Ab Municipal Income Fund NPORT-P/A AB High Income Municipal Portfolio (Aug 2022 report)

AB Municipal Income Fund, Inc.

AB High Income Municipal Portfolio

Portfolio of Investments

August 31, 2022 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 113.5%
Long-Term Municipal Bonds – 113.5%
Alabama – 1.2%
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052	$	3,000	$	3,005,293
County of Jefferson AL Sewer Revenue Series 2013-D 6.00%, 10/01/2042		18,565		20,019,148
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2016-A 5.00%, 09/01/2046		1,000		1,042,770
Sumter County Industrial Development Authority/AL (Enviva, Inc.) Series 2022 6.00%, 07/15/2052		15,000		14,693,161
				38,760,372
American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		7,095		7,615,706
Arizona – 2.0%
Arizona Industrial Development Authority (Arizona Industrial Development Authority) Series 2019-2, Class A 3.625%, 05/20/2033		10,792		10,429,530
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2021 4.00%, 11/01/2051(a)		10,000		8,462,441
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050(a)		10,420		11,076,812
Series 2021-A 5.50%, 07/01/2031(a)		480		451,153
6.00%, 07/01/2051(a)		3,000		2,719,008
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2050(a)		1,000		820,177
Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2040		2,865		2,667,027

1

	Principal Amount (000)		U.S. $ Value
Industrial Development Authority of the City of Phoenix (The) (GreatHearts Arizona Obligated Group) Series 2014 5.00%, 07/01/2044	$	10,690	$	10,740,054
Industrial Development Authority of the County of Pima (The) (Edkey, Inc. Obligated Group) Series 2020 5.00%, 07/01/2040(a)		5,000		4,895,381
5.00%, 07/01/2055(a)		1,000		925,525
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018 6.00%, 07/01/2038(a)		2,000		2,181,094
Series 2018-A 6.00%, 07/01/2052(a)		5,170		5,563,460
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047(a)		3,600		3,120,551
Maricopa County Industrial Development Authority (Reid Traditional Schools Obligated Group) Series 2016 5.00%, 07/01/2047		1,375		1,392,457
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047(a)		1,225		1,161,219
				66,605,889
Arkansas – 0.1%
Arkansas Development Finance Authority (United States Steel Corp.) Series 2022 5.45%, 09/01/2052(a)(b)		2,300		2,266,575
California – 9.0%
Alameda Corridor Transportation Authority Series 2022-A 0.00%, 10/01/2049		11,500		5,798,422
ARC70 II TRUST Series 2021 4.00%, 12/01/2059		3,000		2,616,605
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2043(a)		5,355		4,416,948
4.00%, 02/01/2056(a)		5,200		4,621,359
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056(a)		13,500		11,997,759
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056(a)		11,070		7,953,119
4.00%, 08/01/2046(a)		3,335		2,647,521

2

	Principal Amount (000)		U.S. $ Value
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057(a)	$	5,000	$	3,583,691
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) Series 2022 Zero Coupon, 08/01/2065(a)		32,000		2,047,350
5.50%, 02/01/2040(a)		2,000		1,834,122
Series 2022-A 4.50%, 08/01/2052(a)		6,000		5,316,257
California County Tobacco Securitization Agency Series 2020-B Zero Coupon, 06/01/2055		22,000		4,042,392
California Educational Facilities Authority (Leland Stanford Junior University (The)) Series 2007-T 5.00%, 03/15/2039		1,925		2,262,352
Series 2010 5.25%, 04/01/2040(c)		12,655		15,318,624
Series 2014-U 5.00%, 05/01/2045		5,505		6,503,591
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		4,256		3,963,701
Series 2021-2 0.823%, 03/25/2035		16,000		933,392
Series 2021-3, Class A 3.25%, 08/20/2036		3,955		3,574,874
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		5,351		5,303,684
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2035		2,000		2,047,029
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2012-A 6.625%, 01/01/2032(a)		965		965,016
6.875%, 01/01/2042(a)		3,415		3,384,448
Series 2014 5.00%, 01/01/2035		1,050		915,292
5.25%, 01/01/2045		2,025		1,652,462
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2043		2,000		2,037,551
5.00%, 12/31/2047		3,000		3,043,293

3

	Principal Amount (000)		U.S. $ Value
California Municipal Finance Authority (Partnerships to Uplift Communities Lakeview Terrace and Los Angeles Project) Series 2012-A 5.30%, 08/01/2047	$	1,675	$	1,629,768
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1 7.50%, 12/01/2032(e) (f)		3,795		75,900
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 11/21/2045(a)		8,595		8,606,234
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040(a)		515		348,664
California Public Finance Authority (Enso Village) Series 2021 5.00%, 11/15/2036(a)		1,000		972,188
5.00%, 11/15/2046(a)		1,000		923,409
5.00%, 11/15/2051(a)		1,000		908,803
5.00%, 11/15/2056(a)		1,000		893,699
California School Finance Authority (ACE Charter Schools Obligated Group) Series 2016 5.00%, 06/01/2052(a)		1,895		1,810,210
California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) Series 2016-A 5.00%, 07/01/2046(a)		3,500		3,542,946
5.00%, 07/01/2051(a)		1,750		1,769,060
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2054(a)		1,165		1,155,743
California School Finance Authority (Kipp SoCal Public Schools) Series 2014-A 5.125%, 07/01/2044(a)		2,850		2,879,976
California School Finance Authority (Partnerships to Uplift Communities Valley Project) Series 2014-A 6.40%, 08/01/2034 (Pre-refunded/ETM)(a)		1,000		1,054,544
6.75%, 08/01/2044 (Pre-refunded/ETM)(a)		6,180		6,542,506
California Statewide Communities Development Authority (Amino Inglewood CA High School) Series 2011-A 7.25%, 08/01/2041		2,000		2,005,638

4

	Principal Amount (000)		U.S. $ Value
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041(a)	$	4,610	$	4,578,953
5.00%, 12/01/2046(a)		5,575		5,428,750
Series 2018 5.25%, 12/01/2048(a)		6,080		6,102,573
City of Los Angeles Department of Airports Series 2022 3.25%, 05/15/2049		5,030		3,970,459
CMFA Special Finance Agency Series 2022-A 4.00%, 08/01/2058(a)		10,000		8,353,579
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056(a)		2,800		1,978,641
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056(a)		4,000		3,552,124
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056(a)		6,800		4,797,288
4.00%, 08/01/2047(a)		3,000		2,315,809
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057(a)		1,500		1,115,613
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.25%, 05/01/2057(a)		7,500		5,555,760
4.00%, 05/01/2057(a)		10,000		7,335,305
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2056(a)		5,000		4,439,027
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056(a)		7,500		5,999,937
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) Series 2022 4.30%, 07/01/2059(a)		10,000		8,720,891
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A2 3.125%, 08/01/2056(a)		3,105		2,283,900

5

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.25%, 07/01/2056(a)	$	5,800	$	4,196,248
4.00%, 07/01/2058(a)		7,360		5,335,427
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) Series 2021 3.25%, 12/01/2058(a)		5,500		3,903,201
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056(a)		2,000		1,440,165
4.00%, 12/01/2056(a)		9,600		7,499,426
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 4.00%, 05/01/2057(a)		1,000		749,021
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045(a)		5,000		3,811,264
Series 2021-A2 4.00%, 07/01/2056(a)		10,000		7,707,188
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(a)		2,000		1,436,353
Golden State Tobacco Securitization Corp. Series 2021-B Zero Coupon, 06/01/2066		24,775		2,917,454
Hastings Campus Housing Finance Authority Series 2020-A 5.00%, 07/01/2061(a)		16,525		15,711,112
Los Angeles Unified School District/CA Series 2020-C 4.00%, 07/01/2040(c)		10,005		9,887,695
San Joaquin Hills Transportation Corridor Agency Series 2014-B 5.25%, 01/15/2044		4,000		4,095,739
Series 2021-A 4.00%, 01/15/2044		5,518		5,137,079
Southern California Logistics Airport Authority Series 2006 5.00%, 12/01/2036		3,600		3,702,352
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		3,250		538,384

6

	Principal Amount (000)		U.S. $ Value
Tobacco Securitization Authority of Southern California Series 2019 Zero Coupon, 06/01/2054	$	6,520	$	1,176,822
5.00%, 06/01/2039		680		724,876
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.) Series 2006 Zero Coupon, 06/01/2046		5,465		999,359
				301,397,916
Colorado – 2.8%
Aurora Highlands Community Authority Board Series 2021-A 5.75%, 12/01/2051		10,000		9,307,438
Broadway Station Metropolitan District No. 3 Series 2019 5.00%, 12/01/2039		750		723,065
5.00%, 12/01/2049		1,750		1,622,386
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2037(a)		5,730		5,735,792
City & County of Denver CO Airport System Revenue Series 2015-A 5.00%, 12/01/2048(c)		10,000		10,316,906
Clear Creek Station Metropolitan District No. 2 Series 2017-A 5.00%, 12/01/2047		1,000		965,635
Colorado Educational & Cultural Facilities Authority (Aspen View Academy, Inc.) Series 2021 4.00%, 05/01/2051		1,100		884,447
4.00%, 05/01/2061		500		384,022
Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) Series 2021 4.00%, 10/01/2061		1,500		1,064,388
Colorado Educational & Cultural Facilities Authority (STEM School Academy) Series 2014 5.00%, 11/01/2044		890		836,997
5.125%, 11/01/2049		765		720,354
Colorado Health Facilities Authority Series 2022-S 5.00%, 05/15/2052(c)		10,000		10,794,375
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) Series 2021-A 5.00%, 05/15/2044		2,000		1,772,175

7

	Principal Amount (000)		U.S. $ Value
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) Series 2021 4.00%, 01/01/2042	$	1,750	$	1,450,796
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2038		735		708,800
5.00%, 08/01/2039(c)		1,225		1,277,572
5.00%, 08/01/2044(c)		8,370		8,653,053
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) Series 2023-2 4.00%, 05/15/2041(b)		1,175		991,551
Colorado Health Facilities Authority (Sunny Vista Living Center) Series 2015-A 6.125%, 12/01/2045(a)		1,750		1,367,778
Copper Ridge Metropolitan District Series 2019 5.00%, 12/01/2039		1,405		1,341,446
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041(a)		10,000		7,842,003
Four Corners Business Improvement District Series 2022 6.00%, 12/01/2052		1,000		937,189
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		10,000		8,624,897
Longs Peak Metropolitan District Series 2021 5.25%, 12/01/2051(a)		2,000		1,730,650
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2040(a)		1,000		992,944
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045(a)		3,810		3,512,201
Riverwalk Metropolitan District No. 2 Series 2022-A 5.00%, 12/01/2042		3,000		2,780,121
5.00%, 12/01/2052		1,000		892,958
STC Metropolitan District No. 2 Series 2019-A 5.00%, 12/01/2038		1,060		1,036,953
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2017-A 5.00%, 12/01/2047		2,000		1,908,872
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050		221		172,969
AGM Series 2020 5.00%, 12/01/2027		195		216,515
5.00%, 12/01/2030		270		306,403
5.00%, 12/01/2050		205		221,208
				92,094,859

