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AB Municipal Bond Inflation Strategy

Portfolio of Investments

January 31, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 93.9%
Long-Term Municipal Bonds – 93.9%
Alabama – 4.1%
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	$	3,988,340
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.25%, 01/01/2054		1,830		1,959,999
Series 2023-D 5.414% (SOFR + 1.85%), 06/01/2049^(a)		2,500		2,504,251
Black Belt Energy Gas District (Royal Bank of Canada) Series 2021 4.00%, 06/01/2051		21,155		21,274,048
Series 2022-D 4.00%, 07/01/2052		2,555		2,565,580
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2016 5.00%, 02/01/2025		2,110		2,139,262
Series 2021 4.00%, 02/01/2039		1,675		1,618,274
Southeast Alabama Gas Supply District/The (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		2,000		2,135,354
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) Series 2022-B 5.00%, 05/01/2053		1,000		1,042,142
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		18,485		18,306,219
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		2,000		2,122,883
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054		3,000		3,199,834

				62,856,186


Alaska – 0.3%
Alaska Housing Finance Corp. (Pre-refunded - Others) Series 2023 4.39%, 07/01/2026 (Pre-refunded/ETM)^(b)		4,000		4,035,042


	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	$	1,388,634
Series 2018 6.50%, 09/01/2028^(b)		295		311,415
7.125%, 09/01/2038^(b)		280		307,630

				2,007,679

Arizona – 1.9%
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2030		935		962,484
5.00%, 11/01/2031		800		880,849
5.00%, 11/01/2032		650		715,940
5.00%, 11/01/2033		900		988,923
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2041		500		473,307
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026^{(c) (d) (e)}		1,000		60,000
6.75%, 07/01/2030^{(c) (d) (e)}		1,000		60,000
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2021 4.00%, 02/01/2039		1,800		1,823,519
5.00%, 02/01/2026		1,200		1,248,090
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052		5,000		5,174,038
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.542%, 07/01/2033		4,000		3,320,422
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2017-A 5.00%, 07/01/2029		3,945		4,146,590
City of Tempe AZ (City of Tempe AZ COP) Series 2021 1.951%, 07/01/2031		2,400		2,002,530
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.125%, 11/15/2029^(b)		1,500		1,503,673
State of Arizona Lottery Revenue (Pre-refunded - US Treasuries) Series 2019 5.00%, 07/01/2028 (Pre-refunded/ETM)		5,000		5,495,463

				28,855,828


	Principal Amount (000)		U.S. $ Value

Arkansas – 0.1%
Arkansas Development Finance Authority (Hybar LLC) Series 2023 7.38%, 07/01/2048^(b)	$	1,000	$	1,076,146
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		1,000		995,332

				2,071,478


California – 9.0%
ARC70 II TRUST Series 2023 4.84%, 04/01/2065^(e) (f)		4,936		4,989,978
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		2,000		2,139,432
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		4,925		5,206,602
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2023 5.25%, 11/01/2054		1,125		1,206,985
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047^(b)		3,315		2,674,803
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046^(b)		995		848,323
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 3.95%, 01/01/2050^(b)		8,910		8,910,764
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040^{(b) (c) (d)}		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		3,296,080
California State University Series 2021-B 2.374%, 11/01/2035		1,000		786,456


	Principal Amount (000)		U.S. $ Value

City of Los Angeles CA Series 2023 5.00%, 06/27/2024	$	4,000	$	4,030,831
City of Los Angeles Department of Airports Series 2019 5.00%, 05/15/2027		1,410		1,487,254
Series 2021 5.00%, 05/15/2035		4,000		4,472,626
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(b)		2,000		1,528,232
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043^(b)		3,200		2,579,229
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047^(b)		2,300		1,847,774
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(b)		2,000		1,435,693
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.348% (LIBOR 3 Month + 0.57%), 06/01/2039^(a)		5,000		4,487,945
San Diego County Regional Airport Authority Series 2021-B 4.00%, 07/01/2035		3,100		3,164,081
4.00%, 07/01/2036		8,395		8,487,525
4.00%, 07/01/2039		7,075		7,043,641
4.00%, 07/01/2040		8,655		8,546,091
4.00%, 07/01/2041		3,325		3,266,213
5.00%, 07/01/2030		2,785		3,057,747
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2025		5,480		5,594,242
Series 2021-A 5.00%, 05/01/2031		3,275		3,639,847
5.00%, 05/01/2036		5,960		6,544,817
Series 2023-E 5.50%, 05/01/2040		5,000		5,696,614
State of California Series 2021 4.00%, 12/01/2024		2,655		2,680,225
5.00%, 10/01/2024		3,590		3,639,794
Series 2023 5.00%, 09/01/2037		10,000		11,914,520
5.10%, 03/01/2029		1,200		1,239,840
University of California
Series 2022-S 5.00%, 05/15/2024		6,000		6,035,342
5.00%, 05/15/2025		4,000		4,114,904

				136,613,200


	Principal Amount (000)		U.S. $ Value

Colorado – 3.3%
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	$	2,767,305
City & County of Denver Co. Airport System Revenue Series 2022-A 5.00%, 11/15/2031		7,910		8,863,437
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2026		1,700		1,778,826
5.00%, 12/01/2028		2,090		2,249,916
5.00%, 12/01/2029		6,555		7,046,042
Colorado Health Facilities Authority (AdventHealth Obligated Group) Series 2021 5.00%, 11/15/2041		2,600		2,818,732
Series 2023 5.00%, 11/15/2058		5,280		5,709,040
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2030		1,015		1,104,614
5.00%, 08/01/2032		640		694,502
5.00%, 08/01/2033		750		812,749
Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) Series 2019-B 4.00%, 01/01/2040		1,445		1,459,709
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2033		1,525		1,669,379
E-470 Public Highway Authority Series 2021-B 3.908% (SOFR + 0.35%), 09/01/2039^(a)		2,000		1,995,379
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		1,873		1,555,825
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053^(b)		365		375,861
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		6,000		7,270,919


	Principal Amount (000)		U.S. $ Value

Sterling Ranch Community Authority Board (Sterling Ranch Colorado Metropolitan District No. 2) Series 2020-A 3.75%, 12/01/2040	$	1,050	$	924,683
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		1,000		1,037,036
Vauxmont Metropolitan District AGM Series 2019 5.00%, 12/15/2024		260		263,815

