AB Municipal Income Fund, Inc.
AB High Income Municipal Portfolio
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 111.5% |
| |||||||
| Long-Term Municipal Bonds – 111.5% |
| |||||||
| Alabama – 6.4% |
| |||||||
| Black Belt Energy Gas District (BP PLC) |
$ | 10,000 | $ | 11,031,314 | ||||
| Black Belt Energy Gas District (Canadian Imperial Bank of Commerce) |
10,370 | 11,450,854 | ||||||
| Black Belt Energy Gas District (Citadel LP) |
7,000 | 7,653,736 | ||||||
| Black Belt Energy Gas District (Forethought Life Insurance) |
1,510 | 1,579,391 | ||||||
| Black Belt Energy Gas District (Goldman Sachs Group) |
10,000 | 10,192,128 | ||||||
| Series 2024 |
10,000 | 11,154,656 | ||||||
| Series 2026-E |
10,000 | 10,842,091 | ||||||
| Black Belt Energy Gas District (Morgan Stanley) |
10,000 | 10,309,976 | ||||||
| Black Belt Energy Gas District (Pacific Life Insurance) |
10,000 | 10,841,268 | ||||||
| Black Belt Energy Gas District (Royal Bank of Canada) |
10,000 | 10,949,783 | ||||||
| County of Jefferson AL Sewer Revenue (County of Jefferson AL Sewer Revenue) |
10,000 | 10,534,056 | ||||||
| Energy Southeast A Cooperative District (Morgan Stanley) |
10,000 | 11,041,654 | ||||||
| Mobile County Industrial Development Authority (ArcelorMittal SA) |
2,545 | 2,434,365 | ||||||
| Southeast Energy Authority A Cooperative District (JPMorgan Chase & Co.) |
10,000 | 10,898,214 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Energy Authority A Cooperative District (Morgan Stanley) |
$ | 10,000 | $ | 10,447,768 | ||||
| Southeast Energy Authority A Cooperative District (Royal Bank of Canada) |
10,000 | 10,758,629 | ||||||
| Series 2025-2 |
9,190 | 9,887,180 | ||||||
| Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group) |
20,000 | 21,344,192 | ||||||
|
|
|
|||||||
| 183,351,255 | ||||||||
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| Alaska – 0.0% |
| |||||||
| Northern Tobacco Securitization Corp. (Northern Tobacco Securitization) |
10,000 | 1,135,046 | ||||||
|
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|||||||
| American Samoa – 0.0% |
| |||||||
| American Samoa Economic Development Authority (American Samoa Economic Development Authority) |
1,100 | 1,116,513 | ||||||
|
|
|
|||||||
| Arizona – 3.1% |
| |||||||
| Arizona Industrial Development Authority (AZIDA 2019-2) |
8,855 | 9,038,916 | ||||||
| Arizona Industrial Development Authority (BASIS Schools Obligated Group) |
1,885 | 1,755,982 | ||||||
| Arizona Industrial Development Authority (Benjamin Franklin Charter School Obligated Group) |
1,000 | 999,761 | ||||||
| Arizona Industrial Development Authority (Equitable School Revolving Fund Obligated Group) |
10,000 | 8,466,277 | ||||||
| Arizona Industrial Development Authority (ISF Ativo Portfolio Obligated Group) |
3,045 | 3,105,785 | ||||||
| 6.875%, 03/01/2055(a) |
3,955 | 4,089,676 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Arizona Industrial Development Authority (Legacy Cares, Inc.) |
$ | 10,420 | $ | 244,870 | ||||
| Series 2021-A |
480 | 11,280 | ||||||
| 6.00%, 07/01/2051(d) (e) (f) |
3,000 | 70,500 | ||||||
| Arizona Industrial Development Authority (San Tan Valley AH I LLLP) |
8,315 | 8,359,486 | ||||||
| Series 2024-B |
1,775 | 1,775,862 | ||||||
| Glendale Industrial Development Authority (Beatitudes Campus Obligated Group) |
2,865 | 2,446,206 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (BASIS Schools Obligated Group) |
1,000 | 1,000,463 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) |
10,690 | 10,699,838 | ||||||
| Industrial Development Authority of the County of Pima (The) (Edkey Obligated Group) |
5,000 | 4,000,000 | ||||||
| 5.00%, 07/01/2055(d) (e) (f) |
1,000 | 800,000 | ||||||
| Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre Obligated Group) |
3,250 | 3,555,990 | ||||||
| 6.875%, 11/15/2052(a) |
2,000 | 2,137,648 | ||||||
| 7.00%, 11/15/2057(a) |
1,000 | 1,071,130 | ||||||
| Maricopa County Industrial Development Authority (Benjamin Franklin Charter School) |
2,000 | 2,065,284 | ||||||
| Series 2018-A |
4,040 | 4,068,619 | ||||||
| Maricopa County Industrial Development Authority (Legacy Traditional School Obligated Group) |
1,500 | 1,504,830 | ||||||
| Maricopa County Industrial Development Authority (Morrison Education Group Obligated Group) |
2,000 | 2,061,254 | ||||||
| 6.75%, 07/01/2063(a) |
2,000 | 2,067,924 | ||||||
| Maricopa County Industrial Development Authority (Reid Traditional Schools Obligated Group) |
1,375 | 1,298,941 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| Salt River Project Agricultural Improvement & Power District (Salt River Project Agricultural Improvement & Power District) |
$ | 10,000 | $ | 10,759,972 | ||||
| Tempe Industrial Development Authority (Mirabella at ASU, Inc.) |
1,225 | 992,756 | ||||||
|
|
|
|||||||
| 88,449,250 | ||||||||
|
|
|
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| Arkansas – 0.7% |
| |||||||
| Arkansas Development Finance Authority (Hybar LLC) |
2,700 | 2,912,428 | ||||||
| Series 2024 |
13,000 | 14,133,252 | ||||||
| Arkansas Development Finance Authority (United States Steel Corp.) |
2,300 | 2,318,482 | ||||||
|
|
|
|||||||
| 19,364,162 | ||||||||
|
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| California – 15.3% |
| |||||||
| Align Affordable Housing Bond Fund LP (Park Landing LP) |
7,300 | 6,832,983 | ||||||
| Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) |
15,000 | 13,587,666 | ||||||
| Align Capital Series Trust 2025-1 (Align Capital Series Trust 2025-1) |
3,000 | 3,113,469 | ||||||
| ARC70 II Trust (ARC70 II TRUST) |
3,000 | 2,574,792 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
10,000 | 10,653,663 | ||||||
| Series 2025-2 |
10,000 | 10,818,606 | ||||||
| California Community Choice Financing Authority (Bank of Nova Scotia (The)) |
10,000 | 11,199,403 | ||||||
| California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) |
10,000 | 11,066,452 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
$ | 10,000 | $ | 10,746,832 | ||||
| California Community Choice Financing Authority (Morgan Stanley) |
10,000 | 10,083,911 | ||||||
| Series 2026-2 |
10,000 | 9,999,713 | ||||||
| California Community Choice Financing Authority (Nomura Holdings, Inc.) |
3,705 | 4,037,519 | ||||||
| California Community Choice Financing Authority (Pacific Life Insurance) |
10,000 | 11,107,605 | ||||||
| California Community Housing Agency (California Community Housing Agency Aster Apartments) |
5,200 | 4,411,161 | ||||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
13,500 | 11,583,003 | ||||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
11,070 | 7,733,056 | ||||||
| 4.00%, 08/01/2046(a) |
3,295 | 2,886,797 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
5,000 | 3,469,897 | ||||||
| California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) |
32,000 | 1,277,766 | ||||||
| 5.50%, 02/01/2040(a) |
1,000 | 900,399 | ||||||
| Series 2022-A |
6,000 | 4,596,130 | ||||||
| California County Tobacco Securitization Agency (Gold Country Settlement Funding) |
1,000 | 214,710 | ||||||
| California County Tobacco Securitization Agency (Los Angeles County Securitization) |
22,000 | 4,263,699 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Enterprise Development Authority (Heights Christian Schools) |
$ | 960 | $ | 933,191 | ||||
| California Housing Finance Agency (CAHFA 2021-2) |
15,020 | 571,032 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
3,726 | 3,715,692 | ||||||
| Series 2021-3, Class X |
13,299 | 576,099 | ||||||
| California Infrastructure & Economic Development Bank (Desertxpress Enterprises) |
13,430 | 7,252,200 | ||||||
| California Infrastructure & Economic Development Bank (PIH Health Obligated Group) |
10,000 | 10,249,697 | ||||||
| California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) |
970 | 85,374 | ||||||
| Series 2021-A1 |
1,990 | 1,741,888 | ||||||
| California Municipal Finance Authority (Azusa Pacific University) |
990 | 990,146 | ||||||
| California Municipal Finance Authority (California Municipal Finance Authority Municipal Certificates Series 2026-1) |
5,000 | 5,011,874 | ||||||
| California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada) |
615 | 613,021 | ||||||
| 6.875%, 01/01/2042(a) |
3,415 | 3,393,429 | ||||||
| Series 2014 |
1,005 | 889,944 | ||||||
| 5.25%, 01/01/2045 |
2,025 | 1,668,143 | ||||||
| California Municipal Finance Authority (LAX Integrated Express Solutions) |
3,000 | 3,049,677 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (UTS Bioenergy LLC) |
$ | 3,795 | $ | 75,900 | ||||
| California Pollution Control Financing Authority (Channelside Water Resources) |
8,595 | 8,605,812 | ||||||
| California Public Finance Authority (ISF Ativo Portfolio Obligated Group) |
3,345 | 3,417,872 | ||||||
| 6.75%, 03/01/2055(a) |
2,385 | 2,479,110 | ||||||
| California Public Finance Authority (Kendal at Ventura) |
200 | 271,319 | ||||||
| California School Finance Authority (ACE Charter Schools Obligated Group) |
3,790 | 3,476,027 | ||||||
| California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) |
3,500 | 3,500,221 | ||||||
| 5.00%, 07/01/2051(a) |
1,750 | 1,733,696 | ||||||
| California School Finance Authority (Bright Star Schools Obligated Group) |
1,165 | 1,062,981 | ||||||
| California School Finance Authority (Downtown College Prep Obligated Group) |
1,000 | 600,000 | ||||||
| California Statewide Communities Development Authority (NCCD-Hooper Street LLC) |
1,000 | 1,000,368 | ||||||
| Central Valley Energy Authority (Goldman Sachs Group) |
10,000 | 10,994,264 | ||||||
| City of Los Angeles CA Wastewater System Revenue (City of Los Angeles CA Wastewater System Revenue) |
10,000 | 11,572,593 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
10,000 | 11,180,286 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) |
10,000 | 7,740,542 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) |
$ | 3,090 | $ | 2,076,692 | ||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) |
5,000 | 4,384,197 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
6,800 | 4,741,916 | ||||||
| 4.00%, 08/01/2047(a) |
2,585 | 2,433,298 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
7,500 | 5,271,804 | ||||||
| 4.00%, 05/01/2057(a) |
10,000 | 7,214,692 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
3,275 | 2,424,901 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
5,000 | 4,199,193 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
