Ab Bond Fund NPORTP AB Municipal Bond Inflation Strategy (Jul 2024 report)

AB Municipal Bond Inflation Strategy

Portfolio of Investments

July 31, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.7%
Long-Term Municipal Bonds – 97.4%
Alabama – 4.4%
Alabama Special Care Facilities Financing Authority-Birmingham AL (Children’s Hospital of Alabama Obligated Group (The)) Series 2015 5.00%, 06/01/2028	$	3,905	$	3,951,831
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.25%, 01/01/2054		1,830		1,966,352
Series 2023-D 5.435% (SOFR + 1.85%), 06/01/2049^(a)		2,500		2,563,645
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 1.00%, 05/01/2055^(b)		1,100		1,173,389
Black Belt Energy Gas District (Royal Bank of Canada) Series 2021 4.00%, 06/01/2051		21,155		21,428,473
Series 2022-D 4.00%, 07/01/2052		2,555		2,574,924
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2016 5.00%, 02/01/2025		2,110		2,123,942
Series 2021 4.00%, 02/01/2039		1,675		1,599,957
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		2,000		2,153,565
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) Series 2022-B 5.00%, 05/01/2053		1,000		1,044,667
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		18,485		18,477,504
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		2,000		2,118,211
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054		3,000		3,185,372

				64,361,832


Alaska – 0.3%
Alaska Housing Finance Corp. (Pre-refunded - Others) Series 2023 4.39%, 07/01/2026^(c)		4,000		4,025,852


	Principal Amount (000)		U.S. $ Value

American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035	$	1,335	$	1,368,216
Series 2018 6.50%, 09/01/2028^(c)		245		254,740
7.125%, 09/01/2038^(c)		280		303,443

				1,926,399


Arizona – 2.4%
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2030		935		957,255
5.00%, 11/01/2031		800		873,845
5.00%, 11/01/2032		650		710,299
5.00%, 11/01/2033		900		982,028
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2041		500		480,776
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026^{(d) (e) (f)}		1,000		40,000
6.75%, 07/01/2030^{(d) (e) (f)}		1,000		40,000
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2021 4.00%, 02/01/2039		1,800		1,809,066
5.00%, 02/01/2026		1,200		1,233,177
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052		5,000		5,154,894
Series 2024 4.00%, 06/01/2049		2,000		2,028,817
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.542%, 07/01/2033		4,000		3,413,568
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2017-A 5.00%, 07/01/2029		3,945		4,083,846
Series 2018 5.00%, 07/01/2043		4,000		4,116,903
City of Tempe AZ (City of Tempe AZ COP) Series 2021 1.951%, 07/01/2031		2,400		2,032,073


	Principal Amount (000)		U.S. $ Value

Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre Inc Obligated Group) Series 2022 5.125%, 11/15/2029^(c)	$	1,500	$	1,515,216
State of Arizona Lottery Revenue (Pre-refunded - US Treasuries) Series 2019 5.00%, 07/01/2028		5,000		5,380,822

				34,852,585


Arkansas – 0.1%
Arkansas Development Finance Authority (Hybar LLC) Series 2024 7.375%, 07/01/2048^(c)		1,000		1,104,870
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		1,000		997,356

				2,102,226


California – 10.1%
ARC70 II TRUST Series 2023 4.84%, 04/01/2065^{(f) (g)}		4,766		4,506,674
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		2,000		2,145,611
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		4,925		5,278,605
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2023 5.25%, 11/01/2054		1,125		1,210,058
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(c)		3,315		2,723,058
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(c)		990		854,052
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		950		910,769
Series 2021-2, Class A 3.75%, 03/25/2035		4,813		4,833,650
Series 2021-2, Class X 0.82%, 03/25/2035^(h)		2,407		109,763
Series 2021-3, Class A 3.25%, 08/20/2036		1,917		1,799,108


	Principal Amount (000)		U.S. $ Value

California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 3.95%, 01/01/2050^(c)	$	8,910	$	8,910,205
8.00%, 01/01/2050^{(b) (c)}		1,000		1,013,755
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040^{(c) (d) (e)}		250		18,750
California State Public Works Board (State of California Department of Corrections & Rehabilitation Lease) Series 2018 5.00%, 05/01/2029		2,995		3,216,385
California State University Series 2021-B 2.374%, 11/01/2035		1,000		790,768
City of Los Angeles CA Series 2024 5.00%, 06/26/2025		6,000		6,112,463
City of Los Angeles Department of Airports Series 2021 5.00%, 05/15/2035		4,000		4,340,402
Series 2022 5.00%, 05/15/2028		4,000		4,228,128
County of Los Angeles CA Series 2024 5.00%, 06/30/2025		1,000		1,018,489
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(c)		2,000		1,620,475
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(c)		3,200		2,711,852
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(c)		2,300		1,948,219
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(c)		2,000		1,503,327
Los Angeles Department of Water & Power (Pre-refunded - US Treasuries) Series 2014-C 5.00%, 07/01/2025		1,000		1,002,668
Los Angeles Unified School District/CA Series 2024-A 5.00%, 07/01/2031		6,500		7,399,348


	Principal Amount (000)		U.S. $ Value

Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.327% (CME Term SOFR 3 Month + 0.57%), 06/01/2039^(a)	$	5,000	$	4,599,265
San Diego County Regional Airport Authority Series 2021-B 4.00%, 07/01/2039		7,075		7,034,082
4.00%, 07/01/2040		8,655		8,540,083
4.00%, 07/01/2041		3,325		3,254,872
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2025		5,480		5,550,856
Series 2023-E 5.50%, 05/01/2040		5,000		5,649,542
Series 2024 5.00%, 05/01/2036		5,960		6,573,624
5.00%, 05/01/2037		2,000		2,205,078
5.00%, 05/01/2039		4,975		5,435,381
5.25%, 05/01/2044		3,380		3,689,894
San Francisco Intl Airport (Pre-refunded - US Treasuries) Series 2014-A 5.00%, 05/01/2044		4,000		4,005,707
Southern California Public Power Authority (American International Group, Inc.) Series 2024-A 5.00%, 04/01/2055		1,400		1,496,161
State of California Series 2021 4.00%, 12/01/2024		2,655		2,664,308
5.00%, 10/01/2024		3,590		3,602,009
Series 2023 5.00%, 09/01/2037		10,000		11,569,468
5.10%, 03/01/2029		1,200		1,237,704

				147,314,616


Colorado – 3.8%
Arapahoe County School District No. 5 Cherry Creek (Arapahoe County School District No. 5 Cherry Creek COP) Series 2022 4.00%, 12/15/2038		2,655		2,732,110
City & County of Denver CO Airport System Revenue Series 2022-A 5.00%, 11/15/2031		7,910		8,622,424
City & County of Denver CO Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2028		2,090		2,214,590
5.00%, 12/01/2029		6,555		6,918,148
Colorado Health Facilities Authority (AdventHealth Obligated Group) Series 2021 5.00%, 11/15/2041		2,600		2,833,993
Series 2023 5.00%, 11/15/2058		5,280		5,642,173


