AB Municipal Income Fund, Inc.
AB National Portfolio
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 98.0% |
||||||||
| Long-Term Municipal Bonds – 96.0% |
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| Alabama – 4.4% |
||||||||
| Alabama Highway Authority (Alabama Highway Authority) |
$ | 1,250 | $ | 1,454,962 | ||||
| Black Belt Energy Gas District (BP PLC) |
4,000 | 4,412,526 | ||||||
| Series 2025-E |
1,725 | 1,902,589 | ||||||
| Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) |
1,810 | 1,998,654 | ||||||
| Black Belt Energy Gas District (Citadel LP) |
2,850 | 3,116,164 | ||||||
| Black Belt Energy Gas District (Goldman Sachs Group) |
5,000 | 5,577,328 | ||||||
| Series 2023-D |
5,000 | 5,096,064 | ||||||
| Series 2024-B |
2,420 | 2,640,235 | ||||||
| Series 2025-G |
1,695 | 1,851,954 | ||||||
| Series 2026-E |
1,465 | 1,588,366 | ||||||
| Black Belt Energy Gas District (Morgan Stanley) |
1,770 | 1,894,033 | ||||||
| Black Belt Energy Gas District (Pacific Life Insurance) |
2,000 | 2,168,254 | ||||||
| Series 2025-D |
1,205 | 1,337,843 | ||||||
| Series 2026-F |
1,305 | 1,434,769 | ||||||
| County of Jefferson AL (County of Jefferson AL Sales & Use Tax Revenue) |
1,000 | 1,025,620 | ||||||
| County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) |
1,000 | 1,053,406 | ||||||
| Energy Southeast A Cooperative District (Goldman Sachs Group) |
1,000 | 1,093,113 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Energy Southeast A Cooperative District (Morgan Stanley) |
$ | 2,000 | $ | 2,034,616 | ||||
| Series 2023-B |
3,000 | 3,068,912 | ||||||
| Series 2024-B |
2,000 | 2,208,331 | ||||||
| Homewood Educational Building Authority (CHF - Horizons II LLC) |
250 | 257,815 | ||||||
| Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) |
2,500 | 2,502,329 | ||||||
| Mobile County Industrial Development Authority (ArcelorMittal SA) |
1,000 | 956,528 | ||||||
| Southeast Alabama Gas Supply District (The) (Pacific Life Insurance) |
2,500 | 2,712,203 | ||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
3,745 | 3,940,973 | ||||||
| Southeast Energy Authority A Cooperative District (BP PLC) |
4,370 | 4,918,513 | ||||||
| Southeast Energy Authority A Cooperative District (Deutsche Bank AG) |
2,000 | 2,151,020 | ||||||
| Southeast Energy Authority A Cooperative District (Goldman Sachs Group) |
1,000 | 1,050,940 | ||||||
| Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) |
5,500 | 5,994,018 | ||||||
| Southeast Energy Authority A Cooperative District (Morgan Stanley) |
2,000 | 2,091,742 | ||||||
| Series 2022-A |
2,000 | 2,089,554 | ||||||
| Southeast Energy Authority A Cooperative District (New York Life Insurance) |
1,245 | 1,394,231 | ||||||
| Southeast Energy Authority A Cooperative District (Pacific Life Insurance) |
3,575 | 3,926,131 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Energy Authority A Cooperative District (Royal Bank of Canada) |
$ | 2,000 | $ | 2,151,726 | ||||
| Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) |
4,000 | 4,268,838 | ||||||
|
|
|
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| 87,364,300 | ||||||||
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| Alaska – 0.0% |
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| Northern Tobacco Securitization Corp. (Northern Tobacco Securitization) |
1,000 | 113,505 | ||||||
|
|
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| American Samoa – 0.1% |
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| American Samoa Economic Development Authority (Territory of American Samoa) |
1,490 | 1,593,734 | ||||||
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|
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| Arizona – 3.4% |
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| Arizona Industrial Development Authority (AZIDA 2019-2) |
4,204 | 4,290,600 | ||||||
| Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) |
4,185 | 4,326,271 | ||||||
| Arizona Industrial Development Authority (Legacy Cares, Inc.) |
3,725 | 87,538 | ||||||
| Arizona Industrial Development Authority (San Tan Valley AH I LLLP) |
2,000 | 2,010,700 | ||||||
| Series 2024-B |
430 | 430,209 | ||||||
| Chandler Industrial Development Authority (Intel Corp.) |
2,000 | 2,042,406 | ||||||
| Series 2024 |
8,000 | 8,230,011 | ||||||
| City of Glendale AZ (City of Glendale AZ COP) |
2,000 | 1,874,977 | ||||||
| 2.742%, 07/01/2035 |
2,000 | 1,749,269 | ||||||
| 2.842%, 07/01/2036 |
2,000 | 1,728,985 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Tempe AZ (City of Tempe AZ COP) |
$ | 1,000 | $ | 894,865 | ||||
| 2.521%, 07/01/2036 |
2,500 | 2,114,092 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) |
1,235 | 1,235,081 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (Brooks West Rehabilitation Services I) |
5,000 | 5,329,183 | ||||||
| Industrial Development Authority of the County of Pima (The) (Edkey Obligated Group) |
1,355 | 1,084,000 | ||||||
| Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre Obligated Group) |
1,000 | 1,071,130 | ||||||
| Maricopa County Industrial Development Authority (Commercial Metals Co.) |
1,100 | 973,970 | ||||||
| Maricopa County Industrial Development Authority (HonorHealth Obligated Group) |
1,225 | 1,345,161 | ||||||
| Maricopa County Industrial Development Authority (Legacy Traditional School Obligated Group) |
1,000 | 991,693 | ||||||
| Maricopa County Industrial Development Authority (Morrison Education Group Obligated Group) |
1,000 | 1,033,962 | ||||||
| Maricopa County Special Health Care District (Maricopa County Special Health Care District) |
4,000 | 4,217,439 | ||||||
| 5.00%, 07/01/2036 |
7,800 | 8,213,228 | ||||||
| Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) |
10,000 | 10,663,065 | ||||||
| Tempe Industrial Development Authority (Mirabella at ASU, Inc.) |
1,200 | 1,055,456 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| Yuma Industrial Development Authority (Yuma Regional Medical Center Obligated Group) |
$ | 2,000 | $ | 1,793,307 | ||||
|
|
|
|||||||
| 68,786,598 | ||||||||
|
|
|
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| Arkansas – 0.1% |
||||||||
| Arkansas Development Finance Authority (Hybar LLC) |
1,100 | 1,195,890 | ||||||
| Arkansas Development Finance Authority (United States Steel Corp.) |
500 | 504,018 | ||||||
|
|
|
|||||||
| 1,699,908 | ||||||||
|
|
|
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| California – 15.2% |
||||||||
| Alameda Corridor Transportation Authority (Alameda Corridor Transportation Authority) |
4,000 | 2,405,438 | ||||||
| AG Series 2024 |
2,000 | 523,628 | ||||||
| NATL Series 1999-1 |
2,000 | 1,730,055 | ||||||
| Align Affordable Housing Bond Fund LP (Park Landing LP) |
2,000 | 1,872,050 | ||||||
| Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) |
3,000 | 2,717,533 | ||||||
| Align Capital Series Trust 2025-1 |
1,000 | 1,037,823 | ||||||
| Anaheim Public Financing Authority (City of Anaheim CA Lease) |
2,000 | 1,749,605 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
2,000 | 2,303,944 | ||||||
| AG Series 2024-B |
5,000 | 4,894,561 | ||||||
| 4.50%, 07/01/2054 |
2,250 | 2,222,453 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
2,000 | 2,163,721 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
1,000 | 1,071,299 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority (Bank of Nova Scotia (The)) |
$ | 4,085 | $ | 4,574,956 | ||||
| California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) |
1,755 | 1,942,162 | ||||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
4,300 | 4,621,138 | ||||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
2,745 | 2,960,295 | ||||||
| California Community Choice Financing Authority (Morgan Stanley) |
2,000 | 2,016,782 | ||||||
| 4.128% (SOFR + 1.67%), 02/01/2054(b) |
2,000 | 2,030,121 | ||||||
| Series 2024 |
2,000 | 2,180,421 | ||||||
| Series 2024-E |
1,000 | 1,093,809 | ||||||
| Series 2026-A |
2,000 | 1,999,943 | ||||||
| 5.00%, 04/01/2056 |
1,000 | 1,109,615 | ||||||
| California Community Choice Financing Authority (New York Life Insurance) |
1,000 | 1,115,546 | ||||||
| Series 2025G |
1,000 | 1,126,164 | ||||||
| California Community Choice Financing Authority (Nomura Holdings, Inc.) |
1,070 | 1,166,031 | ||||||
| California Community Choice Financing Authority (Pacific Life Insurance) |
1,950 | 2,165,983 | ||||||
| California Community Choice Financing Authority (Royal Bank of Canada) |
2,320 | 2,566,775 | ||||||
| California Community Housing Agency (California Community Housing Agency Aster Apartments) |
2,000 | 1,696,600 | ||||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
5,000 | 4,290,001 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
$ | 1,000 | $ | 698,560 | ||||
| 4.00%, 08/01/2046(a) |
990 | 867,353 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
1,000 | 693,979 | ||||||
| California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) |
2,000 | 1,532,043 | ||||||
| California County Tobacco Securitization Agency (Los Angeles County Securitization) |
1,300 | 1,307,273 | ||||||
| California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) |
1,650 | 1,860,346 | ||||||
| California Housing Finance Agency (CAHFA 2019-2) |
502 | 522,243 | ||||||
| California Housing Finance Agency (CAHFA 2021-1) |
923 | 944,080 | ||||||
| California Housing Finance Agency (CAHFA 2021-2) |
4,687 | 4,898,216 | ||||||
| Series 2021-2, Class X |
2,347 | 89,224 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
932 | 928,923 | ||||||
| Series 2021-3, Class X |
2,143 | 92,822 | ||||||
| California Infrastructure & Economic Development Bank (Desertxpress Enterprises) |
6,000 | 6,002,020 | ||||||
| California Infrastructure & Economic Development Bank (PIH Health Obligated Group) |
2,000 | 2,049,939 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (California Municipal Finance Authority Municipal Certificates Series 2026-1) |
$ | 2,000 | $ | 2,022,335 | ||||
| California Municipal Finance Authority (CHF-Riverside II LLC) |
1,000 | 1,056,127 | ||||||
