Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Diversified Municipal Portfolio
June 30, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS – 97.6% |
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Long-Term Municipal Bonds – 91.6% |
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Alabama – 2.8% |
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Alabama Federal Aid Highway Finance Authority (State of Alabama Fed Hwy Grant) | $ | 1,390 | $ | 1,416,455 | ||||
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) | 5,000 | 4,954,938 | ||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) | 1,000 | 945,904 | ||||||
4.00%, 02/01/2040 | 2,680 | 2,510,481 | ||||||
Southeast Alabama Gas Supply District (The) (Goldman Sachs Group, Inc. (The)) | 23,985 | 23,949,812 | ||||||
Southeast Alabama Gas Supply District (The) (Morgan Stanley) | 52,310 | 52,208,723 | ||||||
Southeast Energy Authority A Cooperative District (Morgan Stanley) | 44,385 | 43,143,853 | ||||||
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) | 13,025 | 13,618,881 | ||||||
Sumter County Industrial Development Authority/AL (Enviva, Inc.) | 6,480 | 4,382,014 | ||||||
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147,131,061 | ||||||||
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Alaska – 0.2% |
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Municipality of Anchorage AK | 4,375 | 4,467,269 | ||||||
Series 2015-C 5.00%, 09/01/2023 | 1,890 | 1,894,997 | ||||||
5.00%, 09/01/2024 | 2,730 | 2,787,576 | ||||||
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9,149,842 | ||||||||
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American Samoa – 0.0% |
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American Samoa Economic Development Authority (Territory of American Samoa) | 1,920 | 2,030,967 | ||||||
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1
Principal Amount (000) | U.S. $ Value | |||||||
Arizona – 1.8% |
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Arizona Health Facilities Authority (HonorHealth) | $ | 1,270 | $ | 1,278,014 | ||||
5.00%, 12/01/2024 | 1,500 | 1,533,077 | ||||||
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) | 1,000 | 1,072,361 | ||||||
Arizona Industrial Development Authority (Legacy Cares, Inc.) | 2,000 | 1,100,000 | ||||||
Chandler Industrial Development Authority (Intel Corp.) | 11,680 | 11,952,638 | ||||||
City of Glendale AZ (City of Glendale AZ COP) | 2,900 | 2,461,111 | ||||||
2.542%, 07/01/2033 | 5,000 | 4,028,510 | ||||||
2.642%, 07/01/2034 | 10,000 | 7,975,048 | ||||||
City of Glendale AZ (City of Glendale AZ Excise Tax) | 7,945 | 7,945,000 | ||||||
5.00%, 07/01/2024 | 9,010 | 9,181,219 | ||||||
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) | 600 | 690,386 | ||||||
5.00%, 07/01/2031 | 850 | 977,145 | ||||||
5.00%, 07/01/2032 | 825 | 947,418 | ||||||
Series 2020-A | 500 | 575,322 | ||||||
5.00%, 07/01/2031 | 650 | 747,228 | ||||||
5.00%, 07/01/2032 | 400 | 459,354 | ||||||
5.00%, 07/01/2033 | 490 | 560,483 | ||||||
City of Tempe AZ (City of Tempe AZ COP) | 5,000 | 3,941,011 | ||||||
2.171%, 07/01/2033 | 5,000 | 3,884,331 | ||||||
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) | 1,805 | 2,056,894 | ||||||
5.00%, 07/15/2038 | 5,500 | 6,235,717 | ||||||
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) | 2,500 | 2,472,487 |
2
Principal Amount (000) | U.S. $ Value | |||||||
Maricopa County Special Health Care District | $ | 6,000 | $ | 6,575,229 | ||||
State of Arizona Lottery Revenue | 4,000 | 4,000,000 | ||||||
5.00%, 07/01/2024 (Pre-refunded/ETM) | 2,000 | 2,036,438 | ||||||
5.00%, 07/01/2025 (Pre-refunded/ETM) | 5,000 | 5,186,661 | ||||||
5.00%, 07/01/2027 (Pre-refunded/ETM) | 5,500 | 5,957,513 | ||||||
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95,830,595 | ||||||||
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Arkansas – 0.1% |
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City of Fayetteville AR Sales & Use Tax Revenue | 3,000 | 2,935,564 | ||||||
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California – 7.4% |
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California Community Choice Financing Authority (American International Group, Inc.) | 10,000 | 10,551,344 | ||||||
California Community Choice Financing Authority (Deutsche Bank AG) | 16,165 | 16,910,187 | ||||||
California Community Choice Financing Authority (Morgan Stanley) | 5,000 | 5,004,067 | ||||||
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) | 18,035 | 13,869,932 | ||||||
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) | 27,375 | 27,259,193 | ||||||
7.75%, 01/01/2050(a) | 2,355 | 2,348,332 | ||||||
California State Public Works Board (California State Public Works Board Lease) | 1,225 | 1,254,242 | ||||||
Series 2021-A | 12,040 | 12,965,789 | ||||||
California State University | 5,000 | 3,841,723 | ||||||
City of Los Angeles CA | 25,000 | 25,414,612 | ||||||
City of Los Angeles Department of Airports | 5,840 | 6,118,685 | ||||||
Series 2019 | 5,215 | 5,483,089 |
3
Principal Amount (000) | U.S. $ Value | |||||||
City of Riverside CA Electric Revenue | $ | 5,230 | $ | 5,901,670 | ||||
CMFA Special Finance Agency VIII Elan Huntington Beach | 2,505 | 2,101,809 | ||||||
County of Los Angeles CA | 9,600 | 9,770,145 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) | 13,250 | 10,387,742 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) | 5,500 | 4,164,208 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) | 12,800 | 9,698,849 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) | 7,000 | 5,610,789 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) | 3,000 | 2,261,367 | ||||||
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) | 6,545 | 4,699,792 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue | 6,165 | 6,474,457 | ||||||
Regents of the University of California Medical Center Pooled Revenue | 5,000 | 5,707,588 | ||||||
Sacramento County Water Financing Authority (Sacramento County Water Agency) | 15,000 | 13,409,646 | ||||||
San Francisco Intl Airport | 9,645 | 10,296,529 |
4
Principal Amount (000) | U.S. $ Value | |||||||
State of California | $ | 20,000 | $ | 20,134,814 | ||||
5.00%, 11/01/2025 | 23,465 | 23,598,875 | ||||||
Series 2014 | 30,965 | 31,505,646 | ||||||
5.00%, 05/01/2026 | 50,000 | 50,780,060 | ||||||
Series 2019 | 11,225 | 12,521,430 | ||||||
5.00%, 04/01/2036 | 16,225 | 18,027,065 | ||||||
Series 2020 | 460 | 523,818 | ||||||
Series 2023 | 2,000 | 2,029,726 | ||||||
6.00%, 03/01/2033 | 1,000 | 1,098,486 | ||||||
University of California | 5,000 | 5,679,943 | ||||||
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387,405,649 | ||||||||
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Colorado – 2.4% |
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Centerra Metropolitan District No. 1 | 3,680 | 3,631,063 | ||||||
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) | 4,085 | 4,108,566 | ||||||
Series 2018-A | 14,315 | 14,388,558 | ||||||
5.00%, 12/01/2025 | 10,000 | 10,293,321 | ||||||
5.00%, 12/01/2026 | 16,080 | 16,806,904 | ||||||
5.00%, 12/01/2027 | 19,215 | 20,350,870 | ||||||
5.00%, 12/01/2028 | 24,320 | 26,056,866 | ||||||
5.00%, 12/01/2032 | 1,620 | 1,733,241 | ||||||
Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) | 1,000 | 1,077,641 | ||||||
Colorado Health Facilities Authority (CommonSpirit Health) | 2,175 | 2,340,516 | ||||||
5.00%, 08/01/2035 | 1,995 | 2,122,550 | ||||||
Colorado Health Facilities Authority (Sanford Obligated Group) | 2,280 | 2,444,808 | ||||||
Johnstown Plaza Metropolitan District | 2,312 | 1,915,438 | ||||||
State of Colorado (State of Colorado COP) | 11,000 | 13,103,274 |
5
Principal Amount (000) | U.S. $ Value | |||||||
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) | $ | 1,630 | $ | 1,661,305 | ||||
Vauxmont Metropolitan District | 822 | 704,500 | ||||||
5.00%, 12/15/2026 | 270 | 284,738 | ||||||
AGM Series 2020 | 485 | 495,494 | ||||||
5.00%, 12/01/2027 | 305 | 327,795 | ||||||
5.00%, 12/01/2030 | 385 | 424,966 | ||||||
5.00%, 12/01/2033 | 285 | 313,704 | ||||||
5.00%, 12/01/2050 | 300 | 317,941 | ||||||
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124,904,059 | ||||||||
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Connecticut – 3.1% |
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City of Bridgeport CT | 1,420 | 1,427,504 | ||||||
5.00%, 11/01/2028 | 1,000 | 1,085,914 | ||||||
Series 2017-B | 1,085 | 1,126,246 | ||||||
5.00%, 08/15/2026 | 4,500 | 4,767,358 | ||||||
5.00%, 08/15/2027 | 6,610 | 7,154,214 | ||||||
5.00%, 08/15/2027 (Pre-refunded/ETM) | 755 | 819,809 | ||||||
Series 2017-C | 2,245 | 2,288,775 | ||||||
5.00%, 08/15/2026 | 2,480 | 2,627,344 | ||||||
5.00%, 08/15/2027 | 2,605 | 2,819,475 | ||||||
5.00%, 08/15/2028 | 1,620 | 1,751,978 | ||||||
Connecticut State Health & Educational Facilities Authority | 19,535 | 19,138,522 | ||||||
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) | 1,000 | 1,002,718 | ||||||
5.00%, 07/01/2027 | 1,100 | 1,108,998 | ||||||
5.00%, 07/01/2028 | 1,100 | 1,113,502 | ||||||
5.00%, 07/01/2029 | 1,200 | 1,217,334 | ||||||
State of Connecticut | 6,360 | 6,435,573 | ||||||
Series 2015-B | 7,345 | 7,590,977 | ||||||
Series 2015-F | 1,570 | 1,638,386 | ||||||
Series 2016-A | 2,805 | 2,841,681 | ||||||
5.00%, 03/15/2029 | 14,500 | 15,264,237 | ||||||
Series 2016-E | 17,000 | 17,418,882 | ||||||
5.00%, 10/15/2025 | 3,025 | 3,153,693 | ||||||
Series 2017-B | 2,515 | 2,758,630 | ||||||