	Principal Amount (000)		U.S. $ Value

Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2030	$	1,015	$	1,088,732
5.00%, 08/01/2032		640		687,314
5.00%, 08/01/2033		750		805,544
Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) Series 2019-B 4.00%, 01/01/2040		1,445		1,452,888
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2033		1,525		1,648,053
Colorado State Education Loan Program Series 2024-A 5.00%, 06/30/2025		7,000		7,129,212
E-470 Public Highway Authority Series 2024-B 4.321% (SOFR + 0.75%), 09/01/2039^(a)		2,000		1,998,923
E-470 Public Highway Authority (Pre-refunded - US Govt Agencies) Series 2021-B 3.921% (SOFR + 0.35%), 09/01/2039^(a)		2,000		2,000,155
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		1,873		1,665,130
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053^(c)		306		317,845
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		6,000		7,131,465
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		1,000		1,068,043
Vauxmont Metropolitan District AGM Series 2019 5.00%, 12/15/2024		260		261,516

				56,218,258


Connecticut – 2.3%
City of New Haven CT Series 2018-A 5.50%, 08/01/2035		1,920		2,045,516
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group (The)) Series 2022 4.00%, 07/01/2040		1,500		1,467,421


	Principal Amount (000)		U.S. $ Value

Connecticut State Health & Educational Facilities Authority (Yale University) Series 2022 1.10%, 07/01/2049	$	8,000	$	7,881,332
Series 2023-A 2.80%, 07/01/2048		7,710		7,654,925
State of Connecticut Series 2014-F 5.00%, 11/15/2026		1,275		1,280,968
Series 2015-B 5.00%, 06/15/2028		2,840		2,884,127
Series 2016-A 5.00%, 03/15/2032		2,160		2,213,250
Series 2018-B 5.00%, 04/15/2028		1,440		1,546,923
State of Connecticut Special Tax Revenue Series 2020 5.00%, 05/01/2038		3,040		3,322,464
Series 2023-A 5.25%, 07/01/2042		3,000		3,428,541

				33,725,467


District of Columbia – 3.2%
District of Columbia (District of Columbia International School Obligated Group) Series 2019 5.00%, 07/01/2039		2,400		2,480,231
District of Columbia (Plenary Infrastructure DC LLC State Lease) Series 2022 5.00%, 08/31/2029		4,765		5,062,026
5.00%, 08/31/2030		5,025		5,390,846
5.00%, 02/29/2032		5,475		5,953,420
District of Columbia Income Tax Revenue Series 2022-A 5.00%, 07/01/2042		5,795		6,423,373
Series 2024-A 5.00%, 10/01/2035		3,750		4,423,552
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2026		3,065		3,166,676
Series 2021-A 4.00%, 10/01/2038		2,500		2,512,645
Series 2024-A 5.00%, 10/01/2034		2,000		2,206,884
5.00%, 10/01/2042		1,000		1,074,454
5.25%, 10/01/2041		2,000		2,208,769
Metropolitan Washington Airports Authority Aviation Revenue (Pre-refunded - US Treasuries) Series 2014-A 5.00%, 10/01/2044		3,000		3,009,542


	Principal Amount (000)		U.S. $ Value

Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) Series 2023 5.00%, 07/15/2040	$	2,540	$	2,855,140

				46,767,558


Florida – 4.7%
Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) Series 2021 3.25%, 12/01/2051^(c)		2,500		2,249,215
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.125%, 06/01/2042		2,400		2,471,365
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2025		4,500		4,584,771
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		2,600		2,481,223
County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) Series 2015-A 5.00%, 06/01/2026		2,885		2,917,167
5.00%, 06/01/2027		4,515		4,569,915
County of Miami-Dade FL Aviation Revenue Series 2024-A 5.00%, 10/01/2034^(b)		3,130		3,441,154
5.00%, 10/01/2036^(b)		4,970		5,426,196
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		115		89,634
Zero Coupon, 10/01/2031		140		104,631
Zero Coupon, 10/01/2032		100		71,724
Zero Coupon, 10/01/2033		115		79,037
Zero Coupon, 10/01/2034		125		82,328
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030^(c)		8,000		8,663,522
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		500		466,311
Florida State Board of Governors (Florida State University Athletics Association, Inc.) BAM Series 2024-A 5.00%, 10/01/2042		4,500		5,020,892
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2033		4,000		4,135,409
Greater Orlando Aviation Authority (Pre-refunded - US Treasuries) Series 2017-A 5.00%, 10/01/2029		4,420		4,639,065


	Principal Amount (000)		U.S. $ Value

Hillsborough County Aviation Authority (Pre-refunded - US Treasuries) Series 2015-A 5.00%, 10/01/2044	$	10,000	$	10,023,383
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036		1,000		1,002,109
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033^(c)		950		893,317
School District of Broward County/FL Series 2024 4.00%, 01/29/2025		2,000		2,007,769
Village Community Development District No. 14 (Village Community Development District No. 14 Series 2022 Phase I Special Asmnts) Series 2022 5.50%, 05/01/2053		2,680		2,795,960

				68,216,097


Georgia – 3.1%
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2034		4,490		4,717,747
City of Atlanta GA Department of Aviation Series 2022-B 5.00%, 07/01/2038		3,440		3,722,216
5.00%, 07/01/2042		6,830		7,279,705
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2025		1,650		1,669,348
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-A 4.00%, 09/01/2052		2,075		2,092,183
Series 2024-C 5.00%, 12/01/2054		4,000		4,261,069
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023-B 5.00%, 07/01/2053		8,000		8,524,931
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) Series 2019-B 4.00%, 08/01/2049		2,000		2,001,215
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(c)		10,000		11,349,308

				45,617,722


	Principal Amount (000)		U.S. $ Value

Illinois – 5.7%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2027	$	1,200	$	1,236,798
Series 2019-B 5.00%, 12/01/2030		135		140,723
5.00%, 12/01/2031		265		276,104
5.00%, 12/01/2033		100		104,082
Series 2023 5.25%, 04/01/2033		1,375		1,553,868
5.25%, 04/01/2040		1,720		1,890,606
Chicago Housing Authority Series 2018-A 5.00%, 01/01/2034		2,500		2,616,266
5.00%, 01/01/2037		5,260		5,488,452
5.00%, 01/01/2038		1,000		1,041,213
Chicago O’Hare International Airport Series 2015-B 5.00%, 01/01/2029		5,000		5,026,300
Series 2016-C 5.00%, 01/01/2033		5,000		5,102,868
Series 2022 4.00%, 01/01/2042		2,000		1,992,445
5.00%, 01/01/2028		680		710,846
5.00%, 01/01/2031		600		646,808
5.00%, 01/01/2042		3,850		4,077,068
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2026		100		99,871
5.00%, 09/01/2027		100		100,185
5.00%, 09/01/2029		100		100,475
5.00%, 09/01/2033		200		200,070
5.00%, 09/01/2034		100		99,597
Illinois Finance Authority (Pre-refunded - US Treasuries) Series 2015 4.00%, 05/01/2044		1,500		1,509,542
Illinois Finance Authority (Washington and Jane Smith Community - Orland Park) Series 2022 4.00%, 10/15/2040		9,375		8,023,340
Illinois Housing Development Authority Series 2024 5.67%, 11/01/2038^(f)		1,190		1,199,069
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2022 7.17%, 11/01/2038		125		129,986
Illinois State Toll Highway Authority Series 2021-A 5.00%, 01/01/2041		14,805		16,333,243
5.00%, 01/01/2043		6,700		7,283,366
State of Illinois Series 2014 5.00%, 05/01/2030		3,810		3,813,666
Series 2022-A 5.50%, 03/01/2042		2,945		3,271,494
Series 2022-B 5.25%, 10/01/2037		3,000		3,362,071