				50,397,769


Connecticut – 2.7%
City of New Haven CT Series 2018-A 5.50%, 08/01/2035		1,920		2,086,803
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group (The)) Series 2022 4.00%, 07/01/2040		1,500		1,467,091
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2022 1.10%, 07/01/2049		8,000		7,780,472
Series 2023-A 2.80%, 07/01/2048		7,710		7,673,123
State of Connecticut Series 2014-A 5.00%, 03/01/2028 (Pre-refunded/ETM)		2,230		2,237,325
Series 2014-F 5.00%, 11/15/2026		1,275		1,292,856
Series 2015-B 5.00%, 06/15/2025		4,310		4,428,550
5.00%, 06/15/2028		2,840		2,916,635
Series 2016-A 5.00%, 03/15/2032		2,160		2,253,080
Series 2018-B 5.00%, 04/15/2028		1,440		1,576,673
State of Connecticut Special Tax Revenue Series 2020 5.00%, 05/01/2038		3,040		3,390,159
Series 2023-A 5.25%, 07/01/2042		3,000		3,491,364

				40,594,131


District of Columbia – 2.1%
District of Columbia (District of Columbia International School Obligated Group) Series 2019 5.00%, 07/01/2039		2,400		2,441,003


	Principal Amount (000)		U.S. $ Value

District of Columbia (Plenary Infrastructure DC LLC State Lease) Series 2022 5.00%, 08/31/2029	$	4,765	$	5,166,611
5.00%, 08/31/2030		5,025		5,512,531
5.00%, 02/29/2032		5,475		6,069,485
District of Columbia Income Tax Revenue Series 2024-A 5.00%, 10/01/2035^(g)		3,750		4,533,775
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2026		3,065		3,197,191
Series 2021-A 4.00%, 10/01/2038		2,500		2,504,670
Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) Series 2023 5.00%, 07/15/2040		2,540		2,911,281

				32,336,547


Florida – 3.9%
Align Affordable Housing Bond Fund LP (SHI - Lake Worth LLC) Series 2021 3.25%, 12/01/2051^(b)		2,500		2,195,937
Capital Trust Agency, Inc. (Franklin Academy Series 2020 Obligated Group) Series 2020 4.00%, 12/15/2025^(b)		300		293,723
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.125%, 06/01/2042		2,400		2,488,485
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2025		4,500		4,615,421
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		2,600		2,457,049
County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) Series 2015-A 5.00%, 06/01/2024		5,000		5,027,399
5.00%, 06/01/2026		2,885		2,942,796
5.00%, 06/01/2027		4,515		4,604,495
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		115		86,778
Zero Coupon, 10/01/2031		140		101,235
Zero Coupon, 10/01/2032		100		69,290
Zero Coupon, 10/01/2033		115		76,095
Zero Coupon, 10/01/2034		125		78,900
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030^(b)		8,000		8,890,945


	Principal Amount (000)		U.S. $ Value

Florida Development Finance Corp. (Mater Academy, Inc.) Series 2022-A 4.00%, 06/15/2042	$	2,000	$	1,797,178
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		500		460,032
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2033		4,000		4,189,080
Greater Orlando Aviation Authority (Pre-refunded - US Treasuries) Series 2017-A 5.00%, 10/01/2029 (Pre-refunded/ETM)		4,420		4,692,211
Hillsborough County Aviation Authority (Pre-refunded - US Treasuries) Series 2015-A 5.00%, 10/01/2044 (Pre-refunded/ETM)		10,000		10,097,783
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036		1,000		974,280
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033^(b)		950		914,980
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		2,720		2,798,294

				59,852,386


Georgia – 2.8%
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2034		4,490		4,795,441
City of Atlanta GA Department of Aviation Series 2022-B 5.00%, 07/01/2038		3,440		3,773,790
5.00%, 07/01/2042		6,830		7,385,049
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2025		1,650		1,685,660
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-A 4.00%, 09/01/2052		2,075		2,076,522
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023-B 5.00%, 07/01/2053		8,000		8,482,011


	Principal Amount (000)		U.S. $ Value

Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) Series 2019-B 4.00%, 08/01/2049	$	2,000	$	2,003,237
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033^(b)		10,000		11,774,360

				41,976,070


Guam – 0.1%
Territory of Guam Series 2019 5.00%, 11/15/2031		125		129,956
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015-D 5.00%, 11/15/2025		865		883,049
Series 2021-F 5.00%, 01/01/2028		500		526,111

				1,539,116


Illinois – 5.1%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2027		1,200		1,246,917
Series 2019-B 5.00%, 12/01/2030		135		141,402
5.00%, 12/01/2031		265		276,903
5.00%, 12/01/2033		100		104,397
Series 2023 5.25%, 04/01/2033		1,375		1,578,451
5.25%, 04/01/2040		1,720		1,871,497
Chicago Housing Authority Series 2018-A 5.00%, 01/01/2034		2,500		2,665,030
5.00%, 01/01/2037		5,260		5,544,489
5.00%, 01/01/2038		1,000		1,049,000
Chicago O’Hare International Airport Series 2015-B 5.00%, 01/01/2029		5,000		5,074,465
Series 2016-C 5.00%, 01/01/2033		5,000		5,171,348
Series 2018-A 5.00%, 01/01/2037		1,000		1,053,346
Series 2022 4.00%, 01/01/2042		2,000		2,012,208
5.00%, 01/01/2028		680		720,869
5.00%, 01/01/2031		600		661,494
5.00%, 01/01/2042		3,850		4,106,372
Illinois Finance Authority (Ascension Health Credit Group) Series 2016-C 5.00%, 02/15/2024		1,630		1,631,056
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2026		100		100,044


	Principal Amount (000)		U.S. $ Value

5.00%, 09/01/2027	$	100	$	100,451
5.00%, 09/01/2029		100		100,625
5.00%, 09/01/2033		200		199,690
5.00%, 09/01/2034		100		99,105
Illinois Finance Authority (Washington and Jane Smith Community - Orland Park) Series 2022 4.00%, 10/15/2040		9,375		7,182,368
Illinois Housing Development Authority Series 2022 5.67%, 12/01/2025^(b)		1,250		1,251,638
7.17%, 11/01/2038		125		127,892
Illinois State Toll Highway Authority Series 2021-A 5.00%, 01/01/2041		14,805		16,482,783
5.00%, 01/01/2043		6,700		7,400,222
State of Illinois Series 2014 5.00%, 05/01/2030		3,810		3,822,428
Series 2022-A 5.50%, 03/01/2042		2,945		3,306,738
Series 2022-B 5.25%, 10/01/2037		3,000		3,389,162