8

	Principal Amount (000)		U.S. $ Value
Connecticut – 0.7%
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group) Series 2020-A 4.00%, 07/01/2036	$	500	$	488,903
4.00%, 07/01/2037		800		777,384
Connecticut State Health & Educational Facilities Authority (McLean Affiliates Obligated Group) Series 2020-B 2.75%, 01/01/2026(a)		650		628,423
State of Connecticut Series 2013-E 5.00%, 08/15/2031(c)		7,850		8,033,215
State of Connecticut Special Tax Revenue Series 2017 S-3 4.00%, 05/01/2039(c)		9,015		8,918,743
Series 2020 4.00%, 05/01/2036(c)		3,500		3,521,448
				22,368,116
Delaware – 0.1%
Delaware River & Bay Authority Series 2022 5.00%, 01/01/2033(b)		1,100		1,248,596
5.00%, 01/01/2037(b)		1,550		1,719,360
				2,967,956
District of Columbia – 0.8%
District of Columbia (Friendship Public Charter School, Inc.) Series 2016-A 5.00%, 06/01/2041		3,070		3,102,715
5.00%, 06/01/2046		635		639,460
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042		1,000		1,029,979
5.00%, 07/01/2048		5,800		5,934,961
District of Columbia Tobacco Settlement Financing Corp. Series 2006 Zero Coupon, 06/15/2055		163,875		14,289,034
				24,996,149
Florida – 7.6%
Alachua County Health Facilities Authority (Oak Hammock at the University of Florida Obligated Group) Series 2022 4.00%, 10/01/2040		2,400		2,148,137
4.00%, 10/01/2046		1,750		1,491,223

9

	Principal Amount (000)		U.S. $ Value
Alachua County Health Facilities Authority (Shands Teaching Hospital & Clinics Obligated Group) Series 2014-A 5.00%, 12/01/2044	$	4,000	$	4,101,686
Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) Series 2021 3.25%, 12/01/2051(a)		15,000		13,266,513
Bexley Community Development District Series 2016 4.875%, 05/01/2047		2,055		2,033,856
Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) Series 2023 5.00%, 04/01/2027(b)		2,320		2,456,675
5.00%, 04/01/2029(b)		2,560		2,763,352
5.00%, 04/01/2031(b)		2,825		3,060,253
5.00%, 04/01/2033(b)		3,110		3,353,461
5.00%, 04/01/2038(b)		3,435		3,601,573
Cape Coral Health Facilities Authority (Gulf Care, Inc. Obligated Group) Series 2015 6.00%, 07/01/2050(a)		1,550		1,479,403
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2028		1,300		1,358,803
5.00%, 10/01/2032		1,000		1,031,471
Capital Trust Agency, Inc. (Aviva Senior Life) Series 2017 5.00%, 07/01/2046(a)		1,500		1,264,185
Capital Trust Agency, Inc. (Educational Growth Fund LLC) Series 2021 5.00%, 07/01/2056(a)		6,800		6,388,858
Capital Trust Agency, Inc. (Team Success A School of Excellence, Inc.) Series 2020 5.00%, 06/01/2045(a)		1,000		904,225
5.00%, 06/01/2055(a)		1,000		875,292
City of Jacksonville FL (Genesis Health, Inc. Obligated Group) Series 2020 5.00%, 11/01/2050		12,190		12,429,269
City of Tallahassee FL (Tallahassee Memorial HealthCare, Inc.) Series 2015-A 5.00%, 12/01/2044		6,830		6,949,319
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2039		850		390,048
Zero Coupon, 09/01/2042		1,000		386,381
Zero Coupon, 09/01/2049		1,000		264,128
Zero Coupon, 09/01/2053		1,400		295,381

10

	Principal Amount (000)		U.S. $ Value
County of Broward FL Airport System Revenue Series 2019-A 5.00%, 10/01/2030(c)	$	4,250	$	4,736,445
5.00%, 10/01/2031(c)		3,000		3,314,966
5.00%, 10/01/2036		3,000		3,175,413
5.00%, 10/01/2037(c)		4,900		5,286,913
5.00%, 10/01/2039(c)		10,210		10,965,222
County of Lake FL (Waterman Communities, Inc.) Series 2020 5.50%, 08/15/2040		3,000		2,842,702
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2035		250		137,450
Zero Coupon, 10/01/2036		410		213,780
Zero Coupon, 10/01/2037		230		113,948
Zero Coupon, 10/01/2038		315		147,980
Zero Coupon, 10/01/2039		390		173,258
County of Palm Beach FL (Provident Group-PBAU Properties LLC) Series 2019 5.00%, 04/01/2039(a)		500		481,429
5.00%, 04/01/ 2051(a)		1,970		1,807,616
Florida Atlantic University Finance Corp. Series 2019-A 5.00%, 07/01/2031(c)		2,025		2,259,684
5.00%, 07/01/2033(c)		2,505		2,771,494
5.00%, 07/01/2034(c)		5,235		5,768,992
5.00%, 07/01/2036(c)		1,935		2,123,087
Florida Development Finance Corp. (Assistance UnLtd., Inc.) Series 2022 6.00%, 08/15/2057(a) (b)		3,900		3,805,240
Florida Development Finance Corp. (Brightline Trains Florida LLC) Series 2020 7.375%, 01/01/2049(a)		5,100		4,848,721
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc.) Series 2021 3.00%, 07/01/2031(a)		675		595,063
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2021 4.00%, 07/01/2051(a)		1,950		1,592,303
Florida Development Finance Corp. (IDEA Florida, Inc.) Series 2022 5.25%, 06/15/2029(a)		1,000		994,848

11

	Principal Amount (000)		U.S. $ Value
Florida Development Finance Corp. (Mater Academy, Inc.) Series 2020-A 5.00%, 06/15/2035	$	1,000	$	1,033,478
5.00%, 06/15/2050		2,000		2,031,014
5.00%, 06/15/2055		1,435		1,449,899
Florida Higher Educational Facilities Financial Authority (Ringling College of Art and Design, Inc.) Series 2019 5.00%, 03/01/2044		795		808,388
5.00%, 03/01/2049		3,375		3,419,314
Greater Orlando Aviation Authority 5.00%, 10/01/2034(c)		3,000		3,203,879
5.00%, 10/01/2044(c)		10,000		10,431,606
Series 2019-A 5.00%, 10/01/2032(c)		10,000		10,827,209
Hillsborough County Aviation Authority 5.00%, 10/01/2048(c)		10,000		10,516,635
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) Series 2022 5.25%, 10/01/2057		3,000		2,800,274
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.) Series 2014 5.00%, 11/15/2039		1,500		1,525,036
5.00%, 11/15/2044		13,350		13,525,005
North Broward Hospital District Series 2017-B 5.00%, 01/01/2037		7,235		7,442,773
5.00%, 01/01/2048		17,900		18,004,565
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2042(b)		5,000		4,312,561
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2021 4.00%, 10/01/2041		1,000		917,799
4.00%, 10/01/2051		1,815		1,580,147
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 2.625%, 06/01/2025		1,180		1,180,000
Series 2022 4.25%, 06/01/2056		2,100		1,707,275
Palm Beach County Health Facilities Authority (Green Cay Life Plan Village, Inc.) Series 2022 11.50%, 07/01/2027(a)		1,000		990,150
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(a)		2,000		2,069,491

12

	Principal Amount (000)		U.S. $ Value
Sarasota County Health Facilities Authority (Village On the Isle) Series 2017-A 5.00%, 01/01/2047	$	2,450	$	2,289,691
5.00%, 01/01/2052		4,500		4,149,337
Tampa Florida Hospitals 4.00%, 07/01/2045(c)		15,415		14,324,125
Village Community Development District No. 13 Series 2020 3.50%, 05/01/2051(a)		1,985		1,552,661
Series 2021 1.80%, 05/01/2026		400		365,899
				252,908,257
Georgia – 0.9%
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System Obligated Group) Series 2017 5.00%, 08/01/2047		2,650		2,665,630
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(a)		10,000		9,702,693
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2038		715		743,185
5.00%, 01/01/2039		780		808,817
5.00%, 01/01/2048		1,530		1,563,812
5.00%, 01/01/2049		4,000		4,106,973
5.00%, 01/01/2056		1,360		1,402,667
5.00%, 01/01/2059		1,560		1,582,477
Series 2022 5.50%, 07/01/2063		6,500		6,773,494
				29,349,748
Guam – 0.5%
Guam Government Waterworks Authority Series 2020-A 5.00%, 01/01/2050		2,790		2,899,075
Guam Power Authority Series 2022-A 5.00%, 10/01/2042		6,500		6,781,014
5.00%, 10/01/2043		1,000		1,040,335
Territory of Guam Series 2019 5.00%, 11/15/2031		890		907,071
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2036		5,000		4,690,388
				16,317,883
Idaho – 0.1%
Idaho Housing & Finance Association (Battelle Energy Alliance LLC) Series 2010-A 7.00%, 02/01/2036		4,000		4,007,471

13

	Principal Amount (000)		U.S. $ Value
Illinois – 11.7%
Chicago Board of Education Series 2015-C 5.25%, 12/01/2035	$	5,405	$	5,476,283
5.25%, 12/01/2039		10,095		10,296,548
Series 2016-A 7.00%, 12/01/2044		3,095		3,370,052
Series 2017-A 7.00%, 12/01/2046(a)		4,975		5,598,803
Series 2017-B 6.75%, 12/01/2030(a)		11,365		13,026,941
7.00%, 12/01/2042(a)		2,400		2,715,835
Series 2017-C 5.00%, 12/01/2034		5,055		5,248,641
Series 2017-G 5.00%, 12/01/2044		8,150		8,339,505
Series 2018-A 5.00%, 12/01/2028		3,750		4,004,151
5.00%, 12/01/2032		4,800		5,021,008
5.00%, 12/01/2033		2,600		2,710,027
Series 2018-C 5.00%, 12/01/2026		4,900		5,180,638
Series 2019-B 5.00%, 12/01/2030		425		452,585
5.00%, 12/01/2031		750		791,012
5.00%, 12/01/2032		310		325,645
5.00%, 12/01/2033		290		303,406
Series 2022-B 4.00%, 12/01/2041		5,000		4,571,126
Chicago O’Hare International Airport 5.25%, 01/01/2053		37,000		38,554,000
5.50%, 01/01/2055		10,000		10,639,600
Series 2017-D 5.25%, 01/01/2036		5,000		5,378,281
Series 2018-A 5.00%, 01/01/2053(c)		10,000		10,165,704
Series 2018-B 5.00%, 01/01/2053(c)		10,000		10,460,919
Chicago Transit Authority (Chicago Transit Authority Sales Tax) Series 2020-A 4.00%, 12/01/2050(c)		4,510		4,095,430
4.00%, 12/01/2055(c)		10,250		9,142,701
City of Chicago IL Series 2014-A 5.00%, 01/01/2023 (Pre-refunded/ETM)		695		701,013
5.00%, 01/01/2036		1,080		1,095,227
Series 2015-2 5.00%, 01/01/2025		400		416,711
Series 2015-A 5.50%, 01/01/2033		1,000		1,037,079
Series 2016-C 5.00%, 01/01/2038		590		605,171