	Principal Amount (000)		U.S. $ Value

Series 2024-B 5.00%, 05/01/2038	$	1,000	$	1,116,038
5.00%, 05/01/2041		1,400		1,536,967
5.25%, 05/01/2043		3,000		3,329,899

				83,413,326


Indiana – 2.7%
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		5,000		5,045,024
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(f)		2,220		1,326,471
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2033		2,000		2,325,490
Indiana Finance Authority (Duke Energy Indiana LLC) Series 2022 3.75%, 03/01/2031		5,750		5,747,173
4.50%, 05/01/2035		7,555		7,586,770
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2035		1,210		1,147,126
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2021 0.70%, 12/01/2046		7,150		6,860,444
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030		495		445,821
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 4.441% (SOFR + 0.71%), 11/01/2046^{(a) (f)}		2,000		1,994,767
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2037		5,000		5,155,248
Indianapolis Local Public Improvement Bond Bank Series 2023 5.00%, 02/01/2043		1,030		1,134,200

				38,768,534


Iowa – 1.5%
Iowa Finance Authority Series 2022-E 4.545% (SOFR + 0.80%), 01/01/2052^(a)		8,000		8,009,541


	Principal Amount (000)		U.S. $ Value

Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.25%, 11/01/2040	$	2,275	$	2,198,328
Iowa Tobacco Settlement Authority Series 2021-A 4.00%, 06/01/2034		500		511,118
4.00%, 06/01/2035		515		525,678
4.00%, 06/01/2040		500		500,247
5.00%, 06/01/2031		900		976,491
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		9,300		9,493,110

				22,214,513


Kansas – 0.1%
Kansas Development Finance Authority (Pre-refunded - US Treasuries) Series 2021 5.00%, 11/15/2054		720		766,414


Kentucky – 1.6%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 5.00%, 02/01/2026		180		182,728
5.00%, 02/01/2027		195		200,697
5.00%, 02/01/2030		125		132,291
5.00%, 02/01/2031		150		155,893
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.407% (CPI + 1.05%), 12/01/2049^(a)		20,000		19,926,490
Kentucky State Property & Building Commission (Kentucky State Property & Building Commission Lease) Series 2024-B 5.00%, 11/01/2024		3,000		3,014,123

				23,612,222


Louisiana – 1.0%
City of New Orleans LA Series 2021-A 5.00%, 12/01/2030		1,910		2,111,131
5.00%, 12/01/2035		2,680		2,947,236
Jefferson Sales Tax District AGM Series 2017-B 5.00%, 12/01/2034		1,800		1,888,571
Louisiana Local Government Environmental Facilities & Community Development Auth (LCDA 2023-ELL) Louisiana Local Government Environmental Facilities & Community Development Auth Series 2023-ELL, Class A1 5.081%, 06/01/2031		2,578		2,605,314


	Principal Amount (000)		U.S. $ Value

Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041^(c)	$	340	$	345,125
6.10%, 06/01/2038^(c)		455		505,040
6.10%, 12/01/2040^(c)		390		434,026
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.231% (SOFR + 0.50%), 05/01/2043^(a)		4,015		4,001,066

				14,837,509


Maryland – 0.8%
State of Maryland Series 2017-B 5.00%, 08/01/2024		5,790		5,790,000
5.00%, 08/01/2025		1,000		1,020,839
Series 2022-A 5.00%, 06/01/2035		1,000		1,144,919
State of Maryland Department of Transportation Series 2017 5.00%, 05/01/2026		3,210		3,253,873

				11,209,631


Massachusetts – 1.8%
City of Quincy MA Series 2024 5.00%, 07/25/2025		1,000		1,017,046
Commonwealth of Massachusetts Series 2014-C 5.00%, 08/01/2024		7,000		7,000,000
Series 2017-D 5.00%, 07/01/2025		3,000		3,057,265
Series 2024-A 5.00%, 01/01/2040		2,000		2,276,283
Series 2024-B 5.00%, 05/01/2043		2,000		2,244,085
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		1,267		1,242,702
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2024 8.50%, 10/01/2026		1,000		1,017,998
Massachusetts Port Authority Series 2019-A 5.00%, 07/01/2038		2,500		2,630,987
Series 2019-C 5.00%, 07/01/2039		3,050		3,199,832
Massachusetts Water Resources Authority Series 2024-C 5.00%, 08/01/2040		2,810		3,244,036

				26,930,234


Michigan – 2.1%
City of Detroit MI Series 2018 5.00%, 04/01/2035		750		783,060
5.00%, 04/01/2036		305		317,913


	Principal Amount (000)		U.S. $ Value

City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 4.347% (CME Term SOFR 3 Month + 0.60%), 07/01/2032^(a)	$	2,605	$	2,544,358
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) Series 2024 5.00%, 07/01/2048		1,125		1,182,746
Great Lakes Water Authority Sewage Disposal System Revenue Series 2016-B 5.00%, 07/01/2025		2,120		2,158,299
Great Lakes Water Authority Water Supply System Revenue Series 2016-C 5.00%, 07/01/2025		1,000		1,018,065
Michigan Finance Authority Series 2024-A 5.00%, 08/20/2025^(b)		2,500		2,543,133
Michigan Finance Authority (Bronson Health Care Group Obligated Group) Series 2019 3.75%, 11/15/2049		11,080		11,102,133
Michigan Finance Authority (City of Detroit MI) Series 2016-C 5.00%, 04/01/2026		1,000		1,028,957
5.00%, 04/01/2027		1,735		1,798,606
Michigan Finance Authority (Corewell Health Obligated Group) Series 2022 5.00%, 04/15/2025		3,000		3,039,173
Michigan Finance Authority (Henry Ford Health System Obligated Group) Series 2016 5.00%, 11/15/2031		1,785		1,841,954
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		1,000		940,423

				30,298,820


Minnesota – 0.8%
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.205%, 01/01/2042^{(c) (i)}		1,500		1,562,855
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023 5.30%, 07/01/2028^(c)		375		374,787
5.66%, 07/01/2041^(c)		1,000		1,001,332


	Principal Amount (000)		U.S. $ Value

Minneapolis-St. Paul Metropolitan Airports Commission Series 2022-B 4.00%, 01/01/2038	$	4,250	$	4,255,022
5.00%, 01/01/2039		2,105		2,252,567
State of Minnesota Series 2022-B 5.00%, 08/01/2024		2,000		2,000,000

				11,446,563


Mississippi – 0.1%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 5.00%, 10/01/2033^(c)		1,000		1,017,414


Missouri – 0.1%
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025		135		135,814
5.75%, 03/01/2027		120		122,109
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036		1,675		1,682,688

				1,940,611


Montana – 0.2%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2031		1,925		1,979,490
5.00%, 02/15/2033		1,350		1,385,843

				3,365,333


Nebraska – 0.6%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		2,000		2,112,675
Central Plains Energy Project (Royal Bank of Canada) Series 2019 4.00%, 12/01/2049		6,115		6,126,282