				78,472,390


Indiana – 2.5%
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		5,000		5,109,567
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(e)		2,305		1,732,885
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2033^(g)		2,000		2,356,178
Indiana Finance Authority (Duke Energy Indiana LLC) Series 2022 3.75%, 03/01/2031		5,750		5,795,520
4.50%, 05/01/2035		7,555		7,676,158
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2035		1,210		1,183,475
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2023-2 4.00%, 11/15/2037		1,000		870,349
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2021 0.70%, 12/01/2046		7,150		6,672,555
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030		495		447,448


	Principal Amount (000)		U.S. $ Value

Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2037	$	5,000	$	5,204,114
Indianapolis Local Public Improvement Bond Bank Series 2023 5.00%, 02/01/2043		1,030		1,151,843

				38,200,092


Iowa – 1.6%
Iowa Finance Authority Series 2022-E 4. 524% (SOFR + 0.80%), 01/01/2052^(a)		8,000		7,938,746
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.25%, 11/01/2040		2,275		2,132,597
Iowa Tobacco Settlement Authority Series 2021-A 4.00%, 06/01/2034		500		520,835
4.00%, 06/01/2035		515		534,192
4.00%, 06/01/2037		1,000		1,020,227
4.00%, 06/01/2038		1,000		1,009,615
4.00%, 06/01/2040		500		500,123
5.00%, 06/01/2031		900		999,138
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		9,300		9,533,607

				24,189,080


Kansas – 0.1%
Kansas Development Finance Authority (Pre-refunded - US Treasuries) Series 2021 5.00%, 11/15/2054 (Pre-refunded/ETM)		720		790,851


Kentucky – 1.8%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 5.00%, 02/01/2026		180		184,222
5.00%, 02/01/2027		195		202,544
5.00%, 02/01/2030		125		135,421
5.00%, 02/01/2031		150		159,584
Kentucky Public Energy Authority (BP PLC) Series 2020-A 4.00%, 12/01/2050		7,260		7,270,404
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.291% (CPI + 1.05%), 12/01/2049^(a)		20,000		19,929,010

				27,881,185


	Principal Amount (000)		U.S. $ Value

Louisiana – 0.8%
City of New Orleans LA Series 2021-A 5.00%, 12/01/2030	$	1,910	$	2,155,964
5.00%, 12/01/2035		2,680		2,991,606
Jefferson Sales Tax District AGM Series 2017-B 5.00%, 12/01/2034		1,800		1,922,145
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041^(b)		340		346,721
6.10%, 06/01/2038^(b)		455		499,937
6.10%, 12/01/2040^(b)		390		428,518
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.217% (SOFR + 0.50%), 05/01/2043^(a)		4,060		3,974,254

				12,319,145


Maryland – 1.6%
County of Montgomery MD Series 2019-A 5.00%, 11/01/2026		5,925		6,304,013
Maryland Health & Higher Educational Facilities Authority (Stevenson University, Inc.) Series 2021 4.00%, 06/01/2039		500		471,514
State of Maryland Series 2017-B 5.00%, 08/01/2024		5,790		5,847,599
Series 2022-C 5.00%, 03/01/2026		11,500		12,041,456

				24,664,582


Massachusetts – 1.6%
Commonwealth of Massachusetts Series 2014-C 5.00%, 08/01/2024		7,000		7,070,676
Series 2020-B 5.00%, 07/01/2024		7,380		7,441,396
Series 2024-A 5.00%, 01/01/2040		2,000		2,313,671
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2037		2,250		2,469,060
5.00%, 07/01/2039		5,000		5,404,925

				24,699,728


Michigan – 1.4%
City of Detroit MI Series 2018 5.00%, 04/01/2035		750		779,104
5.00%, 04/01/2036		305		315,786


	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 4.346% (LIBOR 3 Month + 0.60%), 07/01/2032^(a)	$	2,605	$	2,480,501
Michigan Finance Authority (City of Detroit MI) Series 2016-C 5.00%, 04/01/2026		1,000		1,041,438
5.00%, 04/01/2027		1,735		1,821,088
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) AGM Series 2014-D2 5.00%, 07/01/2024		10,545		10,605,725
Michigan Finance Authority (Henry Ford Health System Obligated Group) Series 2016 5.00%, 11/15/2031		1,785		1,869,450
Michigan Finance Authority (Michigan Finance Authority Drinking Water Revolving Fund) Series 2021 5.00%, 10/01/2026		1,250		1,323,578
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		1,000		916,940

				21,153,610


Minnesota – 0.7%
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.21%, 01/01/2042^(b) (h)		1,500		1,533,258
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023 5.30%, 07/01/2028^(b)		370		370,276
5.66%, 07/01/2041^(b)		1,000		1,004,289
Minneapolis-St Paul Metropolitan Airports Commission Series 2022-B 4.00%, 01/01/2038		4,250		4,251,265
5.00%, 01/01/2039		2,105		2,276,386
State of Minnesota Series 2022-B 5.00%, 08/01/2024		2,000		2,020,391

				11,455,865


Mississippi – 0.1%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 5.00%, 10/01/2033^(b)		1,000		1,045,261


	Principal Amount (000)		U.S. $ Value

Missouri – 0.9%
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-B 4.00%, 05/01/2051	$	11,975	$	12,156,261
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025		135		136,407
5.75%, 03/01/2027		120		122,713
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036		1,675		1,559,574

				13,974,955


Montana – 0.2%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2031		1,925		2,005,182
5.00%, 02/15/2033		1,350		1,405,384

				3,410,566


Nebraska – 0.5%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		2,000		2,113,372
Central Plains Energy Project (Royal Bank of Canada) Series 2019 4.00%, 12/01/2049		6,115		6,138,380

				8,251,752


Nevada – 2.7%
Clark County School District Series 2021-A 4.00%, 06/15/2034		10,085		10,637,184
5.00%, 06/15/2027		3,500		3,743,230
Series 2021-B 5.00%, 06/15/2027		5,170		5,529,285
Las Vegas Valley Water District Series 2022-A 4.00%, 06/01/2036		5,000		5,321,084
4.00%, 06/01/2037		6,350		6,676,169
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 8.125%, 01/01/2050^(b)		1,630		1,650,647
Series 2024 4.00%, 01/01/2050^(b)		940		940,011
Tahoe-Douglas Visitors Authority Series 2020 4.00%, 07/01/2027		1,200		1,199,978


	Principal Amount (000)		U.S. $ Value

5.00%, 07/01/2029	$	2,625	$	2,756,644
5.00%, 07/01/2032		2,035		2,155,147
5.00%, 07/01/2035		805		848,325