| 5.00%, 05/15/2036 |
1,215 | 1,277,640 | ||||||
| 5.00%, 05/15/2037 |
1,000 | 1,047,242 | ||||||
| 5.00%, 05/15/2038 |
2,250 | 2,347,839 | ||||||
| 5.00%, 05/15/2041 |
915 | 941,460 | ||||||
| California Municipal Finance Authority (LAX Integrated Express Solutions) |
4,300 | 4,452,005 | ||||||
| 5.00%, 12/31/2036 |
3,910 | 4,037,255 | ||||||
| 5.00%, 12/31/2043 |
12,250 | 12,452,849 | ||||||
| California Municipal Finance Authority (United Airlines, Inc.) |
1,000 | 1,019,483 | ||||||
| California Pollution Control Financing Authority (Channelside Water Resources) |
5,795 | 5,816,922 | ||||||
| California School Finance Authority (Equitas Academy Obligated Group) |
3,090 | 3,090,926 | ||||||
| California State University (California State University) |
2,000 | 1,697,957 | ||||||
| California Statewide Communities Development Authority (Loma Linda University Medical Center) |
1,400 | 1,403,610 | ||||||
| Series 2018-A |
1,090 | 1,109,597 | ||||||
| Central Valley Energy Authority (Goldman Sachs Group) |
1,000 | 1,099,426 | ||||||
| Central Valley Energy Authority (Pacific Life Insurance) |
5,000 | 5,549,267 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
1,000 | 758,553 | ||||||
| 5.25%, 05/15/2047 |
5,000 | 5,256,006 | ||||||
| Series 2025 |
1,800 | 2,024,098 | ||||||
| 5.25%, 05/15/2044 |
1,000 | 1,104,919 | ||||||
| 5.25%, 05/15/2045 |
1,130 | 1,235,053 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) |
$ | 2,000 | $ | 1,548,108 | ||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) |
1,000 | 915,082 | ||||||
| 4.00%, 08/01/2056(a) |
1,000 | 876,839 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
4,000 | 2,789,362 | ||||||
| 4.00%, 08/01/2047(a) |
855 | 804,824 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
1,000 | 702,907 | ||||||
| 4.00%, 05/01/2057(a) |
2,000 | 1,442,938 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
1,000 | 740,428 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
2,000 | 1,679,677 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
1,000 | 831,687 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
1,000 | 697,959 | ||||||
| 4.00%, 07/01/2058(a) |
1,000 | 542,921 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
2,000 | 1,462,752 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) |
1,500 | 1,047,330 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
$ | 1,480 | $ | 1,046,356 | ||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) |
2,000 | 1,626,893 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
3,300 | 2,768,747 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) |
1,245 | 897,772 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
2,000 | 1,396,450 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2022-ML13) |
1,469 | 79,614 | ||||||
| Series 2022-ML13, Class XUS |
2,550 | 173,339 | ||||||
| Golden State Connect Authority (Golden State Connect Authority) |
1,000 | 1,010,427 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
4,020 | 3,736,037 | ||||||
| Series 2021-B |
13,960 | 1,488,352 | ||||||
| Hastings Campus Housing Finance Authority (Hastings Campus Housing Finance Authority) |
1,000 | 924,981 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
1,410 | 1,555,791 | ||||||
| Series 2024-B |
1,330 | 1,509,389 | ||||||
| 5.00%, 07/01/2039 |
2,390 | 2,690,605 | ||||||
| Series 2024-C |
3,125 | 3,480,695 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2024-E |
$ | 2,000 | $ | 2,265,610 | ||||
| BAM Series 2025-A |
1,500 | 1,650,710 | ||||||
| Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) |
2,250 | 2,320,704 | ||||||
| Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) |
10,000 | 10,543,651 | ||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
2,000 | 2,483,436 | ||||||
| Manteca Unified School District (Manteca Unified School District CFD No. 89-1) |
11,910 | 9,924,000 | ||||||
| Morongo Band of Mission Indians (The) (Morongo Band of Mission Indians/The) |
4,500 | 4,591,436 | ||||||
| Sacramento County Water Financing Authority (Sacramento County Water Agency) |
8,075 | 7,801,027 | ||||||
| San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) |
11,080 | 11,943,235 | ||||||
| Series 2025 |
1,000 | 1,089,977 | ||||||
| 5.50%, 07/01/2055 |
1,000 | 1,075,400 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
17,000 | 17,508,564 | ||||||
| Series 2023-E |
1,000 | 1,103,796 | ||||||
| 5.25%, 05/01/2035 |
5,000 | 5,811,944 | ||||||
| Series 2024 |
3,400 | 3,857,106 | ||||||
| Series 2025-D |
1,000 | 1,123,727 | ||||||
| 5.50%, 05/01/2055 |
2,500 | 2,689,663 | ||||||
| Series 2025-E |
1,025 | 1,187,084 | ||||||
| San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) |
1,830 | 2,084,307 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
$ | 1,750 | $ | 1,957,612 | ||||
| 5.00%, 07/01/2048 |
1,535 | 1,617,822 | ||||||
| 5.25%, 07/01/2053 |
4,460 | 4,708,505 | ||||||
| Series 2024 |
450 | 506,661 | ||||||
| 5.00%, 07/01/2042 |
1,000 | 1,112,719 | ||||||
| 5.00%, 07/01/2053 |
1,795 | 1,872,764 | ||||||
| 5.25%, 07/01/2046 |
1,455 | 1,588,760 | ||||||
| State of California (State of California) |
5,000 | 5,400,073 | ||||||
| 6.00%, 03/01/2033 |
1,000 | 1,116,974 | ||||||
| Series 2025 |
2,000 | 2,398,883 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
1,400 | 226,194 | ||||||
| University of California (University of California) |
2,000 | 2,544,741 | ||||||
| 5.50%, 05/15/2040 |
1,000 | 1,215,002 | ||||||
|
|
|
|||||||
| 304,426,391 | ||||||||
|
|
|
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| Colorado – 1.6% |
||||||||
| Centerra Metropolitan District No. 1 (Centerra Metropolitan District No. 1) |
1,000 | 1,049,510 | ||||||
| City & County of Denver CO Airport System Revenue (City & County of Denver CO Airport System Revenue) |
1,000 | 1,133,769 | ||||||
| 5.00%, 11/15/2034 |
2,000 | 2,256,488 | ||||||
| Series 2022-D |
1,770 | 1,962,899 | ||||||
| 5.75%, 11/15/2034 |
1,000 | 1,182,346 | ||||||
| Series 2023-B |
3,275 | 3,790,098 | ||||||
| Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools) |
1,660 | 1,693,279 | ||||||
| Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) |
5,000 | 5,144,286 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Health Facilities Authority (Sanford Obligated Group) |
$ | 1,000 | $ | 1,029,126 | ||||
| Colorado High Performance Transportation Enterprise (Colorado High Performance Transportation Enterprise C-470 Express Lanes System) |
1,000 | 989,880 | ||||||
| Colorado State University Research Foundation (Colorado State University System) |
1,000 | 1,000,377 | ||||||
| Douglas County Housing Partnership (Bridgewater Castle Rock ALF) |
2,500 | 2,125,000 | ||||||
| E-470 Public Highway Authority (E-470 Public Highway Authority) |
2,000 | 1,997,267 | ||||||
| Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District) |
982 | 965,899 | ||||||
| Platte River Metropolitan District (Platte River Metropolitan District) |
391 | 400,159 | ||||||
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado) |
4,000 | 4,479,416 | ||||||
| Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) |
1,175 | 1,246,432 | ||||||
|
|
|
|||||||
| 32,446,231 | ||||||||
|
|
|
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| Connecticut – 0.4% |
||||||||
| State of Connecticut Special Tax Revenue (State of Connecticut Special Tax Revenue) |
7,000 | 7,946,162 | ||||||
|
|
|
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| Delaware – 0.0% |
||||||||
| Delaware State Economic Development Authority (Newark Charter School) |
550 | 550,354 | ||||||
|
|
|
|||||||
| District of Columbia – 2.1% |
||||||||
| District of Columbia Income Tax Revenue (District of Columbia Income Tax Revenue) |
10,500 | 12,305,278 | ||||||
| Series 2025-A |
1,200 | 1,312,891 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) |
$ | 2,630 | $ | 2,736,057 | ||||
| Series 2021-A |
10,000 | 10,301,306 | ||||||
| Series 2024-A |
2,000 | 2,306,276 | ||||||
| 5.00%, 10/01/2034 |
1,000 | 1,145,607 | ||||||
| Series 2025-A |
1,000 | 1,169,414 | ||||||
| 5.00%, 10/01/2036 |
3,475 | 4,025,489 | ||||||
| 5.00%, 10/01/2050 |
1,000 | 1,033,129 | ||||||
| Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) |
2,610 | 2,739,993 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) |
2,000 | 2,115,989 | ||||||
| 5.50%, 07/15/2060 |
1,140 | 1,226,608 | ||||||
|
|
|
|||||||
| 42,418,037 | ||||||||
|
|
|
|||||||
| Florida – 5.6% |
||||||||
| Bexley Community Development District (Bexley Community Development District) |
1,750 | 1,752,242 | ||||||
| Buckhead Trails II Community Development District (Buckhead Trails II Community Development District) |
100 | 101,741 | ||||||
| Cape Coral Health Facilities Authority (Gulf Care Obligated Group) |
1,000 | 701,142 | ||||||
| Capital Projects Finance Authority/FL (Navigator Academy of Leadership Obligated Group) |
1,760 | 1,728,736 | ||||||
| Capital Projects Finance Authority/FL (PRG - UnionWest Properties) |
4,700 | 426,062 | ||||||
| 5.00%, 06/01/2054(a) |
2,000 | 1,835,853 | ||||||
| 5.25%, 06/01/2044(a) |
1,000 | 1,005,747 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Capital Trust Agency, Inc. (Educational Growth Fund) |
$ | 5,000 | $ | 442,749 | ||||
| Capital Trust Agency, Inc. (Team Success A School of Excellence) |
1,435 | 1,421,748 | ||||||
| Capital Trust Authority (AIDS Healthcare Foundation Obligated Group) |
1,000 | 1,007,424 | ||||||
| City of Lakeland FL (Lakeland Regional Health Systems Obligated Group) |
2,000 | 2,130,572 | ||||||
| City of Tampa FL (State of Florida Cigarette Tax Revenue) |
1,000 | 625,485 | ||||||
| County of Broward FL Airport System Revenue (County of Broward FL Airport System Revenue) |
5,500 | 5,456,846 | ||||||
| County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) |
4,070 | 4,478,530 | ||||||
| 5.25%, 10/01/2040(c) |
1,250 | 1,428,484 | ||||||
| County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) |
2,500 | 2,516,836 | ||||||
| Series 2024-A |
1,000 | 1,155,179 | ||||||
| 5.00%, 10/01/2035 |
1,000 | 1,146,526 | ||||||
| 5.00%, 10/01/2036 |