7,500 | 6,237,653 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
5,800 | 4,048,163 | ||||||
| 4.00%, 07/01/2058(a) |
7,360 | 3,995,902 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
7,000 | 5,119,631 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) |
5,500 | 3,840,211 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
$ | 2,000 | $ | 1,413,994 | ||||
| 4.00%, 12/01/2056(a) |
9,600 | 7,311,163 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) |
10,000 | 8,134,464 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) |
1,000 | 706,319 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
5,000 | 4,399,452 | ||||||
| Series 2021-A2 |
10,000 | 8,390,143 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
2,500 | 1,745,562 | ||||||
| Golden State Connect Authority (Golden State Connect Authority) |
5,100 | 5,153,176 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
130,105 | 13,871,210 | ||||||
| Pleasanton Unified School District (Pleasanton Unified School District) |
10,980 | 10,976,912 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
10,000 | 10,299,155 | ||||||
| 5.25%, 05/01/2042(a) (b) |
10,000 | 11,170,335 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
12,950 | 2,092,297 | ||||||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization) |
8,480 | 1,904,786 | ||||||
| Series 2019 |
6,520 | 1,230,855 | ||||||
| 5.00%, 06/01/2039 |
680 | 718,701 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| University of California (University of California) |
$ | 10,000 | $ | 12,723,704 | ||||
| Series 2026-C |
10,000 | 12,259,428 | ||||||
|
|
|
|||||||
| 436,101,539 | ||||||||
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|
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| Colorado – 3.3% |
||||||||
| Aurora Crossroads Metropolitan District No. 2 (Aurora Crossroads Metropolitan District No. 2) |
1,000 | 901,791 | ||||||
| 6.125%, 12/01/2055 |
1,180 | 1,181,457 | ||||||
| Aurora Highlands Community Authority Board (Aurora Highlands Community Authority Board) |
10,000 | 9,739,553 | ||||||
| Broadway Station Metropolitan District No. 3 (Broadway Station Metropolitan District No. 3) |
748 | 613,121 | ||||||
| 5.00%, 12/01/2049 |
1,750 | 1,171,458 | ||||||
| Centerra Metropolitan District No. 1 (Centerra Metropolitan District No. 1) |
5,730 | 5,733,369 | ||||||
| Series 2022 |
1,000 | 1,049,510 | ||||||
| Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) |
1,500 | 1,160,782 | ||||||
| Colorado Educational & Cultural Facilities Authority (STEAD School/The) |
4,000 | 4,206,868 | ||||||
| Colorado Educational & Cultural Facilities Authority (STEM School Academy) |
890 | 889,966 | ||||||
| 5.125%, 11/01/2049 |
765 | 741,610 | ||||||
| Colorado Health Facilities Authority (Aberdeen Ridge Obligated Group) |
2,000 | 1,688,494 | ||||||
| Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) |
2,750 | 2,580,725 | ||||||
| Colorado Health Facilities Authority (CommonSpirit Health Obligated Group) |
2,200 | 2,463,015 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.25%, 11/01/2039(a) (b) |
$ | 2,600 | $ | 2,894,108 | ||||
| 5.25%, 11/01/2052(a) (b) |
5,000 | 5,201,567 | ||||||
| Colorado Health Facilities Authority (Frasier Meadows Manor Obligated Group) |
1,175 | 1,158,767 | ||||||
| Colorado Health Facilities Authority (Sunny Vista Living Center) |
1,750 | 1,264,867 | ||||||
| Colorado State University Research Foundation (Colorado State University System) |
2,500 | 2,505,290 | ||||||
| Douglas County Housing Partnership (Bridgewater Castle Rock ALF) |
10,000 | 8,500,000 | ||||||
| Johnstown Plaza Metropolitan District (Johnstown Plaza Metropolitan District) |
8,153 | 8,019,325 | ||||||
| Longs Peak Metropolitan District (Longs Peak Metropolitan District) |
2,000 | 1,980,728 | ||||||
| Meridian Ranch Metropolitan District 2018 Subdistrict (Meridian Ranch Metropolitan District 2018 Subdistrict) |
1,500 | 1,542,334 | ||||||
| Platte River Metropolitan District (Platte River Metropolitan District) |
626 | 640,664 | ||||||
| Plaza Metropolitan District No. 1 (Plaza Metropolitan District No. 1) |
1,000 | 1,000,590 | ||||||
| Pueblo Urban Renewal Authority (Pueblo Urban Renewal Authority) |
3,760 | 3,661,698 | ||||||
| Redtail Ridge Metropolitan District (Redtail Ridge Metropolitan District) |
4,380 | 2,826,017 | ||||||
| Riverwalk Metropolitan District No. 2 (Riverwalk Metropolitan District No. 2) |
3,000 | 2,856,850 | ||||||
| 5.00%, 12/01/2052 |
1,000 | 868,245 | ||||||
| Sagebrush Farm Metropolitan District No. 1 (Sagebrush Farm Metropolitan District No. 1) |
1,500 | 1,558,625 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Spring Hill Metropolitan District No. 3 (Spring Hill Metropolitan District No. 3) |
$ | 333 | $ | 338,288 | ||||
| St. Vrain Lakes Metropolitan District No. 4 (St. Vrain Lakes Metropolitan District No. 4) |
1,000 | 736,189 | ||||||
| Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) |
2,000 | 2,121,586 | ||||||
| 6.75%, 12/01/2053 |
3,000 | 3,155,203 | ||||||
| Series 2023 |
1,000 | 1,002,277 | ||||||
| Vail Home Partners Corp. (Vail Home Partners Corp.) |
2,000 | 2,058,522 | ||||||
| Vauxmont Metropolitan District (Vauxmont Metropolitan District) |
108 | 93,415 | ||||||
| AG Series 2020 |
195 | 203,112 | ||||||
| 5.00%, 12/01/2030 |
270 | 293,901 | ||||||
| 5.00%, 12/01/2050 |
205 | 208,280 | ||||||
| Verve Metropolitan District No. 1 (Verve Metropolitan District No. 1) |
1,000 | 1,026,061 | ||||||
| 6.75%, 12/01/2052 |
1,000 | 1,020,185 | ||||||
|
|
|
|||||||
| 92,858,413 | ||||||||
|
|
|
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| Connecticut – 0.2% |
||||||||
| Stamford Housing Authority (TJH Senior Living Obligated Group) |
1,100 | 1,159,593 | ||||||
| 6.25%, 10/01/2060 |
1,295 | 1,306,542 | ||||||
| 6.50%, 10/01/2055 |
2,125 | 2,185,419 | ||||||
| Town of Hamden CT (Whitney Center Obligated Group) |
1,000 | 1,062,786 | ||||||
|
|
|
|||||||
| 5,714,340 | ||||||||
|
|
|
|||||||
| District of Columbia – 1.5% |
||||||||
| District of Columbia (District of Columbia Union Market TIF Area) |
1,000 | 654,228 | ||||||
| 0.00%, 06/01/2049(a) (h) |
1,600 | 993,971 | ||||||
| Series 2024-A |
2,720 | 2,863,291 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| District of Columbia (Rocketship DC Obligated Group) |
$ | 1,425 | $ | 1,403,227 | ||||
| District of Columbia Tobacco Settlement Financing Corp. (District of Columbia Tobacco Settlement Financing) |
140,500 | 14,012,858 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue (Metropolitan Washington Airports Authority Aviation Revenue) |
4,500 | 5,158,101 | ||||||
| 5.00%, 10/01/2038(a) (b) |
5,500 | 6,236,161 | ||||||
| Series 2025-A |
1,000 | 1,033,129 | ||||||
| Washington Metropolitan Area Transit Authority (Washington Metropolitan Area Transit Authority State Lease) |
10,000 | 10,337,219 | ||||||
|
|
|
|||||||
| 42,692,185 | ||||||||
|
|
|
|||||||
| Florida – 5.8% |
||||||||
| Alachua County Health Facilities Authority (Oak Hammock at the University of Florida Obligated Group) |
2,400 | 2,374,183 | ||||||
| 4.00%, 10/01/2046 |
1,750 | 1,530,460 | ||||||
| Bexley Community Development District (Bexley Community Development District) |
2,050 | 2,031,048 | ||||||
| Buckhead Trails II Community Development District (Buckhead Trails II Community Development District) |
200 | 203,481 | ||||||
| Cape Coral Health Facilities Authority (Gulf Care Obligated Group) |
1,550 | 986,383 | ||||||
| Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) |
1,300 | 1,361,134 | ||||||
| 5.00%, 10/01/2032 |
1,000 | 1,070,644 | ||||||
| Capital Projects Finance Authority/FL (IDEA Lakeland) |
3,000 | 3,110,543 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Capital Projects Finance Authority/FL (Imagine School At North Port) |
$ | 1,710 | $ | 1,727,209 | ||||
| Capital Projects Finance Authority/FL (PRG - UnionWest Properties) |
9,125 | 827,194 | ||||||
| 5.00%, 06/01/2049(a) |
1,300 | 1,219,598 | ||||||
| 5.00%, 06/01/2054(a) |
3,525 | 3,235,690 | ||||||
| 5.25%, 06/01/2039(a) |
1,000 | 1,043,506 | ||||||
| Capital Trust Agency, Inc. (Aviva Senior Life) |
1,500 | 1,141,462 | ||||||
| Capital Trust Agency, Inc. (Educational Growth Fund) |
27,000 | 2,390,845 | ||||||
| 3.375%, 07/01/2031(a) |
785 | 767,126 | ||||||
| 5.00%, 07/01/2056(a) |
1,640 | 1,454,915 | ||||||
| Capital Trust Agency, Inc. (Team Success A School of Excellence) |
1,000 | 921,138 | ||||||
| 5.00%, 06/01/2055(a) |
2,000 | 1,707,452 | ||||||
| Capital Trust Authority (AIDS Healthcare Foundation Obligated Group) |
1,250 | 1,259,280 | ||||||
| Capital Trust Authority (IDEA Florida, Inc.) |
2,000 | 2,047,906 | ||||||
| Capital Trust Authority (QSH/St Augustine LLC) |
4,320 | 4,344,145 | ||||||
| City of Tampa FL (State of Florida Cigarette Tax Revenue) |
850 | 506,999 | ||||||
| Zero Coupon, 09/01/2042 |
1,000 | 514,420 | ||||||
| Zero Coupon, 09/01/2049 |
1,000 | 319,241 | ||||||
| Zero Coupon, 09/01/2053 |
1,400 | 366,728 | ||||||
| County of Lake FL (Waterman Communities) |
3,000 | 3,102,294 | ||||||
| County of Lee FL Airport Revenue (County of Lee FL Airport Revenue) |
10,200 | 10,608,645 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Miami-Dade FL Aviation Revenue (County of Miami-Dade FL Aviation Revenue) |
$ | 11,470 | $ | 13,249,901 | ||||
| 5.00%, 10/01/2034(a) (b) |
4,630 | 5,308,414 | ||||||
| Series 2025-2 |
10,000 | 10,529,880 | ||||||
| County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) |
250 | 175,075 | ||||||
| Zero Coupon, 10/01/2036 |
410 | 274,593 | ||||||
| Zero Coupon, 10/01/2037 |
230 | 147,202 | ||||||
| Zero Coupon, 10/01/2038 |
315 | 191,591 | ||||||
| Zero Coupon, 10/01/2039 |
390 | 225,247 | ||||||
| County of Palm Beach FL (Palm Beach Atlantic University) |
1,000 | 1,039,600 | ||||||
| 5.75%, 10/01/2055(a) |
2,305 | 2,394,799 | ||||||
| 5.75%, 10/01/2065(a) |
2,280 | 2,362,740 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties II) |
150 | 156,288 | ||||||
| County of Palm Beach FL (Provident Group - LU Properties) |
1,000 | 1,022,566 | ||||||
| 6.125%, 06/01/2054 |
1,000 | 1,003,411 | ||||||
| 6.25%, 06/01/2059 |
1,000 | 1,008,061 | ||||||
| County of Palm Beach FL (Provident Group-PBAU Properties) |
1,000 | 1,015,862 | ||||||
| 5.00%, 04/01/2051(a) |
1,970 | 1,892,481 | ||||||
| Escambia County Housing Finance Authority (4900 S. Rio Grande Ave) |
1,000 | 1,069,844 | ||||||
| Florida Development Finance Corp. (Assistance Unlimited) |
3,900 | 3,718,124 | ||||||
| Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding) |