Series 2018-C | 5,500 | 5,812,991 |
6
Principal Amount (000) | U.S. $ Value | |||||||
Series 2018-D | $ | 16,655 | $ | 17,540,215 | ||||
Series 2020-A | 2,565 | 2,769,550 | ||||||
State of Connecticut Special Tax Revenue | 1,000 | 1,038,950 | ||||||
Series 2021-A | 3,835 | 3,874,665 | ||||||
Series 2021-D | 1,060 | 1,075,715 | ||||||
Town of Stratford CT | 2,035 | 2,169,265 | ||||||
5.00%, 01/01/2031 | 3,890 | 4,147,984 | ||||||
5.00%, 01/01/2032 | 3,890 | 4,143,141 | ||||||
5.00%, 01/01/2033 | 3,555 | 3,780,669 | ||||||
University of Connecticut | 7,065 | 7,875,973 | ||||||
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160,780,868 | ||||||||
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Delaware – 0.1% |
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Delaware River & Bay Authority | 3,250 | 3,276,836 | ||||||
5.00%, 01/01/2027 | 2,220 | 2,238,439 | ||||||
Delaware State Economic Development Authority (Newark Charter School, Inc.) | 575 | 574,418 | ||||||
5.00%, 09/01/2050 | 1,000 | 1,011,080 | ||||||
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7,100,773 | ||||||||
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District of Columbia – 0.8% |
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Metropolitan Washington Airports Authority Aviation Revenue | 3,750 | 3,853,946 | ||||||
Series 2018-A | 1,155 | 1,237,324 | ||||||
Series 2019-A | 3,840 | 4,163,405 | ||||||
5.00%, 10/01/2032 | 5,000 | 5,415,847 | ||||||
Series 2020-A | 2,540 | 2,759,454 | ||||||
5.00%, 10/01/2030 | 5,500 | 6,028,646 | ||||||
5.00%, 10/01/2031 | 5,000 | 5,480,275 | ||||||
5.00%, 10/01/2032 | 5,500 | 6,022,009 | ||||||
5.00%, 10/01/2033 | 5,000 | 5,466,491 | ||||||
5.00%, 10/01/2034 | 2,870 | 3,124,864 | ||||||
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43,552,261 | ||||||||
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Florida – 3.6% |
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Capital Trust Agency, Inc. (Franklin Academy Obligated Group) | 510 | 507,793 |
7
Principal Amount (000) | U.S. $ Value | |||||||
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) | $ | 5,000 | $ | 5,315,389 | ||||
City of Tampa FL (State of Florida Cigarette Tax Revenue) | 650 | 409,077 | ||||||
Zero Coupon, 09/01/2035 | 650 | 385,208 | ||||||
County of Broward FL Airport System Revenue | 1,070 | 1,160,057 | ||||||
Series 2019-C | 1,250 | 1,152,857 | ||||||
County of Broward FL Airport System Revenue (Fort Lauderdale Hollywood Intl Airport) | 5,000 | 5,005,482 | ||||||
County of Broward FL Convention Center Hotel Revenue | 2,685 | 3,070,431 | ||||||
County of Miami-Dade FL Aviation Revenue | 1,725 | 1,728,764 | ||||||
5.00%, 10/01/2024 | 1,610 | 1,631,733 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue | 2,490 | 2,515,375 | ||||||
County of Osceola FL Transportation Revenue | 735 | 536,952 | ||||||
Zero Coupon, 10/01/2031 | 905 | 631,688 | ||||||
Zero Coupon, 10/01/2032 | 500 | 333,480 | ||||||
Zero Coupon, 10/01/2033 | 1,210 | 769,120 | ||||||
Zero Coupon, 10/01/2034 | 1,260 | 758,214 | ||||||
Duval County School Board (Duval County School Board COP) | 4,280 | 4,423,035 | ||||||
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) | 3,765 | 3,248,822 | ||||||
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) | 1,000 | 1,021,539 | ||||||
5.00%, 10/01/2026 | 1,750 | 1,811,852 | ||||||
5.00%, 10/01/2028 | 1,015 | 1,051,763 | ||||||
Series 2021 | 3,000 | 2,667,797 | ||||||
Greater Orlando Aviation Authority | 3,000 | 3,217,019 |
8
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 10/01/2030 (Pre-refunded/ETM) | $ | 6,250 | $ | 6,702,122 | ||||
5.00%, 10/01/2031 | 4,085 | 4,316,595 | ||||||
Series 2019-A | 7,975 | 8,627,077 | ||||||
Hillsborough County Aviation Authority | 2,020 | 2,055,120 | ||||||
Hillsborough County School Board (Hillsborough County School Board COP) | 1,480 | 1,525,136 | ||||||
Hillsborough County School Board (Hillsborough County School Board Sales Tax) | 2,650 | 2,660,309 | ||||||
JEA Electric System Revenue | 1,185 | 1,276,893 | ||||||
JEA Water & Sewer System Revenue | 1,565 | 1,584,755 | ||||||
5.00%, 10/01/2025 | 1,495 | 1,514,310 | ||||||
Series 2017-A | 22,290 | 23,691,575 | ||||||
Manatee County School District (Manatee County School District COP) | 7,795 | 8,196,232 | ||||||
5.00%, 07/01/2029 | 6,215 | 6,542,161 | ||||||
North Broward Hospital District | 3,000 | 3,154,695 | ||||||
5.00%, 01/01/2030 | 3,180 | 3,344,932 | ||||||
Orange County Health Facilities Authority (Orlando Health Obligated Group) | 5,000 | 5,015,718 | ||||||
5.00%, 10/01/2024 | 6,560 | 6,676,451 | ||||||
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) | 1,000 | 918,587 | ||||||
Orange County School Board | 25,075 | 25,583,947 | ||||||
5.00%, 08/01/2029 (Pre-refunded/ETM) | 21,280 | 21,711,920 | ||||||
Polk County Industrial Development Authority (Mineral Development LLC) | 2,000 | 2,019,526 | ||||||
South Broward Hospital District (South Broward Hospital District Obligated Group) | 3,350 | 3,473,035 | ||||||
Village Community Development District No. 15 | 1,000 | 1,007,665 | ||||||
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184,952,208 | ||||||||
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9
Principal Amount (000) | U.S. $ Value | |||||||
Georgia – 3.4% |
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City of Atlanta GA Department of Aviation | $ | 12,250 | $ | 12,342,869 | ||||
Series 2021-C | 1,250 | 1,209,967 | ||||||
5.00%, 07/01/2029 | 1,250 | 1,353,887 | ||||||
5.00%, 07/01/2030 | 1,315 | 1,437,500 | ||||||
5.00%, 07/01/2031 | 1,725 | 1,908,789 | ||||||
5.00%, 07/01/2032 | 1,000 | 1,105,266 | ||||||
5.00%, 07/01/2033 | 1,400 | 1,545,703 | ||||||
5.00%, 07/01/2034 | 3,000 | 3,301,719 | ||||||
5.00%, 07/01/2036 | 2,400 | 2,605,923 | ||||||
5.00%, 07/01/2037 | 2,500 | 2,695,334 | ||||||
Series 2022-B | 1,565 | 1,723,208 | ||||||
5.00%, 07/01/2036 | 2,845 | 3,114,873 | ||||||
5.00%, 07/01/2037 | 2,535 | 2,753,874 | ||||||
5.00%, 07/01/2039 | 2,765 | 2,975,014 | ||||||
5.00%, 07/01/2040 | 7,105 | 7,610,802 | ||||||
5.00%, 07/01/2041 | 7,460 | 7,963,908 | ||||||
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) | 1,000 | 1,041,299 | ||||||
5.00%, 04/01/2027 | 250 | 264,512 | ||||||
5.00%, 04/01/2028 | 250 | 268,592 | ||||||
5.00%, 04/01/2029 | 300 | 326,835 | ||||||
5.00%, 04/01/2030 | 225 | 247,927 | ||||||
5.00%, 04/01/2031 | 250 | 272,591 | ||||||
Main Street Natural Gas, Inc. (Citadel LP) | 10,000 | 9,665,442 | ||||||
Main Street Natural Gas, Inc. (Citigroup, Inc.) | 22,965 | 23,777,042 | ||||||
Main Street Natural Gas, Inc. (Royal Bank of Canada) | 34,735 | 34,769,297 | ||||||
Series 2018-C | 18,000 | 18,004,169 | ||||||
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) | 5,350 | 5,365,337 | ||||||
Private Colleges & Universities Authority (Emory University) | 25,000 | 28,749,290 | ||||||
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178,400,969 | ||||||||
|
|
10
Principal Amount (000) | U.S. $ Value | |||||||
Guam – 0.0% |
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Territory of Guam | $ | 855 | $ | 882,165 | ||||
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Hawaii – 0.1% |
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State of Hawaii Harbor System Revenue | 2,765 | 2,785,159 | ||||||
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Idaho – 0.0% |
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Idaho Housing & Finance Association (State of Idaho Fed Hwy Grant) | 1,320 | 1,320,586 | ||||||
|
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Illinois – 5.9% |
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Chicago Board of Education | 2,265 | 2,265,059 | ||||||
Series 2017-F | 7,000 | 7,025,030 | ||||||
Series 2018-A | 1,000 | 1,033,760 | ||||||
Series 2021-A | 3,750 | 3,835,227 | ||||||
Series 2022-B | 11,000 | 9,972,710 | ||||||
Series 2023 | 2,125 | 2,377,304 | ||||||
5.25%, 04/01/2039 | 1,250 | 1,342,211 | ||||||
Chicago O’Hare International Airport | 3,020 | 3,158,890 | ||||||
Series 2018-A | 6,000 | 6,267,115 | ||||||
Series 2022 | 3,160 | 3,100,265 | ||||||
5.00%, 01/01/2029 | 500 | 536,092 | ||||||
5.00%, 01/01/2030 | 800 | 868,914 | ||||||
5.00%, 01/01/2033 | 890 | 986,109 | ||||||
5.00%, 01/01/2040 | 1,850 | 1,961,906 | ||||||
5.00%, 01/01/2041 | 2,000 | 2,114,107 | ||||||
5.00%, 01/01/2042 | 2,200 | 2,316,966 | ||||||
Illinois Finance Authority (Illinois Institute of Technology) | 470 | 469,657 | ||||||
5.00%, 09/01/2025 | 350 | 348,284 | ||||||
5.00%, 09/01/2026 | 300 | 298,770 | ||||||
5.00%, 09/01/2027 | 455 | 453,789 | ||||||
5.00%, 09/01/2029 | 575 | 573,457 | ||||||
5.00%, 09/01/2031 | 1,000 | 992,670 | ||||||
5.00%, 09/01/2034 | 600 | 585,437 | ||||||
Illinois Finance Authority (OSF Healthcare System Obligated Group) | 1,000 | 1,035,928 | ||||||
5.00%, 11/15/2028 | 1,250 | 1,294,132 |
11
Principal Amount (000) | U.S. $ Value | |||||||
Illinois Municipal Electric Agency | $ | 16,370 | $ | 16,896,273 | ||||
5.00%, 02/01/2028 | 13,565 | 13,984,616 | ||||||
5.00%, 02/01/2029 | 12,885 | 13,288,797 | ||||||
Illinois State Toll Highway Authority | 27,195 | 30,075,500 | ||||||
Metropolitan Pier & Exposition Authority | 2,745 | 2,598,800 | ||||||
Metropolitan Water Reclamation District of Greater Chicago | 2,240 | 2,736,830 | ||||||
5.25%, 12/01/2035 | 4,835 | 5,913,952 | ||||||
Series 2015-A | 8,350 | 8,556,108 | ||||||
Series 2015-B | 7,660 | 7,849,076 | ||||||
Railsplitter Tobacco Settlement Authority | 10,020 | 10,156,322 | ||||||