				41,457,704


New Jersey – 5.4%
Federal Home Loan Mortgage Corp. Enhanced Receipt (FCR 2019-B) Series 2019-B, Class 1 3.87%, 11/15/2035^(b)		12,339		11,499,916
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034		2,000		2,007,515
New Jersey Economic Development Authority (Pre-refunded - US Treasuries) Series 2014-P 5.00%, 06/15/2029 (Pre-refunded/ETM)		1,150		1,156,424
New Jersey Educational Facilities Authority (Ramapo College of New Jersey) AGM Series 2022-A 4.00%, 07/01/2039		550		554,604
4.00%, 07/01/2040		750		752,506
4.00%, 07/01/2041		835		836,796
5.00%, 07/01/2034		845		983,795
5.00%, 07/01/2035		400		463,378
5.00%, 07/01/2036		600		688,352
5.00%, 07/01/2037		600		680,245
5.00%, 07/01/2038		745		837,471
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029		4,390		4,582,739
Series 2018-A 5.00%, 06/15/2028		4,170		4,352,367
5.00%, 06/15/2029		17,500		18,268,322
5.00%, 06/15/2030		1,500		1,565,523
5.00%, 06/15/2031		3,000		3,129,709
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2014-C 5.25%, 06/15/2032		2,960		2,996,270
Series 2023-B 5.00%, 06/15/2040		3,265		3,695,107
5.00%, 06/15/2043		1,250		1,391,643
New Jersey Turnpike Authority Series 2014-A 5.00%, 01/01/2028		4,785		4,810,284
Series 2017-A 5.00%, 01/01/2033		7,300		7,721,444
Series 2021-B 0.897%, 01/01/2025		1,000		965,396
1.713%, 01/01/2029		1,350		1,199,836


	Principal Amount (000)		U.S. $ Value

Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2030	$	4,750	$	5,106,394
Series 2018-B 5.00%, 06/01/2046		2,260		2,298,636

				82,544,672


New Mexico – 0.1%
State of New Mexico Severance Tax Permanent Fund Series 2022-A 5.00%, 07/01/2031		1,000		1,169,514


New York – 8.7%
City of New York NY
Series 2020-A 5.00%, 08/01/2026		3,940		4,157,633
Series 2021 1.396%, 08/01/2027		3,120		2,826,978
Series 2021-A 4.00%, 08/01/2041		2,000		2,033,291
Series 2021-F 5.00%, 06/01/2044^(h)		2,500		2,560,517
County of Nassau NY Series 2022-A 4.00%, 04/01/2042		2,205		2,235,343
Metropolitan Transportation Authority
Series 2016-A 5.00%, 11/15/2024		1,130		1,145,630
Series 2016-B 5.00%, 11/15/2027		1,370		1,431,785
Series 2017-B 5.00%, 11/15/2025		1,935		1,999,965
5.00%, 11/15/2026		555		585,803
Series 2017-C 5.00%, 11/15/2026		1,275		1,345,621
5.00%, 11/15/2027		1,745		1,872,399
5.00%, 11/15/2028		1,000		1,078,864
Series 2020-A 5.00%, 11/15/2045		5,120		5,528,099
Series 2020-E 4.00%, 11/15/2026		1,000		1,028,282
5.00%, 11/15/2028		4,000		4,362,339
Series 2021-D 3.888% (SOFR + 0.33%), 11/01/2035^(a)		1,855		1,853,970
New York City Municipal Water Finance Authority Series 2023 5.00%, 06/15/2034		2,000		2,464,558
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040^(b)		200		200,143
New York State Dormitory Authority (New York State Sales Tax) Series 2018-C 5.00%, 03/15/2040		2,000		2,123,099
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021 2.202%, 03/15/2034		2,000		1,604,045


	Principal Amount (000)		U.S. $ Value

2.252%, 03/15/2032	$	2,000	$	1,676,773
Series 2021-A 4.00%, 03/15/2039		1,000		1,025,856
Series 2022-A 4.00%, 03/15/2039		2,000		2,057,992
New York State Environmental Facilities Corp. (State of New York SRF) Series 2021 4.00%, 08/15/2038		800		830,532
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2030		11,850		13,578,631
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2022 5.00%, 09/15/2029		37,115		42,055,199
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2042		1,610		1,686,059
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		345		345,030
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2028		2,265		2,446,635
5.00%, 06/01/2032		2,245		2,504,621
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		4,740		4,921,326
Series 2021-A 2.00%, 05/15/2045		2,945		2,826,291
2.591%, 05/15/2036		2,000		1,555,316
2.917%, 05/15/2040		1,000		745,896
Series 2022-A 5.00%, 08/15/2024		6,500		6,564,302
Series 2022-E 4.608% (SOFR + 1.05%), 04/01/2026^(a)		6,000		5,987,765

				133,246,588


North Carolina – 0.5%
Fayetteville State University Series 2023 5.00%, 04/01/2032^(b)		655		737,196
State of North Carolina (State of North Carolina Fed Hwy Grant) Series 2015 5.00%, 03/01/2026		6,710		6,848,039

				7,585,235


North Dakota – 0.0%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031^{(c) (d) (e)}		425		12,750
7.00%, 12/15/2043^{(c) (d) (e)}		440		13,200

				25,950


	Principal Amount (000)		U.S. $ Value

Ohio – 2.6%
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2016-A 5.00%, 02/15/2036	$	5,000	$	5,156,395
American Municipal Power, Inc. (American Municipal Power Prairie State Energy Campus Revenue) Series 2019 5.00%, 02/15/2035		1,425		1,592,980
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2039		1,000		1,004,352
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2037		3,385		3,514,622
City of Cleveland OH Income Tax Revenue Series 2017-B1 5.00%, 10/01/2027		2,500		2,703,412
5.00%, 10/01/2029		3,085		3,366,710
5.00%, 10/01/2030		2,000		2,180,589
Series 2017-B2 5.00%, 10/01/2029		1,485		1,620,604
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		1,000		1,041,797
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037		2,000		2,110,123
Ohio Higher Educational Facility Commission (University of Dayton) Series 2022 5.00%, 02/01/2038		1,250		1,396,922
5.00%, 02/01/2039		3,860		4,281,029
University of Toledo Series 2023-B 4.617% (SOFR + 0.90%), 06/01/2036^{(a) (e)}		10,000		9,720,681

				39,690,216


Oklahoma – 0.3%
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		2,500		2,357,088
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		2,000		2,037,479

