878,375 | ||||||
Bexley Community Development District | 100 | 93,758 | ||||||
Capital Trust Agency, Inc. (Educational Growth Fund LLC) | 2,000 | 132,559 | ||||||
5.00%, 07/01/2056(c) | 1,090 | 974,795 |
8
Principal Amount (000) | U.S. $ Value | |||||||
City of Palmetto FL (Renaissance Arts and Education, Inc.) | $ | 1,000 | $ | 1,029,000 | ||||
City of Tampa FL (State of Florida Cigarette Tax Revenue) | 1,000 | 242,480 | ||||||
County of Lake FL (Waterman Communities, Inc.) | 200 | 180,972 | ||||||
County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) | 780 | 795,114 | ||||||
County of Miami-Dade FL Aviation Revenue | 265 | 269,491 | ||||||
County of Osceola FL Transportation Revenue | 230 | 129,326 | ||||||
County of Palm Beach FL (Provident Group-PBAU Properties LLC) | 1,000 | 956,993 | ||||||
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) | 3,000 | 3,334,104 | ||||||
Escambia County Housing Finance Authority (4900 S. Rio Grande Avenue LP) | 100 | 107,735 | ||||||
Series 2023-B | 275 | 281,760 | ||||||
Florida Development Finance Corp. (Assistance Unlimited, Inc.) | 350 | 337,766 | ||||||
Florida Development Finance Corp. (Brightline Trains Florida LLC) | 695 | 706,067 | ||||||
Florida Development Finance Corp. (Cornerstone Charter Academy, Inc. Obligated Group) | 1,000 | 960,068 | ||||||
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) | 100 | 83,334 |
9
Principal Amount (000) | U.S. $ Value | |||||||
Florida Development Finance Corp. (IDEA Florida, Inc.) | $ | 100 | $ | 101,690 | ||||
Florida Development Finance Corp. (Mater Academy, Inc.) | 1,000 | 974,234 | ||||||
Florida Development Finance Corp. (Seaside School Consortium, Inc.) | 1,000 | 1,060,724 | ||||||
Hillsborough County Aviation Authority | 1,765 | 1,781,679 | ||||||
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) | 500 | 426,032 | ||||||
Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) | 1,000 | 959,090 | ||||||
North Broward Hospital District | 100 | 104,734 | ||||||
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) | 250 | 228,267 | ||||||
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) | 1,000 | 919,586 | ||||||
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) | 200 | 153,765 | ||||||
Palm Beach County Health Facilities Authority (Green Cay Life Plan Village, Inc.) | 100 | 114,772 | ||||||
Pinellas County Industrial Development Authority | 1,000 | 1,005,134 | ||||||
School Board of Miami-Dade County (The) | 3,000 | 3,018,260 | ||||||
Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) | 605 | 523,716 |
10
Principal Amount (000) | U.S. $ Value | |||||||
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 | $ | 100 | $ | 101,436 | ||||
West Palm Beach Community Redevelopment Agency (West Palm Beach Community Redevelopment Agency City Center Community Redev Area) | 1,160 | 1,161,501 | ||||||
|
| |||||||
24,128,317 | ||||||||
|
| |||||||
Georgia – 4.6% | ||||||||
Augusta Development Authority (WellStar Health System Obligated Group) | 145 | 147,477 | ||||||
5.00%, 07/01/2031 | 1,065 | 1,139,380 | ||||||
DeKalb County Housing Authority (HADC Avenues LLC) | 1,000 | 1,005,712 | ||||||
7.00%, 06/01/2041(c) | 230 | 231,264 | ||||||
Main Street Natural Gas, Inc. (Citadel LP) | 1,000 | 965,325 | ||||||
Main Street Natural Gas, Inc. (Citigroup, Inc.) | 3,215 | 3,234,272 | ||||||
Series 2023-A | 3,000 | 3,170,440 | ||||||
Main Street Natural Gas, Inc. (Royal Bank of Canada) | 2,000 | 2,008,651 | ||||||
Series 2023-B | 1,000 | 1,060,251 | ||||||
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) | 2,000 | 2,003,237 | ||||||
Municipal Electric Authority of Georgia | 100 | 105,059 | ||||||
5.00%, 01/01/2049 | 2,000 | 2,043,165 | ||||||
Series 2022 | 1,500 | 1,589,338 | ||||||
AGM Series 2023 | 1,000 | 1,046,334 | ||||||
Private Colleges & Universities Authority (Emory University) | 5,000 | 5,887,180 | ||||||
|
| |||||||
25,637,085 | ||||||||
|
|
11
Principal Amount (000) | U.S. $ Value | |||||||
Guam – 0.5% | ||||||||
Antonio B Won Pat International Airport Authority | $ | 1,000 | $ | 771,716 | ||||
Guam Power Authority | 500 | 523,459 | ||||||
Territory of Guam | 175 | 181,938 | ||||||
Territory of Guam (Guam Section 30 Income Tax) | 200 | 197,910 | ||||||
Territory of Guam (Territory of Guam Business Privilege Tax) | 1,000 | 1,064,889 | ||||||
|
| |||||||
2,739,912 | ||||||||
|
| |||||||
Idaho – 0.2% | ||||||||
Idaho Health Facilities Authority (North Canyon Medical Center, Inc.) | 1,000 | 1,055,073 | ||||||
|
| |||||||
Illinois – 5.3% | ||||||||
Chicago Board of Education | 240 | 239,693 | ||||||
Series 2012-B | 1,000 | 1,000,000 | ||||||
Series 2019-A | 100 | 105,446 | ||||||
5.00%, 12/01/2030 | 100 | 104,743 | ||||||
Series 2019-B | 100 | 104,397 | ||||||
Series 2021-A | 1,000 | 1,054,724 | ||||||
Series 2023 | 2,000 | 2,176,160 | ||||||
5.50%, 04/01/2042 | 1,000 | 1,110,028 | ||||||
Chicago O’Hare International Airport | 335 | 338,106 | ||||||
County of Cook IL | 1,000 | 1,015,003 | ||||||
Illinois Finance Authority (DePaul College Prep) | 1,000 | 1,024,007 | ||||||
Illinois Finance Authority (Illinois Institute of Technology) | 100 | 88,534 | ||||||
Illinois Finance Authority (Lake Forest College) | 1,000 | 1,034,922 | ||||||
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) | 77 | 42,312 |
12
Principal Amount (000) | U.S. $ Value | |||||||
Illinois Finance Authority (Silver Cross Hospital Obligated Group) | $ | 250 | $ | 254,601 | ||||
Illinois Housing Development Authority | 1,000 | 1,001,310 | ||||||
7.17%, 11/01/2038 | 100 | 102,314 | ||||||
Illinois State Toll Highway Authority | 1,000 | 1,205,614 | ||||||
Metropolitan Pier & Exposition Authority | 600 | 607,616 | ||||||
Series 2017 | 1,000 | 742,176 | ||||||
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority Lease) | 640 | 676,931 | ||||||
State of Illinois | 214 | 233,532 | ||||||
Series 2016 | 375 | 375,000 | ||||||
Series 2017-D | 930 | 975,349 | ||||||
Series 2018-A | 1,000 | 1,064,436 | ||||||
Series 2022-A | 1,000 | 1,102,583 | ||||||
Series 2022-C | 1,000 | 1,114,241 | ||||||
Series 2023-B | 6,000 | 6,803,548 | ||||||
Series 2023-D | 1,690 | 1,700,429 | ||||||
State of Illinois Sales Tax Revenue | 1,000 | 1,024,431 | ||||||
Series 2024-A | 1,000 | 1,023,794 | ||||||
|
| |||||||
29,445,980 | ||||||||
|
| |||||||
Indiana – 1.9% | ||||||||
City of Valparaiso IN (Green Oaks of Valparaiso LLC) | 150 | 117,194 | ||||||
City of Whiting IN (BP PLC) | 1,000 | 1,021,913 | ||||||
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) | 1,110 | 834,491 |
13
Principal Amount (000) | U.S. $ Value | |||||||
Indiana Finance Authority (CWA Authority, Inc.) | $ | 1,000 | $ | 1,082,148 | ||||