5.00%, 06/01/2025 | 12,450 | 12,814,989 | ||||||
State of Illinois | 5,415 | 5,416,602 | ||||||
Series 2014 | 3,500 | 3,526,585 | ||||||
5.00%, 05/01/2025 | 18,120 | 18,294,130 | ||||||
5.00%, 05/01/2027 | 5,000 | 5,055,039 | ||||||
Series 2016 | 1,100 | 1,159,644 | ||||||
Series 2017-A | 8,590 | 8,752,707 | ||||||
Series 2017-D | 55,545 | 56,525,314 | ||||||
5.00%, 11/01/2028 | 1,675 | 1,782,942 | ||||||
Series 2019-B | 9,000 | 9,163,241 | ||||||
Series 2020 | 1,500 | 1,638,872 | ||||||
Series 2022-B | 4,000 | 4,411,714 | ||||||
Series 2023-B | 10,000 | 11,234,094 | ||||||
|
| |||||||
307,045,936 | ||||||||
|
| |||||||
Indiana – 1.0% |
| |||||||
City of Whiting IN (BP Products North America, Inc.) | 9,670 | 9,952,194 | ||||||
Series 2023 | 14,460 | 14,748,689 | ||||||
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) | 715 | 717,674 |
12
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 04/01/2025 | $ | 750 | $ | 757,442 | ||||
5.00%, 04/01/2026 | 790 | 801,932 | ||||||
5.00%, 04/01/2027 | 830 | 845,386 | ||||||
5.00%, 04/01/2028 | 875 | 892,634 | ||||||
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) | 11,690 | 11,435,107 | ||||||
Indiana Finance Authority (Ohio Valley Electric Corp.) | 1,895 | 1,656,938 | ||||||
Indianapolis Local Public Improvement Bond Bank | 11,570 | 11,577,776 | ||||||
|
| |||||||
53,385,772 | ||||||||
|
| |||||||
Iowa – 0.5% |
| |||||||
Iowa Finance Authority (Iowa Fertilizer Co. LLC) | 5,450 | 5,361,691 | ||||||
Iowa Finance Authority (Iowa Finance Authority State Revolving Fund) | 5,460 | 6,147,460 | ||||||
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) | 14,000 | 14,274,536 | ||||||
|
| |||||||
25,783,687 | ||||||||
|
| |||||||
Kansas – 0.1% |
| |||||||
City of Junction City KS | 3,805 | 3,813,798 | ||||||
City of Overland Park KS Sales Tax Revenue | 215 | 221,681 | ||||||
6.50%, 11/15/2042(a) | 1,610 | 1,647,580 | ||||||
|
| |||||||
5,683,059 | ||||||||
|
| |||||||
Kentucky – 2.3% |
| |||||||
County of Carroll KY (Kentucky Utilities Co.) | 3,835 | 3,506,366 | ||||||
Kentucky Asset Liability Commission (Commonwealth of Kentucky Fed Hwy Grant) | 11,545 | 11,779,238 | ||||||
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) | 1,000 | 1,061,659 | ||||||
5.00%, 08/15/2041 | 1,260 | 1,296,963 |
13
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) | $ | 8,780 | $ | 9,015,111 | ||||
5.00%, 06/01/2030 | 5,870 | 6,001,697 | ||||||
Kentucky Public Energy Authority (BP PLC) | 24,850 | 24,847,572 | ||||||
Kentucky Public Energy Authority (Morgan Stanley) | 36,475 | 36,304,290 | ||||||
Series 2019-A | 10,895 | 10,842,041 | ||||||
Kentucky Turnpike Authority | 2,365 | 2,365,000 | ||||||
5.00%, 07/01/2024 | 3,420 | 3,473,278 | ||||||
5.00%, 07/01/2025 | 2,515 | 2,598,068 | ||||||
5.00%, 07/01/2027 | 5,075 | 5,336,225 | ||||||
|
| |||||||
118,427,508 | ||||||||
|
| |||||||
Louisiana – 0.7% |
| |||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax | 6,450 | 6,650,828 | ||||||
5.00%, 08/01/2028 | 2,535 | 2,608,806 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp ELL System Restoration Revenue) | 8,000 | 7,978,988 | ||||||
Parish of St. James LA (NuStar Logistics LP) | 2,250 | 2,304,355 | ||||||
6.10%, 06/01/2038(a) | 3,030 | 3,266,423 | ||||||
6.10%, 12/01/2040(a) | 2,595 | 2,797,481 | ||||||
St. Tammany Parish Finance Authority (Christwood) | 1,200 | 1,185,892 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue | 10,340 | 10,142,563 | ||||||
|
| |||||||
36,935,336 | ||||||||
|
| |||||||
Maine – 0.0% |
| |||||||
Maine Municipal Bond Bank | 1,000 | 1,021,205 | ||||||
|
|
14
Principal Amount (000) | U.S. $ Value | |||||||
Maryland – 0.9% |
| |||||||
County of Frederick MD | $ | 165 | $ | 179,370 | ||||
County of Prince George’s MD | 10,000 | 10,197,593 | ||||||
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) | 10,000 | 10,327,902 | ||||||
Maryland Health & Higher Educational Facilities Authority (UPMC Obligated Group) | 1,500 | 1,641,817 | ||||||
5.00%, 04/15/2031 | 1,365 | 1,516,845 | ||||||
State of Maryland | 15,000 | 15,610,557 | ||||||
State of Maryland Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport) | 1,500 | 1,556,974 | ||||||
5.00%, 08/01/2028 | 1,050 | 1,119,780 | ||||||
5.00%, 08/01/2029 | 700 | 756,949 | ||||||
5.00%, 08/01/2033 | 1,000 | 1,103,220 | ||||||
5.00%, 08/01/2034 | 1,000 | 1,099,210 | ||||||
|
| |||||||
45,110,217 | ||||||||
|
| |||||||
Massachusetts – 2.5% |
| |||||||
Commonwealth of Massachusetts | 11,000 | 11,227,946 | ||||||
Series 2016-B | 3,965 | 3,965,000 | ||||||
Series 2017-D | 4,435 | 4,721,795 | ||||||
AGC Series 2007-A | 15,250 | 15,246,267 | ||||||
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) | 7,250 | 7,040,549 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue | 10,340 | 11,452,316 | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue | 2,290 | 2,335,751 |
15
Principal Amount (000) | U.S. $ Value | |||||||
Massachusetts Development Finance Agency (Brandeis University) | $ | 2,670 | $ | 2,778,438 | ||||
5.00%, 10/01/2026 | 2,535 | 2,696,013 | ||||||
5.00%, 10/01/2029 | 1,000 | 1,110,353 | ||||||
5.00%, 10/01/2030 | 1,000 | 1,107,715 | ||||||
5.00%, 10/01/2031 | 1,010 | 1,117,054 | ||||||
5.00%, 10/01/2032 | 1,055 | 1,165,822 | ||||||
5.00%, 10/01/2033 | 1,625 | 1,793,524 | ||||||
Massachusetts Development Finance Agency (Mass General Brigham, Inc.) | 7,565 | 7,834,080 | ||||||
5.00%, 07/01/2028 | 7,500 | 8,158,153 | ||||||
5.00%, 07/01/2029 | 9,000 | 9,813,111 | ||||||
Massachusetts Development Finance Agency (Trustees of Boston College) | 950 | 1,050,837 | ||||||
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) | 1,425 | 1,475,770 | ||||||
5.00%, 07/01/2030 | 2,100 | 2,189,267 | ||||||
5.00%, 07/01/2032 | 2,000 | 2,083,738 | ||||||
5.00%, 07/01/2033 | 2,000 | 2,082,119 | ||||||
AGM Series 2020-C | 325 | 339,700 | ||||||
5.00%, 10/01/2027 | 440 | 467,339 | ||||||
5.00%, 10/01/2028 | 500 | 539,662 | ||||||
5.00%, 10/01/2029 | 295 | 323,263 | ||||||
5.00%, 10/01/2030 | 315 | 349,316 | ||||||
5.00%, 10/01/2031 | 375 | 411,021 | ||||||
5.00%, 10/01/2032 | 245 | 268,089 | ||||||
Massachusetts Port Authority | 8,615 | 9,366,577 | ||||||
Town of Nantucket MA | 14,000 | 14,197,980 | ||||||
|
| |||||||
128,708,565 | ||||||||
|
| |||||||
Michigan – 5.7% |
| |||||||
Bloomfield Hills School District | 600 | 646,300 | ||||||
5.00%, 05/01/2028 | 635 | 698,054 | ||||||
5.00%, 05/01/2029 | 700 | 784,511 | ||||||
5.00%, 05/01/2030 | 635 | 724,188 | ||||||
5.00%, 05/01/2032 | 1,100 | 1,295,837 | ||||||
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) | 14,000 | 13,256,909 |
16
Principal Amount (000) | U.S. $ Value | |||||||
Great Lakes Water Authority Water Supply System Revenue | $ | 2,700 | $ | 2,744,699 | ||||
5.00%, 07/01/2025 | 9,805 | 10,167,198 | ||||||
Lake Orion Community School District | 2,915 | 2,959,763 | ||||||
Michigan Finance Authority (Bronson Healthcare Group Obligated Group) | 48,585 | 50,121,243 | ||||||
Michigan Finance Authority (City of Detroit MI Income Tax) | 2,000 | 1,998,141 | ||||||
4.00%, 10/01/2024 | 3,000 | 2,984,144 | ||||||
4.50%, 10/01/2029 | 12,065 | 12,059,017 | ||||||
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) | 22,045 | 22,361,220 | ||||||
5.00%, 07/01/2027 | 17,895 | 18,182,510 | ||||||
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) | 7,770 | 7,876,654 | ||||||
5.00%, 07/01/2025 | 16,525 | 16,762,040 | ||||||
5.00%, 07/01/2026 | 25,000 | 25,387,017 | ||||||
5.00%, 07/01/2027 | 5,060 | 5,141,296 | ||||||
Michigan Finance Authority (Michigan Finance Authority School Loan Revolving Fund) | 15,000 | 14,926,158 | ||||||
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) | 5,000 | 4,454,289 | ||||||
4.00%, 06/01/2034 | 2,000 | 2,032,934 | ||||||
4.00%, 06/01/2035 | 1,000 | 1,008,329 | ||||||
4.00%, 06/01/2036 | 1,000 | 998,932 | ||||||
4.00%, 06/01/2037 | 1,000 | 985,134 | ||||||
4.00%, 06/01/2038 | 1,000 | 977,130 | ||||||
4.00%, 06/01/2039 | 2,000 | 1,936,885 | ||||||
5.00%, 06/01/2025 | 610 | 624,805 | ||||||
5.00%, 06/01/2026 | 1,290 | 1,337,182 | ||||||
5.00%, 06/01/2028 | 1,000 | 1,063,797 | ||||||
5.00%, 06/01/2029 | 2,000 | 2,147,702 | ||||||
5.00%, 06/01/2031 | 745 | 812,542 | ||||||
Michigan Finance Authority (Public Lighting Authority) | 1,600 | 1,611,855 | ||||||
Series 2014-B | 4,990 | 5,019,010 | ||||||
5.00%, 07/01/2031 | 2,460 | 2,478,335 |
17
Principal Amount (000) | U.S. $ Value | |||||||
Michigan Finance Authority (Trinity Health Corp.) | $ | 5,595 | $ | 5,562,012 | ||||
Series 2015 | 5,675 | 5,714,024 | ||||||
5.00%, 12/01/2024 | 4,400 | 4,509,829 | ||||||
5.00%, 12/01/2025 | 3,000 | 3,104,452 | ||||||
5.50%, 12/01/2026 | 4,500 | 4,662,062 | ||||||
5.50%, 12/01/2027 | 2,720 | 2,818,413 | ||||||
Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) | 3,210 | 3,238,240 | ||||||
5.00%, 12/31/2025 | 2,200 | 2,235,924 | ||||||
5.00%, 06/30/2026 | 2,400 | 2,449,881 | ||||||
5.00%, 12/31/2026 | 5,770 | 5,920,877 | ||||||
5.00%, 06/30/2027 | 7,635 | 7,873,272 | ||||||
5.00%, 12/31/2027 | 5,770 | 5,980,566 | ||||||
5.00%, 06/30/2028 | 4,645 | 4,835,807 | ||||||
|
| |||||||
297,471,119 | ||||||||
|
| |||||||
Missouri – 0.5% |
| |||||||
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) | 1,445 | 1,462,248 | ||||||
5.00%, 03/01/2028 | 1,375 | 1,411,003 | ||||||
City of Kansas City MO (City of Kansas City MO Lease) | 4,000 | 4,414,816 | ||||||
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) | 4,000 | 4,131,115 | ||||||