895 | 884,502 | ||||||
| 4.00%, 07/01/2051(a) |
1,950 | 1,640,987 | ||||||
| Florida Development Finance Corp. (GFL Solid Waste Southeast) |
5,000 | 5,075,733 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. (Parrish Charter Academy) |
$ | 2,365 | $ | 2,358,578 | ||||
| Florida Development Finance Corp. (Seaside School Consortium) |
2,000 | 2,057,182 | ||||||
| Florida Development Finance Corp. (SFP - Tampa I LLC) |
1,000 | 1,001,779 | ||||||
| 5.25%, 06/01/2054(a) |
1,050 | 1,018,335 | ||||||
| 5.25%, 06/01/2059(a) |
1,000 | 964,570 | ||||||
| 6.50%, 06/01/2059(a) |
1,200 | 1,135,745 | ||||||
| Florida Higher Educational Facilities Financing Authority (Ringling College of Art & Design) |
795 | 791,783 | ||||||
| Florida Housing Finance Corp. (Bayside Breeze Redevelopment LLLP) |
1,200 | 1,206,088 | ||||||
| 6.19%, 08/01/2055 |
1,520 | 1,576,406 | ||||||
| Florida Local Government Finance Commission (BridgePrep Academy Series 2025 Obligated Group) |
3,685 | 3,749,479 | ||||||
| Florida Local Government Finance Commission (Ponte Vedra Pine Obligated Group) |
1,000 | 1,010,826 | ||||||
| 6.875%, 11/15/2064(a) |
1,305 | 1,374,764 | ||||||
| Hillsborough County Aviation Authority (Hillsborough County Aviation Authority) |
10,000 | 10,626,489 | ||||||
| Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) |
3,000 | 2,830,744 | ||||||
| Lee County Industrial Development Authority/FL (Shell Point Obligated Group) |
1,000 | 1,010,677 | ||||||
| Miami-Dade County Housing Finance Authority (Wynwood Works LLC) |
1,500 | 1,505,345 | ||||||
| Miami-Dade County Industrial Development Authority (PRG - Casa Properties LLC) |
4,300 | 4,455,885 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) |
$ | 1,000 | $ | 932,839 | ||||
| 4.00%, 10/01/2051 |
1,815 | 1,481,014 | ||||||
| Palm Beach County Health Facilities Authority (Federation CCRC Operations Obligated Group) |
2,100 | 1,738,079 | ||||||
| Palm Beach County Health Facilities Authority (Green Cay Life Plan Village) |
1,000 | 1,487,958 | ||||||
| Polk County Industrial Development Authority/FL (Mineral Development LLC) |
1,905 | 381,000 | ||||||
| Sarasota County Health Facilities Authority (Village On the Isle) |
2,450 | 2,377,418 | ||||||
| 5.00%, 01/01/2052 |
4,500 | 4,174,729 | ||||||
| Village Community Development District No. 13 (Village Community Development Dist No. 13 Phase II Series 2020 Special Assmnts) |
1,910 | 1,517,970 | ||||||
| Village Community Development District No. 13 (Village Community Development Dist No. 13 Phase III Series 2020 Special Assmnts) |
100 | 99,823 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Assmnt) |
975 | 981,745 | ||||||
| Village Community Development District No. 15 (Village Community Development District No. 15 Series 2024 Special Assessment) |
995 | 1,027,385 | ||||||
| 4.20%, 05/01/2039(a) |
1,000 | 1,012,670 | ||||||
| 4.55%, 05/01/2044(a) |
1,000 | 999,385 | ||||||
| 4.80%, 05/01/2055(a) |
2,495 | 2,430,823 | ||||||
|
|
|
|||||||
| 165,878,083 | ||||||||
|
|
|
|||||||
| Georgia – 2.8% |
||||||||
| Atlanta Development Authority (The) (City of Atlanta GA Westside Tax Allocation District Gulch Area) |
10,000 | 9,107,272 | ||||||
| Series 2024-A |
2,500 | 2,618,664 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Atlanta Development Authority (The) (PRG - CAU Properties LLC) |
$ | 1,065 | $ | 1,107,766 | ||||
| City of Atlanta GA Airport Passenger Facility Charge (City of Atlanta GA Airport Passenger Facility Charge) |
11,475 | 12,528,177 | ||||||
| City of Atlanta GA Department of Aviation (City of Atlanta GA Dept. of Aviation) |
10,000 | 10,608,810 | ||||||
| Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System Obligated Group) |
1,000 | 1,002,475 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
10,000 | 10,734,294 | ||||||
| Series 2024-2 |
10,000 | 10,702,432 | ||||||
| Main Street Natural Gas, Inc. (Royal Bank of Canada) |
10,000 | 10,734,328 | ||||||
| Series 2024-2 |
10,000 | 10,318,760 | ||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
605 | 623,333 | ||||||
|
|
|
|||||||
| 80,086,311 | ||||||||
|
|
|
|||||||
| Guam – 0.3% |
||||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) |
2,790 | 2,930,197 | ||||||
| Territory of Guam (Guam Section 30 Income Tax) |
4,365 | 4,397,984 | ||||||
|
|
|
|||||||
| 7,328,181 | ||||||||
|
|
|
|||||||
| Idaho – 0.3% |
||||||||
| Idaho Health Facilities Authority (North Canyon Medical Center) |
3,000 | 3,202,940 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| Idaho Housing & Finance Association (Battelle Energy Alliance) |
$ | 4,000 | $ | 4,008,755 | ||||
|
|
|
|||||||
| 7,211,695 | ||||||||
|
|
|
|||||||
| Illinois – 4.7% |
||||||||
| Bellwood Municipal Housing Corp. (Village of Bellwood IL) |
2,000 | 1,912,188 | ||||||
| Chicago Board of Education (Chicago Board of Education) |
1,835 | 1,834,947 | ||||||
| Series 2017-A |
4,975 | 5,114,301 | ||||||
| Series 2017-B |
11,365 | 11,942,101 | ||||||
| 7.00%, 12/01/2042(a) |
2,400 | 2,487,550 | ||||||
| Series 2017-H |
1,380 | 1,310,819 | ||||||
| Series 2018-A |
4,800 | 4,901,697 | ||||||
| Series 2023-A |
5,000 | 5,164,161 | ||||||
| 6.00%, 12/01/2049 |
5,000 | 5,179,306 | ||||||
| Series 2025 |
1,025 | 1,049,260 | ||||||
| Series 2025-C |
13,500 | 13,663,358 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund (Chicago Transit Authority Sales Tax Receipts Fund) |
2,315 | 2,484,984 | ||||||
| City of Chicago IL (City of Chicago IL) |
50 | 50,033 | ||||||
| Series 2025-A |
7,000 | 7,365,443 | ||||||
| City of Chicago IL (Goldblatts Supportive Living Project) |
7,950 | 5,095,592 | ||||||
| Eastern Illinois Economic Development Authority (City of Mattoon IL Sales & Hotel Tax) |
2,000 | 2,007,155 | ||||||
| Eastern Illinois Economic Development Authority (City of Mattoon IL) |
2,205 | 2,160,451 | ||||||
| Illinois Finance Authority (Acero Charter Schools Obligated Group) |
1,000 | 907,258 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Illinois Finance Authority (Bradley University) |
$ | 1,190 | $ | 1,081,774 | ||||
| Illinois Finance Authority (CHF-Chicago LLC) |
1,790 | 1,747,012 | ||||||
| Illinois Finance Authority (LRS Holdings LLC) |
3,000 | 3,463,066 | ||||||
| Illinois Finance Authority (Moorings of Arlington Heights Obligated Group) |
1,200 | 1,218,925 | ||||||
| Illinois Finance Authority (Park Place of Elmhurst Obligated Group) |
11,442 | 8,378,155 | ||||||
| Illinois Housing Development Authority (Drexel Court & Lake Park East) |
600 | 628,300 | ||||||
| Series 2024 |
5,820 | 5,902,198 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
24,500 | 13,266,993 | ||||||
| Zero Coupon, 12/15/2050 |
19,675 | 6,019,710 | ||||||
| AG Series 2017 |
4,495 | 1,046,594 | ||||||
| State of Illinois (State of Illinois) |
5,357 | 5,858,346 | ||||||
| Upper Illinois River Valley Development Authority (High Point Residence Fox Valley Obligated Group) |
2,000 | 1,983,244 | ||||||
| Village of Antioch IL Special Service Areas No. 1 & 2 (Village of Antioch IL Special Service Areas No. 1 & 2) |
6,015 | 6,016,469 | ||||||
| Series 2016-B |
2,806 | 2,806,902 | ||||||
|
|
|
|||||||
| 134,048,292 | ||||||||
|
|
|
|||||||
| Indiana – 2.0% |
||||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
328 | 33 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Valparaiso IN (Green Oaks of Valparaiso) |
$ | 3,315 | $ | 3,151,543 | ||||
| City of Valparaiso IN (Pratt Paper IN LLC) |
1,000 | 1,027,487 | ||||||
| Indiana Finance Authority (Brightmark Plastics Renewal Indiana) |
17,575 | 878,750 | ||||||
| Indiana Finance Authority (Good Samaritan Hospital Obligated Group) |
2,045 | 2,037,471 | ||||||
| 4.00%, 04/01/2040 |
2,215 | 2,130,627 | ||||||
| Indiana Finance Authority (Indiana University Health Obligated Group) |
5,780 | 6,325,541 | ||||||
| 5.25%, 10/01/2046 |
5,000 | 5,416,282 | ||||||
| Indiana Finance Authority (Parkview Health System Obligated Group) |
10,000 | 10,180,172 | ||||||
| Indiana Finance Authority (SFP-PUFW I LLC) |
1,750 | 1,745,985 | ||||||
| Indiana Finance Authority (University of Evansville) |
4,750 | 4,563,052 | ||||||
| Indiana Housing & Community Development Authority (Vita of Marion LLC) |
1,325 | 1,212,041 | ||||||
| Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) |
2,000 | 2,156,718 | ||||||
| 6.00%, 03/01/2053 |
5,000 | 5,236,517 | ||||||
| Series 2023-F |
4,075 | 4,506,024 | ||||||
| BAM Series 2023 |
5,000 | 5,224,566 | ||||||
|
|
|
|||||||
| 55,792,809 | ||||||||
|
|
|
|||||||
| Iowa – 0.7% |
||||||||
| Iowa Finance Authority (Wesley Retirement Services Obligated Group) |
1,465 | 1,473,155 | ||||||
| 4.00%, 12/01/2041 |
3,400 | 3,091,882 | ||||||
| 4.00%, 12/01/2046 |
2,275 | 1,861,343 | ||||||
| 4.00%, 12/01/2051 |
4,060 | 3,121,982 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Iowa Higher Education Loan Authority (Simpson College) |
$ | 5,000 | $ | 4,445,585 | ||||
| Iowa Tobacco Settlement Authority (Iowa Tobacco Settlement Authority) |
36,140 | 5,343,798 | ||||||
|
|
|
|||||||
| 19,337,745 | ||||||||
|
|
|
|||||||
| Kansas – 0.4% |
||||||||
| City of Colby KS (Citizens Medical Center) |
5,000 | 4,989,849 | ||||||
| Kansas City Industrial Development Authority (Kansas City Industrial Development Authority) |
1,899 | 19 | ||||||
| Overland Park Development Corp. (City of Overland Park KS) |
1,000 | 1,036,507 | ||||||
| 5.00%, 03/01/2039 |
1,070 | 1,102,815 | ||||||
| 5.00%, 03/01/2044 |
655 | 662,354 | ||||||
| 5.00%, 03/01/2049 |
3,835 | 3,807,606 | ||||||
|
|
|
|||||||
| 11,599,150 | ||||||||
|
|
|
|||||||
| Kentucky – 2.7% |
||||||||
| City of Ashland KY (Royal Blue Health Obligated Group) |
745 | 748,420 | ||||||
| Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky Obligated Group) |
7,765 | 6,985,389 | ||||||
| 5.50%, 11/15/2045 |
1,665 | 1,443,978 | ||||||
| Series 2016-A |
4,500 | 3,829,030 | ||||||
| 5.00%, 05/15/2051 |
3,500 | 2,823,601 | ||||||
| Kentucky Economic Development Finance Authority (Owensboro Health Obligated Group) |
4,045 | 4,082,764 | ||||||
| 5.25%, 06/01/2041 |
3,650 | 3,696,399 | ||||||
| Kentucky Economic Development Finance Authority (Rosedale Green) |
2,650 | 2,372,900 | ||||||
| Kentucky Housing Corp. (Churchill Park LLLP) |
5,130 | 5,382,456 | ||||||
| Series 2022-B |
850 | 890,274 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| Kentucky Public Energy Authority (BP PLC) |
$ | 10,000 | $ | 10,991,574 | ||||
| Kentucky Public Energy Authority (Goldman Sachs Group) |
10,000 | 10,714,844 | ||||||