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) | 100 | 102,950 | ||||||
Indiana Finance Authority (Greencroft Goshen Obligated Group) | 1,000 | 798,761 | ||||||
Series 2023-2 | 100 | 87,035 | ||||||
Indiana Finance Authority (Marquette Manor) | 190 | 190,626 | ||||||
Indiana Finance Authority (Ohio Valley Electric Corp.) | 165 | 149,149 | ||||||
Indiana Finance Authority (University of Evansville) | 1,000 | 978,880 | ||||||
Indiana Housing & Community Development Authority (Vita of Marion LLC) | 1,000 | 800,254 | ||||||
Series 2021-B | 100 | 99,558 | ||||||
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) | 330 | 359,852 | ||||||
6.00%, 03/01/2053 | 250 | 270,187 | ||||||
Series 2023-F | 250 | 265,068 | ||||||
BAM Series 2023 | 3,000 | 3,236,523 | ||||||
|
| |||||||
10,394,589 | ||||||||
|
| |||||||
Iowa – 1.1% | ||||||||
Iowa Finance Authority | 5,000 | 4,961,716 | ||||||
Iowa Finance Authority (Lifespace Communities, Inc. Obligated Group) | 500 | 408,676 |
14
Principal Amount (000) | U.S. $ Value | |||||||
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) | $ | 100 | $ | 91,992 | ||||
4.00%, 12/01/2041 | 170 | 136,103 | ||||||
4.00%, 12/01/2046 | 115 | 87,068 | ||||||
4.00%, 12/01/2051 | 205 | 149,620 | ||||||
|
| |||||||
5,835,175 | ||||||||
|
| |||||||
Kansas – 0.1% | ||||||||
City of Overland Park KS Sales Tax Revenue | 100 | 104,900 | ||||||
6.50%, 11/15/2042(c) | 300 | 309,570 | ||||||
|
| |||||||
414,470 | ||||||||
|
| |||||||
Kentucky – 0.9% | ||||||||
City of Ashland KY (Royal Blue Health LLC Obligated Group) | 385 | 388,794 | ||||||
City of Henderson KY (Pratt Paper LLC) | 295 | 284,762 | ||||||
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) | 175 | 181,459 | ||||||
Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) | 1,000 | 996,607 | ||||||
Kentucky Economic Development Finance Authority (CommonSpirit Health) | 160 | 157,771 | ||||||
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) | 65 | 52,196 | ||||||
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) | 425 | 434,278 | ||||||
Kentucky Housing Corp. (Churchill Park LLLP) | 130 | 129,804 | ||||||
5.75%, 11/01/2040(c) | 600 | 604,837 | ||||||
Series 2022-B | 100 | 100,767 |
15
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky Public Energy Authority (BP PLC) | $ | 1,000 | $ | 1,001,085 | ||||
Series 2020-A | 600 | 600,860 | ||||||
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) | 225 | 233,563 | ||||||
|
| |||||||
5,166,783 | ||||||||
|
| |||||||
Louisiana – 3.2% | ||||||||
City of New Orleans LA Water System Revenue (Pre-refunded - US Govt Agencies) | 100 | 101,583 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth (American BioCarbon CT LLC) | 10,000 | 10,002,015 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) | 1,000 | 1,031,125 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) | 675 | 704,190 | ||||||
Louisiana Public Facilities Authority (ElementUS Minerals LLC) | 2,000 | 2,031,228 | ||||||
Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) | 1,025 | 1,039,072 | ||||||
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) | 250 | 2 | ||||||
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) | 1,335 | 1,365,006 | ||||||
New Orleans Aviation Board | 215 | 218,345 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue | 990 | 969,092 | ||||||
|
| |||||||
17,461,658 | ||||||||
|
|
16
Principal Amount (000) | U.S. $ Value | |||||||
Maine – 0.0% | ||||||||
Finance Authority of Maine (Casella Waste Systems, Inc.) | $ | 100 | $ | 100,287 | ||||
|
| |||||||
Maryland – 1.3% | ||||||||
Maryland Economic Development Corp. (Air Cargo Obligated Group) | 600 | 545,584 | ||||||
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) | 1,000 | 1,095,522 | ||||||
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) | 1,000 | 1,026,277 | ||||||
Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) | 500 | 522,933 | ||||||
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) | 1,500 | 1,736,111 | ||||||
State of Maryland | 1,000 | 1,032,325 | ||||||
State of Maryland Department of Transportation | 1,000 | 1,033,044 | ||||||
|
| |||||||
6,991,796 | ||||||||
|
| |||||||
Massachusetts – 0.7% | ||||||||
Commonwealth of Massachusetts | 1,000 | 1,156,835 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | 2,000 | 2,205,930 | ||||||
Massachusetts Development Finance Agency (Merrimack College) | 620 | 621,131 | ||||||
|
| |||||||
3,983,896 | ||||||||
|
|
17
Principal Amount (000) | U.S. $ Value | |||||||
Michigan – 1.9% | ||||||||
City of Detroit MI | $ | 245 | $ | 184,729 | ||||
Series 2018 | 75 | 76,981 | ||||||
Series 2021-A | 2,000 | 2,041,218 | ||||||
Series 2021-B | 200 | 159,240 | ||||||
Series 2023-A | 1,000 | 1,029,068 | ||||||
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM | 1,000 | 952,208 | ||||||
Michigan Finance Authority (City of Detroit MI Income Tax) | 1,010 | 1,011,995 | ||||||
Michigan Finance Authority (Corewell Health Obligated Group) | 1,000 | 1,006,381 | ||||||
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) | 1,000 | 916,940 | ||||||
Michigan Finance Authority (Trinity Health Corp.) | 1,000 | 1,014,176 | ||||||
Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) AGM | 1,610 | 1,637,655 | ||||||
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) | 7,750 | 334,848 | ||||||
|
| |||||||
10,365,439 | ||||||||
|
| |||||||
Minnesota – 0.6% | ||||||||
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) | 1,000 | 1,022,172 | ||||||
City of Columbus MN (Adalyn Avenue LLLP) | 1,000 | 1,006,547 | ||||||
Dakota County Community Development Agency (Rosemont AH I LLLP) | 215 | 215,160 | ||||||
5.66%, 07/01/2041(c) | 585 | 587,509 |
18
Principal Amount (000) | U.S. $ Value | |||||||
Duluth Economic Development Authority (Benedictine Health System Obligated Group) | $ | 100 | $ | 85,016 | ||||
4.00%, 07/01/2041 | 100 | 78,569 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) | 100 | 67,466 | ||||||
4.00%, 06/01/2056(c) | 100 | 65,102 | ||||||
|
| |||||||
3,127,541 | ||||||||
|
| |||||||
Mississippi – 0.3% | ||||||||
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) | 500 | 493,995 | ||||||
Mississippi Development Bank (Magnolia Regional Health Center) | 1,000 | 946,737 | ||||||
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) | 250 | 256,015 | ||||||
|
| |||||||
1,696,747 | ||||||||
|
| |||||||
Missouri – 0.3% | ||||||||
Kansas City Industrial Development Authority | 170 | 153,409 | ||||||
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) | 300 | 244,207 | ||||||
Missouri Highway & Transportation Commission | 1,000 | 1,036,432 | ||||||
Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) | 100 | 100,351 | ||||||