10,000 | 11,358,836 | ||||||
| Series 2025-A |
1,995 | 2,100,711 | ||||||
| County of Palm Beach FL (Palm Beach Atlantic University) |
1,560 | 1,620,775 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties II) |
100 | 104,192 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties) |
1,000 | 1,022,566 | ||||||
| 6.125%, 06/01/2054 |
1,000 | 1,003,410 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) |
$ | 10,000 | $ | 10,944,025 | ||||
| Escambia County Housing Finance Authority (4900 S. Rio Grande Ave) |
220 | 235,366 | ||||||
| Florida Development Finance Corp. (Assistance Unlimited) |
1,000 | 953,365 | ||||||
| Florida Development Finance Corp. (Brightline Trains Florida) |
5,000 | 4,975,206 | ||||||
| Florida Development Finance Corp. (GFL Solid Waste Southeast) |
1,000 | 1,015,147 | ||||||
| Florida Development Finance Corp. (Seaside School Consortium) |
1,000 | 1,028,591 | ||||||
| Florida Higher Educational Facilities Financing Authority (Nova Southeastern University) |
1,125 | 1,126,802 | ||||||
| Florida Housing Finance Corp. (Bayside Breeze Redevelopment LLLP) |
1,000 | 1,005,074 | ||||||
| Florida Local Government Finance Commission (BridgePrep Academy Series 2025 Obligated Group) |
1,000 | 1,044,712 | ||||||
| Florida State Board of Governors (Florida State University Athletics Association) |
3,000 | 3,289,198 | ||||||
| Greater Orlando Aviation Authority (Greater Orlando Aviation Authority) |
1,950 | 2,008,979 | ||||||
| Series 2024 |
1,590 | 1,816,318 | ||||||
| 5.00%, 10/01/2037 |
1,500 | 1,699,470 | ||||||
| Greater Orlando Aviation Authority (United Airlines, Inc.) |
1,000 | 1,100,279 | ||||||
| Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) |
2,190 | 2,198,798 | ||||||
| Series 2024 |
2,155 | 2,217,426 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) |
$ | 2,000 | $ | 2,140,712 | ||||
| Hillsborough County Industrial Development Authority (BayCare Obligated Group) |
2,000 | 1,847,539 | ||||||
| JEA Water & Sewer System Revenue (JEA Water & Sewer System Revenue) |
1,000 | 1,095,557 | ||||||
| Lee County Industrial Development Authority/FL (Shell Point Obligated Group) |
1,500 | 1,510,941 | ||||||
| Marshall Creek Community Development District (Marshall Creek Community Development District 2002A) |
1,065 | 1,066,837 | ||||||
| Marshall Creek Community Development District (Marshall Creek Community Development District) |
110 | 110,095 | ||||||
| Miami-Dade County Educational Facilities Authority (University of Miami) |
2,300 | 2,481,800 | ||||||
| Series 2025-B |
1,000 | 1,157,207 | ||||||
| Miami-Dade County Expressway Authority (Miami-Dade County Expressway Authority) |
3,750 | 3,755,761 | ||||||
| Miami-Dade County Industrial Development Authority (PRG - Casa Properties LLC) |
1,000 | 1,036,252 | ||||||
| North Broward Hospital District (North Broward Hospital District) |
5,230 | 5,444,932 | ||||||
| Orange County Health Facilities Authority (Orlando Health Obligated Group) |
2,060 | 2,184,315 | ||||||
| Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) |
2,170 | 2,301,961 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Pinery Community Development District (Pinery Community Development District Assessment Area One) |
$ | 1,000 | $ | 1,013,410 | ||||
| Polk County Industrial Development Authority/FL (Mineral Development LLC) |
950 | 190,000 | ||||||
| Sarasota County Health Facilities Authority (Village On the Isle) |
1,100 | 1,103,482 | ||||||
| St. Johns County Industrial Development Authority (Presbyterian Retirement Communities Obligated Group) |
1,000 | 833,715 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Assmnt) |
245 | 246,695 | ||||||
|
|
|
|||||||
| 112,752,359 | ||||||||
|
|
|
|||||||
| Georgia – 2.9% |
||||||||
| City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) |
1,000 | 1,131,729 | ||||||
| 5.00%, 07/01/2038 |
2,400 | 2,696,622 | ||||||
| 5.00%, 07/01/2040 |
1,000 | 1,106,610 | ||||||
| Development Authority of Burke County (The) (Georgia Power Co.) |
3,245 | 3,245,468 | ||||||
| Development Authority of Cobb County (The) (MT Bethel Christian Academy) |
1,000 | 1,039,367 | ||||||
| Development Authority of Monroe County (The) (Georgia Power Co.) |
3,750 | 3,750,494 | ||||||
| Fayette County Development Authority (United States Soccer Federation) |
575 | 633,461 | ||||||
| 5.25%, 10/01/2054 |
2,000 | 2,051,418 | ||||||
| Main Street Natural Gas, Inc. (Citadel LP) |
1,650 | 1,663,962 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
6,000 | 6,440,576 | ||||||
| Series 2024-C |
3,000 | 3,264,384 | ||||||
| Series 2024-E |
1,595 | 1,744,103 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| Main Street Natural Gas, Inc. (Royal Bank of Canada) |
$ | 5,000 | $ | 5,159,380 | ||||
| Series 2023-C |
5,000 | 5,397,978 | ||||||
| Main Street Natural Gas, Inc. (Toronto-Dominion Bank) |
1,570 | 1,709,921 | ||||||
| Municipal Electric Authority of Georgia (JEA Electric System Revenue) |
2,000 | 2,008,891 | ||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
150 | 155,255 | ||||||
| 5.00%, 01/01/2039 |
100 | 103,030 | ||||||
| Series 2022 |
2,000 | 2,068,367 | ||||||
| Private Colleges & Universities Authority (Emory University) |
11,000 | 12,874,234 | ||||||
|
|
|
|||||||
| 58,245,250 | ||||||||
|
|
|
|||||||
| Guam – 0.2% |
||||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) |
1,000 | 1,038,065 | ||||||
| Territory of Guam (Guam Section 30 Income Tax) |
1,840 | 1,863,897 | ||||||
| 5.00%, 12/01/2030 |
565 | 572,184 | ||||||
| 5.00%, 12/01/2032 |
790 | 799,305 | ||||||
| Territory of Guam (Territory of Guam) |
185 | 196,710 | ||||||
|
|
|
|||||||
| 4,470,161 | ||||||||
|
|
|
|||||||
| Hawaii – 0.6% |
||||||||
| City & County Honolulu HI Wastewater System Revenue (City & County Honolulu HI Wastewater System Revenue) |
1,000 | 720,323 | ||||||
| State of Hawaii Airports System Revenue (State of Hawaii Airports System Revenue) |
1,250 | 1,286,184 | ||||||
| 5.00%, 07/01/2051 |
7,855 | 8,011,025 | ||||||
| Series 2025-C |
1,260 | 1,394,830 | ||||||
|
|
|
|||||||
| 11,412,362 | ||||||||
|
|
|
|||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Idaho – 0.1% |
||||||||
| Idaho Health Facilities Authority (North Canyon Medical Center) |
$ | 1,000 | $ | 1,067,647 | ||||
|
|
|
|||||||
| Illinois – 4.5% |
||||||||
| Chicago Board of Education (Chicago Board of Education) |
1,605 | 1,605,127 | ||||||
| Series 2015-C |
340 | 339,990 | ||||||
| Series 2017-D |
1,800 | 1,824,293 | ||||||
| Series 2017-G |
2,350 | 2,365,366 | ||||||
| Series 2023-A |
3,250 | 3,411,022 | ||||||
| Series 2025-B |
2,075 | 2,281,315 | ||||||
| 6.00%, 12/01/2043 |
1,440 | 1,558,023 | ||||||
| Chicago O’Hare International Airport (Chicago O’Hare Intl Airport) |
4,865 | 5,112,640 | ||||||
| Series 2024-C |
1,350 | 1,457,489 | ||||||
| 5.25%, 01/01/2045 |
1,000 | 1,069,884 | ||||||
| Series 2025-A |
9,140 | 10,392,450 | ||||||
| 5.00%, 01/01/2037 |
1,000 | 1,127,702 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) |
2,000 | 2,062,395 | ||||||
| Series 2026-A |
500 | 563,190 | ||||||
| City of Chicago IL (City of Chicago IL) |
305 | 306,456 | ||||||
| Series 2025-A |
2,000 | 2,104,412 | ||||||
| Eastern Illinois Economic Development Authority (City of Mattoon IL) |
1,000 | 1,024,733 | ||||||
| Illinois Finance Authority (Bradley University) |
1,000 | 831,155 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| Illinois Finance Authority (Centerpoint Joliet Terminal Railroad) |
$ | 1,450 | $ | 1,472,166 | ||||
| Series 2025 |
2,000 | 2,099,594 | ||||||
| Illinois Finance Authority (Mercy Health Corp.) |
2,000 | 2,013,757 | ||||||
| Illinois Finance Authority (Park Place of Elmhurst Obligated Group) |
2,966 | 2,171,807 | ||||||
| Illinois Housing Development Authority (Circle Park Preservation) |
4,500 | 4,506,981 | ||||||
| 4.50%, 07/01/2062 |
2,000 | 1,963,350 | ||||||
| Illinois Housing Development Authority (Drexel Court & Lake Park East) |
150 | 157,075 | ||||||
| Series 2024 |
1,430 | 1,450,197 | ||||||
| Illinois State Toll Highway Authority (Illinois State Toll Highway Authority) |
2,000 | 2,173,349 | ||||||
| Series 2021-A |
15,000 | 16,164,840 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
1,000 | 998,148 | ||||||
| Series 2020 |
4,310 | 4,323,391 | ||||||
| Series 2024 |
1,175 | 1,173,796 | ||||||
| State of Illinois (State of Illinois) |
8,700 | 9,065,913 | ||||||
| Series 2025-E |
1,265 | 1,344,106 | ||||||
|
|
|
|||||||
| 90,516,112 | ||||||||
|
|
|
|||||||
| Indiana – 1.6% |
||||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
105 | 11 | ||||||
| City of Whiting IN (BP PLC) |
4,000 | 4,251,670 | ||||||
| Series 2025 |
1,120 | 1,212,564 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Indiana Finance Authority (Ascension Health Credit Group) |
$ | 1,055 | $ | 1,161,042 | ||||
| Indiana Finance Authority (Brightmark Plastics Renewal Indiana) |
3,470 | 173,500 | ||||||
| Indiana Finance Authority (CWA Authority, Inc.) |
2,125 | 2,497,379 | ||||||
| Indiana Finance Authority (Good Samaritan Hospital Obligated Group) |
1,080 | 1,138,239 | ||||||
| Indiana Finance Authority (Indiana University Health Obligated Group) |
1,000 | 1,083,257 | ||||||
| Indiana Finance Authority (Ohio Valley Electric) |
1,085 | 1,076,927 | ||||||
| Series 2020-A |
1,295 | 1,288,699 | ||||||
| Indiana Finance Authority (Parkview Health System Obligated Group) |
1,910 | 1,912,683 | ||||||
| Indiana Finance Authority (SFP-PUFW I LLC) |
1,000 | 1,010,650 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) |
1,000 | 1,078,359 | ||||||
| 6.00%, 03/01/2053 |
1,500 | 1,570,955 | ||||||
| Series 2023-F |
1,225 | 1,354,572 | ||||||
| BAM Series 2023 |
10,000 | 10,449,132 | ||||||
|
|
|
|||||||
| 31,259,639 | ||||||||
|
|
|
|||||||
| Iowa – 0.1% |
||||||||
| Iowa Finance Authority (Wesley Retirement Services Obligated Group) |
355 | 356,976 | ||||||
| 4.00%, 12/01/2041 |
820 | 745,689 | ||||||
| 4.00%, 12/01/2046 |
550 | 449,995 | ||||||
| 4.00%, 12/01/2051 |
985 | 757,427 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) |