				4,394,567


	Principal Amount (000)		U.S. $ Value

Oregon – 1.7%
Deschutes County Hospital Facilities Authority (St. Charles Health System Obligated Group) Series 2016-A 4.00%, 01/01/2033	$	1,000	$	1,010,730
Lane County School District No. 4J Eugene Series 2022 5.00%, 06/15/2024		8,780		8,841,277
Oregon Health & Science University (Oregon Health & Science University Obligated Group) Series 2021-B 5.00%, 07/01/2046		4,750		5,238,550
Port of Portland OR Airport Revenue Series 2022-2 4.00%, 07/01/2038		5,000		5,003,480
4.00%, 07/01/2040		3,500		3,497,440
Tri-County Metropolitan Transportation District of Oregon Series 2018-A 5.00%, 10/01/2029		1,910		2,071,854

				25,663,331


Other – 0.2%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) 2.65%, 06/15/2036^(b)		3,685		3,078,500


Pennsylvania – 6.6%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 5.25% (MUNIPSA + 0.70%), 11/15/2047^(a)		5,000		4,937,912
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2012-A 4.50%, 11/01/2041		1,000		516,633
Series 2020-B 5.00%, 02/01/2040		2,000		1,416,595
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 5.00%, 07/01/2032		1,150		1,086,558
5.00%, 07/01/2033		1,150		1,080,270
5.00%, 07/01/2034		1,300		1,212,625
5.00%, 07/01/2035		1,050		974,029
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032^(b)		925		925,578
City of Philadelphia PA Series 2017 5.00%, 08/01/2028		12,990		13,885,072


	Principal Amount (000)		U.S. $ Value

City of Philadelphia PA Airport Revenue Series 2021 5.00%, 07/01/2028	$	3,035	$	3,230,067
City of Philadelphia PA Water & Wastewater Revenue Series 2017-A 5.00%, 10/01/2032		1,000		1,078,633
5.00%, 10/01/2033		1,135		1,219,708
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) AGM Series 2022 4.00%, 07/01/2040		10,000		10,061,912
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2022 3.50%, 03/01/2025		485		474,942
5.00%, 03/01/2033		1,600		1,505,161
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2034		1,500		1,597,066
Series 2022 4.00%, 05/01/2036		1,100		1,119,146
4.00%, 05/01/2037		1,500		1,525,984
4.00%, 05/01/2038		1,375		1,391,496
4.00%, 05/01/2039		1,500		1,512,453
4.00%, 05/01/2040		2,000		2,011,724
4.00%, 05/01/2041		3,000		3,005,110
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.125%, 07/01/2025		890		861,732
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2042		1,000		1,006,287
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 5.25% (MUNIPSA + 0.70%), 11/15/2047^(a)		5,000		4,936,022
Pennsylvania Turnpike Commission Series 2017 5.00%, 12/01/2028		1,750		1,883,775
5.00%, 12/01/2029		1,255		1,351,583
Series 2017-B 5.00%, 06/01/2034		5,830		6,174,951
5.00%, 06/01/2036		1,750		1,845,259
Series 2021-A 3.00%, 12/01/2042		1,245		1,027,549


	Principal Amount (000)		U.S. $ Value

Series 2021-B 4.00%, 12/01/2039	$	2,000	$	2,041,533
Series 2022-A 5.00%, 12/01/2036		1,000		1,158,692
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2040		1,000		1,011,834
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.517% (SOFR + 0.80%), 09/01/2040^{(a) (b)}		10,000		9,701,419
School District of Philadelphia (The) Series 2016-F 5.00%, 09/01/2034		5,000		5,168,344
Series 2023-A 5.25%, 09/01/2039		2,000		2,273,043
5.25%, 09/01/2043		4,000		4,483,168

				100,693,865


Puerto Rico – 0.2%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		127		125,066
4.00%, 07/01/2046		3		2,807
Series 2022-C 0.00%, 11/01/2043		18		9,908
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		830		809,128
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		970		967,011
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		447		440,074

				2,353,994


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		3,537,134


South Carolina – 0.9%
Columbia Housing Authority/SC Series 2022 4.80%, 11/01/2024		525		516,140
5.26%, 11/01/2032		100		97,261
5.41%, 11/01/2039		1,315		1,259,770
6.28%, 11/01/2039		100		95,504
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040^(b)		1,000		659,737


	Principal Amount (000)		U.S. $ Value

South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2034	$	1,000	$	1,030,127
5.00%, 12/01/2036		1,535		1,574,644
Series 2016-B 5.00%, 12/01/2037		5,040		5,180,750
Series 2016-C 5.00%, 12/01/2035		930		961,845
Series 2021-B 4.00%, 12/01/2039		1,975		1,976,407

				13,352,185


Tennessee – 2.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(b)		1,410		1,304,041
Series 2016-B Zero Coupon, 12/01/2031^(b)		1,000		636,476
City of Pigeon Forge TN Series 2021-B 5.00%, 06/01/2024		4,545		4,573,828
Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 8.75%, 11/01/2032^(b)		1,000		1,010,235
9.25%, 11/01/2042^(b)		1,000		1,010,020
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.50%, 07/01/2038		1,300		1,475,889
5.50%, 07/01/2042		1,485		1,650,698
Tennergy Corp./TN (Goldman Sachs Group, Inc. (The)) Series 2022-A 5.50%, 10/01/2053		5,000		5,334,863
Tennergy Corp./TN (Morgan Stanley) Series 2021-A 4.00%, 12/01/2051		9,015		9,031,525
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053		4,000		4,157,352
Wilson County Health & Educational Facilities Board Series 2021 4.00%, 12/01/2039		1,000		823,288
4.25%, 12/01/2024		1,000		967,501

				31,975,716


Texas – 4.3%
Central Texas Regional Mobility Authority Series 2021-B 5.00%, 01/01/2034		1,575		1,757,486
5.00%, 01/01/2035		1,350		1,500,404
5.00%, 01/01/2037		1,675		1,842,209
5.00%, 01/01/2039		1,000		1,088,262


	Principal Amount (000)		U.S. $ Value

City of Houston TX Series 2021-A 5.00%, 03/01/2026	$	2,500	$	2,609,954
5.00%, 03/01/2027		4,180		4,459,604
City of Houston TX Airport System Revenue Series 2021-A 4.00%, 07/01/2035		1,100		1,117,022
5.00%, 07/01/2032		1,000		1,108,304
5.00%, 07/01/2033		3,000		3,323,346
City of Houston TX Combined Utility System Revenue Series 2014-C 5.00%, 05/15/2024		1,100		1,105,497
Series 2019-B 4.00%, 11/15/2039		1,015		1,028,584
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2038		1,750		1,937,433
5.00%, 02/01/2039		2,000		2,197,915
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2041		905		907,097
Fort Worth Independent School District Series 2021-A 5.00%, 02/15/2026		2,900		3,026,950
5.00%, 02/15/2027		2,350		2,511,245
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 5.40% (MUNIPSA + 0.85%), 07/01/2049^(a)		1,000		993,221
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) Series 2021 4.00%, 10/01/2041		2,000		1,977,238
Hidalgo County Regional Mobility Authority Series 2022-A 4.00%, 12/01/2040		1,000		948,176
4.00%, 12/01/2041		750		704,310
5.00%, 12/01/2033		1,250		1,373,352
Series 2022-B 4.00%, 12/01/2041		1,000		900,371
Lewisville Independent School District Series 2020 5.00%, 08/15/2024		2,295		2,317,459
Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2021 5.00%, 05/15/2029		800		887,636