| Kentucky Public Energy Authority (Morgan Stanley) |
10,000 | 10,360,095 | ||||||
| Series 2025-2 |
10,000 | 10,807,798 | ||||||
| Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) |
370 | 390,230 | ||||||
|
|
|
|||||||
| 75,519,752 | ||||||||
|
|
|
|||||||
| Louisiana – 0.8% |
||||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) |
7,625 | 7,626,119 | ||||||
| Louisiana Public Facilities Authority (Acadiana Renaissance Charter Academy) |
1,000 | 1,041,314 | ||||||
| 6.15%, 06/15/2055(a) |
2,150 | 2,206,512 | ||||||
| Louisiana Public Facilities Authority (Calcasieu Bridge Partners) |
5,260 | 5,104,795 | ||||||
| 5.75%, 09/01/2064 |
5,500 | 5,722,970 | ||||||
| Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) |
7,250 | 72 | ||||||
| Series 2014-A |
17,000 | 170 | ||||||
| Louisiana Public Facilities Authority (Prerefunded - US Govt Agencies) |
25 | 25,141 | ||||||
| Parish of St. James LA (NuStar Logistics LP) |
1,055 | 1,166,692 | ||||||
|
|
|
|||||||
| 22,893,785 | ||||||||
|
|
|
|||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maryland – 2.0% |
||||||||
| City of Westminster MD (Lutheran Village at Miller’s Grant) |
$ | 1,385 | $ | 1,386,495 | ||||
| 6.125%, 07/01/2039 |
950 | 950,749 | ||||||
| 6.25%, 07/01/2044 |
2,600 | 2,601,307 | ||||||
| Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) |
430 | 437,285 | ||||||
| 5.00%, 01/01/2028 |
300 | 310,842 | ||||||
| 5.00%, 01/01/2029 |
290 | 305,631 | ||||||
| 5.00%, 01/01/2030 |
285 | 304,857 | ||||||
| 5.00%, 01/01/2036 |
1,790 | 1,909,365 | ||||||
| Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) |
45,000 | 49,041,817 | ||||||
|
|
|
|||||||
| 57,248,348 | ||||||||
|
|
|
|||||||
| Massachusetts – 1.7% |
||||||||
| Commonwealth of Massachusetts (Commonwealth of Massachusetts) |
10,000 | 10,490,924 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue (Massachusetts Bay Transportation Authority Sales Tax Revenue) |
10,000 | 10,738,695 | ||||||
| Massachusetts Development Finance Agency (Care Communities Obligated Group) |
3,630 | 3,633,668 | ||||||
| Massachusetts Development Finance Agency (NewBridge on the Charles) |
1,000 | 1,015,106 | ||||||
| Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) |
2,700 | 2,756,379 | ||||||
| Series 2026 |
1,850 | 2,016,565 | ||||||
| Massachusetts Port Authority (Massachusetts Port Authority) |
4,500 | 4,767,428 | ||||||
| 5.00%, 07/01/2037(a) (b) |
4,000 | 4,222,147 | ||||||
| 5.00%, 07/01/2038(a) (b) |
8,100 | 8,522,480 | ||||||
|
|
|
|||||||
| 48,163,392 | ||||||||
|
|
|
|||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| Michigan – 0.5% |
||||||||
| City of Detroit MI (City of Detroit MI) |
$ | 1,558 | $ | 1,723,619 | ||||
| Series 2014-B |
6,923 | 5,643,830 | ||||||
| Michigan Finance Authority (Lawrence Technological University Obligated Group) |
50 | 50,100 | ||||||
| 4.00%, 02/01/2032 |
285 | 285,494 | ||||||
| 4.00%, 02/01/2042 |
1,115 | 995,264 | ||||||
| Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) |
18,000 | 1,879,733 | ||||||
| Michigan Finance Authority (Prerefunded - US Treasuries) |
45 | 45,293 | ||||||
| Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp/MI) |
164,100 | 3,821,512 | ||||||
|
|
|
|||||||
| 14,444,845 | ||||||||
|
|
|
|||||||
| Minnesota – 1.3% |
||||||||
| City of Apple Valley MN (PHS Apple Valley Senior Housing) |
870 | 666,863 | ||||||
| City of Bloomington MN (City of Bloomington MN) |
2,570 | 2,614,447 | ||||||
| City of Brooklyn Park MN (Brooklyn Park AH I LLLP) |
5,000 | 5,287,604 | ||||||
| City of Brooklyn Park MN (Brooklyn Park AH II LLLP) |
5,000 | 5,105,893 | ||||||
| City of Columbus MN (Adalyn Avenue LLLP) |
5,000 | 5,165,878 | ||||||
| City of Fridley MN (Roers Fridley Apartments Owner II) |
3,060 | 3,249,471 | ||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Shakopee MN Senior Housing Revenue (Benedictine Living Community of Shakopee Obligated Group) |
$ | 1,750 | $ | 1,777,244 | ||||
| Dakota County Community Development Agency (Rosemont AH I LLLP) |
7,500 | 7,592,354 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) |
2,100 | 1,458,308 | ||||||
| 4.00%, 06/01/2051(f) |
2,225 | 1,304,231 | ||||||
| 4.00%, 06/01/2056(f) |
1,000 | 558,401 | ||||||
| Washington County Community Development Agency (Raymie Johnson Estates) |
1,000 | 1,001,867 | ||||||
| 6.08%, 07/01/2042 |
1,000 | 1,058,363 | ||||||
|
|
|
|||||||
| 36,840,924 | ||||||||
|
|
|
|||||||
| Mississippi – 0.2% |
||||||||
| Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi) |
5,750 | 287,500 | ||||||
| Mississippi Development Bank (Magnolia Regional Health Center) |
1,000 | 862,519 | ||||||
| 5.00%, 10/01/2031(a) |
2,850 | 3,007,841 | ||||||
| Mississippi Hospital Equipment & Facilities Authority (Forrest County General Hospital) |
250 | 253,462 | ||||||
| 5.00%, 01/01/2035 |
750 | 801,087 | ||||||
|
|
|
|||||||
| 5,212,409 | ||||||||
|
|
|
|||||||
| Missouri – 1.3% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) |
10,500 | 12,504,033 | ||||||
| I-470 Western Gateway Transportation Development District (I-470 Western Gateway Transportation Development District Sales Tax) |
5,000 | 5,005,237 | ||||||
| Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) |
2,000 | 2,006,496 | ||||||
| 5.00%, 08/15/2046 |
5,585 | 5,284,296 | ||||||
| 5.00%, 08/15/2051 |
2,415 | 2,196,099 | ||||||
| Series 2021-A |
4,910 | 4,413,155 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Missouri Development Finance Board (Missouri Development Finance Board) |
$ | 2,340 | $ | 2,365,658 | ||||
| Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) |
2,000 | 2,008,446 | ||||||
|
|
|
|||||||
| 35,783,420 | ||||||||
|
|
|
|||||||
| Montana – 0.1% |
||||||||
| County of Gallatin MT (Bozeman Fiber, Inc.) |
4,245 | 3,607,592 | ||||||
|
|
|
|||||||
| Nevada – 0.5% |
||||||||
| City of Reno NV (County of Washoe NV Sales Tax Revenue) |
8,500 | 1,349,190 | ||||||
| Las Vegas Valley Water District (Las Vegas Valley Water District) |
10,000 | 10,683,710 | ||||||
| State of Nevada Department of Business & Industry (Desertxpress Enterprises) |
5,215 | 2,816,100 | ||||||
| State of Nevada Department of Business & Industry (Fulcrum Sierra Holdings) |
1,465 | 15 | ||||||
|
|
|
|||||||
| 14,849,015 | ||||||||
|
|
|
|||||||
| New Hampshire – 3.5% |
||||||||
| National Finance Authority Affordable Housing Certificates Series 2024-1 (NFAAH 2024-1) |
3,378 | 3,445,970 | ||||||
| New Hampshire Business Finance Authority (ARC70 2025-1) |
2,854 | 3,017,994 | ||||||
| Series 2025-1, Class A2 |
998 | 1,062,719 | ||||||
| New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) |
5,336 | 5,337,156 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (Emberly & Canterra Creek Projects) |
$ | 956 | $ | 957,681 | ||||
| New Hampshire Business Finance Authority (Greater Raleigh Area Christian Education) |
1,590 | 1,597,301 | ||||||
| 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) |
2,590 | 2,583,041 | ||||||
| 6.00%, 11/01/2055 |
6,990 | 6,665,306 | ||||||
| 10.00%, 05/01/2036 |
1,700 | 1,734,100 | ||||||
| Series 2025-2 |
3,510 | 3,634,714 | ||||||
| Series 2025-A |
4,662 | 2,616,340 | ||||||
| New Hampshire Business Finance Authority (NFA 2020-1) |
11,592 | 12,096,259 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-1) |
16,168 | 16,847,799 | ||||||
| Series 2022-1, Class X |
10,475 | 196,372 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-2) |
9,534 | 9,730,335 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-1) |
4,128 | 147,794 | ||||||
| New Hampshire Business Finance Authority (NFA 2024-2) |
9,870 | 383,890 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-1) |
2,350 | 2,502,628 | ||||||
| 5.875%, 12/15/2033(a) |
2,896 | 2,899,919 | ||||||
| Series 2025-1, Class A2 |
1,488 | 1,483,192 | ||||||
| New Hampshire Business Finance Authority (NFA 2025-3) |
1,058 | 1,129,529 | ||||||
| Series 2025-3, Class A2 |
2,994 | 3,082,926 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority (Reworld Holding Corp.) |
$ | 3,215 | $ | 2,684,697 | ||||
| New Hampshire Business Finance Authority (Tamarron Project) |
1,511 | 1,511,026 | ||||||
| New Hampshire Business Finance Authority (The Highlands Project) |
566 | 567,320 | ||||||
| New Hampshire Health & Education Facilities Authority Act (Dartmouth Health Obligated Group) |
10,920 | 11,255,734 | ||||||
|
|
|
|||||||
| 99,920,063 | ||||||||
|
|
|
|||||||
| New Jersey – 3.3% |
||||||||
| Essex County Improvement Authority (North Star Academy Charter School of Newark) |
1,000 | 849,881 | ||||||
| New Jersey Economic Development Authority (DRP Urban Renewal 4 LLC) |
1,400 | 1,475,491 | ||||||
| 6.625%, 01/01/2045(a) |
2,080 | 2,183,011 | ||||||
| New Jersey Economic Development Authority (NYNJ Link Borrower LLC) |
9,780 | 9,800,314 | ||||||
| New Jersey Economic Development Authority (Port Newark Container Terminal) |
2,000 | 2,039,440 | ||||||
| New Jersey Economic Development Authority (UMM Energy Partners LLC) |
7,515 | 7,516,622 | ||||||
| New Jersey Economic Development Authority (United Airlines, Inc.) |
2,925 | 2,930,717 | ||||||
| Series 2014-B |
4,525 | 4,542,540 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
2,670 | 1,618,979 | ||||||
| New Jersey Turnpike Authority (New Jersey Turnpike Authority) |
2,250 | 2,623,175 | ||||||
| 5.00%, 01/01/2034 |
6,000 | 7,089,290 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 01/01/2035 |
$ | 2,325 | $ | 2,775,643 | ||||
| Series 2027-A |
1,000 | 1,089,050 | ||||||
| 5.00%, 01/01/2032(c) |
1,500 | 1,662,901 | ||||||
| 5.00%, 01/01/2034(c) |
2,000 | 2,276,260 | ||||||
| Tobacco Settlement Financing Corp./NJ (Tobacco Settlement Financing Corp/NJ) |
44,815 | 44,336,739 | ||||||
|
|
|
|||||||
| 94,810,053 | ||||||||
|
|
|
|||||||
| New York – 5.6% |
||||||||
| Build NYC Resource Corp. (Albert Einstein College of Medicine) |
4,050 | 4,005,010 | ||||||
| Build NYC Resource Corp. (Build NYC Resource Corp.) |
2,548 | 2,038,470 | ||||||
| Series 2014 |
1,039 | 830,864 | ||||||
| Build NYC Resource Corp. (REN 4520 83rd Street LLC) |
1,000 | 1,012,814 | ||||||
| Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) |
2,000 | 1,932,595 | ||||||
| Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community) |
7,315 | 523,613 | ||||||
| New York City Housing Development Corp. (New York City Housing Development) |
1,355 | 1,142,109 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) |
10,000 | 10,488,944 | ||||||
| New York Counties Tobacco Trust V (New York Counties Tobacco Trust V) |