$ | 3,990 | $ | 589,977 | ||||
|
|
|
|||||||
| 2,900,064 | ||||||||
|
|
|
|||||||
| Kansas – 0.2% |
||||||||
| City of Colby KS (Citizens Medical Center) |
1,000 | 997,970 | ||||||
| City of Overland Park KS Sales Tax Revenue (City of Overland Park KS Sales Tax Revenue) |
100 | 105,592 | ||||||
| 6.50%, 11/15/2042(a) |
1,185 | 1,250,040 | ||||||
| Kansas City Industrial Development Authority (Kansas City Industrial Development Authority) |
850 | 8 | ||||||
| Kansas Development Finance Authority (State of Kansas Lease) |
2,405 | 2,341,520 | ||||||
|
|
|
|||||||
| 4,695,130 | ||||||||
|
|
|
|||||||
| Kentucky – 1.1% |
||||||||
| City of Henderson KY (Pratt Paper KY LLC) |
725 | 734,064 | ||||||
| County of Trimble KY (Louisville Gas & Electric) |
1,500 | 1,460,165 | ||||||
| Kenton County Airport Board (Cincinnati/Northern Kentucky Intl Airport) |
2,000 | 2,082,959 | ||||||
| Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) |
3,015 | 3,014,920 | ||||||
| Kentucky Public Energy Authority (BP PLC) |
2,085 | 2,272,781 | ||||||
| Series 2025-C |
1,800 | 1,978,483 | ||||||
| Kentucky Public Energy Authority (Morgan Stanley) |
5,000 | 5,000,000 | ||||||
| Kentucky State Property & Building Commission (Commonwealth of Kentucky Lease) |
3,430 | 3,477,401 | ||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) |
$ | 2,330 | $ | 2,361,992 | ||||
|
|
|
|||||||
| 22,382,765 | ||||||||
|
|
|
|||||||
| Louisiana – 0.7% |
||||||||
| City of New Orleans LA Water System Revenue (City of New Orleans LA Water System Revenue) |
1,000 | 783,384 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration ELL System Restoration Revenue) |
2,180 | 2,276,855 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) |
3,790 | 3,913,378 | ||||||
| Louisiana Public Facilities Authority (Calcasieu Bridge Partners) |
2,440 | 2,538,918 | ||||||
| Louisiana Public Facilities Authority (Prerefunded - US Govt Agencies) |
20 | 20,113 | ||||||
| New Orleans Aviation Board (New Orleans Aviation Board) |
1,210 | 1,332,399 | ||||||
| Parish of St. James LA (NuStar Logistics LP) |
1,000 | 1,105,869 | ||||||
| Parish of St. John the Baptist LA (Marathon Oil Corp.) |
1,100 | 1,119,098 | ||||||
|
|
|
|||||||
| 13,090,014 | ||||||||
|
|
|
|||||||
| Maryland – 1.3% |
||||||||
| Maryland Economic Development Corp. (Ports America Chesapeake) |
1,035 | 1,074,822 | ||||||
| Maryland Economic Development Corp. (Purple Line Transit Partners) |
6,000 | 6,021,402 | ||||||
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health System) |
1,120 | 1,341,400 | ||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maryland Health & Higher Educational Facilities Authority (TidalHealth Obligated Group) |
$ | 2,960 | $ | 3,010,692 | ||||
| Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) |
4,400 | 4,795,200 | ||||||
| Maryland Stadium Authority (State of Maryland Built to Learn Revenue State Lease) |
4,735 | 5,108,026 | ||||||
| Maryland State Transportation Authority (Maryland State Transportation Authority) |
4,990 | 5,196,213 | ||||||
|
|
|
|||||||
| 26,547,755 | ||||||||
|
|
|
|||||||
| Massachusetts – 2.8% |
||||||||
| Commonwealth of Massachusetts (Commonwealth of Massachusetts) |
398 | 401,492 | ||||||
| Series 2024 |
5,000 | 5,246,557 | ||||||
| Commonwealth of Massachusetts Transportation Fund Revenue (Commonwealth of Massachusetts Transportation Fund Revenue) |
10,000 | 10,435,082 | ||||||
| Series 2023-B |
5,000 | 5,230,462 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) |
4,840 | 5,143,715 | ||||||
| Series 2024-A |
1,000 | 1,071,528 | ||||||
| Series 2025-B |
2,900 | 3,114,222 | ||||||
| Massachusetts Development Finance Agency (Care Communities Obligated Group) |
1,000 | 1,027,485 | ||||||
| Massachusetts Development Finance Agency (Emerson College) |
1,180 | 1,159,722 | ||||||
| Massachusetts Development Finance Agency (Mass General Brigham) |
10,000 | 10,057,722 | ||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| Massachusetts Development Finance Agency (PRG Medford Properties) |
$ | 1,000 | $ | 1,045,772 | ||||
| Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) |
2,385 | 2,398,138 | ||||||
| Series 2017-L |
5,000 | 5,032,051 | ||||||
| Massachusetts Port Authority (Massachusetts Port Authority) |
5,000 | 5,066,578 | ||||||
|
|
|
|||||||
| 56,430,526 | ||||||||
|
|
|
|||||||
| Michigan – 1.2% |
||||||||
| City of Detroit MI (City of Detroit MI) |
1,978 | 1,612,523 | ||||||
| Series 2021-B |
275 | 257,655 | ||||||
| Series 2023-A |
2,000 | 2,321,926 | ||||||
| City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) |
5,000 | 4,995,449 | ||||||
| Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) |
1,260 | 1,314,727 | ||||||
| Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo Obligated Group) |
2,000 | 1,856,836 | ||||||
| Michigan Finance Authority (Corewell Health Obligated Group) |
3,430 | 3,432,307 | ||||||
| Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) |
1,735 | 1,676,494 | ||||||
| Series 2020-B |
1,250 | 130,537 | ||||||
| Michigan Finance Authority (Public Lighting Authority) |
1,515 | 1,680,928 | ||||||
| 5.00%, 07/01/2044 |
1,250 | 1,354,756 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Michigan State Hospital Finance Authority (Corewell Health Obligated Group) |
$ | 3,000 | $ | 3,203,247 | ||||
| Plymouth Educational Center Charter School (Plymouth Educational Center Charter School) |
2,000 | 800,000 | ||||||
|
|
|
|||||||
| 24,637,385 | ||||||||
|
|
|
|||||||
| Minnesota – 0.8% |
||||||||
| City of Brooklyn Park MN (Brooklyn Park AH I LLLP) |
2,000 | 2,115,041 | ||||||
| City of Brooklyn Park MN (Brooklyn Park AH II LLLP) |
1,500 | 1,531,768 | ||||||
| City of Columbus MN (Adalyn Avenue LLLP) |
1,500 | 1,549,763 | ||||||
| City of Shakopee MN Senior Housing Revenue (Benedictine Living Community of Shakopee Obligated Group) |
1,600 | 1,613,968 | ||||||
| Dakota County Community Development Agency (Rosemont AH I LLLP) |
1,415 | 1,432,424 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission (Minneapolis-St Paul Metropolitan Airports Commission) |
4,500 | 4,595,743 | ||||||
| Series 2024 |
2,000 | 2,179,992 | ||||||
| Washington County Community Development Agency (Raymie Johnson Estates) |
1,000 | 1,058,363 | ||||||
|
|
|
|||||||
| 16,077,062 | ||||||||
|
|
|
|||||||
| Mississippi – 0.1% |
||||||||
| City of Gulfport MS (Memorial Hospital at Gulfport Obligated Group) |
1,125 | 1,212,308 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi) |
$ | 1,250 | $ | 62,500 | ||||
|
|
|
|||||||
| 1,274,808 | ||||||||
|
|
|
|||||||
| Missouri – 0.9% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group) |
2,695 | 2,750,195 | ||||||
| 5.00%, 02/01/2048 |
400 | 399,209 | ||||||
| Health & Educational Facilities Authority of the State of Missouri (Mercy Health/MO) |
10,000 | 10,753,764 | ||||||
| Howard Bend Levee District (Howard Bend Levee District) |
175 | 179,730 | ||||||
| Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) |
2,650 | 2,381,845 | ||||||
| Missouri Development Finance Board (Missouri Development Finance Board) |
1,000 | 1,025,601 | ||||||
|
|
|
|||||||
| 17,490,344 | ||||||||
|
|
|
|||||||
| Nebraska – 0.1% |
||||||||
| Central Plains Energy Project (Royal Bank of Canada) |
2,085 | 2,272,126 | ||||||
|
|
|
|||||||
| Nevada – 0.7% |
||||||||
| City of Las Vegas NV (City of Las Vegas NV) |
1,400 | 1,402,994 | ||||||
| City of Reno NV (County of Washoe NV Sales Tax Revenue) |
1,500 | 238,092 | ||||||
| Clark County School District (Clark County School District) |
6,725 | 6,556,699 | ||||||
| 3.00%, 06/15/2037 |
4,305 | 4,103,413 | ||||||
| Reno-Tahoe Airport Authority (Reno-Tahoe Airport Authority) |
1,000 | 1,141,249 | ||||||
|
|
|
|||||||
| 13,442,447 | ||||||||
|
|
|
|||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire – 2.2% |
||||||||
| National Finance Authority (NFA 2024-3) |
$ | 2,475 | $ | 2,550,778 | ||||
| National Finance Authority Affordable Housing Certificates Series 2024-1 (NFAAH 2024-1) |
1,993 | 2,033,021 | ||||||
| New Hampshire Business Finance Authority (ARC70 2025-1) |
998 | 1,055,243 | ||||||
| New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) |
426 | 426,017 | ||||||
| New Hampshire Business Finance Authority (Emberly & Canterra Creek Projects) |
956 | 957,681 | ||||||
| New Hampshire Business Finance Authority (Greater Raleigh Area Christian Education) |
1,000 | 988,409 | ||||||
| New Hampshire Business Finance Authority (Lakes Fresh Water Supply District of Denton County) |
748 | 748,321 | ||||||
| New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) |
1,525 | 1,520,902 | ||||||
| 6.00%, 11/01/2055 |
4,115 | 3,923,853 | ||||||
| 10.00%, 05/01/2036 |
1,000 | 1,020,059 | ||||||
| Series 2025-2 |
1,000 | 1,035,531 | ||||||
| Series 2025-A |
1,442 | 809,258 | ||||||
| New Hampshire Business Finance Authority (NFA 2020-1) |
4,798 | 5,007,135 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-1) |
7,609 | 7,928,376 | ||||||
| Series 2022-1, Class X |
5,904 | 110,683 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-2) |
3,813 | 3,892,134 | ||||||
| Series 2022-2, Class X |
3,818 | 156,783 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (NFA 2024-1) |
$ | 2,676 | $ | 95,813 | ||||
| New Hampshire Business Finance Authority (NFA 2024-2) |
1,974 | 76,778 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-1) |
1,684 | 1,686,279 | ||||||
| Series 2025-1, Class A1 |
992 | 1,002,386 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-2) |
3,482 | 3,501,597 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-3) |
998 | 1,065,593 | ||||||
| New Hampshire Business Finance Authority (Tamarron Project) |
2,000 | 2,000,035 | ||||||
|
|
|
|||||||
| 43,592,665 | ||||||||
|
|
|
|||||||
| New Jersey – 3.0% |
||||||||
| New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) |
1,000 | 1,049,524 | ||||||
| New Jersey Economic Development Authority (New Jersey-American Water) |
2,000 | 2,033,567 | ||||||
| New Jersey Economic Development Authority (Port Newark Container Terminal) |