4.00%, 07/01/2034 | 2,000 | 2,056,032 | ||||||
4.00%, 07/01/2035 | 1,500 | 1,523,658 | ||||||
4.00%, 07/01/2039 | 5,000 | 4,909,391 | ||||||
4.00%, 07/01/2040 | 1,500 | 1,471,453 | ||||||
Howard Bend Levee District | 845 | 856,459 | ||||||
5.75%, 03/01/2027 | 775 | 792,181 | ||||||
Missouri Joint Municipal Electric Utility Commission | 2,630 | 2,694,323 | ||||||
|
| |||||||
25,722,679 | ||||||||
|
| |||||||
Montana – 0.3% |
| |||||||
Montana Facility Finance Authority (Benefis Health System Obligated Group) | 2,500 | 2,544,995 | ||||||
5.00%, 02/15/2026 | 3,190 | 3,289,545 | ||||||
5.00%, 02/15/2027 | 6,950 | 7,276,470 | ||||||
5.00%, 02/15/2028 | 2,375 | 2,472,574 | ||||||
|
| |||||||
15,583,584 | ||||||||
|
|
18
Principal Amount (000) | U.S. $ Value | |||||||
Nebraska – 0.5% |
| |||||||
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) | $ | 17,480 | $ | 17,552,344 | ||||
Series 2022-1 | 10,000 | 10,367,788 | ||||||
|
| |||||||
27,920,132 | ||||||||
|
| |||||||
Nevada – 1.1% |
| |||||||
City of Las Vegas NV | 5,675 | 5,690,630 | ||||||
5.00%, 09/01/2026 | 2,930 | 3,080,113 | ||||||
Clark County School District | 26,915 | 27,351,387 | ||||||
County of Clark NV | 6,530 | 6,636,984 | ||||||
Las Vegas Valley Water District | 4,590 | 4,844,467 | ||||||
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) | 9,400 | 9,362,857 | ||||||
|
| |||||||
56,966,438 | ||||||||
|
| |||||||
New Hampshire – 0.1% |
| |||||||
New Hampshire Business Finance Authority | 20,000 | 465,428 | ||||||
New Hampshire Business Finance Authority (Covanta Holding Corp.) | 2,250 | 2,167,610 | ||||||
|
| |||||||
2,633,038 | ||||||||
|
| |||||||
New Jersey – 6.5% |
| |||||||
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) | 4,930 | 5,166,879 | ||||||
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) | 5,000 | 4,972,091 | ||||||
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) | 1,000 | 1,007,515 | ||||||
5.50%, 01/01/2027 | 1,000 | 1,007,760 |
19
Principal Amount (000) | U.S. $ Value | |||||||
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) | $ | 1,500 | $ | 1,503,220 | ||||
5.00%, 10/01/2024 | 2,000 | 2,021,643 | ||||||
5.00%, 10/01/2025 | 2,750 | 2,799,901 | ||||||
New Jersey Economic Development Authority (Rutgers The State University of New Jersey) | 1,000 | 1,001,076 | ||||||
5.00%, 06/15/2026 | 3,500 | 3,503,797 | ||||||
New Jersey Economic Development Authority (State of New Jersey) | 3,000 | 3,096,691 | ||||||
5.00%, 06/15/2033(e) | 9,065 | 9,843,246 | ||||||
New Jersey Economic Development Authority (United Airlines, Inc.) | 3,920 | 3,929,929 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) | 12,830 | 13,423,214 | ||||||
5.00%, 06/15/2028 | 975 | 1,020,731 | ||||||
Series 2018-A | 3,050 | 3,193,045 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) | 8,605 | 9,239,952 | ||||||
5.00%, 12/15/2029 | 38,555 | 42,148,087 | ||||||
5.00%, 12/15/2030 | 5,885 | 6,387,550 | ||||||
5.00%, 12/15/2032 | 5,230 | 5,670,556 | ||||||
5.00%, 12/15/2033 | 7,230 | 7,808,864 | ||||||
Series 2019 | 4,000 | 4,368,798 | ||||||
5.00%, 06/15/2029 | 1,525 | 1,666,366 | ||||||
5.00%, 12/15/2031 | 3,195 | 3,511,855 | ||||||
Series 2019-B | 3,885 | 4,200,561 | ||||||
Series 2020-A | 1,810 | 1,986,020 | ||||||
Series 2022-A | 11,635 | 13,087,570 | ||||||
New Jersey Turnpike Authority | 5,040 | 5,116,937 | ||||||
5.00%, 01/01/2028 | 40,000 | 40,612,560 | ||||||
5.00%, 01/01/2029 | 30,900 | 31,379,287 | ||||||
Series 2014-C | 14,720 | 14,851,557 | ||||||
Series 2017-A | 7,235 | 7,725,439 | ||||||
Series 2017-B | 10,000 | 10,899,317 |
20
Principal Amount (000) | U.S. $ Value | |||||||
5.00%, 01/01/2030 | $ | 14,830 | $ | 16,161,805 | ||||
5.00%, 01/01/2031 | 15,220 | 16,573,437 | ||||||
Series 2021-B | 6,625 | 5,650,164 | ||||||
AGM Series 2005-D3 | 14,770 | 15,445,575 | ||||||
South Jersey Transportation Authority | 450 | 505,193 | ||||||
5.00%, 11/01/2037 | 400 | 445,391 | ||||||
Tobacco Settlement Financing Corp./NJ | 4,125 | 4,234,862 | ||||||
5.00%, 06/01/2026 | 3,000 | 3,130,021 | ||||||
5.00%, 06/01/2027 | 4,000 | 4,230,980 | ||||||
5.00%, 06/01/2028 | 2,140 | 2,294,844 | ||||||
5.00%, 06/01/2035 | 2,620 | 2,785,395 | ||||||
|
| |||||||
339,609,681 | ||||||||
|
| |||||||
New York – 9.5% |
| |||||||
City of New York NY | 1,130 | 1,150,775 | ||||||
Series 2015-A | 2,040 | 2,042,423 | ||||||
Series 2018-D | 2,435 | 2,618,825 | ||||||
Series 2020-A | 1,260 | 1,284,771 | ||||||
Series 2021 | 18,750 | 16,348,845 | ||||||
Series 2021-F | 5,000 | 5,155,921 | ||||||
County of Nassau NY | 8,840 | 9,435,349 | ||||||
Dutchess County Local Development Corp. (Bard College) | 4,695 | 4,514,039 | ||||||
Long Island Power Authority | 6,500 | 6,448,994 | ||||||
Metropolitan Transportation Authority | 9,505 | 9,567,285 | ||||||
Series 2014-A | 4,205 | 4,232,555 | ||||||
5.00%, 11/15/2027 (Pre-refunded/ETM) | 4,040 | 4,066,474 | ||||||
Series 2014-C | 5,000 | 5,129,291 | ||||||
Series 2017-C | 1,610 | 1,720,165 | ||||||
5.00%, 11/15/2030 | 56,065 | 59,560,019 | ||||||
5.00%, 11/15/2031 | 5,505 | 5,851,409 | ||||||
5.00%, 11/15/2033 | 8,500 | 9,025,203 | ||||||
Series 2021-D | 8,980 | 8,917,985 |
21
Principal Amount (000) | U.S. $ Value | |||||||
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) | $ | 28,000 | $ | 30,894,072 | ||||
5.00%, 07/15/2032 | 25,945 | 28,578,872 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 4,860 | 5,239,644 | ||||||
Series 2019-B | 10,000 | 11,099,764 | ||||||
5.00%, 11/01/2036 | 41,825 | 46,127,563 | ||||||
Series 2020 | 4,750 | 4,701,807 | ||||||
New York Liberty Development Corp. (3 World Trade Center LLC) | 400 | 400,725 | ||||||
New York Liberty Development Corp. (One Bryant Park LLC) | 4,250 | 3,878,435 | ||||||
2.80%, 09/15/2069 | 11,555 | 10,526,353 | ||||||
New York State Dormitory Authority | 2,015 | 2,042,255 | ||||||
New York State Dormitory Authority (State of New York Pers Income Tax) | 1,825 | 1,836,195 | ||||||
Series 2021-E | 19,200 | 19,671,264 | ||||||
Series 2022-A | 3,500 | 3,523,836 | ||||||
4.00%, 03/15/2040 | 6,990 | 6,991,058 | ||||||
New York State Urban Development Corp. (State of New York Pers Income Tax) | 4,010 | 4,063,824 | ||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.) | 20,115 | 20,734,892 | ||||||
5.00%, 01/01/2028 | 22,110 | 22,940,876 | ||||||
5.00%, 01/01/2029 | 27,145 | 28,159,813 | ||||||
New York Transportation Development Corp. (JFK International Air Terminal LLC) | 7,015 | 7,321,633 | ||||||
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) | 2,095 | 2,069,879 | ||||||
Port Authority of New York & New Jersey | 3,385 | 3,401,301 |
22
Principal Amount (000) | U.S. $ Value | |||||||
Series 2019 | $ | 2,915 | $ | 2,937,846 | ||||
Series 2020-2 | 5,910 | 6,470,548 | ||||||
Series 2021-2 | 2,980 | 3,011,164 | ||||||
Suffolk Tobacco Asset Securitization Corp. | 1,045 | 1,103,678 | ||||||
5.00%, 06/01/2029 | 2,080 | 2,252,822 | ||||||
5.00%, 06/01/2033 | 2,395 | 2,602,041 | ||||||
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) | 14,725 | 11,747,433 | ||||||
2.591%, 05/15/2036 | 2,000 | 1,562,377 | ||||||
Series 2022 | 7,000 | 8,040,525 | ||||||
Series 2022-A | 16,705 | 17,014,213 | ||||||
Series 2022-E | 14,000 | 14,134,473 | ||||||
|
| |||||||
492,151,509 | ||||||||
|
| |||||||
North Carolina – 0.5% |
| |||||||
Greater Asheville Regional Airport Authority | 1,740 | 1,906,130 | ||||||
5.00%, 07/01/2036 | 1,500 | 1,627,979 | ||||||
5.00%, 07/01/2037 | 1,250 | 1,344,155 | ||||||
5.25%, 07/01/2038 | 1,200 | 1,314,575 | ||||||
5.25%, 07/01/2039 | 1,300 | 1,417,963 | ||||||
5.25%, 07/01/2040 | 3,220 | 3,496,747 | ||||||
5.25%, 07/01/2042 | 1,140 | 1,229,078 | ||||||
AGM Series 2023 | 650 | 710,529 | ||||||
5.00%, 07/01/2037 | 1,400 | 1,515,034 | ||||||
5.00%, 07/01/2038 | 420 | 451,931 | ||||||
5.25%, 07/01/2041 | 1,000 | 1,089,699 | ||||||
5.25%, 07/01/2042 | 1,000 | 1,085,163 | ||||||
State of North Carolina | 7,500 | 7,777,516 | ||||||
|
| |||||||
24,966,499 | ||||||||
|
| |||||||
North Dakota – 0.1% |
| |||||||
County of Ward ND (Trinity Health Obligated Group) | 2,000 | 1,941,743 | ||||||
5.00%, 06/01/2030 | 3,000 | 2,889,983 | ||||||
|
| |||||||
4,831,726 | ||||||||
|
|
23
Principal Amount (000) | U.S. $ Value | |||||||
Ohio – 1.2% |
| |||||||
American Municipal Power, Inc. (American Municipal Power AMP Fremont Energy Center Revenue) | $ | 1,000 | $ | 1,008,935 | ||||
Buckeye Tobacco Settlement Financing Authority | 2,000 | 1,998,576 | ||||||
4.00%, 06/01/2038 | 1,000 | 990,267 | ||||||
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) | 10,000 | 10,519,429 | ||||||
5.00%, 08/01/2027 | 8,465 | 9,073,859 | ||||||
5.00%, 08/01/2028 | 1,955 | 2,119,468 | ||||||
Series 2020 | 5,400 | 5,936,147 | ||||||
5.00%, 12/01/2029 | 1,565 | 1,748,503 | ||||||
County of Cuyahoga OH (MetroHealth System (The)) | 2,745 | 2,801,173 | ||||||
5.00%, 02/15/2027 | 2,710 | 2,792,814 | ||||||
County of Franklin OH (Nationwide Children’s Hospital, Inc.) | 1,000 | 1,084,788 | ||||||
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) | 695 | 688,592 | ||||||
6.375%, 12/01/2037 | 5,000 | 5,049,112 | ||||||
Hamilton County Convention Facilities Authority | 1,230 | 1,237,264 | ||||||
Ohio Higher Educational Facility Commission (Oberlin College) | 1,425 | 1,559,818 | ||||||
5.00%, 10/01/2030(e) | 4,560 | 5,198,488 | ||||||
5.00%, 10/01/2032(e) | 3,030 | 3,530,752 | ||||||
5.00%, 10/01/2037(e) | 1,270 | 1,438,252 | ||||||
5.00%, 10/01/2038(e) | 1,335 | 1,505,243 | ||||||
|
| |||||||
60,281,480 | ||||||||
|
| |||||||