14

	Principal Amount (000)		U.S. $ Value
City of Chicago IL (Goldblatts Supportive Living Project) Series 2013 6.375%, 12/01/2052	$	7,950	$	5,228,538
Illinois Finance Authority 4.00%, 08/15/2036(c)		3,000		2,934,954
4.00%, 08/15/2037(c)		3,000		2,918,012
4.00%, 08/15/2038(c)		4,000		3,866,186
4.00%, 08/15/2039(c)		2,500		2,402,807
4.00%, 08/15/2040(c)		1,750		1,671,907
4.00%, 08/15/2041(c)		2,000		1,899,193
Illinois Finance Authority (Acero Charter Schools, Inc. Obligated Group) Series 2021 4.00%, 10/01/2042(a)		1,000		864,290
Illinois Finance Authority (Bradley University) Series 2021-A 4.00%, 08/01/2043		1,190		1,039,844
4.00%, 08/01/2046		2,000		1,710,051
Illinois Finance Authority (CHF-Chicago LLC) Series 2017-A 5.00%, 02/15/2047		1,790		1,712,101
5.00%, 02/15/2050		1,000		949,906
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 4.00%, 09/01/2035		400		371,281
4.00%, 09/01/2037		520		474,912
4.00%, 09/01/2039		850		762,824
4.00%, 09/01/2041		385		339,667
5.00%, 09/01/2036		540		554,155
5.00%, 09/01/2038		535		546,023
5.00%, 09/01/2040		465		472,658
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2020 4.00%, 05/15/2050		1,000		902,194
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) Series 2021 5.125%, 05/15/2060		11,613		9,006,317
Illinois Finance Authority (Rosalind Franklin University of Medicine & Science) Series 2017-C 5.00%, 08/01/2049		1,075		1,090,720
Illinois Finance Authority (Silver Cross Hospital Obligated Group) Series 2015-C 5.00%, 08/15/2044		4,500		4,588,103
Illinois State Toll Highway Authority Series 2021-A 4.00%, 01/01/2042(c)		10,985		10,684,283
4.00%, 01/01/2046(c)		6,000		5,704,965

15

	Principal Amount (000)		U.S. $ Value
Metropolitan Pier & Exposition Authority Series 2012 Zero Coupon, 12/15/2041	$	24,500	$	9,355,568
Zero Coupon, 12/15/2050		19,675		4,538,308
Zero Coupon, 12/15/2051		5,000		1,092,055
Series 2017-A 5.00%, 06/15/2057		12,475		12,694,111
Series 2017-B Zero Coupon, 12/15/2054		8,000		1,480,966
State of Illinois Series 2010 7.35%, 07/01/2035		6,964		7,642,705
Series 2014 5.00%, 05/01/2029		1,010		1,035,872
5.00%, 04/01/2030		4,665		4,774,163
5.00%, 05/01/2030		2,000		2,048,964
5.00%, 05/01/2032		11,000		11,260,349
5.00%, 05/01/2035		5,465		5,577,467
5.00%, 05/01/2036		5,925		6,045,011
Series 2016 5.00%, 02/01/2028		15,000		15,899,789
5.00%, 02/01/2029		13,000		13,736,242
5.00%, 11/01/2032		4,755		4,953,992
Series 2017-D 5.00%, 11/01/2028		13,400		14,302,249
Series 2018-A 5.00%, 10/01/2029		2,115		2,268,187
5.00%, 05/01/2030		4,460		4,751,244
Series 2019-B 4.00%, 11/01/2033		1,500		1,465,566
5.00%, 11/01/2030		5,565		5,998,377
Series 2020-B 5.00%, 10/01/2031		2,085		2,251,768
Village of Antioch IL Special Service Areas No. 1 & 2 Series 2016-A 4.50%, 03/01/2033		8,436		7,910,081
Series 2016-B 7.00%, 03/01/2033		3,782		3,664,878
Village of Pingree Grove IL Special Service Area No. 7 Series 2015 4.50%, 03/01/2025		1,467		1,470,663
5.00%, 03/01/2036		8,950		8,794,932
Series 2015-B 6.00%, 03/01/2036		2,594		2,620,868
				390,054,308
Indiana – 1.4%
City of Valparaiso IN (Green Oaks of Valparaiso LLC) Series 2021 5.375%, 12/01/2041(a)		3,350		2,653,466
Indiana Finance Authority (Baptist Healthcare System Obligated Group) Series 2017 5.00%, 08/15/2051		3,715		3,786,168

16

	Principal Amount (000)		U.S. $ Value
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(a)	$	18,845	$	15,011,028
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2038		2,045		1,775,843
4.00%, 04/01/2040		2,215		1,887,050
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2023-2 4.00%, 11/15/2026(b)		1,000		970,910
4.00%, 11/15/2027(b)		1,000		957,324
4.00%, 11/15/2030(b)		1,000		914,095
Indiana Finance Authority (Marquette Manor) Series 2015-A 5.00%, 03/01/2039		2,675		2,704,998
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2020 3.00%, 11/01/2030		6,375		5,894,878
Series 2020-A 3.00%, 11/01/2030		2,690		2,487,407
Series 2021-B 2.50%, 11/01/2030		4,025		3,583,415
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		5,000		4,686,849
				47,313,431
Iowa – 0.8%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 5.00%, 12/01/2050		10,000		10,232,866
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) Series 2021 4.00%, 12/01/2031		2,415		2,273,663
4.00%, 12/01/2041		3,400		2,952,189
4.00%, 12/01/2046		2,275		1,892,825
4.00%, 12/01/2051		4,060		3,289,852
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.50%, 11/01/2051		5,000		5,035,462
				25,676,857
Kansas – 0.4%
City of Lawrence KS (Lawrence Memorial Hospital/KS) Series 2018 5.00%, 07/01/2043		7,500		7,729,747

17

	Principal Amount (000)		U.S. $ Value
Overland Park Development Corp. (City of Overland Park KS) Series 2019 5.00%, 03/01/2037	$	1,000	$	971,028
5.00%, 03/01/2039		1,070		1,027,504
5.00%, 03/01/2044		655		612,732
5.00%, 03/01/2049		3,835		3,557,757
				13,898,768
Kentucky – 1.8%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 4.00%, 02/01/2038		745		688,520
City of Henderson KY (Pratt Paper LLC) Series 2022 4.70%, 01/01/2052(a)		7,000		6,911,722
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2046		1,430		1,463,891
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2044(c)		12,150		12,560,883
5.00%, 08/01/2049(c)		2,490		2,562,431
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) Series 2012 5.375%, 11/15/2042		7,765		7,007,128
5.50%, 11/15/2045		2,350		2,116,824
Series 2016-A 5.00%, 05/15/2046		4,500		3,960,118
5.00%, 05/15/2051		3,500		3,023,257
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2037		4,045		4,177,671
5.25%, 06/01/2041		3,650		3,738,233
Kentucky Economic Development Finance Authority (Rosedale Green) Series 2015 5.75%, 11/15/2050		2,650		2,422,895
Kentucky Public Energy Authority (Morgan Stanley) Series 2022-A 4.00%, 08/01/2052(c)		10,000		9,917,233

18

	Principal Amount (000)		U.S. $ Value
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2020-A 5.00%, 10/01/2038	$	370	$	391,401
				60,942,207
Louisiana – 1.0%
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.25%, 11/15/2045		7,625		7,641,612
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) Series 2017 5.00%, 10/01/2041		5,000		5,238,320
Louisiana Public Facilities Authority Series 2016 5.00%, 05/15/2047 (Pre-refunded/ETM)		25		27,056
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2013-B 10.50%, 07/01/2039 (e) (f)		7,250		72
Series 2014-A 8.375%, 07/01/2039(d) (e) (f)		17,000		170
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Lease) Series 2016-A 5.00%, 07/01/2051(c)		10,000		10,180,562
New Orleans Aviation Board Series 2017-B 5.00%, 01/01/2048		2,350		2,391,662
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040(a)		955		1,056,902
6.35%, 10/01/2040(a)		805		890,897
St Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2037		4,600		4,642,440
				32,069,693
Maine – 0.8%
Finance Authority of Maine (Casella Waste Systems, Inc.) Series 2017 5.25%, 01/01/2025(a)		7,270		7,388,893
Maine Health & Higher Educational Facilities Authority 4.00%, 07/01/2037(c)		1,150		1,124,918
4.00%, 07/01/2038(c)		1,350		1,312,606
4.00%, 07/01/2039(c)		2,000		1,931,859
4.00%, 07/01/2040(c)		1,690		1,625,019

19

	Principal Amount (000)		U.S. $ Value
Maine Health & Higher Educational Facilities Authority (MaineHealth Obligated Group) Series 2020-A 4.00%, 07/01/2045(c)	$	6,295	$	5,935,358
Maine Health & Higher Educational Facilities Authority (Stephens Memorial Hospital Association) Series 2015 5.00%, 07/01/2039(c)		8,100		8,464,463
				27,783,116
Maryland – 2.4%
City of Westminster MD (Lutheran Village at Miller’s Grant, Inc. (The)) Series 2014-A 6.00%, 07/01/2034		1,500		1,538,473
6.125%, 07/01/2039		750		768,876
6.25%, 07/01/2044		2,000		2,050,080
Maryland Economic Development Corp. Series 2020 3.25%, 09/01/2030		500		460,313
4.00%, 09/01/2050		1,500		1,273,271
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2055		7,525		7,960,702
Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) Series 2021 5.00%, 01/01/2025		475		491,976
5.00%, 01/01/2026		495		519,720
5.00%, 01/01/2027		430		457,306
5.00%, 01/01/2028		300		321,967
5.00%, 01/01/2029		290		313,055
5.00%, 01/01/2030		285		308,590
5.00%, 01/01/2036		1,790		1,928,577
Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) Series 2015 5.00%, 07/01/2040		3,500		3,560,620
5.00%, 07/01/2045		1,775		1,784,232
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050(c)		45,000		49,190,827
State of Maryland Department of Transportation Series 2022-2 5.00%, 12/01/2024(b)		1,250		1,314,705
5.00%, 12/01/2025(b)		3,500		3,764,144
5.00%, 12/01/2028(b)		2,500		2,839,892
				80,847,326