51,990 | 8,096,502 | ||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
6,690 | 6,700,980 | ||||||
| 7.25%, 11/15/2044(a) |
1,705 | 1,709,022 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
2,000 | 2,152,728 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
$ | 6,000 | $ | 6,149,648 | ||||
| New York Transportation Development Corp. (JFK NTO LLC) |
5,500 | 5,520,062 | ||||||
| 6.00%, 06/30/2054 |
2,500 | 2,622,829 | ||||||
| Series 2024 |
2,000 | 1,953,723 | ||||||
| 5.50%, 06/30/2054 |
11,925 | 12,192,110 | ||||||
| Series 2025 |
5,000 | 5,331,933 | ||||||
| AG Series 2023 |
2,000 | 2,022,022 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
17,110 | 17,126,092 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
4,000 | 4,092,284 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
5,000 | 5,241,315 | ||||||
| 5.25%, 05/15/2057(a) (b) |
10,000 | 10,489,032 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
10,000 | 10,679,119 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue (Triborough Bridge & Tunnel Authority Sales Tax Revenue) |
10,000 | 10,529,368 | ||||||
| TSASC, Inc./NY (TSASC, Inc./NY) |
2,500 | 2,321,111 | ||||||
| 5.00%, 06/01/2048 |
3,550 | 3,267,109 | ||||||
| Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
4,270 | 4,303,353 | ||||||
| 5.25%, 09/15/2042 |
1,795 | 1,801,732 | ||||||
| 5.25%, 09/15/2047 |
3,080 | 2,954,104 | ||||||
| 5.25%, 09/15/2053 |
6,635 | 6,168,262 | ||||||
| Ulster County Capital Resource Corp. (Woodland Pond Obligated Group) |
1,000 | 1,010,219 | ||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Westchester County Local Development Corp. (QSH/Tarrytown LLC) |
$ | 1,025 | $ | 1,055,864 | ||||
| Western Regional Off-Track Betting Corp. (Western Regional Off-Track Betting) |
1,650 | 1,579,241 | ||||||
|
|
|
|||||||
| 159,044,183 | ||||||||
|
|
|
|||||||
| North Carolina – 0.8% |
||||||||
| Fayetteville State University (Fayetteville State University) |
710 | 795,401 | ||||||
| 5.00%, 04/01/2035(a) |
830 | 939,127 | ||||||
| 5.00%, 04/01/2039(a) |
1,120 | 1,233,815 | ||||||
| 5.00%, 04/01/2041(a) |
1,290 | 1,405,034 | ||||||
| 5.00%, 04/01/2043(a) |
1,480 | 1,587,405 | ||||||
| North Carolina Medical Care Commission (Deerfield Episcopal Retirement Community Obligated Group) |
4,945 | 5,019,713 | ||||||
| North Carolina Turnpike Authority (North Carolina Turnpike Authority) |
3,000 | 908,537 | ||||||
| Zero Coupon, 01/01/2052 |
2,000 | 572,699 | ||||||
| Zero Coupon, 01/01/2053 |
1,000 | 271,448 | ||||||
| Raleigh Housing Authority (Union at Capital LP) |
315 | 315,010 | ||||||
| 5.88%, 12/01/2043(a) |
6,120 | 6,130,249 | ||||||
| 7.70%, 12/01/2043(a) |
170 | 170,337 | ||||||
| Series 2026-B |
2,855 | 2,857,587 | ||||||
|
|
|
|||||||
| 22,206,362 | ||||||||
|
|
|
|||||||
| North Dakota – 0.0% |
||||||||
| North Dakota Housing Finance Agency (Prairie Ridge 4 LLLP) |
1,000 | 1,140,597 | ||||||
|
|
|
|||||||
| Ohio – 1.5% |
||||||||
| Buckeye Tobacco Settlement Financing Authority (Buckeye Tobacco Settlement Financing Authority) |
46,605 | 3,616,478 | ||||||
| 5.00%, 06/01/2055 |
23,975 | 19,796,493 | ||||||
| City of Middleburg Heights OH (Southwest General Health Center Obligated Group) |
800 | 867,898 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Cuyahoga OH (MetroHealth System/The) |
$ | 5 | $ | 5,017 | ||||
| County of Franklin OH (First Community Village Obligated Group) |
2,635 | 2,462,785 | ||||||
| County of Marion OH (United Church Homes Obligated Group) |
690 | 534,078 | ||||||
| County of Montgomery OH (Trousdale Foundation Obligated Group) |
4,140 | 49,055 | ||||||
| County of Washington OH (Marietta Area Health Care Obligated Group) |
1,000 | 1,081,056 | ||||||
| 6.75%, 12/01/2052 |
2,050 | 2,127,892 | ||||||
| Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) |
3,700 | 3,147,181 | ||||||
| Series 2023 |
||||||||
| 5.00%, 12/01/2053(a) |
2,000 | 2,051,296 | ||||||
| Port of Greater Cincinnati Development Authority (IDEA Greater Cincinnati) |
1,000 | 996,534 | ||||||
| Toledo-Lucas County Port Authority (ParkUToledo, Inc.) |
7,065 | 5,839,817 | ||||||
|
|
|
|||||||
| 42,575,580 | ||||||||
|
|
|
|||||||
| Oklahoma – 1.3% |
||||||||
| Norman Regional Hospital Authority (Norman Regional Hospital Authority Obligated Group) |
3,295 | 2,263,987 | ||||||
| Oklahoma Development Finance Authority (OU Medicine Obligated Group) |
3,165 | 3,272,581 | ||||||
| 5.50%, 08/15/2052 |
3,000 | 3,008,527 | ||||||
| 5.50%, 08/15/2057 |
11,290 | 11,308,977 | ||||||
| Series 2022-A |
10,000 | 10,215,419 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK (American Airlines, Inc.) |
4,255 | 5,002,385 | ||||||
| 6.25%, 12/01/2040 |
2,000 | 2,276,083 | ||||||
|
|
|
|||||||
| 37,347,959 | ||||||||
|
|
|
|||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| Oregon – 0.5% |
||||||||
| Multnomah County School District No. 40 (Multnomah County School District No. 40) |
$ | 10,000 | $ | 2,780,156 | ||||
| Port of Portland OR Airport Revenue (Port of Portland OR Airport Revenue) |
10,605 | 11,933,786 | ||||||
| Umatilla County School District No. 6R Umatilla (Umatilla County School District No. 6R Umatilla) |
3,000 | 763,674 | ||||||
|
|
|
|||||||
| 15,477,616 | ||||||||
|
|
|
|||||||
| Other – 1.1% |
||||||||
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust (Affordable Housing Tax-Exempt Bond Pass-Thru Trust) |
6,697 | 6,837,839 | ||||||
| ARC70 II Trust (ARC70 II TRUST) |
22,131 | 22,024,765 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2022-ML13) |
6,337 | 343,334 | ||||||
| Series 2022-ML13, Class XUS |
11,335 | 770,398 | ||||||
| New Hampshire Business Finance Authority (NFA 2022-2) |
9,546 | 391,956 | ||||||
| Public Finance Authority (PFA 2026-1) |
2,000 | 1,913,197 | ||||||
|
|
|
|||||||
| 32,281,489 | ||||||||
|
|
|
|||||||
| Pennsylvania – 2.3% |
||||||||
| Berks County Municipal Authority (The) (Tower Health Obligated Group) |
5,710 | 4,788,719 | ||||||
| 8.00%, 06/30/2034 |
1,360 | 1,416,185 | ||||||
| Series 2024-A |
640 | 690,353 | ||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| Chester County Industrial Development Authority (Collegium Charter School) |
$ | 2,750 | $ | 2,806,130 | ||||
| Crawford County Hospital Authority (Meadville Medical Center Obligated Group) |
7,950 | 7,961,513 | ||||||
| 6.00%, 06/01/2051 |
3,715 | 3,717,264 | ||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) |
1,000 | 1,018,066 | ||||||
| Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) |
1,000 | 986,507 | ||||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Dept. of Transportation) |
4,000 | 4,219,956 | ||||||
| Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) |
7,210 | 7,271,898 | ||||||
| Pennsylvania Economic Development Financing Authority (Noble Environmental, Inc.) |
2,000 | 2,154,683 | ||||||
| Pennsylvania Turnpike Commission (Pennsylvania Turnpike Commission) |
10,000 | 10,465,766 | ||||||
| Philadelphia Authority for Industrial Development (Philadelphia Electrical & Technology Charter High School) |
3,650 | 2,906,816 | ||||||
| Scranton-Lackawanna Health & Welfare Authority (Community Development Properties Scranton) |
11,900 | 12,179,073 | ||||||
| 7.75%, 08/01/2060(a) |
2,350 | 2,515,203 | ||||||
|
|
|
|||||||
| 65,098,132 | ||||||||
|
|
|
|||||||
| Puerto Rico – 8.1% |
||||||||
| Children’s Trust Fund (Children’s Trust Fund) |
345,000 | 10,757,341 | ||||||
35
| Principal Amount (000) |
U.S. $ Value | |||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
$ | 21,858 | $ | 16,158,900 | ||||
| Series 2022-A |
4,922 | 3,039,190 | ||||||
| 0.00%, 11/01/2051 |
37,300 | 13,319,500 | ||||||
| 5.069%, 11/01/2051 |
12,247 | 8,480,998 | ||||||
| Series 2022-C |
22,422 | 15,303,249 | ||||||
| GDB Debt Recovery Authority of Puerto Rico (GDB Debt Recovery Authority of Puerto Rico) |
2,841 | 2,791,395 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
5,500 | 5,509,847 | ||||||
| Series 2021-B |
||||||||
| 5.00%, 07/01/2028(a) |
2,550 | 2,644,843 | ||||||
| 5.00%, 07/01/2033(a) |
2,835 | 3,005,501 | ||||||
| 5.00%, 07/01/2037(a) |
2,530 | 2,640,370 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
7,425 | 4,946,906 | ||||||
| 5.00%, 07/01/2037(d) (e) |
10,045 | 6,692,481 | ||||||
| Series 2008-W |
7,285 | 4,853,631 | ||||||
| Series 2008WW |
3,700 | 2,469,750 | ||||||
| Series 2010-A |
2,370 | 1,579,013 | ||||||
| 5.25%, 07/01/2030(d) (e) |
390 | 259,838 | ||||||
| Series 2010-C |
1,530 | 1,021,275 | ||||||
| 5.25%, 07/01/2027(d) (e) |
2,550 | 1,698,937 | ||||||
| 5.25%, 07/01/2028(d) (e) |
5,255 | 3,501,144 | ||||||
| Series 2010-X |
3,725 | 2,481,781 | ||||||
| 5.25%, 07/01/2040(d) (e) |
10,035 | 6,685,819 | ||||||
| 5.75%, 07/01/2036(d) (e) |
2,280 | 1,519,050 | ||||||
| Series 2010DDD |
1,660 | 1,108,050 | ||||||
| 5.00%, 07/01/2021(d) (k) |
920 | 614,100 | ||||||
| 5.00%, 07/01/2022(d) (k) |
610 | 407,175 | ||||||
| Series 2010ZZ |
2,500 | 1,668,750 | ||||||
| 5.25%, 07/01/2019(d) (k) |
1,715 | 1,144,763 | ||||||
| 5.25%, 07/01/2022(d) (k) |
1,565 | 1,044,638 | ||||||
| 5.25%, 07/01/2024(d) (k) |
1,570 | 1,047,975 | ||||||
| 5.25%, 07/01/2025(d) (k) |
440 | 293,700 | ||||||
36
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2012-A |
$ | 3,345 | $ | 2,228,606 | ||||
| 5.00%, 07/01/2042(d) (e) |
1,000 | 666,250 | ||||||
| 5.05%, 07/01/2042(d) (e) |
2,000 | 1,332,500 | ||||||
| Series 2013-A |
2,200 | 1,465,750 | ||||||
| 7.00%, 07/01/2040(d) (e) |
575 | 383,094 | ||||||
| AG Series 2007-V |
14,090 | 14,580,400 | ||||||
| NATL Series 2007-V |
245 | 249,485 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
1,346 | 1,345,221 | ||||||
| 6.625%, 01/01/2028 |
10,263 | 10,279,998 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
2,000 | 2,291,147 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
274 | 263,020 | ||||||
| Zero Coupon, 07/01/2029 |
1,519 | 1,368,463 | ||||||
| Zero Coupon, 07/01/2046 |
57,388 | 20,538,660 | ||||||
| Zero Coupon, 07/01/2051 |
40,000 | 10,471,104 | ||||||
| Series 2019-A |
16,565 | 16,593,793 | ||||||
| 4.55%, 07/01/2040 |
2,637 | 2,653,797 | ||||||
| 5.00%, 07/01/2058 |
15,258 | 14,944,265 | ||||||
|
|
|
|||||||
| 230,345,463 | ||||||||
|
|
|
|||||||
| South Carolina – 1.4% |
||||||||
| Columbia Housing Authority/SC (Garden Lakes Apartments) |
385 | 390,087 | ||||||
| 5.41%, 11/01/2039 |
7,515 | 7,561,996 | ||||||
| 6.28%, 11/01/2039 |
330 | 331,759 | ||||||
| Greenville Housing Authority/SC (Victor Verdae Apartments) |
5,000 | 4,609,603 | ||||||