				8,238,957


Nevada – 1.9%
Clark County School District Series 2021-A 5.00%, 06/15/2027		3,500		3,696,287
Series 2021-B 5.00%, 06/15/2027		5,170		5,459,944
Las Vegas Valley Water District Series 2022-A 4.00%, 06/01/2036		5,000		5,198,870
4.00%, 06/01/2037		6,350		6,595,132


	Principal Amount (000)		U.S. $ Value

State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 8.125%, 01/01/2050^(c)	$	1,630	$	1,709,450
Series 2024 4.00%, 01/01/2050^(c)		940		940,059
8.125%, 01/01/2050^(b)		1,000		1,013,755
Tahoe-Douglas Visitors Authority Series 2020 5.00%, 07/01/2029		2,625		2,745,703
5.00%, 07/01/2035		805		841,452

				28,200,652


New Hampshire – 1.3%
National Finance Authority Series 2022-2, Class X 0.675%, 10/01/2036^(h)		4,882		228,370
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		1,448		1,441,079
Series 2022-1, Class A 4.375%, 09/20/2036		9,732		9,802,472
Series 2022-1, Class X 0.334%, 09/20/2036^(h)		8,282		178,205
Series 2022-2, Class A 4.00%, 10/20/2036		4,882		4,775,448
Series 2024-2 4.163%, 10/20/2041^(b)		2,000		1,934,119

				18,359,693


New Jersey – 5.4%
Essex County Improvement Authority (County of Essex NJ) Series 2024 5.00%, 06/18/2025		2,000		2,031,006
Illinois Housing Development Authority (FCR 2019-B) Series 2019-B, Class 1 3.87%, 11/15/2035^(c)		12,264		11,387,369
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034		2,000		2,012,710
New Jersey Educational Facilities Authority (Ramapo College of New Jersey) AGM Series 2022-A 4.00%, 07/01/2039		550		550,659
4.00%, 07/01/2040		750		746,998
4.00%, 07/01/2041		835		830,340
5.00%, 07/01/2034		845		954,080
5.00%, 07/01/2035		400		451,079
5.00%, 07/01/2036		600		673,926
5.00%, 07/01/2037		600		672,528
5.00%, 07/01/2038		745		829,908


	Principal Amount (000)		U.S. $ Value

New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029	$	4,390	$	4,523,176
Series 2018-A 5.00%, 06/15/2028		4,170		4,302,870
5.00%, 06/15/2029		17,500		18,030,882
5.00%, 06/15/2030		1,500		1,542,244
5.00%, 06/15/2031		3,000		3,080,196
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2014-C 5.25%, 06/15/2032		2,960		2,975,701
Series 2023-B 5.00%, 06/15/2040		3,265		3,635,838
5.00%, 06/15/2043		1,250		1,369,222
New Jersey Turnpike Authority Series 2017-A 5.00%, 01/01/2033		7,300		7,608,546
Series 2021-B 0.897%, 01/01/2025		1,000		981,595
1.713%, 01/01/2029		1,350		1,206,535
Series 2024-C 5.00%, 01/01/2043^(b)		2,400		2,659,842
5.00%, 01/01/2044^(b)		1,000		1,104,405
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2030		4,750		5,002,200

				79,163,855


New Mexico – 0.1%
State of New Mexico Severance Tax Permanent Fund Series 2022-A 5.00%, 07/01/2031		1,000		1,131,500


New York – 8.3%
City of New York NY Series 2021 1.396%, 08/01/2027		3,120		2,857,178
Series 2021-A 4.00%, 08/01/2041		2,000		2,000,908
Series 2021-F 5.00%, 06/01/2044⁽ⁱ⁾		2,500		2,532,081
County of Nassau NY Series 2022-A 4.00%, 04/01/2042		2,205		2,218,844
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Freddie Mac Multifamily ML Certificates Series 2024-ML23, Class AUS 4.563%, 04/25/2042^(c)		2,000		2,145,756
Metropolitan Transportation Authority Series 2016-A 5.00%, 11/15/2024		1,130		1,135,111
Series 2016-B 5.00%, 11/15/2027		1,370		1,422,059


	Principal Amount (000)		U.S. $ Value

Series 2017 5.00%, 11/15/2025	$	1,935	$	1,980,167
5.00%, 11/15/2026		555		577,585
Series 2017-C 5.00%, 11/15/2027		1,745		1,843,712
Series 2020-A 5.00%, 11/15/2045		5,120		5,526,619
Series 2020-E 4.00%, 11/15/2026		1,000		1,018,339
New York City Municipal Water Finance Authority Series 2023 5.00%, 06/15/2034		2,000		2,361,563
New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024 5.00%, 11/01/2038		6,800		7,810,767
5.00%, 11/01/2039		1,900		2,173,749
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040^(c)		200		200,454
New York State Dormitory Authority (New York State Sales Tax) Series 2018-C 5.00%, 03/15/2040		2,000		2,096,458
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021 2.202%, 03/15/2034		2,000		1,626,761
2.252%, 03/15/2032		2,000		1,703,242
Series 2021-A 4.00%, 03/15/2039		1,000		1,015,096
Series 2022-A 4.00%, 03/15/2039		2,000		2,034,150
New York State Environmental Facilities Corp. (State of New York SRF) Series 2021 4.00%, 08/15/2038		800		825,833
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2022 5.00%, 09/15/2029		37,115		40,815,380
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2042		1,610		1,684,945
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		345		344,466
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2028		2,265		2,381,760
5.00%, 06/01/2032		2,245		2,439,456


	Principal Amount (000)		U.S. $ Value

Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050	$	4,740	$	4,869,373
Series 2021-A 2.00%, 05/15/2045		2,945		2,837,266
2.591%, 05/15/2036		2,000		1,589,859
2.917%, 05/15/2040		1,000		760,969
Series 2022 4.621% (SOFR + 1.05%), 04/01/2026^(a)		6,000		6,000,988
Series 2024 5.00%, 11/15/2035		3,000		3,516,292
Triborough Bridge & Tunnel Authority (Pre-refunded - US Treasuries) Series 2022-A 5.00%, 08/15/2024		6,500		6,504,601

				120,851,787


North Carolina – 0.9%
Fayetteville State University Series 2023 5.00%, 04/01/2032^(c)		655		714,304
State of North Carolina (State of North Carolina Fed Hwy Grant) Series 2015 5.00%, 03/01/2025		5,360		5,424,034
5.00%, 03/01/2026		6,710		6,780,498

				12,918,836


North Dakota – 0.0%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031^{(d) (e) (f) (j) (k)}		425		0
7.00%, 12/15/2043^{(d) (e) (f) (j) (k)}		440		0

				0


Ohio – 2.4%
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2016-A 5.00%, 02/15/2036		5,000		5,120,336
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2037		3,385		3,497,818
City of Cleveland OH Income Tax Revenue Series 2017-B1 5.00%, 10/01/2027		2,500		2,658,482
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		1,000		1,024,827
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037		2,000		2,180,875