|
| |||||||
1,534,399 | ||||||||
|
| |||||||
Nebraska – 0.2% | ||||||||
Central Plains Energy Project (Bank of Montreal) | 1,000 | 1,056,686 | ||||||
|
|
19
Principal Amount (000) | U.S. $ Value | |||||||
Nevada – 0.4% | ||||||||
City of Reno NV (County of Washoe NV Sales Tax Revenue) | $ | 2,000 | $ | 264,868 | ||||
City of Sparks NV (City of Sparks NV Sales Tax) | 415 | 394,788 | ||||||
State of Nevada | 1,000 | 1,023,551 | ||||||
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) | 770 | 779,753 | ||||||
|
| |||||||
2,462,960 | ||||||||
|
| |||||||
New Jersey – 4.1% | ||||||||
Essex County Improvement Authority (Friends of TEAM Academy Charter School Obligated Group) | 1,100 | 985,930 | ||||||
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) | 1,000 | 1,028,351 | ||||||
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) | 1,000 | 1,003,757 | ||||||
New Jersey Economic Development Authority (State of New Jersey) | 1,000 | 1,042,456 | ||||||
5.00%, 06/15/2034(h) | 2,000 | 2,347,477 | ||||||
New Jersey Economic Development Authority (United Airlines, Inc.) | 210 | 210,406 | ||||||
New Jersey Educational Facilities Authority (Stevens Institute of Technology International, Inc.) | 100 | 103,355 | ||||||
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) | 280 | 293,657 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) | 550 | 574,147 | ||||||
Series 2018-A | 1,085 | 1,091,689 |
20
Principal Amount (000) | U.S. $ Value | |||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) | $ | 3,000 | $ | 3,019,817 | ||||
Series 2018-A | 1,975 | 2,006,811 | ||||||
5.00%, 12/15/2035 | 340 | 367,129 | ||||||
Series 2023-B | 1,250 | 1,414,666 | ||||||
New Jersey Turnpike Authority | 540 | 585,526 | ||||||
South Jersey Transportation Authority | 1,000 | 1,085,673 | ||||||
State of New Jersey | 2,000 | 2,053,530 | ||||||
Tobacco Settlement Financing Corp./NJ | 3,260 | 3,315,731 | ||||||
|
| |||||||
22,530,108 | ||||||||
|
| |||||||
New Mexico – 0.1% | ||||||||
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) | 1,000 | 796,819 | ||||||
|
| |||||||
New York – 6.1% | ||||||||
Build NYC Resource Corp. (Integration Charter Schools) | 500 | 455,373 | ||||||
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) | 1,000 | 1,033,156 | ||||||
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) | 2,000 | 2,002,513 | ||||||
Long Island Power Authority | 1,000 | 1,119,330 | ||||||
Metropolitan Transportation Authority | 1,000 | 1,079,707 | ||||||
Series 2020-C | 1,000 | 1,048,179 | ||||||
5.25%, 11/15/2055 | 1,000 | 1,058,869 | ||||||
Series 2020-E | 1,155 | 1,187,666 | ||||||
Series 2021-D | 845 | 844,531 |
21
Principal Amount (000) | U.S. $ Value | |||||||
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) | $ | 1,000 | $ | 1,000,389 | ||||
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) | 550 | 488,395 | ||||||
New York City Municipal Water Finance Authority | 1,000 | 1,029,989 | ||||||
Series 2023 | 1,000 | 1,232,279 | ||||||
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) | 865 | 943,465 | ||||||
New York Counties Tobacco Trust V | 350 | 54,098 | ||||||
New York Liberty Development Corp. (3 World Trade Center LLC) | 1,215 | 1,216,115 | ||||||
5.375%, 11/15/2040(c) | 115 | 115,082 | ||||||
New York Power Authority (New York Power Authority SFP Transmission Project) AGM | 2,000 | 2,213,036 | ||||||
New York State Dormitory Authority | 425 | 425,290 | ||||||
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) | 1,000 | 958,917 | ||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.) | 275 | 269,612 | ||||||
New York Transportation Development Corp. (JFK NTO LLC) AGM | 1,000 | 1,049,487 | ||||||
5.125%, 06/30/2060 | 2,000 | 2,092,527 | ||||||
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) | 150 | 150,077 | ||||||
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) | 500 | 372,948 | ||||||
Series 2022-E | 10,000 | 9,979,608 |
22
Principal Amount (000) | U.S. $ Value | |||||||
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) | $ | 120 | $ | 97,047 | ||||
Westchester County Local Development Corp. (Purchase Senior Learning Community Obligated Group) | 250 | 246,740 | ||||||
Western Regional Off-Track Betting Corp. | 100 | 76,982 | ||||||
|
| |||||||
33,841,407 | ||||||||
|
| |||||||
North Carolina – 1.5% | ||||||||
City of Charlotte NC Airport Revenue | 1,060 | 1,083,249 | ||||||
Series 2023 | 2,200 | 2,352,876 | ||||||
Fayetteville State University | 1,045 | 1,154,810 | ||||||
Greater Asheville Regional Airport Authority AGM | 2,500 | 2,705,877 | ||||||
North Carolina Turnpike Authority | 500 | 523,605 | ||||||
AGM Series 2024 | 1,000 | 246,133 | ||||||
|
| |||||||
8,066,550 | ||||||||
|
| |||||||
North Dakota – 0.4% | ||||||||
City of Grand Forks ND (Altru Health System Obligated Group) | 1,000 | 1,065,306 | ||||||
5.00%, 12/01/2053 | 1,250 | 1,320,752 | ||||||
County of Grand Forks ND (Red River Biorefinery LLC) | 100 | 3,000 | ||||||
|
| |||||||
2,389,058 | ||||||||
|
| |||||||
Ohio – 3.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority | 1,910 | 1,803,273 | ||||||
City of Chillicothe OH (Adena Health System Obligated Group) | 175 | 177,260 | ||||||
Cleveland-Cuyahoga County Port Authority (Cleveland-Cuyahoga County Port Authority Flats East Bank TIF District) | 480 | 396,216 |
23
Principal Amount (000) | U.S. $ Value | |||||||
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) | $ | 1,160 | $ | 1,177,592 | ||||
County of Cuyahoga OH (County of Cuyahoga OH Lease) | 365 | 366,444 | ||||||
County of Cuyahoga OH (MetroHealth System (The)) | 205 | 205,859 | ||||||
County of Hamilton OH (Christ Hospital Obligated Group) | 1,000 | 1,041,797 | ||||||
County of Marion OH (United Church Homes, Inc. Obligated Group) | 100 | 78,426 | ||||||
County of Montgomery OH (Trousdale Foundation Obligated Group) | 100 | 29,000 | ||||||
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 | 1,000 | 1,060,595 | ||||||
6.75%, 12/01/2052 | 250 | 265,586 | ||||||
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) | 1,000 | 727,957 | ||||||
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) | 580 | 556,405 | ||||||
Port of Greater Cincinnati Development Authority | 100 | 96,967 | ||||||
University of Toledo | 10,000 | 9,720,681 | ||||||
|
| |||||||
17,704,058 | ||||||||
|
| |||||||
Oklahoma – 0.6% | ||||||||
Norman Regional Hospital Authority (Norman Regional Hospital Authority Obligated Group) | 505 | 401,243 | ||||||
Oklahoma Development Finance Authority (OU Medicine Obligated Group) | 1,000 | 991,497 | ||||||
5.50%, 08/15/2052 | 1,000 | 1,008,150 | ||||||
Series 2022-A | 1,000 | 990,839 | ||||||