20

	Principal Amount (000)		U.S. $ Value
Massachusetts – 2.1%
Commonwealth of Massachusetts Series 2020-D 4.00%, 11/01/2041(c)	$	10,630	$	10,455,395
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2047		16,595		16,980,998
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2034		1,135		1,168,168
5.00%, 10/01/2035		3,000		3,083,471
5.00%, 10/01/2043		1,365		1,387,719
Massachusetts Development Finance Agency (Merrimack College) Series 2014 5.125%, 07/01/2044		1,000		1,014,909
Massachusetts Development Finance Agency (NewBridge on the Charles, Inc.) Series 2017 5.00%, 10/01/2037(a)		1,000		1,050,954
Massachusetts Development Finance Agency (President & Fellows of Harvard College) Series 2016-A 5.00%, 07/15/2040		8,075		9,495,435
Massachusetts Development Finance Agency (Springfield College) Series 2021-B 4.00%, 06/01/2041		1,355		1,262,492
Massachusetts Development Finance Agency (Wellforce Obligated Group) Series 2019-A 5.00%, 07/01/2036		3,000		3,198,473
5.00%, 07/01/2044		4,230		4,393,233
Massachusetts Port Authority Series 2019-A 5.00%, 07/01/2036(c)		4,500		4,818,345
5.00%, 07/01/2037(c)		4,000		4,271,635
5.00%, 07/01/2038(c)		8,100		8,618,552
				71,199,779
Michigan – 1.2%
City of Detroit MI Series 2014-B 4.00%, 04/01/2044		7,000		5,537,211
Series 2018 5.00%, 04/01/2037		1,700		1,747,500
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate) Series 2017-A 5.00%, 11/01/2047		1,060		1,039,105
5.00%, 11/01/2052		1,185		1,150,784
Michigan Finance Authority Series 2016 5.00%, 12/01/2045 (Pre-refunded/ETM)		45		48,993

21

	Principal Amount (000)		U.S. $ Value
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) Series 2014-C6 5.00%, 07/01/2033	$	2,750	$	2,851,680
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) Series 2014-D4 5.00%, 07/01/2029		1,400		1,459,409
5.00%, 07/01/2030		1,000		1,041,157
Michigan Finance Authority (Lawrence Technological University Obligated Group) Series 2022 4.00%, 02/01/2027		185		185,254
4.00%, 02/01/2032		285		271,489
4.00%, 02/01/2042		745		646,203
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-B Zero Coupon, 06/01/2065		16,250		1,658,964
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2039		13,580		13,786,483
5.00%, 07/01/2044		1,200		1,214,434
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) Series 2008-C Zero Coupon, 06/01/2058		154,100		7,070,832
				39,709,498
Minnesota – 0.5%
City of Apple Valley MN (PHS Apple Valley Senior Housing, Inc.) Series 2021 4.00%, 09/01/2051		230		181,676
4.00%, 09/01/2061		870		660,205
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018-A 5.00%, 11/15/2049(c)		10,250		10,646,190
Duluth Economic Development Authority (Benedictine Health System Obligated Group) Series 2021 4.00%, 07/01/2036		1,000		917,863
4.00%, 07/01/2041		830		733,163
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041(a)		1,000		804,681
4.00%, 06/01/2051(a)		1,000		732,941
4.00%, 06/01/2056(a)		1,000		711,928
				15,388,647

22

	Principal Amount (000)		U.S. $ Value
Mississippi – 0.4%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2041(a)	$	1,000	$	833,647
5.00%, 10/01/2031(a)		2,850		3,062,035
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) Series 2016-A 5.00%, 09/01/2036		6,400		6,584,646
5.00%, 09/01/2046		2,285		2,303,022
Mississippi Hospital Equipment & Facilities Authority (Forrest General Hospital, Inc.) Series 2019 4.00%, 01/01/2037		465		456,090
5.00%, 01/01/2035		750		795,664
				14,035,104
Missouri – 0.8%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2036		1,900		1,963,874
I-470 Western Gateway Transportation Development District (I-470 Western Gateway Transportation Development District Sales Tax) Series 2019-A 5.25%, 12/01/2048(a)		5,000		5,056,427
Kansas City Industrial Development Authority Series 2019 5.00%, 07/01/2040(a)		1,910		1,696,732
Series 2021 2.00%, 11/15/2046		1,165		55,745
Kansas City Industrial Development Authority (Kansas City United Methodist Retirement Home Obligated Group) Series 2021-A 10.00%, 11/15/2037		804		717,859
Series 2021-C 7.50%, 11/15/2046		643		522,328
Kansas City Industrial Development Authority (Kingswood Senior Living Community) Series 2021 5.00%, 11/15/2046		2,610		2,100,285
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036		2,000		1,941,300
5.00%, 08/15/2046		5,585		5,152,740
5.00%, 08/15/2051		2,415		2,195,645
Series 2021-A 5.00%, 08/15/2056		5,000		4,483,764
				25,886,699

23

	Principal Amount (000)		U.S. $ Value
Nebraska – 1.3%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2012 5.25%, 09/01/2037	$	1,500	$	1,500,000
Series 2017-A 5.00%, 09/01/2032(c)		21,460		23,462,881
5.00%, 09/01/2042(c)		14,215		14,967,935
Douglas County Hospital Authority No. 2 (Madonna Rehabilitation Hospital Obligated Group) Series 2014 5.00%, 05/15/2044		4,015		4,055,407
				43,986,223
Nevada – 0.2%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058(a)		10,500		1,397,759
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)		2,550		2,310,803
Las Vegas Redevelopment Agency Series 2016 5.00%, 06/15/2045		3,000		3,069,434
State of Nevada Department of Business & Industry (Fulcrum Sierra Biofuels LLC) Series 2018 6.95%, 02/15/2038(a)		1,635		1,505,859
				8,283,855
New Hampshire – 1.2%
New Hampshire Business Finance Authority Series 2022-1 4.375%, 09/20/2036		16,965		16,243,256
National Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		12,368		12,065,832
National Finance Authority Series 2022-2 0.334%, 09/20/2036		11,000		269,993
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2020-A 3.625%, 07/01/2043(a)		1,240		1,038,982
Series 2020-B 3.75%, 07/01/2045(a)		2,475		2,109,971
New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Obligated Group) Series 2020-A 5.00%, 08/01/2059		8,920		9,782,150
				41,510,184

24

	Principal Amount (000)		U.S. $ Value
New Jersey – 5.6%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2014 5.00%, 06/15/2040	$	2,845	$	2,908,731
Series 2015-W 5.25%, 06/15/2040		4,725		4,877,307
Series 2017-D 5.00%, 06/15/2042		5,000		5,173,175
Series 2018-A 5.00%, 06/15/2047		5,000		5,143,922
Series 2019 5.25%, 04/01/2028		2,720		2,967,745
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.125%, 01/01/2034		9,780		9,959,894
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2037		2,000		2,073,376
5.00%, 10/01/2047		8,750		8,950,352
New Jersey Economic Development Authority (UMM Energy Partners LLC) Series 2012-A 5.125%, 06/15/2043		7,515		7,520,361
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		4,140		4,185,817
Series 2014-B 5.625%, 11/15/2030		4,525		4,651,883
New Jersey Educational Facilities Authority (Stevens Institute of Technology) Series 2020-A 4.00%, 07/01/2050		1,195		1,085,932
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2028		13,615		14,655,962
5.00%, 06/15/2029		8,525		9,158,329
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2013-A 5.00%, 06/15/2036		5,000		5,061,253
Series 2015-A 5.00%, 06/15/2045		1,000		1,020,721
Series 2018-A 5.00%, 12/15/2033		12,240		13,074,212
5.00%, 12/15/2034		2,460		2,612,496
5.00%, 12/15/2035		6,545		6,919,848
Series 2019 5.00%, 06/15/2038		1,905		1,997,113
5.00%, 12/15/2039		1,000		1,048,592
5.00%, 06/15/2046		2,190		2,261,749
Series 2019-B 4.00%, 06/15/2037		930		903,761

25

	Principal Amount (000)		U.S. $ Value
South Jersey Transportation Authority Series 2014-A 5.00%, 11/01/2039	$	7,765	$	7,902,104
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		60,055		60,497,653
				186,612,288
New Mexico – 0.4%
New Mexico Hospital Equipment Loan Council (Gerald Champion Regional Medical Center) Series 2012 5.50%, 07/01/2042		8,155		8,168,379
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) Series 2019 5.00%, 07/01/2039		445		418,881
5.00%, 07/01/2049		3,935		3,513,879
				12,101,139
New York – 8.2%
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) Series 2016 5.50%, 09/01/2045(a)		9,415		9,697,514
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2056(a)		2,050		1,982,119
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2039		7,050		7,072,447
5.50%, 11/01/2044		2,875		2,904,510
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2015 12.00%, 07/01/2034(f) (g)		5,000		250,000
Metropolitan Transportation Authority Series 2013-A 5.00%, 11/15/2023		2,130		2,162,677
Series 2015-A 5.00%, 11/15/2045		4,830		4,919,739
Series 2016-A 5.00%, 11/15/2032		1,295		1,347,019
Series 2016-B 5.00%, 11/15/2025		635		670,822
5.00%, 11/15/2037		13,265		13,739,843
Series 2016-D 5.00%, 11/15/2027		4,630		4,923,395
Series 2017-C 5.00%, 11/15/2028		1,650		1,768,048
Series 2020-C 4.75%, 11/15/2045		2,000		1,963,990
Series 2020-D 4.00%, 11/15/2048		10,000		8,875,500
5.00%, 11/15/2043		4,000		4,120,381
Series 2020-E 4.00%, 11/15/2045		2,000		1,792,947