	Principal Amount (000)		U.S. $ Value

New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061^{(c) (d)}	$	936	$	355,137
7.50%, 11/15/2036^{(c) (d)}		225		185,016
7.50%, 11/15/2037^{(c) (d)}		35		26,888
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027^(e)		1,370		1,369,420
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2022 4.00%, 01/01/2042		1,825		1,300,259
Newark Higher Education Finance Corp. (TLC Academy) Series 2021-A 4.00%, 08/15/2041		1,690		1,430,764
North Texas Tollway Authority (North Texas Tollway System) Series 2021-B 4.00%, 01/01/2032		1,080		1,141,299
Port Authority of Houston of Harris County Texas Series 2021 5.00%, 10/01/2027		1,065		1,149,719
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035^(b)		240		200,975
Series 2021 2.00%, 01/01/2027^(b)		550		501,159
Spring Independent School District Series 2021 5.00%, 08/15/2027		1,430		1,541,110
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group) Series 2018-A 5.00%, 07/01/2030		2,465		2,682,566
5.00%, 07/01/2031		10,940		11,898,658

				65,406,045


Utah – 0.1%
Intermountain Power Agency Series 2023 5.00%, 07/01/2039		2,000		2,272,561


Virginia – 0.6%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		2,000		1,925,812
Halifax County Industrial Development Authority (Virginia Electric and Power Co.) Series 2022 1.65%, 12/01/2041		5,000		4,941,820


	Principal Amount (000)		U.S. $ Value

US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052	$	601	$	566,475
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) Series 2023 5.00%, 11/01/2052		2,000		2,004,022

				9,438,129


Washington – 5.5%
Energy Northwest (Bonneville Power Administration) Series 2016 5.00%, 07/01/2025		19,925		20,534,793
Series 2021-A 4.00%, 07/01/2042		1,000		1,005,695
Port of Seattle WA Series 2013 5.00%, 07/01/2024		4,820		4,823,187
Series 2018-A 5.00%, 05/01/2029		8,280		8,643,138
5.00%, 05/01/2030		6,200		6,469,979
5.00%, 05/01/2038		1,000		1,030,842
Series 2019 5.00%, 04/01/2033		2,000		2,148,758
5.00%, 04/01/2034		1,000		1,073,044
Series 2021 4.00%, 08/01/2041		13,380		13,137,877
Series 2022 5.00%, 08/01/2024		2,000		2,013,187
Spokane County School District No. 81 Spokane Series 2012 3.00%, 12/01/2031		5,000		4,952,992
State of Washington Series 2015-R 5.00%, 07/01/2026		13,325		13,573,698
University of Washington Series 2022-B 2.787%, 07/01/2033		2,500		2,177,396
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2016 5.00%, 01/01/2036^(b)		2,125		1,759,585

				83,344,171


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^(b)		1,185		965,274
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		2,540		2,389,826
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038^(b)		2,500		2,532,420

				5,887,520


	Principal Amount (000)		U.S. $ Value

Wisconsin – 1.5%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041^(b)	$	1,000	$	746,350
State of Wisconsin Series 2021-2 5.00%, 05/01/2026		5,850		6,147,272
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2023 5.00%, 08/15/2054		2,000		2,076,090
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040^(b)		280		244,122
Series 2022-A 3.875%, 12/01/2039^(b)		1,285		1,112,187
Wisconsin Public Finance Authority (Appalachian Regional Healthcare System Obligated Group) Series 2021 5.00%, 07/01/2035		300		317,240
5.00%, 07/01/2036		350		366,694
5.00%, 07/01/2038		375		386,250
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041^(e)		5,000		4,511,021
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.50%, 02/01/2042^(b)		3,100		3,166,480
Wisconsin Public Finance Authority (National Senior Communities, Inc. Obligated Group) Series 2022 4.00%, 01/01/2042		1,375		1,268,818
Wisconsin Public Finance Authority (Pre-refunded - US Treasuries) Series 2022 4.00%, 04/01/2032 (Pre-refunded/ETM)^(b)		15		15,803
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) Series 2020 4.00%, 06/01/2035		1,220		1,223,213


	Principal Amount (000)		U.S. $ Value

Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021-B 2.25%, 06/01/2027^(b)	$	1,000	$	942,329

				22,523,869


Total Municipal Obligations (cost $1,474,790,797)				1,433,285,960


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.8%
Agency CMBS – 0.6%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		4,852		4,779,314
Series 2021-2, Class X 0.82%, 03/25/2035⁽ⁱ⁾		2,429		120,034
Series 2021-3, Class A 3.25%, 08/20/2036		1,933		1,792,751
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2021-ML12, Class AUS 2.34%, 07/25/2041		2,448		1,936,709
Series 2022-ML13, Class XCA 0.96%, 07/25/2036⁽ⁱ⁾		1,166		67,141
Series 2022-ML13, Class XUS 1.00%, 09/25/2036⁽ⁱ⁾		2,059		147,144
Series 2021-ML10, Class ACA 2.046%, 06/25/2038		969		749,261

				9,592,354


Non-Agency Fixed Rate CMBS – 1.2%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		958		902,230
City of Fort Wayne IN 10.75%, 12/01/2029^(c) (d)		87		9
National Finance Authority Series 2022-2, Class X 0.697%, 10/01/2036⁽ⁱ⁾		4,922		240,645
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		1,462		1,431,531
Series 2022-1, Class A 4.375%, 09/20/2036		9,799		9,721,508
Series 2022-1, Class X 0.35%, 09/20/2036⁽ⁱ⁾		8,339		187,748
Series 2022-2, Class A 4.00%, 10/20/2036		4,916		4,721,893
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		961		904,524
Series 2021-1, Class X 0.726%, 12/20/2035⁽ⁱ⁾		962		44,017