3,320 | 3,385,470 | ||||||
| New Jersey Educational Facilities Authority (Ramapo College of New Jersey) |
285 | 279,732 | ||||||
| New Jersey Health Care Facilities Financing Authority (New Jersey Health Care Facilities Financing Authority State Lease) |
5,000 | 5,239,547 | ||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
2,175 | 2,191,264 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
$ | 7,585 | $ | 7,054,512 | ||||
| Series 2023-B |
2,985 | 3,339,720 | ||||||
| 5.00%, 06/15/2043 |
1,985 | 2,167,229 | ||||||
| Series 2024-A |
6,700 | 6,796,063 | ||||||
| 5.00%, 06/15/2042 |
8,000 | 8,909,554 | ||||||
| New Jersey Turnpike Authority (New Jersey Turnpike Authority) |
1,000 | 1,073,808 | ||||||
| Series 2025-C |
1,000 | 1,126,058 | ||||||
| Series 2027-A |
1,000 | 1,108,601 | ||||||
| 5.00%, 01/01/2033(c) |
1,000 | 1,123,611 | ||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
9,980 | 9,873,495 | ||||||
| Union County Utilities Authority (County of Union NJ Lease) |
3,885 | 3,893,167 | ||||||
|
|
|
|||||||
| 60,644,922 | ||||||||
|
|
|
|||||||
| New Mexico – 0.3% |
||||||||
| New Mexico Municipal Energy Acquisition Authority (Royal Bank of Canada) |
5,000 | 5,418,110 | ||||||
|
|
|
|||||||
| New York – 9.1% |
||||||||
| Build NYC Resource Corp. (Albert Einstein College of Medicine) |
6,440 | 6,368,461 | ||||||
| Build NYC Resource Corp. (TrIPs Obligated Group) |
1,000 | 1,056,784 | ||||||
| Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) |
1,000 | 977,573 | ||||||
| City of New York NY (City of New York NY) |
5,205 | 5,043,331 | ||||||
| Series 2024-C |
1,000 | 1,089,884 | ||||||
| Series 2024-D |
3,180 | 3,117,855 | ||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Dutchess County Local Development Corp. (Bard College) |
$ | 1,355 | $ | 1,355,157 | ||||
| Long Island Power Authority (Long Island Power Authority) |
2,650 | 2,805,758 | ||||||
| 5.00%, 09/01/2053 |
2,350 | 2,460,350 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
1,000 | 1,017,268 | ||||||
| 5.00%, 11/15/2031 |
5,000 | 5,081,088 | ||||||
| Series 2020-C |
1,000 | 1,026,449 | ||||||
| Series 2020-D |
1,000 | 1,052,423 | ||||||
| Series 2025 |
1,000 | 1,108,375 | ||||||
| 5.25%, 11/15/2045 |
2,160 | 2,347,130 | ||||||
| New York City Housing Development Corp. (8 Spruce NY Owner LLC) |
215 | 222,548 | ||||||
| 4.375%, 12/15/2031 |
415 | 428,624 | ||||||
| 5.25%, 12/15/2031 |
1,000 | 1,040,542 | ||||||
| New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) |
5,000 | 5,278,617 | ||||||
| Series 2024-C |
2,000 | 1,924,569 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) |
5,800 | 6,125,971 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) |
2,500 | 2,554,856 | ||||||
| Series 2024 |
5,900 | 6,769,768 | ||||||
| 5.00%, 11/01/2039 |
1,700 | 1,926,867 | ||||||
| Series 2025 |
3,175 | 3,405,659 | ||||||
| Series 2025-E |
1,000 | 1,040,508 | ||||||
| Series 2025-H |
2,530 | 2,797,480 | ||||||
| New York Energy Finance Development Corp. (Athene Annuity & Life Co.) |
2,000 | 2,145,375 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
$ | 300 | $ | 300,492 | ||||
| 7.25%, 11/15/2044(a) |
510 | 511,203 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
8,000 | 8,492,202 | ||||||
| 5.00%, 11/15/2053 |
2,000 | 2,104,994 | ||||||
| New York State Dormitory Authority (Montefiore Obligated Group) |
5,050 | 5,305,178 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
2,000 | 2,152,728 | ||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
3,530 | 3,679,851 | ||||||
| New York Transportation Development Corp. (Delta Air Lines, Inc.) |
5,345 | 5,486,230 | ||||||
| Series 2023 |
6,500 | 6,956,964 | ||||||
| New York Transportation Development Corp. (JFK Intl Air Terminal) |
2,000 | 2,132,901 | ||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
2,000 | 2,049,883 | ||||||
| AG Series 2024 |
9,350 | 6,301,517 | ||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
2,000 | 2,007,295 | ||||||
| Series 2024 |
1,565 | 1,528,788 | ||||||
| 5.50%, 06/30/2054 |
500 | 511,200 | ||||||
| 5.50%, 06/30/2060 |
14,790 | 15,107,103 | ||||||
| Series 2025 |
1,000 | 1,067,249 | ||||||
| 6.00%, 06/30/2059 |
1,000 | 1,066,387 | ||||||
| AG Series 2023 |
1,000 | 1,011,011 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
3,930 | 3,931,534 | ||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| Oneida County Local Development Corp. (Hamilton College) |
$ | 3,200 | $ | 3,610,430 | ||||
| Onondaga Civic Development Corp. (Syracuse University) |
2,000 | 2,198,248 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
1,000 | 1,023,071 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
2,000 | 1,712,424 | ||||||
| 2.917%, 05/15/2040 |
2,000 | 1,622,694 | ||||||
| Series 2021-C |
5,000 | 5,203,873 | ||||||
| Series 2022 |
4,000 | 4,001,350 | ||||||
| 5.00%, 05/15/2052 |
2,000 | 2,232,220 | ||||||
| Series 2026 |
10,000 | 10,554,097 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
2,000 | 2,085,414 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) |
4,625 | 4,541,915 | ||||||
|
|
|
|||||||
| 182,059,716 | ||||||||
|
|
|
|||||||
| North Carolina – 0.5% |
||||||||
| City of Charlotte NC Airport Revenue (City of Charlotte NC Airport Revenue) |
1,250 | 1,323,589 | ||||||
| 5.25%, 07/01/2053 |
7,250 | 7,529,003 | ||||||
| Fayetteville State University (Fayetteville State University) |
375 | 375,645 | ||||||
| North Carolina Turnpike Authority (North Carolina Turnpike Authority) |
2,000 | 542,897 | ||||||
|
|
|
|||||||
| 9,771,134 | ||||||||
|
|
|
|||||||
| Ohio – 2.3% |
||||||||
| Columbus Regional Airport Authority (Columbus Regional Airport Authority) |
1,925 | 2,139,243 | ||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Cuyahoga OH (MetroHealth System/The) |
$ | 8,000 | $ | 8,026,782 | ||||
| County of Hamilton OH (Christ Hospital Obligated Group) |
2,000 | 2,088,054 | ||||||
| County of Hamilton OH (UC Health Obligated Group) |
3,045 | 2,973,860 | ||||||
| County of Washington OH (Marietta Area Health Care Obligated Group) |
2,000 | 2,162,112 | ||||||
| Lancaster Port Authority (Royal Bank of Canada) |
1,000 | 1,080,366 | ||||||
| Ohio Air Quality Development Authority (American Electric Power) |
5,500 | 5,567,663 | ||||||
| Ohio Air Quality Development Authority (Duke Energy Corp.) |
2,000 | 2,032,701 | ||||||
| Ohio Higher Educational Facility Commission (John Carroll University) |
1,000 | 1,017,403 | ||||||
| Ohio Higher Educational Facility Commission (University of Dayton) |
4,000 | 4,091,938 | ||||||
| Ohio Higher Educational Facility Commission (Xavier University) |
1,010 | 1,080,491 | ||||||
| Ohio Housing Finance Agency (Ohio Housing Finance Agency) |
2,500 | 3,021,388 | ||||||
| Ohio State University (The) (Ohio State University) |
1,000 | 1,080,023 | ||||||
| Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) |
1,000 | 964,244 | ||||||
| University of Toledo (University of Toledo) |
9,530 | 9,448,510 | ||||||
|
|
|
|||||||
| 46,774,778 | ||||||||
|
|
|
|||||||
35
| Principal Amount (000) |
U.S. $ Value | |||||||
| Oklahoma – 0.5% |
||||||||
| Oklahoma Development Finance Authority (Oklahoma Development Finance Authority) |
$ | 5,000 | $ | 4,766,612 | ||||
| Oklahoma Development Finance Authority (OU Medicine Obligated Group) |
2,360 | 2,410,839 | ||||||
| Oklahoma Turnpike Authority (Oklahoma Turnpike Authority) |
1,000 | 1,085,728 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) |
1,370 | 1,610,638 | ||||||
|
|
|
|||||||
| 9,873,817 | ||||||||
|
|
|
|||||||
| Oregon – 0.1% |
||||||||
| Multnomah County School District No. 40 (Multnomah County School District No. 40) |
1,000 | 448,950 | ||||||
| Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) |
1,030 | 1,171,307 | ||||||
| Umatilla County School District No. 6R Umatilla (Umatilla County School District No. 6R Umatilla) |
2,000 | 509,116 | ||||||
|
|
|
|||||||
| 2,129,373 | ||||||||
|
|
|
|||||||
| Other – 2.0% |
||||||||
| ARC70 II Trust (ARC70 II TRUST) |
5,533 | 5,506,191 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML10) |
939 | 797,583 | ||||||
| Series 2021-ML10, Class AUS |
1,224 | 1,010,500 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML12) |
1,901 | 1,609,859 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML21) |
3,200 | 3,397,906 | ||||||
36
| Principal Amount (000) |
U.S. $ Value | |||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML22) |
$ | 987 | $ | 1,031,712 | ||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML23) |
994 | 1,075,862 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2024-ML24) |
4,331 | 4,371,947 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate (FMMV M052) |
5,105 | 4,606,450 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLM) |
4,468 | 4,782,142 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) |
3,999 | 4,233,359 | ||||||
| Series 2025-M |
3,230 | 3,406,329 | ||||||
| 4.604%, 06/25/2042 |
1,997 | 2,108,551 | ||||||
| Series 2026-M |
1,000 | 1,067,680 | ||||||
|
|
|
|||||||
| 39,006,071 | ||||||||
|
|
|
|||||||
| Pennsylvania – 3.0% |
||||||||
| Berks County Municipal Authority (The) (Tower Health Obligated Group) |
1,000 | 838,655 | ||||||
| 8.00%, 06/30/2034 |
280 | 291,567 | ||||||
| Series 2024-A |
135 | 145,621 | ||||||
| Chambersburg Area Municipal Authority (Wilson College) |
2,350 | 2,350,247 | ||||||
| 5.75%, 10/01/2043 |
5,000 | 4,948,561 | ||||||
| Chester County Industrial Development Authority (Collegium Charter School) |
755 | 768,765 | ||||||
| Commonwealth of Pennsylvania (Commonwealth of Pennsylvania) |
4,000 | 4,125,126 | ||||||
37
| Principal Amount (000) |
U.S. $ Value | |||||||
| Geisinger Authority (Kaiser Obligated Group) |
$ | 3,820 | $ | 3,828,022 | ||||
| 5.00%, 04/01/2043 |
6,250 | 6,740,112 | ||||||
| Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group) |
2,000 | 2,018,542 | ||||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) |
10,000 | 10,628,188 | ||||||
| Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) |
1,000 | 1,077,341 | ||||||
| Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) |
1,000 | 1,002,364 | ||||||
| Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) |
10,000 | 9,958,809 | ||||||
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson University Obligated Group) |
1,300 | 1,364,693 | ||||||
| Pittsburgh Water & Sewer Authority (Pittsburgh Water & Sewer Authority) |
10,000 | 9,945,512 | ||||||
|
|
|
|||||||
| 60,032,125 | ||||||||
|
|
|
|||||||
| Puerto Rico – 1.0% |
||||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
1,966 | 1,214,129 | ||||||
| 0.00%, 11/01/2051 |
2,500 | 793,750 | ||||||
| 5.069%, 11/01/2051 |
1,672 | 1,157,816 | ||||||
| Series 2022-C |
5,940 | 4,054,050 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
2,000 | 1,998,840 | ||||||
38
| Principal Amount (000) |
U.S. $ Value | |||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
$ | 1,895 | $ | 1,960,955 | ||||
| NATL Series 2007-V |
1,150 | 1,177,953 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
322 | 321,604 | ||||||
| 6.625%, 01/01/2028 |
2,454 | 2,457,655 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,000 | 1,145,574 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
1,595 | 1,436,931 | ||||||
| Series 2019-A |
1,339 | 1,341,327 | ||||||
|
|
|
|||||||
| 19,060,584 | ||||||||
|
|
|
|||||||
| South Carolina – 2.9% |
||||||||
| Columbia Housing Authority/SC (Garden Lakes Apartments) |
100 | 101,321 | ||||||
| 5.41%, 11/01/2039 |
1,240 | 1,247,754 | ||||||
| 6.28%, 11/01/2039 |
100 | 100,533 | ||||||
| Greenville Housing Authority/SC (Victor Verdae Apartments) |
3,000 | 2,765,762 | ||||||
| Last Step Recycling LLC (Last Step Recycling LLC) |
572 | 572,297 | ||||||
| Patriots Energy Group Financing Agency (Royal Bank of Canada) |
2,275 | 2,490,283 | ||||||
| Series 2023-B |
5,000 | 5,196,625 | ||||||
| Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group) |
2,000 | 2,198,244 | ||||||
| South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health) |
1,000 | 1,118,135 | ||||||
39
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Carolina Jobs-Economic Development Authority (Connexion Communities Obligated Group) |
$ | 1,485 | $ | 1,503,269 | ||||
| South Carolina Jobs-Economic Development Authority (International Paper Co.) |
1,000 | 1,000,679 | ||||||
| South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) |
1,450 | 159,500 | ||||||
| South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) |
5,000 | 5,532,060 | ||||||
| South Carolina Jobs-Economic Development Authority (Prisma Health Obligated Group) |
2,500 | 2,600,706 | ||||||
| Series 2018-A |
1,000 | 1,010,184 | ||||||
| South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments) |
1,600 | 1,235,375 | ||||||
| South Carolina Jobs-Economic Development Authority (Rolling Green Village) |
1,125 | 1,165,301 | ||||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
1,980 | 1,979,919 | ||||||
| Series 2016-A |
4,750 | 4,774,049 | ||||||
| Series 2016-B |
2,000 | 2,030,725 | ||||||
| 5.00%, 12/01/2056 |
6,250 | 6,250,664 | ||||||
| Series 2022-A |
5,000 | 4,509,683 | ||||||
| 5.00%, 12/01/2055 |
2,500 | 2,565,539 | ||||||
| Series 2025-A |
5,000 | 5,343,233 | ||||||
| Series 2026-C |
1,000 | 1,184,816 | ||||||
|
|
|
|||||||
| 58,636,656 | ||||||||
|
|
|
|||||||
40
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Dakota – 0.0% |
||||||||
| South Dakota Housing Development Authority (Schuett Spearfish LP) |
$ | 400 | $ | 420,915 | ||||
|
|
|
|||||||
| Tennessee – 2.1% |
||||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
2,785 | 2,750,979 | ||||||
| 5.125%, 12/01/2042(a) |
1,325 | 1,310,222 | ||||||
| Hamilton County & Chattanooga Sports Authority (Hamilton County & Chattanooga Sports Authority) |
1,500 | 1,671,804 | ||||||
| 6.00%, 12/01/2055 |
2,400 | 2,712,520 | ||||||
| Knox County Industrial Development Board (Tompaul Knoxville LLC) |
1,000 | 993,849 | ||||||
| 9.50%, 11/01/2052(f) |
1,060 | 998,528 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority (Metropolitan Govt of Nashville & Davidson County TN) |
4,000 | 4,210,239 | ||||||
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue (Metropolitan Govt of Nashville & Davidson County TN Water & Sewer Revenue) |
5,000 | 5,230,960 | ||||||
| Metropolitan Nashville Airport Authority (The) (Metropolitan Nashville Airport Authority/The) |
1,675 | 1,864,755 | ||||||
| 5.50%, 07/01/2040 |
2,350 | 2,625,701 | ||||||
| Series 2026-B |
1,000 | 1,156,976 | ||||||
| 5.00%, 07/01/2038 |
1,350 | 1,537,506 | ||||||
| 5.00%, 07/01/2039 |
1,000 | 1,127,919 | ||||||
| Tennergy Corp./TN (Nomura Holdings, Inc.) |
5,000 | 5,447,585 | ||||||
| Tennessee Energy Acquisition Corp. (Goldman Sachs Group) |
2,000 | 2,088,953 | ||||||
| Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) |
2,055 | 2,276,205 | ||||||
41
| Principal Amount (000) |
U.S. $ Value | |||||||
| Tennessee Energy Acquisition Corp. (Pacific Life Insurance) |
$ | 2,000 | $ | 2,197,744 | ||||
| Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) |
990 | 820,953 | ||||||
|
|
|
|||||||
| 41,023,398 | ||||||||
|
|
|
|||||||
| Texas – 5.1% |
||||||||
| Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) |
1,630 | 1,684,987 | ||||||
| Arlington Higher Education Finance Corp. (Cypress Christian School) |
1,020 | 1,052,590 | ||||||
| Arlington Higher Education Finance Corp. (Harmony Public Schools) |
1,410 | 1,412,166 | ||||||
| Arlington Higher Education Finance Corp. (Magellan School/The) |
1,000 | 1,016,084 | ||||||
| City of Houston TX (City of Houston TX Hotel Occupancy Tax) |
2,500 | 2,504,875 | ||||||
| City of Houston TX Airport System Revenue (City of Houston TX Airport System Revenue) |
1,000 | 1,159,289 | ||||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
415 | 415,732 | ||||||
| Series 2018 |
1,300 | 1,348,659 | ||||||
| Series 2024-B |
2,345 | 2,578,953 | ||||||
| County of Harris TX (County of Harris TX) |
1,600 | 1,292,247 | ||||||
| County of Harris TX Toll Road Revenue (County of Harris TX Toll Road Revenue) |
1,175 | 1,105,883 | ||||||
| Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) |
1,000 | 905,368 | ||||||
| Series 2025-A |
1,000 | 1,151,961 | ||||||
| 5.00%, 11/01/2034 |
2,365 | 2,741,461 | ||||||
| 5.25%, 11/01/2038 |
1,000 | 1,143,237 | ||||||
| 5.25%, 11/01/2039 |
3,565 | 4,049,350 | ||||||
42
| Principal Amount (000) |
U.S. $ Value | |||||||
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital Obligated Group) |
$ | 5,050 | $ | 5,539,259 | ||||
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) |
1,000 | 1,000,059 | ||||||
| Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) |
2,000 | 900,761 | ||||||
| Irving Hospital Authority (Baylor Medical Center at Irving) |
1,785 | 1,787,930 | ||||||
| Lamar Consolidated Independent School District (Lamar Consolidated Independent School District) |
19,050 | 20,334,646 | ||||||
| Lewisville Independent School District (Lewisville Independent School District) |
1,030 | 1,172,239 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
4,200 | 4,217,024 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Army Retirement Residence Obligated Group) |
1,000 | 1,008,454 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (BSPV - Plano LLC) |
177 | 177,479 | ||||||
| 7.25%, 12/31/2030(d) (e) |
1,000 | 1,000,000 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community Obligated Group) |
4,198 | 1,805,233 | ||||||
| 7.50%, 11/15/2036(d) (e) |
970 | 970,000 | ||||||
| 7.50%, 11/15/2037(d) (e) |
150 | 150,000 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) |
1,500 | 1,500,451 | ||||||
43
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) |
$ | 425 | $ | 363,428 | ||||
| Series 2022 |
1,000 | 842,538 | ||||||
| Newark Higher Education Finance Corp. (Abilene Christian University) |
5,000 | 4,192,583 | ||||||
| North Texas Tollway Authority (North Texas Tollway System) |
7,200 | 5,309,544 | ||||||
| Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
1,000 | 1,002,174 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) |
1,528 | 1,339,196 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Tarrant County Cultural Education Facilities Finance) |
1,514 | 0 | ||||||
| 5.00%, 11/15/2045(d) (e) (i) (j) |
3,097 | 0 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources Obligated Group) |
1,205 | 1,305,443 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) |
1,735 | 1,738,426 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) |
1,125 | 1,210,306 | ||||||
| Series 2023-B |
2,000 | 2,261,346 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) |
5,000 | 5,471,303 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI (Bank of America Corp.) |
1,850 | 2,039,232 | ||||||
44
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas State Public Finance Authority Charter School Finance Corp. (KIPP Texas, Inc.) |
$ | 1,385 | $ | 1,387,348 | ||||
| 5.00%, 08/15/2034 |
1,945 | 1,948,281 | ||||||
| Texas State University System (Texas State University System) |
4,350 | 4,001,890 | ||||||
|
|
|
|||||||
| 101,539,415 | ||||||||
|
|
|
|||||||
| Utah – 0.7% |
||||||||
| City of Salt Lake City UT Airport Revenue (City of Salt Lake City UT Airport Revenue) |
2,680 | 3,055,575 | ||||||
| Downtown Revitalization Public Infrastructure District (City of Salt Lake City UT Revitalization Sales Tax Revenue) |
2,000 | 2,164,320 | ||||||
| Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) |
1,100 | 1,101,515 | ||||||
| Intermountain Power Agency (Intermountain Power Agency) |
5,045 | 5,315,385 | ||||||
| Utah Housing Corp. (255 State 4 LLC) |
820 | 742,906 | ||||||
| Wakara Ridge Public Infrastructure District (Wakara Ridge Public Infrastructure District Wakara Ridge Assessment Area) |
1,000 | 1,025,282 | ||||||
| Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) |
1,000 | 1,039,357 | ||||||
|
|
|
|||||||
| 14,444,340 | ||||||||
|
|
|
|||||||
| Vermont – 0.0% |
||||||||
| Vermont Educational & Health Buildings Financing Agency (St. Michael’s College) |
1,000 | 928,186 | ||||||
|
|
|
|||||||
45
| Principal Amount (000) |