|
| |||||||
3,391,729 | ||||||||
|
|
24
Principal Amount (000) | U.S. $ Value | |||||||
Oregon – 0.2% | ||||||||
Clackamas County Hospital Facility Authority (Rose Villa, Inc. Obligated Group) | $ | 1,000 | $ | 920,918 | ||||
|
| |||||||
Other – 0.1% | ||||||||
Affordable Housing Tax-Exempt Bond Pass-Thru Trust | 498 | 510,995 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) | 375 | 313,280 | ||||||
|
| |||||||
824,275 | ||||||||
|
| |||||||
Pennsylvania – 7.0% | ||||||||
Allegheny County Hospital Development Authority (UPMC Obligated Group) | 2,000 | 1,975,165 | ||||||
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue) | 495 | 500,392 | ||||||
Berks County Municipal Authority (The) (Tower Health Obligated Group) | 1,000 | 617,401 | ||||||
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) | 1,000 | 749,339 | ||||||
5.00%, 07/01/2054 | 250 | 200,918 | ||||||
Chester County Industrial Development Authority (Collegium Charter School) | 250 | 244,464 | ||||||
Commonwealth of Pennsylvania | 1,000 | 1,011,255 | ||||||
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) | 1,000 | 866,968 |
25
Principal Amount (000) | U.S. $ Value | |||||||
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) | $ | 2,000 | $ | 2,100,384 | ||||
Moon Industrial Development Authority (Baptist Homes Society Obligated Group) | 1,000 | 737,559 | ||||||
Moon Industrial Development Authority (Baptist Homes Society) | 100 | 82,701 | ||||||
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) | 1,000 | 1,060,565 | ||||||
AGM Series 2022 | 1,000 | 1,058,137 | ||||||
5.75%, 12/31/2062 | 1,000 | 1,123,712 | ||||||
Pennsylvania Economic Development Financing Authority (Covanta Holding Corp.) | 510 | 376,935 | ||||||
Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) | 885 | 870,398 | ||||||
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) | 100 | 101,327 | ||||||
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) | 3,000 | 2,961,613 | ||||||
Pennsylvania Turnpike Commission Registration Fee Revenue | 10,000 | 9,990,364 | ||||||
Philadelphia Authority for Industrial Development (MaST Community Charter School III) | 100 | 97,309 | ||||||
Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) | 1,000 | 1,004,184 | ||||||
Pittsburgh Water & Sewer Authority | 10,000 | 9,701,419 |
26
Principal Amount (000) | U.S. $ Value | |||||||
School District of Philadelphia (The) | $ | 1,350 | $ | 1,428,696 | ||||
|
| |||||||
38,861,205 | ||||||||
|
| |||||||
Puerto Rico – 2.6% | ||||||||
Children’s Trust Fund | 2,600 | 215,359 | ||||||
Series 2008-B | 5,000 | 316,563 | ||||||
Commonwealth of Puerto Rico | 20 | 19,753 | ||||||
Zero Coupon, 07/01/2033 | 779 | 495,156 | ||||||
4.00%, 07/01/2033 | 2,000 | 1,940,318 | ||||||
4.00%, 07/01/2046 | 134 | 119,285 | ||||||
5.625%, 07/01/2027 | 286 | 302,039 | ||||||
Series 2022-A | 805 | 340,272 | ||||||
Series 2022-C | 5,476 | 3,032,098 | ||||||
GDB Debt Recovery Authority of Puerto Rico | 111 | 104,291 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 31 | 31,236 | ||||||
Series 2020-A | 500 | 512,655 | ||||||
Puerto Rico Electric Power Authority | 85 | 26,138 | ||||||
5.00%, 07/01/2037(d) (e) | 600 | 184,500 | ||||||
Series 2008-W | 245 | 75,337 | ||||||
Series 2008-WW | 125 | 38,437 | ||||||
Series 2010-A | 100 | 30,750 | ||||||
5.25%, 07/01/2030(d) (e) | 15 | 4,613 | ||||||
Series 2010-C | 25 | 7,688 | ||||||
5.25%, 07/01/2027(d) (e) | 150 | 46,125 | ||||||
5.25%, 07/01/2028(d) (e) | 305 | 93,787 | ||||||
Series 2010-DDD | 15 | 4,613 | ||||||
Series 2010-X | 820 | 252,150 | ||||||
5.75%, 07/01/2036(d) (e) | 625 | 192,187 | ||||||
Series 2010-ZZ | 150 | 46,125 |
27
Principal Amount (000) | U.S. $ Value | |||||||
5.25%, 07/01/2024(d) (e) | $ | 40 | $ | 12,300 | ||||
Series 2012-A | 50 | 15,375 | ||||||
5.00%, 07/01/2042(d) (e) | 100 | 30,750 | ||||||
5.05%, 07/01/2042 | 110 | 33,825 | ||||||
Series 2013-A | 100 | 30,750 | ||||||
7.00%, 07/01/2040(d) (e) | 100 | 30,750 | ||||||
AGM Series 2007-V | 1,000 | 1,000,261 | ||||||
5.25%, 07/01/2031 | 375 | 373,844 | ||||||
Puerto Rico Housing Finance Authority (El Mirador LLC) | 2,000 | 2,072,763 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) | 350 | 245,000 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 3 | 2,954 | ||||||
Zero Coupon, 07/01/2027 | 17 | 14,944 | ||||||
Zero Coupon, 07/01/2029 | 17 | 13,815 | ||||||
Zero Coupon, 07/01/2046 | 2,111 | 655,870 | ||||||
Series 2019-A | 440 | 437,251 | ||||||
5.00%, 07/01/2058 | 867 | 867,641 | ||||||
|
| |||||||
14,269,568 | ||||||||
|
| |||||||
South Carolina – 0.8% | ||||||||
Columbia Housing Authority/SC | 150 | 147,469 | ||||||
5.26%, 11/01/2032 | 100 | 97,261 | ||||||
5.41%, 11/01/2039 | 310 | 296,980 | ||||||
6.28%, 11/01/2039 | 100 | 95,505 | ||||||
Greenville Housing Authority/SC | 1,000 | 999,883 | ||||||
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group, Inc.) | 1,000 | 1,077,340 | ||||||
South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) | 565 | 557,139 | ||||||
Series 2023-B | 210 | 204,802 |
28
Principal Amount (000) | U.S. $ Value | |||||||
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) | $ | 100 | $ | 65,974 | ||||
6.50%, 06/01/2051(c) | 300 | 180,453 | ||||||
South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments LLC) | 410 | 298,782 | ||||||
South Carolina Public Service Authority | 265 | 271,844 | ||||||
|
| |||||||
4,293,432 | ||||||||
|
| |||||||
South Dakota – 0.0% | ||||||||
South Dakota Housing Development Authority (Schuett Spearfish LP) | 150 | 153,587 | ||||||
|
| |||||||
Tennessee – 1.2% | ||||||||
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) | 370 | 342,195 | ||||||
5.125%, 12/01/2042(c) | 1,000 | 903,033 | ||||||
Series 2016-B | 150 | 95,471 | ||||||
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) | 30 | 29,700 | ||||||
4.00%, 08/01/2038 | 100 | 98,949 | ||||||
Knox County Industrial Development Board (Tompaul Knoxville LLC) | 200 | 202,004 | ||||||
9.50%, 11/01/2052(c) | 400 | 403,957 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trevecca Nazarene University) | 250 | 202,929 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) | 135 | 39,150 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) | 215 | 221,135 |
29
Principal Amount (000) | U.S. $ Value | |||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board (South Nashville Central Business Improvement District) | $ | 1,000 | $ | 368,555 | ||||
4.00%, 06/01/2051(c) | 100 | 84,369 | ||||||
Metropolitan Government Nashville & Davidson County Sports Authority (Metropolitan Government of Nashville & Davidson County TN) | 1,000 | 1,104,235 | ||||||