	Principal Amount (000)		U.S. $ Value

Series 2023-1, Class X 1.492%, 04/20/2037⁽ⁱ⁾	$	2,996	$	332,938

				18,487,043


Total Commercial Mortgage-Backed Securities (cost $30,189,742)				28,079,397


CORPORATES - INVESTMENT GRADE – 0.9%
Industrial – 0.9%
Capital Goods – 0.2%
Caterpillar Financial Services Corp. 5.624% (SOFR + 0.27%), 09/13/2024^(a)		2,500		2,500,050


Consumer Non-Cyclical – 0.7%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		1,000		920,130
1.777%, 11/15/2030		1,000		824,530
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041		1,790		1,274,945
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		2,300		1,568,393
Sutter Health Series 20A 3.161%, 08/15/2040		1,000		786,670
UPMC Series D-1 3.60%, 04/03/2025		5,600		5,477,136

				10,851,804


Total Corporates - Investment Grade (cost $15,322,359)				13,351,854


ASSET-BACKED SECURITIES – 0.4%
Other ABS - Fixed Rate – 0.4%
Commonwealth of Massachusetts Series 2022-B 4.11%, 07/15/2031		2,110		2,085,899
HTA HRRB Custodial Trust Series 2022 5.25%, 07/01/2036		19		19,328
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2036		900		903,496
5.25%, 07/01/2041		649		633,675
Louisiana Local Government Environmental Facilities & Community Development Auth Series 2023-ELL, Class A1 5.081%, 06/01/2031		2,770		2,788,299
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.00%, 11/15/2025^{(c) (d) (j) (k) (l)}		931		0


Total Asset-Backed Securities (cost $7,421,647)				6,430,697


	Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 0.2%
Industrial – 0.2%
Basic – 0.0%
Red River Biorefinery LLC Series 23A 15.00%, 04/30/2024^{(e) (j) (k)}	$	65	$	48,750


Communications - Media – 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(b)		1,933		1,539,557
DISH DBS Corp. 5.25%, 12/01/2026^(b)		959		756,210
5.75%, 12/01/2028^(b)		996		670,876

				2,966,643


Energy – 0.0%
Red River Biorefinery LLC Series 2024 15.00%, 04/30/2024^{(b) (j) (k)}		30		22,500

Total Corporates - Non-Investment Grade (cost $3,982,380)				3,037,893


COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.359% (SOFR + 3.01%), 07/25/2024^(a)		33		32,765
Series 2015-C02, Class 1M2 9.459% (SOFR + 4.11%), 05/25/2025^(a)		42		43,154


Total Collateralized Mortgage Obligations (cost $74,260)				75,919


	Shares

SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.24%^{(m) (n) (o)} (cost $13,352,990)		13,352,990		13,352,990


Total Investments – 98.1% (cost $1,545,134,175)^(p)				1,497,614,710
Other assets less liabilities – 1.9%				28,357,097


Net Assets – 100.0%			$	1,525,971,807

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%	Quarterly	3.61%		USD	10,098	$	(619,602)	$	(90,546)	$	(529,056)

*	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	40,000	04/15/2025	4.690%	CPI#	Maturity	$	(38,254	)	$	—	$	(38,254	)
USD	48,000	01/15/2026	3.508%	CPI#	Maturity		1,941,732			—		1,941,732
USD	30,000	08/06/2026	2.689%	CPI#	Maturity		1,839,983			—		1,839,983
USD	25,000	10/04/2026	2.725%	CPI#	Maturity		1,209,660			—		1,209,660
USD	74,000	01/15/2028	3.232%	CPI#	Maturity		2,661,820			—		2,661,820
USD	19,310	01/15/2028	1.230%	CPI#	Maturity		3,399,143			—		3,399,143
USD	14,770	01/15/2028	0.735%	CPI#	Maturity		3,141,918			—		3,141,918
USD	25,000	10/04/2028	2.661%	CPI#	Maturity		1,175,646			—		1,175,646
USD	12,000	08/29/2029	1.748%	CPI#	Maturity		1,804,574			—		1,804,574
USD	4,825	01/15/2030	1.572%	CPI#	Maturity		801,603			—		801,603
USD	4,825	01/15/2030	1.587%	CPI#	Maturity		794,866			—		794,866
USD	1,670	01/15/2030	1.714%	CPI#	Maturity		255,250			—		255,250
USD	1,670	01/15/2030	1.731%	CPI#	Maturity		252,574			—		252,574
USD	7,850	01/15/2031	2.782%	CPI#	Maturity		474,300			—		474,300
USD	6,150	01/15/2031	2.680%	CPI#	Maturity		433,993			—		433,993
USD	15,000	12/02/2035	2.074%	CPI#	Maturity		2,158,006			—		2,158,006
USD	25,000	04/01/2036	2.438%	CPI#	Maturity		2,286,735			—		2,286,735
USD	32,000	04/29/2036	2.503%	CPI#	Maturity		2,589,259			—		2,589,259
USD	10,000	05/01/2036	2.510%	CPI#	Maturity		797,713			—		797,713
USD	10,000	08/03/2036	2.488%	CPI#	Maturity		696,877			—		696,877
USD	20,000	08/06/2036	2.440%	CPI#	Maturity		1,505,751			—		1,505,751
USD	40,000	10/04/2036	2.510%	CPI#	Maturity		2,241,156			—		2,241,156

						$	32,424,305		$	—	$	32,424,305

#	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	14,000	07/31/2030	1 Day SOFR	4.016%	Annual	$	249,917	$	—	$	249,917
USD	8,600	07/31/2030	1 Day SOFR	4.504%	Annual		424,796		—		424,796
USD	50,800	03/31/2033	3.553%	1 Day SOFR	Annual		673,448		—		673,448

						$	1,348,161	$	—	$	1,348,161

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 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	7.50%		USD	32	$	(4,015	)	$	(2,878	)	$	(1,137	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	276		(34,803	)		(32,181	)		(2,622	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	18		(2,328	)		(2,088	)		(240	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	18		(2,212	)		(1,600	)		(612	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	100		(12,571	)		(11,169	)		(1,402	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	179		(22,581	)		(15,926	)		(6,655	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	218		(27,412	)		(19,852	)		(7,560	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	107		(13,444	)		(12,379	)		(1,065	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	284		(35,734	)		(24,474	)		(11,260	)

									$	(155,100	)	$	(122,547	)	$	(32,553	)