U.S. $ Value | |||||||
| Virginia – 0.5% |
||||||||
| Arlington County Industrial Development Authority (Virginia Hospital Center Arlington Health System Obligated Group) |
$ | 690 | $ | 661,180 | ||||
| Cherry Hill Community Development Authority (Potomac Shores Project) |
1,410 | 1,411,214 | ||||||
| Powhatan County Economic Development Authority (Powhatan County Economic Development Authority) |
1,000 | 1,007,940 | ||||||
| US Bank Trust Co. NA (Park Landing LP) |
1,630 | 1,473,688 | ||||||
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) |
1,000 | 1,010,617 | ||||||
| Virginia College Building Authority (Washington & Lee University) |
2,000 | 1,683,098 | ||||||
| Virginia Small Business Financing Authority (National Senior Communities Obligated Group) |
1,000 | 811,588 | ||||||
| 5.00%, 01/01/2028 |
2,100 | 2,187,811 | ||||||
|
|
|
|||||||
| 10,247,136 | ||||||||
|
|
|
|||||||
| Washington – 4.0% |
||||||||
| Central Puget Sound Regional Transit Authority (Central Puget Sound Regional Transit Authority Sales & Use Tax) |
2,000 | 2,087,937 | ||||||
| City of Tacoma WA Electric System Revenue (City of Tacoma WA Electric System Revenue) |
14,785 | 15,805,586 | ||||||
| Grays Harbor County Public Hospital District No. 1 (Grays Harbor County Public Hospital District No. 1) |
300 | 330,559 | ||||||
| Grays Harbor County Public Hospital District No. 2 (Grays Harbor County Public Hospital District No. 2) |
5,650 | 5,330,100 | ||||||
46
| Principal Amount (000) |
U.S. $ Value | |||||||
| Port of Seattle WA (Port of Seattle WA) |
$ | 2,000 | $ | 2,017,330 | ||||
| Series 2022 |
2,495 | 2,819,086 | ||||||
| 5.00%, 08/01/2047 |
11,195 | 11,526,536 | ||||||
| 5.50%, 08/01/2047 |
1,000 | 1,062,962 | ||||||
| Series 2025-B |
2,000 | 2,300,371 | ||||||
| 5.00%, 10/01/2034 |
4,850 | 5,630,549 | ||||||
| 5.00%, 10/01/2036 |
4,110 | 4,753,696 | ||||||
| 5.00%, 10/01/2038 |
2,000 | 2,267,695 | ||||||
| Port of Tacoma WA (Port of Tacoma WA) |
2,000 | 2,023,935 | ||||||
| 5.00%, 12/01/2038 |
2,500 | 2,527,328 | ||||||
| Spokane County School District No. 81 Spokane (Spokane County School District No. 81 Spokane) |
2,000 | 2,000,057 | ||||||
| Washington Health Care Facilities Authority (CommonSpirit Health Obligated Group) |
1,000 | 1,066,418 | ||||||
| Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) |
700 | 746,134 | ||||||
| Series 2021 |
425 | 421,934 | ||||||
| 5.00%, 12/01/2027(a) |
440 | 459,026 | ||||||
| 5.00%, 12/01/2028(a) |
315 | 336,218 | ||||||
| 5.00%, 12/01/2029(a) |
170 | 185,383 | ||||||
| 5.00%, 12/01/2030(a) |
265 | 294,523 | ||||||
| 5.00%, 12/01/2031(a) |
265 | 293,983 | ||||||
| 5.00%, 12/01/2032(a) |
225 | 248,906 | ||||||
| 5.00%, 12/01/2033(a) |
490 | 539,972 | ||||||
| Series 2025 |
1,765 | 1,765,671 | ||||||
| 5.00%, 03/01/2039 |
1,620 | 1,829,553 | ||||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
1,000 | 913,298 | ||||||
| Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences) |
835 | 895,471 | ||||||
| Washington State Housing Finance Commission (WSHFC 2021-1) |
2,164 | 2,147,584 | ||||||
| Series 2021-1, Class X |
1,833 | 67,926 | ||||||
47
| Principal Amount (000) |
U.S. $ Value | |||||||
| Washington State Housing Finance Commission (WSHFC 2023-1) |
$ | 977 | $ | 944,111 | ||||
| Series 2023-1, Class X |
4,888 | 467,885 | ||||||
| Washington State Housing Finance Commission (WSHFC 2024-1) |
990 | 1,001,068 | ||||||
| Washington State Housing Finance Commission (WSHFC 2025-1) |
1,991 | 1,967,107 | ||||||
|
|
|
|||||||
| 79,075,898 | ||||||||
|
|
|
|||||||
| West Virginia – 0.1% |
||||||||
| Monongalia County Commission Excise Tax District (Monongalia County Commission Excise Tax District) |
760 | 172,290 | ||||||
| 7.00%, 06/01/2043(a) |
100 | 106,694 | ||||||
| Tobacco Settlement Finance Authority/WV (Tobacco Settlement Finance Authority/WV) |
1,320 | 1,280,919 | ||||||
| West Virginia Economic Development Authority (Wyoming County Coal LLC) |
2,250 | 1,350,000 | ||||||
|
|
|
|||||||
| 2,909,903 | ||||||||
|
|
|
|||||||
| Wisconsin – 3.8% |
||||||||
| Public Finance Authority (PFA 2026-1) |
3,000 | 2,993,106 | ||||||
| St. Croix Chippewa Indians of Wisconsin (St. Croix Chippewa Indians of Wisconsin) |
1,000 | 953,959 | ||||||
| State of Wisconsin (State of Wisconsin) |
1,000 | 1,075,466 | ||||||
| Wisconsin Center District (Wisconsin Center District Ded Tax) |
1,000 | 989,596 | ||||||
| Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) |
1,000 | 1,010,994 | ||||||
48
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Health & Educational Facilities Authority (Froedtert ThedaCare Health Obligated Group) |
$ | 305 | $ | 313,323 | ||||
| 4.00%, 12/15/2036 |
335 | 342,756 | ||||||
| 4.00%, 12/15/2037 |
320 | 326,209 | ||||||
| 4.00%, 12/15/2038 |
335 | 340,105 | ||||||
| Wisconsin Health & Educational Facilities Authority (Gundersen Lutheran Obligated Group) |
1,375 | 1,434,391 | ||||||
| 4.00%, 10/15/2036 |
2,600 | 2,692,549 | ||||||
| Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) |
1,000 | 792,848 | ||||||
| Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner) |
255 | 237,266 | ||||||
| Series 2022-A |
1,170 | 1,085,235 | ||||||
| Wisconsin Public Finance Authority (Absolute Awakenings) |
1,010 | 1,081,356 | ||||||
| Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) |
2,000 | 936,361 | ||||||
| Wisconsin Public Finance Authority (Beyond Boone LLC) |
775 | 780,381 | ||||||
| 5.00%, 07/01/2058 |
750 | 754,785 | ||||||
| Wisconsin Public Finance Authority (Blue Ridge Healthcare Obligated Group) |
500 | 532,011 | ||||||
| 5.00%, 01/01/2036 |
500 | 529,558 | ||||||
| 5.00%, 01/01/2037 |
500 | 527,067 | ||||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
6,750 | 6,433,480 | ||||||
| Wisconsin Public Finance Authority (CFC-SA LLC) |
1,150 | 1,149,819 | ||||||
| 5.00%, 02/01/2062 |
1,000 | 984,532 | ||||||
| 5.75%, 02/01/2052(a) |
1,000 | 1,024,536 | ||||||
49
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (FAH Tree House LLC) |
$ | 2,825 | $ | 2,592,519 | ||||
| Wisconsin Public Finance Authority (Heritage Bend Project) |
3,485 | 1,098,015 | ||||||
| Wisconsin Public Finance Authority (Inperium Obligated Group) |
1,000 | 1,015,100 | ||||||
| Wisconsin Public Finance Authority (Lackland Project) |
680 | 485,013 | ||||||
| Wisconsin Public Finance Authority (Montgomery County Municipal Utility District Nos 123 & 153) |
1,000 | 594,913 | ||||||
| Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) |
342 | 264,780 | ||||||
| Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) |
1,000 | 1,057,057 | ||||||
| 5.75%, 07/01/2049 |
1,000 | 1,054,989 | ||||||
| 5.75%, 07/01/2054 |
2,000 | 2,089,905 | ||||||
| Wisconsin Public Finance Authority (QCF Behavioral Hospitals I Obligated Group) |
1,000 | 1,119,741 | ||||||
| Wisconsin Public Finance Authority (Queens University of Charlotte) |
2,000 | 2,093,571 | ||||||
| Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) |
5,000 | 3,598,712 | ||||||
| Series 2022 |
985 | 749,346 | ||||||
| Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) |
2,000 | 2,036,397 | ||||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
5,000 | 5,236,664 | ||||||
| 5.75%, 12/31/2065 |
6,630 | 6,933,801 | ||||||
| 6.50%, 06/30/2060 |
3,030 | 3,371,296 | ||||||
| 6.50%, 12/31/2065 |
3,400 | 3,780,290 | ||||||
50
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (Triad Math & Science Academy) |
$ | 1,000 | $ | 926,009 | ||||
| Wisconsin Public Finance Authority (West 44th Avenue) |
1,175 | 1,150,668 | ||||||
| Wisconsin Public Finance Authority (Wisconsin Public Finance Authority) |
924 | 927,592 | ||||||
| Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-MF Affordable Housing) |
1,533 | 1,564,112 | ||||||
| Wisconsin Public Finance Authority (Wisconsin Public Finance Authority-Muni Certificates) |
2,400 | 2,403,442 | ||||||
|
|
|
|||||||
| 75,465,621 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
1,921,363,939 | |||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 2.0% |
||||||||
| California – 0.1% |
||||||||
| Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) |
2,000 | 2,000,000 | ||||||
|
|
|
|||||||
| Colorado – 0.3% |
||||||||
| Colorado State Education Loan Program (Colorado State Education Loan Program) |
6,000 | 6,054,334 | ||||||
|
|
|
|||||||
| Connecticut – 0.2% |
||||||||
| City of Danbury CT (City of Danbury CT) |
4,000 | 4,069,522 | ||||||
|
|
|
|||||||
| Georgia – 0.1% |
||||||||
| Cobb County School District (Cobb County School District) |
1,850 | 1,875,492 | ||||||
|
|
|
|||||||
| New Jersey – 0.3% |
||||||||
| County of Hudson NJ (County of Hudson NJ) |
4,000 | 4,066,820 | ||||||
51
| Principal Amount (000) |
U.S. $ Value | |||||||
| Monmouth County Improvement Authority (The) (Monmouth County Improvement Authority/The) |
$ | 1,500 | $ | 1,526,095 | ||||
|
|
|
|||||||
| 5,592,915 | ||||||||
|
|
|
|||||||
| New York – 0.4% |
||||||||
| Town of Oyster Bay NY (Town of Oyster Bay NY) |
2,500 | 2,544,985 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
6,100 | 6,100,000 | ||||||
|
|
|
|||||||
| 8,644,985 | ||||||||
|
|
|
|||||||
| Other – 0.6% |
||||||||
| Nuveen AMT-Free Municipal Credit Income Fund (Nuveen AMT-Free Municipal Credit Income Fund) |
5,200 | 5,200,000 | ||||||
| Nuveen AMT-Free Quality Municipal Income Fund (Nuveen AMT-Free Quality Municipal Income Fund) |
6,100 | 6,100,000 | ||||||
|
|
|
|||||||
| 11,300,000 | ||||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
39,537,248 | |||||||
|
|
|
|||||||
| Total Municipal Obligations |
1,960,901,187 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| PREFERRED STOCKS – 0.0% |
||||||||
| Utility – 0.0% |
||||||||
| Electric – 0.0% |
||||||||
| AES Guayama Holdings |
53,964 | 157,035 | ||||||
|
|
|
|||||||
| Principal Amount (000) |
||||||||
| CORPORATES - NON-INVESTMENT GRADE – 0.0% |
||||||||
| Industrial – 0.0% |
||||||||
| Consumer Non-Cyclical – 0.0% |
||||||||
| Buckingham Senior Living Community, Inc. |
$ | 150 | 152,807 | |||||
|
|
|
|||||||
52
| Company | Shares | U.S. $ Value | ||||||