Tennergy Corp./TN (Goldman Sachs Group, Inc. (The)) | 1,000 | 1,066,973 | ||||||
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) | 1,000 | 1,039,338 | ||||||
Wilson County Health & Educational Facilities Board | 200 | 164,658 | ||||||
4.25%, 12/01/2024 | 200 | 193,500 | ||||||
|
| |||||||
6,560,151 | ||||||||
|
| |||||||
Texas – 4.5% | ||||||||
Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) | 250 | 202,853 | ||||||
Series 2021-B | 500 | 442,124 | ||||||
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) | 500 | 498,610 | ||||||
Arlington Higher Education Finance Corp. (Magellan School (The)) | 200 | 204,271 | ||||||
6.375%, 06/01/2062(c) | 250 | 255,721 | ||||||
Austin Convention Enterprises, Inc. | 500 | 512,593 | ||||||
Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax) | 400 | 367,299 | ||||||
Brazoria County Industrial Development Corp. (Aleon Renewable Metals LLC) | 500 | 494,494 |
30
Principal Amount (000) | U.S. $ Value | |||||||
City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments LLC) | $ | 4,760 | $ | 343,945 | ||||
6.00%, 12/01/2062 | 555 | 561,715 | ||||||
City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments LLC) | 270 | 265,188 | ||||||
6.25%, 12/01/2054(c) | 100 | 92,327 | ||||||
City of Houston TX (City of Houston TX Hotel Occupancy Tax) | 160 | 161,140 | ||||||
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) | 1,000 | 962,292 | ||||||
Culberson County-Allamoore Independent School District | 2,400 | 2,401,192 | ||||||
Dallas County Flood Control District No. 1 | 100 | 100,021 | ||||||
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) | 1,000 | 993,221 | ||||||
Hidalgo County Regional Mobility Authority | 1,000 | 241,761 | ||||||
Series 2022-B Zero Coupon, 12/01/2042 | 1,400 | 500,572 | ||||||
Love Field Airport Modernization Corp. (Dallas Love Field) | 500 | 508,841 | ||||||
Mission Economic Development Corp. (Natgasoline LLC) | 450 | 446,395 | ||||||
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) | 915 | 914,613 | ||||||
New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park, Inc. Obligated Group) | 300 | 232,875 |
31
Principal Amount (000) | U.S. $ Value | |||||||
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) | $ | 100 | $ | 75,432 | ||||
Series 2022 | 100 | 66,505 | ||||||
5.00%, 01/01/2057 | 200 | 149,591 | ||||||
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) | 1,000 | 922,374 | ||||||
Pflugerville Independent School District | 2,000 | 2,035,321 | ||||||
5.00%, 02/15/2025 | 1,040 | 1,060,691 | ||||||
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) | 500 | 366,193 | ||||||
Series 2021 | 300 | 250,478 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) | 456 | 296,492 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) | 1,000 | 1,054,160 | ||||||
5.00%, 12/15/2031 | 1,000 | 1,064,374 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) | 3,000 | 3,355,906 | ||||||
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) | 2,000 | 2,185,255 | ||||||
|
| |||||||
24,586,835 | ||||||||
|
| |||||||
Utah – 0.3% | ||||||||
Military Installation Development Authority (Military Installation Development Authority Military Recreation Assessment Area) | 500 | 375,371 | ||||||
Utah Infrastructure Agency | 1,000 | 997,596 |
32
Principal Amount (000) | U.S. $ Value | |||||||
Wohali Public Infrastructure District No. 1 (Village Community Development District No. 13 Phase I | $ | 200 | $ | 202,095 | ||||
|
| |||||||
1,575,062 | ||||||||
|
| |||||||
Vermont – 0.1% | ||||||||
Vermont Economic Development Authority (Casella Waste Systems, Inc.) | 500 | 502,531 | ||||||
|
| |||||||
Virginia – 3.0% | ||||||||
Align Affordable Housing Bond Fund LP (Park Landing LP) | 500 | 481,453 | ||||||
Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) | 615 | 598,337 | ||||||
County of Fairfax VA | 1,000 | 1,035,789 | ||||||
County of Loudoun VA | 1,000 | 1,022,677 | ||||||
Halifax County Industrial Development Authority (Virginia Electric and Power Co.) | 2,000 | 1,976,728 | ||||||
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group) | 1,000 | 1,027,725 | ||||||
Tobacco Settlement Financing Corp./VA Series 2007-B1 | 165 | 155,873 | ||||||
US Bank Trust Co. NA (Park Landing LP) | 151 | 142,466 | ||||||
Virginia College Building Authority | 1,600 | 1,600,000 | ||||||
Virginia College Building Authority (Marymount University) | 1,000 | 926,806 | ||||||
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) | 2,000 | 2,011,651 | ||||||
Virginia Small Business Financing Authority (P3 VB Holdings LLC) | 430 | 416,041 |
33
Principal Amount (000) | U.S. $ Value | |||||||
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) | $ | 4,000 | $ | 4,008,043 | ||||
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) | 615 | 604,257 | ||||||
9.224% (SOFR + 5.50%), 06/01/2029(a) (c) | 530 | 516,936 | ||||||
|
| |||||||
16,524,782 | ||||||||
|
| |||||||
Washington – 1.2% | ||||||||
Grays Harbor County Public Hospital District No. 1 | 100 | 104,545 | ||||||
King County School District No. 411 Issaquah | 1,000 | 1,027,705 | ||||||
Pend Oreille County Public Utility District No. 1 Box Canyon | 280 | 286,523 | ||||||
Port of Seattle WA | 510 | 512,240 | ||||||
State of Washington | 1,000 | 1,029,199 | ||||||
Series 2022-R | 1,000 | 1,029,199 | ||||||
Series 2024-C | 1,000 | 1,019,702 | ||||||
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) | 1,000 | 864,987 | ||||||
Series 2019-A | 1,000 | 655,687 | ||||||
|
| |||||||
6,529,787 | ||||||||
|
| |||||||
West Virginia – 0.5% | ||||||||
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) | 250 | 203,644 | ||||||
County of Monongalia WV (Monongalia County Building Commission Development District No. 4) | 1,000 | 1,060,593 |
34
Principal Amount (000) | U.S. $ Value | |||||||
Monongalia County Commission Excise Tax District | $ | 100 | $ | 107,672 | ||||
Series 2023-B | 545 | 122,390 | ||||||
West Virginia Economic Development Authority (Wyoming County Coal LLC) | 1,000 | 1,012,968 | ||||||
|
| |||||||
2,507,267 | ||||||||
|
| |||||||
Wisconsin – 3.3% | ||||||||
St. Croix Chippewa Indians of Wisconsin | 200 | 149,270 | ||||||
Wisconsin Center District (Wisconsin Center District Ded Tax) | 200 | 200,944 | ||||||
Wisconsin Department of Transportation (Wisconsin Department of Transportation Vehicle Fee Revenue) | 2,000 | 2,247,415 | ||||||
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) | 1,000 | 1,038,045 | ||||||
Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) | 100 | 63,613 | ||||||
4.00%, 01/01/2057 | 1,000 | 577,769 | ||||||
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) | 100 | 77,855 | ||||||