	Principal Amount (000)		U.S. $ Value

Ohio Higher Educational Facility Commission (University of Dayton) Series 2022 5.00%, 02/01/2038	$	1,250	$	1,371,884
5.00%, 02/01/2039		3,860		4,207,972
Reynoldsburg City School District Series 2013 4.919%, 09/01/2030		1,000		1,025,254
Series 2014 4.939%, 09/01/2032		1,000		1,031,861
State of Ohio (Cleveland Clinic Health System Obligated Group) Series 2024 5.00%, 01/01/2035		3,400		3,948,331
University of Toledo Series 2023-B 4.638% (SOFR + 0.90%), 06/01/2036^{(a) (f)}		9,770		9,506,030

				35,573,670


Oklahoma – 0.3%
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		2,500		2,352,778
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		2,000		2,117,209

				4,469,987


Oregon – 1.0%
Deschutes County Hospital Facilities Authority (St. Charles Health System Obligated Group) Series 2016-A 4.00%, 01/01/2033		1,000		1,000,127
Oregon Health & Science University (Oregon Health & Science University Obligated Group) Series 2021-B 5.00%, 07/01/2046		4,750		5,108,509
Port of Portland OR Airport Revenue Series 2022-2 4.00%, 07/01/2038		5,000		5,023,387
4.00%, 07/01/2040		3,500		3,453,529

				14,585,552


Other – 0.4%
Federal Home Loan Mortgage Corp. Freddie Mac Multifamily ML Certificates Series 2021-ML10, Class ACA 2.046%, 06/25/2038		962		776,843
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2021-ML12, Class AUS 2.34%, 07/25/2041		2,433		2,011,271
Series 2022-ML13, Class XCA 0.96%, 07/25/2036^(h)		1,150		61,768


	Principal Amount (000)		U.S. $ Value

Series 2022-ML13, Class XUS 0.98%, 09/25/2036^(h)	$	2,041	$	136,443
Series M052, Class A 2.65%, 06/15/2036		3,655		3,229,464

				6,215,789


Pennsylvania – 7.0%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 4.31% (MUNIPSA + 0.70%), 11/15/2047^(a)		5,000		5,001,725
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2012-A 4.50%, 11/01/2041		1,000		640,000
Series 2020-B 5.00%, 02/01/2040		2,000		1,490,000
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 5.00%, 07/01/2032		1,150		1,131,585
5.00%, 07/01/2033		1,150		1,129,045
5.00%, 07/01/2034		1,300		1,273,841
5.00%, 07/01/2035		1,050		1,025,028
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032^(c)		925		948,468
City of Philadelphia PA Series 2017 5.00%, 08/01/2028		12,990		13,657,907
City of Philadelphia PA Water & Wastewater Revenue Series 2017-A 5.00%, 10/01/2032		1,000		1,051,753
5.00%, 10/01/2033		1,135		1,192,809
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) AGM Series 2022 4.00%, 07/01/2040		10,000		10,010,443
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2022 3.50%, 03/01/2025		485		480,334
5.00%, 03/01/2033		1,600		1,541,533
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2034		1,500		1,572,758
Series 2022 4.00%, 05/01/2036		1,100		1,101,868
4.00%, 05/01/2037		1,500		1,509,538


	Principal Amount (000)		U.S. $ Value

4.00%, 05/01/2038	$	1,375	$	1,375,875
4.00%, 05/01/2039		1,500		1,496,502
4.00%, 05/01/2040		2,000		1,987,915
4.00%, 05/01/2041		3,000		2,966,293
Montgomery County Industrial Development Authority/PA (Pre-refunded - US Treasuries) Series 2015 5.25%, 01/15/2045		2,000		2,020,101
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.125%, 07/01/2025		455		446,817
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2042		1,000		1,006,702
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 4.31% (MUNIPSA + 0.70%), 11/15/2047^(a)		5,000		5,001,725
Pennsylvania Turnpike Commission Series 2016 5.00%, 06/01/2026		2,000		2,046,767
Series 2016-A 5.00%, 06/01/2025		3,000		3,046,763
Series 2017 5.00%, 12/01/2028		1,750		1,850,426
5.00%, 12/01/2029		1,255		1,323,020
Series 2017-B 5.00%, 06/01/2034		5,830		6,074,494
Series 2021-A 3.00%, 12/01/2042		1,245		1,062,224
Series 2021-B 4.00%, 12/01/2039		2,000		1,988,976
Series 2022-A 5.00%, 12/01/2036		1,000		1,137,446
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2040		1,000		1,010,740
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.531% (SOFR + 0.80%), 09/01/2040^{(a) (c)}		10,000		9,709,606
School District of Philadelphia (The) Series 2016-F 5.00%, 09/01/2034		5,000		5,119,082
Series 2023-A 5.25%, 09/01/2039		2,000		2,268,745
5.25%, 09/01/2043		4,000		4,427,381

				102,126,235


	Principal Amount (000)		U.S. $ Value

Puerto Rico – 0.1%
Commonwealth of Puerto Rico Series 2021-A 4.00%, 07/01/2046	$	3	$	2,895
Series 2022-C Zero Coupon, 11/01/2043		18		10,960
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		970		968,498

				982,353


Rhode Island – 0.2%
Rhode Island Health and Educational Building Corp. (City of Newport RI) Series 2022-C 4.00%, 05/15/2040		3,435		3,501,347


South Carolina – 1.4%
Columbia Housing Authority/SC (Garden Lakes Apartments) Series 2022 4.80%, 11/01/2024		525		521,460
5.26%, 11/01/2032		100		99,135
5.41%, 11/01/2039		1,315		1,297,431
6.28%, 11/01/2039		100		98,734
Orangeburg County School District Series 2024 5.00%, 08/13/2025^(b)		2,400		2,444,961
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040^{(d) (e) (f)}		1,000		350,005
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 4.50%, 11/01/2054		2,000		2,006,730
5.25%, 11/01/2044		2,500		2,802,301
5.50%, 11/01/2050		2,500		2,813,823
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2034		1,000		1,017,208
5.00%, 12/01/2036		1,535		1,559,137
Series 2016-B 5.00%, 12/01/2037		5,040		5,136,017
Series 2016-C 5.00%, 12/01/2035		930		949,365

				21,096,307


Tennessee – 2.0%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(c)		1,410		1,355,616
Series 2016-B Zero Coupon, 12/01/2031^(c)		1,000		659,545


	Principal Amount (000)		U.S. $ Value

Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 8.75%, 11/01/2032^(c)	$	1,000	$	1,023,069
9.25%, 11/01/2042^(c)		1,000		1,022,869
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.50%, 07/01/2037		1,000		1,133,004
5.50%, 07/01/2038		1,300		1,463,047
5.50%, 07/01/2042		1,485		1,637,984
Tennergy Corp./TN (Morgan Stanley) Series 2021-A 4.00%, 12/01/2051		9,015		9,056,693
Tennergy Corp./TN (Nomura Holdings, Inc.) Series 2022-A 5.50%, 10/01/2053		5,000		5,391,455
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053		4,000		4,165,560
Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) Series 2021 4.00%, 12/01/2039		1,000		852,404
4.25%, 12/01/2024		1,000		985,357