| SHORT-TERM INVESTMENTS – 1.6% |
| |||||||
| Investment Companies – 1.6% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(m) (n) (o) |
32,460,868 | $ | 32,460,868 | |||||
|
|
|
|||||||
| Total Investments – 99.6% |
|
1,993,671,897 | ||||||
| Other assets less liabilities – 0.4% |
|
7,969,601 | ||||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 2,001,641,498 | |||||
|
|
|
|||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at February 28, |
Notional Amount (000) |
Market Value |
Upfront Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 45, 5 Year Index, 12/20/2030* |
(5.00 | )% | Quarterly | 3.32% | USD | 40,788 | $ | (3,157,944) | $ | (2,804,349) | $ | (353,595) | ||||||||||||||||
| * | 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 Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 58,000 | 10/15/2029 | 2.569% | CPI# | Maturity | $ | (280,436) | $ | — | $ | (280,436 | ) | ||||||||||||
| USD | 56,500 | 10/15/2029 | 2.485% | CPI# | Maturity | (40,043) | — | (40,043 | ) | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (320,479 | ) | $ | — | $ | (320,479 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 32,540 | 03/12/2032 | 1 Day SOFR | 3.843% | Annual | $ | 869,635 | $ | (165 | ) | $ | 869,800 | ||||||||||||
| USD | 38,700 | 01/03/2033 | 1 Day SOFR | 3.695% | Annual | 828,353 | — | 828,353 | ||||||||||||||||
| USD | 22,500 | 10/25/2035 | 3.521% | 1 Day SOFR | Annual | 23,173 | — | 23,173 | ||||||||||||||||
| USD | 23,600 | 02/20/2036 | 3.675% | 1 Day SOFR | Annual | (283,480 | ) | — | (283,480) | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,437,681 | $ | (165 | ) | $ | 1,437,846 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
53
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid/ (Received) |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||||
| Bank of America NA | USD | 2,500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $ | 201,921 | $ | — | $ | 201,921 | ||||||||||||||||
| Bank of America NA | USD | 2,500 | 05/06/2026 | MMD 10 Year^ | 3.660% | Maturity | 249,986 | — | 249,986 | |||||||||||||||||||
| Bank of America NA | USD | 2,000 | 06/25/2026 | MMD 10 Year^ | 3.570% | Maturity | 164,617 | — | 164,617 | |||||||||||||||||||
| Bank of America NA | USD | 3,000 | 08/10/2026 | MMD 10 Year^ | 3.580% | Maturity | 231,036 | — | 231,036 | |||||||||||||||||||
| Bank of America NA | USD | 3,000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | 14,377 | — | 14,377 | |||||||||||||||||||
| Citibank NA | USD | 22,105 | 10/09/2029 | 1.125% | 1 Week SIFMA* | Quarterly | 898,860 | — | 898,860 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 3,000 | 03/16/2026 | MMD 10 Year^ | 3.460% | Maturity | 272,955 | — | 272,955 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 2,500 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 302,231 | — | 302,231 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 2,000 | 06/04/2026 | MMD 10 Year^ | 3.690% | Maturity | 193,986 | — | 193,986 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 3,000 | 12/02/2026 | MMD 5 Year^ | 2.680% | Maturity | 34,928 | — | 34,928 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 01/13/2027 | MMD 5 Year^ | 2.520% | Maturity | 11,243 | — | 11,243 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 02/10/2027 | MMD 5 Year^ | 2.600% | Maturity | 25,277 | — | 25,277 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 02/18/2027 | MMD 5 Year^ | 2.540% | Maturity | 9,240 | — | 9,240 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 5,000 | 03/01/2027 | MMD 5 Year^ | 2.540% | Maturity | 7,237 | — | 7,237 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 2,500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | 201,921 | — | 201,921 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 5,000 | 03/26/2026 | MMD 10 Year^ | 3.640% | Maturity | 537,383 | — | 537,383 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 5,000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 639,760 | — | 639,760 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 2,500 | 05/29/2026 | MMD 10 Year^ | 3.660% | Maturity | 237,081 | — | 237,081 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 2,500 | 07/13/2026 | MMD 5 Year^ | 2.930% | Maturity | 74,915 | — | 74,915 | |||||||||||||||||||
| Royal Bank of Canada | USD | 3,000 | 10/13/2026 | MMD 5 Year^ | 2.610% | Maturity | 30,260 | — | 30,260 | |||||||||||||||||||
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| $ | 4,339,214 | $ | — | $ | 4,339,214 | |||||||||||||||||||||||
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| ^ | Variable interest rate based on the Municipal Market Data AAA General Obligation Scale. |
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | Security 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 February 28, 2026, the aggregate market value of these securities amounted to $234,124,569 or 11.7% of net assets. |
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (c) | When-Issued or delayed delivery security. |
| (d) | Non-income producing security. |
| (e) | Defaulted. |
54
| (f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.95% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows: |
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| Arizona Industrial Development Authority |
06/09/2022- 07/20/2022 |
$ | 4,116,975 | $ | 87,538 | 0.00% | ||||||
| Douglas County Housing Partnership |
01/14/2021 | 2,465,054 | 2,125,000 | 0.11% | ||||||||
| Illinois Housing Development Authority |
10/19/2022 | 1,430,000 | 1,450,197 | 0.07% | ||||||||
| Indiana Finance Authority |
03/29/2019 | 3,578,367 | 173,500 | 0.01% | ||||||||
| Indiana Finance Authority |
06/24/2024 | 1,910,000 | 1,912,683 | 0.10% | ||||||||
| Industrial Development Authority of the County of Pima (The) |
10/29/2020 | 1,378,916 | 1,084,000 | 0.05% | ||||||||
| Knox County Industrial Development Board |
11/25/2022 | 1,000,000 | 993,849 | 0.05% | ||||||||
| Knox County Industrial Development Board |
11/25/2022- 06/13/2025 |
1,058,508 | 998,528 | 0.05% | ||||||||
| Last Step Recycling LLC |
03/26/2025- 12/18/2025 |
572,297 | 572,297 | 0.03% | ||||||||
| Mississippi Business Finance Corp. |
12/13/2022 | 1,236,717 | 62,500 | 0.00% | ||||||||
| New Hope Cultural Education Facilities Finance Corp. |
02/03/2023 | 1,500,000 | 1,500,451 | 0.08% | ||||||||
| Polk County Industrial Development Authority/FL |
10/23/2020 | 950,000 | 190,000 | 0.01% | ||||||||
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| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| South Carolina Jobs-Economic Development Authority |
02/25/2022- 10/20/2022 |
$ | 1,293,300 | $ | 159,500 | 0.01% | ||||||
| West Virginia Economic |
05/31/2023 | 2,250,000 | 1,350,000 | 0.07% | ||||||||
| Wisconsin Public Finance Authority |
08/03/2021 | 6,750,000 | 6,433,480 | 0.32% | ||||||||
| (g) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026. |
| (h) | IO - Interest Only. |
| (i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (j) | Fair valued by the Adviser. |
| (k) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at February 28, 2026. |
| (l) | 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. |
| (m) | The rate shown represents the 7-day yield as of period end. |
| (n) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (o) | Affiliated investments. |
| (p) | As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $54,900,462 and gross unrealized depreciation of investments was $(54,420,988), resulting in net unrealized appreciation of $479,474. |
As of February 28, 2026, 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 7.1% and 0.0%, respectively.
Glossary:
ABS – Asset-Backed Securities
AG – Assured Guaranty Inc.
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CDX-NAHY – North American High Yield Credit Default Swap Index
CFD – Community Facilities District
CHF – Collegiate Housing Foundation
CMBS – Commercial Mortgage-Backed Securities
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
FHLMC – Federal Home Loan Mortgage Corporation
MMD – Municipal Market Data
MUNIPSA – SIFMA Municipal Swap Index
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
XLCA – XL Capital Assurance Inc.
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AB Municipal Income Fund, Inc.
AB National Portfolio
February 28, 2026 (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.
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 1,920,601,642 | $ | 762,297 | (a) | $ | 1,921,363,939 | |||||||
| Short-Term Municipal Notes | — | 39,537,248 | — | 39,537,248 | ||||||||||||
| Preferred Stocks | — | — | 157,035 | 157,035 | ||||||||||||
| Corporates - Non-Investment Grade | — | — | 152,807 | 152,807 | ||||||||||||
| Short-Term Investments | 32,460,868 | — | — | 32,460,868 | ||||||||||||
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|||||||||
| Total Investments in Securities | 32,460,868 | 1,960,138,890 | 1,072,139 | (a) | 1,993,671,897 | |||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,721,161 | — | 1,721,161 | ||||||||||||
| Interest Rate Swaps | — | 4,339,214 | — | 4,339,214 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (3,157,944 | ) | — | (3,157,944 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (320,479 | ) | — | (320,479 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (283,480 | ) | — | (283,480 | ) | ||||||||||
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| Total | $ | 32,460,868 | $ | 1,962,437,362 | $ | 1,072,139 | (a) | $ | 1,995,970,369 | |||||||
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| (a) | The Portfolio held securities with zero market value at period end. |
| (b) | Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 28, 2026 is as follows:
| Portfolio | Market Value 05/31/2025 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 02/28/2026 (000) |
Dividend Income (000) |
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| AB Government Money Market Portfolio | $ | 6,741 | $ | 324,271 | $ | 298,551 | $ | 32,461 | $ | 529 | ||||||||||
58