Wisconsin Health & Educational Facilities Authority (St. John’s Communities, Inc. Obligated Group) | 775 | 703,757 | ||||||
4.00%, 09/15/2041 | 765 | 650,410 | ||||||
4.00%, 09/15/2045 | 650 | 519,827 | ||||||
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) | 100 | 87,187 | ||||||
Series 2022-A | 460 | 398,137 | ||||||
Wisconsin Public Finance Authority (21st Century Public Academy) | 350 | 317,432 |
35
Principal Amount (000) | U.S. $ Value | |||||||
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) | $ | 1,000 | $ | 902,204 | ||||
Wisconsin Public Finance Authority (Celanese US Holdings LLC) | 100 | 97,929 | ||||||
Wisconsin Public Finance Authority (CFC-SA LLC) | 1,000 | 1,029,629 | ||||||
Wisconsin Public Finance Authority (Crossroads Health Project) | 1,000 | 1,008,068 | ||||||
Wisconsin Public Finance Authority (FAH Tree House LLC) | 500 | 500,910 | ||||||
6.625%, 02/01/2046(c) | 375 | 350,198 | ||||||
Wisconsin Public Finance Authority (Gannon University) | 1,315 | 1,301,065 | ||||||
Wisconsin Public Finance Authority (KDC Agribusiness LLC) | 284 | 28,400 | ||||||
Series 2022 | 600 | 0 | ||||||
Series 2023 | 175 | 0 | ||||||
Wisconsin Public Finance Authority (Lehigh Valley Health Network, Inc.) | 265 | 267,192 | ||||||
7.50%, 12/01/2052(c) | 160 | 162,864 | ||||||
Wisconsin Public Finance Authority (McLemore Resort Manager LLC) | 295 | 232,260 | ||||||
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) | 200 | 132,470 | ||||||
Wisconsin Public Finance Authority (Pre-refunded - US Treasuries) | 25 | 28,364 | ||||||
Wisconsin Public Finance Authority (Queens University of Charlotte) | 1,000 | 1,040,733 |
36
Principal Amount (000) | U.S. $ Value | |||||||
Wisconsin Public Finance Authority (RBS Evolution LLC) | $ | 600 | $ | 603,516 | ||||
Wisconsin Public Finance Authority (Roseman University of Health Sciences) | 475 | 433,037 | ||||||
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) | 500 | 341,484 | ||||||
Series 2022 | 100 | 71,966 | ||||||
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) | 1,300 | 1,144,725 | ||||||
Wisconsin Public Finance Authority (UMA Education, Inc.) | 100 | 100,915 | ||||||
5.00%, 10/01/2027(c) | 130 | 133,224 | ||||||
5.00%, 10/01/2029(c) | 100 | 103,277 | ||||||
Wisconsin Public Finance Authority (Uwharrie Charter Academy) | 500 | 437,315 | ||||||
Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) | 1,000 | 801,333 | ||||||
|
| |||||||
18,284,739 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds | 503,075,405 | |||||||
|
| |||||||
Short-Term Municipal Notes – 10.8% | ||||||||
California – 1.3% | ||||||||
California Statewide Communities Development Authority (Rady Children’s Hospital Obligated Group) | 2,460 | 2,460,000 | ||||||
City of Irvine CA (City of Irvine CA Assessment District No. 03-19) | 2,466 | 2,466,000 | ||||||
San Mateo County Transit District Sales Tax Revenue | 2,250 | 2,250,000 | ||||||
|
| |||||||
7,176,000 | ||||||||
|
|
37
Principal Amount (000) | U.S. $ Value | |||||||
Florida – 0.1% | ||||||||
Hillsborough County Industrial Development Authority (BayCare Obligated Group) | $ | 835 | $ | 835,000 | ||||
|
| |||||||
Idaho – 0.7% | ||||||||
Idaho Health Facilities Authority (St Luke’s Health System Ltd. Obligated Group/ID) | 3,900 | 3,900,000 | ||||||
|
| |||||||
Illinois – 0.5% | ||||||||
Illinois Educational Facilities Authority (Lincoln Park Society (The)) | 200 | 200,000 | ||||||
Illinois Finance Authority (Latin School of Chicago (The)) | 385 | 385,000 | ||||||
Illinois Finance Authority (OSF Healthcare System Obligated Group) | 2,000 | 2,000,000 | ||||||
|
| |||||||
2,585,000 | ||||||||
|
| |||||||
Indiana – 0.1% | ||||||||
Indiana Municipal Power Agency | 750 | 750,000 | ||||||
|
| |||||||
Iowa – 1.7% | ||||||||
Iowa Finance Authority (Iowa Health System Obligated Group) | 2,000 | 2,000,000 | ||||||
3.15%, 07/01/2041(n) | 7,110 | 7,110,000 | ||||||
|
| |||||||
9,110,000 | ||||||||
|
| |||||||
Maryland – 0.4% | ||||||||
Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System Obligated Group) | 2,000 | 2,000,000 | ||||||
|
| |||||||
Massachusetts – 0.3% | ||||||||
Massachusetts Health & Educational Facilities Authority (Baystate Total Home Care, Inc.) | 1,400 | 1,400,000 | ||||||
|
|
38
Principal Amount (000) | U.S. $ Value | |||||||
Minnesota – 0.3% | ||||||||
City of Minneapolis MN (Fairview Health Services Obligated Group) | $ | 1,460 | $ | 1,460,000 | ||||
|
| |||||||
New Jersey – 0.7% | ||||||||
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group) | 4,000 | 4,000,000 | ||||||
|
| |||||||
New York – 2.7% | ||||||||
City of New York NY | 5,050 | 5,050,000 | ||||||
Series 2013-I | 2,500 | 2,500,000 | ||||||
Series 2018-E | 4,000 | 4,000,000 | ||||||
Triborough Bridge & Tunnel Authority | 3,500 | 3,500,000 | ||||||
|
| |||||||
15,050,000 | ||||||||
|
| |||||||
Ohio – 0.8% | ||||||||
County of Montgomery OH (Premier Health Partners Obligated Group) | 2,775 | 2,775,000 | ||||||
State of Ohio (University Hospitals Health System, Inc. Obligated Group) | 1,900 | 1,900,000 | ||||||
|
| |||||||
4,675,000 | ||||||||
|
| |||||||
Oregon – 0.9% | ||||||||
Oregon State Facilities Authority (PeaceHealth Obligated Group) | 5,200 | 5,200,000 | ||||||
|
| |||||||
Texas – 0.3% | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) | 1,400 | 1,400,000 | ||||||
|
| |||||||
Total Short-Term Municipal Notes | 59,541,000 | |||||||
|
| |||||||
Total Municipal Obligations | 562,616,405 | |||||||
|
|
39
Principal Amount (000) | U.S. $ Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0% | ||||||||
Agency CMBS – 0.3% | ||||||||
California Housing Finance Agency | $ | 970 | $ | 955,863 | ||||
Series 2021-2, Class X | 970 | 47,952 | ||||||
Series 2021-3, Class A | 242 | 224,094 | ||||||
Series 2021-3, Class X | 967 | 50,843 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 1,177 | 84,082 | ||||||
|
| |||||||
1,362,834 | ||||||||
|
| |||||||
Non-Agency Fixed Rate CMBS – 0.7% | ||||||||
Arizona Industrial Development Authority | 189 | 177,466 | ||||||
California Housing Finance Agency | 149 | 150,158 | ||||||
City of Fort Wayne IN | 33 | 3 | ||||||
National Finance Authority | 983 | 48,074 | ||||||
New Hampshire Business Finance Authority | 202 | 197,929 | ||||||
Series 2022-1, Class A | 1,960 | 1,944,302 | ||||||
Series 2022-1, Class X | 981 | 22,088 | ||||||
Series 2022-2, Class A | 983 | 944,379 | ||||||
Washington State Housing Finance Commission | 274 | 257,789 | ||||||
Series 2021-1, Class X | 961 | 43,958 | ||||||
Series 2023-1, Class X | 1,997 | 221,959 | ||||||
|
| |||||||
4,008,105 | ||||||||
|
| |||||||
Non-Agency Floating Rate CMBS – 0.0% | ||||||||
BAMLL Commercial Mortgage Securities Trust | 250 | 223,185 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities | 5,594,124 | |||||||