26

	Principal Amount (000)		U.S. $ Value
Monroe County Industrial Development Corp./NY (St Ann’s of Greater Rochester Obligated Group) Series 2019 5.00%, 01/01/2050	$	3,150	$	2,676,881
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 5.00%, 01/01/2058		7,315		4,268,563
9.00%, 01/01/2041(a)		3,660		3,209,453
New York City Housing Development Corp. Series 2020 2.55%, 08/01/2040		1,355		1,057,853
New York City NY Transitional 5.00%, 02/01/2032(c)		8,640		8,726,828
New York Counties Tobacco Trust V Series 2005
Zero Coupon, 06/01/2050		51,990		7,019,206
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2022 4.00%, 03/15/2040(c)		20,000		19,408,008
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022 5.00%, 03/15/2055(c)		10,000		10,723,010
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2029		3,500		3,665,280
5.00%, 01/01/2033		4,000		4,125,837
Series 2020 4.375%, 10/01/2045		21,325		19,704,349
5.00%, 10/01/2035		2,500		2,601,621
5.00%, 10/01/2040		2,515		2,585,389
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2038		3,000		3,141,538
5.00%, 12/01/2040		1,000		1,039,714
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2041		17,110		17,504,059
5.25%, 01/01/2050		8,000		8,223,770
Orange County Funding Corp. (The Hamlet at Wallkill) Series 2013 6.50%, 01/01/2046		5,865		4,995,306
Triborough Bridge & Tunnel Authority 5.25%, 05/15/2057(c)		10,000		11,019,095

	Principal Amount (000)		U.S. $ Value
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-B 4.00%, 05/15/2056(c)	$	12,000	$	11,074,556
5.50%, 11/15/2057(c)		10,000		11,145,409
Series 2022 5.00%, 05/15/2031		5,500		6,469,418
5.00%, 05/15/2052(c)		13,000		14,843,730
Series 2022-C 5.25%, 05/15/2052(c)		5,000		5,530,765
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) Series 2017 5.00%, 09/15/2037		4,270		3,661,118
5.25%, 09/15/2042		1,795		1,518,943
5.25%, 09/15/2047		3,080		2,512,626
5.25%, 09/15/2053		6,635		5,241,422
Westchester County Local Development Corp. (Purchase Senior Learning Community Obligated Group) Series 2021 2.875%, 07/01/2026(a)		7,650		7,165,691
Western Regional Off-Track Betting Corp. Series 2021 4.125%, 12/01/2041(a)		1,650		1,312,344
				274,362,733
North Carolina – 0.3%
Fayetteville State University Series 2023 5.00%, 04/01/2033(a) (b)		710		759,744
5.00%, 04/01/2035(a) (b)		830		878,923
5.00%, 04/01/2039(a) (b)		1,120		1,173,262
5.00%, 04/01/2041(a) (b)		1,290		1,343,941
5.00%, 04/01/2043(a) (b)		1,480		1,532,921
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2035		1,625		1,626,521
University of North Carolina at Chapel Hill (University of North Carolina Hospitals at Chapel Hill) Series 2019 5.00%, 02/01/2049		3,000		3,447,510
				10,762,822
North Dakota – 0.3%
City of Grand Forks ND (Altru Health System Obligated Group) Series 2021 4.00%, 12/01/2037		2,600		2,421,212
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(a)		1,550		949,491
7.00%, 12/15/2043(a)		1,610		947,558

28

	Principal Amount (000)		U.S. $ Value
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2043	$	5,000	$	4,918,785
				9,237,046
Ohio – 6.0%
Buckeye Tobacco Settlement Financing Authority Series 2020-B Zero Coupon, 06/01/2057		36,605		4,416,360
5.00%, 06/01/2055		102,025		97,024,826
City of Middleburg Heights OH (Southwest General Health Center Obligated Group) Series 2020 4.00%, 08/01/2047		3,000		2,714,018
Series 2021 4.00%, 08/01/2041		7,000		6,584,962
5.00%, 08/01/2032		1,000		1,092,315
5.00%, 08/01/2033		800		869,067
5.00%, 08/01/2034		1,000		1,077,164
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		22,660		23,128,262
5.00%, 02/15/2052		2,500		2,528,436
5.25%, 02/15/2047		7,575		7,797,866
County of Franklin OH (First Community Village Obligated Group) Series 2019 5.00%, 07/01/2049		2,840		2,426,456
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.00%, 12/01/2039		565		549,056
5.125%, 12/01/2049		690		652,710
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049(a) (d) (e)		5,215		1,960,840
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051(a)		3,700		2,741,816
Ohio Air Quality Development Authority (Pratt Paper OH, Inc.) Series 2017 4.25%, 01/15/2038(a)		1,540		1,538,210
Ohio Higher Educational Facility Commission (University of Dayton) Series 2022 5.00%, 02/01/2032(b)		2,545		2,888,601
5.00%, 02/01/2033(b)		2,670		3,002,552
5.00%, 02/01/2034(b)		2,805		3,137,092
5.00%, 02/01/2035(b)		2,945		3,280,112
5.00%, 02/01/2036(b)		1,055		1,171,922
5.00%, 02/01/2037(b)		1,105		1,221,990
5.00%, 02/01/2038(b)		1,165		1,284,154

29

	Principal Amount (000)		U.S. $ Value
5.00%, 02/01/2039(b)	$	1,220	$	1,341,300
5.00%, 02/01/2040(b)		1,285		1,409,020
5.00%, 02/01/2041(b)		1,350		1,476,529
5.00%, 02/01/2042(b)		1,415		1,543,203
5.00%, 02/01/2044(b)		1,045		1,134,189
Ohio Turnpike & Infrastructure Commission Series 2022 5.00%, 02/15/2039(b)		10,500		11,820,713
Port of Greater Cincinnati Development Authority Series 2021 4.375%, 06/15/2056		1,000		929,122
Toledo-Lucas County Port Authority (ParkUToledo Inc) Series 2021 4.00%, 01/01/2057		7,065		5,654,827
				198,397,690
Oklahoma – 1.2%
Norman Regional Hospital Authority (Norman Regional Hospital Authority Obligated Group) Series 2019 3.25%, 09/01/2038		2,545		1,982,213
3.25%, 09/01/2039		1,000		764,708
Oklahoma Development Finance Authority (Oklahoma City University Obligated Group) Series 2019 5.00%, 08/01/2044		4,525		4,421,019
5.00%, 08/01/2049		4,520		4,356,254
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2033		3,165		3,058,874
5.50%, 08/15/2052		5,000		4,738,222
5.50%, 08/15/2057		11,290		10,635,252
Oklahoma Development Finance Authority (OU Medicine, Inc.) Series 2022-A 5.50%, 08/15/2044		10,000		8,939,404
Tulsa Authority for Economic Opportunity (Tulsa Authority for Economic Opportunity Increment District No. 8) Series 2021 4.375%, 12/01/2041(a)		2,000		1,698,782
				40,594,728
Oregon – 0.3%
Clackamas County Hospital Facility Authority (Rose Villa, Inc. Obligated Group) Series 2020-A 5.25%, 11/15/2050		1,000		954,663
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront) Series 2014-A 5.40%, 10/01/2044		2,750		2,770,818
5.50%, 10/01/2049		5,650		5,696,033

30

	Principal Amount (000)		U.S. $ Value
Yamhill County Hospital Authority (Friendsview Manor Obligated Group) Series 2021-B 1.75%, 11/15/2026	$	360	$	337,182
				9,758,696
Pennsylvania – 3.9%
Allentown Neighborhood Improvement Zone Development Authority Series 2017 5.00%, 05/01/2042(a)		3,070		3,122,092
Series 2018 5.00%, 05/01/2042(a)		2,325		2,371,307
Berks County Industrial Development Authority (Tower Health Obligated Group) Series 2017 5.00%, 11/01/2047		1,800		1,399,674
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2020-B 5.00%, 02/01/2040		6,000		5,731,495
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 4.00%, 07/01/2051		5,000		3,761,756
Crawford County Hospital Authority (Meadville Medical Center Obligated Group) Series 2016-A 6.00%, 06/01/2046		7,950		8,173,926
6.00%, 06/01/2051		3,715		3,813,016
Cumberland County Municipal Authority (Asbury Pennsylvania Obligated Group) Series 2019 5.00%, 01/01/2045		1,185		1,152,297
Cumberland County Municipal Authority (Penn State Health Obligated Group) Series 2019 3.00%, 11/01/2038		4,475		3,724,346
4.00%, 11/01/2036		865		852,539
Geisinger Authority (Geisinger Health System Obligated Group) Series 2020 5.00%, 04/01/2043(c)		2,000		2,202,312
Geisinger Pennsylvania Authority Health System 5.00%, 04/01/2050(c)		8,000		8,330,682
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group)
Series 2017 5.00%, 07/01/2032		1,000		1,051,783

31

	Principal Amount (000)		U.S. $ Value
Lancaster County Hospital Authority/PA (St Anne’s Retirement Community Obligated Group) Series 2020 5.00%, 03/01/2040	$	1,000	$	937,860
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2020 5.00%, 03/01/2045		500		458,305
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2022 5.00%, 05/01/2057(c)		10,000		10,409,073
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 6.00%, 07/01/2045		18,125		16,789,231
Pennsylvania Economic Development Financing Authority (Covanta Holding Corp.) Series 2019 3.25%, 08/01/2039(a)		1,640		1,313,306
Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) Series 2022 7.00%, 12/01/2029		11,500		11,427,556
Pennsylvania Economic Development Financing Authority (National Railroad Passenger Corp.) Series 2012-A 5.00%, 11/01/2041		3,620		3,623,072
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 12/31/2034		2,110		2,175,657
5.00%, 12/31/2038		9,820		10,052,127
Pennsylvania Turnpike Commission Series 2017-B 5.00%, 06/01/2036		2,010		2,124,463
Philadelphia Authority for Industrial Development (Greater Philadelphia Health Action, Inc.) Series 2015-A 6.375%, 06/01/2040		1,300		1,310,720
6.50%, 06/01/2045		2,390		2,414,157
6.625%, 06/01/2050		3,870		3,916,309
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2050		2,240		2,232,087
5.00%, 08/01/2054		1,585		1,559,293
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-A 5.00%, 01/01/2051(a)		6,920		4,582,328
5.00%, 01/01/2057(a)		5,475		3,505,701