				28,746,603


Texas – 4.2%
Central Texas Regional Mobility Authority Series 2021-B 5.00%, 01/01/2034		1,575		1,720,053
5.00%, 01/01/2035		1,350		1,473,162
5.00%, 01/01/2037		1,675		1,818,498
5.00%, 01/01/2039		1,000		1,079,619
Central Texas Turnpike System Series 2024-A 5.00%, 08/15/2038^(b)		1,000		1,131,527
Series 2024-C 5.00%, 08/15/2038^(b)		2,200		2,463,604
City of Houston TX Airport System Revenue Series 2021-A 4.00%, 07/01/2035		1,100		1,096,885
AGM Series 2023 5.00%, 07/01/2033		4,000		4,407,420
City of Houston TX Combined Utility System Revenue Series 2019-B 4.00%, 11/15/2039		1,015		1,027,824
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2038		1,750		1,921,045
5.00%, 02/01/2039		2,000		2,183,047


	Principal Amount (000)		U.S. $ Value

Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2041	$	905	$	890,847
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 4.46% (MUNIPSA + 0.85%), 07/01/2049^(a)		1,000		998,131
Series 2024 5.00%, 07/01/2034		2,000		2,312,526
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) Series 2021 4.00%, 10/01/2041		2,000		1,986,230
Lewisville Independent School District Series 2020 5.00%, 08/15/2024		2,295		2,296,668
Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2021 5.00%, 05/15/2029		800		867,705
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061^{(d) (e)}		945		360,846
7.50%, 11/15/2036^{(d) (e)}		225		186,631
7.50%, 11/15/2037^{(d) (e)}		35		27,042
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027^(f)		1,310		1,313,968
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2022 4.00%, 01/01/2042		1,825		1,394,466
North Texas Tollway Authority (North Texas Tollway System) Series 2021-B 4.00%, 01/01/2032		1,080		1,115,281
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group) Series 2024 10.00%, 07/01/2026^(c)		1,000		1,017,978
Port of Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2021 2.00%, 01/01/2027^(c)		550		518,784


	Principal Amount (000)		U.S. $ Value

San Antonio Independent School District/TX Series 2015 5.00%, 02/15/2025	$	2,000	$	2,021,989
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group) Series 2018-A 5.00%, 07/01/2030		2,465		2,633,356
5.00%, 07/01/2031		10,940		11,674,229
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		7,260		7,830,025
Texas State University System Series 2024 5.00%, 03/15/2043		1,000		1,109,537

				60,878,923


Utah – 0.4%
Intermountain Power Agency Series 2023 5.00%, 07/01/2039		2,000		2,241,784
State of Utah (Pre-refunded - US Treasuries) Series 2015 5.00%, 07/01/2025		3,275		3,302,242

				5,544,026


Virginia – 0.8%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		2,000		2,001,428
Chesterfield County Economic Development Authority (County of Chesterfield VA) Series 2024 5.00%, 04/01/2042		2,000		2,251,441
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		1,488		1,394,189
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2019-A 5.00%, 02/01/2025		3,000		3,031,583
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2024-A 5.00%, 08/01/2044		1,085		1,225,525
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) Series 2023 5.00%, 11/01/2052		2,000		2,000,876

				11,905,042


	Principal Amount (000)		U.S. $ Value

Washington – 4.0%
Energy Northwest (Bonneville Power Administration) Series 2015-C 5.00%, 07/01/2026	$	2,000	$	2,036,811
Series 2016 5.00%, 07/01/2025		4,925		5,017,663
Series 2021-A 4.00%, 07/01/2042		1,000		1,007,034
Port of Seattle WA Series 2018-A 5.00%, 05/01/2029		8,280		8,570,673
5.00%, 05/01/2030		6,200		6,420,943
5.00%, 05/01/2038		1,000		1,028,240
Series 2021 4.00%, 08/01/2041		13,380		13,081,758
Series 2022 5.00%, 08/01/2024		2,000		2,000,000
State of Washington Series 2015-R 5.00%, 07/01/2026		13,325		13,433,362
Series 2024-R 5.00%, 07/01/2025		2,000		2,037,630
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		953		884,216
Series 2021-1, Class X 0.726%, 12/20/2035^(h)		954		41,519
Series 2023-1, Class X 1.449%, 04/20/2037^(h)		2,983		319,640
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2016 5.00%, 01/01/2036^(c)		2,125		2,049,657

				57,929,146


West Virginia – 0.4%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.25%, 06/01/2042^(c)		1,185		973,386
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		2,195		2,122,589
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038^(c)		2,500		2,581,024

				5,676,999


Wisconsin – 1.3%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041^(c)		1,000		752,961
State of Wisconsin Series 2025-2 5.00%, 05/01/2026^(b)		1,900		1,941,325


	Principal Amount (000)		U.S. $ Value

Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2023 5.00%, 08/15/2054	$	2,000	$	2,061,184
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040^(c)		280		252,112
Series 2022-A 3.875%, 12/01/2039^(c)		1,285		1,151,147
Wisconsin Public Finance Authority Series 2024 5.375%, 12/15/2032^(c)		1,000		1,002,037
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041^(f)		5,000		4,597,413
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.50%, 02/01/2042^(c)		3,100		3,208,136
Wisconsin Public Finance Authority (National Senior Communities, Inc. Obligated Group) Series 2022 4.00%, 01/01/2042		1,375		1,316,965
Wisconsin Public Finance Authority (Pre-refunded - US Treasuries) Series 2022 4.00%, 04/01/2032^(c)		15		15,532
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) Series 2020 4.00%, 06/01/2035		1,220		1,206,337
Wisconsin Public Finance Authority (UNC Health Appalachian Obligated Group) Series 2021 5.00%, 07/01/2035		300		309,967
5.00%, 07/01/2036		350		359,303
5.00%, 07/01/2038		375		381,619
				18,556,038


Total Long-Term Municipal Bonds (cost $1,450,496,517)				1,421,603,033


Short-Term Municipal Notes – 0.3%
California – 0.1%
Nuveen California AMT-Free Quality Municipal Income Fund Series 2017 4.06%, 10/01/2047^{(c) (l)}		1,000		1,000,000


	Principal Amount (000)		U.S. $ Value

Other – 0.2%
Nuveen AMT-Free Municipal Credit Income Fund Series 2019 4.06%, 03/01/2029^(l)	$	2,000	$	2,000,000
Nuveen AMT-Free Quality Municipal Income Fund Series 2021 4.06%, 03/01/2029^(l)		2,000		2,000,000

				4,000,000


Total Short-Term Municipal Notes (cost $5,000,000)				5,000,000


Total Municipal Obligations (cost $1,455,496,517)				1,426,603,033


CORPORATES - INVESTMENT GRADE – 0.9%
Industrial – 0.9%
Capital Goods – 0.2%
Caterpillar Financial Services Corp. 5.637% (SOFR + 0.27%), 09/13/2024^(a)		2,500		2,499,375
Consumer Non-Cyclical – 0.7%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		1,000		938,190
1.777%, 11/15/2030		1,000		850,760
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041		1,790		1,274,516
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		2,300		1,672,284
Sutter Health Series 20A 3.161%, 08/15/2040		1,000		776,130
UPMC Series D-1 3.60%, 04/03/2025		5,600		5,532,576

				11,044,456


Total Corporates - Investment Grade (cost $15,254,254)				13,543,831


CORPORATES - NON-INVESTMENT GRADE – 0.2%
Industrial – 0.2%
Communications - Media – 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(c)		1,933		1,526,838
DISH DBS Corp. 5.25%, 12/01/2026^(c)		959		797,639
5.75%, 12/01/2028^(c)		996		732,398