| Last Step Recycling LLC (Last Step Recycling LLC) |
2,476 | 2,476,393 | ||||||
| South Carolina Jobs-Economic Development Authority (Connexion Communities Obligated Group) |
6,205 | 6,281,335 | ||||||
37
| Principal Amount (000) |
U.S. $ Value | |||||||
| South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) |
$ | 185 | $ | 179,587 | ||||
| Series 2023-A |
5,305 | 5,461,078 | ||||||
| Series 2023-B |
2,200 | 2,218,676 | ||||||
| South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) |
3,115 | 342,650 | ||||||
| 6.50%, 06/01/2051(d) (e) (f) |
3,175 | 349,250 | ||||||
| South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments) |
6,135 | 4,736,890 | ||||||
| South Carolina Jobs-Economic Development Authority (Rolling Green Village) |
4,955 | 4,980,186 | ||||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
1,606 | 1,299,603 | ||||||
|
|
|
|||||||
| 41,219,093 | ||||||||
|
|
|
|||||||
| South Dakota – 0.2% |
||||||||
| County of Lincoln SD (Augustana College Association/SD) |
1,000 | 950,303 | ||||||
| 4.00%, 08/01/2051 |
3,620 | 3,026,690 | ||||||
| South Dakota Housing Development Authority (Schuett Spearfish LP) |
1,500 | 1,578,430 | ||||||
|
|
|
|||||||
| 5,555,423 | ||||||||
|
|
|
|||||||
| Tennessee – 1.3% |
||||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
19,305 | 19,089,686 | ||||||
| Knox County Industrial Development Board (Tompaul Knoxville LLC) |
2,350 | 2,335,545 | ||||||
| 9.50%, 11/01/2052(f) |
6,860 | 6,462,174 | ||||||
38
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) |
$ | 100 | $ | 10 | ||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Trousdale Foundation Obligated Group) |
3,544 | 42,000 | ||||||
| Shelby County Health Educational & Housing Facilities Board (Village at Germantown) |
1,075 | 1,056,925 | ||||||
| 5.25%, 12/01/2049 |
3,250 | 2,966,972 | ||||||
| Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) |
5,725 | 4,747,428 | ||||||
|
|
|
|||||||
| 36,700,740 | ||||||||
|
|
|
|||||||
| Texas – 8.7% |
||||||||
| Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools) |
1,200 | 1,220,200 | ||||||
| 5.875%, 06/15/2065(a) |
1,200 | 1,222,002 | ||||||
| Arlington Higher Education Finance Corp. (Magellan School/The) |
1,100 | 1,117,693 | ||||||
| 6.375%, 06/01/2062(a) |
3,500 | 3,551,899 | ||||||
| Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax) |
6,205 | 4,717,375 | ||||||
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Board of Managers Joint Guadalupe County-City of Seguin Hospital) |
1,500 | 1,500,130 | ||||||
| 5.00%, 12/01/2045 |
1,000 | 963,421 | ||||||
| Board of Regents of the University of Texas System (Board of Regents of the University of Texas System) |
10,000 | 10,599,064 | ||||||
| Brazoria County Industrial Development Corp. (Brazoria County Industrial Development) |
7,968 | 797 | ||||||
| 12.00%, 06/01/2043(d) (e) (f) (i) (j) |
937 | 94 | ||||||
39
| Principal Amount (000) |
U.S. $ Value | |||||||
| Carrollton-Farmers Branch Independent School District (Carrollton-Farmers Branch Independent School District) |
$ | 14,555 | $ | 15,547,085 | ||||
| City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments) |
69,315 | 4,936,420 | ||||||
| 6.00%, 12/01/2062 |
8,080 | 7,729,227 | ||||||
| City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments) |
3,460 | 3,145,814 | ||||||
| 6.25%, 12/01/2054(a) |
1,400 | 1,200,592 | ||||||
| City of Houston TX (City of Houston TX Hotel Occupancy Tax) |
4,715 | 4,720,939 | ||||||
| City of Houston TX Airport System Revenue (United Airlines, Inc.) |
10,540 | 10,558,591 | ||||||
| Series 2024-B |
3,520 | 3,871,179 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue (City of San Antonio TX Electric & Gas Systems Revenue) |
10,000 | 10,807,369 | ||||||
| Clifton Higher Education Finance Corp. (Valor Texas Education Foundation) |
1,000 | 970,919 | ||||||
| 6.25%, 06/15/2053(a) |
2,000 | 1,961,560 | ||||||
| Conroe Local Government Corp. (Conroe Local Govt Conroe Convention Center Hotel) |
1,160 | 1,111,981 | ||||||
| Dallas County Flood Control District No. 1 (Dallas County Flood Control District No. 1) |
2,000 | 2,000,918 | ||||||
| Dallas Fort Worth International Airport (Dallas Fort Worth Intl Airport) |
10,000 | 11,369,806 | ||||||
| El Paso County Hospital District (El Paso County Hospital District) |
3,940 | 4,028,116 | ||||||
40
| Principal Amount (000) |
U.S. $ Value | |||||||
| Hidalgo County Regional Mobility Authority (Hidalgo County Regional Mobility Authority) |
$ | 1,585 | $ | 329,918 | ||||
| Series 2022-B |
2,965 | 1,242,844 | ||||||
| Zero Coupon, 12/01/2046 |
1,000 | 334,970 | ||||||
| Zero Coupon, 12/01/2055 |
5,000 | 942,677 | ||||||
| Zero Coupon, 12/01/2056 |
3,325 | 592,281 | ||||||
| Mansfield Independent School District (Mansfield Independent School District) |
14,155 | 15,119,820 | ||||||
| Mission Economic Development Corp. (Natgasoline LLC) |
9,335 | 9,372,838 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living Obligated Group) |
1,000 | 1,001,240 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes Obligated Group) |
2,000 | 2,014,326 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (BSPV - Plano LLC) |
736 | 735,651 | ||||||
| 7.25%, 12/31/2030(d) (e) |
4,145 | 4,145,000 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community Obligated Group) |
9,878 | 4,247,884 | ||||||
| 7.50%, 11/15/2036(d) (e) |
2,265 | 2,265,000 | ||||||
| 7.50%, 11/15/2037(d) (e) |
365 | 365,000 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) |
7,610 | 7,612,288 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park Obligated Group) |
3,000 | 2,551,137 | ||||||
| Series 2025 |
2,190 | 2,301,472 | ||||||
| 7.125%, 07/01/2056 |
1,000 | 1,027,329 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village) |
7,485 | 7,511,117 | ||||||
41
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) |
$ | 1,680 | $ | 1,436,608 | ||||
| Series 2022 |
1,300 | 1,007,952 | ||||||
| 4.25%, 01/01/2057 |
5,000 | 3,669,667 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) |
5,000 | 5,189,590 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (SLF CHP LLC) |
3,000 | 3,052,606 | ||||||
| 6.50%, 07/01/2056(a) |
3,920 | 3,917,477 | ||||||
| New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes Obligated Group) |
1,605 | 1,513,893 | ||||||
| Newark Higher Education Finance Corp. (TLC Academy) |
1,275 | 1,033,031 | ||||||
| 4.00%, 08/15/2056 |
1,380 | 1,083,563 | ||||||
| Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower Obligated Group) |
2,315 | 2,334,480 | ||||||
| 5.125%, 01/01/2044(a) |
2,500 | 2,502,649 | ||||||
| 5.25%, 01/01/2054(a) |
2,000 | 1,927,074 | ||||||
| 10.00%, 07/01/2026(a) |
2,000 | 2,004,347 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) |
12,026 | 10,537,021 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Tarrant County Cultural Education Facilities Finance) |
920 | 0 | ||||||
| 5.00%, 11/15/2045(d) (e) (i) (j) |
2,115 | 0 | ||||||
| 5.25%, 11/15/2047(d) (e) (i) (j) |
678 | 0 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) |
10,895 | 11,721,142 | ||||||
42
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) |
$ | 10,000 | $ | 10,942,607 | ||||
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) |
10,000 | 10,377,006 | ||||||
|
|
|
|||||||
| 246,816,696 | ||||||||
|
|
|
|||||||
| Utah – 1.0% |
||||||||
| Black Desert Public Infrastructure District (Black Desert Public Infrastructure District Black Desert Assessment Area No. 1) |
2,200 | 2,227,262 | ||||||
| Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) |
3,000 | 3,004,132 | ||||||
| Grapevine Wash Local District (Grapevine Wash Local District Residential Facilities Fee Revenue) |
2,000 | 1,977,452 | ||||||
| MIDA Mountain Veterans Program Public Infrastructure District (MIDA Mountain Veterans Program Public Infrastructure District) |
1,000 | 1,000,253 | ||||||
| Mida Mountain Village Public Infrastructure District (Mida Mountain Village Public Infrastructure District) |
2,225 | 2,239,744 | ||||||
| Mida Mountain Village Public Infrastructure District (Military Installation Development Auth Military Recreation Fac Project Area) |
1,000 | 1,000,529 | ||||||
| Series 2024-2 |
1,000 | 1,030,936 | ||||||
| Military Installation Development Authority (Military Installation Development Auth Military Recreation Fac Project Area) |
3,000 | 2,499,523 | ||||||
| Point Phase 1 Public Infrastructure District No. 1 (Point Phase 1 Public Infrastructure District No. 1) |
2,200 | 2,240,852 | ||||||
43
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2025-A |
$ | 1,250 | $ | 1,022,476 | ||||
| 5.875%, 03/01/2045 |
1,000 | 1,048,578 | ||||||
| 6.125%, 03/01/2055 |
1,820 | 1,899,606 | ||||||
| Utah Housing Corp. (255 State 4 LLC) |
3,163 | 2,864,216 | ||||||
| Wakara Ridge Public Infrastructure District (Wakara Ridge Public Infrastructure District Wakara Ridge Assessment Area) |
1,000 | 1,025,282 | ||||||
| Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) |
2,000 | 1,698,523 | ||||||
| Wolf Creek Infrastructure Financing District No. 1 (Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1) |
1,900 | 1,974,780 | ||||||
|
|
|
|||||||
| 28,754,144 | ||||||||
|
|
|
|||||||
| Vermont – 0.0% |
||||||||
| Vermont Educational & Health Buildings Financing Agency (St. Michael’s College) |
1,500 | 1,392,279 | ||||||
|
|
|
|||||||
| Virginia – 2.0% |
||||||||
| Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) |
6,410 | 6,279,686 | ||||||
| Powhatan County Economic Development Authority (Powhatan County Economic Development Authority) |
1,700 | 1,713,498 | ||||||
| Richmond Redevelopment & Housing Authority (American Tobacco Holdings) |
1,215 | 1,216,170 | ||||||
| Tobacco Settlement Financing Corp./VA (Tobacco Settlement Financing Corp./VA) |
28,805 | 24,422,890 | ||||||
| US Bank Trust Co. NA (Park Landing LP) |
6,700 | 6,057,490 | ||||||
44
| Principal Amount (000) |
U.S. $ Value | |||||||
| Virginia College Building Authority (Marymount University) |
$ | 4,000 | $ | 3,040,922 | ||||
| Series 2015-A |
1,200 | 1,028,589 | ||||||
| 5.00%, 07/01/2045(a) |
3,110 | 2,364,316 | ||||||
| Virginia Small Business Financing Authority (P3 VB Holdings LLC) |
4,465 | 4,348,003 | ||||||
| Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake) |
8,500 | 3,400,000 | ||||||
| 8.50%, 06/01/2042(d) (e) (f) |
10,000 | 4,000,000 | ||||||
|
|
|
|||||||
| 57,871,564 | ||||||||
|
|
|
|||||||
| Washington – 1.9% |
||||||||
| Grays Harbor County Public Hospital District No. 1 (Grays Harbor County Public Hospital District No. 1) |