|
|
40
Principal Amount (000) | U.S. $ Value | |||||||
CORPORATES - NON-INVESTMENT GRADE – 0.7% | ||||||||
Financial Institutions – 0.2% | ||||||||
Banking – 0.2% | ||||||||
Citigroup, Inc. | $ | 1,000 | $ | 1,016,830 | ||||
Comerica, Inc. | 100 | 96,926 | ||||||
Fifth Third Bancorp | 100 | 94,475 | ||||||
Huntington Bancshares, Inc./OH | 100 | 92,693 | ||||||
|
| |||||||
1,300,924 | ||||||||
|
| |||||||
Industrial – 0.4% | ||||||||
Basic – 0.0% | ||||||||
Red River Biorefinery LLC | 5 | 3,750 | ||||||
|
| |||||||
Communications - Media – 0.1% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 309 | 246,106 | ||||||
DISH DBS Corp. | 240 | 189,250 | ||||||
5.75%, 12/01/2028(c) | 250 | 168,392 | ||||||
|
| |||||||
603,748 | ||||||||
|
| |||||||
Consumer Cyclical - Entertainment – 0.2% | ||||||||
Carnival Corp. | 400 | 370,388 | ||||||
Wild Rivers Water Park | 1,225 | 892,371 | ||||||
|
| |||||||
1,262,759 | ||||||||
|
| |||||||
Consumer Non-Cyclical – 0.1% | ||||||||
Tower Health | 400 | 183,600 | ||||||
|
| |||||||
Energy – 0.0% | ||||||||
Red River Biorefinery LLC | 10 | 7,500 | ||||||
|
| |||||||
Services – 0.0% | ||||||||
Trousdale Issuer LLC | 200 | 44,000 | ||||||
|
| |||||||
2,105,357 | ||||||||
|
|
41
Principal Amount (000) | U.S. $ Value | |||||||
Utility – 0.1% | ||||||||
Electric – 0.1% | ||||||||
Vistra Corp. | $ | 225 | $ | 219,265 | ||||
|
| |||||||
Total Corporates - Non-Investment Grade | 3,625,546 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES – 0.6% | ||||||||
Autos - Fixed Rate – 0.3% | ||||||||
CPS Auto Receivables Trust | 33 | 32,981 | ||||||
Lendbuzz Securitization Trust | 1,629 | 1,637,364 | ||||||
|
| |||||||
1,670,345 | ||||||||
|
| |||||||
Other ABS - Fixed Rate – 0.3% | ||||||||
Affirm Asset Securitization Trust | 23 | 22,750 | ||||||
Commonwealth of Puerto Rico | 2,606 | 1,469,057 | ||||||
Domino’s Pizza Master Issuer LLC | 195 | 174,225 | ||||||
HTA TRRB Custodial Trust | 90 | 90,762 | ||||||
5.25%, 07/01/2041 | 103 | 100,265 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. | 569 | 0 | ||||||
|
| |||||||
1,857,059 | ||||||||
|
| |||||||
Total Asset-Backed Securities | 3,527,404 | |||||||
|
| |||||||
CORPORATES - INVESTMENT GRADE – 0.3% | ||||||||
Industrial – 0.2% | ||||||||
Consumer Cyclical - Entertainment – 0.2% | ||||||||
YMCA of Greater New York | 1,000 | 919,390 | ||||||
|
| |||||||
Financial Institutions – 0.1% | ||||||||
Banking – 0.1% | ||||||||
Bank of New York Mellon Corp. (The) | 100 | 94,556 |
42
Principal Amount (000) | U.S. $ Value | |||||||
JPMorgan Chase & Co. | $ | 350 | $ | 352,058 | ||||
Truist Financial Corp. | 100 | 92,583 | ||||||
Wells Fargo & Co. | 86 | 90,441 | ||||||
Series BB | 100 | 93,675 | ||||||
|
| |||||||
723,313 | ||||||||
|
| |||||||
Total Corporates - Investment Grade | 1,642,703 | |||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1% | ||||||||
Risk Share Floating Rate – 0.1% | ||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 20 | 19,930 | ||||||
Series 2015-C02, Class 1M2 | 26 | 26,971 | ||||||
Series 2016-C01, Class 1M2 | 60 | 63,377 | ||||||
Series 2016-C02, Class 1M2 | 63 | 66,367 | ||||||
Series 2017-C04, Class 2M2 | 151 | 156,061 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 332,706 | |||||||
|
| |||||||
COLLATERALIZED LOAN OBLIGATIONS – 0.0% | ||||||||
CLO - Floating Rate – 0.0% | ||||||||
THL Credit Wind River CLO Ltd. | 169 | 169,370 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 5.4% | ||||||||
U.S. Treasury Bills – 3.8% | ||||||||
U.S. Treasury Bill | 21,021 | 20,870,215 | ||||||
|
| |||||||
Shares | ||||||||
Investment Companies – 1.6% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.24%(q) (r) (s) | 8,825,206 | 8,825,206 | ||||||
|
|
43
U.S. $ Value | ||||
Total Short-Term Investments | $ | 29,695,421 | ||
Total Investments – 110.2% | 607,203,679 | |||
Other assets less liabilities – (10.2)% | (55,957,960 | ) | ||
|
| |||
Net Assets – 100.0% | $ | 551,245,719 | ||
|
|
CENTRALLY CLEARED INTEREST RATE SWAPS
Rate Type | ||||||||||||||||||||||||||||||||
Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | Payment Paid/ Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
USD | 22,700 | 11/01/2030 | 1 Day SOFR | 3.877% | Annual | $ | 330,229 | $ | — | $ | 330,229 | |||||||||||||||||||||
USD | 3,900 | 11/01/2030 | 1 Day SOFR | 3.768% | Annual | 31,700 | — | 31,700 | ||||||||||||||||||||||||
USD | 3,700 | 11/01/2030 | 1 Day SOFR | 3.636% | Annual | 1,176 | — | 1,176 | ||||||||||||||||||||||||
USD | 16,600 | 01/08/2031 | 1 Day SOFR | 3.616% | Annual | 6,125 | — | 6,125 | ||||||||||||||||||||||||
USD | 9,900 | 01/08/2031 | 1 Day SOFR | 3.808% | Annual | 129,009 | — | 129,009 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 498,239 | $ | — | $ | 498,239 | |||||||||||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at January 31, 2024 | Notional Amount (000) | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Sale Contracts |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | % | Monthly | 7.50% | USD | 79 | $ | (9,894 | ) | $ | (9,320 | ) | $ | (574 | ) | |||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 238 | (29,972 | ) | (25,685 | ) | (4,287 | ) | |||||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 462 | (58,199 | ) | (55,744 | ) | (2,455 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (98,065 | ) | $ | (90,749 | ) | $ | (7,316 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* | Termination date |
44
INTEREST RATE SWAPS
Rate Type | ||||||||||||||||||||||||||||
Swap Counterparty | Notional Amount (000) | Termination Date | Payments made by the Fund | Payments received by the Fund | Payment Frequency Paid/ Received | Market Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Bank of America, NA | USD | 5,000 | 06/21/2024 | MMD 5 Year^ | 2.970% | Maturity | $ | 101,210 | $ | — | $ | 101,210 | ||||||||||||||||
Citibank, NA | USD | 2,000 | 03/18/2024 | MMD 10 Year^ | 2.950% | Maturity | 91,280 | — | 91,280 | |||||||||||||||||||
Citibank, NA | USD | 2,000 | 04/11/2024 | MMD 10 Year^ | 2.680% | Maturity | 28,598 | — | 28,598 | |||||||||||||||||||
Citibank, NA | USD | 2,000 | 05/06/2024 | MMD 5 Year^ | 2.740% | Maturity | 22,099 | — | 22,099 | |||||||||||||||||||
Citibank, NA | USD | 5,000 | 05/17/2024 | MMD 5 Year^ | 2.710% | Maturity | 44,898 | — | 44,898 | |||||||||||||||||||
Citibank, NA | USD | 5,000 | 05/24/2024 | MMD 5 Year^ | 3.130% | Maturity | 146,630 | — | 146,630 | |||||||||||||||||||
Citibank, NA | USD | 5,000 | 08/26/2024 | MMD 5 Year^ | 3.250% | Maturity | 126,300 | — | 126,300 | |||||||||||||||||||