				3,056,875


	Principal Amount (000)		U.S. $ Value

Energy – 0.0%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024^{(f) (j) (k)}	$	30	$	4,941
Series 23A 15.00%, 07/31/2024^{(f) (j) (k)}		65		10,706

				15,647


Total Corporates - Non-Investment Grade (cost $3,982,451)				3,072,522


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%
Agency CMBS – 0.2%
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates Series 2024-ML22, Class AUS 4.544%, 10/25/2040		2,497		2,638,055


Non-Agency Fixed Rate CMBS – 0.0%
City of Fort Wayne IN 10.75%, 12/01/2029^{(d) (e)}		87		9
New Hampshire Business Finance Authority Series 2024-1, Class X 0.49%, 07/01/2051^(h)		2,183		86,302
Series 2024-2, Class X 0.60%, 08/20/2039^(h)		1,000		42,447


Total Commercial Mortgage-Backed Securities (cost $2,783,535)				2,766,813


ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.2%
HTA HRRB Custodial Trust 5.25%, 07/01/2036		19		19,414
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		830		808,496
5.25%, 07/01/2036		900		903,481
5.25%, 07/01/2041		649		631,982
Tarrant County Cultural Education Facilities Finance Corp. 5.00%, 11/15/2025^{(d) (e) (j) (k) (m)}		904		0


Total Asset-Backed Securities (cost $3,340,104)				2,363,373


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C02, Class 1M2 9.462% (CME Term SOFR + 4.11%), 05/25/2025^(a) (cost $37,431)		37		38,245


	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.20%^{(n) (o) (p)} (cost $7,011,538)		7,011,538	$	7,011,538


Total Investments – 99.7% (cost $1,487,905,830)^(q)				1,455,399,355
Other assets less liabilities – 0.3%				4,905,789


Net Assets – 100.0%			$	1,460,305,144

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2024	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		(5.00	)%	Quarterly	3.31%		USD	19,310	$	(1,422,056)	$	(1,223,715)	$	(198,341)

*	Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	30,000	08/06/2026	2.689%	CPI#	Maturity	$	2,083,853	$	—	$	2,083,853
USD	25,000	10/04/2026	2.725%	CPI#	Maturity		1,413,249		—		1,413,249
USD	24,000	01/15/2028	3.232%	CPI#	Maturity		1,077,976		—		1,077,976
USD	19,310	01/15/2028	1.230%	CPI#	Maturity		3,608,240		—		3,608,240
USD	14,770	01/15/2028	0.735%	CPI#	Maturity		3,308,754		—		3,308,754
USD	25,000	10/04/2028	2.661%	CPI#	Maturity		1,372,721		—		1,372,721
USD	12,000	08/29/2029	1.748%	CPI#	Maturity		1,910,146		—		1,910,146
USD	4,825	01/15/2030	1.572%	CPI#	Maturity		843,299		—		843,299
USD	4,825	01/15/2030	1.587%	CPI#	Maturity		836,477		—		836,477
USD	1,670	01/15/2030	1.714%	CPI#	Maturity		269,398		—		269,398
USD	1,670	01/15/2030	1.731%	CPI#	Maturity		266,688		—		266,688
USD	7,850	01/15/2031	2.782%	CPI#	Maturity		523,547		—		523,547
USD	6,150	01/15/2031	2.680%	CPI#	Maturity		473,344		—		473,344
USD	5,000	04/01/2036	2.438%	CPI#	Maturity		479,011		—		479,011
USD	32,000	04/29/2036	2.503%	CPI#	Maturity		2,725,767		—		2,725,767
USD	10,000	05/01/2036	2.510%	CPI#	Maturity		840,281		—		840,281
USD	10,000	08/03/2036	2.488%	CPI#	Maturity		739,679		—		739,679
USD	20,000	08/06/2036	2.440%	CPI#	Maturity		1,592,545		—		1,592,545
USD	40,000	10/04/2036	2.510%	CPI#	Maturity		2,405,204		—		2,405,204

						$	26,770,179	$	—	$	26,770,179

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

CENTRALLY CLEARED INTEREST RATE SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	8,600	07/31/2030	1 Day SOFR	4.504%	Annual	$	248,655	$	—	$	248,655
USD	21,800	07/31/2031	1 Day SOFR	4.059%	Annual		407,655		2,413		405,242
USD	36,800	03/31/2033	3.553%	1 Day SOFR	Annual		558,450		—		558,450

						$	1,214,760	$	2,413	$	1,212,347

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00%		USD	31	$	(3,955	)	$	(2,738	)	$	(1,217	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	266		(34,274	)		(30,609	)		(3,665	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	18		(2,293	)		(1,986	)		(307	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	17		(2,178	)		(1,522	)		(656	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	96		(12,380	)		(10,622	)		(1,758	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	173		(22,238	)		(15,148	)		(7,090	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	210		(26,995	)		(18,882	)		(8,113	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	103		(13,239	)		(11,774	)		(1,465	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	273		(35,190	)		(23,278	)		(11,912	)

											$	(152,742	)	$	(116,559	)	$	(36,183	)

*	Termination date

INFLATION (CPI) SWAPS


						Rate Type
Swap Counterparty	Notional Amount (000)			Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Bank of America, NA		USD	145,000		07/15/2030		2.730%		CPI#		Maturity	$	398,025		$	—	$	398,025
Bank of America, NA		USD	25,000		02/02/2032		2.403%		CPI#		Maturity		2,267,267			—		2,267,267
Bank of America, NA		USD	50,000		02/15/2041		2.403%		CPI#		Maturity		903,579			—		903,579
Bank of America, NA		USD	30,000		02/15/2041		2.463%		CPI#		Maturity		276,020			—		276,020
Barclays Bank PLC		USD	20,000		06/06/2032		2.145%		CPI#		Maturity		2,624,703			—		2,624,703
Barclays Bank PLC		USD	14,000		09/01/2032		2.128%		CPI#		Maturity		1,915,653			—		1,915,653
Barclays Bank PLC		USD	22,000		08/29/2033		2.368%		CPI#		Maturity		2,037,844			—		2,037,844
Citibank, NA		USD	25,000		07/03/2025		2.351%		CPI#		Maturity		2,285,978			—		2,285,978
Citibank, NA		USD	370,000		07/15/2025		3.130%		CPI#		Maturity		795,348			—		795,348
Citibank, NA		USD	12,000		11/05/2033		2.273%		CPI#		Maturity		1,305,346			—		1,305,346
Citibank, NA		USD	13,000		02/15/2041		2.744%		CPI#		Maturity		1,877			—		1,877
Deutsche Bank AG		USD	25,000		09/02/2025		1.880%		CPI#		Maturity		3,320,016			—		3,320,016
Goldman Sachs International		USD	55,000		04/15/2025		4.759%		CPI#		Maturity		(113,475	)		—		(113,475	)
Goldman Sachs International		USD	30,000		04/15/2025		4.740%		CPI#		Maturity		(36,581	)		—		(36,581	)
Goldman Sachs International		USD	29,000		01/15/2027		3.534%		CPI#		Maturity		992,076			—		992,076
Goldman Sachs International		USD	75,000		07/15/2030		2.413%		CPI#		Maturity		(128,157	)		—		(128,157	)
Goldman Sachs International		USD	18,000		04/15/2032		2.994%		CPI#		Maturity		637,769			—		637,769
Goldman Sachs International		USD	25,000		02/15/2041		2.535%		CPI#		Maturity		(178,371	)		—		(178,371	)
Goldman Sachs International		USD	25,000		02/15/2041		2.537%		CPI#		Maturity		(185,240	)		—		(185,240	)
Goldman Sachs International		USD	14,000		02/15/2041		2.380%		CPI#		Maturity		828,607			—		828,607
Goldman Sachs International		USD	7,000		02/15/2041		2.413%		CPI#		Maturity		378,467			—		378,467
JPMorgan Chase Bank, NA		USD	13,000		03/01/2027		2.279%		CPI#		Maturity		1,335,943			—		1,335,943
JPMorgan Chase Bank, NA		USD	10,000		07/03/2028		2.356%		CPI#		Maturity		942,450			—		942,450
JPMorgan Chase Bank, NA		USD	25,000		11/05/2028		2.234%		CPI#		Maturity		2,686,411			—		2,686,411
JPMorgan Chase Bank, NA		USD	18,000		04/17/2030		2.378%		CPI#		Maturity		1,631,910			—		1,631,910
JPMorgan Chase Bank, NA		USD	29,000		04/15/2032		2.944%		CPI#		Maturity		1,188,948			—		1,188,948
JPMorgan Chase Bank, NA		USD	24,000		11/17/2032		2.183%		CPI#		Maturity		3,029,261			—		3,029,261
JPMorgan Chase Bank, NA		USD	15,000		02/15/2041		2.605%		CPI#		Maturity		(179,600	)		—		(179,600	)