32

	Principal Amount (000)		U.S. $ Value
Series 2016-B 6.08%, 01/01/2026(a)	$	625	$	598,167
Series 2016-C Zero Coupon, 01/01/2036(a)		3,010		997,379
Series 2016-D Zero Coupon, 01/01/2057 (h)		59,415		3,564,900
				129,678,916
Puerto Rico – 12.3%
Children’s Trust Fund Series 2005-A Zero Coupon, 05/15/2050		3,830		653,426
Series 2008-A 0.00%, 05/15/2057		70,000		4,304,475
Series 2008-B Zero Coupon, 05/15/2057		445,000		21,577,382
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		872		805,366
Zero Coupon, 07/01/2033		21,858		12,407,027
4.00%, 07/01/2033		32,493		30,367,437
4.00%, 07/01/2035		6,453		5,915,980
4.00%, 07/01/2037		2,012		1,796,738
4.00%, 07/01/2041		2,735		2,379,470
4.00%, 07/01/2046		2,844		2,405,040
5.25%, 07/01/2023		1,456		1,477,738
5.375%, 07/01/2025		4,904		5,057,325
5.625%, 07/01/2027		5,694		6,034,553
5.625%, 07/01/2029		7,607		8,179,028
5.75%, 07/01/2031		5,122		5,607,155
Series 2022-A 0.00%, 11/01/2051		14,285		7,035,363
Series 2022-C 0.00%, 11/01/2043		30,319		15,614,131
GDB Debt Recovery Authority of Puerto Rico Series 2018 7.50%, 08/20/2040		4,726		4,217,954
PR Custodial Trust Series 2022 5.50%, 07/01/2029		307		319,165
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2008-A 6.125%, 07/01/2024		1,740		1,798,995
Series 2020-A 4.00%, 07/01/2023(a)		3,000		3,014,165
5.00%, 07/01/2025(a)		5,000		5,152,725
5.00%, 07/01/2030(a)		10,000		10,452,088
5.00%, 07/01/2047(a)		10,000		10,012,151
Series 2021-B 4.00%, 07/01/2042(a)		3,765		3,316,227
4.00%, 07/01/2047(a)		1,975		1,688,260
5.00%, 07/01/2025(a)		3,505		3,612,060
5.00%, 07/01/2028(a)		2,550		2,672,318
5.00%, 07/01/2029(a)		3,850		4,025,651
5.00%, 07/01/2033(a)		2,835		2,923,113
5.00%, 07/01/2037(a)		2,530		2,567,526

33

	Principal Amount (000)		U.S. $ Value
Series 2022-A 4.00%, 07/01/2047(a)	$	3,230	$	2,761,053
5.00%, 07/01/2033(a)		10,000		10,329,077
5.00%, 07/01/2037(a)		10,000		10,161,597
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		14,090		14,263,186
Series 2007-T 5.00%, 07/01/2032(d) (e)		7,425		6,014,250
5.00%, 07/01/2037(d) (e)		10,045		8,136,450
Series 2007-V 5.25%, 07/01/2029		215		218,584
Series 2008-W 5.00%, 07/01/2028(d) (e)		7,285		5,900,850
Series 2008-WW 5.375%, 07/01/2024(d) (e)		3,700		3,001,625
Series 2010 5.00%, 07/01/2020(d) (e)		1,660		1,340,450
5.00%, 07/01/2022(d) (e)		610		492,575
Series 2010-A 5.25%, 07/01/2029(d) (e)		2,370		1,919,700
5.25%, 07/01/2030(d) (e)		390		315,900
Series 2010-C 5.00%, 07/01/2024(d) (e)		1,530		1,239,300
5.25%, 07/01/2027(d) (e)		2,000		1,620,000
5.25%, 07/01/2028(d) (e)		5,255		4,256,550
Series 2010-DDD 5.00%, 07/01/2021(d) (e)		920		742,900
Series 2010-X 5.25%, 07/01/2027(d) (e)		3,725		3,017,250
5.25%, 07/01/2040(d) (e)		10,035		8,128,350
5.75%, 07/01/2036(d) (e)		1,000		817,500
Series 2010-ZZ 5.25%, 07/01/2019(d) (e)		1,715		1,384,863
5.25%, 07/01/2022(d) (e)		1,565		1,263,738
5.25%, 07/01/2024(d) (e)		1,570		1,271,700
5.25%, 07/01/2025(d) (e)		440		356,400
Series 2012-A 5.00%, 07/01/2029(d) (e)		3,345		2,709,450
5.00%, 07/01/2042(d) (e)		200		162,000
Puerto Rico Highway & Transportation Authority Series 2005-L 5.25%, 07/01/2041		4,260		4,262,072
Series 2007-C 5.50%, 07/01/2031		655		677,826
Series 2007-N 5.25%, 07/01/2036		3,560		3,604,446

34

	Principal Amount (000)		U.S. $ Value
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026	$	16,195	$	16,780,299
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		138		129,317
Zero Coupon, 07/01/2027		383		320,743
Zero Coupon, 07/01/2029		1,519		1,161,614
Zero Coupon, 07/01/2046		53,618		15,288,813
Series 2019-A 4.329%, 07/01/2040		21,770		21,133,660
4.55%, 07/01/2040		2,637		2,630,390
5.00%, 07/01/2058		67,981		65,778,878
				410,983,388
Rhode Island – 0.2%
Rhode Island Health and Educational Building Corp. (Lifespan Obligated Group) Series 2016 5.00%, 05/15/2031		1,795		1,842,289
5.00%, 05/15/2032		1,890		1,931,720
5.00%, 05/15/2033		1,000		1,017,827
5.00%, 05/15/2034		1,600		1,648,931
				6,440,767
South Carolina – 1.4%
Columbia Housing Authority/SC Series 2022 4.80%, 11/01/2024		2,975		2,929,668
5.26%, 11/01/2032		500		499,183
5.41%, 11/01/2039		7,515		7,464,609
6.28%, 11/01/2039		330		327,911
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040(a)		3,115		2,579,446
6.50%, 06/01/2051(a)		2,000		1,600,550
South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments LLC) Series 2022 0.00%, 06/01/2052		6,215		4,458,049
South Carolina Public Service Authority Series 2022 3.00%, 12/01/2043		1,606		1,227,831
4.00%, 12/01/2046		5,500		5,016,516
4.00%, 12/01/2049		14,178		12,869,425
4.00%, 12/01/2050		9,047		8,199,799
				47,172,987

35

	Principal Amount (000)		U.S. $ Value
South Dakota – 0.1%
County of Lincoln SD (Augustana College Association (The)) Series 2021 4.00%, 08/01/2041	$	835	$	737,851
4.00%, 08/01/2051		3,620		2,991,235
				3,729,086
Tennessee – 1.0%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.125%, 12/01/2042(a)		19,305		19,267,255
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2037		805		777,846
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trevecca Nazarene University) Series 2021 4.00%, 10/01/2051		1,000		806,631
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018 7.50%, 04/01/2049(a) (d) (e)		100		6,500
Series 2018-A 6.25%, 04/01/2049(a) (d) (e)		4,465		1,678,840
Metropolitan Government Nashville & Davidson County Industrial Development Board (South Nashville Central Business Improvement District) Series 2021 4.00%, 06/01/2051(a)		1,300		1,092,335
Shelby County Health Educational & Housing Facilities Board (Trezevant Episcopal Home (The)) Series 2013-A 5.375%, 09/01/2041		1,020		888,533
Shelby County Health Educational & Housing Facilities Board (Village at Germantown, Inc.) Series 2014 5.25%, 12/01/2044		1,075		1,082,830
5.25%, 12/01/2049		3,250		3,266,806
Wilson County Health & Educational Facilities Board Series 2021 4.00%, 12/01/2039		5,800		4,574,249
				33,441,825

36

	Principal Amount (000)		U.S. $ Value
Texas – 6.4%
Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) Series 2021-A 4.00%, 10/01/2050	$	2,895	$	2,591,775
Series 2021-B 5.00%, 10/01/2050(a)		4,250		3,669,252
Arlington Higher Education Finance Corp. (Uplift Education) Series 2016-A 5.00%, 12/01/2046		2,175		2,210,512
Arlington Higher Education Finance Corp. (Wayside Schools) Series 2021-A 4.00%, 08/15/2041		610		523,745
Baytown Municipal Development District (Baytown Municipal Development District Hotel Occupancy Tax) Series 2021 5.00%, 10/01/2050(a)		6,205		5,246,436
Board of Managers Joint Guadalupe County-City of Seguin Hospital Series 2015 5.00%, 12/01/2040		1,500		1,501,181
5.25%, 12/01/2035		1,200		1,224,844
Brazoria County Industrial Development Corp. (Aleon Renewable Metals LLC) Series 2022 10.00%, 06/01/2042(a)		8,500		8,333,817
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2040		4,715		4,801,320
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029		12,845		12,899,828
Series 2015-B 5.00%, 07/15/2030		3,155		3,167,354
5.00%, 07/15/2035		1,500		1,495,685
Clifton Higher Education Finance Corp. (IDEA Public Schools) Series 2012 5.00%, 08/15/2042		2,470		2,471,893
Series 2013 6.00%, 08/15/2043		1,000		1,020,679
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2046		1,160		1,109,608
Dallas County Flood Control District No. 1 Series 2015 5.00%, 04/01/2032(a)		2,000		2,002,094

37

	Principal Amount (000)		U.S. $ Value
Decatur Hospital Authority (Wise Regional Health System) Series 2014-A 5.25%, 09/01/2044	$	6,300	$	6,358,599
El Paso County Hospital District Series 2017 5.00%, 08/15/2033		3,940		4,171,727
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 5.00%, 07/01/2052(c)		10,000		10,455,204
Hidalgo County Regional Mobility Authority Series 2022-B Zero Coupon, 12/01/2043		2,965		883,556
Zero Coupon, 12/01/2055		5,000		671,657
Zero Coupon, 12/01/2056		3,325		417,697
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2033		1,055		1,097,329
5.00%, 10/15/2034		1,665		1,725,039
5.00%, 10/15/2037		2,765		2,849,343
5.00%, 10/15/2038		2,615		2,690,757
5.00%, 10/15/2039		2,840		2,918,815
5.00%, 10/15/2044		5,375		5,491,667
Kerrville Health Facilities Development Corp. (Sid Peterson Memorial Hospital) Series 2015 5.00%, 08/15/2035		1,800		1,846,856
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		15,000		15,208,212
New Hope Cultural Education Facilities Finance Corp. (BSPV - Plano LLC) Series 2019 7.25%, 12/01/2053(d) (e)		4,145		3,730,500
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061		9,130		4,768,710
7.50%, 11/15/2036		2,265		2,023,013
7.50%, 11/15/2037		365		314,704
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village) Series 2017 5.00%, 01/01/2037		2,285		2,296,319
5.00%, 01/01/2042		7,485		7,429,504
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2055		1,680		1,493,548