Oklahoma – 0.2% |
| |||||||
Comanche County Memorial Hospital | 1,235 | 1,233,945 | ||||||
5.00%, 07/01/2028 | 1,280 | 1,280,958 | ||||||
Oklahoma Development Finance Authority | 4,000 | 3,725,032 | ||||||
Oklahoma Development Finance Authority (OU Medicine Obligated Group) | 4,245 | 4,035,563 | ||||||
|
| |||||||
10,275,498 | ||||||||
|
|
24
Principal Amount (000) | U.S. $ Value | |||||||
Oregon – 0.8% |
| |||||||
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront) | $ | 430 | $ | 435,215 | ||||
Medford Hospital Facilities Authority (Asante Health System Obligated Group) | 415 | 462,274 | ||||||
5.00%, 08/15/2031 | 1,245 | 1,377,796 | ||||||
5.00%, 08/15/2033 | 500 | 550,092 | ||||||
5.00%, 08/15/2034 | 875 | 959,329 | ||||||
5.00%, 08/15/2035 | 755 | 821,495 | ||||||
5.00%, 08/15/2036 | 1,300 | 1,401,995 | ||||||
Multnomah County School District No. 1 Portland/OR | 5,000 | 5,088,087 | ||||||
Port of Portland OR Airport Revenue | 4,290 | 4,630,825 | ||||||
Series 2022-2 | 11,255 | 11,159,449 | ||||||
4.00%, 07/01/2040 | 7,170 | 7,042,123 | ||||||
Salem Hospital Facility Authority (Salem Health Obligated Group) | 2,205 | 2,319,532 | ||||||
State of Oregon Department of Administrative Services (State of Oregon Department of Administrative Services COP) | 10 | 10,012 | ||||||
Tri-County Metropolitan Transportation District of Oregon | 2,335 | 2,539,107 | ||||||
Umatilla County School District No. 6R Umatilla | 2,000 | 784,896 | ||||||
|
| |||||||
39,582,227 | ||||||||
|
| |||||||
Other – 1.0% |
| |||||||
Federal Home Loan Mortgage Corp. Enhanced Receipt | 23,651 | 21,508,583 | ||||||
Series 2019-C, Class 1 | 5,517 | 4,925,421 | ||||||
Series 2019-D, Class 1 | 5,037 | 4,477,885 | ||||||
Series 2019-E, Class 1 | 3,384 | 2,995,332 |
25
Principal Amount (000) | U.S. $ Value | |||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | $ | 9,495 | $ | 8,024,489 | ||||
2.65%, 06/15/2035(a) | 4,765 | 4,005,684 | ||||||
Series 2019-M | 9,440 | 7,980,193 | ||||||
|
| |||||||
53,917,587 | ||||||||
|
| |||||||
Pennsylvania – 7.9% |
| |||||||
Allegheny County Airport Authority | 5,000 | 4,862,497 | ||||||
4.00%, 01/01/2039 | 2,235 | 2,165,582 | ||||||
Allegheny County Hospital Development Authority (UPMC Obligated Group) | 5,290 | 5,821,501 | ||||||
5.00%, 07/15/2032 | 6,500 | 7,136,738 | ||||||
5.00%, 07/15/2033 | 7,600 | 8,336,846 | ||||||
Allegheny County Sanitary Authority | 3,500 | 3,525,060 | ||||||
Chester County Industrial Development Authority (Collegium Charter School) | 1,025 | 1,014,427 | ||||||
City of Philadelphia PA | 12,000 | 12,944,152 | ||||||
5.00%, 08/01/2028 | 12,310 | 13,234,211 | ||||||
5.00%, 08/01/2029 | 9,970 | 10,728,548 | ||||||
5.00%, 08/01/2030 | 4,000 | 4,284,429 | ||||||
5.00%, 08/01/2032 | 8,010 | 8,648,125 | ||||||
Series 2019-A | 1,420 | 1,500,581 | ||||||
Series 2019-B | 1,005 | 1,117,399 | ||||||
City of Philadelphia PA Water & Wastewater Revenue | 7,000 | 7,154,207 | ||||||
5.00%, 10/01/2025 | 7,750 | 8,054,518 | ||||||
5.00%, 10/01/2026 | 2,675 | 2,836,399 | ||||||
Commonwealth of Pennsylvania | 15,025 | 15,054,012 | ||||||
Series 2016 | 9,575 | 9,789,544 | ||||||
Series 2017 | 1,000 | 1,008,889 | ||||||
5.00%, 01/01/2025 | 2,145 | 2,205,338 | ||||||
5.00%, 01/01/2026 | 6,065 | 6,353,667 | ||||||
5.00%, 01/01/2027 | 14,415 | 15,414,297 | ||||||
Geisinger Authority (Geisinger Health System Obligated Group) | 2,500 | 2,708,698 |
26
Principal Amount (000) | U.S. $ Value | |||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) | $ | 6,000 | $ | 6,096,262 | ||||
AGM Series 2022 | 10,000 | 9,642,903 | ||||||
4.00%, 07/01/2039 | 10,000 | 9,559,418 | ||||||
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) | 2,250 | 2,259,971 | ||||||
5.00%, 12/01/2032 | 2,750 | 2,717,403 | ||||||
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) | 1,400 | 1,459,631 | ||||||
5.00%, 09/01/2027 | 1,750 | 1,851,414 | ||||||
5.00%, 09/01/2028 | 1,500 | 1,609,547 | ||||||
5.00%, 09/01/2029 | 3,000 | 3,223,738 | ||||||
5.00%, 09/01/2030 | 3,000 | 3,218,398 | ||||||
Series 2019 | 1,710 | 1,856,210 | ||||||
5.00%, 09/01/2032 | 1,200 | 1,293,197 | ||||||
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) | 3,350 | 3,701,732 | ||||||
5.50%, 06/30/2039 | 4,750 | 5,221,346 | ||||||
5.50%, 06/30/2040 | 5,000 | 5,467,515 | ||||||
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) | 8,540 | 8,743,957 | ||||||
5.00%, 12/31/2026 | 4,500 | 4,615,707 | ||||||
5.00%, 06/30/2027 | 12,450 | 12,771,551 | ||||||
5.00%, 12/31/2027 | 6,000 | 6,161,917 | ||||||
5.00%, 06/30/2028 | 10,790 | 11,078,273 | ||||||
5.00%, 12/31/2028 | 8,910 | 9,153,015 | ||||||
5.00%, 06/30/2042 | 1,000 | 1,005,291 | ||||||
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) | 3,000 | 3,283,635 | ||||||
5.00%, 04/15/2030 | 1,150 | 1,277,420 | ||||||
5.00%, 04/15/2031 | 1,635 | 1,816,881 | ||||||
Series 2022-C | 10,500 | 10,314,393 |
27
Principal Amount (000) | U.S. $ Value | |||||||
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System Obligated Group (The)) | $ | 2,720 | $ | 2,653,318 | ||||
Series 2022 | 1,065 | 1,066,884 | ||||||
4.00%, 08/15/2040 | 1,345 | 1,328,973 | ||||||
5.00%, 08/15/2029 | 825 | 915,994 | ||||||
5.00%, 08/15/2030 | 750 | 843,045 | ||||||
Pennsylvania Turnpike Commission | 7,025 | 7,502,203 | ||||||
5.00%, 06/01/2030 | 6,255 | 6,691,728 | ||||||
Series 2019 | 8,000 | 8,815,594 | ||||||
5.00%, 12/01/2030 | 5,890 | 6,456,822 | ||||||
Series 2022-A | 1,000 | 1,124,401 | ||||||
Philadelphia Authority for Industrial Development (MaST Community Charter School III) | 920 | 941,615 | ||||||
5.00%, 08/01/2040 | 3,445 | 3,449,488 | ||||||
Philadelphia Authority for Industrial Development (St. Joseph’s University) | 1,700 | 1,699,588 | ||||||
4.00%, 11/01/2036 | 1,510 | 1,490,029 | ||||||
4.00%, 11/01/2037 | 1,350 | 1,315,656 | ||||||
4.00%, 11/01/2038 | 1,000 | 968,043 | ||||||
5.00%, 11/01/2027 | 835 | 882,562 | ||||||
5.00%, 11/01/2028 | 1,000 | 1,069,652 | ||||||
5.00%, 11/01/2029 | 1,000 | 1,082,199 | ||||||
5.00%, 11/01/2030 | 1,750 | 1,895,065 | ||||||
5.00%, 11/01/2031 | 1,685 | 1,824,402 | ||||||
5.00%, 11/01/2032 | 1,810 | 1,957,933 | ||||||
5.00%, 11/01/2033 | 1,750 | 1,890,279 | ||||||
5.00%, 11/01/2034 | 2,110 | 2,273,691 | ||||||
Pittsburgh Water & Sewer Authority | 26,000 | 26,030,282 | ||||||
School District of Philadelphia (The) | 8,360 | 8,498,154 | ||||||
Series 2016-F | 5,000 | 5,009,669 | ||||||
5.00%, 09/01/2024 | 24,200 | 24,599,920 | ||||||
|
| |||||||
409,577,579 | ||||||||
|
| |||||||
Puerto Rico – 0.8% |
| |||||||
Commonwealth of Puerto Rico | 15 | 14,723 | ||||||
Zero Coupon, 07/01/2033 | 1,346 | 823,111 | ||||||
4.00%, 07/01/2035 | 85 | 78,758 |
28
Principal Amount (000) | U.S. $ Value | |||||||
4.00%, 07/01/2037 | $ | 73 | $ | 65,267 | ||||
4.00%, 07/01/2041 | 99 | 85,857 | ||||||
4.00%, 07/01/2046 | 103 | 86,883 | ||||||
5.25%, 07/01/2023 | 1,803 | 1,802,589 | ||||||
5.375%, 07/01/2025 | 1,270 | 1,301,343 | ||||||
5.625%, 07/01/2027 | 4,709 | 4,958,414 | ||||||
5.625%, 07/01/2029 | 1,982 | 2,122,594 | ||||||
5.75%, 07/01/2031 | 624 | 681,995 | ||||||
Series 2022-C | 4,414 | 2,223,652 | ||||||
HTA HRRB Custodial Trust | 510 | 523,915 | ||||||
HTA TRRB Custodial Trust | 5,100 | 5,066,357 | ||||||
5.25%, 07/01/2036 | 5,425 | 5,467,573 | ||||||
5.25%, 07/01/2041 | 4,260 | 4,286,662 | ||||||
PR Custodial Trust | 76 | 75,408 | ||||||
Puerto Rico Electric Power Authority | 5,150 | 5,156,618 | ||||||
Puerto Rico Highway & Transportation Authority | 1,945 | 1,237,214 | ||||||
Puerto Rico Housing Finance Authority (El Mirador LLC) | 2,250 | 2,341,879 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 2,938 | 2,821,867 | ||||||
|
| |||||||
41,222,679 | ||||||||
|
| |||||||
Rhode Island – 0.0% |
| |||||||
Providence Public Building Authority (City of Providence RI Lease) | 2,195 | 2,387,952 | ||||||
|
| |||||||
South Carolina – 1.5% |
| |||||||
Patriots Energy Group Financing Agency (Royal Bank of Canada) | 48,725 | 48,730,048 | ||||||
SCAGO Educational Facilities Corp. for Pickens School District (SCAGO Educational Facilities Corp. for Pickens School District Lease) | 3,000 | 3,094,630 | ||||||
5.00%, 12/01/2027 | 2,500 | 2,574,605 |
29
Principal Amount (000) | U.S. $ Value | |||||||
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) | $ | 1,445 | $ | 1,265,620 | ||||
South Carolina Public Service Authority | 1,435 | 1,490,125 | ||||||
5.00%, 12/01/2034 | 1,000 | 1,030,018 | ||||||
Series 2020-A | 1,690 | 1,683,655 | ||||||
Series 2021-A | 5,475 | 5,493,210 | ||||||
4.00%, 12/01/2036 | 3,650 | 3,655,007 | ||||||
Series 2021-B | 3,000 | 3,168,973 | ||||||
5.00%, 12/01/2043 | 6,350 | 6,651,285 | ||||||
|
| |||||||
78,837,176 | ||||||||
|
| |||||||
South Dakota – 0.1% |
| |||||||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) | 3,400 | 3,594,240 | ||||||
5.00%, 09/01/2030 | 3,625 | 3,826,866 | ||||||
|
| |||||||
7,421,106 | ||||||||
|
| |||||||
Tennessee – 1.5% |
| |||||||
Metropolitan Nashville Airport Authority (The) | 2,500 | 2,781,549 | ||||||
Tennergy Corp./TN (Royal Bank of Canada) | 5,445 | 5,510,235 | ||||||
Tennergy Corp/TN (Goldman Sachs Group, Inc. (The)) | 21,150 | 22,391,422 | ||||||
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) | 43,555 | 45,059,311 | ||||||
|
| |||||||
75,742,517 | ||||||||
|
| |||||||
Texas – 4.8% |
| |||||||
Arlington Higher Education Finance Corp. (Magellan School (The)) | 1,000 | 1,004,722 | ||||||
Board of Regents of the University of Texas System | 1,895 | 1,895,312 | ||||||