1,000 | 1,101,865 | ||||||
| King County Public Hospital District No. 4 (King County Public Hospital District No. 4) |
1,000 | 1,025,396 | ||||||
| 7.00%, 12/01/2060 |
5,665 | 5,807,003 | ||||||
| Port of Seattle WA (Port of Seattle WA) |
10,000 | 10,270,352 | ||||||
| Vancouver Housing Authority (Vancouver Housing Authority) |
3,970 | 4,201,284 | ||||||
| Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) |
440 | 432,687 | ||||||
| Washington Health Care Facilities Authority (Overlake Hospital Medical Center Obligated Group) |
2,835 | 2,926,878 | ||||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
2,200 | 2,218,110 | ||||||
| 5.00%, 01/01/2046(a) |
4,425 | 4,293,234 | ||||||
| Series 2019-A |
1,000 | 940,837 | ||||||
45
| Principal Amount (000) |
U.S. $ Value | |||||||
| Washington State Housing Finance Commission (Riverview Retirement Community Obligated Group) |
$ | 5,000 | $ | 4,751,884 | ||||
| Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences) |
2,710 | 2,906,258 | ||||||
| Washington State Housing Finance Commission (WSHFC 2021-1) |
9,287 | 9,216,904 | ||||||
| Series 2021-1, Class X |
7,331 | 271,703 | ||||||
| Washington State Housing Finance Commission (WSHFC 2023-1) |
19,552 | 1,871,539 | ||||||
| Washington State Housing Finance Commission (WSHFC 2024-1) |
1,287 | 1,301,389 | ||||||
|
|
|
|||||||
| 53,537,323 | ||||||||
|
|
|
|||||||
| West Virginia – 0.4% |
||||||||
| City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) |
1,000 | 815,030 | ||||||
| County of Monongalia WV (Monongalia County Building Commission Development District No. 4) |
395 | 417,203 | ||||||
| 6.00%, 06/01/2053(a) |
875 | 922,656 | ||||||
| Monongalia County Commission Excise Tax District (Monongalia County Commission Excise Tax District) |
2,075 | 1,953,841 | ||||||
| Series 2023 |
5,070 | 1,149,357 | ||||||
| 7.00%, 06/01/2043(a) |
430 | 458,784 | ||||||
| West Virginia Economic Development Authority (Wyoming County Coal LLC) |
8,000 | 4,800,000 | ||||||
|
|
|
|||||||
| 10,516,871 | ||||||||
|
|
|
|||||||
46
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin – 8.0% |
||||||||
| KDC Agribusiness LLC (KDC Agribusiness LLC) |
$ | 3,409 | $ | 0 | ||||
| St. Croix Chippewa Indians of Wisconsin (St. Croix Chippewa Indians of Wisconsin) |
6,175 | 5,890,698 | ||||||
| State of Wisconsin (State of Wisconsin) |
4,550 | 4,984,331 | ||||||
| 5.00%, 05/01/2032(c) |
4,325 | 4,816,578 | ||||||
| 5.00%, 05/01/2034(c) |
1,300 | 1,480,182 | ||||||
| Wisconsin Center District (Wisconsin Center District Ded Tax) |
2,000 | 1,979,193 | ||||||
| Wisconsin Center District (Wisconsin Center District) |
44,075 | 13,649,261 | ||||||
| Wisconsin Health & Educational Facilities Authority (Chiara Housing & Services Obligated Group) |
1,000 | 1,041,821 | ||||||
| 5.875%, 07/01/2055 |
1,675 | 1,693,414 | ||||||
| Series 2025 |
2,000 | 2,112,450 | ||||||
| Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) |
2,400 | 2,062,239 | ||||||
| 4.00%, 01/01/2057 |
1,000 | 792,848 | ||||||
| Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner) |
1,605 | 1,493,377 | ||||||
| Series 2022-A |
7,370 | 6,836,052 | ||||||
| Wisconsin Public Finance Authority (21st Century Public Academy) |
750 | 716,349 | ||||||
| Wisconsin Public Finance Authority (Absolute Awakenings) |
1,000 | |
1 ,070,649 |
|||||
| 7.25%, 01/01/2061(a) |
2,710 | 2,850,947 | ||||||
| Wisconsin Public Finance Authority (Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) |
5,000 | 2,340,901 | ||||||
47
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) |
$ | 8,770 | $ | 8,274,048 | ||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
27,000 | 25,733,921 | ||||||
| Wisconsin Public Finance Authority (CFC-SA LLC) |
8,500 | 8,708,557 | ||||||
| 6.00%, 02/01/2062(a) |
7,850 | 8,099,725 | ||||||
| Wisconsin Public Finance Authority (Crossroads Health Project) |
5,500 | 5,571,144 | ||||||
| 8.125%, 07/01/2058(f) |
5,500 | 5,574,589 | ||||||
| Wisconsin Public Finance Authority (FAH Tree House LLC) |
6,975 | 6,400,999 | ||||||
| 6.625%, 02/01/2046(a) |
4,750 | 4,003,101 | ||||||
| Wisconsin Public Finance Authority (Foundation Academy Charter School A NJ Nonprofit) |
1,800 | 1,701,815 | ||||||
| Wisconsin Public Finance Authority (Gannon University) |
1,000 | 927,143 | ||||||
| Wisconsin Public Finance Authority (Heritage Bend Project) |
13,360 | 4,209,320 | ||||||
| Wisconsin Public Finance Authority (Lackland Project) |
3,404 | 2,427,916 | ||||||
| Wisconsin Public Finance Authority (Lehigh Valley Health Network) |
1,000 | 1,024,969 | ||||||
| 7.25%, 12/01/2042(a) |
2,370 | 2,479,749 | ||||||
| 7.50%, 12/01/2052(a) |
2,060 | 2,161,688 | ||||||
| Wisconsin Public Finance Authority (McLemore Resort Manager) |
6,640 | 4,681,200 | ||||||
| Wisconsin Public Finance Authority (Montgomery County Municipal Utility District Nos 123 & 153) |
2,000 | 1,189,825 | ||||||
48
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) |
$ | 1,022 | $ | 791,243 | ||||
| Wisconsin Public Finance Authority (Prerefunded - US Treasuries) |
40 | 43,990 | ||||||
| Wisconsin Public Finance Authority (Puerto Rico Tollroads LLC) |
4,475 | 4,721,078 | ||||||
| 5.75%, 07/01/2054 |
1,000 | 1,044,952 | ||||||
| Wisconsin Public Finance Authority (QCF Behavioral Hospitals I Obligated Group) |
3,000 | 3,359,224 | ||||||
| Wisconsin Public Finance Authority (RBS Evolution LLC) |
6,000 | 6,721,392 | ||||||
| Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) |
16,500 | 11,875,748 | ||||||
| Series 2022 |
3,970 | 3,020,207 | ||||||
| Wisconsin Public Finance Authority (Seabury Retirement Community) |
1,725 | 1,726,001 | ||||||
| Wisconsin Public Finance Authority (Signorelli Projects) |
762 | 762,021 | ||||||
| Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) |
2,000 | 2,045,475 | ||||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
10,000 | 10,473,329 | ||||||
| 6.50%, 06/30/2060 |
2,140 | 2,381,047 | ||||||
| 6.50%, 12/31/2065 |
4,000 | 4,447,400 | ||||||
| Series 2025-2 |
||||||||
| 5.75%, 12/31/2065(a) (b) |
10,000 | 10,458,222 | ||||||
| Wisconsin Public Finance Authority (Triad Math & Science Academy) |
1,200 | 1,111,211 | ||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
5,095 | 5,245,537 | ||||||
49
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) |
$ | 2,500 | $ | 2,363,256 | ||||
| 4.00%, 12/01/2051(a) |
1,500 | 1,241,700 | ||||||
| Wisconsin Public Finance Authority (West 44th Avenue) |
5,040 | 4,935,629 | ||||||
| Wisconsin Public Finance Authority (WFCS Holdings II LLC) |
1,150 | 992,250 | ||||||
|
|
|
|||||||
| 228,741,911 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
3,177,981,992 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 0.0% |
| |||||||
| Pennsylvania – 0.0% |
| |||||||
| Scranton-Lackawanna Health & Welfare Authority (Community Development Properties Scranton) |
185 | 185,255 | ||||||
|
|
|
|||||||
| Wisconsin – 0.0% |
||||||||
| Wisconsin Public Finance Authority (KDC Agribusiness LLC) |
7,500 | 0 | ||||||
| Series 2023 |
1,815 | 18 | ||||||
|
|
|
|||||||
| 18 | ||||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
185,273 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
3,178,167,265 | ||||||
|
|
|
|||||||
| CORPORATES - NON-INVESTMENT GRADE – 0.6% |
| |||||||
| Industrial – 0.6% |
| |||||||
| Communications - Media – 0.3% |
| |||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. |
7,730 | 6,747,285 | ||||||
|
|
|
|||||||
| Consumer Cyclical - Entertainment – 0.3% |
||||||||
| Wild Rivers Water Park |
13,775 | 8,677,206 | ||||||
|
|
|
|||||||
| Consumer Non-Cyclical – 0.0% |
||||||||
| Buckingham Senior Living Community, Inc. |
365 | 371,829 | ||||||
|
|
|
|||||||
50
| Principal Amount (000) |
U.S. $ Value | |||||||
| Services – 0.0% |
||||||||
| Trousdale Issuer LLC |
$ | 4,179 | $ | 49,910 | ||||
|
|
|
|||||||
| Total Corporates - Non-Investment Grade |
|
15,846,230 | ||||||
|
|
|
|||||||
| CORPORATES - INVESTMENT GRADE – 0.2% |
| |||||||
| Financial Institutions – 0.2% |
| |||||||
| Banking – 0.2% |
| |||||||
| Citigroup, Inc. |
6,300 | 6,569,766 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| PREFERRED STOCKS – 0.0% |
| |||||||
| Utility – 0.0% |
| |||||||
| Electric – 0.0% |
| |||||||
| AES Guayama Holdings |
225,721 | 656,848 | ||||||
|
|
|
|||||||
| WARRANTS – 0.0% |
| |||||||
| Industrials – 0.0% |
| |||||||
| Construction & Engineering – 0.0% |
| |||||||
| BL Train Holdings West LLC, expiring 12/31/2026(d) (i)
(j) |
125,703 | 157,129 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 1.2% |
| |||||||
| Investment Companies – 1.2% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(o) (p) (q) |
33,723,047 | 33,723,047 | ||||||
|
|
|
|||||||
| Total Investments – 113.5% |
|
3,235,120,285 | ||||||
| Other assets less liabilities – (13.5)% |
|
(384,218,086 | ) | |||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 2,850,902,199 | |||||
|
|
|
|||||||
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, |
(5.00 | )% | Quarterly | 3.32% | USD | 169,914 | $ | (13,155,290) | $ | (11,682,224) | $ | (1,473,066) | ||||||||||||||||
| * | Termination date |
51
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 | 126,000 | 10/15/2029 | 2.569% | CPI# | Maturity | $ | (609,222 | ) | $ | — | $ | (609,222 | ) | |||||||||||
| USD | 124,000 | 10/15/2029 | 2.485% | CPI# | Maturity | (87,881 | ) | — | (87,881 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (697,103 | ) | $ | — | $ | (697,103 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | 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 (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 | 9,000 | 04/30/2030 | 1 Day SOFR | 3.075% | Annual | $ | (120,872 | ) | $ | — | $ | (120,872 | ) | |||||||||||
| USD | 77,500 | 03/12/2032 | 1 Day SOFR | 3.772% | Annual | 1,803,922 | — | 1,803,922 | ||||||||||||||||
| USD | 66,400 | 01/03/2033 | 1 Day SOFR | 3.583% | Annual | 950,325 | — | 950,325 | ||||||||||||||||
| USD | 36,600 | 01/03/2033 | 1 Day SOFR | 3.695% | Annual | 783,403 | — | 783,403 | ||||||||||||||||
| USD | 16,300 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | (147,815 | ) | (1,145 | ) | (146,670 | ) | |||||||||||||
| USD | 15,000 | 02/15/2041 | 1 Day SOFR | 2.832% | Annual | (1,630,364 | ) | — | (1,630,364 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,638,599 | $ | (1,145 | ) | $ | 1,639,744 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | 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) |
||||||||||||||||||||