												$	30,962,074		$	—	$	30,962,074

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

INTEREST RATE SWAPS

Rate Type

Swap Counterparty

Notional

Amount

(000)

Termination

Date

Payments

made

by the

Fund

Payments

received

by the

Fund

Payment
Frequency
Paid/

Received

Market

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citibank, NA

USD

11,075

10/09/2029

1.125%

SIFMA*

Quarterly

895,072

—

895,072

*	Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2024.

(b)

When-Issued or delayed delivery security.

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2024, the aggregate market value of these securities amounted to $106,617,794 or 7.3% of net assets.

(d)

Defaulted.

(e)

Non-income producing security.

(f)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.69% of net assets as of July 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

ARC70 II TRUST
Series 2023
4.84%, 04/01/2065

07/18/2023

4,766,240

4,506,674

0.31%

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
6.50%, 07/01/2026

06/13/2022

1,038,658

40,000

0.00%

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
6.75%, 07/01/2030

07/21/2022

1,036,663

40,000

0.00%

County of Grand Forks ND
(Red River Biorefinery LLC)
Series 2021
6.625%, 12/15/2031

05/21/2021

425,000

0.00%

County of Grand Forks ND
(Red River Biorefinery LLC)
Series 2021
7.00%, 12/15/2043

05/21/2021

440,000

0.00%

Illinois Housing Development Authority
Series 2024
5.67%, 11/01/2038

05/21/2024

1,190,000

1,199,069

0.08%

Indiana Finance Authority
(Brightmark Plastics Renewal Indiana LLC)
Series 2019
7.00%, 03/01/2039

03/28/2019

2,194,886

1,326,471

0.09%

Indiana Finance Authority
(Parkview Health System Obligated Group)
Series 2024-B
4.441%, 11/01/2046

06/24/2024

2,000,000

1,994,767

0.14%

New Hope Cultural Education Facilities Finance Corp.
(Dwyer Workforce Development)
Series 2023
8.50%, 09/01/2027

02/03/2023

1,310,000

1,313,968

0.09%

Red River Biorefinery LLC
Series 2024
15.00%, 07/31/2024

01/25/2024

30,000

4,941

0.00%

Red River Biorefinery LLC
Series 23A
15.00%, 07/31/2024

05/31/2023

65,000

10,706

0.00%

South Carolina Jobs-Economic Development Authority
(Last Step Recycling LLC)
Series 2021
6.25%, 06/01/2040

06/16/2021

1,000,000

350,005

0.02%

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

University of Toledo
Series 2023-B
4.638%, 06/01/2036

06/30/2023

9,770,000

9,506,030

0.65%

Wisconsin Public Finance Authority
(Catholic Bishop of Chicago (The))
Series 2021
5.75%, 07/25/2041

08/03/2021

5,000,000

4,597,413

0.31%

(g)

Inverse floater security.

(h)

IO - Interest Only.

(i)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2024.

(j)

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

(k)

Fair valued by the Adviser.

(l)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(m)

Restricted and illiquid security.

Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

Tarrant County Cultural Education Facilities Finance Corp.
5.00%, 11/15/2025

01/30/2020

952,594

0.00%

(n)

Affiliated investments.

(o)

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

(p)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(q)

As of July 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $76,010,012 and gross unrealized depreciation of investments was $(48,911,339), resulting in net unrealized depreciation of $27,098,673.

As of July 31, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.2% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

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

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

CPI – Consumer Price Index

MUNIPSA – SIFMA Municipal Swap Index.

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

AB Municipal Bond Inflation Strategy

July 31, 2024 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2024:


Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	—	$	1,421,603,033		$	0	^(a)	$	1,421,603,033
Short-Term Municipal Notes		—		5,000,000			—			5,000,000
Corporates - Investment Grade		—		13,543,831			—			13,543,831
Corporates - Non-Investment Grade		—		3,056,875			15,647			3,072,522
Commercial Mortgage-Backed Securities		—		2,766,813			—			2,766,813
Asset-Backed Securities		—		2,363,373			0	^(a)		2,363,373
Collateralized Mortgage Obligations		—		38,245			—			38,245
Short-Term Investments		7,011,538		—			—			7,011,538

Total Investments in Securities		7,011,538		1,448,372,170			15,647	^(a)		1,455,399,355
Other Financial Instruments^(b):
Assets:
Centrally Cleared Inflation (CPI) Swaps		—		26,770,179			—			26,770,179
Centrally Cleared Interest Rate Swaps		—		1,214,760			—			1,214,760
Inflation (CPI) Swaps		—		31,783,498			—			31,783,498
Interest Rate Swaps		—		895,072			—			895,072
Liabilities:
Centrally Cleared Credit Default Swaps		—		(1,422,056	)		—			(1,422,056	)
Credit Default Swaps		—		(152,742	)		—			(152,742	)
Inflation (CPI) Swaps		—		(821,424	)		—			(821,424	)

Total	$	7,011,538	$	1,506,639,457		$	15,647	^(a)	$	1,513,666,642

^(a)

The Fund held securities with zero market value at period end.

^(b)

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2024 is as follows:

Fund

Market Value

10/31/2023

(000)

Purchases

at Cost

(000)

Sales

Proceeds

(000)

Market Value

07/31/2024

(000)

Dividend

Income

(000)

Government Money Market Portfolio

6,662

323,845

323,495

7,012

500

Ab Bond Fund NPORT-PAB Municipal Bond Inflation Strategy (Jul 2024 report)