Central Texas Turnpike System | 1,000 | 1,009,921 | ||||||
City of Austin TX Airport System Revenue | 3,200 | 3,291,740 |
30
Principal Amount (000) | U.S. $ Value | |||||||
City of Austin TX Water & Wastewater System Revenue | $ | 4,730 | $ | 4,852,478 | ||||
City of Dallas TX | 2,000 | 2,254,084 | ||||||
5.00%, 02/15/2042 | 7,250 | 8,082,338 | ||||||
5.00%, 02/15/2043 | 1,500 | 1,669,254 | ||||||
City of El Paso TX Water & Sewer Revenue | 3,000 | 3,089,104 | ||||||
Series 2022 | 4,275 | 4,759,255 | ||||||
5.00%, 03/01/2039 | 3,880 | 4,276,971 | ||||||
City of Houston TX | 16,370 | 16,834,831 | ||||||
City of Houston TX (City of Houston TX Hotel Occupancy Tax) | 1,800 | 1,803,623 | ||||||
5.00%, 09/01/2025 | 2,000 | 2,026,243 | ||||||
City of Houston TX Airport System Revenue | 6,160 | 6,742,879 | ||||||
City of Houston TX Airport System Revenue (United Airlines, Inc.) | 9,135 | 9,294,582 | ||||||
City of Houston TX Combined Utility System Revenue | 10,785 | 10,930,395 | ||||||
5.00%, 05/15/2028 | 6,065 | 6,150,382 | ||||||
City of San Antonio TX Electric & Gas Systems Revenue | 2,200 | 2,482,208 | ||||||
5.00%, 02/01/2036 | 1,875 | 2,098,452 | ||||||
Dallas Fort Worth International Airport | 11,585 | 11,624,051 | ||||||
Denton Independent School District | 6,685 | 6,827,865 | ||||||
Series 2016 | 1,220 | 1,279,769 | ||||||
Grand Parkway Transportation Corp. | 2,425 | 2,436,561 | ||||||
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) | 5,000 | 4,902,727 | ||||||
Harris County Hospital District | 2,465 | 2,557,660 |
31
Principal Amount (000) | U.S. $ Value | |||||||
Hidalgo County Regional Mobility Authority | $ | 1,850 | $ | 1,733,137 | ||||
4.00%, 12/01/2039 | 1,000 | 927,024 | ||||||
5.00%, 12/01/2028 | 200 | 210,092 | ||||||
5.00%, 12/01/2029 | 500 | 529,161 | ||||||
5.00%, 12/01/2030 | 500 | 533,291 | ||||||
5.00%, 12/01/2031 | 500 | 535,375 | ||||||
5.00%, 12/01/2032 | 350 | 373,956 | ||||||
5.00%, 12/01/2034 | 750 | 791,407 | ||||||
5.00%, 12/01/2035 | 595 | 622,144 | ||||||
5.00%, 12/01/2036 | 1,000 | 1,036,671 | ||||||
Irving Hospital Authority (Baylor Medical Center at Irving) | 600 | 621,625 | ||||||
5.00%, 10/15/2029 | 600 | 624,140 | ||||||
5.00%, 10/15/2030 | 1,000 | 1,037,713 | ||||||
5.00%, 10/15/2031 | 1,020 | 1,055,494 | ||||||
Legacy Denton Public Facility Corp. (LDG Vintage Ranch LP) | 15,000 | 15,318,605 | ||||||
Mission Economic Development Corp. (Natgasoline LLC) | 10,680 | 10,397,426 | ||||||
Montgomery County Health Facilities Development Co. | 6,500 | 6,493,540 | ||||||
New Hope Cultural Education Facilities Finance Corp. | 1,130 | 1,209,142 | ||||||
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Obligated Group) | 2,500 | 2,587,778 | ||||||
5.00%, 08/15/2026 | 2,000 | 2,107,253 | ||||||
5.00%, 08/15/2028 | 2,750 | 2,954,149 | ||||||
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) | 875 | 794,973 | ||||||
Series 2022 | 840 | 717,438 | ||||||
4.00%, 01/01/2037 | 1,155 | 907,923 | ||||||
North Texas Tollway Authority | 900 | 907,694 |
32
Principal Amount (000) | U.S. $ Value | |||||||
North Texas Tollway Authority (North Texas Tollway System) | $ | 1,845 | $ | 1,860,503 | ||||
Series 2015-B | 3,200 | 3,273,668 | ||||||
5.00%, 01/01/2027 | 2,100 | 2,150,939 | ||||||
5.00%, 01/01/2028 | 5,975 | 6,124,751 | ||||||
Series 2019-B | 2,000 | 2,127,022 | ||||||
Permanent University Fund - University of Texas System | 9,000 | 9,000,000 | ||||||
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) | 1,360 | 1,084,864 | ||||||
San Antonio Water System | 3,000 | 3,003,170 | ||||||
State of Texas | 2,335 | 2,366,957 | ||||||
Tarrant Regional Water District Water Supply System Revenue | 38,020 | 38,446,315 | ||||||
University of Houston | 1,750 | 1,919,462 | ||||||
|
| |||||||
250,562,209 | ||||||||
|
| |||||||
Utah – 0.4% |
| |||||||
City of Salt Lake City UT Airport Revenue | 7,000 | 6,718,295 | ||||||
5.00%, 07/01/2035 | 5,000 | 5,446,200 | ||||||
5.00%, 07/01/2036 | 5,000 | 5,400,336 | ||||||
Utah Transit Authority | 2,000 | 2,072,805 | ||||||
5.00%, 06/15/2028 (Pre-refunded/ETM) | 2,150 | 2,228,265 | ||||||
Utah Transit Authority (Utah Transit Authority Sales Tax) | 1,305 | 1,350,823 | ||||||
|
| |||||||
23,216,724 | ||||||||
|
| |||||||
Virginia – 1.0% |
| |||||||
County of Loudoun VA | 3,300 | 3,389,714 | ||||||
Virginia Commonwealth Transportation Board (Virginia Commonwealth Transportation Board State Lease) | 4,000 | 4,063,484 |
33
Principal Amount (000) | U.S. $ Value | |||||||
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) | $ | 2,000 | $ | 2,007,685 | ||||
4.00%, 01/01/2032 | 5,030 | 5,051,350 | ||||||
4.00%, 01/01/2037 | 7,250 | 7,035,735 | ||||||
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) | 1,400 | 1,485,990 | ||||||
5.00%, 01/01/2030 | 1,650 | 1,768,384 | ||||||
5.00%, 01/01/2031 | 1,250 | 1,340,486 | ||||||
5.00%, 01/01/2032 | 1,500 | 1,607,628 | ||||||
5.00%, 01/01/2033 | 1,750 | 1,874,429 | ||||||
5.00%, 01/01/2034 | 1,600 | 1,713,641 | ||||||
5.00%, 01/01/2035 | 1,570 | 1,679,261 | ||||||
Virginia Small Business Financing Authority (Pure Salmon Virginia, LLC) | 18,000 | 17,963,451 | ||||||
|
| |||||||
50,981,238 | ||||||||
|
| |||||||
Washington – 2.8% |
| |||||||
Chelan County Public Utility District No. 1 | 1,005 | 1,005,000 | ||||||
Energy Northwest (Bonneville Power Administration) | 12,825 | 12,882,316 | ||||||
Port of Seattle WA | 8,320 | 8,515,606 | ||||||
Series 2018-B | 4,695 | 4,805,381 | ||||||
Series 2019 | 1,500 | 1,607,526 | ||||||
5.00%, 04/01/2033 | 1,000 | 1,070,802 | ||||||
Series 2021 | 5,750 | 5,446,677 | ||||||
Spokane County School District No. 81 Spokane | 10,000 | 9,817,817 | ||||||
State of Washington | 10,220 | 10,430,695 | ||||||
Washington Economic Development Finance Authority (Mura Cascade ELP LLC) | 31,200 | 31,129,934 | ||||||
Washington Health Care Facilities Authority (Multicare Health System Obligated Group) | 8,590 | 8,833,191 | ||||||
5.00%, 08/15/2029 | 16,560 | 16,992,686 | ||||||
5.00%, 08/15/2030 | 6,400 | 6,554,668 |
34
Principal Amount (000) | U.S. $ Value | |||||||
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) | $ | 2,000 | $ | 2,037,437 | ||||
5.00%, 08/15/2027 | 2,175 | 2,273,210 | ||||||
5.00%, 08/15/2028 | 3,700 | 3,866,867 | ||||||
5.00%, 08/15/2030 | 8,005 | 8,387,012 | ||||||
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) | 10,600 | 10,143,225 | ||||||
|
| |||||||
145,800,050 | ||||||||
|
| |||||||
West Virginia – 0.3% |
| |||||||
Tobacco Settlement Finance Authority/WV | 15,920 | 14,459,052 | ||||||
|
| |||||||
Wisconsin – 2.8% |
| |||||||
DeForest Area School District/WI | 1,810 | 1,834,442 | ||||||
State of Wisconsin | 9,000 | 9,306,507 | ||||||
5.00%, 05/01/2027 (Pre-refunded/ETM) | 12,500 | 13,464,580 | ||||||
5.00%, 05/01/2028 (Pre-refunded/ETM) | 12,000 | 12,925,997 | ||||||
Series 2021-2 | 12,000 | 12,417,318 | ||||||
Series 2023-1 | 3,170 | 3,217,125 | ||||||
UMA Education, Inc. | 895 | 894,434 | ||||||
5.00%, 10/01/2025(a) | 3,360 | 3,359,037 | ||||||
5.00%, 10/01/2026(a) | 3,605 | 3,612,196 | ||||||
5.00%, 10/01/2027(a) | 3,720 | 3,739,457 | ||||||
5.00%, 10/01/2028(a) | 3,525 | 3,555,431 | ||||||
5.00%, 10/01/2029(a) | 835 | 844,299 | ||||||
Wisconsin Center District | 1,075 | 885,496 | ||||||
Zero Coupon, 12/15/2030 | 2,140 | 1,623,581 | ||||||
Zero Coupon, 12/15/2032 | 2,800 | 1,941,156 | ||||||
Zero Coupon, 12/15/2034 | 2,500 | 1,574,509 | ||||||
Wisconsin Department of Transportation (Wisconsin Department of Transportation Vehicle Fee Revenue) | 2,520 | 2,735,876 | ||||||
5.00%, 07/01/2031(e) | 7,100 | 7,924,395 | ||||||
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) | 4,000 | 3,879,397 | ||||||
Series 2023 | 5,000 | 5,229,386 |
35
Principal Amount (000) | U.S. $ Value | |||||||
Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group) | $ | 2,500 | $ | 2,574,541 | ||||
4.00%, 10/15/2035 | 1,000 | 1,022,142 | ||||||
Wisconsin Public Finance Authority | 20 | 19,907 | ||||||
Series 2022 | 2,000 | 2,035,171 | ||||||
5.50%, 02/01/2042(a) | 6,955 | 6,955,913 | ||||||
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The)) | 3,750 | 3,655,456 | ||||||
Wisconsin Public Finance Authority (Celanese US Holdings LLC) | 1,000 | 1,003,918 | ||||||
Wisconsin Public Finance Authority (Duke Energy Progress LLC) | 5,315 | 5,284,347 | ||||||
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) | 1,000 | 625,855 | ||||||
Wisconsin Public Finance Authority (Queens University of Charlotte) | 6,000 | 6,067,208 | ||||||
Wisconsin Public Finance Authority (Roseman University of Health Sciences) | 165 | 159,747 | ||||||
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) | 2,510 | 2,423,391 | ||||||
Series 2021-B | 1,420 | 1,317,789 | ||||||
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) | 615 | 571,966 | ||||||
4.00%, 02/01/2036 | 3,335 | 3,083,171 | ||||||
4.00%, 02/01/2038 | 3,575 | 3,220,798 | ||||||
4.00%, 02/01/2040 | 3,945 | 3,501,669 | ||||||
Series 2022 | 3,375 | 3,523,147 | ||||||
5.00%, 02/01/2032 | 2,545 | 2,651,992 |
36
Principal Amount (000) | U.S. $ Value | |||||||
WPPI Energy | $ | 1,000 | $ | 1,013,921 | ||||
|
| |||||||
145,676,668 | ||||||||
|
| |||||||
Total Long-Term Municipal Bonds |
| 4,769,062,158 | ||||||
|
| |||||||
Short-Term Municipal Notes – 6.0% |
| |||||||
Arizona – 0.1% |
| |||||||
Arizona Health Facilities Authority (HonorHealth) | 2,885 | 2,885,000 | ||||||
|
| |||||||
Colorado – 0.1% |
| |||||||
Colorado Educational & Cultural Facilities Authority (Daughters of Israel, Inc.) | 390 | 390,000 | ||||||