38

	Principal Amount (000)		U.S. $ Value
Series 2022 4.00%, 01/01/2047(b)	$	1,300	$	995,953
4.25%, 01/01/2057(b)		5,000		3,682,591
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) Series 2022 6.875%, 10/01/2057		5,000		5,033,897
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes Obligated Group) Series 2019 5.00%, 01/01/2055		2,200		1,726,988
New Hope Cultural Education Facilities Finance Corp. (Westminster Manor) Series 2016 5.00%, 11/01/2040		1,000		1,021,398
Newark Higher Education Finance Corp. (TLC Academy) Series 2021-A 4.00%, 08/15/2051		1,275		1,019,320
North East Texas Regional Mobility Authority Series 2016 5.00%, 01/01/2046		15,170		15,438,413
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 4.00%, 01/01/2050(a)		1,460		1,152,110
Series 2021 2.75%, 01/01/2036(a)		1,750		1,299,440
2.875%, 01/01/2041(a)		2,000		1,398,420
Red River Education Finance Corp. (St. Edward’s University, Inc.) Series 2016 5.00%, 06/01/2046		2,000		2,051,268
Sanger Industrial Development Corp. (Texas Pellets, Inc.) Series 2012-B 8.00%, 07/01/2038(d) (e) (f)		5,720		1,430,000
Tarrant County Cultural Education Facilities Finance Corp. (Edgemere Retirement Senior Quality Lifestyles Corp.) Series 2015-A 5.00%, 11/15/2045(d) (e)		2,585		1,034,000
Series 2015-B 5.00%, 11/15/2036(d) (e)		1,125		450,000
Series 2017 5.25%, 11/15/2047(d) (e)		845		338,000
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5.75%, 12/01/2054		16,668		13,155,229

39

	Principal Amount (000)		U.S. $ Value
Tarrant County Cultural Education Facilities Finance Corp. (Trinity Terrace Project) Series 2014-A1 5.00%, 10/01/2044	$	1,335	$	1,346,056
5.00%, 10/01/2049		2,625		2,642,783
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) Series 2019 5.00%, 06/30/2058		23,230		23,455,545
Uptown Development Authority Series 2017-A 5.00%, 09/01/2040		1,985		2,015,074
				213,799,264
Utah – 0.6%
County of Utah UT (IHC Health Services, Inc. Obligated Group) Series 2020-I 3.00%, 05/15/2050		3,550		2,721,143
5.00%, 05/15/2043(c)		5,000		5,353,187
5.00%, 05/15/2050(c)		8,000		8,496,290
Military Installation Development Authority Series 2021-A 4.00%, 06/01/2052		3,000		2,292,584
				18,863,204
Virginia – 3.3%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		2,696		2,601,031
Chesapeake Bay Bridge & Tunnel District Series 2016 5.00%, 07/01/2046		1,750		1,808,293
Lexington Industrial Development Authority (Kendal at Lexington) Series 2017-A 5.00%, 01/01/2042		690		716,511
5.00%, 01/01/2048		1,250		1,298,027
Richmond Redevelopment & Housing Authority (American Tobacco Holdings LLC) Series 2017 5.55%, 01/01/2037(a)		1,275		1,194,632
Tobacco Settlement Financing Corp./VA Series 2007-B1 5.00%, 06/01/2047		30,935		30,935,449
Virginia College Building Authority (Marymount University) Series 2015 5.00%, 07/01/2045(a)		4,000		4,019,098
Series 2015-A 5.00%, 07/01/2035(a)		1,200		1,215,069
5.00%, 07/01/2045(a)		3,110		3,124,849

40

	Principal Amount (000)		U.S. $ Value
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 4.00%, 01/01/2048	$	7,000	$	6,088,567
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 07/01/2035		2,000		1,937,317
4.00%, 01/01/2036		9,000		8,686,031
4.00%, 01/01/2038		8,500		8,076,329
4.00%, 01/01/2039		6,000		5,638,259
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo. LLC) Series 2022 4.00%, 01/01/2035		4,500		4,371,005
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC) Series 2017 5.00%, 12/31/2049		11,275		11,477,320
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 6.50%, 06/01/2029(a)		8,500		8,326,796
8.50%, 06/01/2042(a)		10,000		9,646,719
				111,161,302
Washington – 2.6%
King County Public Hospital District No. 4 Series 2015-A 5.00%, 12/01/2038		5,700		5,599,055
Port of Seattle WA Series 2019 5.00%, 04/01/2044(c)		10,000		10,422,642
Washington Health Care Facilities Authority 5.00%, 09/01/2055(c)		10,000		10,249,510
Series 2019-A 5.00%, 08/01/2049(c)		1,500		1,543,633
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2039(c)		1,000		1,042,916
5.00%, 08/01/2044(c)		4,485		4,636,671
Washington Health Care Facilities Authority (Overlake Hospital Medical Center Obligated Group) Series 2017-B 5.00%, 07/01/2033		2,835		3,022,987
Washington Health Care Facilities Authority (Seattle Cancer Care Alliance Obligated Group) Series 2021 3.00%, 12/01/2035(a)		440		384,105
4.00%, 12/01/2040(a)		860		831,699
4.00%, 12/01/2045(a)		1,180		1,103,702
4.00%, 12/01/2048(a)		1,000		924,432
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) Series 2017 5.00%, 08/15/2036		5,600		5,801,666
5.00%, 08/15/2037		4,200		4,343,315

41

	Principal Amount (000)		U.S. $ Value
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) Series 2021 4.00%, 07/01/2031	$	10,600	$	10,251,772
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		9,969		9,086,862
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2016 5.00%, 01/01/2036(a)		2,200		2,078,976
5.00%, 01/01/2046(a)		4,425		3,933,724
Series 2019-A 5.00%, 01/01/2044(a)		440		393,735
5.00%, 01/01/2049(a)		275		239,789
Washington State Housing Finance Commission (Riverview Retirement Community Obligated Group) Series 2012 5.00%, 01/01/2048		5,315		5,136,849
Washington State Housing Finance Commission (Rockwood Retirement Communities) Series 2014-A 7.375%, 01/01/2044(a)		4,185		4,313,721
				85,341,761
West Virginia – 0.3%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.50%, 06/01/2050(a)		1,000		799,500
Monongalia County Commission Excise Tax District Series 2021-A 4.125%, 06/01/2043(a)		2,250		2,073,979
West Virginia Economic Development Authority (Arch Resources, Inc.) Series 2021 4.125%, 07/01/2045		1,990		1,962,483
West Virginia Hospital Finance Authority (Charleston Area Medical Center, Inc. Obligated Group) Series 2019 5.00%, 09/01/2038		2,470		2,573,278
5.00%, 09/01/2039		1,400		1,454,749
				8,863,989
Wisconsin – 5.1%
Public Finance Authority 4.00%, 10/01/2052(c)		10,000		9,125,221

42

	Principal Amount (000)		U.S. $ Value
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041(a)	$	6,175	$	4,951,558
UMA Education, Inc. Series 2019 5.00%, 10/01/2034(a)		7,245		7,317,829
5.00%, 10/01/2039(a)		7,095		7,094,696
Wisconsin Center District AGM Series 2020-D Zero Coupon, 12/15/2050		44,075		11,767,791
Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Health System Obligated Group) AGM Series 2020 4.00%, 02/15/2035		800		787,162
Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) Series 2021 4.00%, 01/01/2047		2,400		1,967,521
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 5.00%, 11/01/2046		980		881,049
5.00%, 11/01/2054		1,100		962,238
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040(a)		1,605		1,444,874
Series 2022-A 3.875%, 12/01/2039(a)		7,370		6,596,034
Wisconsin Public Finance Authority Series 2020 4.00%, 06/01/2045(c)		10,000		8,882,153
Series 2022 6.00%, 02/01/2062(a)		7,850		8,000,266
Wisconsin Public Finance Authority (21st Century Public Academy) Series 2020 5.00%, 06/01/2040(a)		750		694,166
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) Series 2016 5.125%, 06/01/2048(a)		8,770		8,750,623
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(a)		27,000		25,513,294
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-C 4.30%, 11/01/2030		5,090		5,170,830
Series 2016-D 4.05%, 11/01/2030		1,780		1,793,193

43

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.00%, 02/01/2052	$	7,250	$	7,512,341
5.75%, 02/01/2052(a)		13,000		13,043,095
Wisconsin Public Finance Authority (Gannon University) Series 2017 5.00%, 05/01/2047		1,000		1,012,260
Wisconsin Public Finance Authority (McLemore Resort Manager LLC) Series 2021 4.50%, 06/01/2056(a)		6,640		4,915,469
Wisconsin Public Finance Authority (Rose Villa, Inc./OR) Series 2014-A 6.00%, 11/15/2049(a)		1,500		1,522,665
Wisconsin Public Finance Authority (Rose Villa, Inc.Obligated Group) Series 2014-A 5.75%, 11/15/2044(a)		1,100		1,112,114
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2015 5.875%, 04/01/2045		1,740		1,792,047
Series 2020 5.00%, 04/01/2050(a)		800		787,027
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 4.00%, 06/01/2056(a)		16,500		11,268,758
Series 2022 4.00%, 06/01/2049(a)		4,000		2,878,012
Wisconsin Public Finance Authority (Seabury Retirement Community) Series 2015-A 5.00%, 09/01/2038(a)		1,725		1,648,145
Wisconsin Public Finance Authority (Sky Harbour Capital LLC Obligated Group) Series 2021 4.25%, 07/01/2054		2,000		1,466,739
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2022 4.00%, 02/01/2035		1,650		1,559,479
Wisconsin Public Finance Authority (Uwharrie Charter Academy) Series 2022 5.00%, 06/15/2062(a)		5,000		4,567,632
Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) Series 2021 4.00%, 12/01/2041		1,500		1,311,411

44

	Principal Amount (000)		U.S. $ Value
4.00%, 12/01/2051	$	1,500	$	1,236,755
				169,334,447
Total Long-Term Municipal Bonds (cost $4,127,282,096)				3,780,880,670
CORPORATES - NON-INVESTMENT GRADE - 1.2%
Industrial - 1.2%
Communications - Media - 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a)		7,730		5,884,772
Consumer Cyclical - Entertainment - 0.4%
Wild Rivers Water Park 8.50%, 11/01/2051		13,775		11,915,375
Consumer Non-Cyclical - 0.2%
Medline Borrower LP 3.875%, 04/01/2029(a)		10,000		8,467,300
Services - 0.1%
Trousdale Issuer LLC Series A 6.50%, 04/01/2025(d) (e) (g)		5,265		1,979,640
Transportation - Airlines - 0.3%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)		4,040		3,846,201
5.75%, 04/20/2029(a)		3,585		3,238,366
United Airlines, Inc. 4.375%, 04/15/2026(a)		2,761		2,517,204
4.625%, 04/15/2029(a)		2,000		1,755,460
				11,357,231
				39,604,318
Financial Insitutions - 0.0%
Banks - 0.0%
UMB Financial Corp. 10.00%, 01/01/2049(g) (i)		599		596,571
Total Corporates - Non-Investment Grade (cost $45,894,545)				40,200,889
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.1%
Agency CMBS - 0.1%
California Housing Finance Agency Series 2021-3, Class X 0.787%, 08/20/2036(j)		14,114		886,620
Washington State Housing Finance Commission Series 2021-1, Class X 0.726%, 12/20/2035(j)		7,857		414,800
Total Commercial Mortgage-Backed Securities (cost $1,440,509)				1,301,420