*	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	$	(392,646	)	$	—	$	(392,646	)
Bank of America, NA		USD	25,000	02/02/2032	2.403%	CPI#	Maturity		2,112,824			—		2,112,824
Bank of America, NA		USD	50,000	02/15/2041	2.403%	CPI#	Maturity		718,083			—		718,083
Bank of America, NA		USD	30,000	02/15/2041	2.463%	CPI#	Maturity		166,854			—		166,854
Barclays Bank PLC		USD	20,000	06/06/2032	2.145%	CPI#	Maturity		2,498,591			—		2,498,591
Barclays Bank PLC		USD	14,000	09/01/2032	2.128%	CPI#	Maturity		1,830,031			—		1,830,031
Barclays Bank PLC		USD	22,000	08/29/2033	2.368%	CPI#	Maturity		1,945,356			—		1,945,356


					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	25,000	07/03/2025	2.351%	CPI#	Maturity	$	2,173,449		$	—	$	2,173,449
Citibank, NA		USD	370,000	07/15/2025	3.130%	CPI#	Maturity		(422,592	)		—		(422,592	)
Citibank, NA		USD	12,000	11/05/2033	2.273%	CPI#	Maturity		1,254,031			—		1,254,031
Citibank, NA		USD	13,000	02/15/2041	2.744%	CPI#	Maturity		(47,628	)		—		(47,628	)
Deutsche Bank AG		USD	25,000	09/02/2025	1.880%	CPI#	Maturity		3,120,890			—		3,120,890
Goldman Sachs International		USD	55,000	04/15/2025	4.759%	CPI#	Maturity		(218,970	)		—		(218,970	)
Goldman Sachs International		USD	30,000	04/15/2025	4.740%	CPI#	Maturity		(94,612	)		—		(94,612	)
Goldman Sachs International		USD	39,000	01/15/2027	3.534%	CPI#	Maturity		994,756			—		994,756
Goldman Sachs International		USD	18,000	04/15/2032	2.994%	CPI#	Maturity		549,252			—		549,252
Goldman Sachs International		USD	14,000	02/15/2041	2.380%	CPI#	Maturity		768,672			—		768,672
Goldman Sachs International		USD	7,000	02/15/2041	2.413%	CPI#	Maturity		348,786			—		348,786
JPMorgan Chase Bank, NA		USD	13,000	03/01/2027	2.279%	CPI#	Maturity		1,201,789			—		1,201,789
JPMorgan Chase Bank, NA		USD	10,000	07/03/2028	2.356%	CPI#	Maturity		849,004			—		849,004
JPMorgan Chase Bank, NA		USD	25,000	11/05/2028	2.234%	CPI#	Maturity		2,460,736			—		2,460,736
JPMorgan Chase Bank, NA		USD	18,000	04/17/2030	2.378%	CPI#	Maturity		1,494,982			—		1,494,982
JPMorgan Chase Bank, NA		USD	29,000	04/15/2032	2.944%	CPI#	Maturity		1,044,359			—		1,044,359
JPMorgan Chase Bank, NA		USD	24,000	11/17/2032	2.183%	CPI#	Maturity		2,892,159			—		2,892,159
JPMorgan Chase Bank, NA		USD	15,000	02/15/2041	2.605%	CPI#	Maturity		(231,639	)		—		(231,639	)

								$	27,016,517		$	—	$	27,016,517

#	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

937,623

—

937,623

*	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 January 31, 2024.

(b)

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 January 31, 2024, the aggregate market value of these securities amounted to $106,532,924 or 7.0% of net assets.

(c)

Non-income producing security.

(d)

Defaulted.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.47% of net assets as of January 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

4,935,957

4,989,978

0.33%

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

06/13/2022

1,038,658

60,000

0.00%

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

07/21/2022

1,036,663

60,000

0.00%

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

05/21/2021

425,000

12,750

0.00%

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

05/21/2021

440,000

13,200

0.00%

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

03/28/2019

2,278,424

1,732,885

0.11%

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

02/03/2023

1,370,000

1,369,420

0.09%

Red River Biorefinery LLC
Series 23A
15.00%, 04/30/2024

05/31/2023

65,000

48,750

0.00%

University of Toledo
Series 2023-B
4.617%, 06/01/2036

06/30/2023

10,000,000

9,720,681

0.64%

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

08/03/2021

5,000,000

4,511,021

0.30%

(f)

Inverse floater security.

(g)

When-Issued or delayed delivery security.

(h)

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

(i)

IO - Interest Only.

(j)

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

(k)

Fair valued by the Adviser.

(l)

Restricted and illiquid security.

Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-A
5.00%, 11/15/2025

01/30/2020

980,595

0.00%

(m)

Affiliated investments.

(n)

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

(o)

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.

(p)

As of January 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $80,760,872 and gross unrealized depreciation of investments was $(67,115,340), resulting in net unrealized appreciation of $13,645,532.

As of January 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

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

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

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

FHLMC – Federal Home Loan Mortgage Corporation

LIBOR – London Interbank Offered Rate

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

January 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 January 31, 2024:


Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	—	$	1,433,285,960		$	—		$	1,433,285,960
Commercial Mortgage-Backed Securities		—		28,079,397			—			28,079,397
Corporates - Investment Grade		—		13,351,854			—			13,351,854
Asset-Backed Securities		—		6,430,697			0	^(a)		6,430,697
Corporates - Non-Investment Grade		—		2,966,643			71,250			3,037,893
Collateralized Mortgage Obligations		—		75,919			—			75,919
Short-Term Investments		13,352,990		—			—			13,352,990

Total Investments in Securities		13,352,990		1,484,190,470			71,250	^(a)		1,497,614,710
Other Financial Instruments^(b):
Assets:
Centrally Cleared Inflation (CPI) Swaps		—		32,462,559			—			32,462,559
Centrally Cleared Interest Rate Swaps		—		1,348,161			—			1,348,161
Inflation (CPI) Swaps		—		28,424,604			—			28,424,604
Interest Rate Swaps		—		937,623			—			937,623
Liabilities:
Centrally Cleared Credit Default Swaps		—		(619,602	)		—			(619,602	)
Centrally Cleared Inflation (CPI) Swaps		—		(38,254	)		—			(38,254	)
Credit Default Swaps		—		(155,100	)		—			(155,100	)
Inflation (CPI) Swaps		—		(1,408,087	)		—			(1,408,087	)

Total	$	13,352,990	$	1,545,142,374		$	71,250	^(a)	$	1,558,566,614

^(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 three months ended January 31, 2024 is as follows:

Fund

Market Value

10/31/2023

(000)

Purchases

at Cost

(000)

Sales

Proceeds

(000)

Market Value

01/31/2024

(000)

Dividend

Income

(000)

Government Money Market Portfolio

6,662

91,554

84,863

13,353