Colorado Educational & Cultural Facilities Authority (Michael Ann Russell Jewish Community Center, Inc.) | 2,350 | 2,350,000 | ||||||
|
| |||||||
2,740,000 | ||||||||
|
| |||||||
District of Columbia – 0.2% |
| |||||||
District of Columbia (Carnegie Endowment for International Peace) | 8,020 | 8,020,000 | ||||||
District of Columbia (MedStar Health Obligated Group) | 4,150 | 4,150,000 | ||||||
|
| |||||||
12,170,000 | ||||||||
|
| |||||||
Florida – 0.6% |
| |||||||
County of Palm Beach FL (Raymond F Kravis Center for the Performing Arts, Inc. (The)) | 1,920 | 1,920,000 | ||||||
Florida Gulf Coast University Financing Corp. | 1,540 | 1,540,000 | ||||||
Florida Keys Aqueduct Authority | 11,395 | 11,395,000 | ||||||
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) | 10,455 | 10,455,000 |
37
Principal Amount (000) | U.S. $ Value | |||||||
Orange County Health Facilities Authority (Nemours Foundation/Florida) | $ | 5,180 | $ | 5,180,000 | ||||
|
| |||||||
30,490,000 | ||||||||
|
| |||||||
Hawaii – 0.1% |
| |||||||
Hawaii Housing Finance & Development Corp. (Ho’olehua Housing LP) | 3,640 | 3,640,000 | ||||||
|
| |||||||
Idaho – 0.0% |
| |||||||
Idaho Health Facilities Authority (St Luke’s Health System Ltd. Obligated Group/ID) | 2,100 | 2,100,000 | ||||||
|
| |||||||
Illinois – 0.4% |
| |||||||
Illinois Development Finance Authority (American College of Surgeons) | 672 | 672,000 | ||||||
Illinois Educational Facilities Authority (Lincoln Park Society (The)) | 100 | 100,000 | ||||||
Illinois Housing Development Authority (Steadfast Foxview LP) | 14,500 | 14,500,000 | ||||||
University of Illinois (University of Illinois Health Services Facilities System) | 400 | 400,000 | ||||||
Village of Brookfield IL (Chicago Zoological Society (The)) | 6,740 | 6,740,000 | ||||||
|
| |||||||
22,412,000 | ||||||||
|
| |||||||
Indiana – 0.2% |
| |||||||
Indiana Finance Authority (Parkview Health System Obligated Group) | 1,000 | 1,000,000 | ||||||
Indiana Municipal Power Agency | 7,965 | 7,965,000 | ||||||
|
| |||||||
8,965,000 | ||||||||
|
| |||||||
Iowa – 0.2% |
| |||||||
Iowa Finance Authority (Iowa Health System Obligated Group) | 4,995 | 4,995,000 | ||||||
3.90%, 12/01/2041(g) | 4,290 | 4,290,000 | ||||||
4.00%, 11/15/2041(g) | 1,815 | 1,815,000 | ||||||
|
| |||||||
11,100,000 | ||||||||
|
|
38
Principal Amount (000) | U.S. $ Value | |||||||
Kentucky – 0.2% |
| |||||||
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) | $ | 12,485 | $ | 12,485,000 | ||||
|
| |||||||
Louisiana – 0.0% |
| |||||||
Louisiana Offshore Terminal Authority (Loop LLC) | 400 | 400,000 | ||||||
|
| |||||||
Maryland – 0.1% |
| |||||||
Maryland Health & Higher Educational Facilities Authority | 3,600 | 3,600,000 | ||||||
Montgomery County Housing Opportunities Commission | 1,795 | 1,795,000 | ||||||
|
| |||||||
5,395,000 | ||||||||
|
| |||||||
Massachusetts – 0.2% |
| |||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue | 10,000 | 10,000,000 | ||||||
|
| |||||||
Michigan – 0.3% |
| |||||||
Grand Valley State University | 16,095 | 16,095,000 | ||||||
Oakland University | 750 | 750,000 | ||||||
|
| |||||||
16,845,000 | ||||||||
|
| |||||||
Minnesota – 0.3% |
| |||||||
City of Minneapolis MN (Fairview Health Services Obligated Group) | 11,640 | 11,640,000 | ||||||
City of Minneapolis MN (One Ten Grant LP) | 820 | 820,000 | ||||||
Midwest Consortium of Municipal Utilities | 420 | 420,000 | ||||||
|
| |||||||
12,880,000 | ||||||||
|
|
39
Principal Amount (000) | U.S. $ Value | |||||||
Nevada – 0.7% |
| |||||||
County of Clark Department of Aviation | $ | 26,810 | $ | 26,810,000 | ||||
Series 2014-D | 6,815 | 6,815,000 | ||||||
|
| |||||||
33,625,000 | ||||||||
|
| |||||||
New Jersey – 0.7% |
| |||||||
New Jersey Health Care Facilities Financing Authority | 2,995 | 2,995,000 | ||||||
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) | 15,730 | 15,730,000 | ||||||
Series 2008-C | 16,050 | 16,050,000 | ||||||
|
| |||||||
34,775,000 | ||||||||
|
| |||||||
New York – 0.5% |
| |||||||
City of New York NY | 3,390 | 3,390,000 | ||||||
New York City Housing Development Corp. | 300 | 300,000 | ||||||
New York State Housing Finance Agency (8 East 102nd Street LLC) | 21,910 | 21,910,000 | ||||||
Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) | 450 | 450,000 | ||||||
|
| |||||||
26,050,000 | ||||||||
|
| |||||||
North Carolina – 0.0% |
| |||||||
Durham County Industrial Facilities & Pollution Control Financing Authority (Research Triangle Institute) | 1,100 | 1,100,000 | ||||||
|
| |||||||
Ohio – 0.1% |
| |||||||
Columbus Regional Airport Authority | 7,225 | 7,225,000 | ||||||
|
|
40
Principal Amount (000) | U.S. $ Value | |||||||
Oregon – 0.2% |
| |||||||
Oregon State Facilities Authority (PeaceHealth Obligated Group) | $ | 11,700 | $ | 11,700,000 | ||||
|
| |||||||
Pennsylvania – 0.3% |
| |||||||
Emmaus General Authority | 700 | 700,000 | ||||||
Series 2008-E | 1,000 | 1,000,000 | ||||||
Philadelphia Gas Works Co. | 10,950 | 10,950,000 | ||||||
|
| |||||||
12,650,000 | ||||||||
|
| |||||||
Rhode Island – 0.1% |
| |||||||
Rhode Island Health and Educational Building Corp. (Roger Williams University) | 5,570 | 5,570,000 | ||||||
|
| |||||||
Tennessee – 0.1% |
| |||||||
Greeneville Health & Educational Facilities Board (Ballad Health Obligated Group) | 4,960 | 4,960,000 | ||||||
|
| |||||||
Texas – 0.0% |
| |||||||
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC) | 270 | 270,000 | ||||||
|
| |||||||
Vermont – 0.1% |
| |||||||
Vermont Educational & Health Buildings Financing Agency (University of Vermont Health Network Obligated Group) | 4,330 | 4,330,000 | ||||||
|
| |||||||
Washington – 0.2% |
| |||||||
Washington State Housing Finance Commission (Bitter Lake Village Associates 2 LP) | 2,955 | 2,955,000 | ||||||
Washington State Housing Finance Commission (Redmond Ridge Apartments LLC) | 7,440 | 7,440,000 | ||||||
|
| |||||||
10,395,000 | ||||||||
|
|
41
Principal Amount (000) | U.S. $ Value | |||||||
West Virginia – 0.0% |
| |||||||
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) | $ | 590 | $ | 590,000 | ||||
|
| |||||||
Wisconsin – 0.0% |
| |||||||
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin, Inc.) | 1,775 | 1,775,000 | ||||||
|
| |||||||
Total Short-Term Municipal Notes |
| 309,522,000 | ||||||
|
| |||||||
Total Municipal Obligations |
| 5,078,584,158 | ||||||
|
| |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.8% |
| |||||||
Agency CMBS – 1.8% |
| |||||||
California Housing Finance Agency | 10,403 | 10,215,836 | ||||||
Series 2021-1, Class A | 3,384 | 3,165,693 | ||||||
Series 2021-2, Class A | 16,164 | 15,708,765 | ||||||
Series 2021-2, Class X | 9,796 | 502,942 | ||||||
Series 2021-3, Class A | 3,903 | 3,553,591 | ||||||
Series 2021-3, Class X | 7,978 | 433,203 | ||||||
City of Fort Wayne IN | 159 | 122,072 | ||||||
Federal Home Loan Mortgage Corp. | 1,955 | 1,495,973 | ||||||
Series 2021-ML10, Class AUS | 4,892 | 3,745,386 | ||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates | 7,395 | 5,694,533 | ||||||
Series 2022-ML13, Class XCA | 2,070 | 116,954 | ||||||
Series 2022-ML13, Class XUS | 3,763 | 264,107 | ||||||
National Finance Authority | 9,909 | 499,834 | ||||||
New Hampshire Business Finance Authority | 9,060 | 8,836,607 | ||||||
Series 2022-1, Class A | 24,687 | 24,179,149 | ||||||
Series 2022-2, Class A | 9,909 | 9,384,459 | ||||||
Washington State Housing Finance Commission | 4,848 | 4,477,317 | ||||||
Series 2021-1, Class X | 3,200 | 151,741 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities |
| 92,548,162 | ||||||
|
|
42
Principal Amount (000) | U.S. $ Value | |||||||
CORPORATES - INVESTMENT GRADE – 1.0% |
| |||||||
Industrial – 1.0% |
| |||||||
Consumer Cyclical - Automotive – 0.2% |
| |||||||
General Motors Financial Co., Inc. | $ | 10,000 | $ | 9,965,100 | ||||
|
| |||||||
Consumer Non-Cyclical – 0.8% |
| |||||||
Baylor Scott & White Holdings | 5,835 | 5,189,124 | ||||||
1.777%, 11/15/2030 | 5,000 | 3,989,500 | ||||||
CommonSpirit Health | 4,513 | 4,100,918 | ||||||
Hackensack Meridian Health, Inc. | 7,000 | 4,937,240 | ||||||
Novant Health, Inc. | 19,100 | 14,389,367 | ||||||
Ochsner LSU Health System of North Louisiana | 10,000 | 7,484,300 | ||||||
Sutter Health | 4,000 | 3,019,320 | ||||||
|
| |||||||
43,109,769 | ||||||||
|
| |||||||
Total Corporates - Investment Grade |
| 53,074,869 | ||||||
|
| |||||||
CORPORATES - NON-INVESTMENT GRADE – 0.4% |
| |||||||
Industrial – 0.4% |
| |||||||
Communications - Media – 0.1% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 7,730 | 5,844,266 | ||||||
|
| |||||||
Consumer Non-Cyclical – 0.1% |
| |||||||
Medline Borrower LP | 6,500 | 5,653,505 | ||||||
|
| |||||||
Transportation - Airlines – 0.2% |
| |||||||
United Airlines, Inc. | 5,000 | 4,750,600 | ||||||
4.625%, 04/15/2029(a) | 2,300 | 2,095,875 | ||||||
|
| |||||||
6,846,475 | ||||||||
|
| |||||||
Total Corporates - Non-Investment Grade |
| 18,344,246 | ||||||
|
|
43
Principal Amount (000) | U.S. $ Value | |||||||
ASSET-BACKED SECURITIES – 0.3% |
| |||||||
Autos - Fixed Rate – 0.3% |
| |||||||
Flagship Credit Auto Trust | $ | 2,250 | $ | 2,238,756 | ||||
Foursight Capital Automobile Receivables Trust | 1,350 | 1,341,606 | ||||||
LAD Auto Receivables Trust | 1,976 | 1,966,463 | ||||||
Lendbuzz Securitization Trust | 10,000 | 9,917,024 | ||||||
Tricolor Auto Securitization Trust | 2,259 | 2,251,851 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 17,715,700 | ||||||
|