45

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.03%(k) (l) (m) (cost $7,556,792)		7,556,792	$	7,556,792
Total Investments – 115.0% (cost $4,182,173,942)(n)				3,829,939,771
Other assets less liabilities – (15.0)%				(499,609,065	)
Net Assets – 100.0%			$	3,330,330,706

CENTRALLY CLEARED INFLATION (CPI) SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	30,985	01/15/2025	2.565%	CPI#	Maturity	$	3,157,695		$	—		$	3,157,695
USD	15,493	01/15/2025	2.585%	CPI#	Maturity		1,566,567			—			1,566,567
USD	15,492	01/15/2025	2.613%	CPI#	Maturity		1,549,501			—			1,549,501
USD	5,360	01/15/2025	4.028%	CPI#	Maturity		227,647			—			227,647
USD	15,550	01/15/2026	CPI#	3.765%	Maturity		(702,289	)		—			(702,289	)
USD	53,000	01/15/2027	CPI#	3.320%	Maturity		(3,308,219	)		—			(3,308,219	)
USD	51,000	01/15/2027	CPI#	3.466%	Maturity		(2,722,959	)		(60,737	)		(2,662,222	)
USD	41,300	01/15/2027	CPI#	3.323%	Maturity		(2,570,279	)		—			(2,570,279	)
USD	97,890	01/15/2028	1.230%	CPI#	Maturity		19,458,443			—			19,458,443
USD	91,090	01/15/2028	0.735%	CPI#	Maturity		21,386,415			—			21,386,415
USD	91,000	01/15/2029	CPI#	3.390%	Maturity		(3,700,399	)		—			(3,700,399	)
USD	68,050	01/15/2029	CPI#	3.735%	Maturity		(783,832	)		—			(783,832	)
USD	36,580	01/15/2029	CPI#	3.331%	Maturity		(1,667,324	)		—			(1,667,324	)
USD	29,000	01/15/2030	1.572%	CPI#	Maturity		5,534,020			—			5,534,020
USD	29,000	01/15/2030	1.587%	CPI#	Maturity		5,493,739			—			5,493,739
USD	30,000	01/15/2031	2.782%	CPI#	Maturity		2,578,912			—			2,578,912
USD	28,000	01/15/2031	2.680%	CPI#	Maturity		2,691,550			—			2,691,550
USD	25,000	01/15/2031	2.989%	CPI#	Maturity		1,627,717			—			1,627,717
USD	22,280	01/15/2032	CPI#	3.064%	Maturity		(1,170,472	)		—			(1,170,472	)
USD	18,550	04/15/2032	CPI#	2.909%	Maturity		(1,226,143	)		—			(1,226,143	)
						$	47,420,290		$	(60,737)		$	47,481,027

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

46

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	140,000	01/15/2029	1.363%	3 Month LIBOR	Semi-Annual/Quarterly	$	15,641,152		$	(96,064	)	$	15,737,216
USD	45,000	01/15/2031	1.323%	3 Month LIBOR	Semi-Annual/ Quarterly		6,345,716			—			6,345,716
USD	140,000	04/15/2032	2.748%	1 Day SOFR	Annual		2,152,039			—			2,152,039
USD	80,000	04/15/2032	2.671%	1 Day SOFR	Annual		1,529,950			—			1,529,950
USD	63,000	04/15/2032	2.815%	1 Day SOFR	Annual		300,575			402,239			(101,664	)
USD	45,800	04/15/2032	1.280%	1 Day SOFR	Annual		6,342,048			—			6,342,048
USD	25,000	04/15/2032	2.757%	1 Day SOFR	Annual		364,209			—			364,209
USD	18,000	04/15/2032	3.069%	1 Day SOFR	Annual		(240,904	)		—			(240,904	)
USD	11,000	04/15/2032	2.175%	1 Day SOFR	Annual		665,458			—			665,458
USD	10,000	04/15/2032	3.082%	1 Day SOFR	Annual		(144,525	)		—			(144,525	)
USD	65,000	02/15/2041	1 Day SOFR	2.832%	Annual		(623,189	)		—			(623,189	)
USD	52,000	02/15/2041	1 Day SOFR	2.823%	Annual		(566,145	)		—			(566,145	)
						$	31,766,384		$	306,175		$	31,460,209

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at August 31, 2022	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	1,820	$	(395,057	)	$	(219,824	)	$	(175,233	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	534		(115,987	)		(63,012	)		(52,975	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	374		(81,143	)		(44,254	)		(36,889	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	275		(59,665	)		(25,734	)		(33,931	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	7,331		(1,591,047	)		(666,778	)		(924,269	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,705		(804,116	)		(431,051	)		(373,065	)

47

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at August 31, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly		7.50	%		USD	2,823	$	(612,553	)	$	(260,104	)	$	(352,449	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	1,875		(406,990	)		(177,373	)		(229,617	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	151		(32,776	)		(14,267	)		(18,509	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	121		(26,253	)		(14,167	)		(12,086	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	6,122		(1,328,684	)		(831,780	)		(496,904	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	2,446		(530,773	)		(218,758	)		(312,015	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	2,273		(493,225	)		(258,555	)		(234,670	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	1,833		(397,762	)		(159,803	)		(237,959	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	702		(152,422	)		(84,459	)		(67,963	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	10,997		(2,386,571	)		(964,146	)		(1,422,425	)
											$	(9,415,024	)	$	(4,434,065	)	$	(4,980,959	)
*  Termination date

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)
Citibank, NA		USD	10,000	04/07/2023	SIFMA*	2.655%		Maturity	$	(329,863	)	$	—	$	(329,863	)
Citibank, NA		USD	25,000	05/01/2023	SIFMA*	3.090%		Maturity		211,808			—		211,808
Citibank, NA		USD	20,000	06/15/2023	SIFMA*	3.440%		Maturity		759,455			—		759,455
Citibank, NA		USD	21,490	10/09/2029	1.125%	SIFMA*		Quarterly		1,935,651			—		1,935,651
Morgan Stanley & Co., Inc.		USD	20,000	07/10/2023	SIFMA*	2.900%		Maturity		(332,295	)		—		(332,295	)
Morgan Stanley Capital Services LLC		USD	5,000	03/15/2023	SIFMA*	2.400%		Maturity		(281,727	)		—		(281,727	)
Morgan Stanley Capital Services LLC		USD	10,000	03/23/2023	SIFMA*	2.460%		Maturity		(510,429	)		—		(510,429	)

48

						Rate Type
Swap Counterparty	Notional Amount (000)			Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		USD	20,000		04/14/2023		SIFMA*		2.800%		Maturity	$	(388,380	)	$	—	$	(388,380	)
Morgan Stanley Capital Services LLC		USD	10,000		05/15/2023		SIFMA*		3.400%		Maturity		365,344			—		365,344
Morgan Stanley Capital Services LLC		USD	10,000		05/18/2023		SIFMA*		3.400%		Maturity		364,282			—		364,282
												$	1,793,846		$	—	$	1,793,846

(a) 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 August 31, 2022, the aggregate market value of these securities amounted to $779,617,093 or 23.4% of net assets.

(b) When-Issued or delayed delivery security.

(c) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

(d) Non-income producing security.

(e) Defaulted.

(f) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1 7.50%, 12/01/2032	12/22/2011	$	3,795,000	$	75,900	0.00%
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2015 12.00%, 07/01/2034	07/10/2015		5,000,000		250,000	0.01%
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2013-B 10.50%, 07/01/2039	11/22/2013		5,203,615		72	0.00%
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2014-A 8.375%, 07/01/2039	07/31/2014		11,810,208		170	0.00%
Sanger Industrial Development Corp. (Texas Pellets, Inc.) Series 2012-B 8.00%, 07/01/2038	08/31/2012		5,720,000		1,430,000	0.04%

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.11% of net assets as of August 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

49

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-D Zero Coupon, 01/01/2057	08/24/2016	$	6,610,862	$	3,564,900	0.11%

(i) Fair valued by the Adviser.

(j) IO - Interest Only.

(k) Affiliated investments.

(l) The rate shown represents the 7-day yield as of period end.

(m) 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.

(n) As of August 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $133,791,500 and gross unrealized depreciation of investments was $(410,271,548), resulting in net unrealized depreciation of $(276,480,048).

As of August 31, 2022, the Portfolio’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 1.8% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

CCRC – Congregate Care Retirement Center

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

OSF – Order of St. Francis

SD – School District

SOFR – Secured Overnight Financing Rate

50

AB Municipal Income Fund, Inc.

AB High Income Municipal Portfolio

August 31, 2022 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’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.

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.

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.

51

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of August 31, 2022:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Long-Term Municipal Bonds	$	—		$	3,780,630,670		$	250,000	$	3,780,880,670
Corporates - Non-Investment Grade		—			37,624,678			2,576,211		40,200,889
Commercial Mortgage-Backed Securities		—			1,301,420			—		1,301,420
Short-Term Investments		7,556,792			—			—		7,556,792
Liabilities:
Floating Rate Notes(a)		(426,855,000	)		—			—		(426,855,000	)
Total Investments in Securities		(419,298,208	)		3,819,556,768			2,826,211		3,403,084,771
Other Financial Instruments(b):
Assets:
Centrally Cleared Inflation (CPI) Swaps		—			65,272,206			—		65,272,206
Centrally Cleared Interest Rate Swaps		—			33,341,147			—		33,341,147
Interest Rate Swaps		—			3,636,540			—		3,636,540
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		—			(17,851,916	)		—		(17,851,916	)
Centrally Cleared Interest Rate Swaps		—			(1,574,763	)		—		(1,574,763	)
Credit Default Swaps		—			(9,415,024	)		—		(9,415,024	)
Interest Rate Swaps		—			(1,842,694	)		—		(1,842,694	)
Total	$	(419,298,208	)	$	3,891,122,264		$	2,826,211	$	3,474,650,267

^(a)  The Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.

^(b)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended August 31, 2022 is as follows:

Portfolio	Market Value 05/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	18,724	$	184,728	$	195,895	$	7,557	$	38

52