Citibank, NA | USD | 5,000 | 08/30/2024 | MMD 5 Year^ | 3.200% | Maturity | 141,703 | — | 141,703 | |||||||||||||||||||
Citibank, NA | USD | 2,000 | 09/26/2024 | MMD 5 Year^ | 3.490% | Maturity | 82,295 | — | 82,295 | |||||||||||||||||||
Citibank, NA | USD | 2,220 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | 187,734 | — | 187,734 | |||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 3,000 | 03/15/2024 | MMD 10 Year^ | 3.000% | Maturity | 155,389 | — | 155,389 | |||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 2,000 | 03/25/2024 | MMD 10 Year^ | 2.750% | Maturity | 48,580 | — | 48,580 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 1,176,716 | $ | — | $ | 1,176,716 | |||||||||||||||||||||||
|
|
|
|
|
|
^ | 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) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2024. |
(b) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
(c) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At January 31, 2024, the aggregate market value of these securities amounted to $94,370,210 or 17.1% of net assets. |
(d) | Non-income producing security. |
(e) | Defaulted. |
(f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.99% of net assets as of January 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
ARC70 II TRUST | 07/18/2023 | $ | 1,974,384 | $ | 1,995,992 | 0.36% | ||||||
Arizona Industrial Development Authority | 08/12/2020-07/20/2022 | 1,101,588 | 60,000 | 0.01% |
45
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of | ||||||||
County of Grand Forks ND | 05/21/2021 | $ | 100,000 | $ | 3,000 | 0.00% | ||||||
County of Montgomery OH | 04/07/2020 | 52,000 | 29,000 | 0.01% | ||||||||
Douglas County Housing Partnership | 01/14/2021 | 246,505 | 188,020 | 0.03% | ||||||||
Indiana Finance Authority | 03/29/2019-06/09/2022 | 978,126 | 834,491 | 0.15% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | 08/29/2018 | 134,085 | 39,150 | 0.01% | ||||||||
Mississippi Business Finance Corp. | 12/13/2022 | 493,452 | 493,995 | 0.09% | ||||||||
New Hope Cultural Education Facilities Finance Corp. | 02/03/2023 | 915,000 | 914,613 | 0.17% | ||||||||
Red River Biorefinery LLC | 05/31/2023 | 5,000 | 3,750 | 0.00% | ||||||||
Wisconsin Public Finance Authority | 08/03/2021 | 1,000,000 | 902,204 | 0.16% | ||||||||
Wisconsin Public Finance Authority | 11/10/2022 | 600,000 | 0 | 0.00% | ||||||||
Wisconsin Public Finance Authority | 03/16/2023 | 175,000 | 0 | 0.00% |
(g) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2024. |
(h) | When-Issued or delayed delivery security. |
(i) | Inverse floater security. |
(j) | Defaulted matured security. |
(k) | Restricted and illiquid security. |
46
Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. | 01/30/2020 | $ | 599,006 | $ | 0 | 0.00% | ||||||
Tarrant County Cultural Education Facilities Finance Corp. | 11/05/2015-01/07/2020 | 463,058 | 296,492 | 0.05% |
(l) | Fair valued by the Adviser. |
(m) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(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) | IO - Interest Only. |
(p) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(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, or call AB at (800) 227-4618. |
(s) | The rate shown represents the 7-day yield as of period end. |
(t) | As of January 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,010,166 and gross unrealized depreciation of investments was $(19,501,477), resulting in net unrealized depreciation of $(7,491,311). |
As of January 31, 2024, 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 6.2% and 0.0%, respectively.
Glossary:
ABS – Asset-Backed Securities
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
CCRC – Congregate Care Retirement Center
CDX-CMBX.NA – North American Commercial Mortgage-Backed Index
CLO – Collateralized Loan Obligations
CMBS – Commercial Mortgage-Backed Securities
COP – Certificate of Participation
ETM – Escrowed to Maturity
FHLMC – Federal Home Loan Mortgage Corporation
ID – Improvement District
LIBOR – London Interbank Offered Rate
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
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AB Tax-Aware Fixed Income Opportunities Portfolio
January 31, 2024 (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.
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Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2024:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Municipal Bonds | $ | — | $ | 503,047,005 | $ | 28,400 | (a) | $ | 503,075,405 | |||||||
Short-Term Municipal Notes | — | 59,541,000 | — | 59,541,000 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 5,594,124 | — | 5,594,124 | ||||||||||||
Corporates - Non-Investment Grade | — | 2,677,925 | 947,621 | 3,625,546 | ||||||||||||
Asset-Backed Securities | — | 3,527,404 | 0 | (a) | 3,527,404 | |||||||||||
Corporates - Investment Grade | — | 1,642,703 | — | 1,642,703 | ||||||||||||
Collateralized Mortgage Obligations | — | 332,706 | — | 332,706 | ||||||||||||
Collateralized Loan Obligations | — | 169,370 | — | 169,370 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
U.S. Treasury Bills | — | 20,870,215 | — | 20,870,215 | ||||||||||||
Investment Companies | 8,825,206 | — | — | 8,825,206 | ||||||||||||
Liabilities: | ||||||||||||||||
Floating Rate Notes(b) | (44,670,000 | ) | — | — | (44,670,000 | ) | ||||||||||
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Total Investments in Securities | (35,844,794 | ) | 597,402,452 | 976,021 | (a) | 562,533,679 | ||||||||||
Other Financial Instruments(c): | ||||||||||||||||
Assets: | ||||||||||||||||
Centrally Cleared Interest Rate Swaps | — | 498,239 | — | 498,239 | ||||||||||||
Interest Rate Swaps | — | 1,176,716 | — | 1,176,716 | ||||||||||||
Liabilities: | ||||||||||||||||
Credit Default Swaps | — | (98,065 | ) | — | (98,065 | ) | ||||||||||
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Total | $ | (35,844,794 | ) | $ | 598,979,342 | $ | 976,021 | (a) | $ | 564,110,569 | ||||||
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(a) | The Fund held securities with zero market value at period end. |
(b) | The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. |
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(c) | Other financial instruments include reverse repurchase agreements and 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. |
A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2024 is as follows:
Fund | Market Value 10/31/2023 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 01/31/2024 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 5,157 | $ | 112,833 | $ | 109,165 | $ | 8,825 | $ | 309 |
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