| |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
| |||||||
Risk Share Floating Rate – 0.0% |
| |||||||
Connecticut Avenue Securities Trust | 813 | 843,678 | ||||||
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes | 216 | 219,002 | ||||||
Series 2014-DN3, Class M3 | 42 | 42,789 | ||||||
Series 2015-DNA1, Class M3 | 133 | 134,247 | ||||||
Federal National Mortgage Association Connecticut Avenue Securities | 264 | 266,232 | ||||||
Series 2014-C04, Class 1M2 | 139 | 145,008 | ||||||
Series 2015-C02, Class 1M2 | 234 | 241,162 | ||||||
Series 2016-C01, Class 1M2 | 310 | 331,539 | ||||||
Series 2016-C03, Class 1M2 | 132 | 140,390 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations |
| 2,364,047 | ||||||
|
|
44
U.S. $ Value | ||||||||
Total Investments – 101.1% | $ | 5,262,631,182 | ||||||
Other assets less liabilities – (1.1)% | (56,618,702 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 5,206,012,480 | ||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
Description | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at June 30, 2023 | Notional | Market Value | Upfront Premiums Paid | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Buy Contracts |
| |||||||||||||||||||||||||||
CDX-NAHY Series 40, 5 Year Index, 06/20/2028* | (5.00 | )% | Quarterly | 4.29% | USD | 51,940 | $ | (1,546,467) | $ | (108,582) | $ | (1,437,885) |
* | Termination date |
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 | 25,420 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 2,335,224 | $ | — | $ | 2,335,224 | |||||||||||||
USD | 15,240 | 01/15/2025 | 4.028% | CPI# | Maturity | 490,594 | — | 490,594 | ||||||||||||||||
USD | 12,710 | 01/15/2025 | 2.585% | CPI# | Maturity | 1,157,456 | — | 1,157,456 | ||||||||||||||||
USD | 12,710 | 01/15/2025 | 2.613% | CPI# | Maturity | 1,143,482 | — | 1,143,482 | ||||||||||||||||
USD | 52,790 | 01/15/2026 | CPI# | 3.720% | Maturity | (1,618,703 | ) | — | (1,618,703 | ) | ||||||||||||||
USD | 40,000 | 01/15/2027 | CPI# | 3.320% | Maturity | (1,675,260 | ) | — | (1,675,260 | ) | ||||||||||||||
USD | 39,500 | 01/15/2027 | CPI# | 3.466% | Maturity | (1,301,372 | ) | (38,058 | ) | (1,263,314 | ) | |||||||||||||
USD | 31,450 | 01/15/2027 | CPI# | 3.323% | Maturity | (1,311,419 | ) | — | (1,311,419 | ) | ||||||||||||||
USD | 87,590 | 01/15/2028 | 1.230% | CPI# | Maturity | 15,353,491 | — | 15,353,491 | ||||||||||||||||
USD | 87,240 | 01/15/2028 | 0.735% | CPI# | Maturity | 18,386,140 | — | 18,386,140 | ||||||||||||||||
USD | 94,820 | 01/15/2029 | CPI# | 3.290% | Maturity | (2,713,145 | ) | — | (2,713,145 | ) | ||||||||||||||
USD | 40,500 | 01/15/2029 | CPI# | 3.735% | Maturity | 329,682 | — | 329,682 | ||||||||||||||||
USD | 16,275 | 01/15/2030 | 1.572% | CPI# | Maturity | 2,725,890 | — | 2,725,890 | ||||||||||||||||
USD | 16,275 | 01/15/2030 | 1.587% | CPI# | Maturity | 2,703,795 | — | 2,703,795 | ||||||||||||||||
USD | 23,500 | 01/15/2031 | 2.782% | CPI# | Maturity | 1,536,114 | — | 1,536,114 | ||||||||||||||||
USD | 22,000 | 01/15/2031 | 2.680% | CPI# | Maturity | 1,655,893 | — | 1,655,893 | ||||||||||||||||
USD | 19,200 | 01/15/2031 | 2.989% | CPI# | Maturity | 864,933 | — | 864,933 | ||||||||||||||||
USD | 20,800 | 01/15/2032 | CPI# | 3.064% | Maturity | (671,922 | ) | — | (671,922 | ) | ||||||||||||||
USD | 18,300 | 04/15/2032 | CPI# | 2.909% | Maturity | (829,832 | ) | — | (829,832 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 38,561,041 | $ | (38,058 | ) | $ | 38,599,099 | ||||||||||||||||||
|
|
|
|
|
|
# | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
45
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 | 20,000 | 01/15/2027 | 1 Day SOFR | 3.389% | Annual | $ | (659,134 | ) | $ | — | $ | (659,134 | ) | |||||||||||
USD | 60,000 | 04/20/2028 | 1 Day SOFR | 3.242% | Annual | (2,024,449 | ) | — | (2,024,449 | ) | ||||||||||||||
USD | 43,350 | 04/30/2030 | 1 Day SOFR | 3.500% | Annual | (597,180 | ) | — | (597,180 | ) | ||||||||||||||
USD | 29,900 | 04/30/2030 | 1 Day SOFR | 3.369% | Annual | (679,077 | ) | — | (679,077 | ) | ||||||||||||||
USD | 100,000 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 8,248,560 | — | 8,248,560 | ||||||||||||||||
USD | 11,000 | 04/15/2032 | 3.082% | 1 Day SOFR | Annual | 476,593 | — | 476,593 | ||||||||||||||||
USD | 6,000 | 04/15/2032 | 3.069% | 1 Day SOFR | Annual | 265,685 | — | 265,685 | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 5,030,998 | $ | — | $ | 5,030,998 | |||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS
Swap Counterparty & Referenced Obligation | Fixed Rate (Pay) Receive | Payment Frequency | Implied Credit Spread at June 30, 2023 | 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 | 288 | $ | (62,127 | ) | $ | (26,387 | ) | $ | (35,740 | ) | |||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 956 | (206,312 | ) | (113,049 | ) | (93,263 | ) | |||||||||||||||||||||
Credit Suisse International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 64 | (13,779 | ) | (7,322 | ) | (6,457 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 158 | (34,078 | ) | (14,607 | ) | (19,471 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,946 | (420,005 | ) | (221,712 | ) | (198,293 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 1,967 | (424,557 | ) | (182,207 | ) | (242,350 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 2,959 | (638,743 | ) | (267,088 | ) | (371,655 | ) | |||||||||||||||||||||
Goldman Sachs International |
| |||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 369 | (79,597 | ) | (43,433 | ) | (36,164 | ) | |||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* | 3.00 | Monthly | 7.50 | USD | 2,565 | (553,610 | ) | (224,690 | ) | (328,920 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (2,432,808 | ) | $ | (1,100,495 | ) | $ | (1,332,313 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* | Termination date |
46
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 | 57,160 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | $ | 6,493,438 | $ | — | $ | 6,493,438 |
(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 June 30, 2023, the aggregate market value of these securities amounted to $359,468,294 or 6.9% of net assets. |
(b) | Non-income producing security. |
(c) | Defaulted. |
(d) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2023. |
(e) | When-Issued or delayed delivery security. |
(f) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2023. |
(g) | 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. |
(h) | IO - Interest Only. |
(i) | As of June 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $78,495,484 and gross unrealized depreciation of investments was $(207,810,399), resulting in net unrealized depreciation of $(129,314,915). |
As of June 30, 2023, 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 5.1% and 0.1%, respectively.
Glossary:
AGC – Assured Guaranty Corporation
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
CDX-CMBX.NA – North American Commercial Mortgage-Backed Index
CDX-NAHY – North American High Yield Credit Default Swap
CMBS – Commercial Mortgage-Backed Securities
COP – Certificate of Participation
CPI – Consumer Price Index
ETM – Escrowed to Maturity
LIBOR – London Interbank Offered Rate
MUNIPSA – SIFMA Municipal Swap Index
NATL – National Interstate Corporation
OSF – Order of St. Francis
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
XLCA – XL Capital Assurance Inc.
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Sanford C. Bernstein Fund, Inc.
Diversified Municipal Portfolio
June 30, 2023 (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. 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.
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.
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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | — | $ | 4,769,062,158 | $ | — | $ | 4,769,062,158 | ||||||||
Short-Term Investments | — | 309,522,000 | — | 309,522,000 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 92,548,162 | — | 92,548,162 | ||||||||||||
Corporates - Investment Grade | — | 53,074,869 | — | 53,074,869 | ||||||||||||
Corporates - Non-Investment Grade | — | 18,344,246 | — | 18,344,246 | ||||||||||||
Asset-Backed Securities | — | 17,715,700 | — | 17,715,700 | ||||||||||||
Collateralized Mortgage Obligations | — | 2,364,047 | — | 2,364,047 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | — | 5,262,631,182 | — | 5,262,631,182 | ||||||||||||
Other Financial Instruments(a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Centrally Cleared Inflation (CPI) Swaps | — | 48,682,694 | — | 48,682,694 | ||||||||||||
Centrally Cleared Interest Rate Swaps | — | 8,990,838 | — | 8,990,838 | ||||||||||||
Interest Rate Swaps | — | 6,493,438 | — | 6,493,438 | ||||||||||||
Liabilities: |
| |||||||||||||||
Centrally Cleared Credit Default Swaps | — | (1,546,467 | ) | — | (1,546,467 | ) | ||||||||||
Centrally Cleared Inflation (CPI) Swaps | — | (10,121,653 | ) | — | (10,121,653 | ) | ||||||||||
Centrally Cleared Interest Rate Swaps | — | (3,959,840 | ) | — | (3,959,840 | ) | ||||||||||
Credit Default Swaps | — | (2,432,808 | ) | — | (2,432,808 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 5,308,737,384 | $ | — | $ | 5,308,737,384 | ||||||||
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|
|
|
|
|
|
|
(a) | 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, written options and written swaptions which are valued at market value. |
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