| Bank of America NA | USD | 10,000 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $ | 807,683 | $ | — | $ | 807,683 | ||||||||||||||||
| Bank of America NA | USD | 10,000 | 05/06/2026 | MMD 10 Year^ | 3.660% | Maturity | 999,943 | — | 999,943 | |||||||||||||||||||
| Bank of America NA | USD | 15,000 | 06/25/2026 | MMD 10 Year^ | 3.570% | Maturity | 1,234,625 | — | 1,234,625 | |||||||||||||||||||
| Bank of America NA | USD | 10,000 | 08/10/2026 | MMD 10 Year^ | 3.580% | Maturity | 770,119 | — | 770,119 | |||||||||||||||||||
| Bank of America NA | USD | 20,000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | 95,844 | — | 95,844 | |||||||||||||||||||
| Citibank NA | USD | 21,490 | 10/09/2029 | 1.125% | 1 Week SIFMA* | Quarterly | 873,852 | — | 873,852 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 10,000 | 03/16/2026 | MMD 10 Year^ | 3.460% | Maturity | 909,850 | — | 909,850 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 10,000 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 1,208,926 | — | 1,208,926 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 8,000 | 06/04/2026 | MMD 10 Year^ | 3.690% | Maturity | 775,945 | — | 775,945 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 20,000 | 12/02/2026 | MMD 5 Year^ | 2.680% | Maturity | 232,851 | — | 232,851 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 20,000 | 01/13/2027 | MMD 5 Year^ | 2.520% | Maturity | 44,973 | — | 44,973 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 28,000 | 02/10/2027 | MMD 5 Year^ | 2.600% | Maturity | 141,551 | — | 141,551 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 28,000 | 02/18/2027 | MMD 5 Year^ | 2.540% | Maturity | 51,746 | — | 51,746 | |||||||||||||||||||
| JPMorgan Chase Bank NA | USD | 28,000 | 03/01/2027 | MMD 5 Year^ | 2.540% | Maturity | 40,525 | — | 40,525 | |||||||||||||||||||
52
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | 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) |
||||||||||||||||||||
| Morgan Stanley Bank NA | USD | 10,000 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $ | 807,683 | $ | — | $ | 807,683 | ||||||||||||||||
| Morgan Stanley Bank NA | USD | 20,000 | 03/26/2026 | MMD 10 Year^ | 3.640% | Maturity | 2,149,534 | — | 2,149,534 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 20,000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 2,559,040 | — | 2,559,040 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 10,000 | 05/29/2026 | MMD 10 Year^ | 3.660% | Maturity | 948,325 | — | 948,325 | |||||||||||||||||||
| Morgan Stanley Bank NA | USD | 10,000 | 07/13/2026 | MMD 5 Year^ | 2.930% | Maturity | 299,659 | — | 299,659 | |||||||||||||||||||
| Royal Bank of Canada | USD | 20,000 | 10/13/2026 | MMD 5 Year^ | 2.610% | Maturity | 201,735 | — | 201,735 | |||||||||||||||||||
|
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|
|
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| $ | 15,154,409 | $ | — | $ | 15,154,409 | |||||||||||||||||||||||
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|
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| ^ | Variable interest rate based on the Municipal Market Data AAA General Obligation Scale. |
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | Security 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 $1,397,167,444 or 49.0% of net assets. |
| (b) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund . |
| (c) | When-Issued or delayed delivery security. |
| (d) | Non-income producing security. |
| (e) | Defaulted. |
| (f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 3.61% 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 |
08/12/2020- 06/10/2022 |
$ | 10,701,376 | $ | 244,870 | 0.01% | ||||||
| Arizona Industrial Development Authority |
06/04/2021- 07/21/2022 |
466,370 | 11,280 | 0.00% | ||||||||
| Arizona Industrial Development Authority |
06/04/2021 | 3,000,000 | 70,500 | 0.00% | ||||||||
| Brazoria County Industrial Development Corp. |
06/08/2022 | 7,808,977 | 797 | 0.00% | ||||||||
| Brazoria County Industrial Development Corp. |
06/05/2023 | 937,369 | 94 | 0.00% | ||||||||
53
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| California School Finance Authority |
01/10/2023 | $ | 929,889 | $ | 600,000 | 0.02% | ||||||
| Colorado Educational & Cultural Facilities Authority |
12/20/2023 | 4,000,000 | 4,206,868 | 0.15% | ||||||||
| Colorado Health Facilities Authority |
11/20/2015 | 1,751,086 | 1,264,867 | 0.04% | ||||||||
| County of Montgomery OH |
08/29/2018- 10/05/2020 |
2,765,543 | 49,055 | 0.00% | ||||||||
| Douglas County Housing Partnership |
01/14/2021 | 9,860,216 | 8,500,000 | 0.30% | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
07/14/2021 | 1,916,480 | 1,458,308 | 0.05% | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
04/27/2023- 07/14/2021 |
1,915,902 | 1,304,231 | 0.05% | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota |
04/17/2023- 07/14/2021 |
1,015,167 | 558,401 | 0.02% | ||||||||
| Illinois Housing Development Authority |
10/19/2022 | 5,820,000 | 5,902,198 | 0.21% | ||||||||
| Indiana Finance Authority |
03/28/2019- 02/09/2022 |
16,910,385 | 878,750 | 0.03% | ||||||||
| Industrial Development Authority of the County of Pima (The) |
10/29/2020 | 5,088,250 | 4,000,000 | 0.14% | ||||||||
54
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| Industrial Development Authority of the County of Pima (The) |
10/29/2020 | $ | 980,723 | $ | 800,000 | 0.02% | ||||||
| Knox County Industrial Development Board |
11/25/2022 | 2,350,000 | 2,335,545 | 0.08% | ||||||||
| Knox County Industrial Development Board |
11/25/2022- 06/13/2025 |
6,853,536 | 6,462,174 | 0.23% | ||||||||
| Last Step Recycling LLC |
03/26/2025- 12/18/2025 |
2,476,393 | 2,476,393 | 0.09% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board |
01/27/2021 | 35,000 | 10 | 0.00% | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs
Bd |
08/29/2018 | 3,520,267 | 42,000 | 0.00% | ||||||||
| Mississippi Business Finance Corp. |
12/13/2022 | 5,688,897 | 287,500 | 0.01% | ||||||||
| New Hope Cultural Education Facilities Finance Corp. |
02/03/2023- 07/30/2024 |
7,609,919 | 7,612,288 | 0.27% | ||||||||
| Polk County Industrial Development Authority/FL |
10/23/2020 | 1,905,000 | 381,000 | 0.01% | ||||||||
| Pueblo Urban Renewal Authority |
03/24/2021- 03/30/2021 |
3,820,429 | 3,661,698 | 0.13% | ||||||||
| South Carolina Jobs-Economic Development Authority |
06/16/2021- 07/20/2022 |
3,043,149 | 342,650 | 0.01% | ||||||||
| South Carolina Jobs-Economic Development Authority |
06/16/2021- 10/20/2022 |
2,823,606 | 349,250 | 0.01% | ||||||||
55
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| State of Nevada Department of Business & Industry |
08/24/2018 | $ | 1,464,723 | $ | 15 | 0.00% | ||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 8,500,000 | 3,400,000 | 0.12% | ||||||||
| Virginia Small Business Financing Authority |
06/08/2022 | 10,000,000 | 4,000,000 | 0.14% | ||||||||
| West Virginia Economic Development Authority |
05/31/2023 | 8,000,000 | 4,800,000 | 0.17% | ||||||||
| Wisconsin Public Finance Authority |
08/03/2021 | 27,000,000 | 25,733,921 | 0.90% | ||||||||
| Wisconsin Public Finance Authority |
07/10/2023 | 5,500,000 | 5,571,144 | 0.20% | ||||||||
| Wisconsin Public Finance Authority |
07/10/2023 | 5,500,000 | 5,574,589 | 0.20% | ||||||||
| Wisconsin Public Finance Authority |
11/10/2022 | 7,500,000 | 0 | 0.00% | ||||||||
| Wisconsin Public Finance Authority |
03/16/2023 | 1,815,000 | 18 | 0.00% | ||||||||
| (g) | IO - Interest Only. |
| (h) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026. |
| (i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (j) | Fair valued by the Adviser. |
| (k) | Defaulted matured security. |
| (l) | 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. |
| (m) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (n) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (o) | The rate shown represents the 7-day yield as of period end. |
| (p) | Affiliated investments. |
56
| (q) | 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. |
| (r) | 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 $104,944,546 and gross unrealized depreciation of investments was $(317,261,041), resulting in net unrealized depreciation of $(212,316,495). |
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 1.4% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
BAM – Build American Mutual
CCRC – Congregate Care Retirement Center
CDX-NAHY – North American High Yield Credit Default Swap Index
CHF – Collegiate Housing Foundation
MMD – Municipal Market Data
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
57
AB Municipal Income Fund, Inc.
AB High Income Municipal 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.
58
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 | $ | — | $ | 3,174,509,040 | $ | 3,472,952 | (a) | $ | 3,177,981,992 | |||||||
| Short-Term Municipal Notes | — | 185,255 | 18 | (a) | 185,273 | |||||||||||
| Corporates - Non-Investment Grade | — | 6,747,285 | 9,098,945 | 15,846,230 | ||||||||||||
| Corporates - Investment Grade | — | 6,569,766 | — | 6,569,766 | ||||||||||||
| Preferred stocks | — | — | 656,848 | 656,848 | ||||||||||||
| Warrants | — | — | 157,129 | 157,129 | ||||||||||||
| Short-Term Investments | 33,723,047 | — | — | 33,723,047 | ||||||||||||
|
|
|
|
|
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|
|
|
|||||||||
| Total Investments in Securities | 33,723,047 | 3,188,011,346 | 13,385,892 | (a) | 3,235,120,285 | |||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 3,537,650 | — | 3,537,650 | ||||||||||||
| Interest Rate Swaps | — | 15,154,409 | — | 15,154,409 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (13,155,290 | ) | — | (13,155,290 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (697,103 | ) | — | (697,103 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (1,899,051 | ) | — | (1,899,051 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 33,723,047 | $ | 3,190,951,961 | $ | 13,385,892 | (a) | $ | 3,238,060,900 | |||||||
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|
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The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.
| (a) | The 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 |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 02/28/2026 |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 57,952 | $ | 466,223 | $ | 490,452 | $ | 33,723 | $ | 906 | ||||||||||
59